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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||
Pretax loss from discontinued operation | $ | — | $ | — | $ | — | $ | (0.8 | ) | |||||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net loss from discontinued operation | $ | — | $ | — | $ | — | $ | (0.8 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax earnings (loss) from discontinued operations | $ | 0.2 | $ | (0.6 | ) | $ | — | $ | (0.8 | ) | ||||||
Provision (benefit) for taxes on earnings | 0.1 | (0.3 | ) | — | (0.3 | ) | ||||||||||
Net earnings (loss) from discontinued operations | $ | 0.1 | $ | (0.3 | ) | $ | — | $ | (0.5 | ) |
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Fair Value as of June 30, 2015 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Total current assets at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 4.3 | $ | — | $ | 4.3 | |||||||
Commodity contracts | — | 2.8 | — | 2.8 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 2.2 | — | 2.2 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 9.3 | $ | — | $ | 9.3 | |||||||
Non-current Liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 0.5 | $ | — | $ | 0.5 | |||||||
Interest rate swap contracts: Fixed-to-float | — | 2.0 | — | 2.0 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 0.3 | — | 0.3 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 2.8 | $ | — | $ | 2.8 |
Fair Value as of December 31, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Total current assets at fair value | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Non-Current Assets: | |||||||||||||||
Interest rate swap contracts: Float-to-fixed | $ | — | $ | 0.8 | $ | — | $ | 0.8 | |||||||
Total non-current assets at fair value | $ | — | $ | 0.8 | $ | — | $ | 0.8 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 7.9 | $ | — | $ | 7.9 | |||||||
Commodity contracts | — | 1.0 | — | 1.0 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 2.3 | — | 2.3 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 11.2 | $ | — | $ | 11.2 | |||||||
Non-current Liabilities: | |||||||||||||||
Commodity contracts: | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Interest rate swap contracts: Fixed-to-float | — | 4.3 | — | 4.3 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 4.7 | $ | — | $ | 4.7 |
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, 2015 | December 31, 2014 | Unit | Type | |||||
Aluminum | 1,857 | 1,657 | MT | Cash Flow | |||||
Copper | 727 | 820 | MT | Cash Flow | |||||
Natural Gas | 249,026 | 347,608 | MMBtu | Cash Flow | |||||
Steel | 21,739 | 14,665 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2015 | December 31, 2014 | Type | |||||
Canadian Dollar | 3,539,030 | 7,984,824 | Cash Flow | |||||
European Euro | 41,077,359 | 89,006,695 | Cash Flow | |||||
South Korean Won | 2,000,626,909 | 1,964,906,996 | Cash Flow | |||||
Singapore Dollar | 3,000,000 | 3,900,000 | Cash Flow | |||||
United States Dollar | 13,238,995 | 29,228,731 | Cash Flow | |||||
British Pound | 1,302,140 | — | Cash Flow | |||||
Japanese Yen | 797,929,390 | — | Cash Flow | |||||
Mexican Peso | 54,808,843 | 52,674,387 | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2015 | December 31, 2014 | Recognized Location | Purpose | ||||||
Euro | 14,572,213 | 73,302,332 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | 57,890,110 | 18,244,912 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Australian Dollar | — | 2,482,430 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Swiss Franc | 550,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Canadian Dollar | — | 2,516 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Mexican Peso | 1,240,000 | 3,151,000 | Other income, net | Accounts Payable and Receivable Settlement |
ASSET DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.3 | $ | — | |||||
Interest rate swap contracts: Float-to-fixed | Other non-current assets | — | 0.8 | |||||||
Total derivatives designated as hedging instruments | $ | 0.3 | $ | 0.8 |
ASSET DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.8 | $ | 2.1 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | $ | 2.1 | ||||||
Total asset derivatives | $ | 1.1 | $ | 2.9 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 4.0 | $ | 6.6 | |||||
Commodity contracts | Accounts payable and accrued expenses | 2.8 | 1.0 | |||||||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | 2.2 | 2.3 | |||||||
Commodity contracts | Other non-current liabilities | 0.5 | 0.4 | |||||||
Interest rate swap contracts: Float-to-fixed | Other non-current liabilities | 0.3 | — | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 2.0 | 4.3 | |||||||
Total derivatives designated as hedging instruments | $ | 11.8 | $ | 14.6 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.3 | $ | 1.3 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.3 | $ | 1.3 | ||||||
Total liability derivatives | $ | 12.1 | $ | 15.9 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Foreign exchange contracts | $ | 4.0 | $ | (0.2 | ) | Cost of sales | $ | (4.0 | ) | $ | 0.3 | |||||||
Commodity contracts | (0.3 | ) | 0.4 | Cost of sales | (0.7 | ) | (0.1 | ) | ||||||||||
Interest rate swap contracts: Float-to-fixed | 0.4 | (1.1 | ) | Interest expense | (0.6 | ) | (0.4 | ) | ||||||||||
Total | $ | 4.1 | $ | (0.9 | ) | $ | (5.3 | ) | $ | (0.2 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | — | ||||
Total | $ | (0.1 | ) | $ | — |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Foreign exchange contracts | Other income | $ | (0.1 | ) | $ | (0.4 | ) | |||
Total | $ | (0.1 | ) | $ | (0.4 | ) |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Foreign exchange contracts | $ | 1.8 | $ | (1.1 | ) | Cost of sales | $ | (7.2 | ) | $ | 0.6 | |||||||
Commodity contracts | (1.2 | ) | 0.2 | Cost of sales | (1.4 | ) | (0.2 | ) | ||||||||||
Interest rate swaps contracts: Float-to-fixed | (0.6 | ) | (1.1 | ) | Interest expense | (1.2 | ) | (0.4 | ) | |||||||||
Total | $ | — | $ | (2.0 | ) | $ | (9.8 | ) | $ | — |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | — | ||||
Total | $ | (0.1 | ) | $ | — |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Foreign exchange contracts | Other income | $ | (0.3 | ) | $ | 0.4 | ||||
Total | $ | (0.3 | ) | $ | 0.4 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative Recognized in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | (0.9 | ) | $ | 3.8 | ||||
Total | $ | (0.9 | ) | $ | 3.8 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative Recognized in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 2.3 | $ | 7.4 | |||||
Total | $ | 2.3 | $ | 7.4 |
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(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 252.3 | $ | 226.2 | ||||
Work-in-process | 153.9 | 103.7 | ||||||
Finished goods | 444.3 | 414.8 | ||||||
Total inventories — gross | 850.5 | 744.7 | ||||||
Excess and obsolete inventory reserve | (66.0 | ) | (64.0 | ) | ||||
Net inventories at FIFO cost | 784.5 | 680.7 | ||||||
Excess of FIFO costs over LIFO value | (41.1 | ) | (36.2 | ) | ||||
Inventories — net | $ | 743.4 | $ | 644.5 |
