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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) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 0.3 | $ | 16.8 | $ | 13.7 | ||||||
Pretax loss from discontinued operation | $ | (0.8 | ) | $ | (17.3 | ) | $ | (16.6 | ) | |||
Benefit for taxes on earnings | — | (0.3 | ) | — | ||||||||
Net loss from discontinued operation | $ | (0.8 | ) | $ | (17.0 | ) | $ | (16.6 | ) |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | — | $ | 2.5 | $ | 32.6 | ||||||
Pretax earnings from discontinued operation | $ | — | $ | 0.1 | $ | 1.7 | ||||||
(Benefit) provision for taxes on earnings | — | (0.4 | ) | 0.7 | ||||||||
Net earnings from discontinued operation | $ | — | $ | 0.5 | $ | 1.0 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | — | $ | — | $ | — | ||||||
Pretax loss from discontinued operations | $ | (0.9 | ) | $ | (3.4 | ) | $ | (1.2 | ) | |||
Benefit for taxes on earnings | (0.3 | ) | (1.1 | ) | (0.5 | ) | ||||||
Net loss from discontinued operations | $ | (0.6 | ) | $ | (2.3 | ) | $ | (0.7 | ) |
|
Fair Value as of December 31, 2014 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Current Assets: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.1 | $ | — | $ | 2.1 | ||||||||
Total current assets at fair value | $ | — | $ | 2.1 | $ | — | $ | 2.1 | ||||||||
Non-Current Assets: | ||||||||||||||||
Interest rate swap contracts: Float-to-fixed | $ | — | $ | 0.8 | $ | — | $ | 0.8 | ||||||||
Total non-current assets at fair value | $ | — | $ | 0.8 | $ | — | $ | 0.8 | ||||||||
Current Liabilities: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 7.9 | $ | — | $ | 7.9 | ||||||||
Commodity contracts | — | 1.0 | — | 1.0 | ||||||||||||
Interest rate swap contracts: Float-to-fixed | — | 2.3 | — | 2.3 | ||||||||||||
Total current liabilities at fair value | $ | — | $ | 11.2 | $ | — | $ | 11.2 | ||||||||
Non-current Liabilities: | ||||||||||||||||
Commodity contracts | — | 0.4 | — | 0.4 | ||||||||||||
Interest rate swap contracts: Fixed-to-float | — | 4.3 | — | 4.3 | ||||||||||||
Total non-current liabilities at fair value | $ | — | $ | 4.7 | $ | — | $ | 4.7 |
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: Fixed-to-float | $ | — | $ | 14.9 | $ | — | $ | 14.9 | ||||||||
Total non-current liabilities at fair value | $ | — | $ | 14.9 | $ | — | $ | 14.9 |
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||
Inputs other than quoted prices that are observable for the asset or liability | ||
Level 3 | Unobservable inputs for the asset or liability |
|
Commodity | Units Hedged | Type | ||||
Aluminum | 1,657 | MT | Cash Flow | |||
Copper | 820 | MT | Cash Flow | |||
Natural Gas | 347,608 | MMBtu | Cash Flow | |||
Steel | 14,665 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 7,984,824 | Cash Flow | ||
European Euro | 89,006,695 | Cash Flow | ||
South Korean Won | 1,964,906,996 | Cash Flow | ||
Singapore Dollar | 3,900,000 | Cash Flow | ||
United States Dollar | 29,228,731 | Cash Flow | ||
Mexican Peso | 52,674,387 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
European Euro | 73,302,332 | Other (expense) income, net | Accounts payable and receivable settlement | |||
United States Dollar | 18,244,912 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Australian Dollar | 2,482,430 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Mexican Peso | 3,151,000 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Canadian Dollar | 2,516 | Other (expense) income, net | Accounts payable and receivable settlement |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Interest rate swap contracts: Float-to-fixed | Other non-current assets | $ | 0.8 | |
Total derivatives designated as hedging instruments | $ | 0.8 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 2.1 | |
Total derivatives NOT designated as hedging instruments | $ | 2.1 | ||
Total asset derivatives | $ | 2.9 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 6.6 | |
Commodity contracts | Accounts payable and accrued expenses | 1.0 | ||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | 2.3 | ||
Commodity contracts | Other non-current liabilities | 0.4 | ||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 4.3 | ||
Total derivatives designated as hedging instruments | $ | 14.6 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.3 | |
Total derivatives NOT designated as hedging instruments | $ | 1.3 | ||
Total liability derivatives | $ | 15.9 |
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 | $ | (5.3 | ) | Cost of sales | $ | (2.2 | ) | |||
Commodity contracts | (0.8 | ) | Cost of sales | (0.1 | ) | |||||
Interest rate swap contracts: Float-to-fixed | (0.9 | ) | Interest expense | (1.8 | ) | |||||
Total | $ | (7.0 | ) | $ | (4.1 | ) |
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 | $ | (0.1 | ) |
Total | $ | (0.1 | ) |
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 (expense) income, net | $ | 0.8 | |
Total | $ | 0.8 |
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: Fixed-to-float | Interest expense | $ | 10.6 | |
Total | $ | 10.6 |
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 | 42,200,000 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
European Euro | 31,738,273 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
United States Dollar | 29,091,053 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
Australian Dollar | 1,000,000 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
Chinese Renminbi | 125,000,000 | Other (expense) 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 |
LIABILITIES 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 (expense) income, net | $ | 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: Fixed-to-float | Interest expense | $ | (13.7 | ) |
Total | $ | (13.7 | ) |
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 | $ | 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 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 (expense) income, net | $ | 1.2 | |||
Interest rate swap contracts | Other (expense) income, net | $ | 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 (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 | $ | (1.7 | ) | ||
Total | $ | (1.7 | ) |
|
(in millions) | 2014 | 2013 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 226.2 | $ | 259.0 | ||||
Work-in-process | 103.7 | 130.2 | ||||||
Finished goods | 414.8 | 436.8 | ||||||
Total inventories — gross | 744.7 | 826.0 | ||||||
Excess and obsolete inventory reserve | (64.0 | ) | (69.0 | ) | ||||
Net inventories at FIFO cost | 680.7 | 757.0 | ||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.2 | ) | ||||
Inventories — net | $ | 644.5 | $ | 720.8 |
|
(in millions) | 2014 | 2013 | ||||||
Land | $ | 31.2 | $ | 40.8 | ||||
Building and improvements | 344.2 | 361.2 | ||||||
Machinery, equipment and tooling | 509.1 | 509.0 | ||||||
Furniture and fixtures | 24.5 | 47.8 | ||||||
Computer hardware and software | 169.7 | 125.8 | ||||||
Rental cranes | 111.2 | 89.3 | ||||||
Construction in progress | 104.2 | 102.2 | ||||||
Total cost | 1,294.1 | 1,276.1 | ||||||
Less accumulated depreciation | (703.1 | ) | (697.3 | ) | ||||
Property, plant and equipment-net | $ | 591.0 | $ | 578.8 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2013 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
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 | ||||||
Foreign currency impact | (19.8 | ) | (0.7 | ) | (20.5 | ) | ||||||
Gross balance as of December 31, 2014 | $ | 325.3 | $ | 1,388.5 | $ | 1,713.8 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2014 | $ | 325.3 | $ | 872.8 | $ | 1,198.1 |
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 300.0 | $ | — | $ | 300.0 | $ | 311.8 | $ | — | $ | 311.8 | ||||||||||||
Customer relationships | 425.7 | (136.0 | ) | 289.7 | 426.1 | (114.4 | ) | 311.7 | ||||||||||||||||
Patents | 32.7 | (28.3 | ) | 4.4 | 34.9 | (28.4 | ) | 6.5 | ||||||||||||||||
Engineering drawings | 11.0 | (9.3 | ) | 1.7 | 11.5 | (9.1 | ) | 2.4 | ||||||||||||||||
Distribution network | 19.7 | — | 19.7 | 21.0 | — | 21.0 | ||||||||||||||||||
Other intangibles | 170.9 | (71.7 | ) | 99.2 | 176.6 | (63.8 | ) | 112.8 | ||||||||||||||||
$ | 960.0 | $ | (245.3 | ) | $ | 714.7 | $ | 981.9 | $ | (215.7 | ) | $ | 766.2 |
|
(in millions) | 2014 | 2013 | ||||||
Trade accounts payable and interest payable | $ | 470.0 | $ | 510.6 | ||||
Employee related expenses | 90.3 | 99.9 | ||||||
Restructuring expenses | 20.3 | 20.6 | ||||||
Profit sharing and incentives | 6.8 | 44.7 | ||||||
Accrued rebates | 52.8 | 45.2 | ||||||
Deferred revenue - current | 21.6 | 25.0 | ||||||
Income taxes payable | 16.2 | 62.5 | ||||||
Miscellaneous accrued expenses | 129.4 | 127.1 | ||||||
$ | 807.4 | $ | 935.6 |
|
(in millions) | 2014 | 2013 | ||||||
Revolving credit facility | $ | — | $ | — | ||||
Term loan A | 336.9 | 162.5 | ||||||
Term loan B | 168.5 | — | ||||||
Senior notes due 2018 | — | 408.4 | ||||||
Senior notes due 2020 | 614.8 | 614.8 | ||||||
Senior notes due 2022 | 296.9 | 289.1 | ||||||
Other | 106.4 | 52.0 | ||||||
Total debt | 1,523.5 | 1,526.8 | ||||||
Less current portion and short-term borrowings | (80.3 | ) | (22.7 | ) | ||||
Long-term debt | $ | 1,443.2 | $ | 1,504.1 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
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) | |||
2015 | $ | 80.3 | |
2016 | 50.4 | ||
2017 | 52.0 | ||
2018 | 58.9 | ||
2019 | 194.4 | ||
Thereafter | 1,087.5 | ||
Total | $ | 1,523.5 |
|
|
(in millions) | 2014 | 2013 | 2012 | |||||||||
Earnings (loss) from continuing operations before income taxes: | ||||||||||||
Domestic | $ | 32.6 | $ | 90.1 | $ | 94.1 | ||||||
Foreign | 136.8 | 135.1 | 52.8 | |||||||||
Total | $ | 169.4 | $ | 225.2 | $ | 146.9 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal and state | $ | (12.0 | ) | $ | 24.1 | $ | 29.2 | |||||
Foreign | 26.8 | 25.4 | 17.3 | |||||||||
Total current | $ | 14.8 | $ | 49.5 | $ | 46.5 | ||||||
Deferred: | ||||||||||||
Federal and state | $ | 4.5 | $ | (15.2 | ) | $ | (5.2 | ) | ||||
Foreign | (10.7 | ) | 1.8 | (3.3 | ) | |||||||
Total deferred | $ | (6.2 | ) | $ | (13.4 | ) | $ | (8.5 | ) | |||
