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Useful lives | |
Patents | 10-20 years |
Engineering drawings | 15 years |
Customer relationships | 10-20 years |
Years | |
Building and improvements | 2 - 40 |
Machinery, equipment and tooling | 2 - 20 |
Furniture and fixtures | 3 - 15 |
Computer hardware and software | 2 - 7 |
|
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 16.8 | $ | 13.7 | $ | 29.9 | ||||||
Pretax loss from discontinued operation | $ | (17.3 | ) | $ | (16.6 | ) | $ | (12.4 | ) | |||
Benefit for taxes on earnings | (0.3 | ) | — | — | ||||||||
Net loss from discontinued operation | $ | (17.0 | ) | $ | (16.6 | ) | $ | (12.4 | ) |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 2.5 | $ | 32.6 | $ | 32.7 | ||||||
Pretax earnings from discontinued operation | $ | 0.1 | $ | 1.7 | $ | 0.6 | ||||||
Provision (benefit) for taxes on earnings | (0.4 | ) | 0.7 | 0.1 | ||||||||
Net earnings from discontinued operation | $ | 0.5 | $ | 1.0 | $ | 0.5 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | — | $ | — | $ | 6.5 | ||||||
Pretax loss from discontinued operations | $ | (3.4 | ) | $ | (1.2 | ) | $ | (6.6 | ) | |||
Benefit for taxes on earnings | (1.1 | ) | (0.5 | ) | (2.7 | ) | ||||||
Net loss from discontinued operations | $ | (2.3 | ) | $ | (0.7 | ) | $ | (3.9 | ) |
|
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 |
Fair Value as of December 31, 2012 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Current Assets: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | ||||||||
Total Current assets at fair value | $ | — | $ | 2.9 | $ | — | $ | 2.9 | ||||||||
Current Liabilities: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Commodity contracts | — | 0.8 | — | 0.8 | ||||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | ||||||||||||
Total Current liabilities at fair value | $ | — | $ | 2.0 | $ | — | $ | 2.0 | ||||||||
Non-current Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||
Total Non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 |
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 |
|
Commodity | Units Hedged | Type | ||||
Aluminum | 1,622 | MT | Cash Flow | |||
Copper | 382 | MT | Cash Flow | |||
Natural Gas | 214,277 | MMBtu | Cash Flow | |||
Steel | 11,503 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 11,011,092 | Cash Flow | ||
European Euro | 74,934,975 | Cash Flow | ||
South Korean Won | 1,258,808,642 | Cash Flow | ||
Singapore Dollar | 5,280,000 | Cash Flow | ||
United States Dollar | 14,380,959 | Cash Flow | ||
Chinese Renminbi | 245,324,730 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
Euro | 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 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 2.3 | |
Commodity contracts | Other current assets | 0.2 | ||
Total derivatives designated as hedging instruments | $ | 2.5 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 0.6 | |
Total derivatives NOT designated as hedging instruments | $ | 0.6 | ||
Total asset derivatives | $ | 3.1 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.5 | |
Commodity contracts | Accounts payable and accrued expenses | 0.4 | ||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 14.9 | ||
Total derivatives designated as hedging instruments | $ | 15.8 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.6 | |
Total derivatives NOT designated as hedging instruments | $ | 0.6 | ||
Total liability derivatives | $ | 16.4 |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign exchange contracts | $ | (0.3 | ) | Cost of sales | $ | 3.0 | ||||
Commodity contracts | 0.4 | Cost of sales | (1.6 | ) | ||||||
Total | $ | 0.1 | $ | 1.4 |
Derivatives Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||
Commodity contracts | Cost of sales | $ | — | |
Total | $ | — |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Foreign exchange contracts | Other income | $ | 0.2 | |
Total | $ | 0.2 |
Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Interest rate swap contracts | Interest expense | $ | (13.7 | ) |
Total | $ | (13.7 | ) |
Commodity | Units Hedged | Type | ||||
Aluminum | 1,382 | MT | Cash Flow | |||
Copper | 515 | MT | Cash Flow | |||
Natural Gas | 158,670 | MMBtu | Cash Flow | |||
Steel | 10,041 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 9,351,126 | Cash Flow | ||
European Euro | 66,389,190 | Cash Flow | ||
South Korean Won | 2,595,874,455 | Cash Flow | ||
Singapore Dollar | 4,800,000 | Cash Flow | ||
United States Dollar | 2,398,273 | Cash Flow | ||
Chinese Renminbi | 187,640,472 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
Euro | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | |||
United States Dollar | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | |||
Pounds Sterling | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign Exchange Contracts | Other current assets | $ | 2.6 | |
Total derivatives designated as hedging instruments | $ | 2.6 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign Exchange Contracts | Other current assets | $ | 0.3 | |
Total derivatives NOT designated as hedging instruments | $ | 0.3 | ||
Total asset derivatives | $ | 2.9 |
LIABILITIES DERIVATIVES | |||||
(in millions) | Balance Sheet Location | Fair Value | |||
Derivatives designated as hedging instruments | |||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.4 | ||
Interest Rate Swaps: Fixed-to-Float | Other non-current liabilities | 1.1 | |||
Commodity Contracts | Accounts payable and accrued expenses | 0.8 | |||
Total derivatives designated as hedging instruments | $ | 2.3 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.5 | |
Interest Rate Swap Contracts: Float-to-Fixed | Accounts payable and accrued expenses | 0.3 | ||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | ||
Total liability derivatives | $ | 3.1 |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign Exchange Contracts | $ | 4.2 | Cost of sales | $ | (7.3 | ) | ||||
Interest Rate Swap & Cap Contracts | (0.2 | ) | Interest expense | 0.1 | ||||||
Commodity Contracts | 1.0 | Cost of sales | (2.7 | ) | ||||||
Total | $ | 5.0 | $ | (9.9 | ) |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Commodity Contracts | Cost of sales | $ | — | |||
Total | $ | — |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||
Foreign Exchange Contracts | Other income | $ | 1.2 | |||
Interest Rate Swap Contracts | Other income | 9.3 | ||||
Total | $ | 10.5 |
Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Interest rate swap contracts | Interest expense | $ | (1.7 | ) |
Total | $ | (1.7 | ) |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign Exchange Contracts | $ | (3.7 | ) | Cost of sales | $ | 2.5 | ||||
Interest Rate Swap & Cap Contracts | 1.3 | Interest expense | (5.3 | ) | ||||||
Commodity contracts | (2.1 | ) | Cost of sales | (0.3 | ) | |||||
Total | $ | (4.5 | ) | $ | (3.1 | ) |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Commodity Contracts | Cost of sales | $ | 0.1 | |||
Total | $ | 0.1 |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Interest Rate Swap Contracts | Interest Expense | $ | 22.3 | |||
Total | $ | 22.3 |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||
Foreign Exchange Contracts | Other income | $ | (2.0 | ) | ||
Interest rate swap contracts | Other income | $ | 4.8 | |||
Total | $ | 2.8 |
|
(in millions) | 2013 | 2012 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 259.0 | $ | 227.0 | ||||
Work-in-process | 130.2 | 147.6 | ||||||
Finished goods | 436.8 | 428.1 | ||||||
Total inventories — gross | 826.0 | 802.7 | ||||||
Excess and obsolete inventory reserve | (69.0 | ) | (73.4 | ) | ||||
Net inventories at FIFO cost | 757.0 | 729.3 | ||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.6 | ) | ||||
Inventories — net | $ | 720.8 | $ | 692.7 |
|
(in millions) | 2013 | 2012 | ||||||
Land | $ | 40.8 | $ | 42.0 | ||||
Building and improvements | 361.2 | 349.6 | ||||||
Machinery, equipment and tooling | 509.0 | 492.9 | ||||||
Furniture and fixtures | 47.8 | 48.1 | ||||||
Computer hardware and software | 125.8 | 113.2 | ||||||
Rental cranes | 89.3 | 86.2 | ||||||
Construction in progress | 102.2 | 66.0 | ||||||
Total cost | 1,276.1 | 1,198.0 | ||||||
Less accumulated depreciation | (697.3 | ) | (658.7 | ) | ||||
Property, plant and equipment-net | $ | 578.8 | $ | 539.3 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.9 | $ | 1,723.7 | ||||||
Restructuring reserve adjustment | — | (0.6 | ) | (0.6 | ) | |||||||
Foreign currency impact | 2.9 | 0.4 | 3.3 | |||||||||
Gross balance as of December 31, 2012 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869.0 | $ | 1,210.7 | ||||||
Acquisition of Inducs | — | 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 |
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 311.8 | $ | — | $ | 311.8 | $ | 308.2 | $ | — | $ | 308.2 | ||||||||||||
Customer relationships | 426.1 | (114.4 | ) | 311.7 | 425.7 | (93.1 | ) | 332.6 | ||||||||||||||||
Patents | 34.9 | (28.4 | ) | 6.5 | 33.6 | (26.1 | ) | 7.5 | ||||||||||||||||
Engineering drawings | 11.5 | (9.1 | ) | 2.4 | 11.1 | (8.1 | ) | 3.0 | ||||||||||||||||
Distribution network | 21.0 | — | 21.0 | 20.6 | — | 20.6 | ||||||||||||||||||
Other intangibles | 176.6 | (63.8 | ) | 112.8 | 170.8 | (53.0 | ) | 117.8 | ||||||||||||||||
$ | 981.9 | $ | (215.7 | ) | $ | 766.2 | $ | 970.0 | $ | (180.3 | ) | $ | 789.7 |
|
(in millions) | 2013 | 2012 | ||||||
Trade accounts payable and interest payable | $ | 510.6 | $ | 507.7 | ||||
Employee related expenses | 99.9 | 95.8 | ||||||
Restructuring expenses | 20.6 | 25.3 | ||||||
Profit sharing and incentives | 44.7 | 42.9 | ||||||
Accrued rebates | 45.2 | 39.7 | ||||||
Deferred revenue - current | 25.0 | 29.5 | ||||||
Derivative liabilities | 1.5 | 1.9 | ||||||
Income taxes payable | 62.5 | 37.6 | ||||||
Miscellaneous accrued expenses | 125.6 | 131.1 | ||||||
$ | 935.6 | $ | 911.5 |
|
(in millions) | 2013 | 2012 | ||||||
Revolving credit facility | $ | — | $ | 34.4 | ||||
Term loan A | 162.5 | 297.5 | ||||||
Term loan B | — | 81.0 | ||||||
Senior notes due 2018 | 408.4 | 410.5 | ||||||
Senior notes due 2020 | 614.8 | 621.2 | ||||||
Senior notes due 2022 | 289.1 | 298.9 | ||||||
Other | 52.0 | 57.5 | ||||||
Total debt | 1,526.8 | 1,801.0 | ||||||
Less current portion and short-term borrowings | (22.7 | ) | (69.0 | ) | ||||
Long-term debt | $ | 1,504.1 | $ | 1,732.0 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
December 31, 2013 | 3.50:1.00 | 2.25:1.00 | ||
March 31, 2014 | 3.50:1.00 | 2.25:1.00 | ||
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) | |||
2014 | $ | 22.7 | |
2015 | 32.5 | ||
2016 | 146.1 | ||
2017 | 5.1 | ||
2018 | 412.0 | ||
Thereafter | 908.4 | ||
Total | $ | 1,526.8 |
|
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Earnings (loss) from continuing operations before income taxes: | ||||||||||||
Domestic | $ | 90.1 | $ | 94.1 | $ | (24.8 | ) | |||||
Foreign | 135.1 | 52.8 | 71.1 | |||||||||
Total | $ | 225.2 | $ | 146.9 | $ | 46.3 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal and state | $ | 24.1 | $ | 29.2 | $ | (20.9 | ) | |||||
Foreign | 25.4 | 17.3 | 17.2 | |||||||||
Total current | $ | 49.5 | $ | 46.5 | $ | (3.7 | ) | |||||
Deferred: | ||||||||||||
Federal and state | $ | (15.2 | ) | $ | (5.2 | ) | $ | 13.6 | ||||
Foreign | 1.8 | (3.3 | ) | 3.7 | ||||||||
Total deferred | $ | (13.4 | ) | $ | (8.5 | ) | $ | 17.3 | ||||
Provision for taxes on earnings | $ | 36.1 | $ | 38.0 | $ | 13.6 |
2013 | 2012 | 2011 | |||||||
Federal income tax at statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income provision (benefit) | (0.5 | ) | 0.3 | (10.2 | ) | ||||
Manufacturing & research incentives | (3.3 | ) | (3.5 | ) | (4.3 | ) | |||
Taxes on foreign income which differ from the U.S. statutory rate | (9.3 | ) | (7.7 | ) | (24.1 | ) | |||
