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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | — | $ | 8.7 | $ | 2.5 | $ | 16.9 | ||||||||
Pretax earnings from discontinued operation | $ | — | $ | 0.7 | $ | 0.1 | $ | 0.9 | ||||||||
Provision for taxes on earnings | — | 0.1 | — | 0.4 | ||||||||||||
Net earnings from discontinued operation | $ | — | $ | 0.6 | $ | 0.1 | $ | 0.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax loss from discontinued operations | $ | (3.3 | ) | $ | (0.2 | ) | $ | (3.6 | ) | $ | (0.7 | ) | ||||
Benefit for taxes on earnings | (1.2 | ) | — | (1.3 | ) | (0.2 | ) | |||||||||
Net loss from discontinued operations | $ | (2.1 | ) | $ | (0.2 | ) | $ | (2.3 | ) | $ | (0.5 | ) |
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Fair Value as of June 30, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.4 | $ | — | $ | 1.4 | |||||||
Marketable securities | 2.7 | — | — | 2.7 | |||||||||||
Total current assets at fair value | $ | 2.7 | $ | 1.4 | $ | — | $ | 4.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Commodity contracts | — | 1.4 | — | 1.4 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 4.3 | $ | — | $ | 4.3 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 8.4 | $ | — | $ | 8.4 | |||||||
Total Non-current liabilities at fair value | $ | — | $ | 8.4 | $ | — | $ | 8.4 |
Fair Value as of December 31, 2012 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Marketable securities | 2.7 | — | — | 2.7 | |||||||||||
Total current assets at fair value | $ | 2.7 | $ | 2.9 | $ | — | $ | 5.6 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||
Commodity contracts | — | 0.8 | — | 0.8 | |||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 2.0 | $ | — | $ | 2.0 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Total non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 |
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities |
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or |
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | |
Inputs other than quoted prices that are observable for the asset or liability | |
Level 3 | Unobservable inputs for the asset or liability |
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Units Hedged | |||||||||
Commodity | June 30, 2013 | December 31, 2012 | Type | ||||||
Aluminum | 1,851 | 1,382 | MT | Cash Flow | |||||
Copper | 385 | 515 | MT | Cash Flow | |||||
Natural Gas | 200,491 | 158,670 | MMBtu | Cash Flow | |||||
Steel | 9,051 | 10,041 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2013 | December 31, 2012 | Type | |||||
Canadian Dollar | 12,875,224 | 9,351,126 | Cash Flow | |||||
European Euro | 62,108,650 | 66,389,190 | Cash Flow | |||||
South Korean Won | 2,160,482,518 | 2,595,874,455 | Cash Flow | |||||
Singapore Dollar | 4,800,000 | 4,800,000 | Cash Flow | |||||
United States Dollar | 680,397 | 2,398,273 | Cash Flow | |||||
Chinese Renminbi | 127,645,962 | 187,640,472 | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2013 | December 31, 2012 | Recognized Location | Purpose | ||||||
Euro | 30,541,078 | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | 16,735,000 | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Pound Sterling | 6,502,980 | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Chinese Renminbi | 125,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Indian Rupee | 358,108 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Mexican Peso | 1,032,780 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Canadian Dollar | 57,246 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Japanese Yen | 100,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement |
ASSET DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 1.3 | $ | 2.6 | |||||
Total derivatives designated as hedging instruments | $ | 1.3 | $ | 2.6 |
ASSET DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.1 | $ | 0.3 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.1 | $ | 0.3 | ||||||
Total asset derivatives | $ | 1.4 | $ | 2.9 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.9 | $ | 0.4 | |||||
Commodity contracts | Accounts payable and accrued expenses | 1.4 | 0.8 | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | $ | 8.4 | $ | 1.1 | |||||
Total derivatives designated as hedging instruments | $ | 11.7 | $ | 2.3 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.0 | $ | 0.5 | |||||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | — | 0.3 | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | — | — | |||||||
Total derivatives NOT designated as hedging instruments | $ | 1.0 | $ | 0.8 | ||||||
Total liability derivatives | $ | 12.7 | $ | 3.1 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2013 | June 30, 2012 | OCI into Income (Effective Portion) | June 30, 2013 | June 30, 2012 | |||||||||||||
Foreign exchange contracts | $ | 0.5 | $ | (2.4 | ) | Cost of sales | $ | 0.5 | $ | (2.5 | ) | |||||||
Interest rate swap & cap contracts | — | (0.1 | ) | Interest expense | — | — | ||||||||||||
Commodity contracts | (0.2 | ) | (2.7 | ) | Cost of sales | (0.6 | ) | (0.6 | ) | |||||||||
Total | $ | 0.3 | $ | (5.2 | ) | $ | (0.1 | ) | $ | (3.1 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2013 | June 30, 2012 | |||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | (0.1 | ) | |||
Total | $ | (0.1 | ) | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2013 | June 30, 2012 | |||||||
Foreign exchange contracts | Other income | $ | (0.6 | ) | $ | (0.6 | ) | |||
Interest rate swaps | Other income | — | 2.4 | |||||||
Total | $ | (0.6 | ) | $ | 1.8 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2013 | June 30, 2012 | OCI into Income (Effective Portion) | June 30, 2013 | June 30, 2012 | |||||||||||||
Foreign exchange contracts | $ | (1.8 | ) | $ | (0.2 | ) | Cost of sales | $ | 0.8 | $ | (3.3 | ) | ||||||
Interest rate swap & cap contracts | — | (0.2 | ) | Interest expense | — | — | ||||||||||||
Commodity contracts | (0.3 | ) | (0.2 | ) | Cost of sales | (1.1 | ) | (1.3 | ) | |||||||||
Total | $ | (2.1 | ) | $ | (0.6 | ) | $ | (0.3 | ) | $ | (4.6 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2013 | June 30, 2012 | |||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | (0.2 | ) | |||
Total | $ | (0.1 | ) | $ | (0.2 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2013 | June 30, 2012 | |||||||
Foreign exchange contracts | Other income | $ | (0.8 | ) | $ | (1.4 | ) | |||
Interest rate swaps | Other income | — | $ | 4.7 | ||||||
Total | $ | (0.8 | ) | $ | 3.3 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2013 | June 30, 2012 | |||||||
Interest rate swap contracts | Interest expense | $ | (6.0 | ) | $ | 15.3 | ||||
Total | $ | (6.0 | ) | $ | 15.3 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2013 | June 30, 2012 | |||||||
Interest rate swap contracts | Interest expense | $ | (7.3 | ) | $ | 11.5 | ||||
Total | $ | (7.3 | ) | $ | 11.5 |
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(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 237.5 | $ | 231.1 | ||||
Work-in-process | 190.1 | 149.7 | ||||||
Finished goods | 495.4 | 437.6 | ||||||
Total inventories — gross | 923.0 | 818.4 | ||||||
Excess and obsolete inventory reserve | (71.4 | ) | (74.2 | ) | ||||
Net inventories at FIFO cost | 851.6 | 744.2 | ||||||
Excess of FIFO costs over LIFO value | (35.7 | ) | (36.6 | ) | ||||
Inventories — net | $ | 815.9 | $ | 707.6 |
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(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.9 | $ | 1,723.7 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2012 | 338.8 | 869.2 | 1,208.0 | |||||||||
Restructuring reserve adjustment | — | (0.6 | ) | (0.6 | ) | |||||||
Foreign currency impact | 2.9 | 0.4 | 3.3 | |||||||||
Gross balance as of December 31, 2012 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869.0 | $ | 1,210.7 | ||||||
Restructuring reserve adjustment | — | (0.7 | ) | (0.7 | ) | |||||||
Foreign currency impact | (3.2 | ) | 0.1 | (3.1 | ) | |||||||
Gross balance as of June 30, 2013 | $ | 338.5 | $ | 1,384.1 | $ | 1,722.6 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2013 | $ | 338.5 | $ | 868.4 | $ | 1,206.9 |
June 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 307.7 | $ | — | $ | 307.7 | $ | 309.4 | $ | — | $ | 309.4 | ||||||||||||