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(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2014 | $ | 345.1 | $ | 1,389.2 | $ | 1,734.3 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2014 | 345.1 | 873.5 | 1,218.6 | |||||||||
Foreign currency impact | (19.8 | ) | (0.7 | ) | (20.5 | ) | ||||||
Gross balance as of December 31, 2014 | $ | 325.3 | $ | 1,388.5 | $ | 1,713.8 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2014 | $ | 325.3 | $ | 872.8 | $ | 1,198.1 | ||||||
Foreign currency impact | (13.3 | ) | 0.1 | (13.2 | ) | |||||||
Gross balance as of June 30, 2015 | $ | 312.0 | $ | 1,388.6 | $ | 1,700.6 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2015 | $ | 312.0 | $ | 872.9 | $ | 1,184.9 |
June 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 292.5 | $ | — | $ | 292.5 | $ | 300.0 | $ | — | $ | 300.0 | ||||||||||||
Customer relationships | 425.8 | (146.9 | ) | 278.9 | 425.7 | (136.0 | ) | 289.7 | ||||||||||||||||
Patents | 31.1 | (27.7 | ) | 3.4 | 32.7 | (28.3 | ) | 4.4 | ||||||||||||||||
Engineering drawings | 10.4 | (9.2 | ) | 1.2 | 11.0 | (9.3 | ) | 1.7 | ||||||||||||||||
Distribution network | 18.6 | — | 18.6 | 19.7 | — | 19.7 | ||||||||||||||||||
Other intangibles | 159.1 | (66.0 | ) | 93.1 | 170.9 | (71.7 | ) | 99.2 | ||||||||||||||||
Total | $ | 937.5 | $ | (249.8 | ) | $ | 687.7 | $ | 960.0 | $ | (245.3 | ) | $ | 714.7 |
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(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Trade accounts payable | $ | 435.2 | $ | 457.5 | ||||
Interest payable | 12.8 | 12.5 | ||||||
Employee related expenses | 96.5 | 90.3 | ||||||
Restructuring expenses | 17.4 | 20.3 | ||||||
Profit sharing and incentives | 6.4 | 6.8 | ||||||
Accrued rebates | 40.9 | 52.8 | ||||||
Deferred revenue - current | 20.1 | 21.6 | ||||||
Income taxes payable | 9.2 | 16.2 | ||||||
Miscellaneous accrued expenses | 126.2 | 129.4 | ||||||
$ | 764.7 | $ | 807.4 |
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(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Revolving credit facility | $ | 142.0 | $ | — | ||||
Term loan A | 325.9 | 336.9 | ||||||
Term loan B | 168.5 | 168.5 | ||||||
Senior notes due 2020 | 614.4 | 614.8 | ||||||
Senior notes due 2022 | 297.7 | 296.9 | ||||||
Other | 80.4 | 106.4 | ||||||
Total debt | 1,628.9 | 1,523.5 | ||||||
Less current portion and short-term borrowings | (67.5 | ) | (80.3 | ) | ||||
Long-term debt | $ | 1,561.4 | $ | 1,443.2 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
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, 2014 | $ | 486.9 | $ | — | ||||
Net earnings | 14.9 | — | ||||||
Balance at June 30, 2015 | $ | 501.8 | $ | — |
(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) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2014 | $ | (6.3 | ) | $ | (95.0 | ) | $ | (29.2 | ) | $ | (130.5 | ) | ||||
Other comprehensive loss before reclassifications | (6.9 | ) | — | (62.8 | ) | (69.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.8 | 1.4 | — | 4.2 | ||||||||||||
Net current period other comprehensive (loss) income | (4.1 | ) | 1.4 | (62.8 | ) | (65.5 | ) | |||||||||
Balance at March 31, 2015 | $ | (10.4 | ) | $ | (93.6 | ) | $ | (92.0 | ) | $ | (196.0 | ) | ||||
Other comprehensive income before reclassifications | 1.0 | — | 8.6 | 9.6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3.3 | 1.4 | — | 4.7 | ||||||||||||
Net current period other comprehensive income | 4.3 | 1.4 | 8.6 | 14.3 | ||||||||||||
Balance at June 30, 2015 | $ | (6.1 | ) | $ | (92.2 | ) | $ | (83.4 | ) | $ | (181.7 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency items | 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 (loss) | (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 before reclassifications | (1.0 | ) | — | (2.0 | ) | (3.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | 0.8 | — | 0.9 | ||||||||||||
Net current period other comprehensive (loss) income | (0.9 | ) | 0.8 | (2.0 | ) | (2.1 | ) | |||||||||
Balance at June 30, 2014 | $ | (1.0 | ) | $ | (61.1 | ) | $ | 56.2 | $ | (5.9 | ) |
Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | (4.0 | ) | $ | (4.5 | ) | Cost of sales | |||
Commodity contracts | (0.7 | ) | (0.9 | ) | Cost of sales | |||||
Interest rate swap contracts: Float-to-fixed | (0.6 | ) | (0.8 | ) | Interest Expense | |||||
(5.3 | ) | (6.2 | ) | Total before tax | ||||||
2.0 | 2.3 | Tax expense | ||||||||
$ | (3.3 | ) | $ | (3.9 | ) | Net of tax | ||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.9 | ) | (3.8 | ) | (a) | |||||
(1.9 | ) | (3.8 | ) | Total before tax | ||||||
0.5 | 1.0 | Tax benefit | ||||||||
$ | (1.4 | ) | $ | (2.8 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (4.7 | ) | $ | (6.7 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income (loss) 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, 2014 | Six Months Ended June 30, 2014 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | 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 | |||||
Interest rate swap contracts: Float-to-fixed | (0.4 | ) | (0.4 | ) | Interest expense | |||||
(0.2 | ) | — | Total before tax | |||||||
0.1 | — | Tax expense | ||||||||
$ | (0.1 | ) | $ | — | 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 | $ | (0.9 | ) | $ | (1.6 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income (loss) 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, 2015 | Year Ended December 31, 2014 | ||||||
Balance at beginning of period | $ | 92.2 | $ | 99.0 | ||||
Accruals for warranties issued during the period | 22.8 | 59.8 | ||||||
Settlements made (in cash or in kind) during the period | (26.0 | ) | (63.4 | ) | ||||
Currency translation | (2.1 | ) | (3.2 | ) | ||||
Balance at end of period | $ | 86.9 | $ | 92.2 |
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Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | |||||||||||||||||||||||
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 | $ | — | $ | 0.7 | $ | 0.1 | $ | — | $ | 1.4 | $ | 0.2 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.2 | 0.5 | 4.7 | 4.4 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.3 | ) | (1.9 | ) | — | (4.5 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.3 | 0.6 | — | 2.6 | 1.2 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 1.4 | $ | 1.6 | $ | 0.6 | $ | 2.8 | $ | 3.2 | $ | 1.2 |
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 |
|
Restructuring Reserve Balance as of December 31, 2014 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of June 30, 2015 | |||||||||||
$ | 4.7 | $ | 0.8 | $ | (3.0 | ) | $ | 2.5 |
Restructuring Reserve Balance as of December 31, 2014 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of June 30, 2015 | |||||||||||
$ | 15.6 | $ | 0.4 | $ | (1.1 | ) | $ | 14.9 |
|
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 477.7 | $ | 606.1 | $ | 884.4 | $ | 1,072.8 | ||||||||
Foodservice | 407.7 | 406.7 | 753.1 | 790.0 | ||||||||||||
Total net sales | $ | 885.4 | $ | 1,012.8 | $ | 1,637.5 | $ | 1,862.8 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 26.2 | $ | 54.4 | $ | 35.9 | $ | 77.0 | ||||||||
Foodservice | 63.6 | 65.9 | 96.6 | 123.8 | ||||||||||||
Corporate expense | (12.0 | ) | (15.0 | ) | (30.8 | ) | (31.1 | ) | ||||||||