Adjustments for unrecognized tax benefits | (5.4 | ) | (6.7 | ) | 7.2 | ||||
Adjustments for valuation allowances | (1.0 | ) | 9.2 | 20.2 | |||||
Other items | 0.5 | (0.7 | ) | 5.6 | |||||
Effective tax rate | 16.0 | % | 25.9 | % | 29.4 | % |
(in millions) | 2013 | 2012 | ||||||
Current deferred tax assets (liabilities): | ||||||||
Inventories | $ | 32.3 | $ | 26.0 | ||||
Accounts receivable | (2.1 | ) | (1.2 | ) | ||||
Product warranty reserves | 20.0 | 20.4 | ||||||
Product liability reserves | 7.9 | 8.7 | ||||||
Deferred revenue, current portion | 0.6 | 2.9 | ||||||
Deferred employee benefits | 16.6 | 13.2 | ||||||
Other reserves and allowances | 16.1 | 21.2 | ||||||
Less valuation allowance | (3.6 | ) | (7.0 | ) | ||||
Net deferred tax assets, current | $ | 87.8 | $ | 84.2 | ||||
Non-current deferred tax assets (liabilities): | ||||||||
Property, plant and equipment | $ | (32.6 | ) | $ | (33.1 | ) | ||
Intangible assets | (296.3 | ) | (310.4 | ) | ||||
Deferred employee benefits | 67.1 | 71.0 | ||||||
Product warranty reserves | 4.2 | 2.5 | ||||||
Tax credits | 2.3 | 1.7 | ||||||
Net operating loss carryforwards | 192.7 | 211.3 | ||||||
Deferred revenue | 5.9 | 4.8 | ||||||
Other | (2.4 | ) | (3.6 | ) | ||||
Total non-current deferred tax liabilities | (59.1 | ) | (55.8 | ) | ||||
Less valuation allowance | (146.2 | ) | (151.0 | ) | ||||
Net deferred tax liabilities, non-current | $ | (205.3 | ) | $ | (206.8 | ) |
(in millions) | 2013 | 2012 | ||||||
Current income tax asset | $ | 89.9 | $ | 88.3 | ||||
Long-term income tax assets, included in other non-current assets | 9.0 | 13.8 | ||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (2.1 | ) | (4.1 | ) | ||||
Long-term deferred income tax liability | (214.3 | ) | (220.6 | ) | ||||
Net deferred income tax liability | $ | (117.5 | ) | $ | (122.6 | ) |
Jurisdiction | Open Years | |
U.S. Federal | 2007 — 2013 | |
Wisconsin | 2009 — 2013 | |
China | 2005 — 2013 | |
France | 2009 — 2013 | |
Germany | 2006 — 2013 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 47.3 | $ | 56.3 | $ | 45.2 | ||||||
Additions based on tax positions related to the current year | 2.0 | 1.8 | 1.7 | |||||||||
Additions for tax positions of prior years | 3.7 | 3.6 | 17.1 | |||||||||
Reductions for tax positions of prior years | (0.2 | ) | — | (1.7 | ) | |||||||
Reductions based on settlements with taxing authorities | (11.5 | ) | (13.0 | ) | (5.4 | ) | ||||||
Reductions for lapse of statute | (5.4 | ) | (1.4 | ) | (0.6 | ) | ||||||
Balance at end of year | $ | 35.9 | $ | 47.3 | $ | 56.3 |
|
(in millions) | 2013 | 2012 | ||||||
Foreign currency translation | $ | 54.8 | $ | 50.3 | ||||
Derivative instrument fair market value, net of income taxes of $0.6 and $0.3 | 1.0 | 0.6 | ||||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(26.8) and $(34.4) | (62.7 | ) | (80.3 | ) | ||||
$ | (6.9 | ) | $ | (29.4 | ) |
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2012 | $ | 0.6 | $ | (80.3 | ) | $ | 50.3 | $ | (29.4 | ) | ||||||
Other comprehensive loss before reclassifications | 1.3 | 13.5 | 4.5 | 19.3 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.9 | ) | 4.1 | — | 3.2 | |||||||||||
Net current period other comprehensive income | 0.4 | 17.6 | 4.5 | 22.5 | ||||||||||||
Balance at December 31, 2013 | $ | 1.0 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | 3.0 | Cost of sales | |||
Commodity contracts | (1.6 | ) | Cost of sales | |||
1.4 | Total before tax | |||||
(0.5 | ) | Tax expense | ||||
$ | 0.9 | Net of tax | ||||
Amortization of pension and postretirement items | ||||||
Actuarial losses | (5.5 | ) | (a) | |||
(5.5 | ) | Total before tax | ||||
1.4 | Tax benefit | |||||
$ | (4.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (3.2 | ) | Net of Tax | ||
(a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 20, "Employee Benefit Plans" for further details). |
|
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||
Options outstanding as of January 1, 2012 | 7.5 | $ | 14.44 | ||||||||
Granted | 0.7 | 16.27 | |||||||||
Exercised | (0.7 | ) | 6.53 | ||||||||
Cancelled | (0.1 | ) | 20.53 | ||||||||
Options outstanding as of December 31, 2012 | 7.4 | $ | 15.27 | ||||||||
Granted | 0.4 | 18.14 | |||||||||
Exercised | (0.6 | ) | 8.35 | ||||||||
Cancelled | (0.2 | ) | 16.66 | ||||||||
Options outstanding as of December 31, 2013 | 7.0 | $ | 16.00 | $ | 62.5 | ||||||
Options exercisable as of: | |||||||||||
December 31, 2013 | 4.8 | $ | 16.95 | $ | 41.8 |
Outstanding | Weighted Average Remaining Contractual | Weighted Average | Exercisable | Weighted Average | ||||||||||||
Range of Exercise Price per Share | Options | Life (Years) | Exercise Price | Options | Exercise Price | |||||||||||
$4.41 - $7.49 | 1.5 | 4.8 | $ | 4.41 | 1.1 | $ | 4.41 | |||||||||
$7.50 - $9.59 | 0.1 | 0.1 | 7.52 | 0.1 | 7.52 | |||||||||||
$9.60 - $10.20 | 0.4 | 1.3 | 10.14 | 0.4 | 10.14 | |||||||||||
10.21 - $16.28 | 2.0 | 5.9 | 12.79 | 1.0 | 12.06 | |||||||||||
$16.29 - $26.09 | 1.6 | 6.3 | 19.18 | 0.8 | 19.38 | |||||||||||
$26.10 - $28.14 | 0.5 | 2.3 | 26.11 | 0.5 | 26.11 | |||||||||||
$28.15 - $36.03 | 0.5 | 2.9 | 29.50 | 0.5 | 29.50 | |||||||||||
$36.04 - $47.84 | 0.4 | 3.9 | 38.91 | 0.4 | 38.91 | |||||||||||
7.0 | 4.9 | $ | 16.00 | 4.8 | $ | 16.95 |
2013 | 2012 | 2011 | |||||||
Expected Life (years) | 6.0 | 6.0 | 6.0 | ||||||
Risk-free Interest rate | 1.1 | % | 1.1 | % | 2.8 | % | |||
Expected volatility | 56.0 | % | 55.0 | % | 52.0 | % | |||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.7 | % |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2013 | 0.9 | $ | 14.86 | ||||
Granted | 0.1 | 18.14 | |||||
Vested | (0.5 | ) | 11.48 | ||||
Cancelled | — | — | |||||
Unvested as of December 31, 2013 | 0.5 | $ | 18.25 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2013 | 0.7 | $ | 18.41 | ||||
Granted | 0.5 | 20.47 | |||||
Vested* | (0.4 | ) | 19.00 | ||||
Cancelled | (0.1 | ) | 19.44 | ||||
Unvested as of December 31, 2013 | 0.7 | $ | 19.28 |
|
|
(in millions) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 101.2 | $ | 103.6 | ||||
Accruals for warranties issued during the period | 58.6 | 56.9 | ||||||
Acquisition | 0.2 | — | ||||||
Settlements made (in cash or in kind) during the period | (61.7 | ) | (59.8 | ) | ||||
Currency translation | 0.7 | 0.5 | ||||||
Balance at end of period | $ | 99.0 | $ | 101.2 |
|
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of December 31, 2013 | ||||||||||||||
$ | 8.4 | $ | 1.9 | $ | (6.0 | ) | $ | — | $ | 4.3 |
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of December 31, 2013 | ||||||||||||||
$ | 16.9 | $ | 2.9 | $ | (2.8 | ) | $ | (0.7 | ) | $ | 16.3 |
|
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.2 | $ | 1.8 | $ | 0.6 | $ | 0.8 | $ | 0.8 | ||||||||||||||||||
Interest cost of projected benefit obligation | 9.6 | 10.2 | 10.4 | 9.8 | 10.2 | 11.0 | 2.0 | 2.8 | 3.4 | |||||||||||||||||||||||||||
Expected return on assets | (10.2 | ) | (10.2 | ) | (9.5 | ) | (7.4 | ) | (8.2 | ) | (9.3 | ) | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Amortization of actuarial net loss | 3.5 | 2.9 | 1.6 | 1.9 | 0.8 | 0.4 | — | 0.4 | 0.3 | |||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | (0.8 | ) | — | — | ||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | (1.6 | ) | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.9 | $ | 2.9 | $ | 2.5 | $ | 6.8 | $ | 3.5 | $ | 4.0 | $ | 1.7 | $ | 4.0 | $ | 4.5 | ||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | 4.0 | % | 4.7 | % | 5.3 | % | 3.5 | % | 4.6 | % | 5.4 | % | ||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6.0 | % | 6.0 | % | 3.9 | % | 4.5 | % | 5.4 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 3.8 | % | 3.7 | % | 4.2 | % | 3.0 | % | 3.0 | % | 3.0 | % |
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 241.4 | $ | 226.1 | $ | 255.0 | $ | 221.0 | $ | 57.5 | $ | 63.9 | ||||||||||||
Service cost | — | — | 2.4 | 2.2 | 0.6 | 0.8 | ||||||||||||||||||
Interest cost | 9.6 | 10.2 | 9.8 | 10.2 | 2.0 | 2.8 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | ||||||||||||||||||
Plan curtailments | — | — | — | — | (0.7 | ) | (0.4 | ) | ||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | ||||||||||||||||
Plan amendments | — | — | — | — | (0.4 | ) | (0.2 | ) | ||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.6 | ) | — | — | ||||||||||||||||
Actuarial (gain) loss | (19.4 | ) | 14.8 | 3.9 | 27.4 | (7.2 | ) | (6.9 | ) | |||||||||||||||
Currency translation adjustment | — | — | 4.6 | 6.8 | (0.2 | ) | 0.1 | |||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | ||||||||||||
Benefit obligation, end of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255.0 | $ | 48.5 | $ | 57.5 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 180.6 | $ | 174.5 | $ | 199.5 | $ | 182.0 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | (1.3 | ) | 14.6 | 16.5 | 19.1 | — | — | |||||||||||||||||
Employer contributions | 1.2 | 1.2 | 4.2 | 5.2 | 3.1 | 2.6 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | ||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | ||||||||||||||||
Currency translation adjustment | — | — | 3.5 | 5.8 | — | — | ||||||||||||||||||
Net transfer out | — | — | (0.4 | ) | (0.6 | ) | — | — | ||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | ||||||||||||
Fair value of plan assets, end of year | 162.6 | 180.6 | 211.1 | 199.5 | — | — | ||||||||||||||||||
Funded status | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | ||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | ||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | ||||||||||||
Pension obligation | (51.1 | ) | (60.8 | ) | (52.4 | ) | (55.8 | ) | — | — | ||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (48.5 | ) | (57.5 | ) | ||||||||||||||||
Net amount recognized | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | ||||||
Weighted-Average Assumptions | ||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.3 | % | 4.0 | % | 4.5 | % | 3.5 | % | ||||||||||||
Expected return on plan assets | 5.8 | % | 6.0 | % | 3.9 | % | 4.5 | % | N/A | N/A |
Pensions | Postretirement Health and Other | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial gain (loss) | $ | (93.4 | ) | $ | (111.3 | ) | $ | 4.6 | $ | (2.6 | ) | |||||
Prior service credit | (1.0 | ) | (1.0 | ) | 0.3 | 0.2 | ||||||||||
Total amount recognized | $ | (94.4 | ) | $ | (112.3 | ) | $ | 4.9 | $ | (2.4 | ) |
Change in assumption: | Estimated increase (decrease) in 2014 pension cost | Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2013 | Estimated increase (decrease) in 2014 Other Postretirement Benefit costs | Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2013 | ||||||||||||
0.50% increase in discount rate | $ | (1.6 | ) | $ | (29.2 | ) | $ | (0.1 | ) | $ | (2.0 | ) | ||||
0.50% decrease in discount rate | 1.8 | 30.9 | (0.1 | ) | 2.2 | |||||||||||
0.50% increase in long-term return on assets | (1.8 | ) | N/A | N/A | N/A | |||||||||||
0.50% decrease in long-term return on assets | 1.8 | N/A | N/A | N/A | ||||||||||||
1% increase in medical trend rates | N/A | N/A | 0.3 | 4.0 | ||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.7 | ) | (3.5 | ) |
2013 | 2012 | |||||
Equity | 26.1 | % | 19.7 | % | ||
Fixed income | 73.4 | % | 79.8 | % | ||
Other | 0.5 | % | 0.5 | % | ||
100.0 | % | 100.0 | % |
2013 | 2012 | |||||
Equity | 20.2 | % | 17.9 | % | ||
Fixed income | 23.8 | % | 25.8 | % | ||
Other | 56.0 | % | 56.3 | % | ||
100.0 | % | 100.0 | % |
Target Allocations | Weighted Average Asset Allocations | |||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | |||||||
Equity Securities | 25 | % | 0 - 20% | 26.1 | % | 20.2 | % | |||
Debt Securities | 75 | % | 0 - 100% | 73.4 | % | 23.8 | % | |||
Other | — | % | 0 - 100% | 0.5 | % | 56.0 | % |
