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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | 9.5 | $ | 0.3 | $ | 12.9 | ||||||||
Pretax loss from discontinued operation | $ | — | $ | (5.5 | ) | $ | (0.8 | ) | $ | (9.5 | ) | |||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net loss from discontinued operation | $ | — | $ | (5.5 | ) | $ | (0.8 | ) | $ | (9.5 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 2.5 | ||||||||
Pretax earnings from discontinued operation | $ | — | $ | — | $ | — | $ | 0.1 | ||||||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net earnings from discontinued operation | $ | — | $ | — | $ | — | $ | 0.1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax loss from discontinued operations | $ | (0.6 | ) | $ | (3.3 | ) | $ | (0.8 | ) | $ | (3.6 | ) | ||||
Benefit for taxes on earnings | (0.3 | ) | (1.2 | ) | (0.3 | ) | (1.3 | ) | ||||||||
Net loss from discontinued operations | $ | (0.3 | ) | $ | (2.1 | ) | $ | (0.5 | ) | $ | (2.3 | ) |
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Fair Value as of June 30, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current assets at fair value | $ | — | $ | 1.3 | $ | — | $ | 1.3 | |||||||
Non-current Assets: | |||||||||||||||
Commodity contracts | — | 0.1 | — | 0.1 | |||||||||||
Total non-current assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.6 | $ | — | $ | 1.6 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 1.8 | $ | — | $ | 1.8 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | — | 9.2 | — | 9.2 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 9.2 | $ | — | $ | 9.2 |
Fair Value as of December 31, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current assets at fair value | $ | — | $ | 3.1 | $ | — | $ | 3.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Commodity contracts | — | 0.4 | — | 0.4 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||
Total non-current liabilities at fair value | $ | — | $ | 14.9 | $ | — | $ | 14.9 |
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities |
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or |
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | |
Inputs other than quoted prices that are observable for the asset or liability | |
Level 3 | Unobservable inputs for the asset or liability |
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Units Hedged | |||||||||
Commodity | June 30, 2014 | December 31, 2013 | Unit | Type | |||||
Aluminum | 2,495 | 1,622 | MT | Cash Flow | |||||
Copper | 919 | 382 | MT | Cash Flow | |||||
Natural Gas | 216,533 | 214,277 | MMBtu | Cash Flow | |||||
Steel | 13,866 | 11,503 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2014 | December 31, 2013 | Type | |||||
Canadian Dollar | 10,430,790 | 11,011,092 | Cash Flow | |||||
European Euro | 73,297,652 | 74,934,975 | Cash Flow | |||||
South Korean Won | 3,038,650,026 | 1,258,808,642 | Cash Flow | |||||
Singapore Dollar | 6,345,076 | 5,280,000 | Cash Flow | |||||
United States Dollar | 24,100,000 | 14,380,959 | Cash Flow | |||||
Chinese Renminbi | — | 245,324,730 | Cash Flow | |||||
British Pound | 496,464 | — | Cash Flow | |||||
Japanese Yen | 48,000,000 | — | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2014 | December 31, 2013 | Recognized Location | Purpose | ||||||
Euro | 10,624,220 | 31,738,273 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | — | 29,091,053 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Australian Dollar | — | 1,000,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Chinese Renminbi | — | 125,000,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Japanese Yen | 48,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Singapore Dollar | 865,076 | — | Other income, net | Accounts Payable and Receivable Settlement |
ASSET DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.7 | $ | 2.3 | |||||
Commodity contracts | Other current assets | 0.2 | 0.2 | |||||||
Commodity contracts | Other non-current assets | 0.1 | — | |||||||
Total derivatives designated as hedging instruments | $ | 1.0 | $ | 2.5 |
ASSET DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.4 | $ | 0.6 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.4 | $ | 0.6 | ||||||
Total asset derivatives | $ | 1.4 | $ | 3.1 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.8 | $ | 0.5 | |||||
Commodity contracts | Accounts payable and accrued expenses | 0.2 | 0.4 | |||||||
Interest rate swap contracts: Float-to-fixed | Other non-current liabilities | 1.7 | — | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 7.5 | 14.9 | |||||||
Total derivatives designated as hedging instruments | $ | 10.2 | $ | 15.8 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.8 | $ | 0.6 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | $ | 0.6 | ||||||
Total liability derivatives | $ | 11.0 | $ | 16.4 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2014 | June 30, 2013 | OCI into Income (Effective Portion) | June 30, 2014 | June 30, 2013 | |||||||||||||
Foreign exchange contracts | $ | (0.2 | ) | $ | 0.5 | Cost of sales | $ | 0.3 | $ | 0.5 | ||||||||
Commodity contracts | $ | 0.4 | $ | (0.2 | ) | Cost of sales | $ | (0.1 | ) | $ | (0.6 | ) | ||||||
Interest rate swap contracts: Float-to-fixed | (1.1 | ) | — | Interest expense | — | — | ||||||||||||
Total | $ | (0.9 | ) | $ | 0.3 | $ | 0.2 | $ | (0.1 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2014 | June 30, 2013 | |||||||
Commodity contracts | Cost of sales | $ | — | $ | (0.1 | ) | ||||
Total | $ | — | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2014 | June 30, 2013 | |||||||
Foreign exchange contracts | Other income | $ | (0.4 | ) | $ | (0.6 | ) | |||
Total | $ | (0.4 | ) | $ | (0.6 | ) |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2014 | June 30, 2013 | OCI into Income (Effective Portion) | June 30, 2014 | June 30, 2013 | |||||||||||||
Foreign exchange contracts | $ | (1.1 | ) | $ | (1.8 | ) | Cost of sales | $ | 0.6 | $ | 0.8 | |||||||
Commodity contracts | $ | 0.2 | $ | (0.3 | ) | Cost of sales | $ | (0.2 | ) | $ | (1.1 | ) | ||||||
Interest rate swaps contracts: Float-to-fixed | (1.1 | ) | — | Interest expense | — | — | ||||||||||||
Total | $ | (2.0 | ) | $ | (2.1 | ) | $ | 0.4 | $ | (0.3 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2014 | June 30, 2013 | |||||||
Commodity contracts | Cost of sales | $ | — | $ | (0.1 | ) | ||||
Total | $ | — | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2014 | June 30, 2013 | |||||||
Foreign exchange contracts | Other income | $ | (0.4 | ) | $ | (0.8 | ) | |||
Total | $ | (0.4 | ) | $ | (0.8 | ) |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2014 | June 30, 2013 | |||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 3.8 | $ | (6.0 | ) | ||||
Total | $ | 3.8 | $ | (6.0 | ) |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2014 | June 30, 2013 | |||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 7.4 | $ | (7.3 | ) | ||||
Total | $ | 7.4 | $ | (7.3 | ) |
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(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 261.2 | $ | 259.0 | ||||
Work-in-process | 172.8 | 130.2 | ||||||
Finished goods | 502.9 | 436.8 | ||||||
Total inventories — gross | 936.9 | 826.0 | ||||||
Excess and obsolete inventory reserve | (69.3 | ) | (69.0 | ) | ||||
Net inventories at FIFO cost | 867.6 | 757.0 | ||||||
Excess of FIFO costs over LIFO value | (36.7 | ) | (36.2 | ) | ||||
Inventories — net | $ | 830.9 | $ | 720.8 |
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(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2013 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2013 | 341.7 | 869.0 | 1,210.7 | |||||||||
Acquisition of Inducs, AG | — | 5.0 | 5.0 | |||||||||
Restructuring reserve adjustment | — | (0.7 | ) | (0.7 | ) | |||||||
Foreign currency impact | 3.4 | 0.2 | 3.6 | |||||||||
Gross balance as of December 31, 2013 | $ | 345.1 | $ | 1,389.2 | $ | 1,734.3 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2013 | $ | 345.1 | $ | 873.5 | $ | 1,218.6 | ||||||
Foreign currency impact | (0.3 | ) | — | (0.3 | ) | |||||||
Gross balance as of June 30, 2014 | $ | 344.8 | $ | 1,389.2 | $ | 1,734.0 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2014 | $ | 344.8 | $ | 873.5 | $ | 1,218.3 |
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 311.9 | $ | — | $ | 311.9 | $ | 311.8 | $ | — | $ | 311.8 | ||||||||||||
Customer relationships | 426.2 | (125.4 | ) | 300.8 | 426.1 | (114.4 | ) | 311.7 | ||||||||||||||||