Amortization expense | (8.6 | ) | (8.8 | ) | (17.2 | ) | (17.6 | ) | ||||||||
Separation expense | (8.3 | ) | — | (9.8 | ) | — | ||||||||||
Restructuring expense | (0.1 | ) | (1.0 | ) | (1.2 | ) | (3.0 | ) | ||||||||
Other | (0.4 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | ||||||||
Earnings from continuing operations | $ | 60.4 | $ | 95.4 | $ | 73.1 | $ | 149.0 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (24.4 | ) | $ | (25.1 | ) | $ | (48.0 | ) | $ | (44.4 | ) | ||||
Amortization of deferred financing fees | (1.0 | ) | (1.1 | ) | (2.1 | ) | (2.3 | ) | ||||||||
Loss on debt extinguishment | — | — | — | (25.3 | ) | |||||||||||
Other income (expense) - net | 2.9 | (3.1 | ) | 5.4 | (2.3 | ) | ||||||||||
Earnings from continuing operations before taxes on earnings | $ | 37.9 | $ | 66.1 | $ | 28.4 | $ | 74.7 |
(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Crane | $ | 1,775.1 | $ | 1,742.3 | ||||
Foodservice | 1,933.6 | 1,902.0 | ||||||
Corporate | 136.8 | 172.3 | ||||||
Total | $ | 3,845.5 | $ | 3,816.6 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 590.2 | $ | 455.6 | $ | (160.4 | ) | $ | 885.4 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 468.0 | 355.3 | (160.4 | ) | 662.9 | |||||||||||||
Engineering, selling and administrative expenses | 10.9 | 66.2 | 67.6 | — | 144.7 | ||||||||||||||
Amortization expense | — | 7.4 | 1.2 | — | 8.6 | ||||||||||||||
Restructuring expense | — | 0.3 | (0.2 | ) | — | 0.1 | |||||||||||||
Separation expense | 8.2 | 0.1 | — | — | 8.3 | ||||||||||||||
Other | — | 0.4 | — | — | 0.4 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (40.0 | ) | (6.9 | ) | — | 46.9 | — | ||||||||||||
Total (earnings) and expenses | (20.9 | ) | 535.5 | 423.9 | (113.5 | ) | 825.0 | ||||||||||||
Operating earnings (loss) from continuing operations | 20.9 | 54.7 | 31.7 | (46.9 | ) | 60.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (22.4 | ) | (0.6 | ) | (1.4 | ) | — | (24.4 | ) | ||||||||||
Amortization of deferred financing fees | (1.0 | ) | — | — | — | (1.0 | ) | ||||||||||||
Management fee income (expense) | 16.2 | (16.1 | ) | (0.1 | ) | — | — | ||||||||||||
Other income (expense), net | 3.3 | (8.0 | ) | 11.7 | (4.1 | ) | 2.9 | ||||||||||||
Total other (expenses) income | (3.9 | ) | (24.7 | ) | 10.2 | (4.1 | ) | (22.5 | ) | ||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 17.0 | 30.0 | 41.9 | (51.0 | ) | 37.9 | |||||||||||||
(Benefit) provision for taxes on income | (6.3 | ) | 6.5 | 14.5 | — | 14.7 | |||||||||||||
Earnings (loss) from continuing operations | 23.3 | 23.5 | 27.4 | (51.0 | ) | 23.2 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Gain from discontinued operations, net of income taxes | — | 0.1 | — | — | 0.1 | ||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 23.3 | 23.6 | 27.4 | (51.0 | ) | 23.3 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 23.3 | $ | 23.6 | $ | 27.4 | $ | (51.0 | ) | $ | 23.3 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 37.6 | $ | 29.2 | $ | 23.7 | $ | (52.9 | ) | $ | 37.6 |
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 | — | 482.6 | 409.1 | (149.7 | ) | 742.0 | |||||||||||||
Engineering, selling and administrative expenses | 14.2 | 70.9 | 80.4 | — | 165.5 | ||||||||||||||
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 (earnings) 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 | |||||||||||||
(Benefit) provision for taxes on earnings | (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 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 46.6 | 27.9 | 32.3 | (60.2 | ) | 46.6 | |||||||||||||
Less: Net loss 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 | $ | — | $ | 1,066.2 | $ | 875.5 | $ | (304.2 | ) | $ | 1,637.5 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 849.9 | 686.8 | (304.2 | ) | 1,232.5 | |||||||||||||
Engineering, selling and administrative expenses | 28.9 | 142.4 | 132.0 | — | 303.3 | ||||||||||||||
Amortization expense | — | 14.8 | 2.4 | — | 17.2 | ||||||||||||||
Restructuring expense | — | 1.2 | — | — | 1.2 | ||||||||||||||
Separation expense | 9.7 | 0.1 | — | — | 9.8 | ||||||||||||||
Other | — | 0.4 | — | — | 0.4 | ||||||||||||||
Equity in loss (earnings) of subsidiaries | 26.2 | (15.9 | ) | — | (10.3 | ) | — | ||||||||||||
Total costs and expenses | 64.8 | 992.9 | 821.2 | (314.5 | ) | 1,564.4 | |||||||||||||
Operating (loss) earnings from continuing operations | (64.8 | ) | 73.3 | 54.3 | 10.3 | 73.1 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (43.9 | ) | (1.2 | ) | (2.9 | ) | — | (48.0 | ) | ||||||||||
Amortization of deferred financing fees | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||||||
Management fee income (expense) | 32.2 | (31.4 | ) | (0.8 | ) | — | — | ||||||||||||
Other income (expense), net | 77.4 | (13.2 | ) | 17.1 | (75.9 | ) | 5.4 | ||||||||||||
Total other income (expenses) | 63.6 | (45.8 | ) | 13.4 | (75.9 | ) | (44.7 | ) | |||||||||||
(Loss) earnings from continuing operations before taxes on earnings | (1.2 | ) | 27.5 | 67.7 | (65.6 | ) | 28.4 | ||||||||||||
(Benefit) provision for taxes on income | (16.1 | ) | 5.4 | 24.2 | — | 13.5 | |||||||||||||
Earnings (loss) from continuing operations | 14.9 | 22.1 | 43.5 | (65.6 | ) | 14.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 14.9 | 22.1 | 43.5 | (65.6 | ) | 14.9 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 14.9 | $ | 22.1 | $ | 43.5 | $ | (65.6 | ) | $ | 14.9 | ||||||||
Comprehensive (loss) income attributable to Manitowoc | $ | (36.3 | ) | $ | 21.8 | $ | 58.9 | $ | (80.7 | ) | $ | (36.3 | ) |
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 | — | 900.5 | 743.6 | (277.8 | ) | 1,366.3 | |||||||||||||
Engineering, selling and administrative expenses | 29.4 | 144.0 | 153.4 | — | 326.8 | ||||||||||||||
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 (earnings) 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 | |||||||||||||
(Benefit) provision for taxes on earnings | (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 | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 3.9 | $ | 6.8 | $ | 57.0 | $ | — | $ | 67.7 | |||||||||
Restricted cash | — | — | 20.2 | — | 20.2 | ||||||||||||||
Accounts receivable — net | 0.2 | — | 260.4 | (9.6 | ) | 251.0 | |||||||||||||
Intercompany short term note receivable | — | — | 160.2 | (160.2 | ) | — | |||||||||||||
Intercompany interest receivable | 50.0 | 3.3 | — | (53.3 | ) | — | |||||||||||||
Inventories — net | — | 371.6 | 371.8 | — | 743.4 | ||||||||||||||
Deferred income taxes | 67.0 | — | 1.8 | — | 68.8 | ||||||||||||||
Other current assets | 4.4 | 2.1 | 123.0 | — | 129.5 | ||||||||||||||
Total current assets | 125.5 | 383.8 | 994.4 | (223.1 | ) | 1,280.6 | |||||||||||||
Property, plant and equipment — net | 7.6 | 327.1 | 234.8 | — | 569.5 | ||||||||||||||
Goodwill | — | 960.5 | 224.4 | — | 1,184.9 | ||||||||||||||
Other intangible assets — net | — | 547.0 | 140.7 | — | 687.7 | ||||||||||||||
Intercompany long-term receivable | 818.6 | 195.3 | 850.4 | (1,864.3 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,542.6 | 1,358.7 | (2,901.3 | ) | — | |||||||||||||
Other non-current assets | 63.5 | 3.4 | 55.9 | — | 122.8 | ||||||||||||||