Provision for taxes on earnings | $ | 8.6 | $ | 36.1 | $ | 38.0 |
2014 | 2013 | 2012 | |||||||
Federal income tax at statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income provision (benefit) | (0.4 | ) | (0.5 | ) | 0.3 | ||||
Manufacturing & research incentives | (2.7 | ) | (3.3 | ) | (3.5 | ) | |||
Taxes on foreign income which differ from the U.S. statutory rate | (14.4 | ) | (9.3 | ) | (7.7 | ) | |||
Adjustments for unrecognized tax benefits | (1.4 | ) | (5.4 | ) | (6.7 | ) | |||
Adjustments for valuation allowances | 26.8 | (1.0 | ) | 9.2 | |||||
Capital loss generation | (45.7 | ) | — | — | |||||
Change in assertion over permanently reinvested foreign earnings | 3.2 | — | — | ||||||
Other items | 4.7 | 0.5 | (0.7 | ) | |||||
Effective tax rate | 5.1 | % | 16.0 | % | 25.9 | % |
(in millions) | 2014 | 2013 | ||||||
Current deferred tax assets (liabilities): | ||||||||
Inventories | $ | 29.5 | $ | 32.3 | ||||
Accounts receivable | (5.6 | ) | (2.1 | ) | ||||
Product warranty reserves | 19.0 | 20.0 | ||||||
Product liability reserves | 8.3 | 7.9 | ||||||
Deferred revenue, current portion | 7.7 | 0.6 | ||||||
Deferred employee benefits | 13.3 | 16.6 | ||||||
Other reserves and allowances | 5.7 | 16.1 | ||||||
Less valuation allowance | (12.2 | ) | (3.6 | ) | ||||
Net deferred tax assets, current | $ | 65.7 | $ | 87.8 | ||||
Non-current deferred tax assets (liabilities): | ||||||||
Property, plant and equipment | $ | (28.2 | ) | $ | (32.6 | ) | ||
Intangible assets | (281.8 | ) | (296.3 | ) | ||||
Deferred employee benefits | 87.7 | 67.1 | ||||||
Product warranty reserves | 5.2 | 4.2 | ||||||
Tax credits | 1.0 | 2.3 | ||||||
Loss carryforwards | 199.0 | 192.7 | ||||||
Deferred revenue | 4.0 | 5.9 | ||||||
Other | (0.7 | ) | (2.4 | ) | ||||
Total non-current deferred tax liabilities | (13.8 | ) | (59.1 | ) | ||||
Less valuation allowance | (156.0 | ) | (146.2 | ) | ||||
Net deferred tax liabilities, non-current | $ | (169.8 | ) | $ | (205.3 | ) |
(in millions) | 2014 | 2013 | ||||||
Current income tax asset | $ | 71.3 | $ | 89.9 | ||||
Long-term income tax assets, included in other non-current assets | 16.4 | 9.0 | ||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (5.6 | ) | (2.1 | ) | ||||
Long-term deferred income tax liability | (186.2 | ) | (214.3 | ) | ||||
Net deferred income tax liability | $ | (104.1 | ) | $ | (117.5 | ) |
Jurisdiction | Open Years | |
U.S. Federal | 2012 — 2014 | |
Wisconsin | 2009 — 2014 | |
China | 2007 — 2014 | |
France | 2013 — 2014 | |
Germany | 2006 — 2014 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 35.9 | $ | 47.3 | $ | 56.3 | ||||||
Additions based on tax positions related to the current year | 15.5 | 2.0 | 1.8 | |||||||||
Additions for tax positions of prior years | 0.1 | 3.7 | 3.6 | |||||||||
Reductions for tax positions of prior years | (2.7 | ) | (8.1 | ) | (11.9 | ) | ||||||
Reductions based on settlements with taxing authorities | (7.3 | ) | (3.6 | ) | (1.1 | ) | ||||||
Reductions for lapse of statute | (8.2 | ) | (5.4 | ) | (1.4 | ) | ||||||
Balance at end of year | $ | 33.3 | $ | 35.9 | $ | 47.3 |
|
(in millions) | 2014 | 2013 | ||||||
Foreign currency translation | $ | (29.2 | ) | $ | 54.8 | |||
Derivative instrument fair market value, net of income taxes of $(3.2) and $0.6 | (6.3 | ) | 1.0 | |||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(40.1) and $(26.8) | (95.0 | ) | (62.7 | ) | ||||
$ | (130.5 | ) | $ | (6.9 | ) |
(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 | ) | ||||||
Other comprehensive loss before reclassifications | (9.9 | ) | (35.4 | ) | (84.0 | ) | (129.3 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 2.6 | 3.1 | — | 5.7 | ||||||||||||
Net current period other comprehensive loss | (7.3 | ) | (32.3 | ) | (84.0 | ) | (123.6 | ) | ||||||||
Balance at December 31, 2014 | $ | (6.3 | ) | $ | (95.0 | ) | $ | (29.2 | ) | $ | (130.5 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | (2.2 | ) | Cost of sales | ||
Commodity contracts | (0.1 | ) | Cost of sales | |||
Interest rate swap contracts: Float-to-fixed | (1.8 | ) | Interest expense | |||
(4.1 | ) | Total before tax | ||||
1.5 | Tax expense | |||||
$ | (2.6 | ) | Net of tax | |||
Amortization of pension and postretirement items | ||||||
Amortization of prior service cost | 0.2 | (a) | ||||
Actuarial losses | (4.3 | ) | (a) | |||
(4.1 | ) | Total before tax | ||||
1.0 | Tax benefit | |||||
$ | (3.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (5.7 | ) | 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). |
(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, 2013 | 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 | ||||||||
Granted | 0.3 | 29.08 | |||||||||
Exercised | (1.7 | ) | 10.92 | ||||||||
Cancelled | — | 27.07 | |||||||||
Options outstanding as of December 31, 2014 | 5.6 | $ | 18.23 | $ | 36.3 | ||||||
Options exercisable as of: | |||||||||||
December 31, 2014 | 4.2 | $ | 17.86 | $ | 29.8 |
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 - $9.59 | 0.7 | 4.0 | $ | 4.41 | 0.7 | $ | 4.41 | |||||||||
$9.60 - $10.21 | 0.2 | 0.3 | 10.13 | 0.2 | 10.13 | |||||||||||
$10.22 - $18.13 | 1.7 | 5.4 | 12.90 | 1.2 | 12.44 | |||||||||||
$18.14 - $26.09 | 1.2 | 6.0 | 19.17 | 0.8 | 19.38 | |||||||||||
$26.10- $29.06 | 0.5 | 1.3 | 26.11 | 0.5 | 26.11 | |||||||||||
$29.07 - $30.46 | 0.8 | 5.2 | 29.32 | 0.4 | 29.52 | |||||||||||
$30.47 - $36.03 | 0.1 | 9.2 | 30.47 | — | — | |||||||||||
$36.04 - $47.84 | 0.4 | 2.9 | 38.88 | 0.4 | 38.88 | |||||||||||
5.6 | 4.6 | $ | 18.23 | 4.2 | $ | 17.86 |
2014 | 2013 | 2012 | |||||||
Expected Life (years) | 6.0 | 6.0 | 6.0 | ||||||
Risk-free Interest rate | 1.9 | % | 1.1 | % | 1.1 | % | |||
Expected volatility | 55.0 | % | 56.0 | % | 55.0 | % | |||
Expected dividend yield | 0.4 | % | 0.6 | % | 0.6 | % |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2014 | 0.5 | $ | 18.25 | ||||
Granted | — | — | |||||
Vested | (0.3 | ) | 19.58 | ||||
Cancelled | — | 17.21 | |||||
Unvested as of December 31, 2014 | 0.2 | $ | 16.58 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2014 | 0.7 | $ | 18.41 | ||||
Granted | 0.4 | 34.57 | |||||
Vested* | (0.3 | ) | 17.79 | ||||
Cancelled | — | 21.92 | |||||
Unvested as of December 31, 2014 | 0.8 | $ | 27.09 |
|
|
(in millions) | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 99.0 | $ | 101.2 | ||||
Accruals for warranties issued during the period | 59.8 | 58.6 | ||||||
Acquisition | — | 0.2 | ||||||
Settlements made (in cash or in kind) during the period | (63.4 | ) | (61.7 | ) | ||||
Currency translation | (3.2 | ) | 0.7 | |||||
Balance at end of period | $ | 92.2 | $ | 99.0 |
|
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of December 31, 2014 | |||||||||||
$ | 4.3 | $ | 6.6 | $ | (6.2 | ) | $ | 4.7 |
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of December 31, 2014 | |||||||||||
$ | 16.3 | $ | 2.4 | $ | (3.1 | ) | $ | 15.6 |
|
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.4 | $ | 2.2 | $ | 0.4 | $ | 0.6 | $ | 0.8 | ||||||||||||||||||
Interest cost of projected benefit obligation | 10.3 | 9.6 | 10.2 | 11.3 | 9.8 | 10.2 | 2.1 | 2.0 | 2.8 | |||||||||||||||||||||||||||
Expected return on assets | (9.5 | ) | (10.2 | ) | (10.2 | ) | (9.4 | ) | (7.4 | ) | (8.2 | ) | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.3 | ) | (0.1 | ) | — | |||||||||||||||||||||||||
Amortization of actuarial net loss (gain) | 2.9 | 3.5 | 2.9 | 1.5 | 1.9 | 0.8 | (0.1 | ) | — | 0.4 | ||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | — | (0.8 | ) | — | ||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | — | (1.6 | ) | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 3.7 | $ | 2.9 | $ | 2.9 | $ | 5.9 | $ | 6.8 | $ | 3.5 | $ | 2.1 | $ | 1.7 | $ | 4.0 | ||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.6 | % | 4.3 | % | 4.0 | % | 4.7 | % | 4.5 | % | 3.5 | % | 4.6 | % | ||||||||||||||||||
Expected return on plan assets | 6.0 | % | 5.8 | % | 6.0 | % | 4.5 | % | 3.9 | % | 4.5 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 4.3 | % | 3.8 | % | 3.7 | % | 1.5 | % | 3.0 | % | 3.0 | % |
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255.0 | $ | 48.5 | $ | 57.5 | ||||||||||||
Service cost | — | — | 2.4 | 2.4 | 0.4 | 0.6 | ||||||||||||||||||
Interest cost | 10.3 | 9.6 | 11.3 | 9.8 | 2.1 | 2.0 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.3 | 2.6 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||
Plan curtailments | — | — | — | — | — | (0.7 | ) | |||||||||||||||||
Plan settlements | 1.7 | — | — | (0.1 | ) | — | — | |||||||||||||||||
Plan amendments | — | — | — | — | — | (0.4 | ) | |||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.3 | ) | — | — | ||||||||||||||||
Actuarial (gain) loss | 30.2 | (19.4 | ) | 32.9 | 3.9 | 10.3 | (7.2 | ) | ||||||||||||||||
Currency translation adjustment | — | — | (17.4 | ) | 4.6 | (0.1 | ) | (0.2 | ) | |||||||||||||||
Benefits paid | (20.0 | ) | (17.9 | ) | (12.7 | ) | (12.2 | ) | (6.9 | ) | (6.1 | ) | ||||||||||||
Benefit obligation, end of year | $ | 235.9 | $ | 213.7 | $ | 279.5 | $ | 263.2 | $ | 57.0 | $ | 48.5 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 162.6 | $ | 180.6 | $ | 211.1 | $ | 199.5 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 16.1 | (1.3 | ) | 22.4 | 16.5 | — | — | |||||||||||||||||
Employer contributions | 1.3 | 1.2 | 4.8 | 4.2 | 4.2 | 3.1 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.3 | 2.6 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||
Plan settlements | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Currency translation adjustment | — | — | (11.7 | ) | 3.5 | — | — | |||||||||||||||||
Net transfer out | — | — | — | (0.4 | ) | — | — | |||||||||||||||||
Benefits paid | (20.0 | ) | (17.9 | ) | (12.7 | ) | (12.2 | ) | (6.9 | ) | (6.1 | ) | ||||||||||||
Fair value of plan assets, end of year | 160.0 | 162.6 | 214.0 | 211.1 | — | — | ||||||||||||||||||
Funded status | $ | (75.9 | ) | $ | (51.1 | ) | $ | (65.5 | ) | $ | (52.1 | ) | $ | (57.0 | ) | $ | (48.5 | ) | ||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | ||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||