Patents | 34.9 | (29.3 | ) | 5.6 | 34.9 | (28.4 | ) | 6.5 | ||||||||||||||||
Engineering drawings | 11.8 | (9.6 | ) | 2.2 | 11.5 | (9.1 | ) | 2.4 | ||||||||||||||||
Distribution network | 21.1 | — | 21.1 | 21.0 | — | 21.0 | ||||||||||||||||||
Other intangibles | 176.3 | (68.8 | ) | 107.5 | 176.6 | (63.8 | ) | 112.8 | ||||||||||||||||
Total | $ | 982.2 | $ | (233.1 | ) | $ | 749.1 | $ | 981.9 | $ | (215.7 | ) | $ | 766.2 |
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(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Trade accounts payable and interest payable | $ | 518.1 | $ | 510.6 | ||||
Employee related expenses | 106.0 | 99.9 | ||||||
Restructuring expenses | 19.8 | 20.6 | ||||||
Profit sharing and incentives | 13.0 | 44.7 | ||||||
Accrued rebates | 34.4 | 45.2 | ||||||
Deferred revenue - current | 20.0 | 25.0 | ||||||
Derivative liabilities | 1.8 | 1.5 | ||||||
Income taxes payable | 19.2 | 62.5 | ||||||
Miscellaneous accrued expenses | 108.3 | 125.6 | ||||||
$ | 840.6 | $ | 935.6 |
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(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Revolving credit facility | $ | 268.0 | $ | — | ||||
Term loan A | 345.6 | 162.5 | ||||||
Term loan B | 199.5 | — | ||||||
Senior notes due 2018 | — | 408.4 | ||||||
Senior notes due 2020 | 615.4 | 614.8 | ||||||
Senior notes due 2022 | 294.3 | 289.1 | ||||||
Other | 98.9 | 52.0 | ||||||
Total debt | 1,821.7 | 1,526.8 | ||||||
Less current portion and short-term borrowings | (74.7 | ) | (22.7 | ) | ||||
Long-term debt | $ | 1,747.0 | $ | 1,504.1 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
June 30, 2014 | 3.50:1.00 | 2.50:1.00 | ||
September 30, 2014 | 3.50:1.00 | 2.50:1.00 | ||
December 31, 2014 | 3.25:1.00 | 2.50:1.00 | ||
March 31, 2015 | 3.25:1.00 | 2.75:1.00 | ||
June 30, 2015 | 3.25:1.00 | 2.75:1.00 | ||
September 30, 2015 | 3.25:1.00 | 2.75:1.00 | ||
December 31, 2015 | 3.25:1.00 | 2.75:1.00 | ||
March 31, 2016 and thereafter | 3.00:1.00 | 3.00:1.00 |
Year | Percentage | |
2017 | 102.938 | % |
2018 | 101.958 | % |
2019 | 100.979 | % |
2020 and thereafter | 100.000 | % |
Year | Percentage | |
2015 | 104.250 | % |
2016 | 102.833 | % |
2017 | 101.417 | % |
2018 and thereafter | 100.000 | % |
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(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2013 | $ | 353.2 | $ | 6.8 | ||||
Net earnings | 37.8 | 3.9 | ||||||
Noncontrolling interest deconsolidation as a result of sale | — | (10.7 | ) | |||||
Balance at June 30, 2014 | $ | 391.0 | $ | — |
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2012 | $ | 222.1 | $ | (19.0 | ) | |||
Net earnings (loss) | 68.0 | (5.4 | ) | |||||
Balance at June 30, 2013 | $ | 290.1 | $ | (24.4 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2013 | $ | 1.0 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (0.9 | ) | — | 3.4 | 2.5 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.2 | ) | 0.8 | — | 0.6 | |||||||||||
Net current period other comprehensive (loss) income | (1.1 | ) | 0.8 | 3.4 | 3.1 | |||||||||||
Balance at March 31, 2014 | $ | (0.1 | ) | $ | (61.9 | ) | $ | 58.2 | $ | (3.8 | ) | |||||
Other comprehensive (loss) income before reclassifications | (0.8 | ) | — | (2.0 | ) | (2.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 0.8 | — | 0.7 | |||||||||||
Net current period other comprehensive income (loss) | (0.9 | ) | 0.8 | (2.0 | ) | (2.1 | ) | |||||||||
Balance at June 30, 2014 | $ | (1.0 | ) | $ | (61.1 | ) | $ | 56.2 | $ | (5.9 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency items | Total | ||||||||||||
Balance at December 31, 2012 | $ | 0.6 | $ | (80.3 | ) | $ | 50.3 | $ | (29.4 | ) | ||||||
Other comprehensive loss before reclassifications | (2.7 | ) | — | (14.6 | ) | (17.3 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0.1 | 1.0 | — | 1.1 | ||||||||||||
Net current period other comprehensive income (loss) | (2.6 | ) | 1.0 | (14.6 | ) | (16.2 | ) | |||||||||
Balance at March 31, 2013 | $ | (2.0 | ) | $ | (79.3 | ) | $ | 35.7 | $ | (45.6 | ) | |||||
Other comprehensive income (loss) before reclassifications | 0.6 | — | (1.5 | ) | (0.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.1 | — | 1.0 | |||||||||||
Net current period other comprehensive income (loss) | 0.5 | 1.1 | (1.5 | ) | 0.1 | |||||||||||
Balance at June 30, 2013 | $ | (1.5 | ) | $ | (78.2 | ) | $ | 34.2 | $ | (45.5 | ) |
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | 0.3 | $ | 0.6 | Cost of sales | |||||
Commodity contracts | (0.1 | ) | (0.2 | ) | Cost of sales | |||||
0.2 | 0.4 | Total before tax | ||||||||
(0.1 | ) | (0.1 | ) | Tax expense | ||||||
$ | 0.1 | $ | 0.3 | Net of tax | ||||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.1 | ) | (2.1 | ) | (a) | |||||
(1.1 | ) | (2.1 | ) | Total before tax | ||||||
0.3 | 0.5 | Tax benefit | ||||||||
$ | (0.8 | ) | $ | (1.6 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (0.7 | ) | $ | (1.3 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details). |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | (0.5 | ) | $ | (0.8 | ) | Cost of sales | |||
Commodity contracts | 0.6 | 1.1 | Cost of sales | |||||||
0.1 | 0.3 | Total before tax | ||||||||
— | (0.1 | ) | Tax expense | |||||||
$ | 0.1 | $ | 0.2 | Net of tax | ||||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.5 | ) | (2.8 | ) | (a) | |||||
(1.5 | ) | (2.8 | ) | Total before tax | ||||||
0.4 | 0.7 | Tax benefit | ||||||||
$ | (1.1 | ) | $ | (2.1 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (1.0 | ) | $ | (1.9 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details). |
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(in millions) | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | ||||||
Balance at beginning of period | $ | 99.0 | $ | 101.2 | ||||
Accruals for warranties issued during the period | 29.7 | 58.6 | ||||||
Acquisition of Inducs, AG | — | 0.2 | ||||||
Settlements made (in cash or in kind) during the period | (32.2 | ) | (61.7 | ) | ||||
Currency translation | — | 0.7 | ||||||
Balance at end of period | $ | 96.5 | $ | 99.0 |
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Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.2 | ||||||||||||
Interest cost of projected benefit obligations | 2.5 | 2.8 | 0.5 | 5.1 | 5.5 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.3 | ) | (2.4 | ) | — | (4.7 | ) | (4.7 | ) | (0.1 | ) | |||||||||||||
Amortization of actuarial net loss | 0.7 | 0.4 | — | 1.4 | 0.8 | (0.1 | ) | |||||||||||||||||
Net periodic benefit costs | $ | 0.9 | $ | 1.4 | $ | 0.6 | $ | 1.8 | $ | 2.8 | $ | 1.0 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.3 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.4 | 0.5 | 4.8 | 4.9 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (1.9 | ) | — | (5.1 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.0 | 0.5 | — | 1.8 | 1.0 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 0.8 | $ | 1.6 | $ | 0.6 | $ | 1.5 | $ | 3.3 | $ | 1.3 |
|
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2014 | ||||||||||||||
$ | 4.3 | $ | 1.7 | $ | (2.4 | ) | $ | — | $ | 3.6 |
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2014 | ||||||||||||||
$ | 16.3 | $ | 1.3 | $ | (1.4 | ) | $ | — | $ | 16.2 |
|
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 606.1 | $ | 647.4 | $ | 1,072.8 | $ | 1,191.4 | ||||||||
Foodservice | 406.7 | 389.7 | 790.0 | 740.3 | ||||||||||||
Total net sales | $ | 1,012.8 | $ | 1,037.1 | $ | 1,862.8 | $ | 1,931.7 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 54.4 | $ | 70.0 | $ | 77.0 | $ | 104.9 | ||||||||
Foodservice | 65.9 | 63.0 | 123.8 | 112.1 | ||||||||||||
Corporate expense | (15.0 | ) | (16.5 | ) | (31.1 | ) | (35.0 | ) | ||||||||
Amortization expense | (8.8 | ) | (8.9 | ) | (17.6 | ) | (17.9 | ) | ||||||||
Restructuring expense | (1.0 | ) | (0.9 | ) | (3.0 | ) | (1.2 | ) | ||||||||
Other | (0.1 | ) | — | (0.1 | ) | (0.3 | ) | |||||||||
Earnings from continuing operations | $ | 95.4 | $ | 106.7 | $ | 149.0 | $ | 162.6 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (25.1 | ) | $ | (32.2 | ) | $ | (44.4 | ) | $ | (65.2 | ) | ||||
Amortization of deferred financing fees | (1.1 | ) | (1.7 | ) | (2.3 | ) | (3.5 | ) | ||||||||
Loss on debt extinguishment | — | — | (25.3 | ) | (0.4 | ) | ||||||||||
Other (expense) income - net | (3.1 | ) | (1.4 | ) | (2.3 | ) | 0.2 | |||||||||
Earnings from continuing operations before taxes on earnings | $ | 66.1 | $ | 71.4 | $ | 74.7 | $ | 93.7 |