Investment in affiliates | 5,061.7 | 3,649.3 | — | (8,711.0 | ) | — | |||||||||||||
Total assets | $ | 6,076.9 | $ | 7,609.0 | $ | 3,859.3 | $ | (13,699.7 | ) | $ | 3,845.5 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 50.8 | $ | 394.6 | $ | 328.9 | $ | (9.6 | ) | $ | 764.7 | ||||||||
Short-term borrowings and current portion of long-term debt | 29.3 | 4.0 | 34.2 | — | 67.5 | ||||||||||||||
Intercompany short term note payable | 160.2 | — | — | (160.2 | ) | — | |||||||||||||
Intercompany interest payable | 3.3 | — | 50.0 | (53.3 | ) | — | |||||||||||||
Product warranties | — | 43.0 | 30.6 | — | 73.6 | ||||||||||||||
Customer advances | — | 20.0 | 18.9 | — | 38.9 | ||||||||||||||
Product liabilities | — | 23.2 | 2.2 | — | 25.4 | ||||||||||||||
Total current liabilities | 243.6 | 484.8 | 464.8 | (223.1 | ) | 970.1 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,519.1 | 23.0 | 19.3 | — | 1,561.4 | ||||||||||||||
Deferred income taxes | 165.9 | — | 16.2 | — | 182.1 | ||||||||||||||
Pension obligations | 128.3 | 7.1 | 1.9 | — | 137.3 | ||||||||||||||
Postretirement health and other benefit obligations | 48.4 | 2.2 | 1.3 | — | 51.9 | ||||||||||||||
Long-term deferred revenue | — | 10.0 | 26.3 | — | 36.3 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 815.9 | 857.4 | (1,864.3 | ) | — | |||||||||||||
Intercompany accounts payable | 2,901.3 | — | — | (2,901.3 | ) | — | |||||||||||||
Other non-current liabilities | 80.0 | 9.2 | 18.0 | — | 107.2 | ||||||||||||||
Total non-current liabilities | 5,034.0 | 867.4 | 940.4 | (4,765.6 | ) | 2,076.2 | |||||||||||||
Equity | |||||||||||||||||||
Total equity | 799.3 | 6,256.8 | 2,454.1 | (8,711.0 | ) | 799.2 | |||||||||||||
Total liabilities and equity | $ | 6,076.9 | $ | 7,609.0 | $ | 3,859.3 | $ | (13,699.7 | ) | $ | 3,845.5 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 | |||||||||
Restricted cash | 2.8 | — | 20.9 | — | 23.7 | ||||||||||||||
Accounts receivable — net | 0.1 | — | 233.6 | (6.3 | ) | 227.4 | |||||||||||||
Intercompany short term note receivable | — | — | 201.7 | (201.7 | ) | — | |||||||||||||
Intercompany interest receivable | 41.5 | 3.2 | — | (44.7 | ) | — | |||||||||||||
Inventories — net | — | 306.3 | 338.2 | — | 644.5 | ||||||||||||||
Deferred income taxes | 67.1 | — | 4.2 | — | 71.3 | ||||||||||||||
Other current assets | 3.6 | 6.7 | 140.9 | — | 151.2 | ||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||
Total current assets | 116.7 | 319.5 | 1,002.6 | (252.7 | ) | 1,186.1 | |||||||||||||
Property, plant and equipment — net | 7.7 | 325.8 | 257.5 | — | 591.0 | ||||||||||||||
Goodwill | — | 960.5 | 237.6 | — | 1,198.1 | ||||||||||||||
Other intangible assets — net | — | 561.6 | 153.1 | — | 714.7 | ||||||||||||||
Intercompany long-term notes receivable | 892.5 | 195.3 | 851.3 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,619.7 | 796.8 | (2,416.5 | ) | — | |||||||||||||
Other non-current assets | 66.7 | 3.1 | 56.9 | — | 126.7 | ||||||||||||||
Long-term assets of discontinued operations | — | — | — | — | — | ||||||||||||||
Investment in affiliates | 4,423.6 | 3,629.4 | — | (8,053.0 | ) | — | |||||||||||||
Total assets | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 27.1 | $ | 420.8 | $ | 365.8 | $ | (6.3 | ) | $ | 807.4 | ||||||||
Short-term borrowings and current portion of long-term debt | 24.1 | 2.8 | 53.4 | — | 80.3 | ||||||||||||||
Intercompany short term note payable | 201.7 | — | — | (201.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 41.5 | (44.7 | ) | — | |||||||||||||
Product warranties | — | 45.2 | 32.5 | — | 77.7 | ||||||||||||||
Customer advances | — | 7.3 | 14.0 | — | 21.3 | ||||||||||||||
Product liabilities | — | 22.1 | 2.5 | — | 24.6 | ||||||||||||||
Current liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current liabilities | 256.1 | 498.2 | 509.7 | (252.7 | ) | 1,011.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,393.0 | 25.3 | 24.9 | — | 1,443.2 | ||||||||||||||
Deferred income taxes | 165.2 | — | 21.0 | — | 186.2 | ||||||||||||||
Pension obligations | 129.1 | 7.9 | 4.0 | — | 141.0 | ||||||||||||||
Postretirement health and other benefit obligations | 49.5 | 2.1 | 1.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.7 | 27.2 | — | 37.9 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 813.5 | 934.6 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts payable | 2,416.5 | — | — | (2,416.5 | ) | — | |||||||||||||
Other non-current liabilities | 82.7 | 11.5 | 25.6 | — | 119.8 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||
Total non-current liabilities | 4,427.0 | 871.0 | 1,038.8 | (4,355.6 | ) | 1,981.2 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Total liabilities and equity | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | 34.8 | $ | (38.9 | ) | $ | (0.2 | ) | $ | (75.9 | ) | $ | (80.2 | ) | |||||
Cash used for operating activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash provided (used for) by operating activities | 34.8 | (38.9 | ) | (0.2 | ) | (75.9 | ) | (80.2 | ) | ||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | (0.4 | ) | (16.1 | ) | (12.7 | ) | — | (29.2 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | — | — | 5.1 | — | 5.1 | ||||||||||||||
Restricted cash | 2.8 | — | 0.2 | — | 3.0 | ||||||||||||||
Intercompany investments | (127.4 | ) | 60.8 | 186.6 | (120.0 | ) | — | ||||||||||||
Net cash (used for) provided by investing activities | (125.0 | ) | 44.7 | 179.2 | (120 | ) | (21.1 | ) | |||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds on revolving credit facility—net | 142.0 | — | — | — | 142.0 | ||||||||||||||
Payments on long-term debt | (11.6 | ) | (1.0 | ) | (22.2 | ) | — | (34.8 | ) | ||||||||||
Proceeds from long-term debt | — | — | 1.8 | — | 1.8 | ||||||||||||||
Payments on notes financing—net | — | — | (9.3 | ) | — | (9.3 | ) | ||||||||||||
Dividends paid | — | (75.9 | ) | 75.9 | — | ||||||||||||||
Exercises of stock options | 3.9 | — | — | — | 3.9 | ||||||||||||||
Intercompany financing | (41.8 | ) | (1.3 | ) | (76.9 | ) | 120.0 | — | |||||||||||
Net cash provided by (used for) financing activities of continuing operations | 92.5 | (2.3 | ) | (182.5 | ) | 195.9 | 103.6 | ||||||||||||
Net cash used for financing activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash provided by (used for) financing activities | 92.5 | (2.3 | ) | (182.5 | ) | 195.9 | 103.6 | ||||||||||||
Effect of exchange rate changes on cash | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 2.3 | 3.5 | (6.1 | ) | — | (0.3 | ) | ||||||||||||
Balance at beginning of period | 1.6 | 3.3 | 63.1 | — | 68.0 | ||||||||||||||
Balance at end of period | $ | 3.9 | $ | 6.8 | $ | 57.0 | $ | — | $ | 67.7 |
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 of continuing operations | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Net cash used for investing activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash (used for) provided by investing activities | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds from 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 issue 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 |
|
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||
Pretax loss from discontinued operation | $ | — | $ | — | $ | — | $ | (0.8 | ) | |||||||