December 31, 2013 | ||||||||||||||||
Assets (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Cash | $ | 1.7 | $ | — | $ | — | $ | 1.7 | ||||||||
Insurance group annuity contracts | — | — | 118.3 | 118.3 | ||||||||||||
Common/collective trust funds — Government debt | — | 3.0 | — | 3.0 | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.6 | — | 49.6 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 111.6 | — | 111.6 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 84.3 | — | 84.3 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 5.2 | — | 5.2 | ||||||||||||
Total | $ | 1.7 | $ | 253.7 | $ | 118.3 | $ | 373.7 |
December 31, 2012 | ||||||||||||||||
Assets (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Cash | $ | 2.1 | $ | — | $ | — | $ | 2.1 | ||||||||
Insurance group annuity contracts | — | — | 111.1 | 111.1 | ||||||||||||
Common/collective trust funds — Government debt | — | 8.9 | — | 8.9 | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.8 | — | 49.8 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 95.5 | — | 95.5 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 71.4 | — | 71.4 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 41.3 | — | 41.3 | ||||||||||||
Total | $ | 2.1 | $ | 266.9 | $ | 111.1 | $ | 380.1 |
Insurance Contracts Year Ended December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Beginning Balance | $ | 111.1 | $ | 102.4 | ||||
Actual return on assets | 12.1 | 12.2 | ||||||
Benefit payments | (6.8 | ) | (6.7 | ) | ||||
Foreign currency impact | 1.9 | 3.2 | ||||||
Ending Balance | $ | 118.3 | $ | 111.1 |
(in millions) | U.S Pension Plans | Non-U.S. Pension Plans | Postretirement Health and Other | |||||||||
2014 | $ | 11.7 | $ | 11.7 | $ | 3.8 | ||||||
2015 | 12.2 | 12.5 | 3.8 | |||||||||
2016 | 12.7 | 13.3 | 4.0 | |||||||||
2017 | 13.1 | 14.4 | 4.2 | |||||||||
2018 | 13.6 | 15.2 | 4.4 | |||||||||
2019 — 2023 | 71.8 | 86.4 | 20.4 |
U.S Pension Plans | Non U.S. Pension Plans | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Projected benefit obligation | $ | 213.7 | $ | 241.4 | $ | 259.4 | $ | 251.5 | ||||||||
Accumulated benefit obligation | 213.7 | 241.4 | 254.2 | 246.7 | ||||||||||||
Fair value of plan assets | 162.6 | 180.6 | 206.9 | 195.7 |
a) | Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. |
b) | If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. |
c) | If Manitowoc ceases to have an obligation to contribute to the multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of Manitowoc’s participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. |
(in millions) | Contributions by Manitowoc | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2013 | 2012 | 2011 | ||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | 0.3 | $ | 0.9 | $ | 0.8 | |||||||||
Total Contributions | $ | 0.3 | $ | 0.9 | $ | 0.8 |
|
(in millions) | |||
2014 | $ | 45.6 | |
2015 | 35.7 | ||
2016 | 27.5 | ||
2017 | 20.3 | ||
2018 | 16.3 | ||
Thereafter | 26.1 | ||
Total | $ | 171.5 |
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales from continuing operations: | ||||||||||||
Crane | $ | 2,506.3 | $ | 2,427.1 | $ | 2,134.7 | ||||||
Foodservice | 1,541.8 | 1,486.2 | 1,454.6 | |||||||||
Total | $ | 4,048.1 | $ | 3,913.3 | $ | 3,589.3 | ||||||
Operating earnings (loss) from continuing operations: | ||||||||||||
Crane | $ | 218.8 | $ | 170.5 | $ | 118.8 | ||||||
Foodservice | 250.3 | 238.6 | 214.4 | |||||||||
Corporate | (64.9 | ) | (63.7 | ) | (61.3 | ) | ||||||
Amortization expense | (35.3 | ) | (36.5 | ) | (37.4 | ) | ||||||
Restructuring expense | (4.8 | ) | (9.5 | ) | (5.5 | ) | ||||||
Other income (expense) | 0.3 | (2.5 | ) | 0.5 | ||||||||
Operating earnings from continuing operations | $ | 364.4 | $ | 296.9 | $ | 229.5 | ||||||
Other income (expenses): | ||||||||||||
Interest expense | $ | (128.4 | ) | $ | (135.6 | ) | $ | (145.4 | ) | |||
Amortization of deferred financing fees | (7.0 | ) | (8.2 | ) | (10.4 | ) | ||||||
Loss on debt extinguishment | (3.0 | ) | (6.3 | ) | (29.7 | ) | ||||||
Other income (expense)-net | (0.8 | ) | 0.1 | 2.3 | ||||||||
Earnings from continuing operations before taxes on earnings | $ | 225.2 | $ | 146.9 | $ | 46.3 | ||||||
Capital expenditures: | ||||||||||||
Crane | $ | 69.3 | $ | 52.7 | $ | 52.0 | ||||||
Foodservice | 33.6 | 17.4 | 11.9 | |||||||||
Corporate | 7.8 | 2.8 | 0.7 | |||||||||
Total | $ | 110.7 | $ | 72.9 | $ | 64.6 | ||||||
Total depreciation: | ||||||||||||
Crane | $ | 46.9 | $ | 43.5 | $ | 52.9 | ||||||
Foodservice | 20.1 | 22.3 | 24.5 | |||||||||
Corporate | 1.5 | 2.3 | 2.8 | |||||||||
Total | $ | 68.5 | $ | 68.1 | $ | 80.2 | ||||||
Total assets: | ||||||||||||
Crane | $ | 1,900.4 | $ | 1,903.3 | $ | 1,760.8 | ||||||
Foodservice | 1,904.3 | 1,956.8 | 2,192.6 | |||||||||
Corporate | 171.9 | 197.2 | 69.2 | |||||||||
Total | $ | 3,976.6 | $ | 4,057.3 | $ | 4,022.6 |
Net Sales | Long-Lived Assets | |||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||
United States | $ | 1,978.0 | $ | 1,833.0 | $ | 1,588.8 | $ | 1,888.4 | $ | 1,905.4 | ||||||||||
Other North America | 292.1 | 278.2 | 208.8 | 13.6 | 5.3 | |||||||||||||||
Europe | 937.6 | 788.0 | 813.4 | 530.0 | 510.6 | |||||||||||||||
Asia | 364.5 | 354.0 | 352.2 | 203.0 | 189.5 | |||||||||||||||
Middle East | 174.2 | 161.6 | 189.4 | 1.6 | 1.6 | |||||||||||||||
Central and South America | 166.9 | 243.0 | 237.8 | 36.0 | 33.3 | |||||||||||||||
Africa | 30.0 | 110.8 | 65.4 | — | — | |||||||||||||||
South Pacific and Caribbean | 12.6 | 10.6 | 12.0 | 4.1 | 4.6 | |||||||||||||||
Australia | 92.2 | 134.1 | 121.5 | 4.7 | 4.4 | |||||||||||||||
Total | $ | 4,048.1 | $ | 3,913.3 | $ | 3,589.3 | $ | 2,681.4 | $ | 2,654.7 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,631.3 | $ | 2,097.1 | $ | (680.3 | ) | $ | 4,048.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,038.1 | 1,668.5 | (680.3 | ) | 3,026.3 | |||||||||||||
Engineering, selling and administrative expenses | 61.4 | 259.5 | 296.7 | — | 617.6 | ||||||||||||||
Amortization expense | — | 29.6 | 5.7 | — | 35.3 | ||||||||||||||
Restructuring expense | — | 0.7 | 4.1 | — | 4.8 | ||||||||||||||
Other (income) expense | — | 0.5 | (0.8 | ) | — | (0.3 | ) | ||||||||||||
Equity in (earnings) loss of subsidiaries | (199.6 | ) | (32.5 | ) | — | 232.1 | — | ||||||||||||
Total costs and expenses | (138.2 | ) | 2,295.9 | 1,974.2 | (448.2 | ) | 3,683.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 138.2 | 335.4 | 122.9 | (232.1 | ) | 364.4 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (118.8 | ) | (1.0 | ) | (8.6 | ) | — | (128.4 | ) | ||||||||||
Amortization of deferred financing fees | (7.0 | ) | — | — | — | (7.0 | ) | ||||||||||||
Loss on debt extinguishment | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||
Management fee income (expense) | 59.6 | (77.1 | ) | 17.5 | — | — | |||||||||||||
Other income (expense)-net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | |||||||||||
Total other income (expense) | (72.8 | ) | (110.7 | ) | 44.3 | — | (139.2 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 65.4 | 224.7 | 167.2 | (232.1 | ) | 225.2 | |||||||||||||
Provision (benefit) for taxes on earnings | (76.4 | ) | 69.3 | 43.2 | — | 36.1 | |||||||||||||
Earnings (loss) from continuing operations | 141.8 | 155.4 | 124.0 | (232.1 | ) | 189.1 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.3 | ) | (16.5 | ) | — | (18.8 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (2.7 | ) | — | (2.7 | ) | ||||||||||||
Net earnings (loss) | 141.8 | 153.1 | 104.8 | (232.1 | ) | 167.6 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 25.8 | — | 25.8 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 141.8 | $ | 153.1 | $ | 79.0 | $ | (232.1 | ) | $ | 141.8 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 164.3 | $ | 154.1 | $ | 62.9 | $ | (217.0 | ) | $ | 164.3 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,616.4 | $ | 1,959.0 | $ | (662.1 | ) | $ | 3,913.3 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,022.3 | 1,610.1 | (662.1 | ) | 2,970.3 | |||||||||||||
Engineering, selling and administrative expenses | 61.2 | 247.6 | 288.8 | — | 597.6 | ||||||||||||||
Amortization expense | — | 29.9 | 6.6 | — | 36.5 | ||||||||||||||
Restructuring expense | — | 0.7 | 8.8 | — | 9.5 | ||||||||||||||
Other expense | — | 2.5 | — | — | 2.5 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (167.2 | ) | (36.0 | ) | — | 203.2 | — | ||||||||||||
Total costs and expenses | (106.0 | ) | 2,267.0 | 1,914.3 | (458.9 | ) | 3,616.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 106.0 | 349.4 | 44.7 | (203.2 | ) | 296.9 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (122.9 | ) | (2.1 | ) | (10.6 | ) | — | (135.6 | ) | ||||||||||
Amortization of deferred financing fees | (8.2 | ) | — | — | — | (8.2 | ) | ||||||||||||
Loss on debt extinguishment | (6.3 | ) | — | — | — | (6.3 | ) | ||||||||||||
Management fee income (expense) | 60.1 | (77.8 | ) | 17.7 | — | — | |||||||||||||
Other income (expense)-net | 16.5 | (45.9 | ) | 29.5 | — | 0.1 | |||||||||||||
Total other income (expense) | (60.8 | ) | (125.8 | ) | 36.6 | — | (150.0 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 45.2 | 223.6 | 81.3 | (203.2 | ) | 146.9 | |||||||||||||
Provision (benefit) for taxes on earnings | (56.5 | ) | 69.2 | 25.3 | — | 38.0 | |||||||||||||
Earnings (loss) from continuing operations | 101.7 | 154.4 | 56.0 | (203.2 | ) | 108.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.9 | ) | (15.4 | ) | — | (16.3 | ) | |||||||||||
Net earnings (loss) | 101.7 | 153.5 | 40.6 | (203.2 | ) | 92.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (9.1 | ) | — | (9.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 101.7 | $ | 153.5 | $ | 49.7 | $ | (203.2 | ) | $ | 101.7 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 97.1 | $ | 153.7 | $ | 51.9 | $ | (205.6 | ) | $ | 97.1 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,166.0 | $ | 1,908.9 | $ | (485.6 | ) | $ | 3,589.3 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 1,681.5 | 1,560.5 | (485.6 | ) | 2,756.4 | |||||||||||||
Engineering, selling and administrative expenses | 58.9 | 231.1 | 271.0 | — | 561.0 | ||||||||||||||
Amortization expense | — | 29.9 | 7.5 | — | 37.4 | ||||||||||||||
Restructuring expense | — | 0.5 | 5.0 | — | 5.5 | ||||||||||||||
Other expense (income) | — | 0.7 | (1.2 | ) | — | (0.5 | ) | ||||||||||||
Equity in (earnings) loss of subsidiaries | (70.4 | ) | (32.4 | ) | — | 102.8 | — | ||||||||||||
Total costs and expenses | (11.5 | ) | 1,911.3 | 1,842.8 | (382.8 | ) | 3,359.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 11.5 | 254.7 | 66.1 | (102.8 | ) | 229.5 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (132.9 | ) | (1.5 | ) | (11.0 | ) | — | (145.4 | ) | ||||||||||
Amortization of deferred financing fees | (10.4 | ) | — | — | — | (10.4 | ) | ||||||||||||
Loss on debt extinguishment | (29.7 | ) | — | — | — | (29.7 | ) | ||||||||||||
Management fee income (expense) | 55.0 | (68.0 | ) | 13.0 | — | — | |||||||||||||
Other income (expense)-net | 40.6 | (69.7 | ) | 31.4 | — | 2.3 | |||||||||||||
Total other income (expense) | (77.4 | ) | (139.2 | ) | 33.4 | — | (183.2 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | (65.9 | ) | 115.5 | 99.5 | (102.8 | ) | 46.3 | ||||||||||||
Provision (benefit) for taxes on earnings | (54.7 | ) | 32.5 | 35.8 | — | 13.6 | |||||||||||||
Earnings (loss) from continuing operations | (11.2 | ) | 83.0 | 63.7 | (102.8 | ) | 32.7 | ||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (1.5 | ) | (14.3 | ) | — | (15.8 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | (34.6 | ) | — | — | (34.6 | ) | ||||||||||||