(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Crane | $ | 2,058.3 | $ | 1,900.4 | ||||
Foodservice | 1,961.6 | 1,904.3 | ||||||
Corporate | 167.9 | 171.9 | ||||||
Total | $ | 4,187.8 | $ | 3,976.6 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 631.2 | $ | 531.3 | $ | (149.7 | ) | $ | 1,012.8 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 481.1 | 409.1 | (149.7 | ) | 740.5 | |||||||||||||
Engineering, selling and administrative expenses | 14.2 | 72.4 | 80.4 | — | 167.0 | ||||||||||||||
Amortization expense | — | 7.4 | 1.4 | — | 8.8 | ||||||||||||||
Restructuring expense | — | — | 1.0 | — | 1.0 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (58.6 | ) | (1.6 | ) | — | 60.2 | — | ||||||||||||
Total costs and expenses | (44.4 | ) | 559.4 | 491.9 | (89.5 | ) | 917.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 44.4 | 71.8 | 39.4 | (60.2 | ) | 95.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (22.5 | ) | (0.4 | ) | (2.2 | ) | — | (25.1 | ) | ||||||||||
Amortization of deferred financing fees | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||||||
Management fee income (expense) | 15.6 | (18.6 | ) | 3.0 | — | — | |||||||||||||
Other income (expense), net | 4.8 | (7.8 | ) | (0.1 | ) | — | (3.1 | ) | |||||||||||
Total other (expenses) income | (3.2 | ) | (26.8 | ) | 0.7 | — | (29.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 41.2 | 45.0 | 40.1 | (60.2 | ) | 66.1 | |||||||||||||
Provision (benefit) for taxes on income | (5.4 | ) | 16.8 | 7.8 | — | 19.2 | |||||||||||||
Earnings (loss) from continuing operations | 46.6 | 28.2 | 32.3 | (60.2 | ) | 46.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Net earnings (loss) | 46.6 | 27.9 | 32.3 | (60.2 | ) | 46.6 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 46.6 | $ | 27.9 | $ | 32.3 | $ | (60.2 | ) | $ | 46.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 44.5 | $ | 27.9 | $ | 42.6 | $ | (70.5 | ) | $ | 44.5 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 682.3 | $ | 517.5 | $ | (162.7 | ) | $ | 1,037.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 511.1 | 412.7 | (162.7 | ) | 761.1 | |||||||||||||
Engineering, selling and administrative expenses | 15.5 | 66.2 | 77.8 | — | 159.5 | ||||||||||||||
Amortization expense | — | 7.4 | 1.5 | — | 8.9 | ||||||||||||||
Restructuring expense | — | 0.1 | 0.8 | — | 0.9 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (61.1 | ) | (5.7 | ) | — | 66.8 | — | ||||||||||||
Total costs and expenses | (45.6 | ) | 579.1 | 492.8 | (95.9 | ) | 930.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 45.6 | 103.2 | 24.7 | (66.8 | ) | 106.7 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (29.9 | ) | (0.4 | ) | (1.9 | ) | — | (32.2 | ) | ||||||||||
Amortization of deferred financing fees | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||
Management fee income (expense) | 14.9 | (18.7 | ) | 3.8 | — | — | |||||||||||||
Other income (expense), net | 1.5 | (8.7 | ) | 5.8 | — | (1.4 | ) | ||||||||||||
Total other (expenses) income | (15.2 | ) | (27.8 | ) | 7.7 | — | (35.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 30.4 | 75.4 | 32.4 | (66.8 | ) | 71.4 | |||||||||||||
(Benefit) provision for taxes on earnings | (27.2 | ) | 26.1 | 10.4 | — | 9.3 | |||||||||||||
Earnings (loss) from continuing operations | 57.6 | 49.3 | 22.0 | (66.8 | ) | 62.1 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.0 | ) | (5.6 | ) | — | (7.6 | ) | |||||||||||
Net earnings (loss) | 57.6 | 47.3 | 16.4 | (66.8 | ) | 54.5 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (3.1 | ) | — | (3.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 57.6 | $ | 47.3 | $ | 19.5 | $ | (66.8 | ) | $ | 57.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 57.7 | $ | 47.2 | $ | 2.6 | $ | (49.8 | ) | $ | 57.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,178.6 | $ | 962.0 | $ | (277.8 | ) | $ | 1,862.8 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 897.6 | 743.6 | (277.8 | ) | 1,363.4 | |||||||||||||
Engineering, selling and administrative expenses | 29.4 | 146.9 | 153.4 | — | 329.7 | ||||||||||||||
Amortization expense | — | 14.8 | 2.8 | — | 17.6 | ||||||||||||||
Restructuring expense | — | 1.4 | 1.6 | — | 3.0 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (71.6 | ) | (11.0 | ) | — | 82.6 | — | ||||||||||||
Total costs and expenses | (42.2 | ) | 1,049.8 | 901.4 | (195.2 | ) | 1,713.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 42.2 | 128.8 | 60.6 | (82.6 | ) | 149.0 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (39.2 | ) | (0.8 | ) | (4.4 | ) | — | (44.4 | ) | ||||||||||
Amortization of deferred financing fees | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||
Loss on debt extinguishment | (25.3 | ) | — | — | — | (25.3 | ) | ||||||||||||
Management fee income (expense) | 31.0 | (35.6 | ) | 4.6 | — | — | |||||||||||||
Other income (expense), net | 10.2 | (15.7 | ) | 3.2 | — | (2.3 | ) | ||||||||||||
Total other (expenses) income | (25.6 | ) | (52.1 | ) | 3.4 | — | (74.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 16.6 | 76.7 | 64.0 | (82.6 | ) | 74.7 | |||||||||||||
Provision (benefit) for taxes on income | (21.2 | ) | 29.0 | 14.0 | — | 21.8 | |||||||||||||
Earnings (loss) from continuing operations | 37.8 | 47.7 | 50.0 | (82.6 | ) | 52.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.4 | ) | (0.9 | ) | — | (1.3 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (9.9 | ) | — | (9.9 | ) | ||||||||||||
Net earnings (loss) | 37.8 | 47.3 | 39.2 | (82.6 | ) | 41.7 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 3.9 | — | 3.9 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 37.8 | $ | 47.3 | $ | 35.3 | $ | (82.6 | ) | $ | 37.8 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 38.8 | $ | 46.1 | $ | 41.0 | $ | (87.1 | ) | $ | 38.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,302.1 | $ | 961.6 | $ | (332.0 | ) | $ | 1,931.7 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 990.7 | 774.9 | (332.0 | ) | 1,433.6 | |||||||||||||
Engineering, selling and administrative expenses | 33.2 | 130.5 | 152.4 | — | 316.1 | ||||||||||||||
Amortization expense | — | 14.8 | 3.1 | — | 17.9 | ||||||||||||||
Restructuring expense | — | 0.1 | 1.1 | — | 1.2 | ||||||||||||||
Other | — | 0.3 | — | — | 0.3 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (86.6 | ) | (18.5 | ) | — | 105.1 | — | ||||||||||||
Total costs and expenses | (53.4 | ) | 1,117.9 | 931.5 | (226.9 | ) | 1,769.1 | ||||||||||||
Operating earnings (loss) from continuing operations | 53.4 | 184.2 | 30.1 | (105.1 | ) | 162.6 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.6 | ) | (4.3 | ) | — | (65.2 | ) | ||||||||||
Amortization of deferred financing fees | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Loss on debt extinguishment | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||
Management fee income (expense) | 29.7 | (36.1 | ) | 6.4 | — | — | |||||||||||||
Other income (expense), net | 5.9 | (16.4 | ) | 10.7 | — | 0.2 | |||||||||||||
Total other (expenses) income | (28.6 | ) | (53.1 | ) | 12.8 | — | (68.9 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 24.8 | 131.1 | 42.9 | (105.1 | ) | 93.7 | |||||||||||||
(Benefit) provision for taxes on earnings | (43.2 | ) | 45.3 | 15.7 | — | 17.8 | |||||||||||||
Earnings (loss) from continuing operations | 68.0 | 85.8 | 27.2 | (105.1 | ) | 75.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.2 | ) | (9.5 | ) | — | (11.7 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||
Net earnings (loss) | 68.0 | 83.6 | 16.1 | (105.1 | ) | 62.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (5.4 | ) | — | (5.4 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 68.0 | $ | 83.6 | $ | 21.5 | $ | (105.1 | ) | $ | 68.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 51.9 | $ | 83.5 | $ | 10.7 | $ | (94.2 | ) | $ | 51.9 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 5.6 | $ | 7.0 | $ | 90.9 | $ | — | $ | 103.5 | |||||||||
Restricted cash | 2.8 | — | 23.0 | — | 25.8 | ||||||||||||||
Accounts receivable — net | 0.7 | 10.9 | 305.3 | — | 316.9 | ||||||||||||||
Intercompany short term note receivable | — | — | 59.7 | (59.7 | ) | — | |||||||||||||
Intercompany interest receivable | 35.4 | 3.1 | — | (38.5 | ) | — | |||||||||||||
Inventories — net | — | 346.1 | 484.8 | — | 830.9 | ||||||||||||||
Deferred income taxes | 74.2 | — | 14.6 | — | 88.8 | ||||||||||||||
Other current assets | 3.8 | 2.1 | 120.3 | — | 126.2 | ||||||||||||||