Provision for taxes on earnings | — | — | — | — | ||||||||||||
Net loss from discontinued operation | $ | — | $ | — | $ | — | $ | (0.8 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax earnings (loss) from discontinued operations | $ | 0.2 | $ | (0.6 | ) | $ | — | $ | (0.8 | ) | ||||||
Provision (benefit) for taxes on earnings | 0.1 | (0.3 | ) | — | (0.3 | ) | ||||||||||
Net earnings (loss) from discontinued operations | $ | 0.1 | $ | (0.3 | ) | $ | — | $ | (0.5 | ) |
|
Fair Value as of June 30, 2015 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Total current assets at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 4.3 | $ | — | $ | 4.3 | |||||||
Commodity contracts | — | 2.8 | — | 2.8 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 2.2 | — | 2.2 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 9.3 | $ | — | $ | 9.3 | |||||||
Non-current Liabilities: | |||||||||||||||
Commodity contracts | $ | — | $ | 0.5 | $ | — | $ | 0.5 | |||||||
Interest rate swap contracts: Fixed-to-float | — | 2.0 | — | 2.0 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 0.3 | — | 0.3 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 2.8 | $ | — | $ | 2.8 |
Fair Value as of December 31, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Total current assets at fair value | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Non-Current Assets: | |||||||||||||||
Interest rate swap contracts: Float-to-fixed | $ | — | $ | 0.8 | $ | — | $ | 0.8 | |||||||
Total non-current assets at fair value | $ | — | $ | 0.8 | $ | — | $ | 0.8 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 7.9 | $ | — | $ | 7.9 | |||||||
Commodity contracts | — | 1.0 | — | 1.0 | |||||||||||
Interest rate swap contracts: Float-to-fixed | — | 2.3 | — | 2.3 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 11.2 | $ | — | $ | 11.2 | |||||||
Non-current Liabilities: | |||||||||||||||
Commodity contracts: | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Interest rate swap contracts: Fixed-to-float | — | 4.3 | — | 4.3 | |||||||||||
Total non-current liabilities at fair value | $ | — | $ | 4.7 | $ | — | $ | 4.7 |
|
ASSET DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.3 | $ | — | |||||
Interest rate swap contracts: Float-to-fixed | Other non-current assets | — | 0.8 | |||||||
Total derivatives designated as hedging instruments | $ | 0.3 | $ | 0.8 |
ASSET DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.8 | $ | 2.1 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | $ | 2.1 | ||||||
Total asset derivatives | $ | 1.1 | $ | 2.9 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 4.0 | $ | 6.6 | |||||
Commodity contracts | Accounts payable and accrued expenses | 2.8 | 1.0 | |||||||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | 2.2 | 2.3 | |||||||
Commodity contracts | Other non-current liabilities | 0.5 | 0.4 | |||||||
Interest rate swap contracts: Float-to-fixed | Other non-current liabilities | 0.3 | — | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 2.0 | 4.3 | |||||||
Total derivatives designated as hedging instruments | $ | 11.8 | $ | 14.6 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2015 | December 31, 2014 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.3 | $ | 1.3 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.3 | $ | 1.3 | ||||||
Total liability derivatives | $ | 12.1 | $ | 15.9 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Foreign exchange contracts | $ | 4.0 | $ | (0.2 | ) | Cost of sales | $ | (4.0 | ) | $ | 0.3 | |||||||
Commodity contracts | (0.3 | ) | 0.4 | Cost of sales | (0.7 | ) | (0.1 | ) | ||||||||||
Interest rate swap contracts: Float-to-fixed | 0.4 | (1.1 | ) | Interest expense | (0.6 | ) | (0.4 | ) | ||||||||||
Total | $ | 4.1 | $ | (0.9 | ) | $ | (5.3 | ) | $ | (0.2 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | — | ||||
Total | $ | (0.1 | ) | $ | — |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Foreign exchange contracts | Other income | $ | (0.1 | ) | $ | (0.4 | ) | |||
Total | $ | (0.1 | ) | $ | (0.4 | ) |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Foreign exchange contracts | $ | 1.8 | $ | (1.1 | ) | Cost of sales | $ | (7.2 | ) | $ | 0.6 | |||||||
Commodity contracts | (1.2 | ) | 0.2 | Cost of sales | (1.4 | ) | (0.2 | ) | ||||||||||
Interest rate swaps contracts: Float-to-fixed | (0.6 | ) | (1.1 | ) | Interest expense | (1.2 | ) | (0.4 | ) | |||||||||
Total | $ | — | $ | (2.0 | ) | $ | (9.8 | ) | $ | — |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | — | ||||
Total | $ | (0.1 | ) | $ | — |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Foreign exchange contracts | Other income | $ | (0.3 | ) | $ | 0.4 | ||||
Total | $ | (0.3 | ) | $ | 0.4 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative Recognized in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | (0.9 | ) | $ | 3.8 | ||||
Total | $ | (0.9 | ) | $ | 3.8 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative Recognized in Income | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | June 30, 2015 | June 30, 2014 | ||||||||
Interest rate swap contracts: Fixed-to-float | Interest expense | $ | 2.3 | $ | 7.4 | |||||
Total | $ | 2.3 | $ | 7.4 |
Units Hedged | |||||||||
Commodity | June 30, 2015 | December 31, 2014 | Unit | Type | |||||
Aluminum | 1,857 | 1,657 | MT | Cash Flow | |||||
Copper | 727 | 820 | MT | Cash Flow | |||||
Natural Gas | 249,026 | 347,608 | MMBtu | Cash Flow | |||||
Steel | 21,739 | 14,665 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2015 | December 31, 2014 | Type | |||||
Canadian Dollar | 3,539,030 | 7,984,824 | Cash Flow | |||||
European Euro | 41,077,359 | 89,006,695 | Cash Flow | |||||
South Korean Won | 2,000,626,909 | 1,964,906,996 | Cash Flow | |||||
Singapore Dollar | 3,000,000 | 3,900,000 | Cash Flow | |||||
United States Dollar | 13,238,995 | 29,228,731 | Cash Flow | |||||
British Pound | 1,302,140 | — | Cash Flow | |||||
Japanese Yen | 797,929,390 | — | Cash Flow | |||||
Mexican Peso | 54,808,843 | 52,674,387 | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2015 | December 31, 2014 | Recognized Location | Purpose | ||||||
Euro | 14,572,213 | 73,302,332 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | 57,890,110 | 18,244,912 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Australian Dollar | — | 2,482,430 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Swiss Franc | 550,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Canadian Dollar | — | 2,516 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Mexican Peso | 1,240,000 | 3,151,000 | Other income, net | Accounts Payable and Receivable Settlement |
|
(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 252.3 | $ | 226.2 | ||||
Work-in-process | 153.9 | 103.7 | ||||||
Finished goods | 444.3 | 414.8 | ||||||
Total inventories — gross | 850.5 | 744.7 | ||||||
Excess and obsolete inventory reserve | (66.0 | ) | (64.0 | ) | ||||
Net inventories at FIFO cost | 784.5 | 680.7 | ||||||
Excess of FIFO costs over LIFO value | (41.1 | ) | (36.2 | ) | ||||