Net earnings (loss) | (11.2 | ) | 46.9 | 49.4 | (102.8 | ) | (17.7 | ) | |||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (6.5 | ) | — | (6.5 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | (11.2 | ) | $ | 46.9 | $ | 55.9 | $ | (102.8 | ) | $ | (11.2 | ) | ||||||
Comprehensive income (loss) attributable to Manitowoc | $ | (36.1 | ) | $ | 47.1 | $ | 51.1 | $ | (98.2 | ) | $ | (36.1 | ) |
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 operation | — | — | 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 operation | — | — | 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 operation | — | — | 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 | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 12.0 | $ | 4.0 | $ | 57.2 | $ | — | $ | 73.2 | |||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | ||||||||||||||
Accounts receivable — net | 0.4 | 29.0 | 301.3 | — | 330.7 | ||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | |||||||||||||
Inventories — net | — | 338.3 | 354.4 | — | 692.7 | ||||||||||||||
Deferred income taxes | 70.9 | — | 17.4 | — | 88.3 | ||||||||||||||
Other current assets | 6.5 | 3.5 | 104.3 | (10.0 | ) | 104.3 | |||||||||||||
Current assets of discontinued operations | — | — | 28.2 | — | 28.2 | ||||||||||||||
Total current assets | 99.2 | 378.0 | 868.1 | (17.3 | ) | 1,328.0 | |||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 261.2 | — | 539.3 | ||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.7 | ||||||||||||||
Other intangible assets — net | — | 620.9 | 168.8 | — | 789.7 | ||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.3 | (2,184.4 | ) | — | |||||||||||||
Other non-current assets | 49.3 | 4.5 | 75.0 | — | 128.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 60.8 | — | 60.8 | ||||||||||||||
Investment in affiliates | 4,985.4 | 3,443.6 | — | (8,429.0 | ) | — | |||||||||||||
Total assets | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 407.3 | $ | — | $ | 911.5 | |||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 33.1 | (10.0 | ) | 69.0 | |||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 37.5 | — | 82.0 | ||||||||||||||
Customer advances | — | 7.8 | 16.3 | — | 24.1 | ||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 31.4 | — | 31.4 | ||||||||||||||
Total current liabilities | 142.0 | 487.1 | 534.1 | (17.3 | ) | 1,145.9 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,708.3 | 3.0 | 20.7 | — | 1,732.0 | ||||||||||||||
Deferred income taxes | 176.0 | — | 44.6 | — | 220.6 | ||||||||||||||
Pension obligations | 80.0 | 12.2 | 22.1 | — | 114.3 | ||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | ||||||||||||||
Long-term deferred revenue | — | 6.0 | 31.7 | — | 37.7 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,024.9 | — | 57.9 | (3,082.8 | ) | — | |||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 11.0 | — | 11.0 | ||||||||||||||
Total non-current liabilities | 5,327.0 | 864.3 | 1,206.3 | (5,067.5 | ) | 2,330.1 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.7 | 2,111.9 | (7,530.6 | ) | 600.3 | |||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | ||||||||||||
Total equity | 600.3 | 5,418.7 | 2,092.9 | (7,530.6 | ) | 581.3 | |||||||||||||
Total liabilities and equity | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (51.6 | ) | $ | 224.9 | $ | 160.8 | $ | — | $ | 334.1 | ||||||||
Cash used for operating activities of discontinued operations | — | (2.3 | ) | (8.7 | ) | — | (11.0 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (51.6 | ) | $ | 222.6 | $ | 152.1 | $ | — | $ | 323.1 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.8 | ) | $ | (57.4 | ) | $ | (52.5 | ) | $ | — | $ | (110.7 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 2.0 | 2.1 | — | 4.1 | ||||||||||||||
Restricted cash | 2.6 | — | (4.6 | ) | — | (2.0 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (12.2 | ) | — | (12.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | 197.1 | (167.2 | ) | (169.3 | ) | 139.4 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | $ | 198.9 | $ | (222.6 | ) | $ | (197.3 | ) | $ | 139.4 | $ | (81.6 | ) | ||||||
Net cash used for investing activities of discontinued operations | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 198.9 | $ | (222.6 | ) | $ | (197.9 | ) | $ | 139.4 | $ | (82.2 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (220.6 | ) | $ | (0.7 | ) | $ | (45.2 | ) | $ | — | $ | (266.5 | ) | |||||
Proceeds from long-term debt | — | — | 43.0 | — | 43.0 | ||||||||||||||
(Payments on) proceeds from revolving credit facility—net | (34.5 | ) | — | 0.1 | — | (34.4 | ) | ||||||||||||
Proceeds from notes financing—net | — | — | 6.6 | — | 6.6 | ||||||||||||||
Debt issue costs | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||||||
Dividends paid | (10.7 | ) | — | — | — | (10.7 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 6.7 | — | — | — | 6.7 | ||||||||||||||
Intercompany financing | 102.1 | — | 37.3 | (139.4 | ) | — | |||||||||||||
Net cash provided by (used for) financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | |||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10.8 | ) | (0.7 | ) | (6.8 | ) | — | (18.3 | ) | ||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.2 | — | 73.2 | ||||||||||||||
Balance at end of period | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (22.8 | ) | $ | 167.4 | $ | 30.7 | $ | — | $ | 175.3 | ||||||||
Cash used for operating activities of discontinued operations | — | (0.9 | ) | (12.0 | ) | — | (12.9 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (22.8 | ) | $ | 166.5 | $ | 18.7 | $ | — | $ | 162.4 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (1.4 | ) | $ | (36.5 | ) | $ | (35.0 | ) | $ | — | $ | (72.9 | ) | |||||
Proceeds from sale of property, plant and equipment | — | — | 0.8 | — | 0.8 | ||||||||||||||
Restricted cash | 1.0 | — | (4.3 | ) | — | (3.3 | ) | ||||||||||||
Intercompany investments | 131.4 | (175.4 | ) | (4.8 | ) | 48.8 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | 131.0 | (211.9 | ) | (43.3 | ) | 48.8 | (75.4 | ) | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 131.0 | $ | (211.9 | ) | $ | (43.4 | ) | $ | 48.8 | $ | (75.5 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (439.7 | ) | $ | (0.7 | ) | $ | (55.0 | ) | $ | — | $ | (495.4 | ) | |||||
Proceeds from long-term debt | 300.0 | — | 83.3 | — | 383.3 | ||||||||||||||
Proceeds from revolving credit facility—net | 34.4 | — | — | — | 34.4 | ||||||||||||||
Payments on notes financing—net | — | (2.1 | ) | (8.3 | ) | — | (10.4 | ) | |||||||||||
Proceeds from swap monetization | 14.8 | — | — | — | 14.8 | ||||||||||||||
Debt issue costs | (5.7 | ) | — | — | — | (5.7 | ) | ||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 6.4 | — | — | — | 6.4 | ||||||||||||||
Intercompany financing | — | 43.7 | 5.1 | (48.8 | ) | — | |||||||||||||
Net cash provided by (used for) financing activities | $ | (100.4 | ) | $ | 40.9 | $ | 25.1 | $ | (48.8 | ) | $ | (83.2 | ) | ||||||
Effect of exchange rate changes on cash | — | — | 1.2 | — | 1.2 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7.8 | (4.5 | ) | 1.6 | — | 4.9 | |||||||||||||
Balance at beginning of period | 4.2 | 8.5 | 55.6 | — | 68.3 | ||||||||||||||
Balance at end of period | $ | 12.0 | $ | 4.0 | $ | 57.2 | $ | — | $ | 73.2 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (59.8 | ) | $ | 70.5 | $ | 32.6 | $ | — | $ | 43.3 | ||||||||
Cash used for operating activities of discontinued operations | — | (1.5 | ) | (24.7 | ) | — | (26.2 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (59.8 | ) | $ | 69.0 | $ | 7.9 | $ | — | $ | 17.1 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.4 | ) | $ | (23.4 | ) | $ | (40.8 | ) | $ | — | $ | (64.6 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 17.2 | — | 17.3 | ||||||||||||||
Restricted cash | 2.0 | — | 0.2 | — | 2.2 | ||||||||||||||
Proceeds from sale of business | — | 143.6 | — | — | 143.6 | ||||||||||||||
Intercompany investments | 216.7 | (164.5 | ) | (30.7 | ) | (21.5 | ) | — | |||||||||||
Net cash provided by (used for) investing activities of continuing operations | 218.3 | (44.2 | ) | (54.1 | ) | (21.5 | ) | 98.5 | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 218.3 | $ | (44.2 | ) | $ | (54.2 | ) | $ | (21.5 | ) | $ | 98.4 | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (884.1 | ) | $ | (0.7 | ) | $ | (75.5 | ) | $ | — | $ | (960.3 | ) | |||||
Proceeds from long-term debt | 750.0 | — | 89.0 | — | 839.0 | ||||||||||||||
Payments on revolving credit facility—net | (24.2 | ) | — | — | — | (24.2 | ) | ||||||||||||
Proceeds from (payments on) notes financing—net | — | (2.6 | ) | 17.4 | — | 14.8 | |||||||||||||
Proceeds from swap monetization | 21.5 | — | — | — | 21.5 | ||||||||||||||
Debt issue costs | (14.7 | ) | — | — | — | (14.7 | ) | ||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 2.6 | — | — | — | 2.6 | ||||||||||||||
Intercompany financing | (0.1 | ) | (32.7 | ) | 11.3 | 21.5 | — | ||||||||||||
Net cash used for financing activities of continuing operations | (159.6 | ) | (36.0 | ) | 42.2 | 21.5 | (131.9 | ) | |||||||||||
Net cash provided by financing activities of discontinued operations | — | — | 6.0 | — | 6.0 | ||||||||||||||
Net cash used for financing activities | $ | (159.6 | ) | $ | (36.0 | ) | $ | 48.2 | $ | 21.5 | $ | (125.9 | ) | ||||||
Effect of exchange rate changes on cash | — | — | (3.3 | ) | — | (3.3 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1.1 | ) | (11.2 | ) | (1.4 | ) | — | (13.7 | ) | ||||||||||
Balance at beginning of period | 5.3 | 19.7 | 57.0 | — | 82.0 | ||||||||||||||
Balance at end of period | $ | 4.2 | $ | 8.5 | $ | 55.6 | $ | — | $ | 68.3 |
|
2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Net sales | $ | 894.6 | $ | 1,037.1 | $ | 1,012.1 | $ | 1,104.3 | $ | 845.8 | $ | 993.1 | $ | 946.3 | $ | 1,128.1 | ||||||||||||||||
Gross profit | 222.1 | 276.0 | 262.1 | 261.6 | 204.5 | 253.1 | 236.4 | 249.0 | ||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 22.3 | 71.4 | 70.8 | 60.7 | 13.1 | 62.3 | 37.4 | 34.1 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | (3.9 | ) | (3.8 | ) | (4.2 | ) | (4.4 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (1.6 | ) | — | — | (1.1 | ) | — | — | — | — | ||||||||||||||||||||||
Net earnings (loss) | 8.1 | 54.5 | 50.6 | 54.4 | (2.2 | ) | 43.0 | 19.7 | 32.1 | |||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interest, net of tax | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | (1.9 | ) | (2.3 | ) | (2.5 | ) | (2.4 | ) | |||||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | $ | (0.3 | ) | $ | 45.3 | $ | 22.2 | $ | 34.5 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | $ | 0.01 | $ | 0.36 | $ | 0.19 | $ | 0.28 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.40 | $ | 0.16 | $ | — | $ | 0.35 | $ | 0.17 | $ | 0.26 | ||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.46 | $ | 0.40 | $ | 0.18 | $ | 0.01 | $ | 0.35 | $ | 0.18 | $ | 0.27 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | $ | — | $ | 0.34 | $ | 0.17 | $ | 0.26 | ||||||||||||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.08 | $ | — | $ | — | $ | — | $ | 0.08 |
|
|
Balance at Beginning of Year | Charge to Costs and Expenses | Utilization of Reserve | Other, Primarily Impact of Foreign Exchange Rates | Balance at end of Year | |||||||||||||||
Year End December 31, 2011 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 27.6 | $ | 0.5 | $ | (6.4 | ) | $ | (8.9 | ) | $ | 12.8 | |||||||
Deferred tax valuation allowance | $ | 117.1 | $ | 9.1 | $ | — | $ | (7.3 | ) | $ | 118.9 | ||||||||
Year End December 31, 2012 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 12.8 | $ | 6.5 | $ | (6.1 | ) | $ | 0.1 | $ | 13.3 | ||||||||
Deferred tax valuation allowance | $ | 118.9 | $ | 35.7 | $ | — | $ | 3.4 | $ | 158.0 | |||||||||
