Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document and entity information | ' | ' | ' |
Entity Registrant Name | 'MANITOWOC CO INC | ' | ' |
Entity Central Index Key | '0000061986 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,365,400,000 |
Entity Common Stock, Shares Outstanding | ' | 134,178,516 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operations | ' | ' | ' |
Net sales | $4,048.10 | $3,913.30 | $3,589.30 |
Costs and expenses: | ' | ' | ' |
Cost of sales | 3,026.30 | 2,970.30 | 2,756.40 |
Engineering, selling and administrative expenses | 617.6 | 597.6 | 561 |
Amortization expense | 35.3 | 36.5 | 37.4 |
Restructuring expense | 4.8 | 9.5 | 5.5 |
Other income | -0.3 | ' | -0.5 |
Other expense | ' | 2.5 | ' |
Total costs and expenses | 3,683.70 | 3,616.40 | 3,359.80 |
Operating earnings from continuing operations | 364.4 | 296.9 | 229.5 |
Other income (expenses): | ' | ' | ' |
Interest expense | -128.4 | -135.6 | -145.4 |
Amortization of deferred financing fees | -7 | -8.2 | -10.4 |
Loss on debt extinguishment | -3 | -6.3 | -29.7 |
Other income (expense)-net | -0.8 | 0.1 | 2.3 |
Total other expenses | -139.2 | -150 | -183.2 |
Earnings (loss) from continuing operations before taxes on earnings | 225.2 | 146.9 | 46.3 |
Provision for taxes on earnings | 36.1 | 38 | 13.6 |
Earnings (loss) from continuing operations | 189.1 | 108.9 | 32.7 |
Discontinued operations: | ' | ' | ' |
Loss from discontinued operations, net of income taxes of $(1.8), $0.2 and $(2.6), respectively | -18.8 | -16.3 | -15.8 |
Loss on sale of discontinued operations, net of income taxes of $4.4, $0.0 and $29.9, respectively | -2.7 | 0 | -34.6 |
Net earnings (loss) | 167.6 | 92.6 | -17.7 |
Less: Net earnings (loss) attributable to noncontrolling interest, net of tax | 25.8 | -9.1 | -6.5 |
Net earnings (loss) attributable to Manitowoc | 141.8 | 101.7 | -11.2 |
Amounts attributable to the Manitowoc common shareholders: | ' | ' | ' |
Earnings (loss) from continuing operations | 154.8 | 109.7 | 33 |
Loss from discontinued operations, net of income taxes | -10.3 | -8 | -9.6 |
Loss on sale of discontinued operations, net of income taxes | -2.7 | 0 | -34.6 |
Net earnings (loss) attributable to Manitowoc | $141.80 | $101.70 | ($11.20) |
Basic earnings (loss) per common share: | ' | ' | ' |
Earnings (loss) from continuing operations attributable to Manitowoc common shareholders | $1.16 | $0.83 | $0.25 |
Earnings (loss) from discontinued operations attributable to Manitowoc common shareholders | ($0.08) | ($0.06) | ($0.07) |
Loss on sale of discontinued operations, net of income taxes | ($0.02) | $0 | ($0.27) |
Earnings (loss) per share attributable to Manitowoc common shareholders | $1.07 | $0.77 | ($0.09) |
Diluted earnings (loss) per common share: | ' | ' | ' |
Earnings (loss) from continuing operations attributable to Manitowoc common shareholders | $1.14 | $0.82 | $0.25 |
Loss from discontinued operations attributable to Manitowoc common shareholders | ($0.08) | ($0.06) | ($0.07) |
Loss on sale of discontinued operations, net of income taxes | ($0.02) | $0 | ($0.26) |
Earnings (loss) per share attributable to Manitowoc common shareholders | $1.05 | $0.76 | ($0.08) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Loss from discontinued operations, income taxes | ($1.80) | $0.20 | ($2.60) |
Loss on sale of discontinued operations, income taxes | $4.40 | $0 | $29.90 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings (loss) | $167.60 | $92.60 | ($17.70) |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Foreign currency translation adjustments | 4.5 | 8.3 | -10.9 |
Derivative instrument fair market value adjustment, net of income taxes of $0.3, $2.6, and $2.2, respectively | 0.4 | 5.2 | 4 |
Employee pension and postretirement benefits, net of income taxes of $7.6, $(0.5), and $(9.7), respectively | 17.6 | -18.1 | -18 |
Total other comprehensive income (loss), net of tax | 22.5 | -4.6 | -24.9 |
Comprehensive income (loss) | 190.1 | 88 | -42.6 |
Comprehensive income (loss) attributable to noncontrolling interest | 25.8 | -9.1 | -6.5 |
Comprehensive income (loss) attributable to Manitowoc | $164.30 | $97.10 | ($36.10) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Derivative instrument fair market value adjustment, income taxes | $0.30 | $2.60 | $2.20 |
Employee pension and post retirement benefits, income taxes | $7.60 | ($0.50) | ($9.70) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $54.90 | $73.20 |
Restricted cash | 12.8 | 10.6 |
Accounts receivable, less allowances of $18.2 and $13.3, respectively | 255.5 | 330.7 |
Inventories — net | 720.8 | 692.7 |
Deferred income taxes | 89.9 | 88.3 |
Other current assets | 113.9 | 104.3 |
Current assets of discontinued operations | 15.1 | 28.2 |
Total current assets | 1,262.90 | 1,328 |
Property, plant and equipment — net | 578.8 | 539.3 |
Goodwill | 1,218.60 | 1,210.70 |
Other intangible assets — net | 766.2 | 789.7 |
Other non-current assets | 126.8 | 128.8 |
Long-term assets of discontinued operations | 23.3 | 60.8 |
Total assets | 3,976.60 | 4,057.30 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 935.6 | 911.5 |
Short-term borrowings | 22.7 | 69 |
Product warranties | 81.1 | 82 |
Customer advances | 34.9 | 24.1 |
Product liabilities | 25 | 27.9 |
Current liabilities of discontinued operations | 26.1 | 31.4 |
Total current liabilities | 1,125.40 | 1,145.90 |
Non-Current Liabilities: | ' | ' |
Long-term debt | 1,504.10 | 1,732 |
Deferred income taxes | 214.3 | 220.6 |
Pension obligations | 101.5 | 114.3 |
Postretirement health and other benefit obligations | 44.7 | 53.4 |
Long-term deferred revenue | 37.6 | 37.7 |
Other non-current liabilities | 164.5 | 161.1 |
Long-term liabilities of discontinued operations | 2.2 | 11 |
Total non-current liabilities | 2,068.90 | 2,330.10 |
Commitments and contingencies (Note 17) | ' | ' |
Total Equity: | ' | ' |
Common stock (300,000,000 shares authorized, 163,175,928 shares issued, 133,717,057 and 132,769,478 shares outstanding, respectively) | 1.4 | 1.4 |
Additional paid-in capital | 506 | 486.9 |
Accumulated other comprehensive loss | -6.9 | -29.4 |
Retained earnings | 353.2 | 222.1 |
Treasury stock, at cost (29,458,871 and 30,406,450 shares, respectively) | -78.2 | -80.7 |
Total Manitowoc stockholders’ equity | 775.5 | 600.3 |
Noncontrolling interest | 6.8 | -19 |
Total equity | 782.3 | 581.3 |
Total liabilities and equity | $3,976.60 | $4,057.30 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts Receivable, allowances (in dollars) | $18.20 | $13.30 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 163,175,928 | 163,175,928 |
Common stock, shares outstanding | 133,717,057 | 132,769,478 |
Treasury stock, shares | 29,458,871 | 30,406,450 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operations | ' | ' | ' |
Net earnings (loss) | $167.60 | $92.60 | ($17.70) |
Adjustments to reconcile net earnings to cash provided by operating activities of continuing operations: | ' | ' | ' |
Discontinued operations, net of income taxes | 18.8 | 16.3 | 15.8 |
Depreciation | 68.5 | 68.1 | 80.2 |
Amortization of intangible assets | 35.3 | 36.5 | 37.4 |
Amortization of deferred financing fees | 7 | 8.2 | 10.4 |
Deferred income taxes | -13.4 | -8.5 | 24.5 |
Loss on early extinguishment of debt | 3 | 6.3 | 29.7 |
Loss (gain) on sale of property, plant and equipment | 3.7 | 3 | -2.1 |
Loss on sale of discontinued operations | 2.7 | 0 | 34.6 |
Stock-based compensation expense and Other | 14.9 | 16.4 | 13.7 |
Changes in operating assets and liabilities, excluding the effects of business acquisitions or dispositions: | ' | ' | ' |
Accounts receivable | 74.3 | -35.9 | -98.3 |
Inventories | -22.2 | -42.8 | -111.9 |
Other assets | -22.6 | -2.6 | -3.5 |
Accounts payable | -1.6 | 29.3 | 103.6 |
Accrued expenses and other liabilities | -1.9 | -11.6 | -73.1 |
Net cash provided by operating activities of continuing operations | 334.1 | 175.3 | 43.3 |
Net cash used for operating activities of discontinued operations | -11 | -12.9 | -26.2 |
Net cash provided by operating activities | 323.1 | 162.4 | 17.1 |
Cash Flows From Investing | ' | ' | ' |
Capital expenditures | -110.7 | -72.9 | -64.6 |
Proceeds from sale of property, plant and equipment | 4.1 | 0.8 | 17.3 |
Restricted cash | -2 | -3.3 | 2.2 |
Business acquisitions, net of cash acquired | -12.2 | 0 | 0 |
Proceeds from sale of business | 39.2 | 0 | 143.6 |
Net cash (used for) provided by investing activities of continuing operations | -81.6 | -75.4 | 98.5 |
Net cash used for investing activities of discontinued operations | -0.6 | -0.1 | -0.1 |
Net cash (used for) provided by investing activities | -82.2 | -75.5 | 98.4 |
Cash Flows From Financing | ' | ' | ' |
(Payments on) proceeds from revolving credit facility-net | -34.4 | 34.4 | -24.2 |
Proceeds from swap monetization | 0 | 14.8 | 21.5 |
Payments on long-term debt | -266.5 | -495.4 | -960.3 |
Proceeds from long-term debt | 43 | 383.3 | 839 |
Proceeds from (payments on) notes financing - net | 6.6 | -10.4 | 14.8 |
Debt issuance costs | -1.1 | -5.7 | -14.7 |
Dividends paid | -10.7 | -10.6 | -10.6 |
Exercises of stock options including windfall tax benefits | 6.7 | 6.4 | 2.6 |
Net cash used for financing activities of continuing operations | -256.4 | -83.2 | -131.9 |
Cash provided by financing activities of discontinued operations | 0 | 0 | 6 |
Net cash used for financing activities | -256.4 | -83.2 | -125.9 |
Effect of exchange rate changes on cash | -2.8 | 1.2 | -3.3 |
Net (decrease) increase in cash and cash equivalents | -18.3 | 4.9 | -13.7 |
Balance at beginning of year | 73.2 | 68.3 | 82 |
Balance at end of year | 54.9 | 73.2 | 68.3 |
Supplemental Cash Flow Information | ' | ' | ' |
Interest paid | 134.6 | 137.7 | 154.1 |
Income taxes paid | $55.60 | $18.80 | $24.20 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Equity attributable to Manitowoc shareholders | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Noncontrolling Interest | Performance shares | Performance shares |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Additional Paid-in Capital |
USD ($) | ||||||||||
Balance at beginning of year at Dec. 31, 2010 | ' | ' | $1.40 | $450.60 | $0.10 | $152.80 | ($84.70) | ($3.40) | ' | ' |
Balance (in shares) at Dec. 31, 2010 | ' | ' | 131,388,472 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | ' | 244,923 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued, net (in shares) | ' | ' | 251,370 | ' | ' | ' | ' | ' | ' | ' |
Performance shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stock options exercised and issuance of other stock awards | ' | ' | ' | 0.2 | ' | ' | 1.5 | ' | ' | ' |
Restricted stock expense | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Windfall tax benefit on stock options exercised | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' |
Performance shares expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 |
Stock option expense | ' | ' | ' | 6.9 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -24.9 | ' | ' | ' | -24.9 | ' | ' | ' | ' | ' |
Net earnings (loss) | -17.7 | ' | ' | ' | ' | -11.2 | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | ' | -10.6 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to noncontrolling interest | 6.5 | ' | ' | ' | ' | ' | ' | -6.5 | ' | ' |
Balance at end of year at Dec. 31, 2011 | 481.1 | 491 | 1.4 | 466.6 | -24.8 | 131 | -83.2 | -9.9 | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | ' | 131,884,765 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | ' | 699,913 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued, net (in shares) | ' | ' | 184,800 | ' | ' | ' | ' | ' | ' | ' |
Performance shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stock options exercised and issuance of other stock awards | ' | ' | ' | 2 | ' | ' | 2.5 | ' | ' | ' |
Restricted stock expense | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' |
Windfall tax benefit on stock options exercised | ' | ' | ' | 1.9 | ' | ' | ' | ' | ' | ' |
Performance shares expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 |
Stock option expense | ' | ' | ' | 6.7 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -4.6 | ' | ' | ' | -4.6 | ' | ' | ' | ' | ' |
Net earnings (loss) | 92.6 | ' | ' | ' | ' | 101.7 | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | ' | -10.6 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to noncontrolling interest | 9.1 | ' | ' | ' | ' | ' | ' | -9.1 | ' | ' |
Balance at end of year at Dec. 31, 2012 | 581.3 | 600.3 | 1.4 | 486.9 | -29.4 | 222.1 | -80.7 | -19 | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | ' | 132,769,478 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | ' | 571,094 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued, net (in shares) | ' | ' | 31,310 | ' | ' | ' | ' | ' | ' | ' |
Performance shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 345,175 | ' |
Stock options exercised and issuance of other stock awards | ' | ' | ' | 2.3 | ' | ' | 2.5 | ' | ' | ' |
Restricted stock expense | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | ' |
Windfall tax benefit on stock options exercised | ' | ' | ' | 1.9 | ' | ' | ' | ' | ' | ' |
Performance shares expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.8 |
Stock option expense | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 22.5 | ' | ' | ' | 22.5 | ' | ' | ' | ' | ' |
Net earnings (loss) | 167.6 | ' | ' | ' | ' | 141.8 | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | ' | -10.7 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to noncontrolling interest | -25.8 | ' | ' | ' | ' | ' | ' | 25.8 | ' | ' |
Balance at end of year at Dec. 31, 2013 | $782.30 | $775.50 | $1.40 | $506 | ($6.90) | $353.20 | ($78.20) | $6.80 | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | ' | 133,717,057 | ' | ' | ' | ' | ' | ' | ' |
Company_and_Basis_of_Presentat
Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Company and Basis of Presentation | ' |
Company and Basis of Presentation | |
Company The Manitowoc Company, Inc. (referred to as the company, MTW, and Manitowoc) was founded in 1902. Manitowoc is a multi-industry, capital goods manufacturer operating in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is recognized as one of the world’s leading providers of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is one of the world’s leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. The company has over a 110-year tradition of providing high-quality, customer-focused products and support services to its markets. | |
The company's Crane business is a global provider of engineered lift solutions, offering one of the broadest product lines of lifting equipment in our industry. Manitowoc designs, manufactures, markets, and supports a comprehensive line of lattice boom crawler cranes, mobile telescopic cranes, tower cranes, and boom trucks. The company's Crane products are principally marketed under the Manitowoc, Grove, Potain, National, Shuttlelift, and Crane Care brand names and are used in a wide variety of applications, including energy and utilities, petrochemical and industrial projects, infrastructure development such as road, bridge and airport construction, and commercial and high-rise residential construction. | |
The company's Foodservice business is among the world’s leading designers and manufacturers of commercial foodservice equipment. Manitowoc's Foodservice capabilities span refrigeration, ice-making, cooking, food-preparation, and beverage-dispensing technologies, and allow it to be able to equip entire commercial kitchens and serve the world’s growing demand for food prepared away from home. The company's Foodservice products are marketed under the Manitowoc, Garland, U.S. Range, Convotherm, Cleveland, Lincoln, Merrychef, Frymaster, Delfield, Kolpak, Kysor Panel, Servend, Multiplex, and Manitowoc Beverage System brand names. | |
During the fourth quarter of 2013, the company agreed to sell its 50% interest in Manitowoc Dong Yue Heavy Machinery Co., Ltd. ("Manitowoc Dong Yue" or the “joint venture”), a consolidated entity, which produces mobile and truck-mounted hydraulic cranes in China, to its joint venture partner, Tai’an Taishan Heavy Industry Investment Co., Ltd., for a nominal amount. Consequently, the joint venture has been classified as discontinued operations in the company's financial statements. The transaction subsequently closed on January 21, 2014. See Note 4, "Discontinued Operations," for further details of this transaction. | |
During the fourth quarter of 2012, the company decided to divest its warewashing equipment business, which operated under the brand name Jackson, and classified this business as discontinued operations in the company's financial statements. On January 28, 2013, the company sold the Jackson warewashing equipment business to Hoshizaki USA Holdings, Inc. for approximately $38.5 million. Net proceeds were used to reduce ratably the then-outstanding balances of Term Loans A and B. The transaction resulted in a $2.7 million loss on sale, which included $4.4 million of income tax expense. During March 2013, Hoshizaki USA Holdings, Inc. made a payment to the company of $0.7 million as the final working capital adjustment under the sale agreement. The results of these operations have been classified as discontinued operations. | |
On December 15, 2010, the company reached a definitive agreement to divest of its Kysor/Warren and Kysor/Warren de Mexico businesses to Lennox International for approximately $145 million. The transaction subsequently closed on January 14, 2011 and the net proceeds were used to pay down outstanding debt. The results of these operations have been classified as discontinued operations. | |
Basis of Presentation The consolidated financial statements include the accounts of The Manitowoc Company, Inc. and its wholly and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of the Manitowoc Dong Yue business have been classified as a discontinued operation in all periods presented. See Note 4, "Discontinued Operations," for further details of this transaction. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ||
Cash Equivalents and Restricted Cash All short-term investments purchased with an original maturity of three months or less are considered cash equivalents. Restricted cash represents cash in escrow funds related to the security for an indemnity agreement for our casualty insurance provider as well as funds held in escrow to support certain international cash pooling programs. | ||
Inventories Inventories are valued at the lower of cost or market value. Approximately 87% and 88% of the company’s inventories at December 31, 2013 and 2012, respectively, were valued using the first-in, first-out (FIFO) method. The remaining inventories were valued using the last-in, first-out (LIFO) method. If the FIFO inventory valuation method had been used exclusively, inventories would have increased by $36.2 million and $36.6 million at December 31, 2013 and 2012, respectively. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. | ||
Goodwill and Other Intangible Assets The company accounts for its goodwill and other intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other.” Under ASC Topic 350-10, goodwill is not amortized, but it is tested for impairment annually, or more frequently, as events dictate. See additional discussion of impairment testing under “Impairment of Long-Lived Assets,” below. The company’s other intangible assets with indefinite lives, including trademarks and tradenames and in-place distributor networks, are not amortized, but are also tested for impairment annually, or more frequently, as events dictate. The company’s other intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Other intangible assets are amortized straight-line over the following estimated useful lives: | ||
Useful lives | ||
Patents | 10-20 years | |
Engineering drawings | 15 years | |
Customer relationships | 10-20 years | |
Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property, plant and equipment sold, retired, or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes. | ||
Property, plant and equipment are depreciated over the following estimated useful lives: | ||
Years | ||
Building and improvements | Feb-40 | |
Machinery, equipment and tooling | 20-Feb | |
Furniture and fixtures | 15-Mar | |
Computer hardware and software | 7-Feb | |
Property, plant and equipment also include cranes accounted for as operating leases. Equipment accounted for as operating leases includes equipment leased directly to the customer and equipment for which the company has assisted in the financing arrangement whereby it has guaranteed more than insignificant residual value or made a buyback commitment. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement so that the net book value at the end of the period equals the buyback amount or the residual value amount. The amount of rental equipment included in property, plant and equipment amounted to $63.1 million and $58.9 million, net of accumulated depreciation, at December 31, 2013 and 2012, respectively. | ||
Impairment of Long-Lived Assets The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the assets' carrying amount may not be recoverable. The company conducts its long-lived asset impairment analyses in accordance with ASC Topic 360-10-5. ASC Topic 360-10-5 requires the company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. | ||
For property, plant and equipment and other long-lived assets, other than goodwill and other indefinite lived intangible assets, the company performs undiscounted operating cash flow analyses to determine impairments. If an impairment is determined to exist, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. Impairment losses on assets held for sale are based on the estimated proceeds to be received, less costs to sell. | ||
Each year, in its second quarter, the company tests for impairment of goodwill according to a two-step approach. In the first step, the company estimates the fair values of its reporting units using the present value of future cash flows approach, subject to a comparison for reasonableness to its market capitalization at the date of valuation. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair values of all other net tangible and intangible assets of the reporting unit. If the carrying amount of the goodwill exceeds its implied fair market value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. For other indefinite lived intangible assets, the impairment test consists of a comparison of the fair value of the intangible assets to their carrying amount. See Note 9, “Goodwill and Other Intangible Assets” for further details on our impairment assessments. | ||
Warranties Estimated warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. | ||
Environmental Liabilities The company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Such accruals are adjusted as information develops or circumstances change. Costs of long-term expenditures for environmental remediation obligations are discounted to their present value when the timing of cash flows are estimable. | ||
Product Liabilities The company records product liability reserves for its self-insured portion of any pending or threatened product liability actions. The reserve is based upon two estimates. First, the company tracks the population of all outstanding pending and threatened product liability cases to determine an appropriate case reserve for each based upon the company’s best judgment and the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the company determines the amount of additional reserve required to cover incurred but not reported product liability obligations and to account for possible adverse development of the established case reserves (collectively referred to as IBNR). This analysis is performed at least twice annually. | ||
Foreign Currency Translation The financial statements of the company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to Accumulated Other Comprehensive Income (AOCI) as a component of Manitowoc stockholders’ equity. | ||
Derivative Financial Instruments and Hedging Activities The company has written policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The company follows the guidance in accordance with ASC Topic 815-10, “Derivatives and Hedging.” The fair values of all derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or AOCI depending on whether the derivative is designated and qualifies as part of a hedge transaction and if so, the type of hedge transaction. | ||
During 2013, 2012 and 2011, minimal amounts were recognized in earnings due to ineffectiveness of certain commodity hedges. The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts and commodity contracts designated as cash flow hedges, net of income taxes. | ||
Cash Flow Hedges The company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure, or variable interest rate exposure, primarily using foreign currency exchange contracts, commodity contracts, and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with ASC Topic 815-10 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices, or interest rates. | ||
Fair Value Hedges The company periodically enters into interest rate swaps designated as a hedge of the fair value of a portion of its fixed rate debt. These hedges effectively result in changing a portion of its fixed rate debt to variable interest rate debt. Both the swaps and the debt are recorded in the Consolidated Balance Sheets at fair value. The change in fair value of the swaps should exactly offset the change in fair value of the hedged debt, with no net impact to earnings. Interest expense of the hedged debt is recorded at the variable rate in earnings. See Note 11, “Debt” for further discussion of fair value hedges. | ||
The company selectively hedges cash inflows and outflows that are subject to foreign currency exposure from the date of transaction to the related payment date. The hedges for these foreign currency accounts receivable and accounts payable are recorded in the Consolidated Balance Sheets at fair value. Gains or losses due to changes in fair value are recorded as an adjustment to earnings in the Consolidated Statements of Operations. | ||
Stock-Based Compensation Stock-based compensation plans are described more fully in Note 16, “Stock-Based Compensation.” The company recognizes expense for all stock-based compensation with graded vesting on a straight-line basis over the vesting period of the entire award. The company recognized $2.8 million, $4.5 million and $4.0 million of compensation expense related to restricted stock during the years ended December 31, 2013, 2012 and 2011, respectively. In addition to the compensation expense related to restricted stock, the company recognized $6.3 million, $6.7 million and $6.9 million of compensation expense related to stock options during the years ended December 31, 2013, 2012 and 2011, respectively. The company also recognized $5.8 million, $5.2 million, and $4.1 million of compensation expense associated with performance shares in 2013, 2012 and 2011, respectively. | ||
Revenue Recognition Revenue is generally recognized and earned when all the following criteria are satisfied with regard to a specific transaction: persuasive evidence of a sales arrangement exists; the price is fixed or determinable; collectability of cash is reasonably assured; and delivery has occurred or services have been rendered. Shipping and handling fees are reflected in net sales and shipping and handling costs are reflected in cost of sales in the Consolidated Statements of Operations. | ||
The company enters into transactions with customers that provide for residual value guarantees and buyback commitments on certain crane transactions. The company records transactions which it provides significant residual value guarantees and any buyback commitments as operating leases. Net revenues in connection with the initial transactions are recorded as deferred revenue and are amortized to income on a straight-line basis over a period equal to that of the customer’s third party financing agreement. See Note 18, “Guarantees.” | ||
The company also leases cranes to customers under operating lease terms. Revenue from operating leases is recognized ratably over the term of the lease, and leased cranes are depreciated over their estimated useful lives. | ||
Research and Development Research and development costs are charged to expense as incurred and amounted to $86.4 million, $87.7 million and $80.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. | ||
Income Taxes The company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more-likely-than-not that the company will not realize the benefit of such assets. The company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more-likely-than-not to be sustained upon examination by the taxing authority. | ||
Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to Manitowoc by the weighted average number of common shares outstanding during each year or period. Diluted earnings per share is computed similar to basic earnings per share except that the weighted average shares outstanding is increased to include shares of restricted stock, performance shares and the number of additional shares that would have been outstanding if stock options were exercised and the proceeds from such exercise were used to acquire shares of common stock at the average market price during the year or period. | ||
Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net earnings, other items that are reported as direct adjustments to Manitowoc stockholders’ equity. Currently, these items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments. | ||
Concentration of Credit Risk Credit extended to customers through trade accounts receivable potentially subjects the company to risk. This risk is limited due to the large number of customers and their dispersion across various industries and many geographical areas. However, a significant amount of the company’s receivables are with distributors and contractors in the construction industry, large companies in the foodservice and beverage industry, customers servicing the U.S. steel industry, and government agencies. The company currently does not foresee a significant credit risk associated with these individual groups of receivables, but continues to monitor the exposure, if any. | ||
Recent accounting changes and pronouncements In July 2013, the FASB issued Accounting Standard Update ("ASU") No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This new standard generally requires the netting of unrecognized tax benefits (UTBs) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this ASU is not expected to have a material impact on the company's consolidated financial statements. | ||
In March 2013, the FASB issued ASU No. 2013-05, "Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU changes a parent entity's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this ASU is not expected to have a material impact on the company's consolidated financial statements. | ||
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The updated standard is effective prospectively for the company's annual and interim periods beginning after December 15, 2012. The adoption of this new ASU did not impact the company's consolidated financial statements. See Note 12, “Stockholders' Equity” for related disclosures. | ||
In July 2012, the FASB issued ASU 2012-02 which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step test for indefinite-lived intangible asset impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The revised standard is effective for the company's annual and interim indefinite-lived intangible asset impairment tests performed for interim periods beginning after September 15, 2012. The adoption of this ASU did not have a material impact on the company's consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
On October 1, 2013, the company acquired all remaining shares of Inducs, AG ("Inducs") for a purchase price, net of cash acquired, of approximately $12.2 million. The company previously held a minority interest in Inducs. Inducs is a leader in induction cooking technology. Allocation of the purchase price resulted in $5.0 million of goodwill and $7.0 million of intangible assets. The results of Inducs have been included in the Foodservice segment since the date of acquisition. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
During the fourth quarter of 2013, the company agreed to sell its 50% interest in Manitowoc Dong Yue, a consolidated entity, which produces mobile and truck-mounted hydraulic cranes in China, to its joint venture partner, Tai’an Taishan Heavy Industry Investment Co., Ltd., for a nominal amount. Consequently, the joint venture has been classified as discontinued operations in the company's financial statements. The transaction subsequently closed on January 21, 2014. In connection with the sale, the company agreed to forgive all loans and accrued interest owed by Manitowoc Dong Yue to the company and its affiliates. As of December 31, 2013, loans and accrued interest owed by Manitowoc Dong Yue to the company and its affiliates amounted to $71.3 million and the forgiveness resulted in income of $35.6 million to the joint venture partner shown as part of net income attributable to noncontrolling interest, net of income taxes, which effectively reduced net earnings attributable to Manitowoc shareholders for the year ended December 31, 2013. | |||||||||||||
In addition, assets and liabilities classified as held for sale for Manitowoc Dong Yue are required to be recorded at the lower of carrying value or fair value less any costs to sell, which resulted in an impairment charge of approximately $1.2 million relating to the Manitowoc Dong Yue trademark intangible asset of which $0.6 million impacted net earnings attributable to Manitowoc shareholders. The impairment charge is included within loss from discontinued operations, net of income taxes, in the consolidated statement of operations for the year ended December 31, 2013. | |||||||||||||
Upon closing of the transaction in the first quarter of 2014, the company also paid an additional $7.2 million to Manitowoc Dong Yue for a portion of debt the joint venture had outstanding with third parties. After this payment, Manitowoc Dong Yue had approximately $17.3 million of third party debt outstanding under a loan agreement entered into during the first quarter of 2014 that the company has fully guaranteed. The loan is fully secured by Manitowoc Dong Yue’s fixed assets as well as finished goods inventory. Manitowoc Dong Yue will repay the loan over a four-year period, with the last payment due on December 31, 2017. | |||||||||||||
The following selected financial data of the Manitowoc Dong Yue business for the years ended December 31, 2013, 2012 and 2011 is presented for informational purposes only and does not necessarily reflect what the results of operations would have been had the business operated as a stand-alone entity. There was no general corporate expense allocated to discontinued operations for this business during the periods presented. | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 16.8 | $ | 13.7 | $ | 29.9 | |||||||
Pretax loss from discontinued operation | $ | (17.3 | ) | $ | (16.6 | ) | $ | (12.4 | ) | ||||
Benefit for taxes on earnings | (0.3 | ) | — | — | |||||||||
Net loss from discontinued operation | $ | (17.0 | ) | $ | (16.6 | ) | $ | (12.4 | ) | ||||
During the fourth quarter of 2012, the company decided to divest its warewashing equipment business, which operated under the brand name Jackson, and classified this business as discontinued operations in the company's financial statements. On January 28, 2013, the company sold the Jackson warewashing equipment business to Hoshizaki USA Holdings, Inc. for approximately $38.5 million. Net proceeds were used to reduce ratably the then-outstanding balances of Term Loan A and B. The transaction resulted in a $2.7 million loss on sale, which included $4.4 million of income tax expense. During March 2013, Hoshizaki USA Holdings, Inc. made a payment to the company of $0.7 million as the final working capital adjustment under the sale agreement. The results of these operations have been classified as discontinued operations. | |||||||||||||
The following selected financial data of the Jackson business for the years ended December 31, 2013, 2012 and 2011 is presented for informational purposes only and does not necessarily reflect what the results of operations would have been had the business operated as a stand-alone entity. There was no general corporate expense or interest expense allocated to discontinued operations for this business during the periods presented. | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 2.5 | $ | 32.6 | $ | 32.7 | |||||||
Pretax earnings from discontinued operation | $ | 0.1 | $ | 1.7 | $ | 0.6 | |||||||
Provision (benefit) for taxes on earnings | (0.4 | ) | 0.7 | 0.1 | |||||||||
Net earnings from discontinued operation | $ | 0.5 | $ | 1 | $ | 0.5 | |||||||
On December 15, 2010, the company announced that a definitive agreement had been reached to divest its Kysor/Warren and Kysor/Warren de Mexico (collectively “Kysor/Warren”) businesses, which manufacture frozen, medium temperature and heated display merchandisers, mechanical refrigeration systems and remote mechanical and electrical houses to Lennox International for approximately $145 million, including a preliminary working capital adjustment. The transaction subsequently closed on January 14, 2011, resulting in a $34.6 million loss on sale, primarily consisting of $29.9 million of income tax expense, and the net proceeds were used to pay down outstanding debt. On July 1, 2011, the company made a payment to Lennox International of $2.4 million as the final working capital adjustment under the sale agreement. The results of these operations have been classified as discontinued operations. | |||||||||||||
The following selected financial data of various businesses disposed of prior to 2012, primarily consisting of administrative costs, for the years ended December 31, 2013, 2012 and 2011 is presented for informational purposes only and does not necessarily reflect what the results of operations would have been had the businesses operated as stand-alone entities. There was no general corporate expense or interest expense allocated to discontinued operations for these businesses during the periods presented. | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | — | $ | — | $ | 6.5 | |||||||
Pretax loss from discontinued operations | $ | (3.4 | ) | $ | (1.2 | ) | $ | (6.6 | ) | ||||
Benefit for taxes on earnings | (1.1 | ) | (0.5 | ) | (2.7 | ) | |||||||
Net loss from discontinued operations | $ | (2.3 | ) | $ | (0.7 | ) | $ | (3.9 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following tables set forth the company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||||
Total Current assets at fair value | $ | — | $ | 3.1 | $ | — | $ | 3.1 | |||||||||
Current Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
Commodity contracts | — | 0.4 | — | 0.4 | |||||||||||||
Total Current liabilities at fair value | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||||
Non-current Liabilities: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||||
Total Non-current liabilities at fair value | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Total Current assets at fair value | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Current Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||
Commodity contracts | — | 0.8 | — | 0.8 | |||||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | |||||||||||||
Total Current liabilities at fair value | $ | — | $ | 2 | $ | — | $ | 2 | |||||||||
Non-current Liabilities: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
Total Non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
The fair value of the company’s 2018 Notes was approximately $423.1 million and $447.5 million as of December 31, 2013 and 2012, respectively. The fair value of the company’s 2020 Notes was approximately $677.6 million and $675.0 million as of December 31, 2013 and 2012, respectively. The fair value of the company's 2022 Notes was approximately $303.9 million and $307.5 million as of December 31, 2013 and 2012, respectively. The fair values of the company’s term loans under the Senior Credit Facility are as follows as of December 31, 2013 and 2012, respectively: Term Loan A — $161.9 million and $296.0 million and Term Loan B — $0.0 million and $81.4 million. See Note 11, “Debt” for a description of the debt instruments and their related carrying values and Note 25, "Subsequent Events" for developments related to the 2018 Notes. | |||||||||||||||||
ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
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 | ||||||||||||||||
The company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The company estimates fair value of its Term Loans and Senior Notes based on quoted market prices of the instruments; though these markets are typically thinly traded, the liabilities are therefore classified as Level 2 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, deferred purchase price notes on receivables sold (see Note 12, "Accounts Receivable Securitization") and short-term variable debt, including any amounts outstanding under our revolving credit facility, approximate fair value, without being discounted as of December 31, 2013 and December 31, 2012 due to the short-term nature of these instruments. | |||||||||||||||||
As a result of its global operating and financing activities, the company is exposed to market risks from changes in interest rates, foreign currency exchange rates, and commodity prices, which may adversely affect its operating results and financial position. When deemed appropriate, the company minimizes these risks through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes, and the company does not use leveraged derivative financial instruments. The foreign currency exchange, interest rate, and commodity contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
Derivative Financial Instruments | |||||||||||
The company’s risk management objective is to ensure that business exposures to risks that have been identified and measured and are capable of being controlled, are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and structure transactions to avoid these risks whenever possible. | |||||||||||
Use of derivative instruments is consistent with the overall business and risk management objectives of the company. Derivative instruments may be used to manage business risk within limits specified by the company’s risk policy and manage exposures that have been identified through the risk identification and measurement process, provided that they clearly qualify as “hedging” activities as defined in the risk policy. Use of derivative instruments is not automatic, nor is it necessarily the only response to managing pertinent business risk. Use is permitted only after the risks that have been identified are determined to exceed defined tolerance levels and are considered to be unavoidable. | |||||||||||
The primary risks managed by the company by using derivative instruments are interest rate risk, commodity price risk and foreign currency exchange risk. Interest rate swap or cap instruments are entered into to help manage interest rate or fair value risk. Swap contracts on various commodities are entered into to help manage the price risk associated with forecasted purchases of materials used in the company’s manufacturing process. The company also enters into various foreign currency derivative instruments to help manage foreign currency risk associated with the company’s projected purchases and sales and foreign currency denominated receivable and payable balances. | |||||||||||
ASC Topic 815-10 requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. In accordance with ASC Topic 815-10, the company designates commodity swaps, foreign currency exchange contracts, and interest rate derivative contracts as cash flow hedges of forecasted purchases of commodities and currencies, and fixed or variable rate interest payments. Also in accordance with ASC Topic 815-10, the company designates fixed-to-float interest rate swaps as fair market value hedges of fixed rate debt, which synthetically swaps the company’s fixed rate debt to floating rate debt. | |||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of Other Comprehensive Income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in current earnings. In the next twelve months the company estimates $1.6 million of unrealized gains, net of tax, related to interest rate, commodity price and currency rate hedging will be reclassified from Other Comprehensive Income into earnings. Foreign currency and commodity hedging is generally completed prospectively on a rolling basis for twelve and twenty-four months, respectively, depending on the type of risk being hedged. | |||||||||||
The risk management objective for the company’s fair market value interest rate hedges is to effectively change the amount of the underlying debt equal to the notional value of the hedges from a fixed to a floating interest rate based on the one-month LIBOR rate. These swaps include an embedded call feature to match the terms of the call schedule embedded in the Senior Notes. Changes in the fair value of the interest rate swap are expected to offset changes in the fair value of the debt due to changes in the one-month LIBOR rate. | |||||||||||
As of December 31, 2013, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: | |||||||||||
Commodity | Units Hedged | Type | |||||||||
Aluminum | 1,622 | MT | Cash Flow | ||||||||
Copper | 382 | MT | Cash Flow | ||||||||
Natural Gas | 214,277 | MMBtu | Cash Flow | ||||||||
Steel | 11,503 | Short Tons | Cash Flow | ||||||||
Currency | Units Hedged | Type | |||||||||
Canadian Dollar | 11,011,092 | Cash Flow | |||||||||
European Euro | 74,934,975 | Cash Flow | |||||||||
South Korean Won | 1,258,808,642 | Cash Flow | |||||||||
Singapore Dollar | 5,280,000 | Cash Flow | |||||||||
United States Dollar | 14,380,959 | Cash Flow | |||||||||
Chinese Renminbi | 245,324,730 | Cash Flow | |||||||||
As of December 31, 2013 and December 31, 2012, the company had outstanding $100.0 million and $225.0 million, respectively, notional amount of 3.00% LIBOR caps related to the term loan portion of the Senior Credit Facility which effectively cap the company’s future interest rate exposure for the notional value of its variable term debt at a one-month LIBOR rate of 3.00%. The company paid various bank partners $0.7 million in option premium to purchase the protection on Term Loans A and B and is amortizing to interest expense over the life of the cap protection. The caps were designated as a hedge so any change in value of the derivative is booked to other comprehensive income. The remaining unhedged portions of Term Loans A and B continue to bear interest according to the terms of the Senior Credit Facility. | |||||||||||
The company has been party to various fixed-to-float interest rate swaps designated as fair market value hedges of its 2018, 2020, and 2022 Notes. The company monetized the derivative asset related to its fixed-to-float interest rate swaps due in 2018 and 2020 and received $21.5 million in the third quarter of 2011. The gain was treated as an increase to the debt balances for the 2018 and 2020 Notes and will be amortized against interest expense over the life of the original swap. Later in 2011, the company subsequently entered into new interest rate swaps due in 2018 and 2020. | |||||||||||
In the third quarter of 2012, the company further monetized the derivative asset related to its fixed-to-float interest rate swaps related to its 2018 and 2020 Notes and received $14.8 million in the quarter. Consistent with the prior monetization, the company treated the gain as an increase to the debt balances for each of the 2018 and 2020 notes, which is being amortized against interest expense over the life of the original swaps. | |||||||||||
In the fourth quarter of 2012, the company purchased and designated new fixed-to-float swaps as fair market value hedges of the 2022 Notes and as of December 31, 2012 $100.0 million of these notes were swapped to floating rate interest. | |||||||||||
During the second quarter of 2013, the company entered into new interest rate swaps due in 2020 and 2022, designating them as fair market value hedges of the 2020 and 2022 Notes, respectively. | |||||||||||
As of December 31, 2013, $75.0 million and $125.0 million of the 2020 and 2022 Notes, respectively, were swapped to floating rate interest. Including the floating rate swaps, the 2020 and 2022 Notes have an all-in interest rate of 8.31% and 5.188%, respectively. | |||||||||||
For derivative instruments that are not designated as hedging instruments under ASC Topic 815-10, the gains or losses on the derivatives are recognized in current earnings within Cost of Sales or Other income, net in the Condensed Consolidated Statement of Operations. As of December 31, 2013, the company had the following outstanding currency forward contracts that were not designated as hedging instruments: | |||||||||||
Currency | Units Hedged | Recognized Location | Purpose | ||||||||
Euro | 31,738,273 | Other income, net | Accounts payable and receivable settlement | ||||||||
United States Dollar | 29,091,053 | Other income, net | Accounts payable and receivable settlement | ||||||||
Australian Dollar | 1,000,000 | Other income, net | Accounts payable and receivable settlement | ||||||||
Chinese Renminbi | 125,000,000 | Other income, net | Accounts payable and receivable settlement | ||||||||
The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2013 was as follows: | |||||||||||
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 | |||||||||
The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2013 was as follows: | |||||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.5 | ||||||||
Commodity contracts | Accounts payable and accrued expenses | 0.4 | |||||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 14.9 | |||||||||
Total derivatives designated as hedging instruments | $ | 15.8 | |||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.6 | ||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.6 | |||||||||
Total liability derivatives | $ | 16.4 | |||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2013 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | Portion) | |||||||||
Foreign exchange contracts | $ | (0.3 | ) | Cost of sales | $ | 3 | |||||
Commodity contracts | 0.4 | Cost of sales | (1.6 | ) | |||||||
Total | $ | 0.1 | $ | 1.4 | |||||||
Derivatives Relationships (in millions) | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Recognized in Income on | Recognized in Income on | ||||||||||
Derivative (Ineffective Portion | Derivative (Ineffective Portion | ||||||||||
and Amount Excluded from | and Amount Excluded from | ||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||
Commodity contracts | Cost of sales | $ | — | ||||||||
Total | $ | — | |||||||||
Derivatives Not Designated as | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Hedging Instruments (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign exchange contracts | Other income | $ | 0.2 | ||||||||
Total | $ | 0.2 | |||||||||
Derivatives Designated as Fair | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Market Value Instruments under | Recognized in Income on | Recognized in Income on | |||||||||
ASC 815 (in millions) | Derivative | Derivative | |||||||||
Interest rate swap contracts | Interest expense | $ | (13.7 | ) | |||||||
Total | $ | (13.7 | ) | ||||||||
As of December 31, 2012, the company had the following outstanding interest rate, commodity and currency forward contracts that were entered into as hedge forecasted transactions: | |||||||||||
Commodity | Units Hedged | Type | |||||||||
Aluminum | 1,382 | MT | Cash Flow | ||||||||
Copper | 515 | MT | Cash Flow | ||||||||
Natural Gas | 158,670 | MMBtu | Cash Flow | ||||||||
Steel | 10,041 | Short Tons | Cash Flow | ||||||||
Currency | Units Hedged | Type | |||||||||
Canadian Dollar | 9,351,126 | Cash Flow | |||||||||
European Euro | 66,389,190 | Cash Flow | |||||||||
South Korean Won | 2,595,874,455 | Cash Flow | |||||||||
Singapore Dollar | 4,800,000 | Cash Flow | |||||||||
United States Dollar | 2,398,273 | Cash Flow | |||||||||
Chinese Renminbi | 187,640,472 | Cash Flow | |||||||||
As of December 31, 2012, the designated fair market value hedges of receive-fixed/pay-float swaps of the 2022 Notes was $100.0 million. Including the floating rate swaps, the 2022 Notes had an all-in interest rate of 5.35%. | |||||||||||
For derivative instruments that are not designated as hedging instruments under ASC Topic 815-10, the gains or losses on the derivatives are recognized in current earnings within Cost of Sales or Other income, net. | |||||||||||
Currency | Units Hedged | Recognized Location | Purpose | ||||||||
Euro | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
United States Dollar | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
Pounds Sterling | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2012 was as follows: | |||||||||||
ASSET DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Other current assets | $ | 2.6 | ||||||||
Total derivatives designated as hedging instruments | $ | 2.6 | |||||||||
ASSET DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Other current assets | $ | 0.3 | ||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.3 | |||||||||
Total asset derivatives | $ | 2.9 | |||||||||
The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2012 was as follows: | |||||||||||
LIABILITIES DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.4 | ||||||||
Interest Rate Swaps: Fixed-to-Float | Other non-current liabilities | 1.1 | |||||||||
Commodity Contracts | Accounts payable and accrued expenses | 0.8 | |||||||||
Total derivatives designated as hedging instruments | $ | 2.3 | |||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.5 | ||||||||
Interest Rate Swap Contracts: Float-to-Fixed | Accounts payable and accrued expenses | 0.3 | |||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | |||||||||
Total liability derivatives | $ | 3.1 | |||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2012 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | 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 | Cost of sales | (2.7 | ) | |||||||
Total | $ | 5 | $ | (9.9 | ) | ||||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Commodity Contracts | Cost of sales | $ | — | ||||||||
Total | $ | — | |||||||||
Derivatives Not Designated as Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Instruments (in millions) | recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign Exchange Contracts | Other income | $ | 1.2 | ||||||||
Interest Rate Swap Contracts | Other income | 9.3 | |||||||||
Total | $ | 10.5 | |||||||||
Derivatives Designated as Fair | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Market Value Instruments under | Recognized in Income on | Recognized in Income on | |||||||||
ASC 815 (in millions) | Derivative | Derivative | |||||||||
Interest rate swap contracts | Interest expense | $ | (1.7 | ) | |||||||
Total | $ | (1.7 | ) | ||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2011 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | Portion) | |||||||||
Foreign Exchange Contracts | $ | (3.7 | ) | Cost of sales | $ | 2.5 | |||||
Interest Rate Swap & Cap Contracts | 1.3 | Interest expense | (5.3 | ) | |||||||
Commodity contracts | (2.1 | ) | Cost of sales | (0.3 | ) | ||||||
Total | $ | (4.5 | ) | $ | (3.1 | ) | |||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Commodity Contracts | Cost of sales | $ | 0.1 | ||||||||
Total | $ | 0.1 | |||||||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Interest Rate Swap Contracts | Interest Expense | $ | 22.3 | ||||||||
Total | $ | 22.3 | |||||||||
Derivatives Not Designated as Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Instruments (in millions) | recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign Exchange Contracts | Other income | $ | (2.0 | ) | |||||||
Interest rate swap contracts | Other income | $ | 4.8 | ||||||||
Total | $ | 2.8 | |||||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
The components of inventories at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Inventories — gross: | |||||||||
Raw materials | $ | 259 | $ | 227 | |||||
Work-in-process | 130.2 | 147.6 | |||||||
Finished goods | 436.8 | 428.1 | |||||||
Total inventories — gross | 826 | 802.7 | |||||||
Excess and obsolete inventory reserve | (69.0 | ) | (73.4 | ) | |||||
Net inventories at FIFO cost | 757 | 729.3 | |||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.6 | ) | |||||
Inventories — net | $ | 720.8 | $ | 692.7 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
The components of property, plant and equipment at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Land | $ | 40.8 | $ | 42 | |||||
Building and improvements | 361.2 | 349.6 | |||||||
Machinery, equipment and tooling | 509 | 492.9 | |||||||
Furniture and fixtures | 47.8 | 48.1 | |||||||
Computer hardware and software | 125.8 | 113.2 | |||||||
Rental cranes | 89.3 | 86.2 | |||||||
Construction in progress | 102.2 | 66 | |||||||
Total cost | 1,276.10 | 1,198.00 | |||||||
Less accumulated depreciation | (697.3 | ) | (658.7 | ) | |||||
Property, plant and equipment-net | $ | 578.8 | $ | 539.3 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
(in millions) | Crane | Foodservice | Total | ||||||||||||||||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.90 | $ | 1,723.70 | |||||||||||||||||||
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 | $ | 1,384.70 | $ | 1,726.40 | |||||||||||||||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | ||||||||||||||||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869 | $ | 1,210.70 | |||||||||||||||||||
Acquisition of Inducs | — | 5 | 5 | ||||||||||||||||||||||
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 | $ | 1,389.20 | $ | 1,734.30 | |||||||||||||||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | ||||||||||||||||||||
Net balance as of December 31, 2013 | $ | 345.1 | $ | 873.5 | $ | 1,218.60 | |||||||||||||||||||