Inventories — net | $ | 743.4 | $ | 644.5 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2014 | $ | 345.1 | $ | 1,389.2 | $ | 1,734.3 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2014 | 345.1 | 873.5 | 1,218.6 | |||||||||
Foreign currency impact | (19.8 | ) | (0.7 | ) | (20.5 | ) | ||||||
Gross balance as of December 31, 2014 | $ | 325.3 | $ | 1,388.5 | $ | 1,713.8 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2014 | $ | 325.3 | $ | 872.8 | $ | 1,198.1 | ||||||
Foreign currency impact | (13.3 | ) | 0.1 | (13.2 | ) | |||||||
Gross balance as of June 30, 2015 | $ | 312.0 | $ | 1,388.6 | $ | 1,700.6 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2015 | $ | 312.0 | $ | 872.9 | $ | 1,184.9 |
June 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 292.5 | $ | — | $ | 292.5 | $ | 300.0 | $ | — | $ | 300.0 | ||||||||||||
Customer relationships | 425.8 | (146.9 | ) | 278.9 | 425.7 | (136.0 | ) | 289.7 | ||||||||||||||||
Patents | 31.1 | (27.7 | ) | 3.4 | 32.7 | (28.3 | ) | 4.4 | ||||||||||||||||
Engineering drawings | 10.4 | (9.2 | ) | 1.2 | 11.0 | (9.3 | ) | 1.7 | ||||||||||||||||
Distribution network | 18.6 | — | 18.6 | 19.7 | — | 19.7 | ||||||||||||||||||
Other intangibles | 159.1 | (66.0 | ) | 93.1 | 170.9 | (71.7 | ) | 99.2 | ||||||||||||||||
Total | $ | 937.5 | $ | (249.8 | ) | $ | 687.7 | $ | 960.0 | $ | (245.3 | ) | $ | 714.7 |
|
(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Trade accounts payable | $ | 435.2 | $ | 457.5 | ||||
Interest payable | 12.8 | 12.5 | ||||||
Employee related expenses | 96.5 | 90.3 | ||||||
Restructuring expenses | 17.4 | 20.3 | ||||||
Profit sharing and incentives | 6.4 | 6.8 | ||||||
Accrued rebates | 40.9 | 52.8 | ||||||
Deferred revenue - current | 20.1 | 21.6 | ||||||
Income taxes payable | 9.2 | 16.2 | ||||||
Miscellaneous accrued expenses | 126.2 | 129.4 | ||||||
$ | 764.7 | $ | 807.4 |
|
(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Revolving credit facility | $ | 142.0 | $ | — | ||||
Term loan A | 325.9 | 336.9 | ||||||
Term loan B | 168.5 | 168.5 | ||||||
Senior notes due 2020 | 614.4 | 614.8 | ||||||
Senior notes due 2022 | 297.7 | 296.9 | ||||||
Other | 80.4 | 106.4 | ||||||
Total debt | 1,628.9 | 1,523.5 | ||||||
Less current portion and short-term borrowings | (67.5 | ) | (80.3 | ) | ||||
Long-term debt | $ | 1,561.4 | $ | 1,443.2 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
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, 2014 | $ | 486.9 | $ | — | ||||
Net earnings | 14.9 | — | ||||||
Balance at June 30, 2015 | $ | 501.8 | $ | — |
(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) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2014 | $ | (6.3 | ) | $ | (95.0 | ) | $ | (29.2 | ) | $ | (130.5 | ) | ||||
Other comprehensive loss before reclassifications | (6.9 | ) | — | (62.8 | ) | (69.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.8 | 1.4 | — | 4.2 | ||||||||||||
Net current period other comprehensive (loss) income | (4.1 | ) | 1.4 | (62.8 | ) | (65.5 | ) | |||||||||
Balance at March 31, 2015 | $ | (10.4 | ) | $ | (93.6 | ) | $ | (92.0 | ) | $ | (196.0 | ) | ||||
Other comprehensive income before reclassifications | 1.0 | — | 8.6 | 9.6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3.3 | 1.4 | — | 4.7 | ||||||||||||
Net current period other comprehensive income | 4.3 | 1.4 | 8.6 | 14.3 | ||||||||||||
Balance at June 30, 2015 | $ | (6.1 | ) | $ | (92.2 | ) | $ | (83.4 | ) | $ | (181.7 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency items | 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 (loss) | (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 before reclassifications | (1.0 | ) | — | (2.0 | ) | (3.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | 0.8 | — | 0.9 | ||||||||||||
Net current period other comprehensive (loss) income | (0.9 | ) | 0.8 | (2.0 | ) | (2.1 | ) | |||||||||
Balance at June 30, 2014 | $ | (1.0 | ) | $ | (61.1 | ) | $ | 56.2 | $ | (5.9 | ) |
Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Recognized Location | |||||||
Gains and losses on cash flow hedges | ||||||||||
Foreign exchange contracts | $ | (4.0 | ) | $ | (4.5 | ) | Cost of sales | |||
Commodity contracts | (0.7 | ) | (0.9 | ) | Cost of sales | |||||
Interest rate swap contracts: Float-to-fixed | (0.6 | ) | (0.8 | ) | Interest Expense | |||||
(5.3 | ) | (6.2 | ) | Total before tax | ||||||
2.0 | 2.3 | Tax expense | ||||||||
$ | (3.3 | ) | $ | (3.9 | ) | Net of tax | ||||
Amortization of pension and postretirement items | ||||||||||
Actuarial losses | (1.9 | ) | (3.8 | ) | (a) | |||||
(1.9 | ) | (3.8 | ) | Total before tax | ||||||
0.5 | 1.0 | Tax benefit | ||||||||
$ | (1.4 | ) | $ | (2.8 | ) | Net of Tax | ||||
Total reclassifications for the period | $ | (4.7 | ) | $ | (6.7 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income (loss) 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, 2014 | Six Months Ended June 30, 2014 | |||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | 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 | |||||
Interest rate swap contracts: Float-to-fixed | (0.4 | ) | (0.4 | ) | Interest expense | |||||
(0.2 | ) | — | Total before tax | |||||||
0.1 | — | Tax expense | ||||||||
$ | (0.1 | ) | $ | — | 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 | $ | (0.9 | ) | $ | (1.6 | ) | Net of Tax | |||
(a) These accumulated other comprehensive income (loss) 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, 2015 | Year Ended December 31, 2014 | ||||||
Balance at beginning of period | $ | 92.2 | $ | 99.0 | ||||
Accruals for warranties issued during the period | 22.8 | 59.8 | ||||||
Settlements made (in cash or in kind) during the period | (26.0 | ) | (63.4 | ) | ||||
Currency translation | (2.1 | ) | (3.2 | ) | ||||
Balance at end of period | $ | 86.9 | $ | 92.2 |
|
Three Months Ended June 30, 2015 | Six Months Ended June 30, 2015 | |||||||||||||||||||||||
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 | $ | — | $ | 0.7 | $ | 0.1 | $ | — | $ | 1.4 | $ | 0.2 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.2 | 0.5 | 4.7 | 4.4 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.3 | ) | (1.9 | ) | — | (4.5 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.3 | 0.6 | — | 2.6 | 1.2 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 1.4 | $ | 1.6 | $ | 0.6 | $ | 2.8 | $ | 3.2 | $ | 1.2 |
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 |
|
Restructuring Reserve Balance as of December 31, 2014 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of June 30, 2015 | |||||||||||
$ | 4.7 | $ | 0.8 | $ | (3.0 | ) | $ | 2.5 |
Restructuring Reserve Balance as of December 31, 2014 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of June 30, 2015 | |||||||||||
$ | 15.6 | $ | 0.4 | $ | (1.1 | ) | $ | 14.9 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 477.7 | $ | 606.1 | $ | 884.4 | $ | 1,072.8 | ||||||||
Foodservice | 407.7 | 406.7 | 753.1 | 790.0 | ||||||||||||
Total net sales | $ | 885.4 | $ | 1,012.8 | $ | 1,637.5 | $ | 1,862.8 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 26.2 | $ | 54.4 | $ | 35.9 | $ | 77.0 | ||||||||
Foodservice | 63.6 | 65.9 | 96.6 | 123.8 | ||||||||||||
Corporate expense | (12.0 | ) | (15.0 | ) | (30.8 | ) | (31.1 | ) | ||||||||
Amortization expense | (8.6 | ) | (8.8 | ) | (17.2 | ) | (17.6 | ) | ||||||||