Total current assets | 122.5 | 369.2 | 1,098.6 | (98.2 | ) | 1,492.1 | |||||||||||||
Property, plant and equipment — net | 6.0 | 316.5 | 279.1 | — | 601.6 | ||||||||||||||
Goodwill | — | 960.5 | 257.8 | — | 1,218.3 | ||||||||||||||
Other intangible assets — net | — | 576.5 | 172.6 | — | 749.1 | ||||||||||||||
Intercompany long-term receivable | 960.8 | 158.5 | 905.9 | (2,025.2 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,618.2 | 739.9 | (2,358.1 | ) | — | |||||||||||||
Other non-current assets | 40.1 | 3.3 | 83.3 | — | 126.7 | ||||||||||||||
Investment in affiliates | 4,477.4 | 3,506.9 | — | (7,984.3 | ) | — | |||||||||||||
Total assets | $ | 5,606.8 | $ | 7,509.6 | $ | 3,537.2 | $ | (12,465.8 | ) | $ | 4,187.8 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 46.3 | $ | 396.8 | $ | 397.5 | $ | — | $ | 840.6 | |||||||||
Short-term borrowings and current portion of long-term debt | 23.9 | 3.6 | 47.2 | — | 74.7 | ||||||||||||||
Intercompany short term note payable | 59.7 | — | — | (59.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.1 | — | 35.4 | (38.5 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 34.4 | — | 78.9 | ||||||||||||||
Customer advances | — | 6.7 | 20.3 | — | 27.0 | ||||||||||||||
Product liabilities | — | 22.3 | 3.8 | — | 26.1 | ||||||||||||||
Total current liabilities | 133.0 | 473.9 | 538.6 | (98.2 | ) | 1,047.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,699.0 | 20.1 | 27.9 | — | 1,747.0 | ||||||||||||||
Deferred income taxes | 165.3 | — | 66.4 | — | 231.7 | ||||||||||||||
Pension obligations | 90.1 | 8.1 | 4.5 | — | 102.7 | ||||||||||||||
Postretirement health and other benefit obligations | 40.2 | 2.1 | 1.8 | — | 44.1 | ||||||||||||||
Long-term deferred revenue | — | 8.3 | 27.1 | — | 35.4 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 834.6 | 1,007.3 | (2,025.2 | ) | — | |||||||||||||
Intercompany accounts payable | 2,358.1 | — | — | (2,358.1 | ) | — | |||||||||||||
Other non-current liabilities | 92.4 | 14.0 | 27.8 | — | 134.2 | ||||||||||||||
Total non-current liabilities | 4,628.4 | 887.2 | 1,162.8 | (4,383.3 | ) | 2,295.1 | |||||||||||||
Equity | |||||||||||||||||||
Total equity | 845.4 | 6,148.5 | 1,835.8 | (7,984.3 | ) | 845.4 | |||||||||||||
Total liabilities and equity | $ | 5,606.8 | $ | 7,509.6 | $ | 3,537.2 | $ | (12,465.8 | ) | $ | 4,187.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | |||||||||
Restricted cash | 2.8 | — | 10.0 | — | 12.8 | ||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | ||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | |||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | |||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | ||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | ||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | ||||||||||||||
Current assets of discontinued operations | — | — | 15.1 | — | 15.1 | ||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.9 | |||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | ||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.6 | ||||||||||||||
Other intangible assets — net | — | 591.3 | 174.9 | — | 766.2 | ||||||||||||||
Intercompany long-term notes receivable | 964.4 | 158.5 | 903.7 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,565.2 | 1,848.8 | (3,414.0 | ) | — | |||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 23.3 | — | 23.3 | ||||||||||||||
Investment in affiliates | 5,356.2 | 3,505.6 | — | (8,861.8 | ) | — | |||||||||||||
Total assets | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 108.1 | $ | 404.2 | $ | 423.3 | $ | — | $ | 935.6 | |||||||||
Short-term borrowings and current portion of long-term debt | — | 0.7 | 22.0 | — | 22.7 | ||||||||||||||
Intercompany short term note payable | 112.1 | — | — | (112.1 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 18.4 | (21.6 | ) | — | |||||||||||||
Product warranties | — | 47.3 | 33.8 | — | 81.1 | ||||||||||||||
Customer advances | — | 12.9 | 22.0 | — | 34.9 | ||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25.0 | ||||||||||||||
Current liabilities of discontinued operation | — | — | 26.1 | — | 26.1 | ||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.4 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,474.7 | 2.2 | 27.2 | — | 1,504.1 | ||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | ||||||||||||||
Pension obligations | 91.0 | 6.4 | 4.1 | — | 101.5 | ||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2.0 | — | 44.7 | ||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.1 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts payable | 3,414.0 | — | — | (3,414.0 | ) | — | |||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 2.2 | — | 2.2 | ||||||||||||||
Total non-current liabilities | 5,470.1 | 867.7 | 1,171.7 | (5,440.6 | ) | 2,068.9 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 775.5 | 6,084.7 | 2,777.1 | (8,861.8 | ) | 775.5 | |||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total equity | 775.5 | 6,084.7 | 2,783.9 | (8,861.8 | ) | 782.3 | |||||||||||||
Total liabilities and equity | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (110.9 | ) | $ | 28.3 | $ | (109.5 | ) | $ | — | $ | (192.1 | ) | ||||||
Cash used for operating activities of discontinued operations | — | (0.4 | ) | (6.7 | ) | — | (7.1 | ) | |||||||||||
Net cash (used for) provided by operating activities | (110.9 | ) | 27.9 | (116.2 | ) | — | (199.2 | ) | |||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | (0.1 | ) | (21.7 | ) | (13.2 | ) | — | (35.0 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | — | — | 2.1 | — | 2.1 | ||||||||||||||
Restricted cash | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Intercompany investments | (100.3 | ) | (14.0 | ) | 179.8 | (65.5 | ) | — | |||||||||||
Net cash (used for) provided by investing activities | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds on revolving credit facility—net | 268.0 | — | — | — | 268.0 | ||||||||||||||
Payments on long-term debt | (567.8 | ) | (0.3 | ) | (15.5 | ) | — | (583.6 | ) | ||||||||||
Proceeds from long-term debt | 550.0 | 21.2 | 40.5 | — | 611.7 | ||||||||||||||
Payments on notes financing—net | — | — | (12.6 | ) | — | (12.6 | ) | ||||||||||||
Debt issuance costs | (4.9 | ) | — | — | — | (4.9 | ) | ||||||||||||
Exercises of stock options | 22.8 | — | — | — | 22.8 | ||||||||||||||
Intercompany financing | (52.4 | ) | (9.4 | ) | (3.7 | ) | 65.5 | — | |||||||||||
Net cash provided by financing activities of continuing operations | 215.7 | 11.5 | 8.7 | 65.5 | 301.4 | ||||||||||||||
Net cash used for financing activities of discontinued operations | — | — | (7.2 | ) | — | (7.2 | ) | ||||||||||||
Net cash provided by financing activities | 215.7 | 11.5 | 1.5 | 65.5 | 294.2 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Net increase in cash and cash equivalents | 4.4 | 3.7 | 40.5 | — | 48.6 | ||||||||||||||
Balance at beginning of period | 1.2 | 3.3 | 50.4 | — | 54.9 | ||||||||||||||
Balance at end of period | $ | 5.6 | $ | 7.0 | $ | 90.9 | $ | — | $ | 103.5 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (37.8 | ) | $ | 45.4 | $ | (62.5 | ) | $ | — | $ | (54.9 | ) | ||||||
Cash used for operating activities of discontinued operations | — | (2.2 | ) | (5.3 | ) | — | (7.5 | ) | |||||||||||
Net cash (used for) provided by operating activities | (37.8 | ) | 43.2 | (67.8 | ) | — | (62.4 | ) | |||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | — | (27.2 | ) | (19.3 | ) | — | (46.5 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Restricted cash | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | (45.3 | ) | 1.6 | 61.3 | (17.6 | ) | — | ||||||||||||
Net cash (used for) provided by investing activities of continuing operations | (45.3 | ) | (25.4 | ) | 81.7 | (17.6 | ) | (6.6 | ) | ||||||||||
Net cash used for investing activities of discontinued operations | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net cash (used for) provided by investing activities | (45.3 | ) | (25.4 | ) | 81.3 | (17.6 | ) | (7.0 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds from revolving credit facility—net | 103.9 | — | 0.2 | — | 104.1 | ||||||||||||||
Payments on long-term debt | (28.4 | ) | (0.3 | ) | (10.1 | ) | — | (38.8 | ) | ||||||||||
Proceeds from long-term debt | — | — | 19.3 | — | 19.3 | ||||||||||||||
Payments on notes financing—net | — | — | 2.3 | — | 2.3 | ||||||||||||||
Exercises of stock options | 2.9 | — | — | — | 2.9 | ||||||||||||||
Intercompany financing | — | (11.3 | ) | (6.3 | ) | 17.6 | — | ||||||||||||