Customer relationships | 426.2 | (104.7 | ) | 321.5 | 426.7 | (94.1 | ) | 332.6 | ||||||||||||||||
Patents | 34.1 | (26.9 | ) | 7.2 | 33.6 | (26.1 | ) | 7.5 | ||||||||||||||||
Engineering drawings | 11.1 | (8.4 | ) | 2.7 | 11.1 | (8.1 | ) | 3.0 | ||||||||||||||||
Distribution network | 20.5 | — | 20.5 | 20.6 | — | 20.6 | ||||||||||||||||||
Other intangibles | 177.1 | (60.1 | ) | 117.0 | 178.2 | (54.9 | ) | 123.3 | ||||||||||||||||
Total | $ | 976.7 | $ | (200.1 | ) | $ | 776.6 | $ | 979.6 | $ | (183.2 | ) | $ | 796.4 |
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(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Trade accounts payable and interest payable | $ | 514.9 | $ | 510.2 | ||||
Employee related expenses | 108.9 | 96.9 | ||||||
Restructuring expenses | 22.5 | 25.3 | ||||||
Profit sharing and incentives | 25.1 | 42.9 | ||||||
Accrued rebates | 30.3 | 39.7 | ||||||
Deferred revenue - current | 24.1 | 29.5 | ||||||
Derivative liabilities | 4.3 | 1.9 | ||||||
Income taxes payable | 35.9 | 37.6 | ||||||
Miscellaneous accrued expenses | 112.2 | 128.9 | ||||||
$ | 878.2 | $ | 912.9 |
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(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Revolving credit facility | $ | 138.3 | $ | 34.4 | ||||
Term loan A | 277.1 | 297.5 | ||||||
Term loan B | 75.4 | 81.0 | ||||||
Senior notes due 2018 | 409.5 | 410.5 | ||||||
Senior notes due 2020 | 616.7 | 621.2 | ||||||
Senior notes due 2022 | 291.6 | 298.9 | ||||||
Other | 88.5 | 81.3 | ||||||
Total debt | 1,897.1 | 1,824.8 | ||||||
Less current portion and short-term borrowings | (96.2 | ) | (92.8 | ) | ||||
Long-term debt | $ | 1,800.9 | $ | 1,732.0 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
June 30, 2013 | 3.25:1.00 | 2.25:1.00 | ||
September 30, 2013 | 3.25:1.00 | 2.50:1.00 | ||
December 31, 2013 | 3.25:1.00 | 2.50:1.00 | ||
March 31, 2014 | 3.25:1.00 | 2.75:1.00 | ||
June 30, 2014 | 3.25:1.00 | 2.75:1.00 | ||
September 30, 2014 | 3.25:1.00 | 2.75:1.00 | ||
December 31, 2014, 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 | % |
Year | Percentage | |
2014 | 104.750 | % |
2015 | 102.375 | % |
2016 and thereafter | 100.000 | % |
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(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2012 | $ | 222.1 | $ | (19.0 | ) | |||
Net earnings (loss) | 68.0 | (5.4 | ) | |||||
Balance at June 30, 2013 | $ | 290.1 | $ | (24.4 | ) |
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2011 | $ | 131.0 | $ | (9.9 | ) | |||
Net earnings (loss) | 45.0 | (4.2 | ) | |||||
Balance at June 30, 2012 | $ | 176.0 | $ | (14.1 | ) |
(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 | (2.5 | ) | — | (14.6 | ) | (17.1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.0 | — | 0.9 | |||||||||||
Net current period other comprehensive income (loss) | (2.6 | ) | 1.0 | (14.6 | ) | (16.2 | ) | |||||||||
Balance at March 31, 2013 | $ | (2.0 | ) | $ | (79.3 | ) | $ | 35.7 | $ | (45.6 | ) | |||||
Other comprehensive loss before reclassifications | 0.6 | — | (1.5 | ) | (0.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.1 | — | 1.0 | |||||||||||
Net current period other comprehensive income (loss) | 0.5 | 1.1 | (1.5 | ) | 0.1 | |||||||||||
Balance at June 30, 2013 | $ | (1.5 | ) | $ | (78.2 | ) | $ | 34.2 | $ | (45.5 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | (0.5 | ) | Cost of sales | ||
Commodity contracts | 0.6 | Cost of sales | ||||
0.1 | Total before tax | |||||
— | Tax expense | |||||
$ | 0.1 | Net of tax | ||||
Amortization of pension and postretirement items | ||||||
Actuarial losses | (1.5 | ) | (a) | |||
(1.5 | ) | Total before tax | ||||
0.4 | Tax benefit | |||||
$ | (1.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (1.0 | ) | Net of Tax | ||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans" for further details). |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | (0.8 | ) | Cost of sales | ||
Commodity contracts | 1.1 | Cost of sales | ||||
0.3 | Total before tax | |||||
(0.1 | ) | Tax expense | ||||
$ | 0.2 | Net of tax | ||||
Amortization of pension and postretirement items | ||||||
Actuarial losses | (2.8 | ) | (a) | |||
(2.8 | ) | Total before tax | ||||
0.7 | Tax benefit | |||||
$ | (2.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (1.9 | ) | Net of Tax | ||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans" for further details). |
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(in millions) | Six Months Ended June 30, 2013 | Year Ended December 31, 2012 | ||||||
Balance at beginning of period | $ | 101.4 | $ | 103.7 | ||||
Accruals for warranties issued during the period | 30.9 | 57.1 | ||||||
Settlements made (in cash or in kind) during the period | (31.3 | ) | (59.9 | ) | ||||
Currency translation | (0.5 | ) | 0.5 | |||||
Balance at end of period | $ | 100.5 | $ | 101.4 |
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Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.3 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.4 | 0.5 | 4.8 | 4.9 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (1.9 | ) | — | (5.1 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.0 | 0.5 | — | 1.8 | 1.0 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 0.8 | $ | 1.6 | $ | 0.6 | $ | 1.5 | $ | 3.3 | $ | 1.3 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.2 | $ | — | $ | 1.1 | $ | 0.4 | ||||||||||||
Interest cost of projected benefit obligations | 2.6 | 2.5 | 0.7 | 5.1 | 5.0 | 1.4 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (2.0 | ) | — | (5.1 | ) | (4.0 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 0.7 | 0.2 | 0.1 | 1.4 | 0.4 | 0.2 | ||||||||||||||||||
Net periodic benefit costs | $ | 0.7 | $ | 1.3 | $ | 1.0 | $ | 1.4 | $ | 2.5 | $ | 2.0 |
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Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2013 | ||||||||||||||
$ | 8.4 | $ | 0.3 | $ | (1.3 | ) | $ | — | $ | 7.4 |
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2013 | ||||||||||||||
$ | 16.9 | $ | 0.9 | $ | (2.0 | ) | $ | (0.7 | ) | $ | 15.1 |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 656.9 | $ | 610.7 | $ | 1,204.3 | $ | 1,118.6 | ||||||||
Foodservice | 389.7 | 386.5 | 740.3 | 730.5 | ||||||||||||
Total net sales | $ | 1,046.6 | $ | 997.2 | $ | 1,944.6 | $ | 1,849.1 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 65.0 | $ | 52.0 | $ | 96.3 | $ | 73.4 | ||||||||
Foodservice | 63.0 | 66.1 | 112.1 | 117.1 | ||||||||||||
Corporate expense | (16.5 | ) | (16.5 | ) | (35.0 | ) | (32.5 | ) | ||||||||
Amortization expense | (9.0 | ) | (9.3 | ) | (18.1 | ) | (18.6 | ) | ||||||||
Restructuring expense | (0.9 | ) | (0.2 | ) | (1.2 | ) | (0.9 | ) | ||||||||
Other | — | (0.1 | ) | (0.3 | ) | (0.1 | ) | |||||||||
Earnings from continuing operations | $ | 101.6 | $ | 92.0 | $ | 153.8 | $ | 138.4 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (32.6 | ) | $ | (33.8 | ) | $ | (65.9 | ) | $ | (66.8 | ) | ||||
Amortization of deferred financing fees | (1.7 | ) | (2.1 | ) | (3.5 | ) | (4.1 | ) | ||||||||
Loss on debt extinguishment | — | — | (0.4 | ) | — | |||||||||||
Other income (expense)-net | (1.4 | ) | 2.0 | 0.2 | 0.2 | |||||||||||
Earnings from continuing operations before taxes on earnings | $ | 65.9 | $ | 58.1 | $ | 84.2 | $ | 67.7 |
(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Crane | $ | 1,988.0 | $ | 1,903.3 | ||||
Foodservice | 1,936.2 | 1,956.8 | ||||||
Corporate | 227.0 | 197.2 | ||||||
Total | $ | 4,151.2 | $ | 4,057.3 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 682.3 | $ | 527.0 | $ | (162.7 | ) | $ | 1,046.6 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 511.1 | 425.4 | (162.7 | ) | 773.8 | |||||||||||||
Engineering, selling and administrative expenses | 15.5 | 66.2 | 79.6 | — | 161.3 | ||||||||||||||
Amortization expense | — | 7.4 | 1.6 | — | 9.0 | ||||||||||||||
Restructuring expense | — | 0.1 | 0.8 | — | 0.9 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (61.1 | ) | (5.7 | ) | — | 66.8 | — | ||||||||||||
Total costs and expenses | (45.6 | ) | 579.1 | 507.4 | (95.9 | ) | 945.0 | ||||||||||||
Operating earnings (loss) from continuing operations | 45.6 | 103.2 | 19.6 | (66.8 | ) | 101.6 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (29.9 | ) | (0.4 | ) | (2.3 | ) | — | (32.6 | ) | ||||||||||