Year End December 31, 2013 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 13.3 | $ | 8.1 | $ | (3.4 | ) | $ | 0.2 | $ | 18.2 | ||||||||
Deferred tax valuation allowance | $ | 158.0 | $ | 1.1 | $ | (3.4 | ) | $ | (5.9 | ) | $ | 149.8 |
|
Useful lives | |
Patents | 10-20 years |
Engineering drawings | 15 years |
Customer relationships | 10-20 years |
Years | |
Building and improvements | 2 - 40 |
Machinery, equipment and tooling | 2 - 20 |
Furniture and fixtures | 3 - 15 |
Computer hardware and software | 2 - 7 |
|
Useful lives | |
Patents | 10-20 years |
Engineering drawings | 15 years |
Customer relationships | 10-20 years |
Years | |
Building and improvements | 2 - 40 |
Machinery, equipment and tooling | 2 - 20 |
Furniture and fixtures | 3 - 15 |
Computer hardware and software | 2 - 7 |
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 16.8 | $ | 13.7 | $ | 29.9 | ||||||
Pretax loss from discontinued operation | $ | (17.3 | ) | $ | (16.6 | ) | $ | (12.4 | ) | |||
Benefit for taxes on earnings | (0.3 | ) | — | — | ||||||||
Net loss from discontinued operation | $ | (17.0 | ) | $ | (16.6 | ) | $ | (12.4 | ) |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 2.5 | $ | 32.6 | $ | 32.7 | ||||||
Pretax earnings from discontinued operation | $ | 0.1 | $ | 1.7 | $ | 0.6 | ||||||
Provision (benefit) for taxes on earnings | (0.4 | ) | 0.7 | 0.1 | ||||||||
Net earnings from discontinued operation | $ | 0.5 | $ | 1.0 | $ | 0.5 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | — | $ | — | $ | 6.5 | ||||||
Pretax loss from discontinued operations | $ | (3.4 | ) | $ | (1.2 | ) | $ | (6.6 | ) | |||
Benefit for taxes on earnings | (1.1 | ) | (0.5 | ) | (2.7 | ) | ||||||
Net loss from discontinued operations | $ | (2.3 | ) | $ | (0.7 | ) | $ | (3.9 | ) |
|
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 |
Fair Value as of December 31, 2012 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Current Assets: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | ||||||||
Total Current assets at fair value | $ | — | $ | 2.9 | $ | — | $ | 2.9 | ||||||||
Current Liabilities: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Commodity contracts | — | 0.8 | — | 0.8 | ||||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | ||||||||||||
Total Current liabilities at fair value | $ | — | $ | 2.0 | $ | — | $ | 2.0 | ||||||||
Non-current Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||
Total Non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 |
|
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign Exchange Contracts | Other current assets | $ | 2.6 | |
Total derivatives designated as hedging instruments | $ | 2.6 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign Exchange Contracts | Other current assets | $ | 0.3 | |
Total derivatives NOT designated as hedging instruments | $ | 0.3 | ||
Total asset derivatives | $ | 2.9 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 2.3 | |
Commodity contracts | Other current assets | 0.2 | ||
Total derivatives designated as hedging instruments | $ | 2.5 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 0.6 | |
Total derivatives NOT designated as hedging instruments | $ | 0.6 | ||
Total asset derivatives | $ | 3.1 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.5 | |
Commodity contracts | Accounts payable and accrued expenses | 0.4 | ||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 14.9 | ||
Total derivatives designated as hedging instruments | $ | 15.8 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.6 | |
Total derivatives NOT designated as hedging instruments | $ | 0.6 | ||
Total liability derivatives | $ | 16.4 |
LIABILITIES DERIVATIVES | |||||
(in millions) | Balance Sheet Location | Fair Value | |||
Derivatives designated as hedging instruments | |||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.4 | ||
Interest Rate Swaps: Fixed-to-Float | Other non-current liabilities | 1.1 | |||
Commodity Contracts | Accounts payable and accrued expenses | 0.8 | |||
Total derivatives designated as hedging instruments | $ | 2.3 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.5 | |
Interest Rate Swap Contracts: Float-to-Fixed | Accounts payable and accrued expenses | 0.3 | ||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | ||
Total liability derivatives | $ | 3.1 |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign Exchange Contracts | $ | (3.7 | ) | Cost of sales | $ | 2.5 | ||||
Interest Rate Swap & Cap Contracts | 1.3 | Interest expense | (5.3 | ) | ||||||
Commodity contracts | (2.1 | ) | Cost of sales | (0.3 | ) | |||||
Total | $ | (4.5 | ) | $ | (3.1 | ) |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Commodity Contracts | Cost of sales | $ | 0.1 | |||
Total | $ | 0.1 |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Interest Rate Swap Contracts | Interest Expense | $ | 22.3 | |||
Total | $ | 22.3 |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||
Foreign Exchange Contracts | Other income | $ | (2.0 | ) | ||
Interest rate swap contracts | Other income | $ | 4.8 | |||
Total | $ | 2.8 |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign Exchange Contracts | $ | 4.2 | Cost of sales | $ | (7.3 | ) | ||||
Interest Rate Swap & Cap Contracts | (0.2 | ) | Interest expense | 0.1 | ||||||
Commodity Contracts | 1.0 | Cost of sales | (2.7 | ) | ||||||
Total | $ | 5.0 | $ | (9.9 | ) |
Derivatives in Fair Value Hedging Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||
Commodity Contracts | Cost of sales | $ | — | |||
Total | $ | — |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||
Foreign Exchange Contracts | Other income | $ | 1.2 | |||
Interest Rate Swap Contracts | Other income | 9.3 | ||||
Total | $ | 10.5 |
Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Interest rate swap contracts | Interest expense | $ | (1.7 | ) |
Total | $ | (1.7 | ) |
Derivatives in Cash Flow Hedging Relationships (in millions) | Amount of Gain or (Loss) Recognized in OCI on Derivative (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) | |||||||
Foreign exchange contracts | $ | (0.3 | ) | Cost of sales | $ | 3.0 | ||||
Commodity contracts | 0.4 | Cost of sales | (1.6 | ) | ||||||
Total | $ | 0.1 | $ | 1.4 |
Derivatives Relationships (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||
Commodity contracts | Cost of sales | $ | — | |
Total | $ | — |
Derivatives Not Designated as Hedging Instruments (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Foreign exchange contracts | Other income | $ | 0.2 | |
Total | $ | 0.2 |
Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||
Interest rate swap contracts | Interest expense | $ | (13.7 | ) |
Total | $ | (13.7 | ) |
Commodity | Units Hedged | Type | ||||
Aluminum | 1,622 | MT | Cash Flow | |||
Copper | 382 | MT | Cash Flow | |||
Natural Gas | 214,277 | MMBtu | Cash Flow | |||
Steel | 11,503 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 11,011,092 | Cash Flow | ||
European Euro | 74,934,975 | Cash Flow | ||
South Korean Won | 1,258,808,642 | Cash Flow | ||
Singapore Dollar | 5,280,000 | Cash Flow | ||
United States Dollar | 14,380,959 | Cash Flow | ||
Chinese Renminbi | 245,324,730 | Cash Flow |
Commodity | Units Hedged | Type | ||||
Aluminum | 1,382 | MT | Cash Flow | |||
Copper | 515 | MT | Cash Flow | |||
Natural Gas | 158,670 | MMBtu | Cash Flow | |||
Steel | 10,041 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 9,351,126 | Cash Flow | ||
European Euro | 66,389,190 | Cash Flow | ||
South Korean Won | 2,595,874,455 | Cash Flow | ||
Singapore Dollar | 4,800,000 | Cash Flow | ||
United States Dollar | 2,398,273 | Cash Flow | ||
Chinese Renminbi | 187,640,472 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
Euro | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | |||
United States Dollar | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | |||
Pounds Sterling | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement |
Currency | Units Hedged | Recognized Location | Purpose | |||
Euro | 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 |
|
(in millions) | 2013 | 2012 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 259.0 | $ | 227.0 | ||||
Work-in-process | 130.2 | 147.6 | ||||||
Finished goods | 436.8 | 428.1 | ||||||
Total inventories — gross | 826.0 | 802.7 | ||||||
Excess and obsolete inventory reserve | (69.0 | ) | (73.4 | ) | ||||
Net inventories at FIFO cost | 757.0 | 729.3 | ||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.6 | ) | ||||
Inventories — net | $ | 720.8 | $ | 692.7 |
|
(in millions) | 2013 | 2012 | ||||||
Land | $ | 40.8 | $ | 42.0 | ||||
Building and improvements | 361.2 | 349.6 | ||||||
Machinery, equipment and tooling | 509.0 | 492.9 | ||||||
Furniture and fixtures | 47.8 | 48.1 | ||||||
Computer hardware and software | 125.8 | 113.2 | ||||||
Rental cranes | 89.3 | 86.2 | ||||||
Construction in progress | 102.2 | 66.0 | ||||||
Total cost | 1,276.1 | 1,198.0 | ||||||
Less accumulated depreciation | (697.3 | ) | (658.7 | ) | ||||
Property, plant and equipment-net | $ | 578.8 | $ | 539.3 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.9 | $ | 1,723.7 | ||||||
Restructuring reserve adjustment | — | (0.6 | ) | (0.6 | ) | |||||||
Foreign currency impact | 2.9 | 0.4 | 3.3 | |||||||||
Gross balance as of December 31, 2012 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869.0 | $ | 1,210.7 | ||||||
Acquisition of Inducs | — | 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 |
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 311.8 | $ | — | $ | 311.8 | $ | 308.2 | $ | — | $ | 308.2 | ||||||||||||
Customer relationships | 426.1 | (114.4 | ) | 311.7 | 425.7 | (93.1 | ) | 332.6 | ||||||||||||||||
Patents | 34.9 | (28.4 | ) | 6.5 | 33.6 | (26.1 | ) | 7.5 | ||||||||||||||||
Engineering drawings | 11.5 | (9.1 | ) | 2.4 | 11.1 | (8.1 | ) | 3.0 | ||||||||||||||||
Distribution network | 21.0 | — | 21.0 | 20.6 | — | 20.6 | ||||||||||||||||||
Other intangibles | 176.6 | (63.8 | ) | 112.8 | 170.8 | (53.0 | ) | 117.8 | ||||||||||||||||
$ | 981.9 | $ | (215.7 | ) | $ | 766.2 | $ | 970.0 | $ | (180.3 | ) | $ | 789.7 |
|
(in millions) | 2013 | 2012 | ||||||
Trade accounts payable and interest payable | $ | 510.6 | $ | 507.7 | ||||
Employee related expenses | 99.9 | 95.8 | ||||||
Restructuring expenses | 20.6 | 25.3 | ||||||
Profit sharing and incentives | 44.7 | 42.9 | ||||||
Accrued rebates | 45.2 | 39.7 | ||||||
Deferred revenue - current | 25.0 | 29.5 | ||||||
Derivative liabilities | 1.5 | 1.9 | ||||||
Income taxes payable | 62.5 | 37.6 | ||||||
Miscellaneous accrued expenses | 125.6 | 131.1 | ||||||
$ | 935.6 | $ | 911.5 |
|
(in millions) | 2013 | 2012 | ||||||
Revolving credit facility | $ | — | $ | 34.4 | ||||
Term loan A | 162.5 | 297.5 | ||||||
Term loan B | — | 81.0 | ||||||
Senior notes due 2018 | 408.4 | 410.5 | ||||||
Senior notes due 2020 | 614.8 | 621.2 | ||||||
Senior notes due 2022 | 289.1 | 298.9 | ||||||
Other | 52.0 | 57.5 | ||||||
Total debt | 1,526.8 | 1,801.0 | ||||||
Less current portion and short-term borrowings | (22.7 | ) | (69.0 | ) | ||||
Long-term debt | $ | 1,504.1 | $ | 1,732.0 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
December 31, 2013 | 3.50:1.00 | 2.25:1.00 | ||
March 31, 2014 | 3.50:1.00 | 2.25:1.00 | ||
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) | |||
2014 | $ | 22.7 | |
2015 | 32.5 | ||
2016 | 146.1 | ||
2017 | 5.1 | ||
2018 | 412.0 | ||
Thereafter | 908.4 | ||
Total | $ | 1,526.8 |
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Earnings (loss) from continuing operations before income taxes: | ||||||||||||
Domestic | $ | 90.1 | $ | 94.1 | $ | (24.8 | ) | |||||
Foreign | 135.1 | 52.8 | 71.1 | |||||||||
Total | $ | 225.2 | $ | 146.9 | $ | 46.3 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal and state | $ | 24.1 | $ | 29.2 | $ | (20.9 | ) | |||||