The company accounts for goodwill and other intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other.” Under ASC Topic 350-10, goodwill is not amortized; however, the company performs an annual impairment assessment at June 30 of every year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The company performs impairment reviews for its reporting units, which are Cranes Americas; Cranes Europe, Middle East, and Africa; Cranes Greater Asia Pacific; Cranes China; Crane Care; Foodservice Americas; Foodservice Europe, Middle East, and Africa; and Foodservice Asia. In its impairment reviews, the company uses a fair-value method based on the present value of future cash flows, which involves management’s judgments and assumptions about the amounts of those cash flows and the discount rates used. For goodwill, the estimated fair value is then compared with the carrying amount of the reporting unit, including recorded goodwill. Goodwill and other intangible assets are then subject to risk of write-down to the extent that the carrying amount exceeds the estimated fair value. | |||||||||||||||||||||||||
As of June 30, 2013 and June 30, 2012, the company performed its annual impairment analysis and noted no indicators of impairment. | |||||||||||||||||||||||||
A considerable amount of management judgment and assumptions are required in performing the impairment tests, principally in determining the fair value of the assets. While the company believes its judgments and assumptions were reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required. | |||||||||||||||||||||||||
The company will continue to monitor market conditions and determine if any additional interim reviews of goodwill, other intangibles or long-lived assets are warranted. Deterioration in the market or actual results as compared with the company’s projections may ultimately result in a future impairment. In the event the company determines that assets are impaired in the future, the company would need to recognize a non-cash impairment charge, which could have a material adverse effect on the company’s consolidated balance sheet and results of operations. | |||||||||||||||||||||||||
As discussed in Note 3, "Acquisitions," on October 1, 2013, the company acquired all remaining shares of Inducs which the company previously held a minority interest. The aggregate purchase price of $12.2 million, net of cash, resulted in $7.0 million of identifiable intangible assets and $5.0 million of goodwill. Of the $7.0 million of acquired intangible assets, $0.7 million was assigned to trademarks that are not subject to amortization, $1.2 million was assigned to customer relationships with a useful life of 19 years, and $5.1 million was assigned to developed technology with a useful life of 12 years. | |||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the company’s intangible assets other than goodwill are as follows as of December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
(in millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Book | Carrying | Amortization | Book | ||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | ||||||||||||||||||||
Trademarks and tradenames | $ | 311.8 | $ | — | $ | 311.8 | $ | 308.2 | $ | — | $ | 308.2 | |||||||||||||
Customer relationships | 426.1 | (114.4 | ) | 311.7 | 425.7 | (93.1 | ) | 332.6 | |||||||||||||||||
Patents | 34.9 | (28.4 | ) | 6.5 | 33.6 | (26.1 | ) | 7.5 | |||||||||||||||||
Engineering drawings | 11.5 | (9.1 | ) | 2.4 | 11.1 | (8.1 | ) | 3 | |||||||||||||||||
Distribution network | 21 | — | 21 | 20.6 | — | 20.6 | |||||||||||||||||||
Other intangibles | 176.6 | (63.8 | ) | 112.8 | 170.8 | (53.0 | ) | 117.8 | |||||||||||||||||
$ | 981.9 | $ | (215.7 | ) | $ | 766.2 | $ | 970 | $ | (180.3 | ) | $ | 789.7 | ||||||||||||
Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $35.3 million, $36.5 million and $37.4 million, respectively. Excluding the impact of any future acquisitions or divestitures, the Company anticipates amortization for years 2014, 2015, 2016, 2017 and 2018 will be approximately $35 million, $35 million, $34 million, $32 million and $32 million, respectively. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Trade accounts payable and interest payable | $ | 510.6 | $ | 507.7 | |||||
Employee related expenses | 99.9 | 95.8 | |||||||
Restructuring expenses | 20.6 | 25.3 | |||||||
Profit sharing and incentives | 44.7 | 42.9 | |||||||
Accrued rebates | 45.2 | 39.7 | |||||||
Deferred revenue - current | 25 | 29.5 | |||||||
Derivative liabilities | 1.5 | 1.9 | |||||||
Income taxes payable | 62.5 | 37.6 | |||||||
Miscellaneous accrued expenses | 125.6 | 131.1 | |||||||
$ | 935.6 | $ | 911.5 | ||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Outstanding debt at December 31, 2013 and December 31, 2012 is summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Revolving credit facility | $ | — | $ | 34.4 | |||||
Term loan A | 162.5 | 297.5 | |||||||
Term loan B | — | 81 | |||||||
Senior notes due 2018 | 408.4 | 410.5 | |||||||
Senior notes due 2020 | 614.8 | 621.2 | |||||||
Senior notes due 2022 | 289.1 | 298.9 | |||||||
Other | 52 | 57.5 | |||||||
Total debt | 1,526.80 | 1,801.00 | |||||||
Less current portion and short-term borrowings | (22.7 | ) | (69.0 | ) | |||||
Long-term debt | $ | 1,504.10 | $ | 1,732.00 | |||||
On May 13, 2011, the company entered into a $1,250.0 million Second Amended and Restated Credit Agreement (the “Senior Credit Facility”). The Senior Credit Facility includes three different loan facilities. The first is a revolving facility in the amount of $500.0 million, with a term of five years. The second facility is an amortizing Term Loan A facility in the aggregate amount of $350.0 million with a term of five years. The third facility is an amortizing Term Loan B facility in the amount of $400.0 million with a term of 6.5 years. Including interest rate caps at December 31, 2013, the weighted average interest rate for Term Loan A was 2.69%. Excluding interest rate caps, Term Loan A interest rate was 2.69% at December 31, 2013. The weighted average interest rates for the term loans at December 31, 2013 including and excluding the impact of the interest rate caps were the same because the relevant one-month U.S. LIBOR rate was below the 3.00% cap level. | |||||||||
The revolving facility under the Senior Credit Facility has a maximum borrowing capacity of $500.0 million and would have expired in May 2016, but for being replaced by the revolving facility in the New Credit facility in the following paragraphs. As of December 31, 2013, the company had no borrowings on the revolving facility. During the year, the highest daily borrowing was $306.7 million and the average borrowing was $194.9 million, while the average interest rate was 3.66%. The interest rate fluctuates based upon LIBOR or a Prime rate plus a spread which is based upon the Consolidated Total Leverage Ratio of the company. As of December 31, 2013, the spreads for LIBOR and Prime borrowings were 2.50% and 1.25%, respectively given the effective Consolidated Total Leverage Ratio for this period. | |||||||||
The Senior Credit Facility includes customary representations and warranties and events of default and customary covenants, including without limitation (i) a requirement that the company prepay the term loan facilities from the net proceeds of asset sales, casualty losses, equity offerings, and new indebtedness for borrowed money, and from a portion of its excess cash flow, subject to certain exceptions; and (ii) limitations on indebtedness, capital expenditures, restricted payments, and acquisitions. | |||||||||
The losses on debt extinguishment of $3.0 million and $6.3 million during the year ended December 31, 2013 and December 31, 2012, respectively, consisted entirely of the write-off of deferred financing fees. The loss on debt extinguishment of $29.7 million during the year ended December 31, 2011 consisted of $16.1 million related to the write-off of deferred financing fees and $13.6 million related to the unwinding of related interest rate swaps. | |||||||||
On January 3, 2014, the company entered into a $1,050.0 million Third Amended and Restated Credit Agreement (the “New Senior Credit Facility”) with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., Bank of America, N.A., and Wells Fargo Bank, National Association, as Syndication Agents, and SunTrust Bank, as Documentation Agent. The New Senior Credit Facility includes three different loan facilities. The first is a revolving facility in the amount of $500.0 million, with a term of five years. The second facility is a Term A Loan in the aggregate amount of $350.0 million, with a term of five years. The third facility is a Term B Loan in the amount of $200.0 million, with a term of seven years. The company is obligated to prepay the two term loan facilities from the net proceeds of asset sales, casualty losses, equity offerings, and new indebtedness for borrowed money, and from a portion of its excess cash flow, subject to certain exceptions. | |||||||||
Loans made under the New Senior Credit Facility will initially bear interest at 2.25% in excess of reserve adjusted LIBOR rate, or 1.25% in excess of an alternate base rate, at the company's option. The company will also pay a commitment fee of 0.45% per annum on the unused portion of the revolving facility. The company is also obligated to pay certain fees and expenses of the lenders. | |||||||||
Loans made under the New Senior Credit Facility will be secured by substantially all of the assets of, and guaranteed by, the material direct and indirect domestic subsidiaries of the company, and secured by 65% of the stock of certain foreign subsidiaries of Manitowoc. The New Senior Credit Facility also requires the company to provide additional collateral to the lenders under the New Senior Credit Facility in certain limited circumstances. | |||||||||
The New Senior Credit Facility also includes customary representations and warranties and affirmative and negative covenants. | |||||||||
The New Senior Credit Facility contains financial covenants including (a) a Consolidated Interest Coverage Ratio, which measures the ratio of (i) consolidated earnings before interest, taxes, depreciation and amortization, and other adjustments (EBITDA), as defined in the credit agreement to (ii) consolidated cash interest expense, each for the most recent four fiscal quarters; and (b) a Consolidated Senior Secured Leverage Ratio, which measure the ratio of (i) consolidated senior secured indebtedness to (ii) consolidated EBITDA for the most recent four fiscal quarters. The covenant levels of the financial covenants under the New Senior Credit Facility as of December 31, 2013, are as set forth below: | |||||||||
Fiscal Quarter Ending | Consolidated Senior | Consolidated Interest | |||||||
Secured Leverage | Coverage Ratio | ||||||||
Ratio | (greater than) | ||||||||
(less than) | |||||||||
December 31, 2013 | 3.50:1.00 | 2.25:1.00 | |||||||
March 31, 2014 | 3.50:1.00 | 2.25:1.00 | |||||||
June 30, 2014 | 3.50:1.00 | 2.50:1.00 | |||||||
September 30, 2014 | 3.50:1.00 | 2.50:1.00 | |||||||
December 31, 2014 | 3.25:1.00 | 2.50:1.00 | |||||||
March 31, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
June 30, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
September 30, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
December 31, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
March 31, 2016 and thereafter | 3.00:1.00 | 3.00:1.00 | |||||||
As of December 31, 2013 the company had three series of Senior Notes outstanding, the 2018, 2020, and 2022 Notes (collectively the “Senior Notes”). Each series of Senior Notes are unsecured senior obligations ranking subordinate to all existing senior secured indebtedness and equal to all existing senior unsecured obligations. Each series of Senior Notes is guaranteed by certain of the company’s wholly owned domestic subsidiaries, which subsidiaries also guaranty the company’s obligations under the Senior Credit Facility. Each series of Senior Notes contains affirmative and negative covenants which limit, among other things, the company’s ability to redeem or repurchase its debt, incur additional debt, make acquisitions, merge with other entities, pay dividends or distributions, repurchase capital stock, and create or become subject to liens. Each series of Senior Notes also includes customary events of default. If an event of default occurs and is continuing with respect to the Senior Notes, then the Trustee or the holders of at least 25% of the principal amount of the outstanding Senior Notes may declare the principal and accrued interest on all of the Senior Notes to be due and payable immediately. In addition, in the case of an event of default arising from certain events of bankruptcy, all unpaid principal of, and premium, if any, and accrued and unpaid interest on all outstanding Senior Notes will become due and payable immediately. | |||||||||
On October 19, 2012, the company completed the sale of $300.0 million aggregate principal amount of its 5.875% Senior Notes due October 2022 (the "2022 Notes") at an issue price of 100%. Net proceeds from the 2022 Notes were used to redeem the entire $150.0 million aggregate principal amount of its 2013 Notes, to repay $36.0 million of Term Loan B, and to repay a portion of the outstanding revolver borrowings under its Senior Credit Facility. Interest on the 2022 Notes is payable semi-annually on April 15 and October 15 of each year. | |||||||||
The following would be the principal and premium paid by the company, expressed as percentages of the principal amount thereof, if it redeems the 2022 Notes during the 12-month period commencing on October 15 of the year set forth below: | |||||||||
Year | Percentage | ||||||||
2017 | 102.938 | % | |||||||
2018 | 101.958 | % | |||||||
2019 | 100.979 | % | |||||||
2020 and thereafter | 100 | % | |||||||
In addition, at any time prior to October 15, 2015, the company is permitted to, at its option, use the net cash proceeds of one or more public equity offers to redeem up to 35% of the 2022 Notes at a redemption price of 105.875%, plus accrued but unpaid interest, if any, to the date of redemption; provided that (1) at least 65% of the principal amount of the 2022 Notes outstanding remains outstanding immediately after any such redemption; and (2) the company makes such redemptions not more than 90 days after the consummation of any such public offering. Further, the company is required to offer to repurchase the 2022 Notes for cash at a price of 101% of the aggregate principal amount of the 2022 Notes, plus accrued and unpaid interest, if any, upon the occurrence of a change of control triggering event. | |||||||||
On October 18, 2010, the company completed the sale of $600.0 million aggregate principal amount of its 8.50% Senior Notes due 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually in May and November of each year. | |||||||||
The following would be the principal and premium paid by the company, expressed as percentages of the principal amount thereof, if it redeems the 2020 Notes during the 12-month period commencing on November 1 of the year set forth below: | |||||||||
Year | Percentage | ||||||||
2015 | 104.25 | % | |||||||
2016 | 102.833 | % | |||||||
2017 | 101.417 | % | |||||||
2018 and thereafter | 100 | % | |||||||
On February 3, 2010, the company completed the sale of $400.0 million aggregate principal amount of its 9.50% Senior Notes due 2018 (the “2018 Notes”). Interest on the 2018 Notes was payable semiannually in February and August of each year. On February 18, 2014 the Company redeemed its 2018 Notes for $419.0 million or 104.750%, expressed as a percentage of the principal amount. | |||||||||
In the third quarter of 2011, the company monetized the derivative asset related to the fixed-to-float interest rate swaps in connection with the 2018 and 2020 Notes and received $21.5 million. The gain was treated as an increase to the debt balances for the 2018 and 2020 Notes and is being amortized to interest expense over the life of the original swap. Later in 2011, the company entered new interest rate swaps due in 2018 and 2020. | |||||||||
In the third quarter of 2012, the company further monetized the derivative asset related to the fixed-to-float interest rate swaps related to its 2018 and 2020 Notes and received $14.8 million. Consistent with the prior monetization, the company treated the gain as an increase to the debt balances for each of the 2018 and 2020 Notes, which is being amortized to interest expense over the life of the original swaps. | |||||||||
In the fourth quarter of 2012, the company purchased and designated new fixed-to-float swaps as fair market value hedges of the 2022 Notes. | |||||||||
In May 2013, the company entered into new interest rate swaps due in 2020 and 2022, designating them as fair market value hedges of the 2020 and 2022 Notes, respectively. As of December 31, 2013, $75.0 million and $125.0 million of the 2020 and 2022 Notes, respectively, were swapped to floating rate interest. Including the floating rate swaps, the 2020 and 2022 Notes have an all-in interest rate of 8.31% and 5.188%, respectively. | |||||||||
The balance sheet values of the 2018, 2020, and 2022 Notes at December 31, 2013 and December 31, 2012 are not equal to the face value of the Senior Notes due to the fact that the fair market value of the interest rate hedges and interest rate monetization premiums on these Senior Notes are included in the balance sheet value. | |||||||||
As of December 31, 2013, the company had outstanding $76.5 million of other indebtedness, including $24.5 million related to Manitowoc Dong Yue, that has a weighted-average interest rate of approximately 6.43%. This debt includes outstanding overdraft balances and capital lease obligations in its Americas, Asia-Pacific and European regions. | |||||||||
The aggregate scheduled maturities of outstanding debt obligations in subsequent years are as follows: | |||||||||
(in millions) | |||||||||
2014 | $ | 22.7 | |||||||
2015 | 32.5 | ||||||||
2016 | 146.1 | ||||||||
2017 | 5.1 | ||||||||
2018 | 412 | ||||||||
Thereafter | 908.4 | ||||||||
Total | $ | 1,526.80 | |||||||
See Note 6, “Derivative Financial Instruments” for a description of hedging instruments used related to managing interest rate risk. | |||||||||
As of December 31, 2013, the company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the New Senior Credit Facility, the 2018 Notes, 2020 Notes, and 2022 Notes. Based upon management's current plans and outlook, it believes the company will be able to comply with these covenants during the subsequent 12 months. As of December 31, 2013 our Consolidated Senior Secured Leverage Ratio was 0.79:1, while the maximum ratio is 3.50:1 and our Consolidated Interest Coverage Ratio was 3.79:1, above the minimum ratio of 2.25:1. |
Accounts_Receivable_Securitiza
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | ' |
Accounts Receivable Securitization | ' |
Accounts Receivable Securitization | |
On September 26, 2012, the company entered into a Fourth Amended and Restated Receivables Purchase Agreement (the "Receivables Purchase Agreement") among Manitowoc Funding, LLC (“U.S. Seller”) and Manitowoc Cayman Islands Funding Ltd. (“Cayman Seller”), as sellers, the Company, Garland Commercial Ranges Limited (“Garland”), Convotherm Elektrogeräte GmbH (“Convotherm”), and the other persons from time to time party thereto, as servicers, and Wells Fargo Bank, N.A. (“Wells Fargo” or "Purchaser"), as purchaser and agent (the “Receivables Purchase Agreement”). Pursuant to this amendment, (i) the commitment size of this facility increased from up to $125 million to up to $150 million; (ii) Wells Fargo was added as purchaser and agent, replacing Hannover Funding Company, LLC, and Norddeutsche Landesbank Girozentrale, respectively; (iii) the facility commitment was extended for a three-year period; and (iv) the company's cost of funds decreased through the use of a LIBOR index rate plus a 1.45% fixed spread for three years (as opposed to using an underlying commercial paper rate, as was previously the case). | |
Under the Receivables Purchase Agreement (and the related Purchase and Sale Agreements referenced therein), the Company's domestic trade accounts receivable are sold to U.S. Seller which, in turn, sells, conveys, transfers and assigns to a third-party financial institution (“Purchaser”), all of the U.S. Sellers' right, title and interest in and to a pool of receivables to the Purchaser. Certain of the company's non-U.S. trade accounts receivable are sold to Cayman Seller which, in turn, will sell, convey, transfer and assign to Purchaser, all of Cayman Seller's right, title and interest in and to a pool of receivables to the Purchaser. | |
The Purchaser receives ownership of the pool of receivables, in each instance. New receivables are purchased by U.S. Seller or Cayman Seller, as applicable, and resold to the Purchaser as cash collections reduce previously sold investments. The Manitowoc Company, Inc., Garland, and Convotherm act as the servicers of the receivables and as such administer, collect and otherwise enforce the receivables. The servicers are compensated for doing so on terms that are generally consistent with what would be charged by an unrelated servicer. As servicers, they initially receive payments made by obligors on the receivables but are required to remit those payments to the Purchaser in accordance with the Receivables Purchase Agreement. The Purchaser has no recourse for uncollectible receivables. The securitization program also contains customary affirmative and negative covenants. Among other restrictions, these covenants require the company to meet specified financial tests, which include a consolidated interest coverage ratio and a consolidated senior secured leverage ratio that are the same as the covenant ratios required per the Senior Credit Facility. As of December 31, 2013, the company was in compliance with all affirmative and negative covenants inclusive of the financial covenants pertaining to the Receivables Purchase Agreement, as amended. Based on management's current plans and outlook, it believes the company will be able to comply with these covenants during the subsequent 12 months. | |
Due to a short average collection cycle of less than 60 days for such accounts receivable and due to the company’s collection history, the fair value of the company’s deferred purchase price notes approximates book value. The fair value of the deferred purchase price notes recorded at December 31, 2013 and 2012 was $41.3 million and $34.3 million, respectively, and is included in accounts receivable in the accompanying Consolidated Balance Sheets. | |
The securitization program has a maximum capacity of $150 million and includes certain of the company’s U.S., Canadian and German Foodservice and U.S. Crane segment businesses. Trade accounts receivables sold to the Purchaser and being serviced by the company totaled $148.9 million at December 31, 2013 and $149.2 million at December 31, 2012. | |
Transactions under the accounts receivables securitization program are accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” Sales of trade receivables to the Purchaser are reflected as a reduction of accounts receivable in the accompanying Consolidated Balance Sheets and the proceeds received, including collections on the deferred purchase price notes, are included in cash flows from operating activities in the accompanying Consolidated Statements of Cash Flows. The company deems the interest rate risk related to the deferred purchase price notes to be de minimis, primarily due to the short average collection cycle of the related receivables (i.e., 60 days) as noted above. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Earnings from continuing operations are summarized below: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Earnings (loss) from continuing operations before income taxes: | |||||||||||||
Domestic | $ | 90.1 | $ | 94.1 | $ | (24.8 | ) | ||||||
Foreign | 135.1 | 52.8 | 71.1 | ||||||||||
Total | $ | 225.2 | $ | 146.9 | $ | 46.3 | |||||||
Income tax expense (benefit) from continuing operations is summarized as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal and state | $ | 24.1 | $ | 29.2 | $ | (20.9 | ) | ||||||
Foreign | 25.4 | 17.3 | 17.2 | ||||||||||
Total current | $ | 49.5 | $ | 46.5 | $ | (3.7 | ) | ||||||
Deferred: | |||||||||||||
Federal and state | $ | (15.2 | ) | $ | (5.2 | ) | $ | 13.6 | |||||
Foreign | 1.8 | (3.3 | ) | 3.7 | |||||||||
Total deferred | $ | (13.4 | ) | $ | (8.5 | ) | $ | 17.3 | |||||
Provision for taxes on earnings | $ | 36.1 | $ | 38 | $ | 13.6 | |||||||
The federal statutory income tax rate is reconciled to the company’s effective income tax rate for continuing operations for the years ended December 31, 2013, 2012 and 2011 as follows, which excludes the impact of discontinued operations which had an effective tax rate of (13.3)% for 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income provision (benefit) | (0.5 | ) | 0.3 | (10.2 | ) | ||||||||
Manufacturing & research incentives | (3.3 | ) | (3.5 | ) | (4.3 | ) | |||||||
Taxes on foreign income which differ from the U.S. statutory rate | (9.3 | ) | (7.7 | ) | (24.1 | ) | |||||||
Adjustments for unrecognized tax benefits | (5.4 | ) | (6.7 | ) | 7.2 | ||||||||
Adjustments for valuation allowances | (1.0 | ) | 9.2 | 20.2 | |||||||||
Other items | 0.5 | (0.7 | ) | 5.6 | |||||||||
Effective tax rate | 16 | % | 25.9 | % | 29.4 | % | |||||||
The 2013, 2012 and 2011 effective tax rates were favorably impacted by income earned in jurisdictions where the statutory rate was less than 35%. | |||||||||||||
During 2013, the company utilized a portion of its Chinese, Spanish, and UK tax loss carry forwards against current year income, which generated a partial release of valuation allowances and an income tax benefit of $3.4 million. As a result of Wisconsin legislation enacted in the second quarter of 2011, an income tax benefit of $5.5 million was recorded in the second quarter to release the previously recorded valuation allowance on net operating losses in the state. The company recorded a full valuation allowance of $2.4 million on the net deferred tax assets in Czech Republic and Italy during the fourth quarter of 2011 as the company determined that it was more-likely-than-not that certain deferred tax assets would not be utilized. The company continues to record valuation allowances on the deferred tax assets in China, the Czech Republic, France, Italy, Slovakia, Spain, and the UK, as it remains more-likely-than-not that they will not be utilized. | |||||||||||||
The company will continue to periodically evaluate its valuation allowance requirements in light of changing facts and circumstances, and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the company will either add to, or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the company’s income tax provision, and could have a material effect on operating results. | |||||||||||||
No items included in Other items are individually, or when appropriately aggregated, significant. | |||||||||||||
Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Inventories | $ | 32.3 | $ | 26 | |||||||||
Accounts receivable | (2.1 | ) | (1.2 | ) | |||||||||
Product warranty reserves | 20 | 20.4 | |||||||||||
Product liability reserves | 7.9 | 8.7 | |||||||||||
Deferred revenue, current portion | 0.6 | 2.9 | |||||||||||
Deferred employee benefits | 16.6 | 13.2 | |||||||||||
Other reserves and allowances | 16.1 | 21.2 | |||||||||||
Less valuation allowance | (3.6 | ) | (7.0 | ) | |||||||||
Net deferred tax assets, current | $ | 87.8 | $ | 84.2 | |||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||
Property, plant and equipment | $ | (32.6 | ) | $ | (33.1 | ) | |||||||
Intangible assets | (296.3 | ) | (310.4 | ) | |||||||||
Deferred employee benefits | 67.1 | 71 | |||||||||||
Product warranty reserves | 4.2 | 2.5 | |||||||||||
Tax credits | 2.3 | 1.7 | |||||||||||
Net operating loss carryforwards | 192.7 | 211.3 | |||||||||||
Deferred revenue | 5.9 | 4.8 | |||||||||||
Other | (2.4 | ) | (3.6 | ) | |||||||||
Total non-current deferred tax liabilities | (59.1 | ) | (55.8 | ) | |||||||||
Less valuation allowance | (146.2 | ) | (151.0 | ) | |||||||||
Net deferred tax liabilities, non-current | $ | (205.3 | ) | $ | (206.8 | ) | |||||||
The net deferred tax assets (liabilities) are reflected in the Consolidated Balance Sheets for the years ended December 31, 2013 and December 31, 2012 as follows: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Current income tax asset | $ | 89.9 | $ | 88.3 | |||||||||
Long-term income tax assets, included in other non-current assets | 9 | 13.8 | |||||||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (2.1 | ) | (4.1 | ) | |||||||||
Long-term deferred income tax liability | (214.3 | ) | (220.6 | ) | |||||||||
Net deferred income tax liability | $ | (117.5 | ) | $ | (122.6 | ) | |||||||
The company has not provided for additional U.S. income taxes on approximately $732.9 million of undistributed earnings of consolidated non-U.S. subsidiaries included in stockholders’ equity. Such earnings could become taxable upon sale or liquidation of these non-U.S. subsidiaries or upon dividend repatriation of cash balances. It is not practicable to estimate the amount of the unrecognized tax liability on such earnings. At December 31, 2013, approximately $23.9 million of the company’s total cash and cash equivalents were held by its foreign subsidiaries. This cash is associated with earnings that the company has asserted are permanently reinvested. The company has no current plans to repatriate cash or cash equivalents held by its foreign subsidiaries because it plans to reinvest such cash and cash equivalents to support its operations and continued growth plans outside the United States through the funding of capital expenditures, acquisitions, research, operating expenses or other similar cash needs of these operations. Further, the company does not currently forecast a need for these funds in the United States because its U.S. operations and debt service are supported by the cash generated by its U.S. operations. The company would only plan to repatriate foreign cash when it would attract a low tax cost. | |||||||||||||