Amortization of deferred financing fees | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||
Loss on debt extinguishment | — | — | — | — | — | ||||||||||||||
Management fee income (expense) | 14.9 | (18.7 | ) | 3.8 | — | — | |||||||||||||
Other income (expense), net | 1.5 | (8.7 | ) | 5.8 | — | (1.4 | ) | ||||||||||||
Total other income (expenses) | (15.2 | ) | (27.8 | ) | 7.3 | — | (35.7 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 30.4 | 75.4 | 26.9 | (66.8 | ) | 65.9 | |||||||||||||
Provision (benefit) for taxes on income | (27.2 | ) | 26.1 | 10.4 | — | 9.3 | |||||||||||||
Earnings (loss) from continuing operations | 57.6 | 49.3 | 16.5 | (66.8 | ) | 56.6 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.0 | ) | (0.1 | ) | — | (2.1 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 57.6 | 47.3 | 16.4 | (66.8 | ) | 54.5 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (3.1 | ) | — | (3.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 57.6 | $ | 47.3 | $ | 19.5 | $ | (66.8 | ) | $ | 57.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 57.7 | $ | 47.2 | $ | 2.6 | $ | (49.8 | ) | $ | 57.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 664.1 | $ | 491.2 | $ | (158.1 | ) | $ | 997.2 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 502.3 | 401.8 | (158.1 | ) | 746.0 | |||||||||||||
Engineering, selling and administrative expenses | 15.8 | 60.1 | 73.7 | — | 149.6 | ||||||||||||||
Amortization expense | — | 7.5 | 1.8 | — | 9.3 | ||||||||||||||
Restructuring expense | — | — | 0.2 | — | 0.2 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (55.3 | ) | (5.8 | ) | — | 61.1 | — | ||||||||||||
Total costs and expenses | (39.5 | ) | 564.2 | 477.5 | (97.0 | ) | 905.2 | ||||||||||||
Operating earnings (loss) from continuing operations | 39.5 | 99.9 | 13.7 | (61.1 | ) | 92.0 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (30.3 | ) | (0.4 | ) | (3.1 | ) | — | (33.8 | ) | ||||||||||
Amortization of deferred financing fees | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||||||
Management fee income (expense) | 15.4 | (19.3 | ) | 3.9 | — | — | |||||||||||||
Other income (expense), net | 12.5 | (12.7 | ) | 2.2 | — | 2.0 | |||||||||||||
Total other income (expenses) | (4.5 | ) | (32.4 | ) | 3.0 | — | (33.9 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 35.0 | 67.5 | 16.7 | (61.1 | ) | 58.1 | |||||||||||||
Provision (benefit) for taxes on earnings | (10.3 | ) | 23.9 | 1.9 | — | 15.5 | |||||||||||||
Earnings (loss) from continuing operations | 45.3 | 43.6 | 14.8 | (61.1 | ) | 42.6 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (0.2 | ) | 0.6 | — | 0.4 | |||||||||||||
Net earnings (loss) | 45.3 | 43.4 | 15.4 | (61.1 | ) | 43.0 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (2.3 | ) | — | (2.3 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 45.3 | $ | 43.4 | $ | 17.7 | $ | (61.1 | ) | $ | 45.3 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 2.7 | $ | 44.3 | $ | 26.0 | $ | (70.3 | ) | $ | 2.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,302.1 | $ | 974.5 | $ | (332.0 | ) | $ | 1,944.6 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 990.7 | 793.1 | (332.0 | ) | 1,451.8 | |||||||||||||
Engineering, selling and administrative expenses | 33.2 | 130.5 | 155.7 | — | 319.4 | ||||||||||||||
Amortization expense | — | 14.8 | 3.3 | — | 18.1 | ||||||||||||||
Restructuring expense | — | 0.1 | 1.1 | — | 1.2 | ||||||||||||||
Other | — | 0.3 | — | — | 0.3 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (86.6 | ) | (18.5 | ) | — | 105.1 | — | ||||||||||||
Total costs and expenses | (53.4 | ) | 1,117.9 | 953.2 | (226.9 | ) | 1,790.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 53.4 | 184.2 | 21.3 | (105.1 | ) | 153.8 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.6 | ) | (5.0 | ) | — | (65.9 | ) | ||||||||||
Amortization of deferred financing fees | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Loss on debt extinguishment | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||
Management fee income (expense) | 29.7 | (36.1 | ) | 6.4 | — | — | |||||||||||||
Other income (expense), net | 5.9 | (16.4 | ) | 10.7 | — | 0.2 | |||||||||||||
Total other income (expenses) | (28.6 | ) | (53.1 | ) | 12.1 | — | (69.6 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 24.8 | 131.1 | 33.4 | (105.1 | ) | 84.2 | |||||||||||||
Provision (benefit) for taxes on income | (43.2 | ) | 45.3 | 15.7 | — | 17.8 | |||||||||||||
Earnings (loss) from continuing operations | 68.0 | 85.8 | 17.7 | (105.1 | ) | 66.4 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (2.2 | ) | — | — | (2.2 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||
Net earnings (loss) | 68.0 | 83.6 | 16.1 | (105.1 | ) | 62.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (5.4 | ) | — | (5.4 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 68.0 | $ | 83.6 | $ | 21.5 | $ | (105.1 | ) | $ | 68.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 51.9 | $ | 83.5 | $ | 10.7 | $ | (94.2 | ) | $ | 51.9 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,248.1 | $ | 899.3 | $ | (298.3 | ) | $ | 1,849.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 951.4 | 741.5 | (298.3 | ) | 1,394.6 | |||||||||||||
Engineering, selling and administrative expenses | 31.2 | 120.1 | 145.2 | — | 296.5 | ||||||||||||||
Amortization expense | — | 14.9 | 3.7 | — | 18.6 | ||||||||||||||
Restructuring expense | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (64.3 | ) | (20.0 | ) | — | 84.3 | — | ||||||||||||
Total costs and expenses | (33.1 | ) | 1,066.7 | 891.1 | (214.0 | ) | 1,710.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 33.1 | 181.4 | 8.2 | (84.3 | ) | 138.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.9 | ) | (5.6 | ) | — | (66.8 | ) | ||||||||||
Amortization of deferred financing fees | (4.1 | ) | — | — | — | (4.1 | ) | ||||||||||||
Management fee income (expense) | 30.8 | (37.8 | ) | 7.0 | — | — | |||||||||||||
Other income (expense), net | 29.5 | (30.5 | ) | 1.2 | — | 0.2 | |||||||||||||
Total other income (expenses) | (4.1 | ) | (69.2 | ) | 2.6 | — | (70.7 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 29.0 | 112.2 | 10.8 | (84.3 | ) | 67.7 | |||||||||||||
Provision (benefit) for taxes on earnings | (16.0 | ) | 35.4 | 7.5 | — | 26.9 | |||||||||||||
Earnings (loss) from continuing operations | 45.0 | 76.8 | 3.3 | (84.3 | ) | 40.8 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (0.5 | ) | 0.5 | — | — | |||||||||||||
Net earnings (loss) | 45.0 | 76.3 | 3.8 | (84.3 | ) | 40.8 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (4.2 | ) | — | (4.2 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 45.0 | $ | 76.3 | $ | 8.0 | $ | (84.3 | ) | $ | 45.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 22.8 | $ | 77.5 | $ | 19.6 | $ | (97.1 | ) | $ | 22.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 7.3 | $ | 10.2 | $ | 74.2 | $ | — | $ | 91.7 | |||||||||
Marketable securities | 2.7 | — | — | — | 2.7 | ||||||||||||||
Restricted cash | 5.3 | — | 5.4 | — | 10.7 | ||||||||||||||
Accounts receivable — net | — | 34.7 | 305.8 | — | 340.5 | ||||||||||||||
Intercompany interest receivable | 20.0 | 3.1 | — | (23.1 | ) | — | |||||||||||||
Inventories — net | — | 383.7 | 432.2 | — | 815.9 | ||||||||||||||
Deferred income taxes | 73.0 | — | 16.1 | — | 89.1 | ||||||||||||||
Other current assets | 2.8 | 2.2 | 102.9 | — | 107.9 | ||||||||||||||
Total current assets | 111.1 | 433.9 | 936.6 | (23.1 | ) | 1,458.5 | |||||||||||||
Property, plant and equipment — net | 5.9 | 279.7 | 274.3 | — | 559.9 | ||||||||||||||
Goodwill | — | 969.1 | 237.8 | — | 1,206.9 | ||||||||||||||
Other intangible assets — net | — | 606.1 | 170.5 | — | 776.6 | ||||||||||||||
Intercompany long-term receivable | 922.5 | 158.6 | 899.6 | (1,980.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,415.0 | 1,677.5 | (3,092.5 | ) | — | |||||||||||||
Other non-current assets | 46.6 | 4.2 | 98.5 | — | 149.3 | ||||||||||||||
Investment in affiliates | 5,164.1 | 3,453.5 | — | (8,617.6 | ) | — | |||||||||||||
Total assets | $ | 6,250.2 | $ | 7,320.1 | $ | 4,294.8 | $ | (13,713.9 | ) | $ | 4,151.2 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 88.3 | $ | 400.7 | $ | 389.2 | $ | — | $ | 878.2 | |||||||||