Foreign | 25.4 | 17.3 | 17.2 | |||||||||
Total current | $ | 49.5 | $ | 46.5 | $ | (3.7 | ) | |||||
Deferred: | ||||||||||||
Federal and state | $ | (15.2 | ) | $ | (5.2 | ) | $ | 13.6 | ||||
Foreign | 1.8 | (3.3 | ) | 3.7 | ||||||||
Total deferred | $ | (13.4 | ) | $ | (8.5 | ) | $ | 17.3 | ||||
Provision for taxes on earnings | $ | 36.1 | $ | 38.0 | $ | 13.6 |
2013 | 2012 | 2011 | |||||||
Federal income tax at statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income provision (benefit) | (0.5 | ) | 0.3 | (10.2 | ) | ||||
Manufacturing & research incentives | (3.3 | ) | (3.5 | ) | (4.3 | ) | |||
Taxes on foreign income which differ from the U.S. statutory rate | (9.3 | ) | (7.7 | ) | (24.1 | ) | |||
Adjustments for unrecognized tax benefits | (5.4 | ) | (6.7 | ) | 7.2 | ||||
Adjustments for valuation allowances | (1.0 | ) | 9.2 | 20.2 | |||||
Other items | 0.5 | (0.7 | ) | 5.6 | |||||
Effective tax rate | 16.0 | % | 25.9 | % | 29.4 | % |
(in millions) | 2013 | 2012 | ||||||
Current deferred tax assets (liabilities): | ||||||||
Inventories | $ | 32.3 | $ | 26.0 | ||||
Accounts receivable | (2.1 | ) | (1.2 | ) | ||||
Product warranty reserves | 20.0 | 20.4 | ||||||
Product liability reserves | 7.9 | 8.7 | ||||||
Deferred revenue, current portion | 0.6 | 2.9 | ||||||
Deferred employee benefits | 16.6 | 13.2 | ||||||
Other reserves and allowances | 16.1 | 21.2 | ||||||
Less valuation allowance | (3.6 | ) | (7.0 | ) | ||||
Net deferred tax assets, current | $ | 87.8 | $ | 84.2 | ||||
Non-current deferred tax assets (liabilities): | ||||||||
Property, plant and equipment | $ | (32.6 | ) | $ | (33.1 | ) | ||
Intangible assets | (296.3 | ) | (310.4 | ) | ||||
Deferred employee benefits | 67.1 | 71.0 | ||||||
Product warranty reserves | 4.2 | 2.5 | ||||||
Tax credits | 2.3 | 1.7 | ||||||
Net operating loss carryforwards | 192.7 | 211.3 | ||||||
Deferred revenue | 5.9 | 4.8 | ||||||
Other | (2.4 | ) | (3.6 | ) | ||||
Total non-current deferred tax liabilities | (59.1 | ) | (55.8 | ) | ||||
Less valuation allowance | (146.2 | ) | (151.0 | ) | ||||
Net deferred tax liabilities, non-current | $ | (205.3 | ) | $ | (206.8 | ) |
(in millions) | 2013 | 2012 | ||||||
Current income tax asset | $ | 89.9 | $ | 88.3 | ||||
Long-term income tax assets, included in other non-current assets | 9.0 | 13.8 | ||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (2.1 | ) | (4.1 | ) | ||||
Long-term deferred income tax liability | (214.3 | ) | (220.6 | ) | ||||
Net deferred income tax liability | $ | (117.5 | ) | $ | (122.6 | ) |
Jurisdiction | Open Years | |
U.S. Federal | 2007 — 2013 | |
Wisconsin | 2009 — 2013 | |
China | 2005 — 2013 | |
France | 2009 — 2013 | |
Germany | 2006 — 2013 |
(in millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 47.3 | $ | 56.3 | $ | 45.2 | ||||||
Additions based on tax positions related to the current year | 2.0 | 1.8 | 1.7 | |||||||||
Additions for tax positions of prior years | 3.7 | 3.6 | 17.1 | |||||||||
Reductions for tax positions of prior years | (0.2 | ) | — | (1.7 | ) | |||||||
Reductions based on settlements with taxing authorities | (11.5 | ) | (13.0 | ) | (5.4 | ) | ||||||
Reductions for lapse of statute | (5.4 | ) | (1.4 | ) | (0.6 | ) | ||||||
Balance at end of year | $ | 35.9 | $ | 47.3 | $ | 56.3 |
|
(in millions) | Gains and Losses on Cash Flow Hedges | Pension & Postretirement | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2012 | $ | 0.6 | $ | (80.3 | ) | $ | 50.3 | $ | (29.4 | ) | ||||||
Other comprehensive loss before reclassifications | 1.3 | 13.5 | 4.5 | 19.3 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.9 | ) | 4.1 | — | 3.2 | |||||||||||
Net current period other comprehensive income | 0.4 | 17.6 | 4.5 | 22.5 | ||||||||||||
Balance at December 31, 2013 | $ | 1.0 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) |
(in millions) | 2013 | 2012 | ||||||
Foreign currency translation | $ | 54.8 | $ | 50.3 | ||||
Derivative instrument fair market value, net of income taxes of $0.6 and $0.3 | 1.0 | 0.6 | ||||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(26.8) and $(34.4) | (62.7 | ) | (80.3 | ) | ||||
$ | (6.9 | ) | $ | (29.4 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | 3.0 | Cost of sales | |||
Commodity contracts | (1.6 | ) | Cost of sales | |||
1.4 | Total before tax | |||||
(0.5 | ) | Tax expense | ||||
$ | 0.9 | Net of tax | ||||
Amortization of pension and postretirement items | ||||||
Actuarial losses | (5.5 | ) | (a) | |||
(5.5 | ) | Total before tax | ||||
1.4 | Tax benefit | |||||
$ | (4.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (3.2 | ) | Net of Tax | ||
(a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 20, "Employee Benefit Plans" for further details). |
|
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||
Options outstanding as of January 1, 2012 | 7.5 | $ | 14.44 | ||||||||
Granted | 0.7 | 16.27 | |||||||||
Exercised | (0.7 | ) | 6.53 | ||||||||
Cancelled | (0.1 | ) | 20.53 | ||||||||
Options outstanding as of December 31, 2012 | 7.4 | $ | 15.27 | ||||||||
Granted | 0.4 | 18.14 | |||||||||
Exercised | (0.6 | ) | 8.35 | ||||||||
Cancelled | (0.2 | ) | 16.66 | ||||||||
Options outstanding as of December 31, 2013 | 7.0 | $ | 16.00 | $ | 62.5 | ||||||
Options exercisable as of: | |||||||||||
December 31, 2013 | 4.8 | $ | 16.95 | $ | 41.8 |
Outstanding | Weighted Average Remaining Contractual | Weighted Average | Exercisable | Weighted Average | ||||||||||||
Range of Exercise Price per Share | Options | Life (Years) | Exercise Price | Options | Exercise Price | |||||||||||
$4.41 - $7.49 | 1.5 | 4.8 | $ | 4.41 | 1.1 | $ | 4.41 | |||||||||
$7.50 - $9.59 | 0.1 | 0.1 | 7.52 | 0.1 | 7.52 | |||||||||||
$9.60 - $10.20 | 0.4 | 1.3 | 10.14 | 0.4 | 10.14 | |||||||||||
10.21 - $16.28 | 2.0 | 5.9 | 12.79 | 1.0 | 12.06 | |||||||||||
$16.29 - $26.09 | 1.6 | 6.3 | 19.18 | 0.8 | 19.38 | |||||||||||
$26.10 - $28.14 | 0.5 | 2.3 | 26.11 | 0.5 | 26.11 | |||||||||||
$28.15 - $36.03 | 0.5 | 2.9 | 29.50 | 0.5 | 29.50 | |||||||||||
$36.04 - $47.84 | 0.4 | 3.9 | 38.91 | 0.4 | 38.91 | |||||||||||
7.0 | 4.9 | $ | 16.00 | 4.8 | $ | 16.95 |
2013 | 2012 | 2011 | |||||||
Expected Life (years) | 6.0 | 6.0 | 6.0 | ||||||
Risk-free Interest rate | 1.1 | % | 1.1 | % | 2.8 | % | |||
Expected volatility | 56.0 | % | 55.0 | % | 52.0 | % | |||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.7 | % |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2013 | 0.9 | $ | 14.86 | ||||
Granted | 0.1 | 18.14 | |||||
Vested | (0.5 | ) | 11.48 | ||||
Cancelled | — | — | |||||
Unvested as of December 31, 2013 | 0.5 | $ | 18.25 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2013 | 0.7 | $ | 18.41 | ||||
Granted | 0.5 | 20.47 | |||||
Vested* | (0.4 | ) | 19.00 | ||||
Cancelled | (0.1 | ) | 19.44 | ||||
Unvested as of December 31, 2013 | 0.7 | $ | 19.28 |
|
(in millions) | 2013 | 2012 | ||||||
Balance at beginning of period | $ | 101.2 | $ | 103.6 | ||||
Accruals for warranties issued during the period | 58.6 | 56.9 | ||||||
Acquisition | 0.2 | — | ||||||
Settlements made (in cash or in kind) during the period | (61.7 | ) | (59.8 | ) | ||||
Currency translation | 0.7 | 0.5 | ||||||
Balance at end of period | $ | 99.0 | $ | 101.2 |
|
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of December 31, 2013 | ||||||||||||||
$ | 8.4 | $ | 1.9 | $ | (6.0 | ) | $ | — | $ | 4.3 |
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of December 31, 2013 | ||||||||||||||
$ | 16.9 | $ | 2.9 | $ | (2.8 | ) | $ | (0.7 | ) | $ | 16.3 |
|
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.2 | $ | 1.8 | $ | 0.6 | $ | 0.8 | $ | 0.8 | ||||||||||||||||||
Interest cost of projected benefit obligation | 9.6 | 10.2 | 10.4 | 9.8 | 10.2 | 11.0 | 2.0 | 2.8 | 3.4 | |||||||||||||||||||||||||||
Expected return on assets | (10.2 | ) | (10.2 | ) | (9.5 | ) | (7.4 | ) | (8.2 | ) | (9.3 | ) | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Amortization of actuarial net loss | 3.5 | 2.9 | 1.6 | 1.9 | 0.8 | 0.4 | — | 0.4 | 0.3 | |||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | (0.8 | ) | — | — | ||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | (1.6 | ) | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.9 | $ | 2.9 | $ | 2.5 | $ | 6.8 | $ | 3.5 | $ | 4.0 | $ | 1.7 | $ | 4.0 | $ | 4.5 | ||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | 4.0 | % | 4.7 | % | 5.3 | % | 3.5 | % | 4.6 | % | 5.4 | % | ||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6.0 | % | 6.0 | % | 3.9 | % | 4.5 | % | 5.4 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 3.8 | % | 3.7 | % | 4.2 | % | 3.0 | % | 3.0 | % | 3.0 | % |
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 241.4 | $ | 226.1 | $ | 255.0 | $ | 221.0 | $ | 57.5 | $ | 63.9 | ||||||||||||
Service cost | — | — | 2.4 | 2.2 | 0.6 | 0.8 | ||||||||||||||||||
Interest cost | 9.6 | 10.2 | 9.8 | 10.2 | 2.0 | 2.8 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | ||||||||||||||||||
Plan curtailments | — | — | — | — | (0.7 | ) | (0.4 | ) | ||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | ||||||||||||||||
Plan amendments | — | — | — | — | (0.4 | ) | (0.2 | ) | ||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.6 | ) | — | — | ||||||||||||||||
Actuarial (gain) loss | (19.4 | ) | 14.8 | 3.9 | 27.4 | (7.2 | ) | (6.9 | ) | |||||||||||||||
Currency translation adjustment | — | — | 4.6 | 6.8 | (0.2 | ) | 0.1 | |||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | ||||||||||||
Benefit obligation, end of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255.0 | $ | 48.5 | $ | 57.5 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 180.6 | $ | 174.5 | $ | 199.5 | $ | 182.0 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | (1.3 | ) | 14.6 | 16.5 | 19.1 | — | — | |||||||||||||||||
Employer contributions | 1.2 | 1.2 | 4.2 | 5.2 | 3.1 | 2.6 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | ||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | ||||||||||||||||
Currency translation adjustment | — | — | 3.5 | 5.8 | — | — | ||||||||||||||||||
Net transfer out | — | — | (0.4 | ) | (0.6 | ) | — | — | ||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | ||||||||||||
Fair value of plan assets, end of year | 162.6 | 180.6 | 211.1 | 199.5 | — | — | ||||||||||||||||||
Funded status | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | ||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | ||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | ||||||||||||
Pension obligation | (51.1 | ) | (60.8 | ) | (52.4 | ) | (55.8 | ) | — | — | ||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (48.5 | ) | (57.5 | ) | ||||||||||||||||
Net amount recognized | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | ||||||
Weighted-Average Assumptions | ||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.3 | % | 4.0 | % | 4.5 | % | 3.5 | % | ||||||||||||
Expected return on plan assets | 5.8 | % | 6.0 | % | 3.9 | % | 4.5 | % | N/A | N/A |
Pensions | Postretirement Health and Other | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial gain (loss) | $ | (93.4 | ) | $ | (111.3 | ) | $ | 4.6 | $ | (2.6 | ) | |||||
Prior service credit | (1.0 | ) | (1.0 | ) | 0.3 | 0.2 | ||||||||||
Total amount recognized | $ | (94.4 | ) | $ | (112.3 | ) | $ | 4.9 | $ | (2.4 | ) |
Change in assumption: | Estimated increase (decrease) in 2014 pension cost | Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2013 | Estimated increase (decrease) in 2014 Other Postretirement Benefit costs | Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2013 | ||||||||||||
0.50% increase in discount rate | $ | (1.6 | ) | $ | (29.2 | ) | $ | (0.1 | ) | $ | (2.0 | ) | ||||
0.50% decrease in discount rate | 1.8 | 30.9 | (0.1 | ) | 2.2 | |||||||||||