The company has approximately $519.3 million of state net operating loss carryforwards, which are available to reduce future state tax liabilities. These state net operating loss carryforwards expire at various times through 2031. The company has recognized a deferred tax asset of $18.8 million for net operating loss carryforwards generated in the state of Wisconsin. The company determined that no valuation allowance is necessary on the deferred tax asset for Wisconsin net operating loss carryforwards. | |||||||||||||
The company also has approximately $672.1 million of foreign loss carryforwards, which are available to reduce future foreign tax liabilities, substantially all of which are not subject to any time restrictions on their future use. | |||||||||||||
The company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The following table provides the open tax years for which the company could be subject to income tax examination by the tax authorities in its major jurisdictions: | |||||||||||||
Jurisdiction | Open Years | ||||||||||||
U.S. Federal | 2007 — 2013 | ||||||||||||
Wisconsin | 2009 — 2013 | ||||||||||||
China | 2005 — 2013 | ||||||||||||
France | 2009 — 2013 | ||||||||||||
Germany | 2006 — 2013 | ||||||||||||
Among other regular and ongoing examinations by federal and state jurisdictions globally, the company is under examination by the Internal Revenue Service (“IRS”) for the calendar years 2008 through 2011. In August 2012, the company received a Notice of Proposed Assessment (“NOPA”) related to the disallowance of the deductibility of a $380.9 million foreign currency loss incurred in calendar year 2008. In September 2012, the company responded to the NOPA indicating its formal disagreement and subsequently received an Examination Report which includes the proposed disallowance. The largest potential adjustment for this matter could, if the IRS were to prevail, increase the company’s potential federal tax expense and cash outflow by approximately $134.0 million plus interest and penalties, if any. The company filed a formal protest to the proposed adjustment during the fourth quarter of 2012. In January 2013, the company received a formal rebuttal from the IRS and notification of the assignment of this matter to its Appeals division. Subsequent to an Appeals conference in September 2013, the company has been advised by the Appeals division that the issue has been tentatively resolved in the company's favor. However, this tentative resolution is subject to review by the Joint Committee on Taxation and there can be no assurance that this matter will be ultimately resolved in the company’s favor. The company will continue to pursue all administrative and, if necessary, judicial remedies with respect to resolving this matter. The IRS also examined and proposed adjustments to the research and development credit generated in 2009. The company has tentatively resolved this issue; however, this tentative resolution is also subject to review by the Joint Committee on Taxation. Given the uncertainty, neither of the resolutions have been reflected in the current year results; however, should the resolutions be accepted by the Joint Committee on Taxation, the potential adjustments are not expected to have a material impact on the financial statements. | |||||||||||||
The company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of December 31, 2013, the company believes that it is more-likely-than-not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the company’s estimates and/or from its historical income tax provisions and accruals and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the company recorded a change to gross unrecognized tax benefits including interest and penalties of $(20.7) million, $(10.4) million, and $11.6 million, respectively. The effective tax rate in 2013 and 2012 were favorably impacted by the release of reserves of $9.4 million and $11.6 million, respectively, resulting from favorable audit outcomes, and other settlements. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the company recognized in the consolidated statements of operations $(9.3) million, $(1.4) million, and $0.5 million, respectively, for interest and penalties related to uncertain tax liabilities, which the company recognizes as a part of income tax expense. As of December 31, 2013 and 2012, the company has accrued interest and penalties of $12.8 million and $22.1 million, respectively. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 47.3 | $ | 56.3 | $ | 45.2 | |||||||
Additions based on tax positions related to the current year | 2 | 1.8 | 1.7 | ||||||||||
Additions for tax positions of prior years | 3.7 | 3.6 | 17.1 | ||||||||||
Reductions for tax positions of prior years | (0.2 | ) | — | (1.7 | ) | ||||||||
Reductions based on settlements with taxing authorities | (11.5 | ) | (13.0 | ) | (5.4 | ) | |||||||
Reductions for lapse of statute | (5.4 | ) | (1.4 | ) | (0.6 | ) | |||||||
Balance at end of year | $ | 35.9 | $ | 47.3 | $ | 56.3 | |||||||
Substantially all of the company’s unrecognized tax benefits as of December 31, 2013, 2012 and 2011, if recognized, would affect the effective tax rate. | |||||||||||||
During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits and income tax expense by up to $14.5 million, either because the company's tax positions are sustained on audit or settled, or the applicable statute of limitations closes. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
Earnings Per Share | ||||||||||
The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Basic weighted average common shares outstanding | 132,894,179 | 131,447,895 | 130,481,436 | |||||||
Effect of dilutive securities - stock awards | 2,436,014 | 1,869,155 | 2,895,673 | |||||||
Diluted weighted average common shares outstanding | 135,330,193 | 133,317,050 | 133,377,109 | |||||||
For the years ended December 31, 2013, 2012, and 2011, 2.3 million, 3.4 million, and 2.8 million, respectively, of common shares issuable upon the exercise of stock options were anti-dilutive and were excluded from the calculation of diluted earnings per share. |
Equity
Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
Equity | |||||||||||||||||
Authorized capitalization consists of 300 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued. | |||||||||||||||||
On March 21, 2007, the Board of Directors of the company approved the Rights Agreement between the company and Computershare Trust Company, N.A., as Rights Agent and declared a dividend distribution of one right (a Right) for each outstanding share of Common Stock, par value $0.01 per share, of the company, to shareholders of record at the close of business on March 30, 2007. In addition to the Rights issued as a dividend on the record date, the Board of Directors has also determined that one Right will be issued together with each share of common stock issued by the company after March 30, 2007. Generally, each Right, when it becomes exercisable, entitles the registered holder to purchase from the company one share of Common Stock at a purchase price, in cash, of $110.00 per share, subject to adjustment as set forth in the Rights Agreement. | |||||||||||||||||
As explained in the Rights Agreement, the Rights become exercisable on the “Distribution Date”, which is that date that any of the following occurs: (1) 10 days following a public announcement that a person or group of affiliated persons has acquired, or obtained the right to acquire, beneficial ownership of 20% or more of the outstanding shares of Common Stock of the company; or (2) 10 business days following the commencement of a tender offer or exchange offer that would result in a person or group beneficially owning 20% or more of such outstanding shares of Common Stock. The Rights will expire at the close of business on March 29, 2017, unless earlier redeemed or exchanged by the company as described in the Rights Agreement. | |||||||||||||||||
The amount and timing of the annual dividend are determined by the Board of Directors at its regular meetings each year subject to limitations within the company’s Senior Credit Facility. In each of the years ended December 31, 2013, December 31, 2012 and December 31, 2011, the company paid an annual dividend of $0.08 per share in the fourth quarter. | |||||||||||||||||
Currently, the company has authorization to purchase up to 10 million shares of common stock at management’s discretion. As of December 31, 2013, the company had purchased approximately 7.6 million shares at a cost of $49.8 million pursuant to this authorization. The company did not purchase any shares of its common stock during 2013, 2012, or 2011. | |||||||||||||||||
The components of accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||
Foreign currency translation | $ | 54.8 | $ | 50.3 | |||||||||||||
Derivative instrument fair market value, net of income taxes of $0.6 and $0.3 | 1 | 0.6 | |||||||||||||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(26.8) and $(34.4) | (62.7 | ) | (80.3 | ) | |||||||||||||
$ | (6.9 | ) | $ | (29.4 | ) | ||||||||||||
A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2013 is as follows: | |||||||||||||||||
(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 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) | |||||||
A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2013 is as follows: | |||||||||||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 3 | 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). |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The company's 2013 Omnibus Incentive Plan (the "2013 Omnibus Plan") was approved by shareholders on May 7, 2013 replaced the 2003 Incentive Stock and Awards Plan (the "2003 Stock Plan") and 2004 Non-Employee Director Stock and Awards Plan (the "2004 Stock Plan"). The 2013 Omnibus Plan also replaced the company's Short-Term Incentive Plan (the "STIP") as of December 31, 2013. The 2003 Stock Plan, the 2004 Stock Plan and the STIP may be effectively referred to as the "Existing Plans." No new awards may be granted under the Existing Plans and after the respective termination dates, but the Existing Plans continue to govern awards outstanding; outstanding awards will continue in force and effect until vested, exercised or forfeited pursuant to their terms. The 2013 Omnibus Plan provides for both short-term and long-term incentive awards for employees and Non-Employee Directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and performance share or performance unit awards. The total number of shares of the company's common stock originally available for awards under the 2013 Omnibus Plan is 8.0 million shares and is subject to adjustments for stock splits, stock dividends and certain other transactions or events in the future. | |||||||||||||||||
The Manitowoc Company, Inc. 1995 Stock Plan provided for the granting of stock options, restricted stock and limited stock appreciation rights as an incentive to certain employees. Awards are no longer granted under this plan; however, awards remain outstanding until options are exercised or expire. Awards surrendered under this plan may become available for granting under the 2003 Stock Plan. | |||||||||||||||||
The 2003 Stock Plan provided for both short-term and long-term incentive awards for employees. Options awarded under this plan are exercisable at such times and subject to such conditions as the compensation committee should determine. Options granted under the plan prior to 2011 became exercisable in 25% increments beginning on the second anniversary of the grant date over a four-year period and expire ten years subsequent to the grant date. Option grants to employees in 2011 became exercisable in 25% increments beginning on the first anniversary of the grant date over a four-year period and expire ten years subsequent to the grant date. Restrictions on restricted stock awarded under this plan lapse 100% on the third anniversary of the grant date. Performance shares granted under the plan are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. An explanation of the performance goals and the applicable performance period for the 2013, 2012 and 2011 awards under the 2003 Stock Plan are set forth below. There have been no awards of stock appreciation rights or performance units under the 2003 Stock Plan. | |||||||||||||||||
The Manitowoc Company, Inc. 1999 Non-Employee Director Stock Option Plan (1999 Stock Plan) provided for the granting of stock options to non-employee members of the Board of Directors. During 2004, this plan was frozen and replaced with the 2004 Stock Plan, which is described below. | |||||||||||||||||
No new awards may be made under the 2004 Director Stock Plan. Stock options awarded under the plan were granted at an exercise price equal to the market price of the common stock at the date of grant and vest immediately and expire ten years subsequent to the grant date. Restrictions on restricted stock awarded to date under the plan lapse on the third anniversary of the award date. | |||||||||||||||||
The company recognizes expense for all stock-based compensation on a straight-line basis over the vesting period of the entire award. | |||||||||||||||||
Total stock-based compensation expense before tax was $14.9 million, $16.4 million and $15.0 million during 2013, 2012, and 2011, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
Any option grants to directors are exercisable immediately upon granting and expire ten years subsequent to the grant date. For all outstanding grants made to officers and employees prior to 2011, options become exercisable in 25% increments annually over a four-year period beginning on the second anniversary of the grant date and expire ten years subsequent to the grant date. Starting with 2011 grants to officers and directors, options become exercisable in 25% increments annually over a four-year period beginning on the first anniversary of the grant date and expire ten years subsequent to the grant date. | |||||||||||||||||
The company granted options to acquire 0.4 million, 0.7 million and 1.0 million shares of common stock during 2013, 2012, and 2011, respectively. Stock-based compensation expense is calculated by estimating the fair value of incentive and non-qualified stock options at the time of grant and is amortized over the stock options’ vesting period. The company recognized $6.3 million ($4.0 million after taxes), $6.7 million ($4.2 million after taxes) and $6.9 million ($4.3 million after taxes) of compensation expense associated with stock options during 2013, 2012, and 2011, respectively. | |||||||||||||||||
A summary of the company’s stock option activity is as follows (in millions, except weighted average exercise price per share): | |||||||||||||||||
Shares | Weighted | Aggregate | |||||||||||||||
Average | Intrinsic | ||||||||||||||||
Exercise Price | Value | ||||||||||||||||
Options outstanding as of January 1, 2012 | 7.5 | $ | 14.44 | ||||||||||||||
Granted | 0.7 | 16.27 | |||||||||||||||
Exercised | (0.7 | ) | 6.53 | ||||||||||||||
Cancelled | (0.1 | ) | 20.53 | ||||||||||||||
Options outstanding as of December 31, 2012 | 7.4 | $ | 15.27 | ||||||||||||||
Granted | 0.4 | 18.14 | |||||||||||||||
Exercised | (0.6 | ) | 8.35 | ||||||||||||||
Cancelled | (0.2 | ) | 16.66 | ||||||||||||||
Options outstanding as of December 31, 2013 | 7 | $ | 16 | $ | 62.5 | ||||||||||||
Options exercisable as of: | |||||||||||||||||
31-Dec-13 | 4.8 | $ | 16.95 | $ | 41.8 | ||||||||||||
The outstanding stock options at December 31, 2013 have a range of exercise prices from $4.41 to $47.84 per share. The following table shows the options outstanding and exercisable by range of exercise prices at December 31, 2013 (in millions, except range of exercise price per share, weighted average remaining contractual life and weighted average exercise price): | |||||||||||||||||
Outstanding | Weighted | Weighted | Exercisable | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Range of Exercise Price per Share | Options | Life (Years) | Exercise Price | Options | Exercise Price | ||||||||||||
$4.41 - $7.49 | 1.5 | 4.8 | $ | 4.41 | 1.1 | $ | 4.41 | ||||||||||
$7.50 - $9.59 | 0.1 | 0.1 | 7.52 | 0.1 | 7.52 | ||||||||||||
$9.60 - $10.20 | 0.4 | 1.3 | 10.14 | 0.4 | 10.14 | ||||||||||||
10.21 - $16.28 | 2 | 5.9 | 12.79 | 1 | 12.06 | ||||||||||||
$16.29 - $26.09 | 1.6 | 6.3 | 19.18 | 0.8 | 19.38 | ||||||||||||
$26.10 - $28.14 | 0.5 | 2.3 | 26.11 | 0.5 | 26.11 | ||||||||||||
$28.15 - $36.03 | 0.5 | 2.9 | 29.5 | 0.5 | 29.5 | ||||||||||||
$36.04 - $47.84 | 0.4 | 3.9 | 38.91 | 0.4 | 38.91 | ||||||||||||
7 | 4.9 | $ | 16 | 4.8 | $ | 16.95 | |||||||||||
The company uses the Black-Scholes valuation model to value stock options. The company used its historical stock prices as the basis for its volatility assumption. The assumed risk-free rates were based on ten-year U.S. Treasury rates in effect at the time of grant. The expected option life represents the period of time that the options granted are expected to be outstanding and is based on historical experience. | |||||||||||||||||
As of December 31, 2013, the company has $7.0 million of unrecognized compensation expense before tax related to stock options, which will be recognized over a weighted average period of 2.0 years. | |||||||||||||||||
The weighted average fair value of options granted per share during the years ended December 31, 2013, 2012, and 2011 was $9.00, $7.97, and $9.66, respectively. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing method with the following assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Life (years) | 6 | 6 | 6 | ||||||||||||||
Risk-free Interest rate | 1.1 | % | 1.1 | % | 2.8 | % | |||||||||||
Expected volatility | 56 | % | 55 | % | 52 | % | |||||||||||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.7 | % | |||||||||||
For the years ended December 31, 2013, 2012, and 2011 the total intrinsic value of stock options exercised was $6.9 million, $4.9 million, and $2.8 million, respectively. | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
The company granted restricted stock of 0.1 million, 0.2 million and 0.3 million of common stock during 2013, 2012, and 2011, respectively. Restricted share award expense is based on company share fair value as of the grant date. The company recognized $2.8 million ($1.8 million after taxes), $4.5 million ($2.8 million after taxes), and $4.0 million ($2.5 million after taxes) of compensation expense associated with restricted stock options for the years ended December 31, 2013, 2012, and 2011, respectively. The restrictions on all shares of restricted stock expire on the third anniversary of the applicable grant date. | |||||||||||||||||
A summary of activity for restricted share awards for the year ended December 31, 2013 is as follows (in millions except weighted average grant date fair value): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested as of January 1, 2013 | 0.9 | $ | 14.86 | ||||||||||||||
Granted | 0.1 | 18.14 | |||||||||||||||
Vested | (0.5 | ) | 11.48 | ||||||||||||||
Cancelled | — | — | |||||||||||||||
Unvested as of December 31, 2013 | 0.5 | $ | 18.25 | ||||||||||||||
As of December 31, 2013, the company has $1.6 million of unrecognized compensation expense before tax related to restricted stock, which will be recognized over a weighted average period of 1.4 years. | |||||||||||||||||
Performance Shares | |||||||||||||||||
The company granted performance shares of 0.5 million, 0.3 million and 0.4 million in 2013, 2012, and 2011, respectively. Performance shares are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The company recognized $5.8 million ($3.6 million after taxes), $5.2 million ($3.3 million after taxes) and $4.1 million ($2.6 million after taxes) of compensation expense associated with performance shares during 2013, 2012 and 2011, respectively. | |||||||||||||||||
The performance shares granted in 2013 are earned based on the extent to which performance goals are met by the company over a three-year period from January 1, 2013 to December 31, 2015. The performance goals for the performance shares granted in 2013 are based fifty percent (50%) on total shareholder return relative to a peer group of companies over the three-year period and fifty percent (50%) on debt reduction over the three-year period. Depending on the foregoing factors, the number of shares awarded could range from zero to 0.8 million for the 2013 performance share grants. For these awards, the expense is based on company share fair value as of the grant date for the debt reduction criteria and a Monte Carlo model for the total shareholder return criteria. | |||||||||||||||||
The performance shares granted in 2012 are earned based on the extent to which performance goals are met by the company over a three-year period from January 1, 2012 to December 31, 2014. The performance goals for the performance shares granted in 2012 are based fifty percent (50%) on total shareholder return relative to a peer group of companies over the three-year period and fifty percent (50%) on improvement in the company's total leverage ratio over the three-year period. Depending on the foregoing factors, the number of shares awarded could range from zero to 0.7 million for the 2012 performance share grants. For these awards, the expense is based on company share fair value as of the grant date for the total leverage ratio criteria and a Monte Carlo model for the total shareholder return criteria. | |||||||||||||||||
The performance shares granted in 2011 were earned based on the extent to which performance goals are met by the company over a two-year period from January 1, 2011 to December 31, 2012. The performance goals for the performance shares granted in 2011 were based fifty percent (50%) on EVA® performance over the two-year period and fifty percent (50%) on debt reduction over the two-year period. Seventy-five percent (75%) of the shares earned by an employee were paid out after the end of the two-year performance period and the remaining twenty-five percent (25%) of the shares earned were subject to the further requirement that the employee be continuously employed by the company during the entire 2013 calendar year. If that criteria was met, then the twenty-five percent (25%) will be paid out to the employee after the end of the 2013 calendar year. Depending on the foregoing factors, the number of shares awarded could have ranged from zero to 0.9 million. For these awards, the expense was based on company share fair value as of the grant date. | |||||||||||||||||
A summary of activity for performance share activity for the year ended December 31, 2013 is as follows (in millions except weighted average grant date fair value): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested as of January 1, 2013 | 0.7 | $ | 18.41 | ||||||||||||||
Granted | 0.5 | 20.47 | |||||||||||||||
Vested* | (0.4 | ) | 19 | ||||||||||||||
Cancelled | (0.1 | ) | 19.44 | ||||||||||||||
Unvested as of December 31, 2013 | 0.7 | $ | 19.28 | ||||||||||||||
* Under the terms of the 2011 performance share award, the actual number of shares awarded could have ranged from zero to 0.9 million, depending on the company's two-year performance as described above. Based on the performance criteria a total of 0.5 million shares will be awarded. | |||||||||||||||||
As of December 31, 2013, the company has $9.3 million of unrecognized compensation expense before tax related to performance shares which will be recognized over a weighted average period of 1.8 years. |
Contingencies_and_Significant_
Contingencies and Significant Estimates | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies and Significant Estimates | ' |
Contingencies and Significant Estimates | |
As of December 31, 2013, the company held reserves for environmental matters related to Enodis locations of approximately $0.7 million. At certain of the company’s other facilities, the company has identified potential contaminants in soil and groundwater. The ultimate cost of any remediation required will depend upon the results of future investigation. Based upon available information, the company does not expect the ultimate costs at any of these locations will have a material adverse effect on its financial condition, results of operations, or cash flows individually and in aggregate. | |
The company believes that it has obtained and is in substantial compliance with those material environmental permits and approvals necessary to conduct its various businesses. Based on the facts presently known, the company does not expect environmental compliance costs to have a material adverse effect on its financial condition, results of operations, or cash flows. | |
As of December 31, 2013, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these are insured with self-insurance retention levels. The company’s self-insurance retention levels vary by business, and have fluctuated over the last ten years. The range of the company’s self-insured retention levels is $0.1 million to $3.0 million per occurrence. The high-end of the company’s self-insurance retention level is a legacy product liability insurance program inherited in the Grove acquisition for cranes manufactured in the United States for occurrences from January 2000 through October 2002. As of December 31, 2013, the largest self-insured retention level for new occurrences currently maintained by the company is $2.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States. | |
Product liability reserves in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 were $25.0 million and $27.9 million, respectively; $5.7 million and $6.3 million, respectively, was reserved specifically for actual cases, and $19.3 million and $21.6 million, respectively, for claims incurred but not reported, which were estimated using actuarial methods. Based on the company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers. | |
At December 31, 2013 and December 31, 2012, the company had reserved $99.0 million and $101.2 million, respectively, for warranty claims included in product warranties and other non-current liabilities in the Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiations, arbitration, or litigation. See Note 18, "Guarantees," for further information. | |
It is reasonably possible that the estimates for environmental remediation, product liability and warranty costs may change in the near future based upon new information that may arise or matters that are beyond the scope of the company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. | |
The company is involved in numerous lawsuits involving asbestos-related claims in which the company is one of numerous defendants. After taking into consideration legal counsel’s evaluation of such actions, the current political environment with respect to asbestos related claims, and the liabilities accrued with respect to such matters, in the opinion of management, ultimate resolution is not expected to have a material adverse effect on the financial condition, results of operations, or cash flows of the company. | |
The company is also involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution of all matters is not expected to have a material adverse effect on the company’s financial condition, results of operations, or cash flows. |
Guarantees
Guarantees | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Guarantees | ' | ||||||||
Guarantees | |||||||||
The company periodically enters into transactions with customers that provide for residual value guarantees and buyback commitments. These initial transactions are recorded as deferred revenue and are amortized to income on a straight-line basis over a period equal to that of the customer’s third party financing agreement. The deferred revenue included in other current and non-current liabilities at December 31, 2013 and December 31, 2012, was $62.6 million and $67.2 million, respectively. The total amount of residual value guarantees and buyback commitments given by the company and outstanding at December 31, 2013 and December 31, 2012, was $66.8 million and $80.5 million, respectively. These amounts are not reduced for amounts the company would recover from repossessing and subsequent resale of the units. The residual value guarantees and buyback commitments expire at various times through 2018. | |||||||||
During the years ended December 31, 2013 and 2012, the company sold $31.2 million and $14.3 million, respectively, of its long-term notes receivable to third party financing companies. The company guarantees some percentage, up to 100%, of collection of the notes to the financing companies. The company has accounted for the sales of the notes as a financing of receivables. The receivables remain on the company’s Consolidated Balance Sheets, net of payments made, in other current and non-current assets and the company has recognized an obligation equal to the net outstanding balance of the notes in other current and non-current liabilities in the Consolidated Balance Sheets. The cash flow benefit of these transactions is reflected as financing activities in the Consolidated Statements of Cash Flows. During the years ended December 31, 2013 and 2012 customers have paid $24.6 million and $24.7 million, respectively, of the notes to the third party financing companies. As of December 31, 2013 and 2012, the outstanding balance of the notes receivables guaranteed by the company was $34.3 million and $27.1 million, respectively. | |||||||||