Net cash provided by (used for) financing activities | 78.4 | (11.6 | ) | 5.4 | 17.6 | 89.8 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (4.7 | ) | 6.2 | 16.9 | — | 18.4 | |||||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.2 | — | 73.2 | ||||||||||||||
Balance at end of period | $ | 7.3 | $ | 10.2 | $ | 74.1 | $ | — | $ | 91.6 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | 9.5 | $ | 0.3 | $ | 12.9 | ||||||||
Pretax loss from discontinued operation | $ | — | $ | (5.5 | ) | $ | (0.8 | ) | $ | (9.5 | ) | |||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net loss from discontinued operation | $ | — | $ | (5.5 | ) | $ | (0.8 | ) | $ | (9.5 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 2.5 | ||||||||
Pretax earnings from discontinued operation | $ | — | $ | — | $ | — | $ | 0.1 | ||||||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net earnings from discontinued operation | $ | — | $ | — | $ | — | $ | 0.1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax loss from discontinued operations | $ | (0.6 | ) | $ | (3.3 | ) | $ | (0.8 | ) | $ | (3.6 | ) | ||||
Benefit for taxes on earnings | (0.3 | ) | (1.2 | ) | (0.3 | ) | (1.3 | ) | ||||||||
Net loss from discontinued operations | $ | (0.3 | ) | $ | (2.1 | ) | $ | (0.5 | ) | $ | (2.3 | ) |
|
Fair Value as of June 30, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current assets at fair value | $ | — | $ | 1.3 | $ | — | $ | 1.3 | |||||||
Non-current Assets: | |||||||||||||||
Commodity contracts | — | 0.1 | — | 0.1 | |||||||||||
Total non-current assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.6 | $ | — | $ | 1.6 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 1.8 | $ | — | $ | 1.8 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | — | 9.2 | — | 9.2 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 9.2 | $ | — | $ | 9.2 |
Fair Value as of December 31, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||
Total current assets at fair value | $ | — | $ | 3.1 | $ | — | $ | 3.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Commodity contracts | — | 0.4 | — | 0.4 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||
Total non-current liabilities at fair value | $ | — | $ | 14.9 | $ | — | $ | 14.9 |
|
ASSET DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.7 | $ | 2.3 | |||||
Commodity contracts | Other current assets | 0.2 | 0.2 | |||||||
Commodity contracts | Other non-current assets | 0.1 | — | |||||||
Total derivatives designated as hedging instruments | $ | 1.0 | $ | 2.5 |
ASSET DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.4 | $ | 0.6 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.4 | $ | 0.6 | ||||||
Total asset derivatives | $ | 1.4 | $ | 3.1 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.8 | $ | 0.5 | |||||
Commodity contracts | Accounts payable and accrued expenses | 0.2 | 0.4 | |||||||
Interest rate swap contracts: Float-to-fixed | Other non-current liabilities | 1.7 | — | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 7.5 | 14.9 | |||||||
Total derivatives designated as hedging instruments | $ | 10.2 | $ | 15.8 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2014 | December 31, 2013 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.8 | $ | 0.6 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | $ | 0.6 | ||||||
Total liability derivatives | $ | 11.0 | $ | 16.4 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2014 | June 30, 2013 | OCI into Income (Effective Portion) | June 30, 2014 | June 30, 2013 | |||||||||||||
Foreign exchange contracts | $ | (0.2 | ) | $ | 0.5 | Cost of sales | $ | 0.3 | $ | 0.5 | ||||||||
Commodity contracts | $ | 0.4 | $ | (0.2 | ) | Cost of sales | $ | (0.1 | ) | $ | (0.6 | ) | ||||||
Interest rate swap contracts: Float-to-fixed | (1.1 | ) | — | Interest expense | — | — | ||||||||||||
Total | $ | (0.9 | ) | $ | 0.3 | $ | 0.2 | $ | (0.1 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2014 | June 30, 2013 | |||||||
Commodity contracts | Cost of sales | $ | — | $ | (0.1 | ) | ||||
Total | $ | — | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2014 | June 30, 2013 | |||||||
Foreign exchange contracts | Other income | $ | (0.4 | ) | $ | (0.6 | ) | |||
Total | $ | (0.4 | ) | $ | (0.6 | ) |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2014 | June 30, 2013 | OCI into Income (Effective Portion) | June 30, 2014 | June 30, 2013 | |||||||||||||
Foreign exchange contracts | $ | (1.1 | ) | $ | (1.8 | ) | Cost of sales | $ | 0.6 | $ | 0.8 | |||||||
Commodity contracts | $ | 0.2 | $ | (0.3 | ) | Cost of sales | $ | (0.2 | ) | $ | (1.1 | ) | ||||||
Interest rate swaps contracts: Float-to-fixed | (1.1 | ) | — | Interest expense | — | — | ||||||||||||
Total | $ | (2.0 | ) | $ | (2.1 | ) | $ | 0.4 | $ | (0.3 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2014 | June 30, 2013 | |||||||
Commodity contracts | Cost of sales | $ | — | $ | (0.1 | ) | ||||
Total | $ | — | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2014 | June 30, 2013 | |||||||
Foreign exchange contracts | Other income | $ | (0.4 | ) | $ | (0.8 | ) | |||
Total | $ | (0.4 | ) | $ | (0.8 | ) |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2014 | June 30, 2013 | |||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 3.8 | $ | (6.0 | ) | ||||
Total | $ | 3.8 | $ | (6.0 | ) |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2014 | June 30, 2013 | |||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 7.4 | $ | (7.3 | ) | ||||
Total | $ | 7.4 | $ | (7.3 | ) |
Units Hedged | |||||||||
Commodity | June 30, 2014 | December 31, 2013 | Unit | Type | |||||
Aluminum | 2,495 | 1,622 | MT | Cash Flow | |||||
Copper | 919 | 382 | MT | Cash Flow | |||||
Natural Gas | 216,533 | 214,277 | MMBtu | Cash Flow | |||||
Steel | 13,866 | 11,503 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2014 | December 31, 2013 | Type | |||||
Canadian Dollar | 10,430,790 | 11,011,092 | Cash Flow | |||||
European Euro | 73,297,652 | 74,934,975 | Cash Flow | |||||
South Korean Won | 3,038,650,026 | 1,258,808,642 | Cash Flow | |||||
Singapore Dollar | 6,345,076 | 5,280,000 | Cash Flow | |||||
United States Dollar | 24,100,000 | 14,380,959 | Cash Flow | |||||
Chinese Renminbi | — | 245,324,730 | Cash Flow | |||||
British Pound | 496,464 | — | Cash Flow | |||||
Japanese Yen | 48,000,000 | — | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2014 | December 31, 2013 | Recognized Location | Purpose | ||||||
Euro | 10,624,220 | 31,738,273 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | — | 29,091,053 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Australian Dollar | — | 1,000,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Chinese Renminbi | — | 125,000,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Japanese Yen | 48,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Singapore Dollar | 865,076 | — | Other income, net | Accounts Payable and Receivable Settlement |
|
(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 261.2 | $ | 259.0 | ||||
Work-in-process | 172.8 | 130.2 | ||||||
Finished goods | 502.9 | 436.8 | ||||||
Total inventories — gross | 936.9 | 826.0 | ||||||
Excess and obsolete inventory reserve | (69.3 | ) | (69.0 | ) | ||||
Net inventories at FIFO cost | 867.6 | 757.0 | ||||||
Excess of FIFO costs over LIFO value | (36.7 | ) | (36.2 | ) | ||||
Inventories — net | $ | 830.9 | $ | 720.8 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2013 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2013 | 341.7 | 869.0 | 1,210.7 | |||||||||
Acquisition of Inducs, AG | — | 5.0 | 5.0 | |||||||||
Restructuring reserve adjustment | — | (0.7 | ) | (0.7 | ) | |||||||
Foreign currency impact | 3.4 | 0.2 | 3.6 | |||||||||
Gross balance as of December 31, 2013 | $ | 345.1 | $ | 1,389.2 | $ | 1,734.3 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2013 | $ | 345.1 | $ | 873.5 | $ | 1,218.6 | ||||||
Foreign currency impact | (0.3 | ) | — | (0.3 | ) | |||||||
Gross balance as of June 30, 2014 | $ | 344.8 | $ | 1,389.2 | $ | 1,734.0 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2014 | $ | 344.8 | $ | 873.5 | $ | 1,218.3 |
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 311.9 | $ | — | $ | 311.9 | $ | 311.8 | $ | — | $ | 311.8 | ||||||||||||
Customer relationships | 426.2 | (125.4 | ) | 300.8 | 426.1 | (114.4 | ) | 311.7 | ||||||||||||||||
Patents | 34.9 | (29.3 | ) | 5.6 | 34.9 | (28.4 | ) | 6.5 | ||||||||||||||||
Engineering drawings | 11.8 | (9.6 | ) | 2.2 | 11.5 | (9.1 | ) | 2.4 | ||||||||||||||||