Short-term borrowings and current portion of long-term debt | 32.5 | 0.7 | 63.0 | — | 96.2 | ||||||||||||||
Intercompany interest payable | 3.1 | — | 20.0 | (23.1 | ) | — | |||||||||||||
Product warranties | — | 46.1 | 36.0 | — | 82.1 | ||||||||||||||
Customer advances | — | 7.2 | 17.8 | — | 25.0 | ||||||||||||||
Product liabilities | — | 23.3 | 5.3 | — | 28.6 | ||||||||||||||
Total current liabilities | 123.9 | 478.0 | 531.3 | (23.1 | ) | 1,110.1 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,776.1 | 2.6 | 22.2 | — | 1,800.9 | ||||||||||||||
Deferred income taxes | 179.8 | — | 46.3 | — | 226.1 | ||||||||||||||
Pension obligations | 81.5 | 11.8 | 20.2 | — | 113.5 | ||||||||||||||
Postretirement health and other benefit obligations | 49.6 | — | 3.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.4 | 30.9 | — | 41.3 | ||||||||||||||
Intercompany long-term note payable | 183.2 | 829.8 | 967.7 | (1,980.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,092.5 | — | — | (3,092.5 | ) | — | |||||||||||||
Other non-current liabilities | 99.5 | 15.1 | 51.9 | — | 166.5 | ||||||||||||||
Total non-current liabilities | 5,462.2 | 869.7 | 1,142.7 | (5,073.2 | ) | 2,401.4 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 664.1 | 5,972.4 | 2,645.2 | (8,617.6 | ) | 664.1 | |||||||||||||
Noncontrolling interest | — | — | (24.4 | ) | — | (24.4 | ) | ||||||||||||
Total equity | 664.1 | 5,972.4 | 2,620.8 | (8,617.6 | ) | 639.7 | |||||||||||||
Total liabilities and equity | $ | 6,250.2 | $ | 7,320.1 | $ | 4,294.8 | $ | (13,713.9 | ) | $ | 4,151.2 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 12.0 | $ | 4.0 | $ | 57.4 | $ | — | $ | 73.4 | |||||||||
Marketable securities | 2.7 | — | — | — | 2.7 | ||||||||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | ||||||||||||||
Accounts receivable — net | 0.4 | 29.0 | 303.3 | — | 332.7 | ||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | |||||||||||||
Inventories — net | — | 338.3 | 369.3 | — | 707.6 | ||||||||||||||
Deferred income taxes | 70.9 | — | 18.1 | — | 89.0 | ||||||||||||||
Other current assets | 3.8 | 3.5 | 107.9 | (10.0 | ) | 105.2 | |||||||||||||
Current assets of discontinued operations | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total current assets | 99.2 | 378.0 | 868.1 | (17.3 | ) | 1,328.0 | |||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 278.0 | — | 556.1 | ||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.7 | ||||||||||||||
Other intangible assets — net | — | 620.9 | 175.5 | — | 796.4 | ||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.3 | (2,184.4 | ) | — | |||||||||||||
Other non-current assets | 49.3 | 4.5 | 76.5 | — | 130.3 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 35.8 | — | 35.8 | ||||||||||||||
Investment in affiliates | 4,985.4 | 3,443.6 | — | (8,429.0 | ) | — | |||||||||||||
Total assets | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 408.7 | $ | — | $ | 912.9 | |||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 56.9 | (10.0 | ) | 92.8 | |||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 37.6 | — | 82.1 | ||||||||||||||
Customer advances | — | 7.8 | 16.4 | — | 24.2 | ||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | ||||||||||||||
Current liabilities of discontinued operation | — | — | 6.0 | — | 6.0 | ||||||||||||||
Total current liabilities | 142.0 | 487.1 | 534.1 | (17.3 | ) | 1,145.9 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,708.3 | 3.0 | 20.7 | — | 1,732.0 | ||||||||||||||
Deferred income taxes | 176.0 | — | 47.0 | — | 223.0 | ||||||||||||||
Pension obligations | 80.0 | 12.2 | 22.1 | — | 114.3 | ||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | ||||||||||||||
Long-term deferred revenue | — | 6.0 | 31.7 | — | 37.7 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,024.9 | — | 57.9 | (3,082.8 | ) | — | |||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 8.6 | — | 8.6 | ||||||||||||||
Total non-current liabilities | 5,327.0 | 864.3 | 1,206.3 | (5,067.5 | ) | 2,330.1 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.7 | 2,111.9 | (7,530.6 | ) | 600.3 | |||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | ||||||||||||
Total equity | 600.3 | 5,418.7 | 2,092.9 | (7,530.6 | ) | 581.3 | |||||||||||||
Total liabilities and equity | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (37.8 | ) | $ | 45.4 | $ | (66.1 | ) | $ | — | $ | (58.5 | ) | ||||||
Cash provided by (used for) operating activities of discontinued operations | — | (2.2 | ) | (1.8 | ) | — | (4.0 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (37.8 | ) | $ | 43.2 | $ | (67.9 | ) | $ | — | $ | (62.5 | ) | ||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | — | $ | (27.2 | ) | $ | (19.7 | ) | $ | — | $ | (46.9 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Restricted cash | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | (45.3 | ) | 1.6 | 61.3 | (17.6 | ) | — | ||||||||||||
Net cash provided by (used for) investing activities | (45.3 | ) | (25.4 | ) | 81.3 | (17.6 | ) | (7.0 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (28.4 | ) | $ | (0.3 | ) | $ | (10.1 | ) | $ | — | $ | (38.8 | ) | |||||
Proceeds from long-term debt | — | — | 19.3 | — | 19.3 | ||||||||||||||
Proceeds on revolving credit facility—net | 103.9 | — | 0.2 | — | 104.1 | ||||||||||||||
Proceeds (payments) on notes financing—net | — | — | 2.3 | — | 2.3 | ||||||||||||||
Exercises of stock options | 2.9 | — | — | — | 2.9 | ||||||||||||||
Intercompany financing | — | (11.3 | ) | (6.3 | ) | 17.6 | — | ||||||||||||
Net cash provided by (used for) financing activities | 78.4 | (11.6 | ) | 5.4 | 17.6 | 89.8 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (4.7 | ) | 6.2 | 16.8 | — | 18.3 | |||||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.4 | — | 73.4 | ||||||||||||||
Balance at end of period | $ | 7.3 | $ | 10.2 | $ | 74.2 | $ | — | $ | 91.7 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (27.8 | ) | $ | 52.1 | $ | (147.7 | ) | $ | — | $ | (123.4 | ) | ||||||
Cash provided by (used for) operating activities of discontinued operations | — | (0.5 | ) | 2.1 | — | 1.6 | |||||||||||||
Net cash provided by (used for) operating activities | $ | (27.8 | ) | $ | 51.6 | $ | (145.6 | ) | $ | — | $ | (121.8 | ) | ||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.5 | ) | $ | (17.0 | ) | $ | (17.2 | ) | $ | — | $ | (34.7 | ) | |||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | — | 0.2 | ||||||||||||||
Restricted cash | — | — | (3.0 | ) | — | (3.0 | ) | ||||||||||||
Intercompany investments | (60.8 | ) | (73.5 | ) | 96.8 | 37.5 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | (61.3 | ) | (90.5 | ) | 76.8 | 37.5 | (37.5 | ) | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | (61.3 | ) | $ | (90.5 | ) | $ | 76.7 | $ | 37.5 | $ | (37.6 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (18.9 | ) | $ | (0.3 | ) | $ | (29.1 | ) | $ | — | $ | (48.3 | ) | |||||
Proceeds from long-term debt | — | — | 64.9 | — | 64.9 | ||||||||||||||
Proceeds from (payments on) revolving credit facility—net | 107.9 | — | 40.9 | — | 148.8 | ||||||||||||||
Proceeds from (payments on) notes financing—net | (0.1 | ) | (1.3 | ) | (17.3 | ) | — | (18.7 | ) | ||||||||||
Exercises of stock options | 1.6 | — | — | — | 1.6 | ||||||||||||||
Intercompany financing | 0.1 | 46.8 | (9.4 | ) | (37.5 | ) | — | ||||||||||||
Net cash provided by (used for) financing activities | 90.6 | 45.2 | 50.0 | (37.5 | ) | 148.3 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 1.5 | 6.3 | (19.6 | ) | — | (11.8 | ) | ||||||||||||
Balance at beginning of period | 4.2 | 8.5 | 55.9 | — | 68.6 | ||||||||||||||
Balance at end of period | $ | 5.7 | $ | 14.8 | $ | 36.3 | $ | — | $ | 56.8 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | — | $ | 8.7 | $ | 2.5 | $ | 16.9 | ||||||||
Pretax earnings from discontinued operation | $ | — | $ | 0.7 | $ | 0.1 | $ | 0.9 | ||||||||
Provision for taxes on earnings | — | 0.1 | — | 0.4 | ||||||||||||
Net earnings from discontinued operation | $ | — | $ | 0.6 | $ | 0.1 | $ | 0.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Pretax loss from discontinued operations | $ | (3.3 | ) | $ | (0.2 | ) | $ | (3.6 | ) | $ | (0.7 | ) | ||||