In the normal course of business, the company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the company. Such warranty generally provides that products will be free from defects for periods ranging from 12 months to 60 months with certain equipment having longer-term warranties. If a product fails to comply with the company’s warranty, the company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The company provides for an estimate of costs that may be incurred under its warranty at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Below is a table summarizing the warranty activity for the years ended December 31, 2013 and 2012: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Balance at beginning of period | $ | 101.2 | $ | 103.6 | |||||
Accruals for warranties issued during the period | 58.6 | 56.9 | |||||||
Acquisition | 0.2 | — | |||||||
Settlements made (in cash or in kind) during the period | (61.7 | ) | (59.8 | ) | |||||
Currency translation | 0.7 | 0.5 | |||||||
Balance at end of period | $ | 99 | $ | 101.2 | |||||
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||
Restructuring | ' | ||||||||||||||||||
Restructuring | |||||||||||||||||||
During the fourth quarter of 2012, the company committed to a restructuring plan to reduce the cost structure of primarily its French crane facilities and recorded restructuring expense of $6.9 million to establish a reserve for future involuntary employee terminations and related costs. The restructuring plan better aligns the company's resources due to the economic conditions in Europe. | |||||||||||||||||||
The following is a rollforward of all restructuring activities relating to the Crane segment for the twelve-month period ended December 31, 2013 (in millions): | |||||||||||||||||||
Restructuring | Restructuring | Use of Reserve | Reserve | Restructuring | |||||||||||||||
Reserve Balance as | Charges | Revisions | Reserve Balance as | ||||||||||||||||
of | of | ||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||
$ | 8.4 | $ | 1.9 | $ | (6.0 | ) | $ | — | $ | 4.3 | |||||||||
In conjunction with the acquisition of Enodis in October 2008, certain restructuring activities were undertaken to recognize cost synergies and rationalize the new cost structure of the Foodservice segment. During the years ended December 31, 2013 and 2012, the company determined that certain restructuring actions originally contemplated in conjunction with the acquisition of Enodis in October 2008 were no longer necessary. Accordingly, the company adjusted the excess reserves of $0.7 million and $0.6 million to goodwill for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The company recorded additional amounts in 2013 primarily related to employee termination benefits. These plans are expected to conclude in 2014. | |||||||||||||||||||
The following is a rollforward of all restructuring activities relating to the Foodservice segment for the twelve-month period ended December 31, 2013 (in millions): | |||||||||||||||||||
Restructuring | Restructuring | Use of Reserve | Reserve | Restructuring | |||||||||||||||
Reserve Balance as | Charges | Revisions | Reserve Balance as | ||||||||||||||||
of | of | ||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||
$ | 16.9 | $ | 2.9 | $ | (2.8 | ) | $ | (0.7 | ) | $ | 16.3 | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||||||||||||||
The company maintains three defined contribution retirement plans for its employees: (1) The Manitowoc Company, Inc. 401(k) Retirement Plan (the “Manitowoc 401(k) Retirement Plan”); (2) The Manitowoc Company, Inc. Retirement Savings Plan (the “Manitowoc Retirement Savings Plan”); and (3) The Manitowoc Company, Inc. Deferred Compensation Plan (the “Manitowoc Deferred Compensation Plan”). Each plan results in individual participant balances that reflect a combination of amounts contributed by the company or deferred by the participant, amounts invested at the direction of either the company or the participant, and the continuing reinvestment of returns until the accounts are distributed. | |||||||||||||||||||||||||||||||||||||
Manitowoc 401(k) Retirement Plan The Manitowoc 401(k) Retirement Plan is a tax-qualified retirement plan that is available to substantially all non-union U.S. employees of Manitowoc, its subsidiaries and related entities. The company merged the accounts of non-union participants in the Enodis Corporation 401(k) Plan with and into the Manitowoc 401(k) Retirement Plan on December 31, 2009. | |||||||||||||||||||||||||||||||||||||
The Manitowoc 401(k) Retirement Plan allows employees to make both pre- and post-tax elective deferrals, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Tax Code”). The company also has the right to make the following additional contributions: (1) a matching contribution based upon individual employee deferrals; (2) an economic value added (“EVA”) based company contribution; and (3) an additional non-EVA-based company contribution. Each participant in the Manitowoc 401(k) Retirement Plan is allowed to direct the investment of that participant’s account among a diverse mix of investment funds, including a company stock alternative. To the extent that any funds are invested in company stock, that portion of the Manitowoc 401(k) Retirement Plan is an employee stock ownership plan, as defined under the Tax Code (an “ESOP”). | |||||||||||||||||||||||||||||||||||||
The terms governing the retirement benefits under the Manitowoc 401(k) Retirement Plan are the same for the company’s executive officers as they are for other eligible employees in the U.S. | |||||||||||||||||||||||||||||||||||||
Manitowoc Retirement Savings Plan The Manitowoc Retirement Savings Plan is a tax-qualified retirement plan that is available to certain collectively bargained U.S. employees of Manitowoc, its subsidiaries and related entities. The company merged the following plans with and into the Manitowoc Retirement Savings Plan on December 31, 2009: (1) The Manitowoc Cranes, Inc. Hourly-Paid Employees’ Deferred Profit-Sharing Plan; (2) the Manitowoc Ice, Inc. Hourly-Paid Employees’ Deferred Profit-Sharing Plan; and (3) the accounts of collectively bargained participants in the Enodis Corporation 401(k) Plan. | |||||||||||||||||||||||||||||||||||||
The Manitowoc Retirement Savings Plan allows employees to make both pre- and post-tax elective deferrals, subject to certain limitations under the Tax Code. The company also has the right to make the following additional contributions: (1) a matching contribution based upon individual employee deferrals; and (2) an additional discretionary or fixed company contribution. Each participant in the Manitowoc Retirement Savings Plan is allowed to direct the investment of that participant’s account among a diverse mix of investment funds, including a company stock alternative. To the extent that any funds are invested in company stock, that portion of the Manitowoc Retirement Savings Plan is an ESOP. | |||||||||||||||||||||||||||||||||||||
The company’s executives are not eligible to participate in the Manitowoc Retirement Savings Plan. Company contributions to the plans are based upon formulas contained in the plans. Total costs incurred under these plans were $6.2 million, $4.1 million and $4.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||
Manitowoc Deferred Compensation Plan The Manitowoc Deferred Compensation Plan is a non-tax-qualified supplemental deferred compensation plan for highly compensated and key management employees and for directors. On December 31, 2009, the company merged the Enodis Corporation Supplemental Executive Retirement Plan, another defined contribution deferred compensation plan, with and into the Manitowoc Deferred Compensation Plan. The company maintains the Manitowoc Deferred Compensation Plan to allow eligible individuals to save for retirement in a tax-efficient manner despite Tax Code restrictions that would otherwise impair their ability to do so under the Manitowoc 401(k) Retirement Plan. The Manitowoc Deferred Compensation Plan also assists the company in retaining those key employees and directors. | |||||||||||||||||||||||||||||||||||||
The Manitowoc Deferred Compensation Plan accounts are credited with: (1) elective deferrals made at the request of the individual participant; and/or (2) a discretionary company contribution for each individual participant. Although unfunded within the meaning of the Tax Code, the Manitowoc Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the company’s corresponding future benefit obligations. Each participant in the Manitowoc Deferred Compensation Plan is credited with interest based upon individual elections from amongst a diverse mix of investment funds that are intended to reflect investment funds similar to those offered under the Manitowoc 401(k) Retirement Plan, including company stock. Participants do not receive preferential or above-market rates of return under the Manitowoc Deferred Compensation Plan. | |||||||||||||||||||||||||||||||||||||
Plan participants are able to direct deferrals and company matching contributions into two separate investment programs, Program A and Program B. | |||||||||||||||||||||||||||||||||||||
The investment assets in Program A and B are held in two separate Deferred Compensation Plans, which restrict the company’s use and access to the funds, but which are also subject to the claims of the company’s general creditors in rabbi trusts. Program A invests solely in the company’s stock; dividends paid on the company’s stock are automatically reinvested; and all distributions must be made in company stock. Program B offers a variety of investment options but does not include company stock as an investment option. All distributions from Program B must be made in cash. Participants cannot transfer assets between programs. | |||||||||||||||||||||||||||||||||||||
Program A is accounted for as a plan that does not permit diversification. As a result, the company stock held by Program A is classified in equity in a manner similar to accounting for treasury stock. The deferred compensation obligation is classified as an equity instrument. Changes in the fair value of the company’s stock and the compensation obligation are not recognized. The asset and obligation for Program A were both $2.2 million at December 31, 2013 and $2.2 million at December 31, 2012. These amounts are offset in the Consolidated Statements of Stockholders’ Equity and Comprehensive Income. | |||||||||||||||||||||||||||||||||||||
Program B is accounted for as a plan that permits diversification. As a result, the assets held by Program B are classified as an asset in the Consolidated Balance Sheets and changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is classified as a liability in the Consolidated Balance Sheets and adjusted, with a charge or credit to compensation cost, to reflect changes in the fair value of the obligation. The assets, which are included in other non-current assets, and obligation, which are included in other non-current liabilities, were both $15.4 million at December 31, 2013 and $13.0 million at December 31, 2012. There was no net impact on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||
Pension, Postretirement Health and Other Benefit Plans The company provides certain pension, health care and death benefits for eligible retirees and their dependents. The pension benefits are funded, while the health care and death benefits are not funded but are paid as incurred. Eligibility for coverage is based on meeting certain years of service and retirement qualifications. These benefits may be subject to deductibles, co-payment provisions, and other limitations. The company has reserved the right to modify these benefits. As of December 31, 2010, all of the remaining United States defined benefit plans were merged into a single plan: the Manitowoc U.S. Pension Plan. All merged plans had benefit accruals frozen prior to merger of plan. | |||||||||||||||||||||||||||||||||||||
The components of period benefit costs for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||
US Pension Plans | Non-US Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.2 | $ | 1.8 | $ | 0.6 | $ | 0.8 | $ | 0.8 | |||||||||||||||||||
Interest cost of projected benefit obligation | 9.6 | 10.2 | 10.4 | 9.8 | 10.2 | 11 | 2 | 2.8 | 3.4 | ||||||||||||||||||||||||||||
Expected return on assets | (10.2 | ) | (10.2 | ) | (9.5 | ) | (7.4 | ) | (8.2 | ) | (9.3 | ) | — | — | — | ||||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.1 | ) | — | — | |||||||||||||||||||||||||||
Amortization of actuarial net loss | 3.5 | 2.9 | 1.6 | 1.9 | 0.8 | 0.4 | — | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | (0.8 | ) | — | — | |||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | (1.6 | ) | — | — | — | — | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.9 | $ | 2.9 | $ | 2.5 | $ | 6.8 | $ | 3.5 | $ | 4 | $ | 1.7 | $ | 4 | $ | 4.5 | |||||||||||||||||||
Weighted average assumptions: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | 4 | % | 4.7 | % | 5.3 | % | 3.5 | % | 4.6 | % | 5.4 | % | |||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6 | % | 6 | % | 3.9 | % | 4.5 | % | 5.4 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 3.8 | % | 3.7 | % | 4.2 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||
The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. | |||||||||||||||||||||||||||||||||||||
To develop the expected long-term rate of return on assets assumptions, the company considered the historical returns and future expectations for returns in each asset class, as well as targeted asset allocation percentages within the pension portfolio. | |||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
US Pension Plans | Non-US Pension Plans | Postretirement | |||||||||||||||||||||||||||||||||||
Health | |||||||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 241.4 | $ | 226.1 | $ | 255 | $ | 221 | $ | 57.5 | $ | 63.9 | |||||||||||||||||||||||||
Service cost | — | — | 2.4 | 2.2 | 0.6 | 0.8 | |||||||||||||||||||||||||||||||
Interest cost | 9.6 | 10.2 | 9.8 | 10.2 | 2 | 2.8 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | |||||||||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | |||||||||||||||||||||||||||||||
Plan curtailments | — | — | — | — | (0.7 | ) | (0.4 | ) | |||||||||||||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | |||||||||||||||||||||||||||||
Plan amendments | — | — | — | — | (0.4 | ) | (0.2 | ) | |||||||||||||||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.6 | ) | — | — | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (19.4 | ) | 14.8 | 3.9 | 27.4 | (7.2 | ) | (6.9 | ) | ||||||||||||||||||||||||||||
Currency translation adjustment | — | — | 4.6 | 6.8 | (0.2 | ) | 0.1 | ||||||||||||||||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | |||||||||||||||||||||||||
Benefit obligation, end of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255 | $ | 48.5 | $ | 57.5 | |||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 180.6 | $ | 174.5 | $ | 199.5 | $ | 182 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | (1.3 | ) | 14.6 | 16.5 | 19.1 | — | — | ||||||||||||||||||||||||||||||
Employer contributions | 1.2 | 1.2 | 4.2 | 5.2 | 3.1 | 2.6 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | |||||||||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | |||||||||||||||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | |||||||||||||||||||||||||||||
Currency translation adjustment | — | — | 3.5 | 5.8 | — | — | |||||||||||||||||||||||||||||||
Net transfer out | — | — | (0.4 | ) | (0.6 | ) | — | — | |||||||||||||||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | |||||||||||||||||||||||||
Fair value of plan assets, end of year | 162.6 | 180.6 | 211.1 | 199.5 | — | — | |||||||||||||||||||||||||||||||
Funded status | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | |||||||||||||||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | |||||||||||||||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||||||||
Pension obligation | (51.1 | ) | (60.8 | ) | (52.4 | ) | (55.8 | ) | — | — | |||||||||||||||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (48.5 | ) | (57.5 | ) | |||||||||||||||||||||||||||||
Net amount recognized | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | |||||||||||||||||||
Weighted-Average Assumptions | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.3 | % | 4 | % | 4.5 | % | 3.5 | % | |||||||||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6 | % | 3.9 | % | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income as of December 31, 2013 and 2012, consist of the following: | |||||||||||||||||||||||||||||||||||||
Pensions | Postretirement | ||||||||||||||||||||||||||||||||||||
Health and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (93.4 | ) | $ | (111.3 | ) | $ | 4.6 | $ | (2.6 | ) | ||||||||||||||||||||||||||
Prior service credit | (1.0 | ) | (1.0 | ) | 0.3 | 0.2 | |||||||||||||||||||||||||||||||
Total amount recognized | $ | (94.4 | ) | $ | (112.3 | ) | $ | 4.9 | $ | (2.4 | ) | ||||||||||||||||||||||||||
The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are $4.5 million for the pension plan and income of $0.4 million for the postretirement health and other plans. | |||||||||||||||||||||||||||||||||||||
For measurement purposes, a 6.5% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2013. The rate was assumed to decrease gradually to 4.5% for 2027 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The following table summarizes the sensitivity of our December 31, 2013 retirement obligations and 2013 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): | |||||||||||||||||||||||||||||||||||||
Change in assumption: | Estimated increase | Estimated increase | Estimated increase | Estimated increase | |||||||||||||||||||||||||||||||||
(decrease) in 2014 pension | (decrease) in Projected | (decrease) in 2014 Other | (decrease) in Other | ||||||||||||||||||||||||||||||||||
cost | Benefit Obligation for the | Postretirement Benefit | Postretirement Benefit | ||||||||||||||||||||||||||||||||||
year ended December 31, | costs | Obligation for the year | |||||||||||||||||||||||||||||||||||
2013 | ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
0.50% increase in discount rate | $ | (1.6 | ) | $ | (29.2 | ) | $ | (0.1 | ) | $ | (2.0 | ) | |||||||||||||||||||||||||
0.50% decrease in discount rate | 1.8 | 30.9 | (0.1 | ) | 2.2 | ||||||||||||||||||||||||||||||||
0.50% increase in long-term return on assets | (1.8 | ) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
0.50% decrease in long-term return on assets | 1.8 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||
1% increase in medical trend rates | N/A | N/A | 0.3 | 4 | |||||||||||||||||||||||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.7 | ) | (3.5 | ) | |||||||||||||||||||||||||||||||
It is reasonably possible that the estimate for future retirement and health costs may change in the near future due to changes in the health care environment or changes in interest rates that may arise. Presently, there is no reliable means to estimate the amount of any such potential changes. | |||||||||||||||||||||||||||||||||||||
The weighted-average asset allocations of the U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Equity | 26.1 | % | 19.7 | % | |||||||||||||||||||||||||||||||||
Fixed income | 73.4 | % | 79.8 | % | |||||||||||||||||||||||||||||||||
Other | 0.5 | % | 0.5 | % | |||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Equity | 20.2 | % | 17.9 | % | |||||||||||||||||||||||||||||||||
Fixed income | 23.8 | % | 25.8 | % | |||||||||||||||||||||||||||||||||
Other | 56 | % | 56.3 | % | |||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
The Board of Directors has established the Retirement Plan Committee (the "Committee") to manage the operations and administration of all benefit plans and related trusts. The Committee is committed to diversification to reduce the risk of large losses. On a quarterly basis, the Committee reviews progress toward achieving the pension plans’ and individual managers’ performance objectives. | |||||||||||||||||||||||||||||||||||||
Investment Strategy The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. | |||||||||||||||||||||||||||||||||||||
The company reviews its long-term, strategic asset allocations annually. The company uses various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. The company identifies investment benchmarks for the asset classes in the strategic asset allocation that are market-based and investable where possible. | |||||||||||||||||||||||||||||||||||||
Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced on a monthly basis. | |||||||||||||||||||||||||||||||||||||
The actual allocations for the pension assets at December 31, 2013, and target allocations by asset class, are as follows: | |||||||||||||||||||||||||||||||||||||
Target Allocations | Weighted Average Asset Allocations | ||||||||||||||||||||||||||||||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | ||||||||||||||||||||||||||||||||||
Equity Securities | 25 | % | 0 - 20% | 26.1 | % | 20.2 | % | ||||||||||||||||||||||||||||||
Debt Securities | 75 | % | 0 - 100% | 73.4 | % | 23.8 | % | ||||||||||||||||||||||||||||||
Other | — | % | 0 - 100% | 0.5 | % | 56 | % | ||||||||||||||||||||||||||||||
Risk Management In managing the plan assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly. | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements The following table presents our plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs. | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Assets (in millions) | Quoted Prices in Active | Significant Other | Unobservable Inputs | Total | |||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Cash | $ | 1.7 | $ | — | $ | — | $ | 1.7 | |||||||||||||||||||||||||||||
Insurance group annuity contracts | — | — | 118.3 | 118.3 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government debt | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Assets (in millions) | Quoted Prices in Active | Significant Other | Unobservable Inputs | Total | |||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Cash | $ | 2.1 | $ | — | $ | — | $ | 2.1 | |||||||||||||||||||||||||||||
Insurance group annuity contracts | — | — | 111.1 | 111.1 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government debt | — | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.8 | — | 49.8 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 95.5 | — | 95.5 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Corporate equity | — | 71.4 | — | 71.4 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Customized strategy | — | 41.3 | — | 41.3 | |||||||||||||||||||||||||||||||||
Total | $ | 2.1 | $ | 266.9 | $ | 111.1 | $ | 380.1 | |||||||||||||||||||||||||||||
Cash equivalents and other short-term investments, which are used to pay benefits, are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash equivalent and short-term investments are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments. | |||||||||||||||||||||||||||||||||||||
Insurance group annuity contracts are valued at the present value of the future benefit payments owed by the insurance company to the Plans’ participants. | |||||||||||||||||||||||||||||||||||||
Common/collective funds are typically common or collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows: | |||||||||||||||||||||||||||||||||||||
Insurance Contracts | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 111.1 | $ | 102.4 | |||||||||||||||||||||||||||||||||
Actual return on assets | 12.1 | 12.2 | |||||||||||||||||||||||||||||||||||
Benefit payments | (6.8 | ) | (6.7 | ) | |||||||||||||||||||||||||||||||||
Foreign currency impact | 1.9 | 3.2 | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | 118.3 | $ | 111.1 | |||||||||||||||||||||||||||||||||
The expected 2014 contributions for the U.S. pension plans are as follows: the minimum contribution for 2014 is $4.1 million; and no planned discretionary or non-cash contributions. The expected 2014 contributions for the non-U.S. pension plans are as follows: the minimum contribution for 2014 is $4.6 million; and no planned discretionary or non-cash contributions. Expected company paid claims for the postretirement health and life insurance plans are $3.8 million for 2014. Projected benefit payments from the plans as of December 31, 2013 are estimated as follows: | |||||||||||||||||||||||||||||||||||||
(in millions) | U.S Pension Plans | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||||||||||||||
Plans | Health and Other | ||||||||||||||||||||||||||||||||||||
2014 | $ | 11.7 | $ | 11.7 | $ | 3.8 | |||||||||||||||||||||||||||||||
2015 | 12.2 | 12.5 | 3.8 | ||||||||||||||||||||||||||||||||||
2016 | 12.7 | 13.3 | 4 | ||||||||||||||||||||||||||||||||||
2017 | 13.1 | 14.4 | 4.2 | ||||||||||||||||||||||||||||||||||
2018 | 13.6 | 15.2 | 4.4 | ||||||||||||||||||||||||||||||||||
2019 — 2023 | 71.8 | 86.4 | 20.4 | ||||||||||||||||||||||||||||||||||
The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||
U.S Pension Plans | Non U.S. Pension Plans | ||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 213.7 | $ | 241.4 | $ | 259.4 | $ | 251.5 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 213.7 | 241.4 | 254.2 | 246.7 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 162.6 | 180.6 | 206.9 | 195.7 | |||||||||||||||||||||||||||||||||
The accumulated benefit obligation for all U.S. pension plans as of December 31, 2013 and 2012 was $213.7 million and $241.4 million, respectively. The accumulated benefit obligation for all non-U.S. pension plans as of December 31, 2013 and 2012 was $256.7 million and $249.0 million, respectively. | |||||||||||||||||||||||||||||||||||||
The measurement date for all plans is December 31, 2013. | |||||||||||||||||||||||||||||||||||||
The company also maintains a target benefit plan for certain executive officers of the company. Expenses related to the plan in the amount of $2.9 million, $3.3 million and $3.0 million were recorded in 2013, 2012, and 2011, respectively. Amounts accrued as of December 31, 2013 and 2012 related to this plan were $24.8 million and $23.4 million, respectively. | |||||||||||||||||||||||||||||||||||||
The company, through its Lincoln Foodservice operation, participated in a multiemployer defined benefit pension plan under a collective bargaining agreement that covered certain of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects: | |||||||||||||||||||||||||||||||||||||
a) | Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||||||||||||||||
b) | If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||||||||||||||||||
c) | If Manitowoc ceases to have an obligation to contribute to the multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of Manitowoc’s participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. | ||||||||||||||||||||||||||||||||||||
In 2013, with the finalization of the reorganization and plant restructuring that affected the Lincoln Foodservice operation, the company was deemed to have effectively withdrawn its participation in the multiemployer defined benefit pension plan in 2013. This withdrawal obligation was previously recognized in our financial statements as part of the restructuring activities that were undertaken in connection with the 2008 acquisition of Enodis. The present value of the obligation is part of the restructuring accrual in our balance sheet. The withdrawal obligation ($15.8 million as of December 31, 2013) is payable in 48 quarterly installments of $0.5 million through April 2025. As of December 31, 2013 the company had paid two installments on this obligation. | |||||||||||||||||||||||||||||||||||||
The contributions by the company to the multiemployer plan for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||
(in millions) | Contributions by Manitowoc | ||||||||||||||||||||||||||||||||||||
Pension Fund | EIN / Pension Plan | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | 0.3 | $ | 0.9 | $ | 0.8 | ||||||||||||||||||||||||||||||
Total Contributions | $ | 0.3 | $ | 0.9 | $ | 0.8 | |||||||||||||||||||||||||||||||
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
The company leases various property, plant and equipment. Terms of the leases vary, but generally require the company to pay property taxes, insurance premiums, and maintenance costs associated with the leased property. Rental expense attributed to operating leases was $34.3 million, $38.1 million and $43.1 million in 2013, 2012 and 2011, respectively. | ||||
Future minimum rental obligations under non-cancelable operating leases, as of December 31, 2013, are payable as follows: | ||||
(in millions) | ||||
2014 | $ | 45.6 | ||
2015 | 35.7 | |||
2016 | 27.5 | |||
2017 | 20.3 | |||
2018 | 16.3 | |||
Thereafter | 26.1 | |||
Total | $ | 171.5 | ||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||
Business Segments | |||||||||||||||||||||
The company identifies its segments using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of the company’s reportable segments. | |||||||||||||||||||||