Distribution network | 21.1 | — | 21.1 | 21.0 | — | 21.0 | ||||||||||||||||||
Other intangibles | 176.3 | (68.8 | ) | 107.5 | 176.6 | (63.8 | ) | 112.8 | ||||||||||||||||
Total | $ | 982.2 | $ | (233.1 | ) | $ | 749.1 | $ | 981.9 | $ | (215.7 | ) | $ | 766.2 |
|
(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Trade accounts payable and interest payable | $ | 518.1 | $ | 510.6 | ||||
Employee related expenses | 106.0 | 99.9 | ||||||
Restructuring expenses | 19.8 | 20.6 | ||||||
Profit sharing and incentives | 13.0 | 44.7 | ||||||
Accrued rebates | 34.4 | 45.2 | ||||||
Deferred revenue - current | 20.0 | 25.0 | ||||||
Derivative liabilities | 1.8 | 1.5 | ||||||
Income taxes payable | 19.2 | 62.5 | ||||||
Miscellaneous accrued expenses | 108.3 | 125.6 | ||||||
$ | 840.6 | $ | 935.6 |
|
(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Revolving credit facility | $ | 268.0 | $ | — | ||||
Term loan A | 345.6 | 162.5 | ||||||
Term loan B | 199.5 | — | ||||||
Senior notes due 2018 | — | 408.4 | ||||||
Senior notes due 2020 | 615.4 | 614.8 | ||||||
Senior notes due 2022 | 294.3 | 289.1 | ||||||
Other | 98.9 | 52.0 | ||||||
Total debt | 1,821.7 | 1,526.8 | ||||||
Less current portion and short-term borrowings | (74.7 | ) | (22.7 | ) | ||||
Long-term debt | $ | 1,747.0 | $ | 1,504.1 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
June 30, 2014 | 3.50:1.00 | 2.50:1.00 | ||
September 30, 2014 | 3.50:1.00 | 2.50:1.00 | ||
December 31, 2014 | 3.25:1.00 | 2.50:1.00 | ||
March 31, 2015 | 3.25:1.00 | 2.75:1.00 | ||
June 30, 2015 | 3.25:1.00 | 2.75:1.00 | ||
September 30, 2015 | 3.25:1.00 | 2.75:1.00 | ||
December 31, 2015 | 3.25:1.00 | 2.75:1.00 | ||
March 31, 2016 and thereafter | 3.00:1.00 | 3.00:1.00 |
Year | Percentage | |
2017 | 102.938 | % |
2018 | 101.958 | % |
2019 | 100.979 | % |
2020 and thereafter | 100.000 | % |
Year | Percentage | |
2015 | 104.250 | % |
2016 | 102.833 | % |
2017 | 101.417 | % |
2018 and thereafter | 100.000 | % |
|
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2013 | $ | 353.2 | $ | 6.8 | ||||
Net earnings | 37.8 | 3.9 | ||||||
Noncontrolling interest deconsolidation as a result of sale | — | (10.7 | ) | |||||
Balance at June 30, 2014 | $ | 391.0 | $ | — |
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2012 | $ | 222.1 | $ | (19.0 | ) | |||
Net earnings (loss) | 68.0 | (5.4 | ) | |||||
Balance at June 30, 2013 | $ | 290.1 | $ | (24.4 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2013 | $ | 1.0 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (0.9 | ) | — | 3.4 | 2.5 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.2 | ) | 0.8 | — | 0.6 | |||||||||||
Net current period other comprehensive (loss) income | (1.1 | ) | 0.8 | 3.4 | 3.1 | |||||||||||
Balance at March 31, 2014 | $ | (0.1 | ) | $ | (61.9 | ) | $ | 58.2 | $ | (3.8 | ) | |||||
Other comprehensive (loss) income before reclassifications | (0.8 | ) | — | (2.0 | ) | (2.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 0.8 | — | 0.7 | |||||||||||
Net current period other comprehensive income (loss) | (0.9 | ) | 0.8 | (2.0 | ) | (2.1 | ) | |||||||||
Balance at June 30, 2014 | $ | (1.0 | ) | $ | (61.1 | ) | $ | 56.2 | $ | (5.9 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency items | Total | ||||||||||||
Balance at December 31, 2012 | $ | 0.6 | $ | (80.3 | ) | $ | 50.3 | $ | (29.4 | ) | ||||||
Other comprehensive loss before reclassifications | (2.7 | ) | — | (14.6 | ) | (17.3 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0.1 | 1.0 | — | 1.1 | ||||||||||||
Net current period other comprehensive income (loss) | (2.6 | ) | 1.0 | (14.6 | ) | (16.2 | ) | |||||||||
Balance at March 31, 2013 | $ | (2.0 | ) | $ | (79.3 | ) | $ | 35.7 | $ | (45.6 | ) | |||||
Other comprehensive income (loss) before reclassifications | 0.6 | — | (1.5 | ) | (0.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.1 | — | 1.0 | |||||||||||
Net current period other comprehensive income (loss) | 0.5 | 1.1 | (1.5 | ) | 0.1 | |||||||||||
Balance at June 30, 2013 | $ | (1.5 | ) | $ | (78.2 | ) | $ | 34.2 | $ | (45.5 | ) |
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | 0.3 | $ | 0.6 | Cost of sales | |||||
Commodity contracts | (0.1 | ) | (0.2 | ) | Cost of sales | |||||
0.2 | 0.4 | Total before tax | ||||||||
(0.1 | ) | (0.1 | ) | Tax expense | ||||||
$ | 0.1 | $ | 0.3 | Net of tax | ||||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.1 | ) | (2.1 | ) | (a) | |||||
(1.1 | ) | (2.1 | ) | Total before tax | ||||||
0.3 | 0.5 | Tax benefit | ||||||||
$ | (0.8 | ) | $ | (1.6 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (0.7 | ) | $ | (1.3 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details). |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | (0.5 | ) | $ | (0.8 | ) | Cost of sales | |||
Commodity contracts | 0.6 | 1.1 | Cost of sales | |||||||
0.1 | 0.3 | Total before tax | ||||||||
— | (0.1 | ) | Tax expense | |||||||
$ | 0.1 | $ | 0.2 | Net of tax | ||||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.5 | ) | (2.8 | ) | (a) | |||||
(1.5 | ) | (2.8 | ) | Total before tax | ||||||
0.4 | 0.7 | Tax benefit | ||||||||
$ | (1.1 | ) | $ | (2.1 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (1.0 | ) | $ | (1.9 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details). |
|
(in millions) | Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | ||||||
Balance at beginning of period | $ | 99.0 | $ | 101.2 | ||||
Accruals for warranties issued during the period | 29.7 | 58.6 | ||||||
Acquisition of Inducs, AG | — | 0.2 | ||||||
Settlements made (in cash or in kind) during the period | (32.2 | ) | (61.7 | ) | ||||
Currency translation | — | 0.7 | ||||||
Balance at end of period | $ | 96.5 | $ | 99.0 |
|
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.2 | ||||||||||||
Interest cost of projected benefit obligations | 2.5 | 2.8 | 0.5 | 5.1 | 5.5 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.3 | ) | (2.4 | ) | — | (4.7 | ) | (4.7 | ) | (0.1 | ) | |||||||||||||
Amortization of actuarial net loss | 0.7 | 0.4 | — | 1.4 | 0.8 | (0.1 | ) | |||||||||||||||||
Net periodic benefit costs | $ | 0.9 | $ | 1.4 | $ | 0.6 | $ | 1.8 | $ | 2.8 | $ | 1.0 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.3 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.4 | 0.5 | 4.8 | 4.9 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (1.9 | ) | — | (5.1 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.0 | 0.5 | — | 1.8 | 1.0 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 0.8 | $ | 1.6 | $ | 0.6 | $ | 1.5 | $ | 3.3 | $ | 1.3 |
|
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2014 | ||||||||||||||
$ | 4.3 | $ | 1.7 | $ | (2.4 | ) | $ | — | $ | 3.6 |
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2014 | ||||||||||||||
$ | 16.3 | $ | 1.3 | $ | (1.4 | ) | $ | — | $ | 16.2 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 606.1 | $ | 647.4 | $ | 1,072.8 | $ | 1,191.4 | ||||||||
Foodservice | 406.7 | 389.7 | 790.0 | 740.3 | ||||||||||||
Total net sales | $ | 1,012.8 | $ | 1,037.1 | $ | 1,862.8 | $ | 1,931.7 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 54.4 | $ | 70.0 | $ | 77.0 | $ | 104.9 | ||||||||
Foodservice | 65.9 | 63.0 | 123.8 | 112.1 | ||||||||||||
Corporate expense | (15.0 | ) | (16.5 | ) | (31.1 | ) | (35.0 | ) | ||||||||
Amortization expense | (8.8 | ) | (8.9 | ) | (17.6 | ) | (17.9 | ) | ||||||||
Restructuring expense | (1.0 | ) | (0.9 | ) | (3.0 | ) | (1.2 | ) | ||||||||
Other | (0.1 | ) | — | (0.1 | ) | (0.3 | ) | |||||||||
Earnings from continuing operations | $ | 95.4 | $ | 106.7 | $ | 149.0 | $ | 162.6 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (25.1 | ) | $ | (32.2 | ) | $ | (44.4 | ) | $ | (65.2 | ) | ||||
Amortization of deferred financing fees | (1.1 | ) | (1.7 | ) | (2.3 | ) | (3.5 | ) | ||||||||
Loss on debt extinguishment | — | — | (25.3 | ) | (0.4 | ) | ||||||||||
Other (expense) income - net | (3.1 | ) | (1.4 | ) | (2.3 | ) | 0.2 | |||||||||
Earnings from continuing operations before taxes on earnings | $ | 66.1 | $ | 71.4 | $ | 74.7 | $ | 93.7 |
(in millions) | June 30, 2014 | December 31, 2013 | ||||||
Crane | $ | 2,058.3 | $ | 1,900.4 | ||||
Foodservice | 1,961.6 | 1,904.3 | ||||||
Corporate | 167.9 | 171.9 | ||||||
Total | $ | 4,187.8 | $ | 3,976.6 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 631.2 | $ | 531.3 | $ | (149.7 | ) | $ | 1,012.8 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 481.1 | 409.1 | (149.7 | ) | 740.5 | |||||||||||||