0.50% increase in long-term return on assets | (1.8 | ) | N/A | N/A | N/A | |||||||||||
0.50% decrease in long-term return on assets | 1.8 | N/A | N/A | N/A | ||||||||||||
1% increase in medical trend rates | N/A | N/A | 0.3 | 4.0 | ||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.7 | ) | (3.5 | ) |
Target Allocations | Weighted Average Asset Allocations | |||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | |||||||
Equity Securities | 25 | % | 0 - 20% | 26.1 | % | 20.2 | % | |||
Debt Securities | 75 | % | 0 - 100% | 73.4 | % | 23.8 | % | |||
Other | — | % | 0 - 100% | 0.5 | % | 56.0 | % |
December 31, 2013 | ||||||||||||||||
Assets (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Cash | $ | 1.7 | $ | — | $ | — | $ | 1.7 | ||||||||
Insurance group annuity contracts | — | — | 118.3 | 118.3 | ||||||||||||
Common/collective trust funds — Government debt | — | 3.0 | — | 3.0 | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.6 | — | 49.6 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 111.6 | — | 111.6 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 84.3 | — | 84.3 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 5.2 | — | 5.2 | ||||||||||||
Total | $ | 1.7 | $ | 253.7 | $ | 118.3 | $ | 373.7 |
December 31, 2012 | ||||||||||||||||
Assets (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
Cash | $ | 2.1 | $ | — | $ | — | $ | 2.1 | ||||||||
Insurance group annuity contracts | — | — | 111.1 | 111.1 | ||||||||||||
Common/collective trust funds — Government debt | — | 8.9 | — | 8.9 | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.8 | — | 49.8 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 95.5 | — | 95.5 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 71.4 | — | 71.4 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 41.3 | — | 41.3 | ||||||||||||
Total | $ | 2.1 | $ | 266.9 | $ | 111.1 | $ | 380.1 |
Insurance Contracts Year Ended December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Beginning Balance | $ | 111.1 | $ | 102.4 | ||||
Actual return on assets | 12.1 | 12.2 | ||||||
Benefit payments | (6.8 | ) | (6.7 | ) | ||||
Foreign currency impact | 1.9 | 3.2 | ||||||
Ending Balance | $ | 118.3 | $ | 111.1 |
(in millions) | U.S Pension Plans | Non-U.S. Pension Plans | Postretirement Health and Other | |||||||||
2014 | $ | 11.7 | $ | 11.7 | $ | 3.8 | ||||||
2015 | 12.2 | 12.5 | 3.8 | |||||||||
2016 | 12.7 | 13.3 | 4.0 | |||||||||
2017 | 13.1 | 14.4 | 4.2 | |||||||||
2018 | 13.6 | 15.2 | 4.4 | |||||||||
2019 — 2023 | 71.8 | 86.4 | 20.4 |
U.S Pension Plans | Non U.S. Pension Plans | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Projected benefit obligation | $ | 213.7 | $ | 241.4 | $ | 259.4 | $ | 251.5 | ||||||||
Accumulated benefit obligation | 213.7 | 241.4 | 254.2 | 246.7 | ||||||||||||
Fair value of plan assets | 162.6 | 180.6 | 206.9 | 195.7 |
(in millions) | Contributions by Manitowoc | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2013 | 2012 | 2011 | ||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | 0.3 | $ | 0.9 | $ | 0.8 | |||||||||
Total Contributions | $ | 0.3 | $ | 0.9 | $ | 0.8 |
2013 | 2012 | |||||
Equity | 26.1 | % | 19.7 | % | ||
Fixed income | 73.4 | % | 79.8 | % | ||
Other | 0.5 | % | 0.5 | % | ||
100.0 | % | 100.0 | % |
2013 | 2012 | |||||
Equity | 20.2 | % | 17.9 | % | ||
Fixed income | 23.8 | % | 25.8 | % | ||
Other | 56.0 | % | 56.3 | % | ||
100.0 | % | 100.0 | % |
|
(in millions) | |||
2014 | $ | 45.6 | |
2015 | 35.7 | ||
2016 | 27.5 | ||
2017 | 20.3 | ||
2018 | 16.3 | ||
Thereafter | 26.1 | ||
Total | $ | 171.5 |
|
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net sales from continuing operations: | ||||||||||||
Crane | $ | 2,506.3 | $ | 2,427.1 | $ | 2,134.7 | ||||||
Foodservice | 1,541.8 | 1,486.2 | 1,454.6 | |||||||||
Total | $ | 4,048.1 | $ | 3,913.3 | $ | 3,589.3 | ||||||
Operating earnings (loss) from continuing operations: | ||||||||||||
Crane | $ | 218.8 | $ | 170.5 | $ | 118.8 | ||||||
Foodservice | 250.3 | 238.6 | 214.4 | |||||||||
Corporate | (64.9 | ) | (63.7 | ) | (61.3 | ) | ||||||
Amortization expense | (35.3 | ) | (36.5 | ) | (37.4 | ) | ||||||
Restructuring expense | (4.8 | ) | (9.5 | ) | (5.5 | ) | ||||||
Other income (expense) | 0.3 | (2.5 | ) | 0.5 | ||||||||
Operating earnings from continuing operations | $ | 364.4 | $ | 296.9 | $ | 229.5 | ||||||
Other income (expenses): | ||||||||||||
Interest expense | $ | (128.4 | ) | $ | (135.6 | ) | $ | (145.4 | ) | |||
Amortization of deferred financing fees | (7.0 | ) | (8.2 | ) | (10.4 | ) | ||||||
Loss on debt extinguishment | (3.0 | ) | (6.3 | ) | (29.7 | ) | ||||||
Other income (expense)-net | (0.8 | ) | 0.1 | 2.3 | ||||||||
Earnings from continuing operations before taxes on earnings | $ | 225.2 | $ | 146.9 | $ | 46.3 | ||||||
Capital expenditures: | ||||||||||||
Crane | $ | 69.3 | $ | 52.7 | $ | 52.0 | ||||||
Foodservice | 33.6 | 17.4 | 11.9 | |||||||||
Corporate | 7.8 | 2.8 | 0.7 | |||||||||
Total | $ | 110.7 | $ | 72.9 | $ | 64.6 | ||||||
Total depreciation: | ||||||||||||
Crane | $ | 46.9 | $ | 43.5 | $ | 52.9 | ||||||
Foodservice | 20.1 | 22.3 | 24.5 | |||||||||
Corporate | 1.5 | 2.3 | 2.8 | |||||||||
Total | $ | 68.5 | $ | 68.1 | $ | 80.2 | ||||||
Total assets: | ||||||||||||
Crane | $ | 1,900.4 | $ | 1,903.3 | $ | 1,760.8 | ||||||
Foodservice | 1,904.3 | 1,956.8 | 2,192.6 | |||||||||
Corporate | 171.9 | 197.2 | 69.2 | |||||||||
Total | $ | 3,976.6 | $ | 4,057.3 | $ | 4,022.6 |
Net Sales | Long-Lived Assets | |||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||
United States | $ | 1,978.0 | $ | 1,833.0 | $ | 1,588.8 | $ | 1,888.4 | $ | 1,905.4 | ||||||||||
Other North America | 292.1 | 278.2 | 208.8 | 13.6 | 5.3 | |||||||||||||||
Europe | 937.6 | 788.0 | 813.4 | 530.0 | 510.6 | |||||||||||||||
Asia | 364.5 | 354.0 | 352.2 | 203.0 | 189.5 | |||||||||||||||
Middle East | 174.2 | 161.6 | 189.4 | 1.6 | 1.6 | |||||||||||||||
Central and South America | 166.9 | 243.0 | 237.8 | 36.0 | 33.3 | |||||||||||||||
Africa | 30.0 | 110.8 | 65.4 | — | — | |||||||||||||||
South Pacific and Caribbean | 12.6 | 10.6 | 12.0 | 4.1 | 4.6 | |||||||||||||||
Australia | 92.2 | 134.1 | 121.5 | 4.7 | 4.4 | |||||||||||||||
Total | $ | 4,048.1 | $ | 3,913.3 | $ | 3,589.3 | $ | 2,681.4 | $ | 2,654.7 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,631.3 | $ | 2,097.1 | $ | (680.3 | ) | $ | 4,048.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,038.1 | 1,668.5 | (680.3 | ) | 3,026.3 | |||||||||||||
Engineering, selling and administrative expenses | 61.4 | 259.5 | 296.7 | — | 617.6 | ||||||||||||||
Amortization expense | — | 29.6 | 5.7 | — | 35.3 | ||||||||||||||
Restructuring expense | — | 0.7 | 4.1 | — | 4.8 | ||||||||||||||
Other (income) expense | — | 0.5 | (0.8 | ) | — | (0.3 | ) | ||||||||||||
Equity in (earnings) loss of subsidiaries | (199.6 | ) | (32.5 | ) | — | 232.1 | — | ||||||||||||
Total costs and expenses | (138.2 | ) | 2,295.9 | 1,974.2 | (448.2 | ) | 3,683.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 138.2 | 335.4 | 122.9 | (232.1 | ) | 364.4 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (118.8 | ) | (1.0 | ) | (8.6 | ) | — | (128.4 | ) | ||||||||||
Amortization of deferred financing fees | (7.0 | ) | — | — | — | (7.0 | ) | ||||||||||||
Loss on debt extinguishment | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||
Management fee income (expense) | 59.6 | (77.1 | ) | 17.5 | — | — | |||||||||||||
Other income (expense)-net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | |||||||||||
Total other income (expense) | (72.8 | ) | (110.7 | ) | 44.3 | — | (139.2 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 65.4 | 224.7 | 167.2 | (232.1 | ) | 225.2 | |||||||||||||
Provision (benefit) for taxes on earnings | (76.4 | ) | 69.3 | 43.2 | — | 36.1 | |||||||||||||
Earnings (loss) from continuing operations | 141.8 | 155.4 | 124.0 | (232.1 | ) | 189.1 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.3 | ) | (16.5 | ) | — | (18.8 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (2.7 | ) | — | (2.7 | ) | ||||||||||||
Net earnings (loss) | 141.8 | 153.1 | 104.8 | (232.1 | ) | 167.6 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 25.8 | — | 25.8 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 141.8 | $ | 153.1 | $ | 79.0 | $ | (232.1 | ) | $ | 141.8 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 164.3 | $ | 154.1 | $ | 62.9 | $ | (217.0 | ) | $ | 164.3 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,616.4 | $ | 1,959.0 | $ | (662.1 | ) | $ | 3,913.3 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,022.3 | 1,610.1 | (662.1 | ) | 2,970.3 | |||||||||||||
Engineering, selling and administrative expenses | 61.2 | 247.6 | 288.8 | — | 597.6 | ||||||||||||||
Amortization expense | — | 29.9 | 6.6 | — | 36.5 | ||||||||||||||
Restructuring expense | — | 0.7 | 8.8 | — | 9.5 | ||||||||||||||
Other expense | — | 2.5 | — | — | 2.5 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (167.2 | ) | (36.0 | ) | — | 203.2 | — | ||||||||||||
Total costs and expenses | (106.0 | ) | 2,267.0 | 1,914.3 | (458.9 | ) | 3,616.4 | ||||||||||||
Operating earnings (loss) from continuing operations | 106.0 | 349.4 | 44.7 | (203.2 | ) | 296.9 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (122.9 | ) | (2.1 | ) | (10.6 | ) | — | (135.6 | ) | ||||||||||
Amortization of deferred financing fees | (8.2 | ) | — | — | — | (8.2 | ) | ||||||||||||
Loss on debt extinguishment | (6.3 | ) | — | — | — | (6.3 | ) | ||||||||||||
Management fee income (expense) | 60.1 | (77.8 | ) | 17.7 | — | — | |||||||||||||
Other income (expense)-net | 16.5 | (45.9 | ) | 29.5 | — | 0.1 | |||||||||||||
Total other income (expense) | (60.8 | ) | (125.8 | ) | 36.6 | — | (150.0 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 45.2 | 223.6 | 81.3 | (203.2 | ) | 146.9 | |||||||||||||
Provision (benefit) for taxes on earnings | (56.5 | ) | 69.2 | 25.3 | — | 38.0 | |||||||||||||
Earnings (loss) from continuing operations | 101.7 | 154.4 | 56.0 | (203.2 | ) | 108.9 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.9 | ) | (15.4 | ) | — | (16.3 | ) | |||||||||||
Net earnings (loss) | 101.7 | 153.5 | 40.6 | (203.2 | ) | 92.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (9.1 | ) | — | (9.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 101.7 | $ | 153.5 | $ | 49.7 | $ | (203.2 | ) | $ | 101.7 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 97.1 | $ | 153.7 | $ | 51.9 | $ | (205.6 | ) | $ | 97.1 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,166.0 | $ | 1,908.9 | $ | (485.6 | ) | $ | 3,589.3 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 1,681.5 | 1,560.5 | (485.6 | ) | 2,756.4 | |||||||||||||
Engineering, selling and administrative expenses | 58.9 | 231.1 | 271.0 | — | 561.0 | ||||||||||||||
Amortization expense | — | 29.9 | 7.5 | — | 37.4 | ||||||||||||||
Restructuring expense | — | 0.5 | 5.0 | — | 5.5 | ||||||||||||||
Other expense (income) | — | 0.7 | (1.2 | ) | — | (0.5 | ) | ||||||||||||
Equity in (earnings) loss of subsidiaries | (70.4 | ) | (32.4 | ) | — | 102.8 | — | ||||||||||||
Total costs and expenses | (11.5 | ) | 1,911.3 | 1,842.8 | (382.8 | ) | 3,359.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 11.5 | 254.7 | 66.1 | (102.8 | ) | 229.5 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (132.9 | ) | (1.5 | ) | (11.0 | ) | — | (145.4 | ) | ||||||||||
Amortization of deferred financing fees | (10.4 | ) | — | — | — | (10.4 | ) | ||||||||||||
Loss on debt extinguishment | (29.7 | ) | — | — | — | (29.7 | ) | ||||||||||||
Management fee income (expense) | 55.0 | (68.0 | ) | 13.0 | — | — | |||||||||||||
Other income (expense)-net | 40.6 | (69.7 | ) | 31.4 | — | 2.3 | |||||||||||||
Total other income (expense) | (77.4 | ) | (139.2 | ) | 33.4 | — | (183.2 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | (65.9 | ) | 115.5 | 99.5 | (102.8 | ) | 46.3 | ||||||||||||