The Crane business is a global provider of engineered lift solutions which designs, manufactures and markets a comprehensive line of lattice-boom crawler cranes, mobile telescopic cranes, tower cranes and boom trucks. The Crane products are used in a wide variety of applications, including energy, petrochemical and industrial projects, infrastructure development such as road, bridge and airport construction, commercial and high-rise residential construction, mining and dredging. Our crane-related product support services are principally marketed under the Crane Care brand name and include maintenance and repair services and parts supply. | |||||||||||||||||||||
Our Foodservice equipment business designs, manufactures and sells primary cooking and warming equipment; ice-cube machines, ice flaker machines and storage bins; refrigerator and freezer equipment; beverage dispensers and related products; serving and storage equipment; and food-preparation equipment. Our suite of products is used by commercial and institutional foodservice operators such as full service restaurants, QSR chains, hotels, industrial caterers, supermarkets, convenience stores, hospitals, schools and other institutions. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that certain expenses are not allocated to the segments. These unallocated expenses are corporate overhead, amortization expense of intangible assets with definite lives, goodwill impairment, intangible asset impairment, restructuring expense, integration expense and other expense. The company evaluates segment performance based upon profit and loss before the aforementioned expenses. Financial information relating to the company’s reportable segments for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net sales from continuing operations: | |||||||||||||||||||||
Crane | $ | 2,506.30 | $ | 2,427.10 | $ | 2,134.70 | |||||||||||||||
Foodservice | 1,541.80 | 1,486.20 | 1,454.60 | ||||||||||||||||||
Total | $ | 4,048.10 | $ | 3,913.30 | $ | 3,589.30 | |||||||||||||||
Operating earnings (loss) from continuing operations: | |||||||||||||||||||||
Crane | $ | 218.8 | $ | 170.5 | $ | 118.8 | |||||||||||||||
Foodservice | 250.3 | 238.6 | 214.4 | ||||||||||||||||||
Corporate | (64.9 | ) | (63.7 | ) | (61.3 | ) | |||||||||||||||
Amortization expense | (35.3 | ) | (36.5 | ) | (37.4 | ) | |||||||||||||||
Restructuring expense | (4.8 | ) | (9.5 | ) | (5.5 | ) | |||||||||||||||
Other income (expense) | 0.3 | (2.5 | ) | 0.5 | |||||||||||||||||
Operating earnings from continuing operations | $ | 364.4 | $ | 296.9 | $ | 229.5 | |||||||||||||||
Other income (expenses): | |||||||||||||||||||||
Interest expense | $ | (128.4 | ) | $ | (135.6 | ) | $ | (145.4 | ) | ||||||||||||
Amortization of deferred financing fees | (7.0 | ) | (8.2 | ) | (10.4 | ) | |||||||||||||||
Loss on debt extinguishment | (3.0 | ) | (6.3 | ) | (29.7 | ) | |||||||||||||||
Other income (expense)-net | (0.8 | ) | 0.1 | 2.3 | |||||||||||||||||
Earnings from continuing operations before taxes on earnings | $ | 225.2 | $ | 146.9 | $ | 46.3 | |||||||||||||||
Capital expenditures: | |||||||||||||||||||||
Crane | $ | 69.3 | $ | 52.7 | $ | 52 | |||||||||||||||
Foodservice | 33.6 | 17.4 | 11.9 | ||||||||||||||||||
Corporate | 7.8 | 2.8 | 0.7 | ||||||||||||||||||
Total | $ | 110.7 | $ | 72.9 | $ | 64.6 | |||||||||||||||
Total depreciation: | |||||||||||||||||||||
Crane | $ | 46.9 | $ | 43.5 | $ | 52.9 | |||||||||||||||
Foodservice | 20.1 | 22.3 | 24.5 | ||||||||||||||||||
Corporate | 1.5 | 2.3 | 2.8 | ||||||||||||||||||
Total | $ | 68.5 | $ | 68.1 | $ | 80.2 | |||||||||||||||
Total assets: | |||||||||||||||||||||
Crane | $ | 1,900.40 | $ | 1,903.30 | $ | 1,760.80 | |||||||||||||||
Foodservice | 1,904.30 | 1,956.80 | 2,192.60 | ||||||||||||||||||
Corporate | 171.9 | 197.2 | 69.2 | ||||||||||||||||||
Total | $ | 3,976.60 | $ | 4,057.30 | $ | 4,022.60 | |||||||||||||||
Net sales are attributed to geographic regions based on location of customer. Net sales from continuing operations and long-lived asset information by geographic area as of and for the years ended December 31 are as follows: | |||||||||||||||||||||
Net Sales | Long-Lived Assets | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||
United States | $ | 1,978.00 | $ | 1,833.00 | $ | 1,588.80 | $ | 1,888.40 | $ | 1,905.40 | |||||||||||
Other North America | 292.1 | 278.2 | 208.8 | 13.6 | 5.3 | ||||||||||||||||
Europe | 937.6 | 788 | 813.4 | 530 | 510.6 | ||||||||||||||||
Asia | 364.5 | 354 | 352.2 | 203 | 189.5 | ||||||||||||||||
Middle East | 174.2 | 161.6 | 189.4 | 1.6 | 1.6 | ||||||||||||||||
Central and South America | 166.9 | 243 | 237.8 | 36 | 33.3 | ||||||||||||||||
Africa | 30 | 110.8 | 65.4 | — | — | ||||||||||||||||
South Pacific and Caribbean | 12.6 | 10.6 | 12 | 4.1 | 4.6 | ||||||||||||||||
Australia | 92.2 | 134.1 | 121.5 | 4.7 | 4.4 | ||||||||||||||||
Total | $ | 4,048.10 | $ | 3,913.30 | $ | 3,589.30 | $ | 2,681.40 | $ | 2,654.70 | |||||||||||
Net sales from continuing operations and long-lived asset information for Europe primarily relate to France, Germany and the United Kingdom. |
Subsidiary_Guarantors_of_Senio
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 | ' | |||||||||||||||||||
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 | ||||||||||||||||||||
The following tables present condensed consolidating financial information for (a) The Manitowoc Company, Inc. (Parent); (b) the guarantors of the Senior Notes due 2018, the Senior Notes due 2020, and the Senior Notes due 2022 which include substantially all of the domestic, 100% owned subsidiaries of the company (Subsidiary Guarantors); and (c) the wholly and partially owned foreign subsidiaries of the Parent, which do not guarantee the Senior Notes due 2018, the Senior Notes due 2020, and the Senior Notes due 2022 (Non-Guarantor Subsidiaries). Separate financial statements of the Subsidiary Guarantors are not presented because the guarantors are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions. | ||||||||||||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,631.30 | $ | 2,097.10 | $ | (680.3 | ) | $ | 4,048.10 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 2,038.10 | 1,668.50 | (680.3 | ) | 3,026.30 | ||||||||||||||
Engineering, selling and administrative expenses | 61.4 | 259.5 | 296.7 | — | 617.6 | |||||||||||||||
Amortization expense | — | 29.6 | 5.7 | — | 35.3 | |||||||||||||||
Restructuring expense | — | 0.7 | 4.1 | — | 4.8 | |||||||||||||||
Other (income) expense | — | 0.5 | (0.8 | ) | — | (0.3 | ) | |||||||||||||
Equity in (earnings) loss of subsidiaries | (199.6 | ) | (32.5 | ) | — | 232.1 | — | |||||||||||||
Total costs and expenses | (138.2 | ) | 2,295.90 | 1,974.20 | (448.2 | ) | 3,683.70 | |||||||||||||
Operating earnings (loss) from continuing operations | 138.2 | 335.4 | 122.9 | (232.1 | ) | 364.4 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (118.8 | ) | (1.0 | ) | (8.6 | ) | — | (128.4 | ) | |||||||||||
Amortization of deferred financing fees | (7.0 | ) | — | — | — | (7.0 | ) | |||||||||||||
Loss on debt extinguishment | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Management fee income (expense) | 59.6 | (77.1 | ) | 17.5 | — | — | ||||||||||||||
Other income (expense)-net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | ||||||||||||
Total other income (expense) | (72.8 | ) | (110.7 | ) | 44.3 | — | (139.2 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 65.4 | 224.7 | 167.2 | (232.1 | ) | 225.2 | ||||||||||||||
Provision (benefit) for taxes on earnings | (76.4 | ) | 69.3 | 43.2 | — | 36.1 | ||||||||||||||
Earnings (loss) from continuing operations | 141.8 | 155.4 | 124 | (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 | $ | (232.1 | ) | $ | 141.8 | |||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 164.3 | $ | 154.1 | $ | 62.9 | $ | (217.0 | ) | $ | 164.3 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,616.40 | $ | 1,959.00 | $ | (662.1 | ) | $ | 3,913.30 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 2,022.30 | 1,610.10 | (662.1 | ) | 2,970.30 | ||||||||||||||
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 | ) | 2,267.00 | 1,914.30 | (458.9 | ) | 3,616.40 | |||||||||||||
Operating earnings (loss) from continuing operations | 106 | 349.4 | 44.7 | (203.2 | ) | 296.9 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (122.9 | ) | (2.1 | ) | (10.6 | ) | — | (135.6 | ) | |||||||||||
Amortization of deferred financing fees | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Loss on debt extinguishment | (6.3 | ) | — | — | — | (6.3 | ) | |||||||||||||
Management fee income (expense) | 60.1 | (77.8 | ) | 17.7 | — | — | ||||||||||||||
Other income (expense)-net | 16.5 | (45.9 | ) | 29.5 | — | 0.1 | ||||||||||||||
Total other income (expense) | (60.8 | ) | (125.8 | ) | 36.6 | — | (150.0 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 45.2 | 223.6 | 81.3 | (203.2 | ) | 146.9 | ||||||||||||||
Provision (benefit) for taxes on earnings | (56.5 | ) | 69.2 | 25.3 | — | 38 | ||||||||||||||
Earnings (loss) from continuing operations | 101.7 | 154.4 | 56 | (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 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,166.00 | $ | 1,908.90 | $ | (485.6 | ) | $ | 3,589.30 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 1,681.50 | 1,560.50 | (485.6 | ) | 2,756.40 | ||||||||||||||
Engineering, selling and administrative expenses | 58.9 | 231.1 | 271 | — | 561 | |||||||||||||||
Amortization expense | — | 29.9 | 7.5 | — | 37.4 | |||||||||||||||
Restructuring expense | — | 0.5 | 5 | — | 5.5 | |||||||||||||||
Other expense (income) | — | 0.7 | (1.2 | ) | — | (0.5 | ) | |||||||||||||
Equity in (earnings) loss of subsidiaries | (70.4 | ) | (32.4 | ) | — | 102.8 | — | |||||||||||||
Total costs and expenses | (11.5 | ) | 1,911.30 | 1,842.80 | (382.8 | ) | 3,359.80 | |||||||||||||
Operating earnings (loss) from continuing operations | 11.5 | 254.7 | 66.1 | (102.8 | ) | 229.5 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (132.9 | ) | (1.5 | ) | (11.0 | ) | — | (145.4 | ) | |||||||||||
Amortization of deferred financing fees | (10.4 | ) | — | — | — | (10.4 | ) | |||||||||||||
Loss on debt extinguishment | (29.7 | ) | — | — | — | (29.7 | ) | |||||||||||||
Management fee income (expense) | 55 | (68.0 | ) | 13 | — | — | ||||||||||||||
Other income (expense)-net | 40.6 | (69.7 | ) | 31.4 | — | 2.3 | ||||||||||||||
Total other income (expense) | (77.4 | ) | (139.2 | ) | 33.4 | — | (183.2 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | (65.9 | ) | 115.5 | 99.5 | (102.8 | ) | 46.3 | |||||||||||||
Provision (benefit) for taxes on earnings | (54.7 | ) | 32.5 | 35.8 | — | 13.6 | ||||||||||||||
Earnings (loss) from continuing operations | (11.2 | ) | 83 | 63.7 | (102.8 | ) | 32.7 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (1.5 | ) | (14.3 | ) | — | (15.8 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | (34.6 | ) | — | — | (34.6 | ) | |||||||||||||
Net earnings (loss) | (11.2 | ) | 46.9 | 49.4 | (102.8 | ) | (17.7 | ) | ||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (6.5 | ) | — | (6.5 | ) | |||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | (11.2 | ) | $ | 46.9 | $ | 55.9 | $ | (102.8 | ) | $ | (11.2 | ) | |||||||
Comprehensive income (loss) attributable to Manitowoc | $ | (36.1 | ) | $ | 47.1 | $ | 51.1 | $ | (98.2 | ) | $ | (36.1 | ) | |||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
as of December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | ||||||||||
Restricted cash | 2.8 | — | 10 | — | 12.8 | |||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | |||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | ||||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | ||||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | |||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | |||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | |||||||||||||||
Current assets of discontinued operation | — | — | 15.1 | — | 15.1 | |||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.90 | ||||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | |||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.60 | |||||||||||||||
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 | — | 1,565.20 | 1,848.80 | (3,414.0 | ) | — | ||||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | |||||||||||||||
Long-term assets of discontinued operation | — | — | 23.3 | — | 23.3 | |||||||||||||||
Investment in affiliates | 5,356.20 | 3,505.60 | — | (8,861.8 | ) | — | ||||||||||||||
Total assets | $ | 6,469.00 | $ | 7,438.70 | $ | 4,505.00 | $ | (14,436.1 | ) | $ | 3,976.60 | |||||||||
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 | — | 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 | — | 34.9 | |||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25 | |||||||||||||||
Current liabilities of discontinued operation | — | — | 26.1 | — | 26.1 | |||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.40 | ||||||||||||||
Non-Current Liabilities: | ||||||||||||||||||||
Long-term debt, less current portion | 1,474.70 | 2.2 | 27.2 | — | 1,504.10 | |||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | |||||||||||||||
Pension obligations | 91 | 6.4 | 4.1 | — | 101.5 | |||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2 | — | 44.7 | |||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | |||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.10 | (2,026.6 | ) | — | ||||||||||||||
Intercompany accounts payable | 3,414.00 | — | — | (3,414.0 | ) | — | ||||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | |||||||||||||||
Long-term liabilities of discontinued operation | — | — | 2.2 | — | 2.2 | |||||||||||||||
Total non-current liabilities | 5,470.10 | 867.7 | 1,171.70 | (5,440.6 | ) | 2,068.90 | ||||||||||||||
Equity | ||||||||||||||||||||
Manitowoc stockholders' equity | 775.5 | 6,084.70 | 2,777.10 | (8,861.8 | ) | 775.5 | ||||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | |||||||||||||||
Total equity | 775.5 | 6,084.70 | 2,783.90 | (8,861.8 | ) | 782.3 | ||||||||||||||
Total liabilities and equity | $ | 6,469.00 | $ | 7,438.70 | $ | 4,505.00 | $ | (14,436.1 | ) | $ | 3,976.60 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
as of December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 12 | $ | 4 | $ | 57.2 | $ | — | $ | 73.2 | ||||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | |||||||||||||||
Accounts receivable — net | 0.4 | 29 | 301.3 | — | 330.7 | |||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | ||||||||||||||
Inventories — net | — | 338.3 | 354.4 | — | 692.7 | |||||||||||||||
Deferred income taxes | 70.9 | — | 17.4 | — | 88.3 | |||||||||||||||
Other current assets | 6.5 | 3.5 | 104.3 | (10.0 | ) | 104.3 | ||||||||||||||
Current assets of discontinued operations | — | — | 28.2 | — | 28.2 | |||||||||||||||
Total current assets | 99.2 | 378 | 868.1 | (17.3 | ) | 1,328.00 | ||||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 261.2 | — | 539.3 | |||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.70 | |||||||||||||||
Other intangible assets — net | — | 620.9 | 168.8 | — | 789.7 | |||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | ||||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.30 | (2,184.4 | ) | — | ||||||||||||||
Other non-current assets | 49.3 | 4.5 | 75 | — | 128.8 | |||||||||||||||
Long-term assets of discontinued operations | — | — | 60.8 | — | 60.8 | |||||||||||||||
Investment in affiliates | 4,985.40 | 3,443.60 | — | (8,429.0 | ) | — | ||||||||||||||
Total assets | $ | 6,069.30 | $ | 6,770.10 | $ | 3,833.30 | $ | (12,615.4 | ) | $ | 4,057.30 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 407.3 | $ | — | $ | 911.5 | ||||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 33.1 | (10.0 | ) | 69 | ||||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | ||||||||||||||
Product warranties | — | 44.5 | 37.5 | — | 82 | |||||||||||||||
Customer advances | — | 7.8 | 16.3 | — | 24.1 | |||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | |||||||||||||||
Current liabilities of discontinued operations | — | — | 31.4 | — | 31.4 | |||||||||||||||
Total current liabilities | 142 | 487.1 | 534.1 | (17.3 | ) | 1,145.90 | ||||||||||||||
Non-Current Liabilities: | ||||||||||||||||||||
Long-term debt, less current portion | 1,708.30 | 3 | 20.7 | — | 1,732.00 | |||||||||||||||
Deferred income taxes | 176 | — | 44.6 | — | 220.6 | |||||||||||||||
Pension obligations | 80 | 12.2 | 22.1 | — | 114.3 | |||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | |||||||||||||||
Long-term deferred revenue | — | 6 | 31.7 | — | 37.7 | |||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | ||||||||||||||
Intercompany accounts payable | 3,024.90 | — | 57.9 | (3,082.8 | ) | — | ||||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | |||||||||||||||
Long-term liabilities of discontinued operations | — | — | 11 | — | 11 | |||||||||||||||
Total non-current liabilities | 5,327.00 | 864.3 | 1,206.30 | (5,067.5 | ) | 2,330.10 | ||||||||||||||
Equity | ||||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.70 | 2,111.90 | (7,530.6 | ) | 600.3 | ||||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | |||||||||||||
Total equity | 600.3 | 5,418.70 | 2,092.90 | (7,530.6 | ) | 581.3 | ||||||||||||||
Total liabilities and equity | $ | 6,069.30 | $ | 6,770.10 | $ | 3,833.30 | $ | (12,615.4 | ) | $ | 4,057.30 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (51.6 | ) | $ | 224.9 | $ | 160.8 | $ | — | $ | 334.1 | |||||||||
Cash used for operating activities of discontinued operations | — | (2.3 | ) | (8.7 | ) | — | (11.0 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (51.6 | ) | $ | 222.6 | $ | 152.1 | $ | — | $ | 323.1 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (0.8 | ) | $ | (57.4 | ) | $ | (52.5 | ) | $ | — | $ | (110.7 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 2 | 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 | — | 43 | |||||||||||||||
(Payments on) proceeds from revolving credit facility—net | (34.5 | ) | — | 0.1 | — | (34.4 | ) | |||||||||||||
Proceeds from notes financing—net | — | — | 6.6 | — | 6.6 | |||||||||||||||
Debt issue costs | (1.1 | ) | — | — | — | (1.1 | ) | |||||||||||||
Dividends paid | (10.7 | ) | — | — | — | (10.7 | ) | |||||||||||||
Exercises of stock options including windfall tax benefits | 6.7 | — | — | — | 6.7 | |||||||||||||||
Intercompany financing | 102.1 | — | 37.3 | (139.4 | ) | — | ||||||||||||||
Net cash provided by (used for) financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | ||||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (10.8 | ) | (0.7 | ) | (6.8 | ) | — | (18.3 | ) | |||||||||||
Balance at beginning of period | 12 | 4 | 57.2 | — | 73.2 | |||||||||||||||
Balance at end of period | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | ||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (22.8 | ) | $ | 167.4 | $ | 30.7 | $ | — | $ | 175.3 | |||||||||
Cash used for operating activities of discontinued operations | — | (0.9 | ) | (12.0 | ) | — | (12.9 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (22.8 | ) | $ | 166.5 | $ | 18.7 | $ | — | $ | 162.4 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (1.4 | ) | $ | (36.5 | ) | $ | (35.0 | ) | $ | — | $ | (72.9 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | — | 0.8 | — | 0.8 | |||||||||||||||
Restricted cash | 1 | — | (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 | (211.9 | ) | (43.3 | ) | 48.8 | (75.4 | ) | ||||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net cash provided by (used for) investing activities | $ | 131 | $ | (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 | — | 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 | $ | 4 | $ | 57.2 | $ | — | $ | 73.2 | ||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (59.8 | ) | $ | 70.5 | $ | 32.6 | $ | — | $ | 43.3 | |||||||||
Cash used for operating activities of discontinued operations | — | (1.5 | ) | (24.7 | ) | — | (26.2 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (59.8 | ) | $ | 69 | $ | 7.9 | $ | — | $ | 17.1 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (0.4 | ) | $ | (23.4 | ) | $ | (40.8 | ) | $ | — | $ | (64.6 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 17.2 | — | 17.3 | |||||||||||||||
Restricted cash | 2 | — | 0.2 | — | 2.2 | |||||||||||||||
Proceeds from sale of business | — | 143.6 | — | — | 143.6 | |||||||||||||||
Intercompany investments | 216.7 | (164.5 | ) | (30.7 | ) | (21.5 | ) | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | 218.3 | (44.2 | ) | (54.1 | ) | (21.5 | ) | 98.5 | ||||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net cash provided by (used for) investing activities | $ | 218.3 | $ | (44.2 | ) | $ | (54.2 | ) | $ | (21.5 | ) | $ | 98.4 | |||||||
Cash Flows from Financing: | ||||||||||||||||||||
Payments on long-term debt | $ | (884.1 | ) | $ | (0.7 | ) | $ | (75.5 | ) | $ | — | $ | (960.3 | ) | ||||||
Proceeds from long-term debt | 750 | — | 89 | — | 839 | |||||||||||||||
Payments on revolving credit facility—net | (24.2 | ) | — | — | — | (24.2 | ) | |||||||||||||
Proceeds from (payments on) notes financing—net | — | (2.6 | ) | 17.4 | — | 14.8 | ||||||||||||||
Proceeds from swap monetization | 21.5 | — | — | — | 21.5 | |||||||||||||||
Debt issue costs | (14.7 | ) | — | — | — | (14.7 | ) | |||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | |||||||||||||
Exercises of stock options including windfall tax benefits | 2.6 | — | — | — | 2.6 | |||||||||||||||
Intercompany financing | (0.1 | ) | (32.7 | ) | 11.3 | 21.5 | — | |||||||||||||
Net cash used for financing activities of continuing operations | (159.6 | ) | (36.0 | ) | 42.2 | 21.5 | (131.9 | ) | ||||||||||||
Net cash provided by financing activities of discontinued operations | — | — | 6 | — | 6 | |||||||||||||||
Net cash used for financing activities | $ | (159.6 | ) | $ | (36.0 | ) | $ | 48.2 | $ | 21.5 | $ | (125.9 | ) | |||||||
Effect of exchange rate changes on cash | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (1.1 | ) | (11.2 | ) | (1.4 | ) | — | (13.7 | ) | |||||||||||
Balance at beginning of period | 5.3 | 19.7 | 57 | — | 82 | |||||||||||||||
Balance at end of period | $ | 4.2 | $ | 8.5 | $ | 55.6 | $ | — | $ | 68.3 | ||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||||||||||
The following table presents quarterly financial data for 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Net sales | $ | 894.6 | $ | 1,037.10 | $ | 1,012.10 | $ | 1,104.30 | $ | 845.8 | $ | 993.1 | $ | 946.3 | $ | 1,128.10 | |||||||||||||||||
Gross profit | 222.1 | 276 | 262.1 | 261.6 | 204.5 | 253.1 | 236.4 | 249 | |||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 22.3 | 71.4 | 70.8 | 60.7 | 13.1 | 62.3 | 37.4 | 34.1 | |||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | (3.9 | ) | (3.8 | ) | (4.2 | ) | (4.4 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (1.6 | ) | — | — | (1.1 | ) | — | — | — | — | |||||||||||||||||||||||
Net earnings (loss) | 8.1 | 54.5 | 50.6 | 54.4 | (2.2 | ) | 43 | 19.7 | 32.1 | ||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interest, net of tax | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | (1.9 | ) | (2.3 | ) | (2.5 | ) | (2.4 | ) | ||||||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | $ | (0.3 | ) | $ | 45.3 | $ | 22.2 | $ | 34.5 | ||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | $ | 0.01 | $ | 0.36 | $ | 0.19 | $ | 0.28 | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.4 | $ | 0.16 | $ | — | $ | 0.35 | $ | 0.17 | $ | 0.26 | |||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.46 | $ | 0.4 | $ | 0.18 | $ | 0.01 | $ | 0.35 | $ | 0.18 | $ | 0.27 | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | $ | — | $ | 0.34 | $ | 0.17 | $ | 0.26 | |||||||||||||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.08 | $ | — | $ | — | $ | — | $ | 0.08 | |||||||||||||||||
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On January 3, 2014, Manitowoc entered into a $1,050.0 million Third Amended and Restated Credit Agreement. See Note 11, "Debt" for further details of the transaction. | |
On February 18, 2014 the Company redeemed its 2018 Notes for $419.0 million or 104.750%, expressed as a percentage of the principal amount. | |
During the fourth quarter of 2013, the company agreed to sell its 50% interest in Manitowoc Dong Yue, which produces mobile and truck-mounted hydraulic cranes in China, to its joint venture partner, Tai’an Taishan Heavy Industry Investment Co., Ltd., for a nominal amount. Consequently, the joint venture has been classified as discontinued operations in the company's financial statements. The transaction subsequently closed on January 21, 2014. See Note 4, "Discontinued Operations," for further details of this transaction. |
Schedule_II_Valuation_and_Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II: Valuation and Qualifying Accounts | ' | |||||||||||||||||||
THE MANITOWOC COMPANY, INC | ||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||
Schedule II: Valuation and Qualifying Accounts | ||||||||||||||||||||
For The Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Balance at | Charge to | Utilization of | Other, Primarily | Balance at end | ||||||||||||||||
Beginning of | Costs and | Reserve | Impact of | of Year | ||||||||||||||||
Year | Expenses | Foreign | ||||||||||||||||||
Exchange | ||||||||||||||||||||
Rates | ||||||||||||||||||||
Year End December 31, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 27.6 | $ | 0.5 | $ | (6.4 | ) | $ | (8.9 | ) | $ | 12.8 | ||||||||
Deferred tax valuation allowance | $ | 117.1 | $ | 9.1 | $ | — | $ | (7.3 | ) | $ | 118.9 | |||||||||
Year End December 31, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 12.8 | $ | 6.5 | $ | (6.1 | ) | $ | 0.1 | $ | 13.3 | |||||||||
Deferred tax valuation allowance | $ | 118.9 | $ | 35.7 | $ | — | $ | 3.4 | $ | 158 | ||||||||||
Year End December 31, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 13.3 | $ | 8.1 | $ | (3.4 | ) | $ | 0.2 | $ | 18.2 | |||||||||
Deferred tax valuation allowance | $ | 158 | $ | 1.1 | $ | (3.4 | ) | $ | (5.9 | ) | $ | 149.8 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Cash Equivalents, Restricted Cash and Marketable Securities | ' | |
Cash Equivalents and Restricted Cash All short-term investments purchased with an original maturity of three months or less are considered cash equivalents. Restricted cash represents cash in escrow funds related to the security for an indemnity agreement for our casualty insurance provider as well as funds held in escrow to support certain international cash pooling programs. | ||
Inventories | ' | |
Inventories Inventories are valued at the lower of cost or market value. Approximately 87% and 88% of the company’s inventories at December 31, 2013 and 2012, respectively, were valued using the first-in, first-out (FIFO) method. The remaining inventories were valued using the last-in, first-out (LIFO) method. If the FIFO inventory valuation method had been used exclusively, inventories would have increased by $36.2 million and $36.6 million at December 31, 2013 and 2012, respectively. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. | ||
Goodwill and Other Intangible Assets | ' | |
Goodwill and Other Intangible Assets The company accounts for its goodwill and other intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other.” Under ASC Topic 350-10, goodwill is not amortized, but it is tested for impairment annually, or more frequently, as events dictate. See additional discussion of impairment testing under “Impairment of Long-Lived Assets,” below. The company’s other intangible assets with indefinite lives, including trademarks and tradenames and in-place distributor networks, are not amortized, but are also tested for impairment annually, or more frequently, as events dictate. The company’s other intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Other intangible assets are amortized straight-line over the following estimated useful lives: | ||
Useful lives | ||
Patents | 10-20 years | |
Engineering drawings | 15 years | |
Customer relationships | 10-20 years | |
Property, Plant and Equipment | ' | |
Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property, plant and equipment sold, retired, or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes. | ||
Property, plant and equipment are depreciated over the following estimated useful lives: | ||
Years | ||
Building and improvements | Feb-40 | |
Machinery, equipment and tooling | 20-Feb | |
Furniture and fixtures | 15-Mar | |
Computer hardware and software | 7-Feb | |
Property, plant and equipment also include cranes accounted for as operating leases. Equipment accounted for as operating leases includes equipment leased directly to the customer and equipment for which the company has assisted in the financing arrangement whereby it has guaranteed more than insignificant residual value or made a buyback commitment. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement so that the net book value at the end of the period equals the buyback amount or the residual value amount. The amount of rental equipment included in property, plant and equipment amounted to $63.1 million and $58.9 million, net of accumulated depreciation, at December 31, 2013 and 2012, respectively. | ||
Impairment of Long-Lived Assets | ' | |
Impairment of Long-Lived Assets The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the assets' carrying amount may not be recoverable. The company conducts its long-lived asset impairment analyses in accordance with ASC Topic 360-10-5. ASC Topic 360-10-5 requires the company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. | ||