Benefit for taxes on earnings | (1.2 | ) | — | (1.3 | ) | (0.2 | ) | |||||||||
Net loss from discontinued operations | $ | (2.1 | ) | $ | (0.2 | ) | $ | (2.3 | ) | $ | (0.5 | ) |
|
Fair Value as of June 30, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.4 | $ | — | $ | 1.4 | |||||||
Marketable securities | 2.7 | — | — | 2.7 | |||||||||||
Total current assets at fair value | $ | 2.7 | $ | 1.4 | $ | — | $ | 4.1 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Commodity contracts | — | 1.4 | — | 1.4 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 4.3 | $ | — | $ | 4.3 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 8.4 | $ | — | $ | 8.4 | |||||||
Total Non-current liabilities at fair value | $ | — | $ | 8.4 | $ | — | $ | 8.4 |
Fair Value as of December 31, 2012 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Current Assets: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||
Marketable securities | 2.7 | — | — | 2.7 | |||||||||||
Total current assets at fair value | $ | 2.7 | $ | 2.9 | $ | — | $ | 5.6 | |||||||
Current Liabilities: | |||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||
Commodity contracts | — | 0.8 | — | 0.8 | |||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | |||||||||||
Total current liabilities at fair value | $ | — | $ | 2.0 | $ | — | $ | 2.0 | |||||||
Non-current Liabilities: | |||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||
Total non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 |
|
Units Hedged | |||||||||
Commodity | June 30, 2013 | December 31, 2012 | Type | ||||||
Aluminum | 1,851 | 1,382 | MT | Cash Flow | |||||
Copper | 385 | 515 | MT | Cash Flow | |||||
Natural Gas | 200,491 | 158,670 | MMBtu | Cash Flow | |||||
Steel | 9,051 | 10,041 | Tons | Cash Flow |
Units Hedged | ||||||||
Short Currency | June 30, 2013 | December 31, 2012 | Type | |||||
Canadian Dollar | 12,875,224 | 9,351,126 | Cash Flow | |||||
European Euro | 62,108,650 | 66,389,190 | Cash Flow | |||||
South Korean Won | 2,160,482,518 | 2,595,874,455 | Cash Flow | |||||
Singapore Dollar | 4,800,000 | 4,800,000 | Cash Flow | |||||
United States Dollar | 680,397 | 2,398,273 | Cash Flow | |||||
Chinese Renminbi | 127,645,962 | 187,640,472 | Cash Flow |
Units Hedged | ||||||||||
Short Currency | June 30, 2013 | December 31, 2012 | Recognized Location | Purpose | ||||||
Euro | 30,541,078 | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
United States Dollar | 16,735,000 | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Pound Sterling | 6,502,980 | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Chinese Renminbi | 125,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Indian Rupee | 358,108 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Mexican Peso | 1,032,780 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Canadian Dollar | 57,246 | — | Other income, net | Accounts Payable and Receivable Settlement | ||||||
Japanese Yen | 100,000,000 | — | Other income, net | Accounts Payable and Receivable Settlement |
ASSET DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 1.3 | $ | 2.6 | |||||
Total derivatives designated as hedging instruments | $ | 1.3 | $ | 2.6 |
ASSET DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets | $ | 0.1 | $ | 0.3 | |||||
Total derivatives NOT designated as hedging instruments | $ | 0.1 | $ | 0.3 | ||||||
Total asset derivatives | $ | 1.4 | $ | 2.9 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.9 | $ | 0.4 | |||||
Commodity contracts | Accounts payable and accrued expenses | 1.4 | 0.8 | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | $ | 8.4 | $ | 1.1 | |||||
Total derivatives designated as hedging instruments | $ | 11.7 | $ | 2.3 |
LIABILITY DERIVATIVES | ||||||||||
June 30, 2013 | December 31, 2012 | |||||||||
(in millions) | Balance Sheet Location | Fair Value | ||||||||
Derivatives NOT designated as hedging instruments | ||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 1.0 | $ | 0.5 | |||||
Interest rate swap contracts: Float-to-fixed | Accounts payable and accrued expenses | — | 0.3 | |||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | — | — | |||||||
Total derivatives NOT designated as hedging instruments | $ | 1.0 | $ | 0.8 | ||||||
Total liability derivatives | $ | 12.7 | $ | 3.1 |
Amount of Gain or (Loss) on Derivative Recognized in OCI (Effective Portion, net of tax) | Location of Gain or (Loss) Reclassified from Accumulated | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in millions) | June 30, 2013 | June 30, 2012 | OCI into Income (Effective Portion) | June 30, 2013 | June 30, 2012 | |||||||||||||
Foreign exchange contracts | $ | 0.5 | $ | (2.4 | ) | Cost of sales | $ | 0.5 | $ | (2.5 | ) | |||||||
Interest rate swap & cap contracts | — | (0.1 | ) | Interest expense | — | — | ||||||||||||
Commodity contracts | (0.2 | ) | (2.7 | ) | Cost of sales | (0.6 | ) | (0.6 | ) | |||||||||
Total | $ | 0.3 | $ | (5.2 | ) | $ | (0.1 | ) | $ | (3.1 | ) |
Derivatives | Location of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from | Amount of Gain or (Loss) on Derivative Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Relationships (in millions) | Effectiveness Testing) | June 30, 2013 | June 30, 2012 | |||||||
Commodity contracts | Cost of sales | $ | (0.1 | ) | $ | (0.1 | ) | |||
Total | $ | (0.1 | ) | $ | (0.1 | ) |
Derivatives Not Designated as | Location of Gain or (Loss) Recognized on Derivative in | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Hedging Instruments (in millions) | Income | June 30, 2013 | June 30, 2012 | |||||||
Foreign exchange contracts | Other income | $ | (0.6 | ) | $ | (0.6 | ) | |||
Interest rate swaps | Other income | — | 2.4 | |||||||
Total | $ | (0.6 | ) | $ | 1.8 |
Derivatives Designated as Fair Market Value | Location of Gain or (Loss) on Derivative | Amount of Gain or (Loss) on Derivative Recognized in Income | ||||||||
Instruments under ASC 815 (in millions) | Recognized in Income | June 30, 2013 | June 30, 2012 | |||||||
Interest rate swap contracts | Interest expense | $ | (6.0 | ) | $ | 15.3 | ||||
Total | $ | (6.0 | ) | $ | 15.3 |
|
(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Inventories — gross: | ||||||||
Raw materials | $ | 237.5 | $ | 231.1 | ||||
Work-in-process | 190.1 | 149.7 | ||||||
Finished goods | 495.4 | 437.6 | ||||||
Total inventories — gross | 923.0 | 818.4 | ||||||
Excess and obsolete inventory reserve | (71.4 | ) | (74.2 | ) | ||||
Net inventories at FIFO cost | 851.6 | 744.2 | ||||||
Excess of FIFO costs over LIFO value | (35.7 | ) | (36.6 | ) | ||||
Inventories — net | $ | 815.9 | $ | 707.6 |
|
(in millions) | Crane | Foodservice | Total | |||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.9 | $ | 1,723.7 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of January 1, 2012 | 338.8 | 869.2 | 1,208.0 | |||||||||
Restructuring reserve adjustment | — | (0.6 | ) | (0.6 | ) | |||||||
Foreign currency impact | 2.9 | 0.4 | 3.3 | |||||||||
Gross balance as of December 31, 2012 | $ | 341.7 | $ | 1,384.7 | $ | 1,726.4 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869.0 | $ | 1,210.7 | ||||||
Restructuring reserve adjustment | — | (0.7 | ) | (0.7 | ) | |||||||
Foreign currency impact | (3.2 | ) | 0.1 | (3.1 | ) | |||||||
Gross balance as of June 30, 2013 | $ | 338.5 | $ | 1,384.1 | $ | 1,722.6 | ||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | |||||||
Net balance as of June 30, 2013 | $ | 338.5 | $ | 868.4 | $ | 1,206.9 |
June 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Trademarks and tradenames | $ | 307.7 | $ | — | $ | 307.7 | $ | 309.4 | $ | — | $ | 309.4 | ||||||||||||
Customer relationships | 426.2 | (104.7 | ) | 321.5 | 426.7 | (94.1 | ) | 332.6 | ||||||||||||||||
Patents | 34.1 | (26.9 | ) | 7.2 | 33.6 | (26.1 | ) | 7.5 | ||||||||||||||||
Engineering drawings | 11.1 | (8.4 | ) | 2.7 | 11.1 | (8.1 | ) | 3.0 | ||||||||||||||||
Distribution network | 20.5 | — | 20.5 | 20.6 | — | 20.6 | ||||||||||||||||||
Other intangibles | 177.1 | (60.1 | ) | 117.0 | 178.2 | (54.9 | ) | 123.3 | ||||||||||||||||
Total | $ | 976.7 | $ | (200.1 | ) | $ | 776.6 | $ | 979.6 | $ | (183.2 | ) | $ | 796.4 |
|
(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Trade accounts payable and interest payable | $ | 514.9 | $ | 510.2 | ||||