Pension obligation | (75.9 | ) | (51.1 | ) | (65.5 | ) | (52.4 | ) | — | — | ||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (57.0 | ) | (48.5 | ) | ||||||||||||||||
Net amount recognized | $ | (75.9 | ) | $ | (51.1 | ) | $ | (65.5 | ) | $ | (52.1 | ) | $ | (57.0 | ) | $ | (48.5 | ) | ||||||
Weighted-Average Assumptions | ||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 3.3 | % | 4.3 | % | 3.7 | % | 4.5 | % | ||||||||||||
Expected return on plan assets | 6.0 | % | 5.8 | % | 4.5 | % | 3.9 | % | N/A | N/A | ||||||||||||||
Rate of compensation increase | N/A | N/A | 3.9 | % | 4.3 | % | 1.5 | % | 1.5 | % |
Pensions | Postretirement Health and Other | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net actuarial gain (loss) | $ | (128.5 | ) | $ | (93.4 | ) | $ | (5.8 | ) | $ | 4.6 | |||||
Prior service credit | (0.8 | ) | (1.0 | ) | — | 0.3 | ||||||||||
Total amount recognized | $ | (129.3 | ) | $ | (94.4 | ) | $ | (5.8 | ) | $ | 4.9 |
Change in assumption: | Estimated increase (decrease) in 2015 pension cost | Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2014 | Estimated increase (decrease) in 2015 Other Postretirement Benefit costs | Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2014 | ||||||||||||
0.50% increase in discount rate | $ | (1.5 | ) | $ | (31.7 | ) | $ | — | $ | (2.5 | ) | |||||
0.50% decrease in discount rate | 2.2 | 37.5 | 0.2 | 2.7 | ||||||||||||
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 | 0.9 | 5.0 | ||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.4 | ) | (4.4 | ) |
2014 | 2013 | |||||
Equity | 24.5 | % | 26.1 | % | ||
Fixed income | 74.9 | % | 73.4 | % | ||
Other | 0.6 | % | 0.5 | % | ||
100.0 | % | 100.0 | % |
2014 | 2013 | |||||
Equity | 25.0 | % | 20.2 | % | ||
Fixed income | 19.6 | % | 23.8 | % | ||
Other | 55.4 | % | 56.0 | % | ||
100.0 | % | 100.0 | % |
Target Allocations | Weighted Average Asset Allocations | |||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | |||||||
Equity Securities | 25 | % | 0 - 25% | 24.5 | % | 25.0 | % | |||
Debt Securities | 75 | % | 0 - 100% | 74.9 | % | 19.6 | % | |||
Other | — | % | 0 - 100% | 0.6 | % | 55.4 | % |
December 31, 2014 | ||||||||||||||||
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 | — | — | 117.7 | 117.7 | ||||||||||||
Common/collective trust funds — Government debt | — | — | — | — | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 47.5 | — | 47.5 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 109.9 | — | 109.9 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 92.9 | — | 92.9 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 4.3 | — | 4.3 | ||||||||||||
Total | $ | 1.7 | $ | 254.6 | $ | 117.7 | $ | 374.0 |
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 |
Insurance Contracts Year Ended December 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Beginning Balance | $ | 118.3 | $ | 111.1 | ||||
Actual return on assets | 12.7 | 12.1 | ||||||
Benefit payments | (7.1 | ) | (6.8 | ) | ||||
Foreign currency impact | (6.2 | ) | 1.9 | |||||
Ending Balance | $ | 117.7 | $ | 118.3 |
(in millions) | U.S Pension Plans | Non-U.S. Pension Plans | Postretirement Health and Other | |||||||||
2015 | $ | 12.3 | $ | 12.7 | $ | 4.4 | ||||||
2016 | 12.8 | 13.2 | 4.5 | |||||||||
2017 | 13.2 | 14.3 | 4.6 | |||||||||
2018 | 13.7 | 14.7 | 4.9 | |||||||||
2019 | 14.1 | 15.5 | 4.9 | |||||||||
2020 — 2024 | 73.4 | 89.1 | 21.4 |
U.S Pension Plans | Non U.S. Pension Plans | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Projected benefit obligation | $ | 235.9 | $ | 213.7 | $ | 274.8 | $ | 259.4 | ||||||||
Accumulated benefit obligation | 235.9 | 213.7 | 269.9 | 254.2 | ||||||||||||
Fair value of plan assets | 160.0 | 162.6 | 210.1 | 206.9 |
(in millions) | Contributions by Manitowoc | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2014 | 2013 | 2012 | ||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | — | $ | 0.3 | $ | 0.9 | |||||||||
Total Contributions | $ | — | $ | 0.3 | $ | 0.9 |
|
(in millions) | |||
2015 | $ | 42.4 | |
2016 | 33.5 | ||
2017 | 23.3 | ||
2018 | 17.0 | ||
2019 | 14.9 | ||
Thereafter | 23.3 | ||
Total | $ | 154.4 |
|
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales from continuing operations: | ||||||||||||
Crane | $ | 2,305.2 | $ | 2,506.3 | $ | 2,427.1 | ||||||
Foodservice | 1,581.3 | 1,541.8 | 1,486.2 | |||||||||
Total | $ | 3,886.5 | $ | 4,048.1 | $ | 3,913.3 | ||||||
Operating earnings (loss) from continuing operations: | ||||||||||||
Crane | $ | 163.9 | $ | 218.8 | $ | 170.5 | ||||||
Foodservice | 234.0 | 250.3 | 238.6 | |||||||||
Corporate | (53.4 | ) | (64.9 | ) | (63.7 | ) | ||||||
Asset impairment expense | (1.1 | ) | — | — | ||||||||
Amortization expense | (35.1 | ) | (35.3 | ) | (36.5 | ) | ||||||
Restructuring expense | (9.0 | ) | (4.8 | ) | (9.5 | ) | ||||||
Other (expense) income | (0.5 | ) | 0.3 | (2.5 | ) | |||||||
Operating earnings from continuing operations | $ | 298.8 | $ | 364.4 | $ | 296.9 | ||||||
Other income (expense): | ||||||||||||
Interest expense | $ | (94.0 | ) | $ | (128.4 | ) | $ | (135.6 | ) | |||
Amortization of deferred financing fees | (4.4 | ) | (7.0 | ) | (8.2 | ) | ||||||
Loss on debt extinguishment | (25.5 | ) | (3.0 | ) | (6.3 | ) | ||||||
Other (expense) income - net | (5.5 | ) | (0.8 | ) | 0.1 | |||||||
Earnings from continuing operations before taxes on earnings | $ | 169.4 | $ | 225.2 | $ | 146.9 | ||||||
Capital expenditures: | ||||||||||||
Crane | $ | 57.3 | $ | 69.3 | $ | 52.7 | ||||||
Foodservice | 25.3 | 33.6 | 17.4 | |||||||||
Corporate | 2.2 | 7.8 | 2.8 | |||||||||
Total | $ | 84.8 | $ | 110.7 | $ | 72.9 | ||||||
Total depreciation: | ||||||||||||
Crane | $ | 45.7 | $ | 46.9 | $ | 43.5 | ||||||
Foodservice | 21.2 | 20.1 | 22.3 | |||||||||
Corporate | 1.5 | 1.5 | 2.3 | |||||||||
Total | $ | 68.4 | $ | 68.5 | $ | 68.1 | ||||||
Total assets: | ||||||||||||
Crane | $ | 1,742.3 | $ | 1,900.4 | $ | 1,903.3 | ||||||
Foodservice | 1,902.0 | 1,904.3 | 1,956.8 | |||||||||
Corporate | 172.3 | 171.9 | 197.2 | |||||||||
Total | $ | 3,816.6 | $ | 3,976.6 | $ | 4,057.3 |
Net Sales | Long-Lived Assets | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||
United States | $ | 1,977.4 | $ | 1,978.0 | $ | 1,833.0 | $ | 1,880.8 | $ | 1,888.4 | ||||||||||
Other North America | 238.3 | 292.1 | 278.2 | 12.4 | 13.6 | |||||||||||||||
Europe | 821.2 | 937.6 | 788.0 | 478.9 | 530.0 | |||||||||||||||
Asia | 377.6 | 364.5 | 354.0 | 189.7 | 203.0 | |||||||||||||||
Middle East | 223.2 | 174.2 | 161.6 | 1.5 | 1.6 | |||||||||||||||
Central and South America | 106.9 | 166.9 | 243.0 | 30.0 | 36.0 | |||||||||||||||
Africa | 56.7 | 30.0 | 110.8 | — | — | |||||||||||||||
South Pacific and Caribbean | 13.3 | 12.6 | 10.6 | 4.0 | 4.1 | |||||||||||||||
Australia | 71.9 | 92.2 | 134.1 | 3.0 | 4.7 | |||||||||||||||
Total | $ | 3,886.5 | $ | 4,048.1 | $ | 3,913.3 | $ | 2,600.3 | $ | 2,681.4 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,424.5 | $ | 2,076.1 | $ | (614.1 | ) | $ | 3,886.5 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 1,889.9 | 1,624.6 | (614.1 | ) | 2,900.4 | |||||||||||||
Engineering, selling and administrative expenses | 49.8 | 287.4 | 304.4 | — | 641.6 | ||||||||||||||
Asset impairment expense | — | 1.1 | — | — | 1.1 | ||||||||||||||
Amortization expense | — | 29.6 | 5.5 | — | 35.1 | ||||||||||||||
Restructuring expense | — | 3.0 | 6.0 | — | 9.0 | ||||||||||||||
Other expense | — | 0.3 | 0.2 | — | 0.5 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (165.6 | ) | (73.5 | ) | — | 239.1 | — | ||||||||||||
Total costs and expenses | (115.8 | ) | 2,137.8 | 1,940.7 | (375.0 | ) | 3,587.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 115.8 | 286.7 | 135.4 | (239.1 | ) | 298.8 | |||||||||||||
Other (expense) income : | |||||||||||||||||||
Interest expense | (83.8 | ) | (1.9 | ) | (8.3 | ) | — | (94.0 | ) | ||||||||||
Amortization of deferred financing fees | (4.4 | ) | — | — | — | (4.4 | ) | ||||||||||||
Loss on debt extinguishment | (25.5 | ) | — | — | — | (25.5 | ) | ||||||||||||
Management fee income (expense) | 62.4 | (72.6 | ) | 10.2 | — | — | |||||||||||||
Other income (expense) - net | 16.5 | 59.2 | (0.5 | ) | (80.7 | ) | (5.5 | ) | |||||||||||
Total other (expense) income | (34.8 | ) | (15.3 | ) | 1.4 | (80.7 | ) | (129.4 | ) | ||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 81.0 | 271.4 | 136.8 | (319.8 | ) | 169.4 | |||||||||||||
(Benefit) provision for taxes on earnings | (63.5 | ) | 45.3 | 26.8 | — | 8.6 | |||||||||||||
Earnings (loss) from continuing operations | 144.5 | 226.1 | 110.0 | (319.8 | ) | 160.8 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.5 | ) | (0.9 | ) | — | (1.4 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (11.0 | ) | — | (11.0 | ) | ||||||||||||
Net earnings (loss) | 144.5 | 225.6 | 98.1 | (319.8 | ) | 148.4 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 3.9 | — | 3.9 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 144.5 | $ | 225.6 | $ | 94.2 | $ | (319.8 | ) | $ | 144.5 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 20.9 | $ | 217.8 | $ | 86.0 | $ | (303.8 | ) | $ | 20.9 |
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 expense (income) | — | 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 (expense) income: | |||||||||||||||||||
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 (expense) income - net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | |||||||||||
Total other (expense) income | (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 | |||||||||||||
(Benefit) provision 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 (expense) income: | |||||||||||||||||||
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 (expense) income | (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 | |||||||||||||
(Benefit) provision 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 | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 | |||||||||
Restricted cash | 2.8 | — | 20.9 | — | 23.7 | ||||||||||||||
Accounts receivable — net | 0.1 | — | 233.6 | (6.3 | ) | 227.4 | |||||||||||||
Intercompany short term note receivable | — | — | 201.7 | (201.7 | ) | — | |||||||||||||
Intercompany interest receivable | 41.5 | 3.2 | — | (44.7 | ) | — | |||||||||||||