Separation expense | (8.3 | ) | — | (9.8 | ) | — | ||||||||||
Restructuring expense | (0.1 | ) | (1.0 | ) | (1.2 | ) | (3.0 | ) | ||||||||
Other | (0.4 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | ||||||||
Earnings from continuing operations | $ | 60.4 | $ | 95.4 | $ | 73.1 | $ | 149.0 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (24.4 | ) | $ | (25.1 | ) | $ | (48.0 | ) | $ | (44.4 | ) | ||||
Amortization of deferred financing fees | (1.0 | ) | (1.1 | ) | (2.1 | ) | (2.3 | ) | ||||||||
Loss on debt extinguishment | — | — | — | (25.3 | ) | |||||||||||
Other income (expense) - net | 2.9 | (3.1 | ) | 5.4 | (2.3 | ) | ||||||||||
Earnings from continuing operations before taxes on earnings | $ | 37.9 | $ | 66.1 | $ | 28.4 | $ | 74.7 |
(in millions) | June 30, 2015 | December 31, 2014 | ||||||
Crane | $ | 1,775.1 | $ | 1,742.3 | ||||
Foodservice | 1,933.6 | 1,902.0 | ||||||
Corporate | 136.8 | 172.3 | ||||||
Total | $ | 3,845.5 | $ | 3,816.6 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 590.2 | $ | 455.6 | $ | (160.4 | ) | $ | 885.4 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 468.0 | 355.3 | (160.4 | ) | 662.9 | |||||||||||||
Engineering, selling and administrative expenses | 10.9 | 66.2 | 67.6 | — | 144.7 | ||||||||||||||
Amortization expense | — | 7.4 | 1.2 | — | 8.6 | ||||||||||||||
Restructuring expense | — | 0.3 | (0.2 | ) | — | 0.1 | |||||||||||||
Separation expense | 8.2 | 0.1 | — | — | 8.3 | ||||||||||||||
Other | — | 0.4 | — | — | 0.4 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (40.0 | ) | (6.9 | ) | — | 46.9 | — | ||||||||||||
Total (earnings) and expenses | (20.9 | ) | 535.5 | 423.9 | (113.5 | ) | 825.0 | ||||||||||||
Operating earnings (loss) from continuing operations | 20.9 | 54.7 | 31.7 | (46.9 | ) | 60.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (22.4 | ) | (0.6 | ) | (1.4 | ) | — | (24.4 | ) | ||||||||||
Amortization of deferred financing fees | (1.0 | ) | — | — | — | (1.0 | ) | ||||||||||||
Management fee income (expense) | 16.2 | (16.1 | ) | (0.1 | ) | — | — | ||||||||||||
Other income (expense), net | 3.3 | (8.0 | ) | 11.7 | (4.1 | ) | 2.9 | ||||||||||||
Total other (expenses) income | (3.9 | ) | (24.7 | ) | 10.2 | (4.1 | ) | (22.5 | ) | ||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 17.0 | 30.0 | 41.9 | (51.0 | ) | 37.9 | |||||||||||||
(Benefit) provision for taxes on income | (6.3 | ) | 6.5 | 14.5 | — | 14.7 | |||||||||||||
Earnings (loss) from continuing operations | 23.3 | 23.5 | 27.4 | (51.0 | ) | 23.2 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Gain from discontinued operations, net of income taxes | — | 0.1 | — | — | 0.1 | ||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 23.3 | 23.6 | 27.4 | (51.0 | ) | 23.3 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 23.3 | $ | 23.6 | $ | 27.4 | $ | (51.0 | ) | $ | 23.3 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 37.6 | $ | 29.2 | $ | 23.7 | $ | (52.9 | ) | $ | 37.6 |
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 | — | 482.6 | 409.1 | (149.7 | ) | 742.0 | |||||||||||||
Engineering, selling and administrative expenses | 14.2 | 70.9 | 80.4 | — | 165.5 | ||||||||||||||
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 (earnings) 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 | |||||||||||||
(Benefit) provision for taxes on earnings | (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 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 46.6 | 27.9 | 32.3 | (60.2 | ) | 46.6 | |||||||||||||
Less: Net loss 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 | $ | — | $ | 1,066.2 | $ | 875.5 | $ | (304.2 | ) | $ | 1,637.5 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 849.9 | 686.8 | (304.2 | ) | 1,232.5 | |||||||||||||
Engineering, selling and administrative expenses | 28.9 | 142.4 | 132.0 | — | 303.3 | ||||||||||||||
Amortization expense | — | 14.8 | 2.4 | — | 17.2 | ||||||||||||||
Restructuring expense | — | 1.2 | — | — | 1.2 | ||||||||||||||
Separation expense | 9.7 | 0.1 | — | — | 9.8 | ||||||||||||||
Other | — | 0.4 | — | — | 0.4 | ||||||||||||||
Equity in loss (earnings) of subsidiaries | 26.2 | (15.9 | ) | — | (10.3 | ) | — | ||||||||||||
Total costs and expenses | 64.8 | 992.9 | 821.2 | (314.5 | ) | 1,564.4 | |||||||||||||
Operating (loss) earnings from continuing operations | (64.8 | ) | 73.3 | 54.3 | 10.3 | 73.1 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (43.9 | ) | (1.2 | ) | (2.9 | ) | — | (48.0 | ) | ||||||||||
Amortization of deferred financing fees | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||||||
Management fee income (expense) | 32.2 | (31.4 | ) | (0.8 | ) | — | — | ||||||||||||
Other income (expense), net | 77.4 | (13.2 | ) | 17.1 | (75.9 | ) | 5.4 | ||||||||||||
Total other income (expenses) | 63.6 | (45.8 | ) | 13.4 | (75.9 | ) | (44.7 | ) | |||||||||||
(Loss) earnings from continuing operations before taxes on earnings | (1.2 | ) | 27.5 | 67.7 | (65.6 | ) | 28.4 | ||||||||||||
(Benefit) provision for taxes on income | (16.1 | ) | 5.4 | 24.2 | — | 13.5 | |||||||||||||
Earnings (loss) from continuing operations | 14.9 | 22.1 | 43.5 | (65.6 | ) | 14.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 14.9 | 22.1 | 43.5 | (65.6 | ) | 14.9 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 14.9 | $ | 22.1 | $ | 43.5 | $ | (65.6 | ) | $ | 14.9 | ||||||||
Comprehensive (loss) income attributable to Manitowoc | $ | (36.3 | ) | $ | 21.8 | $ | 58.9 | $ | (80.7 | ) | $ | (36.3 | ) |
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 | — | 900.5 | 743.6 | (277.8 | ) | 1,366.3 | |||||||||||||
Engineering, selling and administrative expenses | 29.4 | 144.0 | 153.4 | — | 326.8 | ||||||||||||||
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 (earnings) 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 | |||||||||||||
(Benefit) provision for taxes on earnings | (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 | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 3.9 | $ | 6.8 | $ | 57.0 | $ | — | $ | 67.7 | |||||||||
Restricted cash | — | — | 20.2 | — | 20.2 | ||||||||||||||
Accounts receivable — net | 0.2 | — | 260.4 | (9.6 | ) | 251.0 | |||||||||||||
Intercompany short term note receivable | — | — | 160.2 | (160.2 | ) | — | |||||||||||||
Intercompany interest receivable | 50.0 | 3.3 | — | (53.3 | ) | — | |||||||||||||
Inventories — net | — | 371.6 | 371.8 | — | 743.4 | ||||||||||||||
Deferred income taxes | 67.0 | — | 1.8 | — | 68.8 | ||||||||||||||
Other current assets | 4.4 | 2.1 | 123.0 | — | 129.5 | ||||||||||||||
Total current assets | 125.5 | 383.8 | 994.4 | (223.1 | ) | 1,280.6 | |||||||||||||
Property, plant and equipment — net | 7.6 | 327.1 | 234.8 | — | 569.5 | ||||||||||||||
Goodwill | — | 960.5 | 224.4 | — | 1,184.9 | ||||||||||||||
Other intangible assets — net | — | 547.0 | 140.7 | — | 687.7 | ||||||||||||||
Intercompany long-term receivable | 818.6 | 195.3 | 850.4 | (1,864.3 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,542.6 | 1,358.7 | (2,901.3 | ) | — | |||||||||||||
Other non-current assets | 63.5 | 3.4 | 55.9 | — | 122.8 | ||||||||||||||
Investment in affiliates | 5,061.7 | 3,649.3 | — | (8,711.0 | ) | — | |||||||||||||