For property, plant and equipment and other long-lived assets, other than goodwill and other indefinite lived intangible assets, the company performs undiscounted operating cash flow analyses to determine impairments. If an impairment is determined to exist, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. Impairment losses on assets held for sale are based on the estimated proceeds to be received, less costs to sell. | ||
Each year, in its second quarter, the company tests for impairment of goodwill according to a two-step approach. In the first step, the company estimates the fair values of its reporting units using the present value of future cash flows approach, subject to a comparison for reasonableness to its market capitalization at the date of valuation. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair values of all other net tangible and intangible assets of the reporting unit. If the carrying amount of the goodwill exceeds its implied fair market value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. For other indefinite lived intangible assets, the impairment test consists of a comparison of the fair value of the intangible assets to their carrying amount. See Note 9, “Goodwill and Other Intangible Assets” for further details on our impairment assessments. | ||
Warranties | ' | |
Warranties Estimated warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. | ||
Environmental Liabilities | ' | |
Environmental Liabilities The company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Such accruals are adjusted as information develops or circumstances change. Costs of long-term expenditures for environmental remediation obligations are discounted to their present value when the timing of cash flows are estimable. | ||
Product Liabilities | ' | |
Product Liabilities The company records product liability reserves for its self-insured portion of any pending or threatened product liability actions. The reserve is based upon two estimates. First, the company tracks the population of all outstanding pending and threatened product liability cases to determine an appropriate case reserve for each based upon the company’s best judgment and the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the company determines the amount of additional reserve required to cover incurred but not reported product liability obligations and to account for possible adverse development of the established case reserves (collectively referred to as IBNR). This analysis is performed at least twice annually. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation The financial statements of the company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to Accumulated Other Comprehensive Income (AOCI) as a component of Manitowoc stockholders’ equity. | ||
Derivative Financial Instruments and Hedging Activities | ' | |
Derivative Financial Instruments and Hedging Activities The company has written policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The company follows the guidance in accordance with ASC Topic 815-10, “Derivatives and Hedging.” The fair values of all derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or AOCI depending on whether the derivative is designated and qualifies as part of a hedge transaction and if so, the type of hedge transaction. | ||
During 2013, 2012 and 2011, minimal amounts were recognized in earnings due to ineffectiveness of certain commodity hedges. The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts and commodity contracts designated as cash flow hedges, net of income taxes. | ||
Cash Flow Hedges The company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure, or variable interest rate exposure, primarily using foreign currency exchange contracts, commodity contracts, and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with ASC Topic 815-10 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices, or interest rates. | ||
Fair Value Hedges The company periodically enters into interest rate swaps designated as a hedge of the fair value of a portion of its fixed rate debt. These hedges effectively result in changing a portion of its fixed rate debt to variable interest rate debt. Both the swaps and the debt are recorded in the Consolidated Balance Sheets at fair value. The change in fair value of the swaps should exactly offset the change in fair value of the hedged debt, with no net impact to earnings. Interest expense of the hedged debt is recorded at the variable rate in earnings. See Note 11, “Debt” for further discussion of fair value hedges. | ||
The company selectively hedges cash inflows and outflows that are subject to foreign currency exposure from the date of transaction to the related payment date. The hedges for these foreign currency accounts receivable and accounts payable are recorded in the Consolidated Balance Sheets at fair value. Gains or losses due to changes in fair value are recorded as an adjustment to earnings in the Consolidated Statements of Operations. | ||
Share-based Compensation | ' | |
Stock-Based Compensation Stock-based compensation plans are described more fully in Note 16, “Stock-Based Compensation.” The company recognizes expense for all stock-based compensation with graded vesting on a straight-line basis over the vesting period of the entire award. The company recognized $2.8 million, $4.5 million and $4.0 million of compensation expense related to restricted stock during the years ended December 31, 2013, 2012 and 2011, respectively. In addition to the compensation expense related to restricted stock, the company recognized $6.3 million, $6.7 million and $6.9 million of compensation expense related to stock options during the years ended December 31, 2013, 2012 and 2011, respectively. The company also recognized $5.8 million, $5.2 million, and $4.1 million of compensation expense associated with performance shares in 2013, 2012 and 2011, respectively. | ||
Revenue Recognition | ' | |
Revenue Recognition Revenue is generally recognized and earned when all the following criteria are satisfied with regard to a specific transaction: persuasive evidence of a sales arrangement exists; the price is fixed or determinable; collectability of cash is reasonably assured; and delivery has occurred or services have been rendered. Shipping and handling fees are reflected in net sales and shipping and handling costs are reflected in cost of sales in the Consolidated Statements of Operations. | ||
The company enters into transactions with customers that provide for residual value guarantees and buyback commitments on certain crane transactions. The company records transactions which it provides significant residual value guarantees and any buyback commitments as operating leases. Net revenues in connection with the initial transactions are recorded as deferred revenue and are amortized to income on a straight-line basis over a period equal to that of the customer’s third party financing agreement. See Note 18, “Guarantees.” | ||
The company also leases cranes to customers under operating lease terms. Revenue from operating leases is recognized ratably over the term of the lease, and leased cranes are depreciated over their estimated useful lives. | ||
Research and Development | ' | |
Research and Development Research and development costs are charged to expense as incurred and amounted to $86.4 million, $87.7 million and $80.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. | ||
Income Taxes | ' | |
Income Taxes The company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more-likely-than-not that the company will not realize the benefit of such assets. The company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more-likely-than-not to be sustained upon examination by the taxing authority. | ||
Earnings Per Share | ' | |
Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to Manitowoc by the weighted average number of common shares outstanding during each year or period. Diluted earnings per share is computed similar to basic earnings per share except that the weighted average shares outstanding is increased to include shares of restricted stock, performance shares and the number of additional shares that would have been outstanding if stock options were exercised and the proceeds from such exercise were used to acquire shares of common stock at the average market price during the year or period. | ||
Comprehensive Income Policy | ' | |
Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net earnings, other items that are reported as direct adjustments to Manitowoc stockholders’ equity. Currently, these items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments. | ||
Concentration of Credit Risk | ' | |
Concentration of Credit Risk Credit extended to customers through trade accounts receivable potentially subjects the company to risk. This risk is limited due to the large number of customers and their dispersion across various industries and many geographical areas. However, a significant amount of the company’s receivables are with distributors and contractors in the construction industry, large companies in the foodservice and beverage industry, customers servicing the U.S. steel industry, and government agencies. The company currently does not foresee a significant credit risk associated with these individual groups of receivables, but continues to monitor the exposure, if any. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Schedule of estimated useful lives of other intangible assets | ' | |
Other intangible assets are amortized straight-line over the following estimated useful lives: | ||
Useful lives | ||
Patents | 10-20 years | |
Engineering drawings | 15 years | |
Customer relationships | 10-20 years | |
Schedule of estimated useful lives of property, plant and equipment | ' | |
Property, plant and equipment are depreciated over the following estimated useful lives: | ||
Years | ||
Building and improvements | Feb-40 | |
Machinery, equipment and tooling | 20-Feb | |
Furniture and fixtures | 15-Mar | |
Computer hardware and software | 7-Feb |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Manitowoc Dong Yue [Member] | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summary of selected financial data of businesses which are classified as discontinued operations | ' | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 16.8 | $ | 13.7 | $ | 29.9 | |||||||
Pretax loss from discontinued operation | $ | (17.3 | ) | $ | (16.6 | ) | $ | (12.4 | ) | ||||
Benefit for taxes on earnings | (0.3 | ) | — | — | |||||||||
Net loss from discontinued operation | $ | (17.0 | ) | $ | (16.6 | ) | $ | (12.4 | ) | ||||
Jackson | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summary of selected financial data of businesses which are classified as discontinued operations | ' | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 2.5 | $ | 32.6 | $ | 32.7 | |||||||
Pretax earnings from discontinued operation | $ | 0.1 | $ | 1.7 | $ | 0.6 | |||||||
Provision (benefit) for taxes on earnings | (0.4 | ) | 0.7 | 0.1 | |||||||||
Net earnings from discontinued operation | $ | 0.5 | $ | 1 | $ | 0.5 | |||||||
Business disposed prior to 2012 | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Summary of selected financial data of businesses which are classified as discontinued operations | ' | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | — | $ | — | $ | 6.5 | |||||||
Pretax loss from discontinued operations | $ | (3.4 | ) | $ | (1.2 | ) | $ | (6.6 | ) | ||||
Benefit for taxes on earnings | (1.1 | ) | (0.5 | ) | (2.7 | ) | |||||||
Net loss from discontinued operations | $ | (2.3 | ) | $ | (0.7 | ) | $ | (3.9 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||
Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy | ' | ||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Commodity contracts | — | 0.2 | — | 0.2 | |||||||||||||
Total Current assets at fair value | $ | — | $ | 3.1 | $ | — | $ | 3.1 | |||||||||
Current Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
Commodity contracts | — | 0.4 | — | 0.4 | |||||||||||||
Total Current liabilities at fair value | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||||
Non-current Liabilities: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||||
Total Non-current liabilities at fair value | $ | — | $ | 14.9 | $ | — | $ | 14.9 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Total Current assets at fair value | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||
Current Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||
Commodity contracts | — | 0.8 | — | 0.8 | |||||||||||||
Interest rate swap contracts | — | 0.3 | — | 0.3 | |||||||||||||
Total Current liabilities at fair value | $ | — | $ | 2 | $ | — | $ | 2 | |||||||||
Non-current Liabilities: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
Total Non-current liabilities at fair value | $ | — | $ | 1.1 | $ | — | $ | 1.1 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of the fair value of outstanding derivative contracts recorded as assets in the accompanying consolidated balance sheet | ' | ||||||||||
The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2012 was as follows: | |||||||||||
ASSET DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Other current assets | $ | 2.6 | ||||||||
Total derivatives designated as hedging instruments | $ | 2.6 | |||||||||
ASSET DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Other current assets | $ | 0.3 | ||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.3 | |||||||||
Total asset derivatives | $ | 2.9 | |||||||||
The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2013 was as follows: | |||||||||||
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 | |||||||||
Schedule of the fair value of outstanding derivative contracts recorded as liabilities in the accompanying consolidated balance sheet | ' | ||||||||||
The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2013 was as follows: | |||||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.5 | ||||||||
Commodity contracts | Accounts payable and accrued expenses | 0.4 | |||||||||
Interest rate swap contracts: Fixed-to-float | Other non-current liabilities | 14.9 | |||||||||
Total derivatives designated as hedging instruments | $ | 15.8 | |||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign exchange contracts | Accounts payable and accrued expenses | $ | 0.6 | ||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.6 | |||||||||
Total liability derivatives | $ | 16.4 | |||||||||
The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2012 was as follows: | |||||||||||
LIABILITIES DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.4 | ||||||||
Interest Rate Swaps: Fixed-to-Float | Other non-current liabilities | 1.1 | |||||||||
Commodity Contracts | Accounts payable and accrued expenses | 0.8 | |||||||||
Total derivatives designated as hedging instruments | $ | 2.3 | |||||||||
LIABILITY DERIVATIVES | |||||||||||
(in millions) | Balance Sheet Location | Fair Value | |||||||||
Derivatives NOT designated as hedging instruments | |||||||||||
Foreign Exchange Contracts | Accounts payable and accrued expenses | $ | 0.5 | ||||||||
Interest Rate Swap Contracts: Float-to-Fixed | Accounts payable and accrued expenses | 0.3 | |||||||||
Total derivatives NOT designated as hedging instruments | $ | 0.8 | |||||||||
Total liability derivatives | $ | 3.1 | |||||||||
Schedule of the effect of derivative instruments on the consolidated statement of operations for gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet | ' | ||||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2011 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | Portion) | |||||||||
Foreign Exchange Contracts | $ | (3.7 | ) | Cost of sales | $ | 2.5 | |||||
Interest Rate Swap & Cap Contracts | 1.3 | Interest expense | (5.3 | ) | |||||||
Commodity contracts | (2.1 | ) | Cost of sales | (0.3 | ) | ||||||
Total | $ | (4.5 | ) | $ | (3.1 | ) | |||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Commodity Contracts | Cost of sales | $ | 0.1 | ||||||||
Total | $ | 0.1 | |||||||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Interest Rate Swap Contracts | Interest Expense | $ | 22.3 | ||||||||
Total | $ | 22.3 | |||||||||
Derivatives Not Designated as Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Instruments (in millions) | recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign Exchange Contracts | Other income | $ | (2.0 | ) | |||||||
Interest rate swap contracts | Other income | $ | 4.8 | ||||||||
Total | $ | 2.8 | |||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2012 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | 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 | Cost of sales | (2.7 | ) | |||||||
Total | $ | 5 | $ | (9.9 | ) | ||||||
Derivatives in Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Relationships (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative (Ineffective Portion | Derivative (Ineffective | ||||||||||
and Amount Excluded from | Portion and Amount | ||||||||||
Effectiveness Testing) | Excluded from Effectiveness | ||||||||||
Testing) | |||||||||||
Commodity Contracts | Cost of sales | $ | — | ||||||||
Total | $ | — | |||||||||
Derivatives Not Designated as Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Instruments (in millions) | recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign Exchange Contracts | Other income | $ | 1.2 | ||||||||
Interest Rate Swap Contracts | Other income | 9.3 | |||||||||
Total | $ | 10.5 | |||||||||
Derivatives Designated as Fair | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Market Value Instruments under | Recognized in Income on | Recognized in Income on | |||||||||
ASC 815 (in millions) | Derivative | Derivative | |||||||||
Interest rate swap contracts | Interest expense | $ | (1.7 | ) | |||||||
Total | $ | (1.7 | ) | ||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2013 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows: | |||||||||||
Derivatives in Cash Flow Hedging | Amount of Gain or | Location of Gain or | Amount of Gain or | ||||||||
Relationships (in millions) | (Loss) Recognized in | (Loss) Reclassified | (Loss) Reclassified from | ||||||||
OCI on Derivative | from Accumulated | Accumulated OCI into | |||||||||
(Effective Portion, net of | OCI into Income | Income (Effective | |||||||||
tax) | (Effective Portion) | Portion) | |||||||||
Foreign exchange contracts | $ | (0.3 | ) | Cost of sales | $ | 3 | |||||
Commodity contracts | 0.4 | Cost of sales | (1.6 | ) | |||||||
Total | $ | 0.1 | $ | 1.4 | |||||||
Derivatives Relationships (in millions) | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Recognized in Income on | Recognized in Income on | ||||||||||
Derivative (Ineffective Portion | Derivative (Ineffective Portion | ||||||||||
and Amount Excluded from | and Amount Excluded from | ||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||
Commodity contracts | Cost of sales | $ | — | ||||||||
Total | $ | — | |||||||||
Derivatives Not Designated as | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Hedging Instruments (in millions) | Recognized in Income on | Recognized in Income on | |||||||||
Derivative | Derivative | ||||||||||
Foreign exchange contracts | Other income | $ | 0.2 | ||||||||
Total | $ | 0.2 | |||||||||
Derivatives Designated as Fair | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||
Market Value Instruments under | Recognized in Income on | Recognized in Income on | |||||||||
ASC 815 (in millions) | Derivative | Derivative | |||||||||
Interest rate swap contracts | Interest expense | $ | (13.7 | ) | |||||||
Total | $ | (13.7 | ) | ||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||
As of December 31, 2013, the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: | |||||||||||
Commodity | Units Hedged | Type | |||||||||
Aluminum | 1,622 | MT | Cash Flow | ||||||||
Copper | 382 | MT | Cash Flow | ||||||||
Natural Gas | 214,277 | MMBtu | Cash Flow | ||||||||
Steel | 11,503 | Short Tons | Cash Flow | ||||||||
Currency | Units Hedged | Type | |||||||||
Canadian Dollar | 11,011,092 | Cash Flow | |||||||||
European Euro | 74,934,975 | Cash Flow | |||||||||
South Korean Won | 1,258,808,642 | Cash Flow | |||||||||
Singapore Dollar | 5,280,000 | Cash Flow | |||||||||
United States Dollar | 14,380,959 | Cash Flow | |||||||||
Chinese Renminbi | 245,324,730 | Cash Flow | |||||||||
As of December 31, 2012, the company had the following outstanding interest rate, commodity and currency forward contracts that were entered into as hedge forecasted transactions: | |||||||||||
Commodity | Units Hedged | Type | |||||||||
Aluminum | 1,382 | MT | Cash Flow | ||||||||
Copper | 515 | MT | Cash Flow | ||||||||
Natural Gas | 158,670 | MMBtu | Cash Flow | ||||||||
Steel | 10,041 | Short Tons | Cash Flow | ||||||||
Currency | Units Hedged | Type | |||||||||
Canadian Dollar | 9,351,126 | Cash Flow | |||||||||
European Euro | 66,389,190 | Cash Flow | |||||||||
South Korean Won | 2,595,874,455 | Cash Flow | |||||||||
Singapore Dollar | 4,800,000 | Cash Flow | |||||||||
United States Dollar | 2,398,273 | Cash Flow | |||||||||
Chinese Renminbi | 187,640,472 | Cash Flow | |||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||
As of December 31, 2012, the designated fair market value hedges of receive-fixed/pay-float swaps of the 2022 Notes was $100.0 million. Including the floating rate swaps, the 2022 Notes had an all-in interest rate of 5.35%. | |||||||||||
For derivative instruments that are not designated as hedging instruments under ASC Topic 815-10, the gains or losses on the derivatives are recognized in current earnings within Cost of Sales or Other income, net. | |||||||||||
Currency | Units Hedged | Recognized Location | Purpose | ||||||||
Euro | 24,540,841 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
United States Dollar | 6,432,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
Pounds Sterling | 11,100,000 | Other income, net | Accounts Payable and Receivable Settlement | ||||||||
As of December 31, 2013, the company had the following outstanding currency forward contracts that were not designated as hedging instruments: | |||||||||||
Currency | Units Hedged | Recognized Location | Purpose | ||||||||
Euro | 31,738,273 | Other income, net | Accounts payable and receivable settlement | ||||||||
United States Dollar | 29,091,053 | Other income, net | Accounts payable and receivable settlement | ||||||||
Australian Dollar | 1,000,000 | Other income, net | Accounts payable and receivable settlement | ||||||||
Chinese Renminbi | 125,000,000 | Other income, net | Accounts payable and receivable settlement |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of the components of inventories | ' | ||||||||
The components of inventories at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Inventories — gross: | |||||||||
Raw materials | $ | 259 | $ | 227 | |||||
Work-in-process | 130.2 | 147.6 | |||||||
Finished goods | 436.8 | 428.1 | |||||||
Total inventories — gross | 826 | 802.7 | |||||||
Excess and obsolete inventory reserve | (69.0 | ) | (73.4 | ) | |||||
Net inventories at FIFO cost | 757 | 729.3 | |||||||
Excess of FIFO costs over LIFO value | (36.2 | ) | (36.6 | ) | |||||
Inventories — net | $ | 720.8 | $ | 692.7 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Components of property, plant and equipment | ' | ||||||||
The components of property, plant and equipment at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Land | $ | 40.8 | $ | 42 | |||||
Building and improvements | 361.2 | 349.6 | |||||||
Machinery, equipment and tooling | 509 | 492.9 | |||||||
Furniture and fixtures | 47.8 | 48.1 | |||||||
Computer hardware and software | 125.8 | 113.2 | |||||||
Rental cranes | 89.3 | 86.2 | |||||||
Construction in progress | 102.2 | 66 | |||||||
Total cost | 1,276.10 | 1,198.00 | |||||||
Less accumulated depreciation | (697.3 | ) | (658.7 | ) | |||||
Property, plant and equipment-net | $ | 578.8 | $ | 539.3 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Changes in goodwill by reportable segment | ' | ||||||||||||||||||||||||
The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
(in millions) | Crane | Foodservice | Total | ||||||||||||||||||||||
Gross balance as of January 1, 2012 | $ | 338.8 | $ | 1,384.90 | $ | 1,723.70 | |||||||||||||||||||
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 | $ | 1,384.70 | $ | 1,726.40 | |||||||||||||||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | ||||||||||||||||||||
Net balance as of December 31, 2012 | $ | 341.7 | $ | 869 | $ | 1,210.70 | |||||||||||||||||||
Acquisition of Inducs | — | 5 | 5 | ||||||||||||||||||||||
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 | $ | 1,389.20 | $ | 1,734.30 | |||||||||||||||||||
Accumulated asset impairments | — | (515.7 | ) | (515.7 | ) | ||||||||||||||||||||
Net balance as of December 31, 2013 | $ | 345.1 | $ | 873.5 | $ | 1,218.60 | |||||||||||||||||||
Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill | ' | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the company’s intangible assets other than goodwill are as follows as of December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
(in millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Book | Carrying | Amortization | Book | ||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | ||||||||||||||||||||
Trademarks and tradenames | $ | 311.8 | $ | — | $ | 311.8 | $ | 308.2 | $ | — | $ | 308.2 | |||||||||||||
Customer relationships | 426.1 | (114.4 | ) | 311.7 | 425.7 | (93.1 | ) | 332.6 | |||||||||||||||||
Patents | 34.9 | (28.4 | ) | 6.5 | 33.6 | (26.1 | ) | 7.5 | |||||||||||||||||
Engineering drawings | 11.5 | (9.1 | ) | 2.4 | 11.1 | (8.1 | ) | 3 | |||||||||||||||||
Distribution network | 21 | — | 21 | 20.6 | — | 20.6 | |||||||||||||||||||
Other intangibles | 176.6 | (63.8 | ) | 112.8 | 170.8 | (53.0 | ) | 117.8 | |||||||||||||||||
$ | 981.9 | $ | (215.7 | ) | $ | 766.2 | $ | 970 | $ | (180.3 | ) | $ | 789.7 | ||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of accounts payable and accrued expenses | ' | ||||||||
Accounts payable and accrued expenses at December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Trade accounts payable and interest payable | $ | 510.6 | $ | 507.7 | |||||
Employee related expenses | 99.9 | 95.8 | |||||||
Restructuring expenses | 20.6 | 25.3 | |||||||
Profit sharing and incentives | 44.7 | 42.9 | |||||||
Accrued rebates | 45.2 | 39.7 | |||||||
Deferred revenue - current | 25 | 29.5 | |||||||
Derivative liabilities | 1.5 | 1.9 | |||||||
Income taxes payable | 62.5 | 37.6 | |||||||
Miscellaneous accrued expenses | 125.6 | 131.1 | |||||||
$ | 935.6 | $ | 911.5 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of outstanding debt | ' | ||||||||
Outstanding debt at December 31, 2013 and December 31, 2012 is summarized as follows: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Revolving credit facility | $ | — | $ | 34.4 | |||||
Term loan A | 162.5 | 297.5 | |||||||
Term loan B | — | 81 | |||||||
Senior notes due 2018 | 408.4 | 410.5 | |||||||
Senior notes due 2020 | 614.8 | 621.2 | |||||||
Senior notes due 2022 | 289.1 | 298.9 | |||||||
Other | 52 | 57.5 | |||||||
Total debt | 1,526.80 | 1,801.00 | |||||||
Less current portion and short-term borrowings | (22.7 | ) | (69.0 | ) | |||||
Long-term debt | $ | 1,504.10 | $ | 1,732.00 | |||||
Current covenant levels of the financial covenants under the senior credit facility | ' | ||||||||
The covenant levels of the financial covenants under the New Senior Credit Facility as of December 31, 2013, are as set forth below: | |||||||||
Fiscal Quarter Ending | Consolidated Senior | Consolidated Interest | |||||||
Secured Leverage | Coverage Ratio | ||||||||
Ratio | (greater than) | ||||||||
(less than) | |||||||||
December 31, 2013 | 3.50:1.00 | 2.25:1.00 | |||||||
March 31, 2014 | 3.50:1.00 | 2.25:1.00 | |||||||
June 30, 2014 | 3.50:1.00 | 2.50:1.00 | |||||||
September 30, 2014 | 3.50:1.00 | 2.50:1.00 | |||||||
December 31, 2014 | 3.25:1.00 | 2.50:1.00 | |||||||
March 31, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
June 30, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
September 30, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
December 31, 2015 | 3.25:1.00 | 2.75:1.00 | |||||||
March 31, 2016 and thereafter | 3.00:1.00 | 3.00:1.00 | |||||||
Schedule of percentage of principal amount at which the entity may redeem the notes | ' | ||||||||
The following would be the principal and premium paid by the company, expressed as percentages of the principal amount thereof, if it redeems the 2022 Notes during the 12-month period commencing on October 15 of the year set forth below: | |||||||||
Year | Percentage | ||||||||
2017 | 102.938 | % | |||||||
2018 | 101.958 | % | |||||||
2019 | 100.979 | % | |||||||
2020 and thereafter | 100 | % | |||||||
The following would be the principal and premium paid by the company, expressed as percentages of the principal amount thereof, if it redeems the 2020 Notes during the 12-month period commencing on November 1 of the year set forth below: | |||||||||
Year | Percentage | ||||||||
2015 | 104.25 | % | |||||||
2016 | 102.833 | % | |||||||
2017 | 101.417 | % | |||||||
2018 and thereafter | 100 | % | |||||||
Schedule of aggregate maturities of outstanding debt obligations in subsequent years | ' | ||||||||