Inventories — net | — | 306.3 | 338.2 | — | 644.5 | ||||||||||||||
Deferred income taxes | 67.1 | — | 4.2 | — | 71.3 | ||||||||||||||
Other current assets | 3.6 | 6.7 | 140.9 | — | 151.2 | ||||||||||||||
Current assets of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current assets | 116.7 | 319.5 | 1,002.6 | (252.7 | ) | 1,186.1 | |||||||||||||
Property, plant and equipment — net | 7.7 | 325.8 | 257.5 | — | 591.0 | ||||||||||||||
Goodwill | — | 960.5 | 237.6 | — | 1,198.1 | ||||||||||||||
Other intangible assets — net | — | 561.6 | 153.1 | — | 714.7 | ||||||||||||||
Intercompany long-term notes receivable | 892.5 | 195.3 | 851.3 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,619.7 | 796.8 | (2,416.5 | ) | — | |||||||||||||
Other non-current assets | 66.7 | 3.1 | 56.9 | — | 126.7 | ||||||||||||||
Long-term assets of discontinued operation | — | — | — | — | — | ||||||||||||||
Investment in affiliates | 4,423.6 | 3,629.4 | — | (8,053.0 | ) | — | |||||||||||||
Total assets | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 27.1 | $ | 420.8 | $ | 365.8 | $ | (6.3 | ) | $ | 807.4 | ||||||||
Short-term borrowings and current portion of long-term debt | 24.1 | 2.8 | 53.4 | — | 80.3 | ||||||||||||||
Intercompany short term note payable | 201.7 | — | — | (201.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 41.5 | (44.7 | ) | — | |||||||||||||
Product warranties | — | 45.2 | 32.5 | — | 77.7 | ||||||||||||||
Customer advances | — | 7.3 | 14.0 | — | 21.3 | ||||||||||||||
Product liabilities | — | 22.1 | 2.5 | — | 24.6 | ||||||||||||||
Current liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current liabilities | 256.1 | 498.2 | 509.7 | (252.7 | ) | 1,011.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,393.0 | 25.3 | 24.9 | — | 1,443.2 | ||||||||||||||
Deferred income taxes | 165.2 | — | 21.0 | — | 186.2 | ||||||||||||||
Pension obligations | 129.1 | 7.9 | 4.0 | — | 141.0 | ||||||||||||||
Postretirement health and other benefit obligations | 49.5 | 2.1 | 1.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.7 | 27.2 | — | 37.9 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 813.5 | 934.6 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts payable | 2,416.5 | — | — | (2,416.5 | ) | — | |||||||||||||
Other non-current liabilities | 82.7 | 11.5 | 25.6 | — | 119.8 | ||||||||||||||
Long-term liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total non-current liabilities | 4,427.0 | 871.0 | 1,038.8 | (4,355.6 | ) | 1,981.2 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Total liabilities and equity | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | |||||||||
Restricted cash | 2.8 | — | 10.0 | — | 12.8 | ||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | ||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | |||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | |||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | ||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | ||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | ||||||||||||||
Current assets of discontinued operations | — | — | 15.1 | — | 15.1 | ||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.9 | |||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | ||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.6 | ||||||||||||||
Other intangible assets — net | — | 591.3 | 174.9 | — | 766.2 | ||||||||||||||
Intercompany long-term notes receivable | 964.4 | 158.5 | 903.7 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,565.2 | 1,848.8 | (3,414.0 | ) | — | |||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 23.3 | — | 23.3 | ||||||||||||||
Investment in affiliates | 5,356.2 | 3,505.6 | — | (8,861.8 | ) | — | |||||||||||||
Total assets | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 108.1 | $ | 404.2 | $ | 423.3 | $ | — | $ | 935.6 | |||||||||
Short-term borrowings and current portion of long-term debt | — | 0.7 | 22.0 | — | 22.7 | ||||||||||||||
Intercompany short-term note payable | 112.1 | — | — | (112.1 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 18.4 | (21.6 | ) | — | |||||||||||||
Product warranties | — | 47.3 | 33.8 | — | 81.1 | ||||||||||||||
Customer advances | — | 12.9 | 22.0 | — | 34.9 | ||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25.0 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 26.1 | — | 26.1 | ||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.4 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,474.7 | 2.2 | 27.2 | — | 1,504.1 | ||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | ||||||||||||||
Pension obligations | 91.0 | 6.4 | 4.1 | — | 101.5 | ||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2.0 | — | 44.7 | ||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.1 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts payable | 3,414.0 | — | — | (3,414.0 | ) | — | |||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 2.2 | — | 2.2 | ||||||||||||||
Total non-current liabilities | 5,470.1 | 867.7 | 1,171.7 | (5,440.6 | ) | 2,068.9 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 775.5 | 6,084.7 | 2,777.1 | (8,861.8 | ) | 775.5 | |||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total equity | 775.5 | 6,084.7 | 2,783.9 | (8,861.8 | ) | 782.3 | |||||||||||||
Total liabilities and equity | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (124.3 | ) | $ | 243.4 | $ | 67.0 | $ | (80.7 | ) | $ | 105.4 | |||||||
Cash used for operating activities of discontinued operations | — | (0.4 | ) | (6.7 | ) | — | (7.1 | ) | |||||||||||
Net cash (used for) provided by operating activities | $ | (124.3 | ) | $ | 243.0 | $ | 60.3 | $ | (80.7 | ) | $ | 98.3 | |||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (2.2 | ) | $ | (51.3 | ) | $ | (31.3 | ) | $ | — | $ | (84.8 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 12.7 | — | 12.8 | ||||||||||||||
Restricted cash | — | — | (11.6 | ) | — | (11.6 | ) | ||||||||||||
Intercompany investments | 77.4 | (213.9 | ) | 118.8 | 17.7 | — | |||||||||||||
Net cash provided by (used for) investing activities | $ | 75.2 | $ | (265.1 | ) | $ | 88.6 | $ | 17.7 | $ | (83.6 | ) | |||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (607.7 | ) | $ | (1.7 | ) | $ | (29.3 | ) | $ | — | $ | (638.7 | ) | |||||
Proceeds from long-term debt | 550.0 | 26.8 | 63.5 | — | 640.3 | ||||||||||||||
Payments on notes financing—net | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Debt issue costs | (5.2 | ) | — | — | — | (5.2 | ) | ||||||||||||
Dividends paid | (10.8 | ) | — | (80.7 | ) | 80.7 | (10.8 | ) | |||||||||||
Exercises of stock options including windfall tax benefits | 25.9 | — | — | — | 25.9 | ||||||||||||||
Intercompany financing | 97.3 | (3.0 | ) | (76.6 | ) | (17.7 | ) | — | |||||||||||
Net cash provided by (used for) financing activities of continuing operations | $ | 49.5 | $ | 22.1 | $ | (123.4 | ) | $ | 63.0 | $ | 11.2 | ||||||||
Net cash used for financing activities of discontinued operations | $ | — | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||||
Net cash provided by (used for) financing activities | $ | 49.5 | $ | 22.1 | $ | (130.6 | ) | $ | 63.0 | $ | 4.0 | ||||||||
Effect of exchange rate changes on cash | — | — | (5.6 | ) | — | (5.6 | ) | ||||||||||||
Net increase in cash and cash equivalents | 0.4 | — | 12.7 | — | 13.1 | ||||||||||||||
Balance at beginning of period | 1.2 | 3.3 | 50.4 | — | 54.9 | ||||||||||||||
Balance at end of period | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by 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 (used for) provided by 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 (used for) provided by financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | |||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | ||||||||||||
Net 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 (used for) provided by 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 (used for) provided by 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 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 |
|
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Net sales | $ | 850.0 | $ | 1,012.8 | $ | 986.3 | $ | 1,037.4 | $ | 894.6 | $ | 1,037.1 | $ | 1,012.1 | $ | 1,104.3 | ||||||||||||||||
Gross profit | 227.1 | 272.3 | 245.2 | 241.5 | 222.1 | 276.0 | 262.1 | 261.6 | ||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 8.6 | 66.1 | 56.3 | 38.4 | 22.3 | 71.4 | 70.8 | 60.7 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
(Loss) earnings from discontinued operations, net of income taxes | (1.0 | ) | (0.3 | ) | (0.2 | ) | 0.1 | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (9.9 | ) | — | (1.1 | ) | — | (1.6 | ) | — | — | (1.1 | ) | ||||||||||||||||||||
Net (loss) earnings | (4.9 | ) | 46.6 | 73.1 | 33.6 | 8.1 | 54.5 | 50.6 | 54.4 | |||||||||||||||||||||||
Less: Earnings (loss) attributable to noncontrolling interest, net of tax | 3.9 | — | — | — | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | |||||||||||||||||||||
Net (loss) earnings attributable to Manitowoc | $ | (8.8 | ) | $ | 46.6 | $ | 73.1 | $ | 33.6 | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.01 | $ | 0.35 | $ | 0.55 | $ | 0.25 | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | — | — | — | — | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.07 | ) | — | (0.01 | ) | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||
(Loss) earnings per share attributable to Manitowoc common shareholders | $ | (0.07 | ) | $ | 0.35 | $ | 0.54 | $ | 0.25 | $ | 0.08 | $ | 0.43 | $ | 0.40 | $ | 0.16 | |||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.01 | $ | 0.34 | $ | 0.54 | $ | 0.24 | $ | 0.10 | $ | 0.46 | $ | 0.40 | $ | 0.18 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | — | — | — | — | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.07 | ) | — | (0.01 | ) | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||
(Loss) earnings per share attributable to Manitowoc common shareholders | $ | (0.06 | ) | $ | 0.34 | $ | 0.53 | $ | 0.25 | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | |||||||||||||||
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, 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 | |||||||