Total assets | $ | 6,076.9 | $ | 7,609.0 | $ | 3,859.3 | $ | (13,699.7 | ) | $ | 3,845.5 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 50.8 | $ | 394.6 | $ | 328.9 | $ | (9.6 | ) | $ | 764.7 | ||||||||
Short-term borrowings and current portion of long-term debt | 29.3 | 4.0 | 34.2 | — | 67.5 | ||||||||||||||
Intercompany short term note payable | 160.2 | — | — | (160.2 | ) | — | |||||||||||||
Intercompany interest payable | 3.3 | — | 50.0 | (53.3 | ) | — | |||||||||||||
Product warranties | — | 43.0 | 30.6 | — | 73.6 | ||||||||||||||
Customer advances | — | 20.0 | 18.9 | — | 38.9 | ||||||||||||||
Product liabilities | — | 23.2 | 2.2 | — | 25.4 | ||||||||||||||
Total current liabilities | 243.6 | 484.8 | 464.8 | (223.1 | ) | 970.1 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,519.1 | 23.0 | 19.3 | — | 1,561.4 | ||||||||||||||
Deferred income taxes | 165.9 | — | 16.2 | — | 182.1 | ||||||||||||||
Pension obligations | 128.3 | 7.1 | 1.9 | — | 137.3 | ||||||||||||||
Postretirement health and other benefit obligations | 48.4 | 2.2 | 1.3 | — | 51.9 | ||||||||||||||
Long-term deferred revenue | — | 10.0 | 26.3 | — | 36.3 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 815.9 | 857.4 | (1,864.3 | ) | — | |||||||||||||
Intercompany accounts payable | 2,901.3 | — | — | (2,901.3 | ) | — | |||||||||||||
Other non-current liabilities | 80.0 | 9.2 | 18.0 | — | 107.2 | ||||||||||||||
Total non-current liabilities | 5,034.0 | 867.4 | 940.4 | (4,765.6 | ) | 2,076.2 | |||||||||||||
Equity | |||||||||||||||||||
Total equity | 799.3 | 6,256.8 | 2,454.1 | (8,711.0 | ) | 799.2 | |||||||||||||
Total liabilities and equity | $ | 6,076.9 | $ | 7,609.0 | $ | 3,859.3 | $ | (13,699.7 | ) | $ | 3,845.5 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 | |||||||||
Restricted cash | 2.8 | — | 20.9 | — | 23.7 | ||||||||||||||
Accounts receivable — net | 0.1 | — | 233.6 | (6.3 | ) | 227.4 | |||||||||||||
Intercompany short term note receivable | — | — | 201.7 | (201.7 | ) | — | |||||||||||||
Intercompany interest receivable | 41.5 | 3.2 | — | (44.7 | ) | — | |||||||||||||
Inventories — net | — | 306.3 | 338.2 | — | 644.5 | ||||||||||||||
Deferred income taxes | 67.1 | — | 4.2 | — | 71.3 | ||||||||||||||
Other current assets | 3.6 | 6.7 | 140.9 | — | 151.2 | ||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||
Total current assets | 116.7 | 319.5 | 1,002.6 | (252.7 | ) | 1,186.1 | |||||||||||||
Property, plant and equipment — net | 7.7 | 325.8 | 257.5 | — | 591.0 | ||||||||||||||
Goodwill | — | 960.5 | 237.6 | — | 1,198.1 | ||||||||||||||
Other intangible assets — net | — | 561.6 | 153.1 | — | 714.7 | ||||||||||||||
Intercompany long-term notes receivable | 892.5 | 195.3 | 851.3 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,619.7 | 796.8 | (2,416.5 | ) | — | |||||||||||||
Other non-current assets | 66.7 | 3.1 | 56.9 | — | 126.7 | ||||||||||||||
Long-term assets of discontinued operations | — | — | — | — | — | ||||||||||||||
Investment in affiliates | 4,423.6 | 3,629.4 | — | (8,053.0 | ) | — | |||||||||||||
Total assets | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 27.1 | $ | 420.8 | $ | 365.8 | $ | (6.3 | ) | $ | 807.4 | ||||||||
Short-term borrowings and current portion of long-term debt | 24.1 | 2.8 | 53.4 | — | 80.3 | ||||||||||||||
Intercompany short term note payable | 201.7 | — | — | (201.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 41.5 | (44.7 | ) | — | |||||||||||||
Product warranties | — | 45.2 | 32.5 | — | 77.7 | ||||||||||||||
Customer advances | — | 7.3 | 14.0 | — | 21.3 | ||||||||||||||
Product liabilities | — | 22.1 | 2.5 | — | 24.6 | ||||||||||||||
Current liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current liabilities | 256.1 | 498.2 | 509.7 | (252.7 | ) | 1,011.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,393.0 | 25.3 | 24.9 | — | 1,443.2 | ||||||||||||||
Deferred income taxes | 165.2 | — | 21.0 | — | 186.2 | ||||||||||||||
Pension obligations | 129.1 | 7.9 | 4.0 | — | 141.0 | ||||||||||||||
Postretirement health and other benefit obligations | 49.5 | 2.1 | 1.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.7 | 27.2 | — | 37.9 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 813.5 | 934.6 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts payable | 2,416.5 | — | — | (2,416.5 | ) | — | |||||||||||||
Other non-current liabilities | 82.7 | 11.5 | 25.6 | — | 119.8 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||
Total non-current liabilities | 4,427.0 | 871.0 | 1,038.8 | (4,355.6 | ) | 1,981.2 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Total liabilities and equity | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | 34.8 | $ | (38.9 | ) | $ | (0.2 | ) | $ | (75.9 | ) | $ | (80.2 | ) | |||||
Cash used for operating activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash provided (used for) by operating activities | 34.8 | (38.9 | ) | (0.2 | ) | (75.9 | ) | (80.2 | ) | ||||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | (0.4 | ) | (16.1 | ) | (12.7 | ) | — | (29.2 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | — | — | 5.1 | — | 5.1 | ||||||||||||||
Restricted cash | 2.8 | — | 0.2 | — | 3.0 | ||||||||||||||
Intercompany investments | (127.4 | ) | 60.8 | 186.6 | (120.0 | ) | — | ||||||||||||
Net cash (used for) provided by investing activities | (125.0 | ) | 44.7 | 179.2 | (120 | ) | (21.1 | ) | |||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds on revolving credit facility—net | 142.0 | — | — | — | 142.0 | ||||||||||||||
Payments on long-term debt | (11.6 | ) | (1.0 | ) | (22.2 | ) | — | (34.8 | ) | ||||||||||
Proceeds from long-term debt | — | — | 1.8 | — | 1.8 | ||||||||||||||
Payments on notes financing—net | — | — | (9.3 | ) | — | (9.3 | ) | ||||||||||||
Dividends paid | — | (75.9 | ) | 75.9 | — | ||||||||||||||
Exercises of stock options | 3.9 | — | — | — | 3.9 | ||||||||||||||
Intercompany financing | (41.8 | ) | (1.3 | ) | (76.9 | ) | 120.0 | — | |||||||||||
Net cash provided by (used for) financing activities of continuing operations | 92.5 | (2.3 | ) | (182.5 | ) | 195.9 | 103.6 | ||||||||||||
Net cash used for financing activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash provided by (used for) financing activities | 92.5 | (2.3 | ) | (182.5 | ) | 195.9 | 103.6 | ||||||||||||
Effect of exchange rate changes on cash | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 2.3 | 3.5 | (6.1 | ) | — | (0.3 | ) | ||||||||||||
Balance at beginning of period | 1.6 | 3.3 | 63.1 | — | 68.0 | ||||||||||||||
Balance at end of period | $ | 3.9 | $ | 6.8 | $ | 57.0 | $ | — | $ | 67.7 |
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 of continuing operations | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Net cash used for investing activities of discontinued operations | — | — | — | — | — | ||||||||||||||
Net cash (used for) provided by investing activities | (100.4 | ) | (35.7 | ) | 155.5 | (65.5 | ) | (46.1 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Proceeds from 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 issue 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 |
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