Engineering, selling and administrative expenses | 14.2 | 72.4 | 80.4 | — | 167.0 | ||||||||||||||
Amortization expense | — | 7.4 | 1.4 | — | 8.8 | ||||||||||||||
Restructuring expense | — | — | 1.0 | — | 1.0 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (58.6 | ) | (1.6 | ) | — | 60.2 | — | ||||||||||||
Total costs and expenses | (44.4 | ) | 559.4 | 491.9 | (89.5 | ) | 917.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 44.4 | 71.8 | 39.4 | (60.2 | ) | 95.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (22.5 | ) | (0.4 | ) | (2.2 | ) | — | (25.1 | ) | ||||||||||
Amortization of deferred financing fees | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||||||
Management fee income (expense) | 15.6 | (18.6 | ) | 3.0 | — | — | |||||||||||||
Other income (expense), net | 4.8 | (7.8 | ) | (0.1 | ) | — | (3.1 | ) | |||||||||||
Total other (expenses) income | (3.2 | ) | (26.8 | ) | 0.7 | — | (29.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 41.2 | 45.0 | 40.1 | (60.2 | ) | 66.1 | |||||||||||||
Provision (benefit) for taxes on income | (5.4 | ) | 16.8 | 7.8 | — | 19.2 | |||||||||||||
Earnings (loss) from continuing operations | 46.6 | 28.2 | 32.3 | (60.2 | ) | 46.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Net earnings (loss) | 46.6 | 27.9 | 32.3 | (60.2 | ) | 46.6 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 46.6 | $ | 27.9 | $ | 32.3 | $ | (60.2 | ) | $ | 46.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 44.5 | $ | 27.9 | $ | 42.6 | $ | (70.5 | ) | $ | 44.5 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 682.3 | $ | 517.5 | $ | (162.7 | ) | $ | 1,037.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 511.1 | 412.7 | (162.7 | ) | 761.1 | |||||||||||||
Engineering, selling and administrative expenses | 15.5 | 66.2 | 77.8 | — | 159.5 | ||||||||||||||
Amortization expense | — | 7.4 | 1.5 | — | 8.9 | ||||||||||||||
Restructuring expense | — | 0.1 | 0.8 | — | 0.9 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (61.1 | ) | (5.7 | ) | — | 66.8 | — | ||||||||||||
Total costs and expenses | (45.6 | ) | 579.1 | 492.8 | (95.9 | ) | 930.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 45.6 | 103.2 | 24.7 | (66.8 | ) | 106.7 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (29.9 | ) | (0.4 | ) | (1.9 | ) | — | (32.2 | ) | ||||||||||
Amortization of deferred financing fees | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||
Management fee income (expense) | 14.9 | (18.7 | ) | 3.8 | — | — | |||||||||||||
Other income (expense), net | 1.5 | (8.7 | ) | 5.8 | — | (1.4 | ) | ||||||||||||
Total other (expenses) income | (15.2 | ) | (27.8 | ) | 7.7 | — | (35.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 30.4 | 75.4 | 32.4 | (66.8 | ) | 71.4 | |||||||||||||
(Benefit) provision for taxes on earnings | (27.2 | ) | 26.1 | 10.4 | — | 9.3 | |||||||||||||
Earnings (loss) from continuing operations | 57.6 | 49.3 | 22.0 | (66.8 | ) | 62.1 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.0 | ) | (5.6 | ) | — | (7.6 | ) | |||||||||||
Net earnings (loss) | 57.6 | 47.3 | 16.4 | (66.8 | ) | 54.5 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (3.1 | ) | — | (3.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 57.6 | $ | 47.3 | $ | 19.5 | $ | (66.8 | ) | $ | 57.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 57.7 | $ | 47.2 | $ | 2.6 | $ | (49.8 | ) | $ | 57.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,178.6 | $ | 962.0 | $ | (277.8 | ) | $ | 1,862.8 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 897.6 | 743.6 | (277.8 | ) | 1,363.4 | |||||||||||||
Engineering, selling and administrative expenses | 29.4 | 146.9 | 153.4 | — | 329.7 | ||||||||||||||
Amortization expense | — | 14.8 | 2.8 | — | 17.6 | ||||||||||||||
Restructuring expense | — | 1.4 | 1.6 | — | 3.0 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (71.6 | ) | (11.0 | ) | — | 82.6 | — | ||||||||||||
Total costs and expenses | (42.2 | ) | 1,049.8 | 901.4 | (195.2 | ) | 1,713.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 42.2 | 128.8 | 60.6 | (82.6 | ) | 149.0 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (39.2 | ) | (0.8 | ) | (4.4 | ) | — | (44.4 | ) | ||||||||||
Amortization of deferred financing fees | (2.3 | ) | — | — | — | (2.3 | ) | ||||||||||||
Loss on debt extinguishment | (25.3 | ) | — | — | — | (25.3 | ) | ||||||||||||
Management fee income (expense) | 31.0 | (35.6 | ) | 4.6 | — | — | |||||||||||||
Other income (expense), net | 10.2 | (15.7 | ) | 3.2 | — | (2.3 | ) | ||||||||||||
Total other (expenses) income | (25.6 | ) | (52.1 | ) | 3.4 | — | (74.3 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 16.6 | 76.7 | 64.0 | (82.6 | ) | 74.7 | |||||||||||||
Provision (benefit) for taxes on income | (21.2 | ) | 29.0 | 14.0 | — | 21.8 | |||||||||||||
Earnings (loss) from continuing operations | 37.8 | 47.7 | 50.0 | (82.6 | ) | 52.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.4 | ) | (0.9 | ) | — | (1.3 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (9.9 | ) | — | (9.9 | ) | ||||||||||||
Net earnings (loss) | 37.8 | 47.3 | 39.2 | (82.6 | ) | 41.7 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 3.9 | — | 3.9 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 37.8 | $ | 47.3 | $ | 35.3 | $ | (82.6 | ) | $ | 37.8 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 38.8 | $ | 46.1 | $ | 41.0 | $ | (87.1 | ) | $ | 38.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,302.1 | $ | 961.6 | $ | (332.0 | ) | $ | 1,931.7 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 990.7 | 774.9 | (332.0 | ) | 1,433.6 | |||||||||||||
Engineering, selling and administrative expenses | 33.2 | 130.5 | 152.4 | — | 316.1 | ||||||||||||||
Amortization expense | — | 14.8 | 3.1 | — | 17.9 | ||||||||||||||
Restructuring expense | — | 0.1 | 1.1 | — | 1.2 | ||||||||||||||
Other | — | 0.3 | — | — | 0.3 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (86.6 | ) | (18.5 | ) | — | 105.1 | — | ||||||||||||
Total costs and expenses | (53.4 | ) | 1,117.9 | 931.5 | (226.9 | ) | 1,769.1 | ||||||||||||
Operating earnings (loss) from continuing operations | 53.4 | 184.2 | 30.1 | (105.1 | ) | 162.6 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.6 | ) | (4.3 | ) | — | (65.2 | ) | ||||||||||
Amortization of deferred financing fees | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Loss on debt extinguishment | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||
Management fee income (expense) | 29.7 | (36.1 | ) | 6.4 | — | — | |||||||||||||
Other income (expense), net | 5.9 | (16.4 | ) | 10.7 | — | 0.2 | |||||||||||||
Total other (expenses) income | (28.6 | ) | (53.1 | ) | 12.8 | — | (68.9 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 24.8 | 131.1 | 42.9 | (105.1 | ) | 93.7 | |||||||||||||
(Benefit) provision for taxes on earnings | (43.2 | ) | 45.3 | 15.7 | — | 17.8 | |||||||||||||
Earnings (loss) from continuing operations | 68.0 | 85.8 | 27.2 | (105.1 | ) | 75.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.2 | ) | (9.5 | ) | — | (11.7 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||
Net earnings (loss) | 68.0 | 83.6 | 16.1 | (105.1 | ) | 62.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (5.4 | ) | — | (5.4 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 68.0 | $ | 83.6 | $ | 21.5 | $ | (105.1 | ) | $ | 68.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 51.9 | $ | 83.5 | $ | 10.7 | $ | (94.2 | ) | $ | 51.9 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 5.6 | $ | 7.0 | $ | 90.9 | $ | — | $ | 103.5 | |||||||||
Restricted cash | 2.8 | — | 23.0 | — | 25.8 | ||||||||||||||
Accounts receivable — net | 0.7 | 10.9 | 305.3 | — | 316.9 | ||||||||||||||
Intercompany short term note receivable | — | — | 59.7 | (59.7 | ) | — | |||||||||||||
Intercompany interest receivable | 35.4 | 3.1 | — | (38.5 | ) | — | |||||||||||||
Inventories — net | — | 346.1 | 484.8 | — | 830.9 | ||||||||||||||
Deferred income taxes | 74.2 | — | 14.6 | — | 88.8 | ||||||||||||||
Other current assets | 3.8 | 2.1 | 120.3 | — | 126.2 | ||||||||||||||
Total current assets | 122.5 | 369.2 | 1,098.6 | (98.2 | ) | 1,492.1 | |||||||||||||
Property, plant and equipment — net | 6.0 | 316.5 | 279.1 | — | 601.6 | ||||||||||||||
Goodwill | — | 960.5 | 257.8 | — | 1,218.3 | ||||||||||||||
Other intangible assets — net | — | 576.5 | 172.6 | — | 749.1 | ||||||||||||||
Intercompany long-term receivable | 960.8 | 158.5 | 905.9 | (2,025.2 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,618.2 | 739.9 | (2,358.1 | ) | — | |||||||||||||