Year End December 31, 2014 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 18.2 | $ | 9.2 | $ | (6.4 | ) | $ | (1.6 | ) | $ | 19.4 | |||||||
Deferred tax valuation allowance | $ | 149.8 | $ | 32.4 | $ | (0.4 | ) | $ | (13.6 | ) | $ | 168.2 |
|
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) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | 0.3 | $ | 16.8 | $ | 13.7 | ||||||
Pretax loss from discontinued operation | $ | (0.8 | ) | $ | (17.3 | ) | $ | (16.6 | ) | |||
Benefit for taxes on earnings | — | (0.3 | ) | — | ||||||||
Net loss from discontinued operation | $ | (0.8 | ) | $ | (17.0 | ) | $ | (16.6 | ) |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | — | $ | 2.5 | $ | 32.6 | ||||||
Pretax earnings from discontinued operation | $ | — | $ | 0.1 | $ | 1.7 | ||||||
(Benefit) provision for taxes on earnings | — | (0.4 | ) | 0.7 | ||||||||
Net earnings from discontinued operation | $ | — | $ | 0.5 | $ | 1.0 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales | $ | — | $ | — | $ | — | ||||||
Pretax loss from discontinued operations | $ | (0.9 | ) | $ | (3.4 | ) | $ | (1.2 | ) | |||
Benefit for taxes on earnings | (0.3 | ) | (1.1 | ) | (0.5 | ) | ||||||
Net loss from discontinued operations | $ | (0.6 | ) | $ | (2.3 | ) | $ | (0.7 | ) |
|
|
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 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Interest rate swap contracts: Float-to-fixed | Other non-current assets | $ | 0.8 | |
Total derivatives designated as hedging instruments | $ | 0.8 |
ASSET DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Other current assets | $ | 2.1 | |
Total derivatives NOT designated as hedging instruments | $ | 2.1 | ||
Total asset derivatives | $ | 2.9 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 6.6 | |
Commodity contracts | Accounts payable and accrued expenses | 1.0 | ||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | 2.3 | ||
Commodity contracts | Other non-current liabilities | 0.4 | ||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 4.3 | ||
Total derivatives designated as hedging instruments | $ | 14.6 |
LIABILITY DERIVATIVES | ||||
(in millions) | Balance Sheet Location | Fair Value | ||
Derivatives NOT designated as hedging instruments | ||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.3 | |
Total derivatives NOT designated as hedging instruments | $ | 1.3 | ||
Total liability derivatives | $ | 15.9 |
LIABILITIES 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 | $ | 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 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 (expense) income, net | $ | 1.2 | |||
Interest rate swap contracts | Other (expense) income, net | $ | 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 (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 | $ | (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 | $ | (5.3 | ) | Cost of sales | $ | (2.2 | ) | |||
Commodity contracts | (0.8 | ) | Cost of sales | (0.1 | ) | |||||
Interest rate swap contracts: Float-to-fixed | (0.9 | ) | Interest expense | (1.8 | ) | |||||
Total | $ | (7.0 | ) | $ | (4.1 | ) |
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 | $ | (0.1 | ) |
Total | $ | (0.1 | ) |
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 (expense) income, net | $ | 0.8 | |
Total | $ | 0.8 |
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: Fixed-to-float | Interest expense | $ | 10.6 | |
Total | $ | 10.6 |
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 (expense) income, net | $ | 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: Fixed-to-float | 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 | 42,200,000 | Cash Flow |
Commodity | Units Hedged | Type | ||||
Aluminum | 1,657 | MT | Cash Flow | |||
Copper | 820 | MT | Cash Flow | |||
Natural Gas | 347,608 | MMBtu | Cash Flow | |||
Steel | 14,665 | Short Tons | Cash Flow |
Currency | Units Hedged | Type | ||
Canadian Dollar | 7,984,824 | Cash Flow | ||
European Euro | 89,006,695 | Cash Flow | ||
South Korean Won | 1,964,906,996 | Cash Flow | ||
Singapore Dollar | 3,900,000 | Cash Flow | ||
United States Dollar | 29,228,731 | Cash Flow | ||
Mexican Peso | 52,674,387 | Cash Flow |
Currency | Units Hedged | Recognized Location | Purpose | |||
European Euro | 31,738,273 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
United States Dollar | 29,091,053 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
Australian Dollar | 1,000,000 | Other (expense) income, net | Accounts Payable and Receivable Settlement | |||
Chinese Renminbi | 125,000,000 | Other (expense) income, net | Accounts Payable and Receivable Settlement |
Currency | Units Hedged | Recognized Location | Purpose | |||
European Euro | 73,302,332 | Other (expense) income, net | Accounts payable and receivable settlement | |||
United States Dollar | 18,244,912 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Australian Dollar | 2,482,430 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Mexican Peso | 3,151,000 | Other (expense) income, net | Accounts payable and receivable settlement | |||
Canadian Dollar | 2,516 | Other (expense) income, net | Accounts payable and receivable settlement |
|
(in millions) | 2014 | 2013 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 226.2 | $ | 259.0 | ||||
Work-in-process | 103.7 | 130.2 | ||||||
Finished goods | 414.8 | 436.8 | ||||||
Total inventories — gross | 744.7 | 826.0 | ||||||
Excess and obsolete inventory reserve | (64.0 | ) | (69.0 | ) | ||||
Net inventories at FIFO cost | 680.7 | 757.0 | ||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.2 | ) | ||||
Inventories — net | $ | 644.5 | $ | 720.8 |
|
(in millions) | 2014 | 2013 | ||||||
Land | $ | 31.2 | $ | 40.8 | ||||
Building and improvements | 344.2 | 361.2 | ||||||
Machinery, equipment and tooling | 509.1 | 509.0 | ||||||
Furniture and fixtures | 24.5 | 47.8 | ||||||
Computer hardware and software | 169.7 | 125.8 | ||||||
Rental cranes | 111.2 | 89.3 | ||||||
Construction in progress | 104.2 | 102.2 | ||||||
Total cost | 1,294.1 | 1,276.1 | ||||||
Less accumulated depreciation | (703.1 | ) | (697.3 | ) | ||||
Property, plant and equipment-net | $ | 591.0 | $ | 578.8 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2013 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
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 | ||||||
Foreign currency impact | (19.8 | ) | (0.7 | ) | (20.5 | ) | ||||||
Gross balance as of December 31, 2014 | $ | 325.3 | $ | 1,388.5 | $ | 1,713.8 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2014 | $ | 325.3 | $ | 872.8 | $ | 1,198.1 |
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | Gross Carrying Amount | Accumulated Amortization Amount | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 300.0 | $ | — | $ | 300.0 | $ | 311.8 | $ | — | $ | 311.8 | ||||||||||||
Customer relationships | 425.7 | (136.0 | ) | 289.7 | 426.1 | (114.4 | ) | 311.7 | ||||||||||||||||
Patents | 32.7 | (28.3 | ) | 4.4 | 34.9 | (28.4 | ) | 6.5 | ||||||||||||||||
Engineering drawings | 11.0 | (9.3 | ) | 1.7 | 11.5 | (9.1 | ) | 2.4 | ||||||||||||||||
Distribution network | 19.7 | — | 19.7 | 21.0 | — | 21.0 | ||||||||||||||||||
Other intangibles | 170.9 | (71.7 | ) | 99.2 | 176.6 | (63.8 | ) | 112.8 | ||||||||||||||||
$ | 960.0 | $ | (245.3 | ) | $ | 714.7 | $ | 981.9 | $ | (215.7 | ) | $ | 766.2 |
|
(in millions) | 2014 | 2013 | ||||||
Trade accounts payable and interest payable | $ | 470.0 | $ | 510.6 | ||||
Employee related expenses | 90.3 | 99.9 | ||||||
Restructuring expenses | 20.3 | 20.6 | ||||||
Profit sharing and incentives | 6.8 | 44.7 | ||||||
Accrued rebates | 52.8 | 45.2 | ||||||
Deferred revenue - current | 21.6 | 25.0 | ||||||
Income taxes payable | 16.2 | 62.5 | ||||||
Miscellaneous accrued expenses | 129.4 | 127.1 | ||||||
$ | 807.4 | $ | 935.6 |
|
(in millions) | 2014 | 2013 | ||||||
Revolving credit facility | $ | — | $ | — | ||||
Term loan A | 336.9 | 162.5 | ||||||
Term loan B | 168.5 | — | ||||||
Senior notes due 2018 | — | 408.4 | ||||||
Senior notes due 2020 | 614.8 | 614.8 | ||||||
Senior notes due 2022 | 296.9 | 289.1 | ||||||
Other | 106.4 | 52.0 | ||||||
Total debt | 1,523.5 | 1,526.8 | ||||||
Less current portion and short-term borrowings | (80.3 | ) | (22.7 | ) | ||||
Long-term debt | $ | 1,443.2 | $ | 1,504.1 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
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 | |
2015 | 104.250 | % |
2016 | 102.833 | % |
2017 | 101.417 | % |
2018 and thereafter | 100.000 | % |
Year | Percentage | |
2017 | 102.938 | % |
2018 | 101.958 | % |
2019 | 100.979 | % |
2020 and thereafter | 100.000 | % |
(in millions) | |||
2015 | $ | 80.3 | |
2016 | 50.4 | ||
2017 | 52.0 | ||
2018 | 58.9 | ||
2019 | 194.4 | ||
Thereafter | 1,087.5 | ||
Total | $ | 1,523.5 |
|
(in millions) | 2014 | 2013 | 2012 | |||||||||
Earnings (loss) from continuing operations before income taxes: | ||||||||||||
Domestic | $ | 32.6 | $ | 90.1 | $ | 94.1 | ||||||
Foreign | 136.8 | 135.1 | 52.8 | |||||||||
Total | $ | 169.4 | $ | 225.2 | $ | 146.9 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal and state | $ | (12.0 | ) | $ | 24.1 | $ | 29.2 | |||||
Foreign | 26.8 | 25.4 | 17.3 | |||||||||
Total current | $ | 14.8 | $ | 49.5 | $ | 46.5 | ||||||
Deferred: | ||||||||||||
Federal and state | $ | 4.5 | $ | (15.2 | ) | $ | (5.2 | ) | ||||
Foreign | (10.7 | ) | 1.8 | (3.3 | ) | |||||||
Total deferred | $ | (6.2 | ) | $ | (13.4 | ) | $ | (8.5 | ) | |||
Provision for taxes on earnings | $ | 8.6 | $ | 36.1 | $ | 38.0 |
2014 | 2013 | 2012 | |||||||
Federal income tax at statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income provision (benefit) | (0.4 | ) | (0.5 | ) | 0.3 | ||||
Manufacturing & research incentives | (2.7 | ) | (3.3 | ) | (3.5 | ) | |||
Taxes on foreign income which differ from the U.S. statutory rate | (14.4 | ) | (9.3 | ) | (7.7 | ) | |||
Adjustments for unrecognized tax benefits | (1.4 | ) | (5.4 | ) | (6.7 | ) | |||
Adjustments for valuation allowances | 26.8 | (1.0 | ) | 9.2 | |||||
Capital loss generation | (45.7 | ) | — | — | |||||
Change in assertion over permanently reinvested foreign earnings | 3.2 | — | — | ||||||