Employee related expenses | 108.9 | 96.9 | ||||||
Restructuring expenses | 22.5 | 25.3 | ||||||
Profit sharing and incentives | 25.1 | 42.9 | ||||||
Accrued rebates | 30.3 | 39.7 | ||||||
Deferred revenue - current | 24.1 | 29.5 | ||||||
Derivative liabilities | 4.3 | 1.9 | ||||||
Income taxes payable | 35.9 | 37.6 | ||||||
Miscellaneous accrued expenses | 112.2 | 128.9 | ||||||
$ | 878.2 | $ | 912.9 |
|
(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Revolving credit facility | $ | 138.3 | $ | 34.4 | ||||
Term loan A | 277.1 | 297.5 | ||||||
Term loan B | 75.4 | 81.0 | ||||||
Senior notes due 2018 | 409.5 | 410.5 | ||||||
Senior notes due 2020 | 616.7 | 621.2 | ||||||
Senior notes due 2022 | 291.6 | 298.9 | ||||||
Other | 88.5 | 81.3 | ||||||
Total debt | 1,897.1 | 1,824.8 | ||||||
Less current portion and short-term borrowings | (96.2 | ) | (92.8 | ) | ||||
Long-term debt | $ | 1,800.9 | $ | 1,732.0 |
Fiscal Quarter Ending | Consolidated Senior Secured Leverage Ratio (less than) | Consolidated Interest Coverage Ratio (greater than) | ||
June 30, 2013 | 3.25:1.00 | 2.25:1.00 | ||
September 30, 2013 | 3.25:1.00 | 2.50:1.00 | ||
December 31, 2013 | 3.25:1.00 | 2.50:1.00 | ||
March 31, 2014 | 3.25:1.00 | 2.75:1.00 | ||
June 30, 2014 | 3.25:1.00 | 2.75:1.00 | ||
September 30, 2014 | 3.25:1.00 | 2.75:1.00 | ||
December 31, 2014, and thereafter | 3.00:1.00 | 3.00:1.00 |
Year | Percentage | |
2014 | 104.750 | % |
2015 | 102.375 | % |
2016 and thereafter | 100.000 | % |
Year | Percentage | |
2017 | 102.938 | % |
2018 | 101.958 | % |
2019 | 100.979 | % |
2020 and thereafter | 100.000 | % |
Year | Percentage | |
2015 | 104.250 | % |
2016 | 102.833 | % |
2017 | 101.417 | % |
2018 and thereafter | 100.000 | % |
|
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2012 | $ | 222.1 | $ | (19.0 | ) | |||
Net earnings (loss) | 68.0 | (5.4 | ) | |||||
Balance at June 30, 2013 | $ | 290.1 | $ | (24.4 | ) |
(in millions) | Retained Earnings | Noncontrolling Interest | ||||||
Balance at December 31, 2011 | $ | 131.0 | $ | (9.9 | ) | |||
Net earnings (loss) | 45.0 | (4.2 | ) | |||||
Balance at June 30, 2012 | $ | 176.0 | $ | (14.1 | ) |
(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 | (2.5 | ) | — | (14.6 | ) | (17.1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.0 | — | 0.9 | |||||||||||
Net current period other comprehensive income (loss) | (2.6 | ) | 1.0 | (14.6 | ) | (16.2 | ) | |||||||||
Balance at March 31, 2013 | $ | (2.0 | ) | $ | (79.3 | ) | $ | 35.7 | $ | (45.6 | ) | |||||
Other comprehensive loss before reclassifications | 0.6 | — | (1.5 | ) | (0.9 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.1 | ) | 1.1 | — | 1.0 | |||||||||||
Net current period other comprehensive income (loss) | 0.5 | 1.1 | (1.5 | ) | 0.1 | |||||||||||
Balance at June 30, 2013 | $ | (1.5 | ) | $ | (78.2 | ) | $ | 34.2 | $ | (45.5 | ) |
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | ||||
Gains and losses on cash flow hedges | ||||||
Foreign exchange contracts | $ | (0.8 | ) | Cost of sales | ||
Commodity contracts | 1.1 | Cost of sales | ||||
0.3 | Total before tax | |||||
(0.1 | ) | Tax expense | ||||
$ | 0.2 | Net of tax | ||||
Amortization of pension and postretirement items | ||||||
Actuarial losses | (2.8 | ) | (a) | |||
(2.8 | ) | Total before tax | ||||
0.7 | Tax benefit | |||||
$ | (2.1 | ) | Net of Tax | |||
Total reclassifications for the period | $ | (1.9 | ) | Net of Tax | ||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans" for further details). |
|
(in millions) | Six Months Ended June 30, 2013 | Year Ended December 31, 2012 | ||||||
Balance at beginning of period | $ | 101.4 | $ | 103.7 | ||||
Accruals for warranties issued during the period | 30.9 | 57.1 | ||||||
Settlements made (in cash or in kind) during the period | (31.3 | ) | (59.9 | ) | ||||
Currency translation | (0.5 | ) | 0.5 | |||||
Balance at end of period | $ | 100.5 | $ | 101.4 |
|
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.1 | $ | — | $ | 1.2 | $ | 0.3 | ||||||||||||
Interest cost of projected benefit obligations | 2.4 | 2.4 | 0.5 | 4.8 | 4.9 | 1.0 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (1.9 | ) | — | (5.1 | ) | (3.8 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 1.0 | 0.5 | — | 1.8 | 1.0 | — | ||||||||||||||||||
Net periodic benefit costs | $ | 0.8 | $ | 1.6 | $ | 0.6 | $ | 1.5 | $ | 3.3 | $ | 1.3 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | Postretirement | U.S. | Non-U.S. | Postretirement | |||||||||||||||||||
Pension | Pension | Health and | Pension | Pension | Health and | |||||||||||||||||||
(in millions) | Plans | Plans | Other Plans | Plans | Plans | Other Plans | ||||||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | 0.6 | $ | 0.2 | $ | — | $ | 1.1 | $ | 0.4 | ||||||||||||
Interest cost of projected benefit obligations | 2.6 | 2.5 | 0.7 | 5.1 | 5.0 | 1.4 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (2.0 | ) | — | (5.1 | ) | (4.0 | ) | — | ||||||||||||||
Amortization of actuarial net loss | 0.7 | 0.2 | 0.1 | 1.4 | 0.4 | 0.2 | ||||||||||||||||||
Net periodic benefit costs | $ | 0.7 | $ | 1.3 | $ | 1.0 | $ | 1.4 | $ | 2.5 | $ | 2.0 |
|
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2013 | ||||||||||||||
$ | 8.4 | $ | 0.3 | $ | (1.3 | ) | $ | — | $ | 7.4 |
Restructuring Reserve Balance as of December 31, 2012 | Restructuring Charges | Use of Reserve | Reserve Revisions | Restructuring Reserve Balance as of June 30, 2013 | ||||||||||||||
$ | 16.9 | $ | 0.9 | $ | (2.0 | ) | $ | (0.7 | ) | $ | 15.1 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Crane | $ | 656.9 | $ | 610.7 | $ | 1,204.3 | $ | 1,118.6 | ||||||||
Foodservice | 389.7 | 386.5 | 740.3 | 730.5 | ||||||||||||
Total net sales | $ | 1,046.6 | $ | 997.2 | $ | 1,944.6 | $ | 1,849.1 | ||||||||
Earnings (loss) from continuing operations: | ||||||||||||||||
Crane | $ | 65.0 | $ | 52.0 | $ | 96.3 | $ | 73.4 | ||||||||
Foodservice | 63.0 | 66.1 | 112.1 | 117.1 | ||||||||||||
Corporate expense | (16.5 | ) | (16.5 | ) | (35.0 | ) | (32.5 | ) | ||||||||
Amortization expense | (9.0 | ) | (9.3 | ) | (18.1 | ) | (18.6 | ) | ||||||||
Restructuring expense | (0.9 | ) | (0.2 | ) | (1.2 | ) | (0.9 | ) | ||||||||
Other | — | (0.1 | ) | (0.3 | ) | (0.1 | ) | |||||||||
Earnings from continuing operations | $ | 101.6 | $ | 92.0 | $ | 153.8 | $ | 138.4 | ||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | $ | (32.6 | ) | $ | (33.8 | ) | $ | (65.9 | ) | $ | (66.8 | ) | ||||
Amortization of deferred financing fees | (1.7 | ) | (2.1 | ) | (3.5 | ) | (4.1 | ) | ||||||||
Loss on debt extinguishment | — | — | (0.4 | ) | — | |||||||||||
Other income (expense)-net | (1.4 | ) | 2.0 | 0.2 | 0.2 | |||||||||||
Earnings from continuing operations before taxes on earnings | $ | 65.9 | $ | 58.1 | $ | 84.2 | $ | 67.7 |
(in millions) | June 30, 2013 | December 31, 2012 | ||||||
Crane | $ | 1,988.0 | $ | 1,903.3 | ||||
Foodservice | 1,936.2 | 1,956.8 | ||||||
Corporate | 227.0 | 197.2 | ||||||
Total | $ | 4,151.2 | $ | 4,057.3 |
|
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 682.3 | $ | 527.0 | $ | (162.7 | ) | $ | 1,046.6 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 511.1 | 425.4 | (162.7 | ) | 773.8 | |||||||||||||
Engineering, selling and administrative expenses | 15.5 | 66.2 | 79.6 | — | 161.3 | ||||||||||||||
Amortization expense | — | 7.4 | 1.6 | — | 9.0 | ||||||||||||||
Restructuring expense | — | 0.1 | 0.8 | — | 0.9 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (61.1 | ) | (5.7 | ) | — | 66.8 | — | ||||||||||||
Total costs and expenses | (45.6 | ) | 579.1 | 507.4 | (95.9 | ) | 945.0 | ||||||||||||
Operating earnings (loss) from continuing operations | 45.6 | 103.2 | 19.6 | (66.8 | ) | 101.6 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (29.9 | ) | (0.4 | ) | (2.3 | ) | — | (32.6 | ) | ||||||||||
Amortization of deferred financing fees | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||
Loss on debt extinguishment | — | — | — | — | — | ||||||||||||||
Management fee income (expense) | 14.9 | (18.7 | ) | 3.8 | — | — | |||||||||||||
Other income (expense), net | 1.5 | (8.7 | ) | 5.8 | — | (1.4 | ) | ||||||||||||
Total other income (expenses) | (15.2 | ) | (27.8 | ) | 7.3 | — | (35.7 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 30.4 | 75.4 | 26.9 | (66.8 | ) | 65.9 | |||||||||||||