Provision (benefit) for taxes on earnings | (54.7 | ) | 32.5 | 35.8 | — | 13.6 | |||||||||||||
Earnings (loss) from continuing operations | (11.2 | ) | 83.0 | 63.7 | (102.8 | ) | 32.7 | ||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (1.5 | ) | (14.3 | ) | — | (15.8 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | (34.6 | ) | — | — | (34.6 | ) | ||||||||||||
Net earnings (loss) | (11.2 | ) | 46.9 | 49.4 | (102.8 | ) | (17.7 | ) | |||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (6.5 | ) | — | (6.5 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | (11.2 | ) | $ | 46.9 | $ | 55.9 | $ | (102.8 | ) | $ | (11.2 | ) | ||||||
Comprehensive income (loss) attributable to Manitowoc | $ | (36.1 | ) | $ | 47.1 | $ | 51.1 | $ | (98.2 | ) | $ | (36.1 | ) |
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 operation | — | — | 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 operation | — | — | 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 operation | — | — | 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 | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 12.0 | $ | 4.0 | $ | 57.2 | $ | — | $ | 73.2 | |||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | ||||||||||||||
Accounts receivable — net | 0.4 | 29.0 | 301.3 | — | 330.7 | ||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | |||||||||||||
Inventories — net | — | 338.3 | 354.4 | — | 692.7 | ||||||||||||||
Deferred income taxes | 70.9 | — | 17.4 | — | 88.3 | ||||||||||||||
Other current assets | 6.5 | 3.5 | 104.3 | (10.0 | ) | 104.3 | |||||||||||||
Current assets of discontinued operations | — | — | 28.2 | — | 28.2 | ||||||||||||||
Total current assets | 99.2 | 378.0 | 868.1 | (17.3 | ) | 1,328.0 | |||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 261.2 | — | 539.3 | ||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.7 | ||||||||||||||
Other intangible assets — net | — | 620.9 | 168.8 | — | 789.7 | ||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.3 | (2,184.4 | ) | — | |||||||||||||
Other non-current assets | 49.3 | 4.5 | 75.0 | — | 128.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 60.8 | — | 60.8 | ||||||||||||||
Investment in affiliates | 4,985.4 | 3,443.6 | — | (8,429.0 | ) | — | |||||||||||||
Total assets | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 407.3 | $ | — | $ | 911.5 | |||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 33.1 | (10.0 | ) | 69.0 | |||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 37.5 | — | 82.0 | ||||||||||||||
Customer advances | — | 7.8 | 16.3 | — | 24.1 | ||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 31.4 | — | 31.4 | ||||||||||||||
Total current liabilities | 142.0 | 487.1 | 534.1 | (17.3 | ) | 1,145.9 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,708.3 | 3.0 | 20.7 | — | 1,732.0 | ||||||||||||||
Deferred income taxes | 176.0 | — | 44.6 | — | 220.6 | ||||||||||||||
Pension obligations | 80.0 | 12.2 | 22.1 | — | 114.3 | ||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | ||||||||||||||
Long-term deferred revenue | — | 6.0 | 31.7 | — | 37.7 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,024.9 | — | 57.9 | (3,082.8 | ) | — | |||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 11.0 | — | 11.0 | ||||||||||||||
Total non-current liabilities | 5,327.0 | 864.3 | 1,206.3 | (5,067.5 | ) | 2,330.1 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.7 | 2,111.9 | (7,530.6 | ) | 600.3 | |||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | ||||||||||||
Total equity | 600.3 | 5,418.7 | 2,092.9 | (7,530.6 | ) | 581.3 | |||||||||||||
Total liabilities and equity | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (51.6 | ) | $ | 224.9 | $ | 160.8 | $ | — | $ | 334.1 | ||||||||
Cash used for operating activities of discontinued operations | — | (2.3 | ) | (8.7 | ) | — | (11.0 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (51.6 | ) | $ | 222.6 | $ | 152.1 | $ | — | $ | 323.1 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.8 | ) | $ | (57.4 | ) | $ | (52.5 | ) | $ | — | $ | (110.7 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 2.0 | 2.1 | — | 4.1 | ||||||||||||||
Restricted cash | 2.6 | — | (4.6 | ) | — | (2.0 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | — | (12.2 | ) | — | (12.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | 197.1 | (167.2 | ) | (169.3 | ) | 139.4 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | $ | 198.9 | $ | (222.6 | ) | $ | (197.3 | ) | $ | 139.4 | $ | (81.6 | ) | ||||||
Net cash used for investing activities of discontinued operations | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 198.9 | $ | (222.6 | ) | $ | (197.9 | ) | $ | 139.4 | $ | (82.2 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (220.6 | ) | $ | (0.7 | ) | $ | (45.2 | ) | $ | — | $ | (266.5 | ) | |||||
Proceeds from long-term debt | — | — | 43.0 | — | 43.0 | ||||||||||||||
(Payments on) proceeds from revolving credit facility—net | (34.5 | ) | — | 0.1 | — | (34.4 | ) | ||||||||||||
Proceeds from notes financing—net | — | — | 6.6 | — | 6.6 | ||||||||||||||
Debt issue costs | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||||||
Dividends paid | (10.7 | ) | — | — | — | (10.7 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 6.7 | — | — | — | 6.7 | ||||||||||||||
Intercompany financing | 102.1 | — | 37.3 | (139.4 | ) | — | |||||||||||||
Net cash provided by (used for) financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | |||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (10.8 | ) | (0.7 | ) | (6.8 | ) | — | (18.3 | ) | ||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.2 | — | 73.2 | ||||||||||||||
Balance at end of period | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (22.8 | ) | $ | 167.4 | $ | 30.7 | $ | — | $ | 175.3 | ||||||||
Cash used for operating activities of discontinued operations | — | (0.9 | ) | (12.0 | ) | — | (12.9 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (22.8 | ) | $ | 166.5 | $ | 18.7 | $ | — | $ | 162.4 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (1.4 | ) | $ | (36.5 | ) | $ | (35.0 | ) | $ | — | $ | (72.9 | ) | |||||
Proceeds from sale of property, plant and equipment | — | — | 0.8 | — | 0.8 | ||||||||||||||
Restricted cash | 1.0 | — | (4.3 | ) | — | (3.3 | ) | ||||||||||||
Intercompany investments | 131.4 | (175.4 | ) | (4.8 | ) | 48.8 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | 131.0 | (211.9 | ) | (43.3 | ) | 48.8 | (75.4 | ) | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 131.0 | $ | (211.9 | ) | $ | (43.4 | ) | $ | 48.8 | $ | (75.5 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (439.7 | ) | $ | (0.7 | ) | $ | (55.0 | ) | $ | — | $ | (495.4 | ) | |||||
Proceeds from long-term debt | 300.0 | — | 83.3 | — | 383.3 | ||||||||||||||
Proceeds from revolving credit facility—net | 34.4 | — | — | — | 34.4 | ||||||||||||||
Payments on notes financing—net | — | (2.1 | ) | (8.3 | ) | — | (10.4 | ) | |||||||||||
Proceeds from swap monetization | 14.8 | — | — | — | 14.8 | ||||||||||||||
Debt issue costs | (5.7 | ) | — | — | — | (5.7 | ) | ||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 6.4 | — | — | — | 6.4 | ||||||||||||||
Intercompany financing | — | 43.7 | 5.1 | (48.8 | ) | — | |||||||||||||
Net cash provided by (used for) financing activities | $ | (100.4 | ) | $ | 40.9 | $ | 25.1 | $ | (48.8 | ) | $ | (83.2 | ) | ||||||
Effect of exchange rate changes on cash | — | — | 1.2 | — | 1.2 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7.8 | (4.5 | ) | 1.6 | — | 4.9 | |||||||||||||
Balance at beginning of period | 4.2 | 8.5 | 55.6 | — | 68.3 | ||||||||||||||
Balance at end of period | $ | 12.0 | $ | 4.0 | $ | 57.2 | $ | — | $ | 73.2 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (59.8 | ) | $ | 70.5 | $ | 32.6 | $ | — | $ | 43.3 | ||||||||
Cash used for operating activities of discontinued operations | — | (1.5 | ) | (24.7 | ) | — | (26.2 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (59.8 | ) | $ | 69.0 | $ | 7.9 | $ | — | $ | 17.1 | ||||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.4 | ) | $ | (23.4 | ) | $ | (40.8 | ) | $ | — | $ | (64.6 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 17.2 | — | 17.3 | ||||||||||||||
Restricted cash | 2.0 | — | 0.2 | — | 2.2 | ||||||||||||||
Proceeds from sale of business | — | 143.6 | — | — | 143.6 | ||||||||||||||
Intercompany investments | 216.7 | (164.5 | ) | (30.7 | ) | (21.5 | ) | — | |||||||||||
Net cash provided by (used for) investing activities of continuing operations | 218.3 | (44.2 | ) | (54.1 | ) | (21.5 | ) | 98.5 | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | 218.3 | $ | (44.2 | ) | $ | (54.2 | ) | $ | (21.5 | ) | $ | 98.4 | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (884.1 | ) | $ | (0.7 | ) | $ | (75.5 | ) | $ | — | $ | (960.3 | ) | |||||
Proceeds from long-term debt | 750.0 | — | 89.0 | — | 839.0 | ||||||||||||||
Payments on revolving credit facility—net | (24.2 | ) | — | — | — | (24.2 | ) | ||||||||||||
Proceeds from (payments on) notes financing—net | — | (2.6 | ) | 17.4 | — | 14.8 | |||||||||||||
Proceeds from swap monetization | 21.5 | — | — | — | 21.5 | ||||||||||||||
Debt issue costs | (14.7 | ) | — | — | — | (14.7 | ) | ||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||
Exercises of stock options including windfall tax benefits | 2.6 | — | — | — | 2.6 | ||||||||||||||
Intercompany financing | (0.1 | ) | (32.7 | ) | 11.3 | 21.5 | — | ||||||||||||
Net cash used for financing activities of continuing operations | (159.6 | ) | (36.0 | ) | 42.2 | 21.5 | (131.9 | ) | |||||||||||
Net cash provided by financing activities of discontinued operations | — | — | 6.0 | — | 6.0 | ||||||||||||||
Net cash used for financing activities | $ | (159.6 | ) | $ | (36.0 | ) | $ | 48.2 | $ | 21.5 | $ | (125.9 | ) | ||||||
Effect of exchange rate changes on cash | — | — | (3.3 | ) | — | (3.3 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1.1 | ) | (11.2 | ) | (1.4 | ) | — | (13.7 | ) | ||||||||||
Balance at beginning of period | 5.3 | 19.7 | 57.0 | — | 82.0 | ||||||||||||||
Balance at end of period | $ | 4.2 | $ | 8.5 | $ | 55.6 | $ | — | $ | 68.3 |
|
2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Net sales | $ | 894.6 | $ | 1,037.1 | $ | 1,012.1 | $ | 1,104.3 | $ | 845.8 | $ | 993.1 | $ | 946.3 | $ | 1,128.1 | ||||||||||||||||
Gross profit | 222.1 | 276.0 | 262.1 | 261.6 | 204.5 | 253.1 | 236.4 | 249.0 | ||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 22.3 | 71.4 | 70.8 | 60.7 | 13.1 | 62.3 | 37.4 | 34.1 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | (3.9 | ) | (3.8 | ) | (4.2 | ) | (4.4 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (1.6 | ) | — | — | (1.1 | ) | — | — | — | — | ||||||||||||||||||||||
Net earnings (loss) | 8.1 | 54.5 | 50.6 | 54.4 | (2.2 | ) | 43.0 | 19.7 | 32.1 | |||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interest, net of tax | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | (1.9 | ) | (2.3 | ) | (2.5 | ) | (2.4 | ) | |||||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | $ | (0.3 | ) | $ | 45.3 | $ | 22.2 | $ | 34.5 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | $ | 0.01 | $ | 0.36 | $ | 0.19 | $ | 0.28 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.40 | $ | 0.16 | $ | — | $ | 0.35 | $ | 0.17 | $ | 0.26 | ||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.46 | $ | 0.40 | $ | 0.18 | $ | 0.01 | $ | 0.35 | $ | 0.18 | $ | 0.27 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | $ | — | $ | 0.34 | $ | 0.17 | $ | 0.26 | ||||||||||||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.08 | $ | — | $ | — | $ | — | $ | 0.08 |
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