Other items | 4.7 | 0.5 | (0.7 | ) | |||||
Effective tax rate | 5.1 | % | 16.0 | % | 25.9 | % |
(in millions) | 2014 | 2013 | ||||||
Current deferred tax assets (liabilities): | ||||||||
Inventories | $ | 29.5 | $ | 32.3 | ||||
Accounts receivable | (5.6 | ) | (2.1 | ) | ||||
Product warranty reserves | 19.0 | 20.0 | ||||||
Product liability reserves | 8.3 | 7.9 | ||||||
Deferred revenue, current portion | 7.7 | 0.6 | ||||||
Deferred employee benefits | 13.3 | 16.6 | ||||||
Other reserves and allowances | 5.7 | 16.1 | ||||||
Less valuation allowance | (12.2 | ) | (3.6 | ) | ||||
Net deferred tax assets, current | $ | 65.7 | $ | 87.8 | ||||
Non-current deferred tax assets (liabilities): | ||||||||
Property, plant and equipment | $ | (28.2 | ) | $ | (32.6 | ) | ||
Intangible assets | (281.8 | ) | (296.3 | ) | ||||
Deferred employee benefits | 87.7 | 67.1 | ||||||
Product warranty reserves | 5.2 | 4.2 | ||||||
Tax credits | 1.0 | 2.3 | ||||||
Loss carryforwards | 199.0 | 192.7 | ||||||
Deferred revenue | 4.0 | 5.9 | ||||||
Other | (0.7 | ) | (2.4 | ) | ||||
Total non-current deferred tax liabilities | (13.8 | ) | (59.1 | ) | ||||
Less valuation allowance | (156.0 | ) | (146.2 | ) | ||||
Net deferred tax liabilities, non-current | $ | (169.8 | ) | $ | (205.3 | ) |
(in millions) | 2014 | 2013 | ||||||
Current income tax asset | $ | 71.3 | $ | 89.9 | ||||
Long-term income tax assets, included in other non-current assets | 16.4 | 9.0 | ||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (5.6 | ) | (2.1 | ) | ||||
Long-term deferred income tax liability | (186.2 | ) | (214.3 | ) | ||||
Net deferred income tax liability | $ | (104.1 | ) | $ | (117.5 | ) |
Jurisdiction | Open Years | |
U.S. Federal | 2012 — 2014 | |
Wisconsin | 2009 — 2014 | |
China | 2007 — 2014 | |
France | 2013 — 2014 | |
Germany | 2006 — 2014 |
(in millions) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 35.9 | $ | 47.3 | $ | 56.3 | ||||||
Additions based on tax positions related to the current year | 15.5 | 2.0 | 1.8 | |||||||||
Additions for tax positions of prior years | 0.1 | 3.7 | 3.6 | |||||||||
Reductions for tax positions of prior years | (2.7 | ) | (8.1 | ) | (11.9 | ) | ||||||
Reductions based on settlements with taxing authorities | (7.3 | ) | (3.6 | ) | (1.1 | ) | ||||||
Reductions for lapse of statute | (8.2 | ) | (5.4 | ) | (1.4 | ) | ||||||
Balance at end of year | $ | 33.3 | $ | 35.9 | $ | 47.3 |
|
(in millions) | 2014 | 2013 | ||||||
Foreign currency translation | $ | (29.2 | ) | $ | 54.8 | |||
Derivative instrument fair market value, net of income taxes of $(3.2) and $0.6 | (6.3 | ) | 1.0 | |||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(40.1) and $(26.8) | (95.0 | ) | (62.7 | ) | ||||
$ | (130.5 | ) | $ | (6.9 | ) |
(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 | ) | ||||||
Other comprehensive loss before reclassifications | (9.9 | ) | (35.4 | ) | (84.0 | ) | (129.3 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 2.6 | 3.1 | — | 5.7 | ||||||||||||
Net current period other comprehensive loss | (7.3 | ) | (32.3 | ) | (84.0 | ) | (123.6 | ) | ||||||||
Balance at December 31, 2014 | $ | (6.3 | ) | $ | (95.0 | ) | $ | (29.2 | ) | $ | (130.5 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | (2.2 | ) | Cost of sales | ||
Commodity contracts | (0.1 | ) | Cost of sales | |||
Interest rate swap contracts: Float-to-fixed | (1.8 | ) | Interest expense | |||
(4.1 | ) | Total before tax | ||||
1.5 | Tax expense | |||||
$ | (2.6 | ) | Net of tax | |||
Amortization of pension and postretirement items | ||||||
Amortization of prior service cost | 0.2 | (a) | ||||
Actuarial losses | (4.3 | ) | (a) | |||
(4.1 | ) | Total before tax | ||||
1.0 | Tax benefit | |||||
$ | (3.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (5.7 | ) | 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, 2013 | 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 | ||||||||
Granted | 0.3 | 29.08 | |||||||||
Exercised | (1.7 | ) | 10.92 | ||||||||
Cancelled | — | 27.07 | |||||||||
Options outstanding as of December 31, 2014 | 5.6 | $ | 18.23 | $ | 36.3 | ||||||
Options exercisable as of: | |||||||||||
December 31, 2014 | 4.2 | $ | 17.86 | $ | 29.8 |
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 - $9.59 | 0.7 | 4.0 | $ | 4.41 | 0.7 | $ | 4.41 | |||||||||
$9.60 - $10.21 | 0.2 | 0.3 | 10.13 | 0.2 | 10.13 | |||||||||||
$10.22 - $18.13 | 1.7 | 5.4 | 12.90 | 1.2 | 12.44 | |||||||||||
$18.14 - $26.09 | 1.2 | 6.0 | 19.17 | 0.8 | 19.38 | |||||||||||
$26.10- $29.06 | 0.5 | 1.3 | 26.11 | 0.5 | 26.11 | |||||||||||
$29.07 - $30.46 | 0.8 | 5.2 | 29.32 | 0.4 | 29.52 | |||||||||||
$30.47 - $36.03 | 0.1 | 9.2 | 30.47 | — | — | |||||||||||
$36.04 - $47.84 | 0.4 | 2.9 | 38.88 | 0.4 | 38.88 | |||||||||||
5.6 | 4.6 | $ | 18.23 | 4.2 | $ | 17.86 |
2014 | 2013 | 2012 | |||||||
Expected Life (years) | 6.0 | 6.0 | 6.0 | ||||||
Risk-free Interest rate | 1.9 | % | 1.1 | % | 1.1 | % | |||
Expected volatility | 55.0 | % | 56.0 | % | 55.0 | % | |||
Expected dividend yield | 0.4 | % | 0.6 | % | 0.6 | % |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2014 | 0.5 | $ | 18.25 | ||||
Granted | — | — | |||||
Vested | (0.3 | ) | 19.58 | ||||
Cancelled | — | 17.21 | |||||
Unvested as of December 31, 2014 | 0.2 | $ | 16.58 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested as of January 1, 2014 | 0.7 | $ | 18.41 | ||||
Granted | 0.4 | 34.57 | |||||
Vested* | (0.3 | ) | 17.79 | ||||
Cancelled | — | 21.92 | |||||
Unvested as of December 31, 2014 | 0.8 | $ | 27.09 |
|
(in millions) | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 99.0 | $ | 101.2 | ||||
Accruals for warranties issued during the period | 59.8 | 58.6 | ||||||
Acquisition | — | 0.2 | ||||||
Settlements made (in cash or in kind) during the period | (63.4 | ) | (61.7 | ) | ||||
Currency translation | (3.2 | ) | 0.7 | |||||
Balance at end of period | $ | 92.2 | $ | 99.0 |
|
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of December 31, 2014 | |||||||||||
$ | 4.3 | $ | 6.6 | $ | (6.2 | ) | $ | 4.7 |
Restructuring Reserve Balance as of December 31, 2013 | Restructuring Charges | Use of Reserve | Restructuring Reserve Balance as of December 31, 2014 | |||||||||||
$ | 16.3 | $ | 2.4 | $ | (3.1 | ) | $ | 15.6 |
|
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.4 | $ | 2.2 | $ | 0.4 | $ | 0.6 | $ | 0.8 | ||||||||||||||||||
Interest cost of projected benefit obligation | 10.3 | 9.6 | 10.2 | 11.3 | 9.8 | 10.2 | 2.1 | 2.0 | 2.8 | |||||||||||||||||||||||||||
Expected return on assets | (9.5 | ) | (10.2 | ) | (10.2 | ) | (9.4 | ) | (7.4 | ) | (8.2 | ) | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.3 | ) | (0.1 | ) | — | |||||||||||||||||||||||||
Amortization of actuarial net loss (gain) | 2.9 | 3.5 | 2.9 | 1.5 | 1.9 | 0.8 | (0.1 | ) | — | 0.4 | ||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | — | (0.8 | ) | — | ||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | — | (1.6 | ) | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 3.7 | $ | 2.9 | $ | 2.9 | $ | 5.9 | $ | 6.8 | $ | 3.5 | $ | 2.1 | $ | 1.7 | $ | 4.0 | ||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.6 | % | 4.3 | % | 4.0 | % | 4.7 | % | 4.5 | % | 3.5 | % | 4.6 | % | ||||||||||||||||||
Expected return on plan assets | 6.0 | % | 5.8 | % | 6.0 | % | 4.5 | % | 3.9 | % | 4.5 | % | N/A | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 4.3 | % | 3.8 | % | 3.7 | % | 1.5 | % | 3.0 | % | 3.0 | % |
US Pension Plans | Non-US Pension Plans | Postretirement Health and Other | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255.0 | $ | 48.5 | $ | 57.5 | ||||||||||||
Service cost | — | — | 2.4 | 2.4 | 0.4 | 0.6 | ||||||||||||||||||
Interest cost | 10.3 | 9.6 | 11.3 | 9.8 | 2.1 | 2.0 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.3 | 2.6 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||
Plan curtailments | — | — | — | — | — | (0.7 | ) | |||||||||||||||||
Plan settlements | 1.7 | — | — | (0.1 | ) | — | — | |||||||||||||||||
Plan amendments | — | — | — | — | — | (0.4 | ) | |||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.3 | ) | — | — | ||||||||||||||||
Actuarial (gain) loss | 30.2 | (19.4 | ) | 32.9 | 3.9 | 10.3 | (7.2 | ) | ||||||||||||||||
Currency translation adjustment | — | — | (17.4 | ) | 4.6 | (0.1 | ) | (0.2 | ) | |||||||||||||||
Benefits paid | (20.0 | ) | (17.9 | ) | (12.7 | ) | (12.2 | ) | (6.9 | ) | (6.1 | ) | ||||||||||||
Benefit obligation, end of year | $ | 235.9 | $ | 213.7 | $ | 279.5 | $ | 263.2 | $ | 57.0 | $ | 48.5 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 162.6 | $ | 180.6 | $ | 211.1 | $ | 199.5 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 16.1 | (1.3 | ) | 22.4 | 16.5 | — | — | |||||||||||||||||
Employer contributions | 1.3 | 1.2 | 4.8 | 4.2 | 4.2 | 3.1 | ||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.3 | 2.6 | ||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||
Plan settlements | — | — | — | (0.1 | ) | — | — | |||||||||||||||||
Currency translation adjustment | — | — | (11.7 | ) | 3.5 | — | — | |||||||||||||||||
Net transfer out | — | — | — | (0.4 | ) | — | — | |||||||||||||||||
Benefits paid | (20.0 | ) | (17.9 | ) | (12.7 | ) | (12.2 | ) | (6.9 | ) | (6.1 | ) | ||||||||||||
Fair value of plan assets, end of year | 160.0 | 162.6 | 214.0 | 211.1 | — | — | ||||||||||||||||||
Funded status | $ | (75.9 | ) | $ | (51.1 | ) | $ | (65.5 | ) | $ | (52.1 | ) | $ | (57.0 | ) | $ | (48.5 | ) | ||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | ||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||
Pension obligation | (75.9 | ) | (51.1 | ) | (65.5 | ) | (52.4 | ) | — | — | ||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (57.0 | ) | (48.5 | ) | ||||||||||||||||
Net amount recognized | $ | (75.9 | ) | $ | (51.1 | ) | $ | (65.5 | ) | $ | (52.1 | ) | $ | (57.0 | ) | $ | (48.5 | ) | ||||||
Weighted-Average Assumptions | ||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 3.3 | % | 4.3 | % | 3.7 | % | 4.5 | % | ||||||||||||
Expected return on plan assets | 6.0 | % | 5.8 | % | 4.5 | % | 3.9 | % | N/A | N/A | ||||||||||||||
Rate of compensation increase | N/A | N/A | 3.9 | % | 4.3 | % | 1.5 | % | 1.5 | % |