Provision (benefit) for taxes on income | (27.2 | ) | 26.1 | 10.4 | — | 9.3 | |||||||||||||
Earnings (loss) from continuing operations | 57.6 | 49.3 | 16.5 | (66.8 | ) | 56.6 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (2.0 | ) | (0.1 | ) | — | (2.1 | ) | |||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 57.6 | 47.3 | 16.4 | (66.8 | ) | 54.5 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (3.1 | ) | — | (3.1 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 57.6 | $ | 47.3 | $ | 19.5 | $ | (66.8 | ) | $ | 57.6 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 57.7 | $ | 47.2 | $ | 2.6 | $ | (49.8 | ) | $ | 57.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 664.1 | $ | 491.2 | $ | (158.1 | ) | $ | 997.2 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 502.3 | 401.8 | (158.1 | ) | 746.0 | |||||||||||||
Engineering, selling and administrative expenses | 15.8 | 60.1 | 73.7 | — | 149.6 | ||||||||||||||
Amortization expense | — | 7.5 | 1.8 | — | 9.3 | ||||||||||||||
Restructuring expense | — | — | 0.2 | — | 0.2 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (55.3 | ) | (5.8 | ) | — | 61.1 | — | ||||||||||||
Total costs and expenses | (39.5 | ) | 564.2 | 477.5 | (97.0 | ) | 905.2 | ||||||||||||
Operating earnings (loss) from continuing operations | 39.5 | 99.9 | 13.7 | (61.1 | ) | 92.0 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (30.3 | ) | (0.4 | ) | (3.1 | ) | — | (33.8 | ) | ||||||||||
Amortization of deferred financing fees | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||||||
Management fee income (expense) | 15.4 | (19.3 | ) | 3.9 | — | — | |||||||||||||
Other income (expense), net | 12.5 | (12.7 | ) | 2.2 | — | 2.0 | |||||||||||||
Total other income (expenses) | (4.5 | ) | (32.4 | ) | 3.0 | — | (33.9 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 35.0 | 67.5 | 16.7 | (61.1 | ) | 58.1 | |||||||||||||
Provision (benefit) for taxes on earnings | (10.3 | ) | 23.9 | 1.9 | — | 15.5 | |||||||||||||
Earnings (loss) from continuing operations | 45.3 | 43.6 | 14.8 | (61.1 | ) | 42.6 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (0.2 | ) | 0.6 | — | 0.4 | |||||||||||||
Net earnings (loss) | 45.3 | 43.4 | 15.4 | (61.1 | ) | 43.0 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (2.3 | ) | — | (2.3 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 45.3 | $ | 43.4 | $ | 17.7 | $ | (61.1 | ) | $ | 45.3 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 2.7 | $ | 44.3 | $ | 26.0 | $ | (70.3 | ) | $ | 2.7 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,302.1 | $ | 974.5 | $ | (332.0 | ) | $ | 1,944.6 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 990.7 | 793.1 | (332.0 | ) | 1,451.8 | |||||||||||||
Engineering, selling and administrative expenses | 33.2 | 130.5 | 155.7 | — | 319.4 | ||||||||||||||
Amortization expense | — | 14.8 | 3.3 | — | 18.1 | ||||||||||||||
Restructuring expense | — | 0.1 | 1.1 | — | 1.2 | ||||||||||||||
Other | — | 0.3 | — | — | 0.3 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (86.6 | ) | (18.5 | ) | — | 105.1 | — | ||||||||||||
Total costs and expenses | (53.4 | ) | 1,117.9 | 953.2 | (226.9 | ) | 1,790.8 | ||||||||||||
Operating earnings (loss) from continuing operations | 53.4 | 184.2 | 21.3 | (105.1 | ) | 153.8 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.6 | ) | (5.0 | ) | — | (65.9 | ) | ||||||||||
Amortization of deferred financing fees | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Loss on debt extinguishment | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||
Management fee income (expense) | 29.7 | (36.1 | ) | 6.4 | — | — | |||||||||||||
Other income (expense), net | 5.9 | (16.4 | ) | 10.7 | — | 0.2 | |||||||||||||
Total other income (expenses) | (28.6 | ) | (53.1 | ) | 12.1 | — | (69.6 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 24.8 | 131.1 | 33.4 | (105.1 | ) | 84.2 | |||||||||||||
Provision (benefit) for taxes on income | (43.2 | ) | 45.3 | 15.7 | — | 17.8 | |||||||||||||
Earnings (loss) from continuing operations | 68.0 | 85.8 | 17.7 | (105.1 | ) | 66.4 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (2.2 | ) | — | — | (2.2 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||
Net earnings (loss) | 68.0 | 83.6 | 16.1 | (105.1 | ) | 62.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (5.4 | ) | — | (5.4 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 68.0 | $ | 83.6 | $ | 21.5 | $ | (105.1 | ) | $ | 68.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 51.9 | $ | 83.5 | $ | 10.7 | $ | (94.2 | ) | $ | 51.9 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 1,248.1 | $ | 899.3 | $ | (298.3 | ) | $ | 1,849.1 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales | — | 951.4 | 741.5 | (298.3 | ) | 1,394.6 | |||||||||||||
Engineering, selling and administrative expenses | 31.2 | 120.1 | 145.2 | — | 296.5 | ||||||||||||||
Amortization expense | — | 14.9 | 3.7 | — | 18.6 | ||||||||||||||
Restructuring expense | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Other | — | 0.1 | — | — | 0.1 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (64.3 | ) | (20.0 | ) | — | 84.3 | — | ||||||||||||
Total costs and expenses | (33.1 | ) | 1,066.7 | 891.1 | (214.0 | ) | 1,710.7 | ||||||||||||
Operating earnings (loss) from continuing operations | 33.1 | 181.4 | 8.2 | (84.3 | ) | 138.4 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest expense | (60.3 | ) | (0.9 | ) | (5.6 | ) | — | (66.8 | ) | ||||||||||
Amortization of deferred financing fees | (4.1 | ) | — | — | — | (4.1 | ) | ||||||||||||
Management fee income (expense) | 30.8 | (37.8 | ) | 7.0 | — | — | |||||||||||||
Other income (expense), net | 29.5 | (30.5 | ) | 1.2 | — | 0.2 | |||||||||||||
Total other income (expenses) | (4.1 | ) | (69.2 | ) | 2.6 | — | (70.7 | ) | |||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 29.0 | 112.2 | 10.8 | (84.3 | ) | 67.7 | |||||||||||||
Provision (benefit) for taxes on earnings | (16.0 | ) | 35.4 | 7.5 | — | 26.9 | |||||||||||||
Earnings (loss) from continuing operations | 45.0 | 76.8 | 3.3 | (84.3 | ) | 40.8 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Earnings (loss) from discontinued operations, net of income taxes | — | (0.5 | ) | 0.5 | — | — | |||||||||||||
Net earnings (loss) | 45.0 | 76.3 | 3.8 | (84.3 | ) | 40.8 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (4.2 | ) | — | (4.2 | ) | ||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 45.0 | $ | 76.3 | $ | 8.0 | $ | (84.3 | ) | $ | 45.0 | ||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 22.8 | $ | 77.5 | $ | 19.6 | $ | (97.1 | ) | $ | 22.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 7.3 | $ | 10.2 | $ | 74.2 | $ | — | $ | 91.7 | |||||||||
Marketable securities | 2.7 | — | — | — | 2.7 | ||||||||||||||
Restricted cash | 5.3 | — | 5.4 | — | 10.7 | ||||||||||||||
Accounts receivable — net | — | 34.7 | 305.8 | — | 340.5 | ||||||||||||||
Intercompany interest receivable | 20.0 | 3.1 | — | (23.1 | ) | — | |||||||||||||
Inventories — net | — | 383.7 | 432.2 | — | 815.9 | ||||||||||||||
Deferred income taxes | 73.0 | — | 16.1 | — | 89.1 | ||||||||||||||
Other current assets | 2.8 | 2.2 | 102.9 | — | 107.9 | ||||||||||||||
Total current assets | 111.1 | 433.9 | 936.6 | (23.1 | ) | 1,458.5 | |||||||||||||
Property, plant and equipment — net | 5.9 | 279.7 | 274.3 | — | 559.9 | ||||||||||||||
Goodwill | — | 969.1 | 237.8 | — | 1,206.9 | ||||||||||||||
Other intangible assets — net | — | 606.1 | 170.5 | — | 776.6 | ||||||||||||||
Intercompany long-term receivable | 922.5 | 158.6 | 899.6 | (1,980.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 1,415.0 | 1,677.5 | (3,092.5 | ) | — | |||||||||||||
Other non-current assets | 46.6 | 4.2 | 98.5 | — | 149.3 | ||||||||||||||
Investment in affiliates | 5,164.1 | 3,453.5 | — | (8,617.6 | ) | — | |||||||||||||
Total assets | $ | 6,250.2 | $ | 7,320.1 | $ | 4,294.8 | $ | (13,713.9 | ) | $ | 4,151.2 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 88.3 | $ | 400.7 | $ | 389.2 | $ | — | $ | 878.2 | |||||||||
Short-term borrowings and current portion of long-term debt | 32.5 | 0.7 | 63.0 | — | 96.2 | ||||||||||||||
Intercompany interest payable | 3.1 | — | 20.0 | (23.1 | ) | — | |||||||||||||