Other non-current assets | 40.1 | 3.3 | 83.3 | — | 126.7 | ||||||||||||||
Investment in affiliates | 4,477.4 | 3,506.9 | — | (7,984.3 | ) | — | |||||||||||||
Total assets | $ | 5,606.8 | $ | 7,509.6 | $ | 3,537.2 | $ | (12,465.8 | ) | $ | 4,187.8 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 46.3 | $ | 396.8 | $ | 397.5 | $ | — | $ | 840.6 | |||||||||
Short-term borrowings and current portion of long-term debt | 23.9 | 3.6 | 47.2 | — | 74.7 | ||||||||||||||
Intercompany short term note payable | 59.7 | — | — | (59.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.1 | — | 35.4 | (38.5 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 34.4 | — | 78.9 | ||||||||||||||
Customer advances | — | 6.7 | 20.3 | — | 27.0 | ||||||||||||||
Product liabilities | — | 22.3 | 3.8 | — | 26.1 | ||||||||||||||
Total current liabilities | 133.0 | 473.9 | 538.6 | (98.2 | ) | 1,047.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,699.0 | 20.1 | 27.9 | — | 1,747.0 | ||||||||||||||
Deferred income taxes | 165.3 | — | 66.4 | — | 231.7 | ||||||||||||||
Pension obligations | 90.1 | 8.1 | 4.5 | — | 102.7 | ||||||||||||||
Postretirement health and other benefit obligations | 40.2 | 2.1 | 1.8 | — | 44.1 | ||||||||||||||
Long-term deferred revenue | — | 8.3 | 27.1 | — | 35.4 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 834.6 | 1,007.3 | (2,025.2 | ) | — | |||||||||||||
Intercompany accounts payable | 2,358.1 | — | — | (2,358.1 | ) | — | |||||||||||||
Other non-current liabilities | 92.4 | 14.0 | 27.8 | — | 134.2 | ||||||||||||||
Total non-current liabilities | 4,628.4 | 887.2 | 1,162.8 | (4,383.3 | ) | 2,295.1 | |||||||||||||
Equity | |||||||||||||||||||
Total equity | 845.4 | 6,148.5 | 1,835.8 | (7,984.3 | ) | 845.4 | |||||||||||||
Total liabilities and equity | $ | 5,606.8 | $ | 7,509.6 | $ | 3,537.2 | $ | (12,465.8 | ) | $ | 4,187.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | |||||||||
Restricted cash | 2.8 | — | 10.0 | — | 12.8 | ||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | ||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | |||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | |||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | ||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | ||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | ||||||||||||||
Current assets of discontinued operations | — | — | 15.1 | — | 15.1 | ||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.9 | |||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | ||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.6 | ||||||||||||||
Other intangible assets — net | — | 591.3 | 174.9 | — | 766.2 | ||||||||||||||
Intercompany long-term notes receivable | 964.4 | 158.5 | 903.7 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,565.2 | 1,848.8 | (3,414.0 | ) | — | |||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 23.3 | — | 23.3 | ||||||||||||||
Investment in affiliates | 5,356.2 | 3,505.6 | — | (8,861.8 | ) | — | |||||||||||||
Total assets | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 108.1 | $ | 404.2 | $ | 423.3 | $ | — | $ | 935.6 | |||||||||
Short-term borrowings and current portion of long-term debt | — | 0.7 | 22.0 | — | 22.7 | ||||||||||||||
Intercompany short term note payable | 112.1 | — | — | (112.1 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 18.4 | (21.6 | ) | — | |||||||||||||
Product warranties | — | 47.3 | 33.8 | — | 81.1 | ||||||||||||||
Customer advances | — | 12.9 | 22.0 | — | 34.9 | ||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25.0 | ||||||||||||||
Current liabilities of discontinued operation | — | — | 26.1 | — | 26.1 | ||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.4 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,474.7 | 2.2 | 27.2 | — | 1,504.1 | ||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | ||||||||||||||
Pension obligations | 91.0 | 6.4 | 4.1 | — | 101.5 | ||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2.0 | — | 44.7 | ||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.1 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts payable | 3,414.0 | — | — | (3,414.0 | ) | — | |||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 2.2 | — | 2.2 | ||||||||||||||
Total non-current liabilities | 5,470.1 | 867.7 | 1,171.7 | (5,440.6 | ) | 2,068.9 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 775.5 | 6,084.7 | 2,777.1 | (8,861.8 | ) | 775.5 | |||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total equity | 775.5 | 6,084.7 | 2,783.9 | (8,861.8 | ) | 782.3 | |||||||||||||
Total liabilities and equity | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (110.9 | ) | $ | 28.3 | $ | (109.5 | ) | $ | — | $ | (192.1 | ) | ||||||
Cash used for operating activities of discontinued operations | — | (0.4 | ) | (6.7 | ) | — | (7.1 | ) | |||||||||||
Net cash (used for) provided by operating activities | (110.9 | ) | 27.9 | (116.2 | ) | — | (199.2 | ) | |||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | (0.1 | ) | (21.7 | ) | (13.2 | ) | — | (35.0 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | — | — | 2.1 | — | 2.1 | ||||||||||||||
Restricted cash | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Intercompany investments | (100.3 | ) | (14.0 | ) | 179.8 | (65.5 | ) | — | |||||||||||
Net cash (used for) provided by investing activities | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds on revolving credit facility—net | 268.0 | — | — | — | 268.0 | ||||||||||||||
Payments on long-term debt | (567.8 | ) | (0.3 | ) | (15.5 | ) | — | (583.6 | ) | ||||||||||
Proceeds from long-term debt | 550.0 | 21.2 | 40.5 | — | 611.7 | ||||||||||||||
Payments on notes financing—net | — | — | (12.6 | ) | — | (12.6 | ) | ||||||||||||
Debt issuance costs | (4.9 | ) | — | — | — | (4.9 | ) | ||||||||||||
Exercises of stock options | 22.8 | — | — | — | 22.8 | ||||||||||||||
Intercompany financing | (52.4 | ) | (9.4 | ) | (3.7 | ) | 65.5 | — | |||||||||||
Net cash provided by financing activities of continuing operations | 215.7 | 11.5 | 8.7 | 65.5 | 301.4 | ||||||||||||||
Net cash used for financing activities of discontinued operations | — | — | (7.2 | ) | — | (7.2 | ) | ||||||||||||
Net cash provided by financing activities | 215.7 | 11.5 | 1.5 | 65.5 | 294.2 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Net increase in cash and cash equivalents | 4.4 | 3.7 | 40.5 | — | 48.6 | ||||||||||||||
Balance at beginning of period | 1.2 | 3.3 | 50.4 | — | 54.9 | ||||||||||||||
Balance at end of period | $ | 5.6 | $ | 7.0 | $ | 90.9 | $ | — | $ | 103.5 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (37.8 | ) | $ | 45.4 | $ | (62.5 | ) | $ | — | $ | (54.9 | ) | ||||||
Cash used for operating activities of discontinued operations | — | (2.2 | ) | (5.3 | ) | — | (7.5 | ) | |||||||||||
Net cash (used for) provided by operating activities | (37.8 | ) | 43.2 | (67.8 | ) | — | (62.4 | ) | |||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | — | (27.2 | ) | (19.3 | ) | — | (46.5 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Restricted cash | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | (45.3 | ) | 1.6 | 61.3 | (17.6 | ) | — | ||||||||||||
Net cash (used for) provided by investing activities of continuing operations | (45.3 | ) | (25.4 | ) | 81.7 | (17.6 | ) | (6.6 | ) | ||||||||||
Net cash used for investing activities of discontinued operations | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net cash (used for) provided by investing activities | (45.3 | ) | (25.4 | ) | 81.3 | (17.6 | ) | (7.0 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds from revolving credit facility—net | 103.9 | — | 0.2 | — | 104.1 | ||||||||||||||
Payments on long-term debt | (28.4 | ) | (0.3 | ) | (10.1 | ) | — | (38.8 | ) | ||||||||||
Proceeds from long-term debt | — | — | 19.3 | — | 19.3 | ||||||||||||||
Payments on notes financing—net | — | — | 2.3 | — | 2.3 | ||||||||||||||
Exercises of stock options | 2.9 | — | — | — | 2.9 | ||||||||||||||
Intercompany financing | — | (11.3 | ) | (6.3 | ) | 17.6 | — | ||||||||||||
Net cash provided by (used for) financing activities | 78.4 | (11.6 | ) | 5.4 | 17.6 | 89.8 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (4.7 | ) | 6.2 | 16.9 | — | 18.4 | |||||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.2 | — | 73.2 | ||||||||||||||
Balance at end of period | $ | 7.3 | $ | 10.2 | $ | 74.1 | $ | — | $ | 91.6 |
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