Pensions | Postretirement Health and Other | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net actuarial gain (loss) | $ | (128.5 | ) | $ | (93.4 | ) | $ | (5.8 | ) | $ | 4.6 | |||||
Prior service credit | (0.8 | ) | (1.0 | ) | — | 0.3 | ||||||||||
Total amount recognized | $ | (129.3 | ) | $ | (94.4 | ) | $ | (5.8 | ) | $ | 4.9 |
Change in assumption: | Estimated increase (decrease) in 2015 pension cost | Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2014 | Estimated increase (decrease) in 2015 Other Postretirement Benefit costs | Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2014 | ||||||||||||
0.50% increase in discount rate | $ | (1.5 | ) | $ | (31.7 | ) | $ | — | $ | (2.5 | ) | |||||
0.50% decrease in discount rate | 2.2 | 37.5 | 0.2 | 2.7 | ||||||||||||
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 | 0.9 | 5.0 | ||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.4 | ) | (4.4 | ) |
Target Allocations | Weighted Average Asset Allocations | |||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | |||||||
Equity Securities | 25 | % | 0 - 25% | 24.5 | % | 25.0 | % | |||
Debt Securities | 75 | % | 0 - 100% | 74.9 | % | 19.6 | % | |||
Other | — | % | 0 - 100% | 0.6 | % | 55.4 | % |
December 31, 2014 | ||||||||||||||||
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 | — | — | 117.7 | 117.7 | ||||||||||||
Common/collective trust funds — Government debt | — | — | — | — | ||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 47.5 | — | 47.5 | ||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 109.9 | — | 109.9 | ||||||||||||
Common/collective trust funds — Corporate equity | — | 92.9 | — | 92.9 | ||||||||||||
Common/collective trust funds — Customized strategy | — | 4.3 | — | 4.3 | ||||||||||||
Total | $ | 1.7 | $ | 254.6 | $ | 117.7 | $ | 374.0 |
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 |
Insurance Contracts Year Ended December 31, | ||||||||
(in millions) | 2014 | 2013 | ||||||
Beginning Balance | $ | 118.3 | $ | 111.1 | ||||
Actual return on assets | 12.7 | 12.1 | ||||||
Benefit payments | (7.1 | ) | (6.8 | ) | ||||
Foreign currency impact | (6.2 | ) | 1.9 | |||||
Ending Balance | $ | 117.7 | $ | 118.3 |
(in millions) | U.S Pension Plans | Non-U.S. Pension Plans | Postretirement Health and Other | |||||||||
2015 | $ | 12.3 | $ | 12.7 | $ | 4.4 | ||||||
2016 | 12.8 | 13.2 | 4.5 | |||||||||
2017 | 13.2 | 14.3 | 4.6 | |||||||||
2018 | 13.7 | 14.7 | 4.9 | |||||||||
2019 | 14.1 | 15.5 | 4.9 | |||||||||
2020 — 2024 | 73.4 | 89.1 | 21.4 |
U.S Pension Plans | Non U.S. Pension Plans | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Projected benefit obligation | $ | 235.9 | $ | 213.7 | $ | 274.8 | $ | 259.4 | ||||||||
Accumulated benefit obligation | 235.9 | 213.7 | 269.9 | 254.2 | ||||||||||||
Fair value of plan assets | 160.0 | 162.6 | 210.1 | 206.9 |
(in millions) | Contributions by Manitowoc | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2014 | 2013 | 2012 | ||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | — | $ | 0.3 | $ | 0.9 | |||||||||
Total Contributions | $ | — | $ | 0.3 | $ | 0.9 |
2014 | 2013 | |||||
Equity | 24.5 | % | 26.1 | % | ||
Fixed income | 74.9 | % | 73.4 | % | ||
Other | 0.6 | % | 0.5 | % | ||
100.0 | % | 100.0 | % |
2014 | 2013 | |||||
Equity | 25.0 | % | 20.2 | % | ||
Fixed income | 19.6 | % | 23.8 | % | ||
Other | 55.4 | % | 56.0 | % | ||
100.0 | % | 100.0 | % |
|
(in millions) | |||
2015 | $ | 42.4 | |
2016 | 33.5 | ||
2017 | 23.3 | ||
2018 | 17.0 | ||
2019 | 14.9 | ||
Thereafter | 23.3 | ||
Total | $ | 154.4 |
|
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net sales from continuing operations: | ||||||||||||
Crane | $ | 2,305.2 | $ | 2,506.3 | $ | 2,427.1 | ||||||
Foodservice | 1,581.3 | 1,541.8 | 1,486.2 | |||||||||
Total | $ | 3,886.5 | $ | 4,048.1 | $ | 3,913.3 | ||||||
Operating earnings (loss) from continuing operations: | ||||||||||||
Crane | $ | 163.9 | $ | 218.8 | $ | 170.5 | ||||||
Foodservice | 234.0 | 250.3 | 238.6 | |||||||||
Corporate | (53.4 | ) | (64.9 | ) | (63.7 | ) | ||||||
Asset impairment expense | (1.1 | ) | — | — | ||||||||
Amortization expense | (35.1 | ) | (35.3 | ) | (36.5 | ) | ||||||
Restructuring expense | (9.0 | ) | (4.8 | ) | (9.5 | ) | ||||||
Other (expense) income | (0.5 | ) | 0.3 | (2.5 | ) | |||||||
Operating earnings from continuing operations | $ | 298.8 | $ | 364.4 | $ | 296.9 | ||||||
Other income (expense): | ||||||||||||
Interest expense | $ | (94.0 | ) | $ | (128.4 | ) | $ | (135.6 | ) | |||
Amortization of deferred financing fees | (4.4 | ) | (7.0 | ) | (8.2 | ) | ||||||
Loss on debt extinguishment | (25.5 | ) | (3.0 | ) | (6.3 | ) | ||||||
Other (expense) income - net | (5.5 | ) | (0.8 | ) | 0.1 | |||||||
Earnings from continuing operations before taxes on earnings | $ | 169.4 | $ | 225.2 | $ | 146.9 | ||||||
Capital expenditures: | ||||||||||||
Crane | $ | 57.3 | $ | 69.3 | $ | 52.7 | ||||||
Foodservice | 25.3 | 33.6 | 17.4 | |||||||||
Corporate | 2.2 | 7.8 | 2.8 | |||||||||
Total | $ | 84.8 | $ | 110.7 | $ | 72.9 | ||||||
Total depreciation: | ||||||||||||
Crane | $ | 45.7 | $ | 46.9 | $ | 43.5 | ||||||
Foodservice | 21.2 | 20.1 | 22.3 | |||||||||
Corporate | 1.5 | 1.5 | 2.3 | |||||||||
Total | $ | 68.4 | $ | 68.5 | $ | 68.1 | ||||||
Total assets: | ||||||||||||
Crane | $ | 1,742.3 | $ | 1,900.4 | $ | 1,903.3 | ||||||
Foodservice | 1,902.0 | 1,904.3 | 1,956.8 | |||||||||
Corporate | 172.3 | 171.9 | 197.2 | |||||||||
Total | $ | 3,816.6 | $ | 3,976.6 | $ | 4,057.3 |
Net Sales | Long-Lived Assets | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||
United States | $ | 1,977.4 | $ | 1,978.0 | $ | 1,833.0 | $ | 1,880.8 | $ | 1,888.4 | ||||||||||
Other North America | 238.3 | 292.1 | 278.2 | 12.4 | 13.6 | |||||||||||||||
Europe | 821.2 | 937.6 | 788.0 | 478.9 | 530.0 | |||||||||||||||
Asia | 377.6 | 364.5 | 354.0 | 189.7 | 203.0 | |||||||||||||||
Middle East | 223.2 | 174.2 | 161.6 | 1.5 | 1.6 | |||||||||||||||
Central and South America | 106.9 | 166.9 | 243.0 | 30.0 | 36.0 | |||||||||||||||
Africa | 56.7 | 30.0 | 110.8 | — | — | |||||||||||||||
South Pacific and Caribbean | 13.3 | 12.6 | 10.6 | 4.0 | 4.1 | |||||||||||||||
Australia | 71.9 | 92.2 | 134.1 | 3.0 | 4.7 | |||||||||||||||
Total | $ | 3,886.5 | $ | 4,048.1 | $ | 3,913.3 | $ | 2,600.3 | $ | 2,681.4 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,424.5 | $ | 2,076.1 | $ | (614.1 | ) | $ | 3,886.5 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 1,889.9 | 1,624.6 | (614.1 | ) | 2,900.4 | |||||||||||||
Engineering, selling and administrative expenses | 49.8 | 287.4 | 304.4 | — | 641.6 | ||||||||||||||
Asset impairment expense | — | 1.1 | — | — | 1.1 | ||||||||||||||
Amortization expense | — | 29.6 | 5.5 | — | 35.1 | ||||||||||||||
Restructuring expense | — | 3.0 | 6.0 | — | 9.0 | ||||||||||||||
Other expense | — | 0.3 | 0.2 | — | 0.5 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (165.6 | ) | (73.5 | ) | — | 239.1 | — | ||||||||||||
Total costs and expenses | (115.8 | ) | 2,137.8 | 1,940.7 | (375.0 | ) | 3,587.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 115.8 | 286.7 | 135.4 | (239.1 | ) | 298.8 | |||||||||||||
Other (expense) income : | |||||||||||||||||||
Interest expense | (83.8 | ) | (1.9 | ) | (8.3 | ) | — | (94.0 | ) | ||||||||||
Amortization of deferred financing fees | (4.4 | ) | — | — | — | (4.4 | ) | ||||||||||||
Loss on debt extinguishment | (25.5 | ) | — | — | — | (25.5 | ) | ||||||||||||
Management fee income (expense) | 62.4 | (72.6 | ) | 10.2 | — | — | |||||||||||||
Other income (expense) - net | 16.5 | 59.2 | (0.5 | ) | (80.7 | ) | (5.5 | ) | |||||||||||
Total other (expense) income | (34.8 | ) | (15.3 | ) | 1.4 | (80.7 | ) | (129.4 | ) | ||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 81.0 | 271.4 | 136.8 | (319.8 | ) | 169.4 | |||||||||||||
(Benefit) provision for taxes on earnings | (63.5 | ) | 45.3 | 26.8 | — | 8.6 | |||||||||||||
Earnings (loss) from continuing operations | 144.5 | 226.1 | 110.0 | (319.8 | ) | 160.8 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.5 | ) | (0.9 | ) | — | (1.4 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (11.0 | ) | — | (11.0 | ) | ||||||||||||
Net earnings (loss) | 144.5 | 225.6 | 98.1 | (319.8 | ) | 148.4 | |||||||||||||
Less: Net earnings attributable to noncontrolling interest | — | — | 3.9 | — | 3.9 | ||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 144.5 | $ | 225.6 | $ | 94.2 | $ | (319.8 | ) | $ | 144.5 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 20.9 | $ | 217.8 | $ | 86.0 | $ | (303.8 | ) | $ | 20.9 |
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 expense (income) | — | 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 (expense) income: | |||||||||||||||||||
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 (expense) income - net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | |||||||||||
Total other (expense) income | (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 | |||||||||||||
(Benefit) provision 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 (expense) income: | |||||||||||||||||||
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 (expense) income | (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 | |||||||||||||
(Benefit) provision 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 | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 | |||||||||
Restricted cash | 2.8 | — | 20.9 | — | 23.7 | ||||||||||||||
Accounts receivable — net | 0.1 | — | 233.6 | (6.3 | ) | 227.4 | |||||||||||||
Intercompany short term note receivable | — | — | 201.7 | (201.7 | ) | — | |||||||||||||
Intercompany interest receivable | 41.5 | 3.2 | — | (44.7 | ) | — | |||||||||||||
Inventories — net | — | 306.3 | 338.2 | — | 644.5 | ||||||||||||||
Deferred income taxes | 67.1 | — | 4.2 | — | 71.3 | ||||||||||||||
Other current assets | 3.6 | 6.7 | 140.9 | — | 151.2 | ||||||||||||||
Current assets of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current assets | 116.7 | 319.5 | 1,002.6 | (252.7 | ) | 1,186.1 | |||||||||||||
Property, plant and equipment — net | 7.7 | 325.8 | 257.5 | — | 591.0 | ||||||||||||||