Product warranties | — | 46.1 | 36.0 | — | 82.1 | ||||||||||||||
Customer advances | — | 7.2 | 17.8 | — | 25.0 | ||||||||||||||
Product liabilities | — | 23.3 | 5.3 | — | 28.6 | ||||||||||||||
Total current liabilities | 123.9 | 478.0 | 531.3 | (23.1 | ) | 1,110.1 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,776.1 | 2.6 | 22.2 | — | 1,800.9 | ||||||||||||||
Deferred income taxes | 179.8 | — | 46.3 | — | 226.1 | ||||||||||||||
Pension obligations | 81.5 | 11.8 | 20.2 | — | 113.5 | ||||||||||||||
Postretirement health and other benefit obligations | 49.6 | — | 3.5 | — | 53.1 | ||||||||||||||
Long-term deferred revenue | — | 10.4 | 30.9 | — | 41.3 | ||||||||||||||
Intercompany long-term note payable | 183.2 | 829.8 | 967.7 | (1,980.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,092.5 | — | — | (3,092.5 | ) | — | |||||||||||||
Other non-current liabilities | 99.5 | 15.1 | 51.9 | — | 166.5 | ||||||||||||||
Total non-current liabilities | 5,462.2 | 869.7 | 1,142.7 | (5,073.2 | ) | 2,401.4 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders’ equity | 664.1 | 5,972.4 | 2,645.2 | (8,617.6 | ) | 664.1 | |||||||||||||
Noncontrolling interest | — | — | (24.4 | ) | — | (24.4 | ) | ||||||||||||
Total equity | 664.1 | 5,972.4 | 2,620.8 | (8,617.6 | ) | 639.7 | |||||||||||||
Total liabilities and equity | $ | 6,250.2 | $ | 7,320.1 | $ | 4,294.8 | $ | (13,713.9 | ) | $ | 4,151.2 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 12.0 | $ | 4.0 | $ | 57.4 | $ | — | $ | 73.4 | |||||||||
Marketable securities | 2.7 | — | — | — | 2.7 | ||||||||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | ||||||||||||||
Accounts receivable — net | 0.4 | 29.0 | 303.3 | — | 332.7 | ||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | |||||||||||||
Inventories — net | — | 338.3 | 369.3 | — | 707.6 | ||||||||||||||
Deferred income taxes | 70.9 | — | 18.1 | — | 89.0 | ||||||||||||||
Other current assets | 3.8 | 3.5 | 107.9 | (10.0 | ) | 105.2 | |||||||||||||
Current assets of discontinued operations | — | — | 6.8 | — | 6.8 | ||||||||||||||
Total current assets | 99.2 | 378.0 | 868.1 | (17.3 | ) | 1,328.0 | |||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 278.0 | — | 556.1 | ||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.7 | ||||||||||||||
Other intangible assets — net | — | 620.9 | 175.5 | — | 796.4 | ||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.3 | (2,184.4 | ) | — | |||||||||||||
Other non-current assets | 49.3 | 4.5 | 76.5 | — | 130.3 | ||||||||||||||
Long-term assets of discontinued operations | — | — | 35.8 | — | 35.8 | ||||||||||||||
Investment in affiliates | 4,985.4 | 3,443.6 | — | (8,429.0 | ) | — | |||||||||||||
Total assets | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 408.7 | $ | — | $ | 912.9 | |||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 56.9 | (10.0 | ) | 92.8 | |||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | |||||||||||||
Product warranties | — | 44.5 | 37.6 | — | 82.1 | ||||||||||||||
Customer advances | — | 7.8 | 16.4 | — | 24.2 | ||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | ||||||||||||||
Current liabilities of discontinued operation | — | — | 6.0 | — | 6.0 | ||||||||||||||
Total current liabilities | 142.0 | 487.1 | 534.1 | (17.3 | ) | 1,145.9 | |||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Long-term debt, less current portion | 1,708.3 | 3.0 | 20.7 | — | 1,732.0 | ||||||||||||||
Deferred income taxes | 176.0 | — | 47.0 | — | 223.0 | ||||||||||||||
Pension obligations | 80.0 | 12.2 | 22.1 | — | 114.3 | ||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | ||||||||||||||
Long-term deferred revenue | — | 6.0 | 31.7 | — | 37.7 | ||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | |||||||||||||
Intercompany accounts payable | 3,024.9 | — | 57.9 | (3,082.8 | ) | — | |||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | ||||||||||||||
Long-term liabilities of discontinued operations | — | — | 8.6 | — | 8.6 | ||||||||||||||
Total non-current liabilities | 5,327.0 | 864.3 | 1,206.3 | (5,067.5 | ) | 2,330.1 | |||||||||||||
Equity | |||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.7 | 2,111.9 | (7,530.6 | ) | 600.3 | |||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | ||||||||||||
Total equity | 600.3 | 5,418.7 | 2,092.9 | (7,530.6 | ) | 581.3 | |||||||||||||
Total liabilities and equity | $ | 6,069.3 | $ | 6,770.1 | $ | 3,833.3 | $ | (12,615.4 | ) | $ | 4,057.3 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (37.8 | ) | $ | 45.4 | $ | (66.1 | ) | $ | — | $ | (58.5 | ) | ||||||
Cash provided by (used for) operating activities of discontinued operations | — | (2.2 | ) | (1.8 | ) | — | (4.0 | ) | |||||||||||
Net cash provided by (used for) operating activities | $ | (37.8 | ) | $ | 43.2 | $ | (67.9 | ) | $ | — | $ | (62.5 | ) | ||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | — | $ | (27.2 | ) | $ | (19.7 | ) | $ | — | $ | (46.9 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 0.2 | 0.7 | — | 0.9 | ||||||||||||||
Restricted cash | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Proceeds from sale of business | — | — | 39.2 | — | 39.2 | ||||||||||||||
Intercompany investments | (45.3 | ) | 1.6 | 61.3 | (17.6 | ) | — | ||||||||||||
Net cash provided by (used for) investing activities | (45.3 | ) | (25.4 | ) | 81.3 | (17.6 | ) | (7.0 | ) | ||||||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (28.4 | ) | $ | (0.3 | ) | $ | (10.1 | ) | $ | — | $ | (38.8 | ) | |||||
Proceeds from long-term debt | — | — | 19.3 | — | 19.3 | ||||||||||||||
Proceeds on revolving credit facility—net | 103.9 | — | 0.2 | — | 104.1 | ||||||||||||||
Proceeds (payments) on notes financing—net | — | — | 2.3 | — | 2.3 | ||||||||||||||
Exercises of stock options | 2.9 | — | — | — | 2.9 | ||||||||||||||
Intercompany financing | — | (11.3 | ) | (6.3 | ) | 17.6 | — | ||||||||||||
Net cash provided by (used for) financing activities | 78.4 | (11.6 | ) | 5.4 | 17.6 | 89.8 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (4.7 | ) | 6.2 | 16.8 | — | 18.3 | |||||||||||||
Balance at beginning of period | 12.0 | 4.0 | 57.4 | — | 73.4 | ||||||||||||||
Balance at end of period | $ | 7.3 | $ | 10.2 | $ | 74.2 | $ | — | $ | 91.7 |
Parent | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (27.8 | ) | $ | 52.1 | $ | (147.7 | ) | $ | — | $ | (123.4 | ) | ||||||
Cash provided by (used for) operating activities of discontinued operations | — | (0.5 | ) | 2.1 | — | 1.6 | |||||||||||||
Net cash provided by (used for) operating activities | $ | (27.8 | ) | $ | 51.6 | $ | (145.6 | ) | $ | — | $ | (121.8 | ) | ||||||
Cash Flows from Investing: | |||||||||||||||||||
Capital expenditures | $ | (0.5 | ) | $ | (17.0 | ) | $ | (17.2 | ) | $ | — | $ | (34.7 | ) | |||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | — | 0.2 | ||||||||||||||
Restricted cash | — | — | (3.0 | ) | — | (3.0 | ) | ||||||||||||
Intercompany investments | (60.8 | ) | (73.5 | ) | 96.8 | 37.5 | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | (61.3 | ) | (90.5 | ) | 76.8 | 37.5 | (37.5 | ) | |||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net cash provided by (used for) investing activities | $ | (61.3 | ) | $ | (90.5 | ) | $ | 76.7 | $ | 37.5 | $ | (37.6 | ) | ||||||
Cash Flows from Financing: | |||||||||||||||||||
Payments on long-term debt | $ | (18.9 | ) | $ | (0.3 | ) | $ | (29.1 | ) | $ | — | $ | (48.3 | ) | |||||
Proceeds from long-term debt | — | — | 64.9 | — | 64.9 | ||||||||||||||
Proceeds from (payments on) revolving credit facility—net | 107.9 | — | 40.9 | — | 148.8 | ||||||||||||||
Proceeds from (payments on) notes financing—net | (0.1 | ) | (1.3 | ) | (17.3 | ) | — | (18.7 | ) | ||||||||||
Exercises of stock options | 1.6 | — | — | — | 1.6 | ||||||||||||||
Intercompany financing | 0.1 | 46.8 | (9.4 | ) | (37.5 | ) | — | ||||||||||||
Net cash provided by (used for) financing activities | 90.6 | 45.2 | 50.0 | (37.5 | ) | 148.3 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 1.5 | 6.3 | (19.6 | ) | — | (11.8 | ) | ||||||||||||
Balance at beginning of period | 4.2 | 8.5 | 55.9 | — | 68.6 | ||||||||||||||
Balance at end of period | $ | 5.7 | $ | 14.8 | $ | 36.3 | $ | — | $ | 56.8 |
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