Goodwill | — | 960.5 | 237.6 | — | 1,198.1 | ||||||||||||||
Other intangible assets — net | — | 561.6 | 153.1 | — | 714.7 | ||||||||||||||
Intercompany long-term notes receivable | 892.5 | 195.3 | 851.3 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,619.7 | 796.8 | (2,416.5 | ) | — | |||||||||||||
Other non-current assets | 66.7 | 3.1 | 56.9 | — | 126.7 | ||||||||||||||
Long-term assets of discontinued operation | — | — | — | — | — | ||||||||||||||
Investment in affiliates | 4,423.6 | 3,629.4 | — | (8,053.0 | ) | — | |||||||||||||
Total assets | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 27.1 | $ | 420.8 | $ | 365.8 | $ | (6.3 | ) | $ | 807.4 | ||||||||
Short-term borrowings and current portion of long-term debt | 24.1 | 2.8 | 53.4 | — | 80.3 | ||||||||||||||
Intercompany short term note payable | 201.7 | — | — | (201.7 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 41.5 | (44.7 | ) | — | |||||||||||||
Product warranties | — | 45.2 | 32.5 | — | 77.7 | ||||||||||||||
Customer advances | — | 7.3 | 14.0 | — | 21.3 | ||||||||||||||
Product liabilities | — | 22.1 | 2.5 | — | 24.6 | ||||||||||||||
Current liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total current liabilities | 256.1 | 498.2 | 509.7 | (252.7 | ) | 1,011.3 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,393.0 | 25.3 | 24.9 | — | 1,443.2 | ||||||||||||||
Deferred income taxes | 165.2 | — | 21.0 | — | 186.2 | ||||||||||||||
Pension obligations | 129.1 | 7.9 | 4.0 | — | 141.0 | ||||||||||||||
Postretirement health and other benefit obligations | 49.5 | 2.1 | 1.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.7 | 27.2 | — | 37.9 | ||||||||||||||
Intercompany long-term note payable | 191.0 | 813.5 | 934.6 | (1,939.1 | ) | — | |||||||||||||
Intercompany accounts payable | 2,416.5 | — | — | (2,416.5 | ) | — | |||||||||||||
Other non-current liabilities | 82.7 | 11.5 | 25.6 | — | 119.8 | ||||||||||||||
Long-term liabilities of discontinued operation | — | — | — | — | — | ||||||||||||||
Total non-current liabilities | 4,427.0 | 871.0 | 1,038.8 | (4,355.6 | ) | 1,981.2 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total equity | 824.1 | 6,245.7 | 1,807.3 | (8,053.0 | ) | 824.1 | |||||||||||||
Total liabilities and equity | $ | 5,507.2 | $ | 7,614.9 | $ | 3,355.8 | $ | (12,661.3 | ) | $ | 3,816.6 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | |||||||||
Restricted cash | 2.8 | — | 10.0 | — | 12.8 | ||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | ||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | |||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | |||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | ||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | ||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | ||||||||||||||
Current assets of discontinued operations | — | — | 15.1 | — | 15.1 | ||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.9 | |||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | ||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.6 | ||||||||||||||
Other intangible assets — net | — | 591.3 | 174.9 | — | 766.2 | ||||||||||||||
Intercompany long-term notes receivable | 964.4 | 158.5 | 903.7 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,565.2 | 1,848.8 | (3,414.0 | ) | — | |||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 23.3 | — | 23.3 | ||||||||||||||
Investment in affiliates | 5,356.2 | 3,505.6 | — | (8,861.8 | ) | — | |||||||||||||
Total assets | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 108.1 | $ | 404.2 | $ | 423.3 | $ | — | $ | 935.6 | |||||||||
Short-term borrowings and current portion of long-term debt | — | 0.7 | 22.0 | — | 22.7 | ||||||||||||||
Intercompany short-term note payable | 112.1 | — | — | (112.1 | ) | — | |||||||||||||
Intercompany interest payable | 3.2 | — | 18.4 | (21.6 | ) | — | |||||||||||||
Product warranties | — | 47.3 | 33.8 | — | 81.1 | ||||||||||||||
Customer advances | — | 12.9 | 22.0 | — | 34.9 | ||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25.0 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 26.1 | — | 26.1 | ||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.4 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,474.7 | 2.2 | 27.2 | — | 1,504.1 | ||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | ||||||||||||||
Pension obligations | 91.0 | 6.4 | 4.1 | — | 101.5 | ||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2.0 | — | 44.7 | ||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.1 | (2,026.6 | ) | — | |||||||||||||
Intercompany accounts payable | 3,414.0 | — | — | (3,414.0 | ) | — | |||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 2.2 | — | 2.2 | ||||||||||||||
Total non-current liabilities | 5,470.1 | 867.7 | 1,171.7 | (5,440.6 | ) | 2,068.9 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 775.5 | 6,084.7 | 2,777.1 | (8,861.8 | ) | 775.5 | |||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total equity | 775.5 | 6,084.7 | 2,783.9 | (8,861.8 | ) | 782.3 | |||||||||||||
Total liabilities and equity | $ | 6,469.0 | $ | 7,438.7 | $ | 4,505.0 | $ | (14,436.1 | ) | $ | 3,976.6 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by operating activities of continuing operations | $ | (124.3 | ) | $ | 243.4 | $ | 67.0 | $ | (80.7 | ) | $ | 105.4 | |||||||
Cash used for operating activities of discontinued operations | — | (0.4 | ) | (6.7 | ) | — | (7.1 | ) | |||||||||||
Net cash (used for) provided by operating activities | $ | (124.3 | ) | $ | 243.0 | $ | 60.3 | $ | (80.7 | ) | $ | 98.3 | |||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (2.2 | ) | $ | (51.3 | ) | $ | (31.3 | ) | $ | — | $ | (84.8 | ) | |||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 12.7 | — | 12.8 | ||||||||||||||
Restricted cash | — | — | (11.6 | ) | — | (11.6 | ) | ||||||||||||
Intercompany investments | 77.4 | (213.9 | ) | 118.8 | 17.7 | — | |||||||||||||
Net cash provided by (used for) investing activities | $ | 75.2 | $ | (265.1 | ) | $ | 88.6 | $ | 17.7 | $ | (83.6 | ) | |||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (607.7 | ) | $ | (1.7 | ) | $ | (29.3 | ) | $ | — | $ | (638.7 | ) | |||||
Proceeds from long-term debt | 550.0 | 26.8 | 63.5 | — | 640.3 | ||||||||||||||
Payments on notes financing—net | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Debt issue costs | (5.2 | ) | — | — | — | (5.2 | ) | ||||||||||||
Dividends paid | (10.8 | ) | — | (80.7 | ) | 80.7 | (10.8 | ) | |||||||||||
Exercises of stock options including windfall tax benefits | 25.9 | — | — | — | 25.9 | ||||||||||||||
Intercompany financing | 97.3 | (3.0 | ) | (76.6 | ) | (17.7 | ) | — | |||||||||||
Net cash provided by (used for) financing activities of continuing operations | $ | 49.5 | $ | 22.1 | $ | (123.4 | ) | $ | 63.0 | $ | 11.2 | ||||||||
Net cash used for financing activities of discontinued operations | $ | — | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||||
Net cash provided by (used for) financing activities | $ | 49.5 | $ | 22.1 | $ | (130.6 | ) | $ | 63.0 | $ | 4.0 | ||||||||
Effect of exchange rate changes on cash | — | — | (5.6 | ) | — | (5.6 | ) | ||||||||||||
Net increase in cash and cash equivalents | 0.4 | — | 12.7 | — | 13.1 | ||||||||||||||
Balance at beginning of period | 1.2 | 3.3 | 50.4 | — | 54.9 | ||||||||||||||
Balance at end of period | $ | 1.6 | $ | 3.3 | $ | 63.1 | $ | — | $ | 68.0 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash (used for) provided by 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 (used for) provided by 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 (used for) provided by financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | |||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | ||||||||||||
Net 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 (used for) provided by 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 (used for) provided by 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 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 |
|
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Net sales | $ | 850.0 | $ | 1,012.8 | $ | 986.3 | $ | 1,037.4 | $ | 894.6 | $ | 1,037.1 | $ | 1,012.1 | $ | 1,104.3 | ||||||||||||||||
Gross profit | 227.1 | 272.3 | 245.2 | 241.5 | 222.1 | 276.0 | 262.1 | 261.6 | ||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 8.6 | 66.1 | 56.3 | 38.4 | 22.3 | 71.4 | 70.8 | 60.7 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
(Loss) earnings from discontinued operations, net of income taxes | (1.0 | ) | (0.3 | ) | (0.2 | ) | 0.1 | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (9.9 | ) | — | (1.1 | ) | — | (1.6 | ) | — | — | (1.1 | ) | ||||||||||||||||||||
Net (loss) earnings | (4.9 | ) | 46.6 | 73.1 | 33.6 | 8.1 | 54.5 | 50.6 | 54.4 | |||||||||||||||||||||||
Less: Earnings (loss) attributable to noncontrolling interest, net of tax | 3.9 | — | — | — | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | |||||||||||||||||||||
Net (loss) earnings attributable to Manitowoc | $ | (8.8 | ) | $ | 46.6 | $ | 73.1 | $ | 33.6 | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.01 | $ | 0.35 | $ | 0.55 | $ | 0.25 | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | — | — | — | — | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.07 | ) | — | (0.01 | ) | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||
(Loss) earnings per share attributable to Manitowoc common shareholders | $ | (0.07 | ) | $ | 0.35 | $ | 0.54 | $ | 0.25 | $ | 0.08 | $ | 0.43 | $ | 0.40 | $ | 0.16 | |||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.01 | $ | 0.34 | $ | 0.54 | $ | 0.24 | $ | 0.10 | $ | 0.46 | $ | 0.40 | $ | 0.18 | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | — | — | — | — | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.07 | ) | — | (0.01 | ) | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||
(Loss) earnings per share attributable to Manitowoc common shareholders | $ | (0.06 | ) | $ | 0.34 | $ | 0.53 | $ | 0.25 | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | |||||||||||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.08 | $ | — | $ | — | $ | — | $ | 0.08 |
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