The aggregate scheduled maturities of outstanding debt obligations in subsequent years are as follows: | |||||||||
(in millions) | |||||||||
2014 | $ | 22.7 | |||||||
2015 | 32.5 | ||||||||
2016 | 146.1 | ||||||||
2017 | 5.1 | ||||||||
2018 | 412 | ||||||||
Thereafter | 908.4 | ||||||||
Total | $ | 1,526.80 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of earnings from continuing operations | ' | ||||||||||||
Earnings from continuing operations are summarized below: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Earnings (loss) from continuing operations before income taxes: | |||||||||||||
Domestic | $ | 90.1 | $ | 94.1 | $ | (24.8 | ) | ||||||
Foreign | 135.1 | 52.8 | 71.1 | ||||||||||
Total | $ | 225.2 | $ | 146.9 | $ | 46.3 | |||||||
Schedule of the provision for taxes on earnings (loss) from continuing operations | ' | ||||||||||||
Income tax expense (benefit) from continuing operations is summarized as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal and state | $ | 24.1 | $ | 29.2 | $ | (20.9 | ) | ||||||
Foreign | 25.4 | 17.3 | 17.2 | ||||||||||
Total current | $ | 49.5 | $ | 46.5 | $ | (3.7 | ) | ||||||
Deferred: | |||||||||||||
Federal and state | $ | (15.2 | ) | $ | (5.2 | ) | $ | 13.6 | |||||
Foreign | 1.8 | (3.3 | ) | 3.7 | |||||||||
Total deferred | $ | (13.4 | ) | $ | (8.5 | ) | $ | 17.3 | |||||
Provision for taxes on earnings | $ | 36.1 | $ | 38 | $ | 13.6 | |||||||
Reconciliation of the federal statutory income tax rate to the company's effective income tax rate for continuing operations | ' | ||||||||||||
The federal statutory income tax rate is reconciled to the company’s effective income tax rate for continuing operations for the years ended December 31, 2013, 2012 and 2011 as follows, which excludes the impact of discontinued operations which had an effective tax rate of (13.3)% for 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income provision (benefit) | (0.5 | ) | 0.3 | (10.2 | ) | ||||||||
Manufacturing & research incentives | (3.3 | ) | (3.5 | ) | (4.3 | ) | |||||||
Taxes on foreign income which differ from the U.S. statutory rate | (9.3 | ) | (7.7 | ) | (24.1 | ) | |||||||
Adjustments for unrecognized tax benefits | (5.4 | ) | (6.7 | ) | 7.2 | ||||||||
Adjustments for valuation allowances | (1.0 | ) | 9.2 | 20.2 | |||||||||
Other items | 0.5 | (0.7 | ) | 5.6 | |||||||||
Effective tax rate | 16 | % | 25.9 | % | 29.4 | % | |||||||
Schedules of deferred tax assets (liabilities) | ' | ||||||||||||
Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Inventories | $ | 32.3 | $ | 26 | |||||||||
Accounts receivable | (2.1 | ) | (1.2 | ) | |||||||||
Product warranty reserves | 20 | 20.4 | |||||||||||
Product liability reserves | 7.9 | 8.7 | |||||||||||
Deferred revenue, current portion | 0.6 | 2.9 | |||||||||||
Deferred employee benefits | 16.6 | 13.2 | |||||||||||
Other reserves and allowances | 16.1 | 21.2 | |||||||||||
Less valuation allowance | (3.6 | ) | (7.0 | ) | |||||||||
Net deferred tax assets, current | $ | 87.8 | $ | 84.2 | |||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||
Property, plant and equipment | $ | (32.6 | ) | $ | (33.1 | ) | |||||||
Intangible assets | (296.3 | ) | (310.4 | ) | |||||||||
Deferred employee benefits | 67.1 | 71 | |||||||||||
Product warranty reserves | 4.2 | 2.5 | |||||||||||
Tax credits | 2.3 | 1.7 | |||||||||||
Net operating loss carryforwards | 192.7 | 211.3 | |||||||||||
Deferred revenue | 5.9 | 4.8 | |||||||||||
Other | (2.4 | ) | (3.6 | ) | |||||||||
Total non-current deferred tax liabilities | (59.1 | ) | (55.8 | ) | |||||||||
Less valuation allowance | (146.2 | ) | (151.0 | ) | |||||||||
Net deferred tax liabilities, non-current | $ | (205.3 | ) | $ | (206.8 | ) | |||||||
The net deferred tax assets (liabilities) are reflected in the Consolidated Balance Sheets for the years ended December 31, 2013 and December 31, 2012 as follows: | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Current income tax asset | $ | 89.9 | $ | 88.3 | |||||||||
Long-term income tax assets, included in other non-current assets | 9 | 13.8 | |||||||||||
Current deferred income tax liability, included in accounts payable and accrued expenses | (2.1 | ) | (4.1 | ) | |||||||||
Long-term deferred income tax liability | (214.3 | ) | (220.6 | ) | |||||||||
Net deferred income tax liability | $ | (117.5 | ) | $ | (122.6 | ) | |||||||
Schedule of open tax years for which the company could be subject to income tax examination | ' | ||||||||||||
The following table provides the open tax years for which the company could be subject to income tax examination by the tax authorities in its major jurisdictions: | |||||||||||||
Jurisdiction | Open Years | ||||||||||||
U.S. Federal | 2007 — 2013 | ||||||||||||
Wisconsin | 2009 — 2013 | ||||||||||||
China | 2005 — 2013 | ||||||||||||
France | 2009 — 2013 | ||||||||||||
Germany | 2006 — 2013 | ||||||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 47.3 | $ | 56.3 | $ | 45.2 | |||||||
Additions based on tax positions related to the current year | 2 | 1.8 | 1.7 | ||||||||||
Additions for tax positions of prior years | 3.7 | 3.6 | 17.1 | ||||||||||
Reductions for tax positions of prior years | (0.2 | ) | — | (1.7 | ) | ||||||||
Reductions based on settlements with taxing authorities | (11.5 | ) | (13.0 | ) | (5.4 | ) | |||||||
Reductions for lapse of statute | (5.4 | ) | (1.4 | ) | (0.6 | ) | |||||||
Balance at end of year | $ | 35.9 | $ | 47.3 | $ | 56.3 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share | ' | |||||||||
The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Basic weighted average common shares outstanding | 132,894,179 | 131,447,895 | 130,481,436 | |||||||
Effect of dilutive securities - stock awards | 2,436,014 | 1,869,155 | 2,895,673 | |||||||
Diluted weighted average common shares outstanding | 135,330,193 | 133,317,050 | 133,377,109 | |||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2013 is as follows: | |||||||||||||||||
(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 | $ | (62.7 | ) | $ | 54.8 | $ | (6.9 | ) | |||||||
The components of accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||
Foreign currency translation | $ | 54.8 | $ | 50.3 | |||||||||||||
Derivative instrument fair market value, net of income taxes of $0.6 and $0.3 | 1 | 0.6 | |||||||||||||||
Employee pension and postretirement benefit adjustments, net of income taxes of $(26.8) and $(34.4) | (62.7 | ) | (80.3 | ) | |||||||||||||
$ | (6.9 | ) | $ | (29.4 | ) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2013 is as follows: | |||||||||||||||||
(in millions) | Amount Reclassified from Accumulated Other Comprehensive Income | Recognized Location | |||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Foreign exchange contracts | $ | 3 | 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). |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Summary of the company's stock option activity | ' | ||||||||||||||||
A summary of the company’s stock option activity is as follows (in millions, except weighted average exercise price per share): | |||||||||||||||||
Shares | Weighted | Aggregate | |||||||||||||||
Average | Intrinsic | ||||||||||||||||
Exercise Price | Value | ||||||||||||||||
Options outstanding as of January 1, 2012 | 7.5 | $ | 14.44 | ||||||||||||||
Granted | 0.7 | 16.27 | |||||||||||||||
Exercised | (0.7 | ) | 6.53 | ||||||||||||||
Cancelled | (0.1 | ) | 20.53 | ||||||||||||||
Options outstanding as of December 31, 2012 | 7.4 | $ | 15.27 | ||||||||||||||
Granted | 0.4 | 18.14 | |||||||||||||||
Exercised | (0.6 | ) | 8.35 | ||||||||||||||
Cancelled | (0.2 | ) | 16.66 | ||||||||||||||
Options outstanding as of December 31, 2013 | 7 | $ | 16 | $ | 62.5 | ||||||||||||
Options exercisable as of: | |||||||||||||||||
31-Dec-13 | 4.8 | $ | 16.95 | $ | 41.8 | ||||||||||||
Schedule of the options outstanding and exercisable by range of exercise prices | ' | ||||||||||||||||
The following table shows the options outstanding and exercisable by range of exercise prices at December 31, 2013 (in millions, except range of exercise price per share, weighted average remaining contractual life and weighted average exercise price): | |||||||||||||||||
Outstanding | Weighted | Weighted | Exercisable | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Range of Exercise Price per Share | Options | Life (Years) | Exercise Price | Options | Exercise Price | ||||||||||||
$4.41 - $7.49 | 1.5 | 4.8 | $ | 4.41 | 1.1 | $ | 4.41 | ||||||||||
$7.50 - $9.59 | 0.1 | 0.1 | 7.52 | 0.1 | 7.52 | ||||||||||||
$9.60 - $10.20 | 0.4 | 1.3 | 10.14 | 0.4 | 10.14 | ||||||||||||
10.21 - $16.28 | 2 | 5.9 | 12.79 | 1 | 12.06 | ||||||||||||
$16.29 - $26.09 | 1.6 | 6.3 | 19.18 | 0.8 | 19.38 | ||||||||||||
$26.10 - $28.14 | 0.5 | 2.3 | 26.11 | 0.5 | 26.11 | ||||||||||||
$28.15 - $36.03 | 0.5 | 2.9 | 29.5 | 0.5 | 29.5 | ||||||||||||
$36.04 - $47.84 | 0.4 | 3.9 | 38.91 | 0.4 | 38.91 | ||||||||||||
7 | 4.9 | $ | 16 | 4.8 | $ | 16.95 | |||||||||||
Schedule of the assumptions used to estimate the fair value of each option grant | ' | ||||||||||||||||
The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing method with the following assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Life (years) | 6 | 6 | 6 | ||||||||||||||
Risk-free Interest rate | 1.1 | % | 1.1 | % | 2.8 | % | |||||||||||
Expected volatility | 56 | % | 55 | % | 52 | % | |||||||||||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.7 | % | |||||||||||
Restricted Stock | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Schedule of nonvested share activity | ' | ||||||||||||||||
A summary of activity for restricted share awards for the year ended December 31, 2013 is as follows (in millions except weighted average grant date fair value): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested as of January 1, 2013 | 0.9 | $ | 14.86 | ||||||||||||||
Granted | 0.1 | 18.14 | |||||||||||||||
Vested | (0.5 | ) | 11.48 | ||||||||||||||
Cancelled | — | — | |||||||||||||||
Unvested as of December 31, 2013 | 0.5 | $ | 18.25 | ||||||||||||||
Performance shares | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Schedule of nonvested share activity | ' | ||||||||||||||||
A summary of activity for performance share activity for the year ended December 31, 2013 is as follows (in millions except weighted average grant date fair value): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested as of January 1, 2013 | 0.7 | $ | 18.41 | ||||||||||||||
Granted | 0.5 | 20.47 | |||||||||||||||
Vested* | (0.4 | ) | 19 | ||||||||||||||
Cancelled | (0.1 | ) | 19.44 | ||||||||||||||
Unvested as of December 31, 2013 | 0.7 | $ | 19.28 | ||||||||||||||
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Schedule of the changes in warranty liability | ' | ||||||||
Below is a table summarizing the warranty activity for the years ended December 31, 2013 and 2012: | |||||||||
(in millions) | 2013 | 2012 | |||||||
Balance at beginning of period | $ | 101.2 | $ | 103.6 | |||||
Accruals for warranties issued during the period | 58.6 | 56.9 | |||||||
Acquisition | 0.2 | — | |||||||
Settlements made (in cash or in kind) during the period | (61.7 | ) | (59.8 | ) | |||||
Currency translation | 0.7 | 0.5 | |||||||
Balance at end of period | $ | 99 | $ | 101.2 | |||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Crane | ' | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||
Rollforward of all restructuring activities | ' | ||||||||||||||||||
The following is a rollforward of all restructuring activities relating to the Crane segment for the twelve-month period ended December 31, 2013 (in millions): | |||||||||||||||||||
Restructuring | Restructuring | Use of Reserve | Reserve | Restructuring | |||||||||||||||
Reserve Balance as | Charges | Revisions | Reserve Balance as | ||||||||||||||||
of | of | ||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||
$ | 8.4 | $ | 1.9 | $ | (6.0 | ) | $ | — | $ | 4.3 | |||||||||
Foodservice | ' | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||
Rollforward of all restructuring activities | ' | ||||||||||||||||||
The following is a rollforward of all restructuring activities relating to the Foodservice segment for the twelve-month period ended December 31, 2013 (in millions): | |||||||||||||||||||
Restructuring | Restructuring | Use of Reserve | Reserve | Restructuring | |||||||||||||||
Reserve Balance as | Charges | Revisions | Reserve Balance as | ||||||||||||||||
of | of | ||||||||||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||||||||||
$ | 16.9 | $ | 2.9 | $ | (2.8 | ) | $ | (0.7 | ) | $ | 16.3 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||||||||||||||||||||||
Schedule of components of period benefit costs | ' | ||||||||||||||||||||||||||||||||||||
The components of period benefit costs for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||
US Pension Plans | Non-US Pension Plans | Postretirement Health | |||||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost - benefits earned during the year | $ | — | $ | — | $ | — | $ | 2.4 | $ | 2.2 | $ | 1.8 | $ | 0.6 | $ | 0.8 | $ | 0.8 | |||||||||||||||||||
Interest cost of projected benefit obligation | 9.6 | 10.2 | 10.4 | 9.8 | 10.2 | 11 | 2 | 2.8 | 3.4 | ||||||||||||||||||||||||||||
Expected return on assets | (10.2 | ) | (10.2 | ) | (9.5 | ) | (7.4 | ) | (8.2 | ) | (9.3 | ) | — | — | — | ||||||||||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | (0.1 | ) | — | — | |||||||||||||||||||||||||||
Amortization of actuarial net loss | 3.5 | 2.9 | 1.6 | 1.9 | 0.8 | 0.4 | — | 0.4 | 0.3 | ||||||||||||||||||||||||||||
Curtailment gain recognized | — | — | — | — | — | — | (0.8 | ) | — | — | |||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | — | (1.6 | ) | — | — | — | — | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.9 | $ | 2.9 | $ | 2.5 | $ | 6.8 | $ | 3.5 | $ | 4 | $ | 1.7 | $ | 4 | $ | 4.5 | |||||||||||||||||||
Weighted average assumptions: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.6 | % | 5.4 | % | 4 | % | 4.7 | % | 5.3 | % | 3.5 | % | 4.6 | % | 5.4 | % | |||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6 | % | 6 | % | 3.9 | % | 4.5 | % | 5.4 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 3.8 | % | 3.7 | % | 4.2 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||
Reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status | ' | ||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
US Pension Plans | Non-US Pension Plans | Postretirement | |||||||||||||||||||||||||||||||||||
Health | |||||||||||||||||||||||||||||||||||||
and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 241.4 | $ | 226.1 | $ | 255 | $ | 221 | $ | 57.5 | $ | 63.9 | |||||||||||||||||||||||||
Service cost | — | — | 2.4 | 2.2 | 0.6 | 0.8 | |||||||||||||||||||||||||||||||
Interest cost | 9.6 | 10.2 | 9.8 | 10.2 | 2 | 2.8 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | |||||||||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | |||||||||||||||||||||||||||||||
Plan curtailments | — | — | — | — | (0.7 | ) | (0.4 | ) | |||||||||||||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | |||||||||||||||||||||||||||||
Plan amendments | — | — | — | — | (0.4 | ) | (0.2 | ) | |||||||||||||||||||||||||||||
Net transfer out | — | — | (0.3 | ) | (0.6 | ) | — | — | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (19.4 | ) | 14.8 | 3.9 | 27.4 | (7.2 | ) | (6.9 | ) | ||||||||||||||||||||||||||||
Currency translation adjustment | — | — | 4.6 | 6.8 | (0.2 | ) | 0.1 | ||||||||||||||||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | |||||||||||||||||||||||||
Benefit obligation, end of year | $ | 213.7 | $ | 241.4 | $ | 263.2 | $ | 255 | $ | 48.5 | $ | 57.5 | |||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 180.6 | $ | 174.5 | $ | 199.5 | $ | 182 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | (1.3 | ) | 14.6 | 16.5 | 19.1 | — | — | ||||||||||||||||||||||||||||||
Employer contributions | 1.2 | 1.2 | 4.2 | 5.2 | 3.1 | 2.6 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.1 | 0.1 | 2.6 | 2.7 | |||||||||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 0.4 | 0.6 | |||||||||||||||||||||||||||||||
Plan settlements | — | — | (0.1 | ) | (0.7 | ) | — | — | |||||||||||||||||||||||||||||
Currency translation adjustment | — | — | 3.5 | 5.8 | — | — | |||||||||||||||||||||||||||||||
Net transfer out | — | — | (0.4 | ) | (0.6 | ) | — | — | |||||||||||||||||||||||||||||
Benefits paid | (17.9 | ) | (9.7 | ) | (12.2 | ) | (11.4 | ) | (6.1 | ) | (5.9 | ) | |||||||||||||||||||||||||
Fair value of plan assets, end of year | 162.6 | 180.6 | 211.1 | 199.5 | — | — | |||||||||||||||||||||||||||||||
Funded status | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | |||||||||||||||||||
Amounts recognized in the Consolidated Balance sheet at December 31 | |||||||||||||||||||||||||||||||||||||
Pension asset | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||||||||
Pension obligation | (51.1 | ) | (60.8 | ) | (52.4 | ) | (55.8 | ) | — | — | |||||||||||||||||||||||||||
Postretirement health and other benefit obligations | — | — | — | — | (48.5 | ) | (57.5 | ) | |||||||||||||||||||||||||||||
Net amount recognized | $ | (51.1 | ) | $ | (60.8 | ) | $ | (52.1 | ) | $ | (55.5 | ) | $ | (48.5 | ) | $ | (57.5 | ) | |||||||||||||||||||
Weighted-Average Assumptions | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.3 | % | 4 | % | 4.5 | % | 3.5 | % | |||||||||||||||||||||||||
Expected return on plan assets | 5.8 | % | 6 | % | 3.9 | % | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | ||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income as of December 31, 2013 and 2012, consist of the following: | |||||||||||||||||||||||||||||||||||||
Pensions | Postretirement | ||||||||||||||||||||||||||||||||||||
Health and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (93.4 | ) | $ | (111.3 | ) | $ | 4.6 | $ | (2.6 | ) | ||||||||||||||||||||||||||
Prior service credit | (1.0 | ) | (1.0 | ) | 0.3 | 0.2 | |||||||||||||||||||||||||||||||
Total amount recognized | $ | (94.4 | ) | $ | (112.3 | ) | $ | 4.9 | $ | (2.4 | ) | ||||||||||||||||||||||||||
Summary of the sensitivity of retirement obligations and retirement benefit costs of plans to changes in the key assumptions | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the sensitivity of our December 31, 2013 retirement obligations and 2013 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): | |||||||||||||||||||||||||||||||||||||
Change in assumption: | Estimated increase | Estimated increase | Estimated increase | Estimated increase | |||||||||||||||||||||||||||||||||
(decrease) in 2014 pension | (decrease) in Projected | (decrease) in 2014 Other | (decrease) in Other | ||||||||||||||||||||||||||||||||||
cost | Benefit Obligation for the | Postretirement Benefit | Postretirement Benefit | ||||||||||||||||||||||||||||||||||
year ended December 31, | costs | Obligation for the year | |||||||||||||||||||||||||||||||||||
2013 | ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
0.50% increase in discount rate | $ | (1.6 | ) | $ | (29.2 | ) | $ | (0.1 | ) | $ | (2.0 | ) | |||||||||||||||||||||||||
0.50% decrease in discount rate | 1.8 | 30.9 | (0.1 | ) | 2.2 | ||||||||||||||||||||||||||||||||
0.50% increase in long-term return on assets | (1.8 | ) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
0.50% decrease in long-term return on assets | 1.8 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||
1% increase in medical trend rates | N/A | N/A | 0.3 | 4 | |||||||||||||||||||||||||||||||||
1% decrease in medical trend rates | N/A | N/A | (0.7 | ) | (3.5 | ) | |||||||||||||||||||||||||||||||
Schedule of the actual allocations for the pension assets and target allocations by asset class | ' | ||||||||||||||||||||||||||||||||||||
The actual allocations for the pension assets at December 31, 2013, and target allocations by asset class, are as follows: | |||||||||||||||||||||||||||||||||||||
Target Allocations | Weighted Average Asset Allocations | ||||||||||||||||||||||||||||||||||||
U.S. Plans | International Plans | U.S. Plans | International Plans | ||||||||||||||||||||||||||||||||||
Equity Securities | 25 | % | 0 - 20% | 26.1 | % | 20.2 | % | ||||||||||||||||||||||||||||||
Debt Securities | 75 | % | 0 - 100% | 73.4 | % | 23.8 | % | ||||||||||||||||||||||||||||||
Other | — | % | 0 - 100% | 0.5 | % | 56 | % | ||||||||||||||||||||||||||||||
Schedule of plan assets using the fair value hierarchy | ' | ||||||||||||||||||||||||||||||||||||
The following table presents our plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs. | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Assets (in millions) | Quoted Prices in Active | Significant Other | Unobservable Inputs | Total | |||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Cash | $ | 1.7 | $ | — | $ | — | $ | 1.7 | |||||||||||||||||||||||||||||
Insurance group annuity contracts | — | — | 118.3 | 118.3 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government debt | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Assets (in millions) | Quoted Prices in Active | Significant Other | Unobservable Inputs | Total | |||||||||||||||||||||||||||||||||
Markets for Identical | Observable Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Cash | $ | 2.1 | $ | — | $ | — | $ | 2.1 | |||||||||||||||||||||||||||||
Insurance group annuity contracts | — | — | 111.1 | 111.1 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government debt | — | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Corporate and other non-government debt | — | 49.8 | — | 49.8 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Government, corporate and other non-government debt | — | 95.5 | — | 95.5 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Corporate equity | — | 71.4 | — | 71.4 | |||||||||||||||||||||||||||||||||
Common/collective trust funds — Customized strategy | — | 41.3 | — | 41.3 | |||||||||||||||||||||||||||||||||
Total | $ | 2.1 | $ | 266.9 | $ | 111.1 | $ | 380.1 | |||||||||||||||||||||||||||||
Reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows: | |||||||||||||||||||||||||||||||||||||
Insurance Contracts | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 111.1 | $ | 102.4 | |||||||||||||||||||||||||||||||||
Actual return on assets | 12.1 | 12.2 | |||||||||||||||||||||||||||||||||||
Benefit payments | (6.8 | ) | (6.7 | ) | |||||||||||||||||||||||||||||||||
Foreign currency impact | 1.9 | 3.2 | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | 118.3 | $ | 111.1 | |||||||||||||||||||||||||||||||||
Schedule of projected benefit payments from the plans | ' | ||||||||||||||||||||||||||||||||||||
Projected benefit payments from the plans as of December 31, 2013 are estimated as follows: | |||||||||||||||||||||||||||||||||||||
(in millions) | U.S Pension Plans | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||||||||||||||
Plans | Health and Other | ||||||||||||||||||||||||||||||||||||
2014 | $ | 11.7 | $ | 11.7 | $ | 3.8 | |||||||||||||||||||||||||||||||
2015 | 12.2 | 12.5 | 3.8 | ||||||||||||||||||||||||||||||||||
2016 | 12.7 | 13.3 | 4 | ||||||||||||||||||||||||||||||||||
2017 | 13.1 | 14.4 | 4.2 | ||||||||||||||||||||||||||||||||||
2018 | 13.6 | 15.2 | 4.4 | ||||||||||||||||||||||||||||||||||
2019 — 2023 | 71.8 | 86.4 | 20.4 | ||||||||||||||||||||||||||||||||||
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets | ' | ||||||||||||||||||||||||||||||||||||
The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||
U.S Pension Plans | Non U.S. Pension Plans | ||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 213.7 | $ | 241.4 | $ | 259.4 | $ | 251.5 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 213.7 | 241.4 | 254.2 | 246.7 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 162.6 | 180.6 | 206.9 | 195.7 | |||||||||||||||||||||||||||||||||
Expiration dates of the collective bargaining agreements and contributions to the plans | ' | ||||||||||||||||||||||||||||||||||||
The contributions by the company to the multiemployer plan for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||
(in millions) | Contributions by Manitowoc | ||||||||||||||||||||||||||||||||||||
Pension Fund | EIN / Pension Plan | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Number | |||||||||||||||||||||||||||||||||||||
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 | $ | 0.3 | $ | 0.9 | $ | 0.8 | ||||||||||||||||||||||||||||||
Total Contributions | $ | 0.3 | $ | 0.9 | $ | 0.8 | |||||||||||||||||||||||||||||||
U.S. Pension Plans | ' | ||||||||||||||||||||||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||||||||||||||||||||||
Schedule of the weighted-average asset allocations of the pension plans | ' | ||||||||||||||||||||||||||||||||||||
The weighted-average asset allocations of the U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Equity | 26.1 | % | 19.7 | % | |||||||||||||||||||||||||||||||||
Fixed income | 73.4 | % | 79.8 | % | |||||||||||||||||||||||||||||||||
Other | 0.5 | % | 0.5 | % | |||||||||||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
Non-U.S. Pension Plans | ' | ||||||||||||||||||||||||||||||||||||
Employee benefit plans | ' | ||||||||||||||||||||||||||||||||||||
Schedule of the weighted-average asset allocations of the pension plans | ' | ||||||||||||||||||||||||||||||||||||
The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Equity | 20.2 | % | 17.9 | % | |||||||||||||||||||||||||||||||||
Fixed income | 23.8 | % | 25.8 | % | |||||||||||||||||||||||||||||||||
Other | 56 | % | 56.3 | % | |||||||||||||||||||||||||||||||||
100 | % | 100 | % |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Future minimum rental obligations under non-cancelable operating leases | ' | |||
Future minimum rental obligations under non-cancelable operating leases, as of December 31, 2013, are payable as follows: | ||||
(in millions) | ||||
2014 | $ | 45.6 | ||
2015 | 35.7 | |||
2016 | 27.5 | |||
2017 | 20.3 | |||
2018 | 16.3 | |||
Thereafter | 26.1 | |||
Total | $ | 171.5 | ||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of financial information relating to the company's reportable segments | ' | ||||||||||||||||||||
Financial information relating to the company’s reportable segments for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net sales from continuing operations: | |||||||||||||||||||||
Crane | $ | 2,506.30 | $ | 2,427.10 | $ | 2,134.70 | |||||||||||||||
Foodservice | 1,541.80 | 1,486.20 | 1,454.60 | ||||||||||||||||||
Total | $ | 4,048.10 | $ | 3,913.30 | $ | 3,589.30 | |||||||||||||||
Operating earnings (loss) from continuing operations: | |||||||||||||||||||||
Crane | $ | 218.8 | $ | 170.5 | $ | 118.8 | |||||||||||||||
Foodservice | 250.3 | 238.6 | 214.4 | ||||||||||||||||||
Corporate | (64.9 | ) | (63.7 | ) | (61.3 | ) | |||||||||||||||
Amortization expense | (35.3 | ) | (36.5 | ) | (37.4 | ) | |||||||||||||||
Restructuring expense | (4.8 | ) | (9.5 | ) | (5.5 | ) | |||||||||||||||
Other income (expense) | 0.3 | (2.5 | ) | 0.5 | |||||||||||||||||
Operating earnings from continuing operations | $ | 364.4 | $ | 296.9 | $ | 229.5 | |||||||||||||||
Other income (expenses): | |||||||||||||||||||||
Interest expense | $ | (128.4 | ) | $ | (135.6 | ) | $ | (145.4 | ) | ||||||||||||
Amortization of deferred financing fees | (7.0 | ) | (8.2 | ) | (10.4 | ) | |||||||||||||||
Loss on debt extinguishment | (3.0 | ) | (6.3 | ) | (29.7 | ) | |||||||||||||||
Other income (expense)-net | (0.8 | ) | 0.1 | 2.3 | |||||||||||||||||
Earnings from continuing operations before taxes on earnings | $ | 225.2 | $ | 146.9 | $ | 46.3 | |||||||||||||||
Capital expenditures: | |||||||||||||||||||||
Crane | $ | 69.3 | $ | 52.7 | $ | 52 | |||||||||||||||
Foodservice | 33.6 | 17.4 | 11.9 | ||||||||||||||||||
Corporate | 7.8 | 2.8 | 0.7 | ||||||||||||||||||
Total | $ | 110.7 | $ | 72.9 | $ | 64.6 | |||||||||||||||
Total depreciation: | |||||||||||||||||||||
Crane | $ | 46.9 | $ | 43.5 | $ | 52.9 | |||||||||||||||
Foodservice | 20.1 | 22.3 | 24.5 | ||||||||||||||||||
Corporate | 1.5 | 2.3 | 2.8 | ||||||||||||||||||
Total | $ | 68.5 | $ | 68.1 | $ | 80.2 | |||||||||||||||
Total assets: | |||||||||||||||||||||
Crane | $ | 1,900.40 | $ | 1,903.30 | $ | 1,760.80 | |||||||||||||||
Foodservice | 1,904.30 | 1,956.80 | 2,192.60 | ||||||||||||||||||
Corporate | 171.9 | 197.2 | 69.2 | ||||||||||||||||||
Total | $ | 3,976.60 | $ | 4,057.30 | $ | 4,022.60 | |||||||||||||||
Schedule of net sales from continuing operations and long-lived asset information by geographic area | ' | ||||||||||||||||||||
Net sales from continuing operations and long-lived asset information by geographic area as of and for the years ended December 31 are as follows: | |||||||||||||||||||||
Net Sales | Long-Lived Assets | ||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||
United States | $ | 1,978.00 | $ | 1,833.00 | $ | 1,588.80 | $ | 1,888.40 | $ | 1,905.40 | |||||||||||
Other North America | 292.1 | 278.2 | 208.8 | 13.6 | 5.3 | ||||||||||||||||
Europe | 937.6 | 788 | 813.4 | 530 | 510.6 | ||||||||||||||||
Asia | 364.5 | 354 | 352.2 | 203 | 189.5 | ||||||||||||||||
Middle East | 174.2 | 161.6 | 189.4 | 1.6 | 1.6 | ||||||||||||||||
Central and South America | 166.9 | 243 | 237.8 | 36 | 33.3 | ||||||||||||||||
Africa | 30 | 110.8 | 65.4 | — | — | ||||||||||||||||
South Pacific and Caribbean | 12.6 | 10.6 | 12 | 4.1 | 4.6 | ||||||||||||||||
Australia | 92.2 | 134.1 | 121.5 | 4.7 | 4.4 | ||||||||||||||||
Total | $ | 4,048.10 | $ | 3,913.30 | $ | 3,589.30 | $ | 2,681.40 | $ | 2,654.70 | |||||||||||
Subsidiary_Guarantors_of_Senio1
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,631.30 | $ | 2,097.10 | $ | (680.3 | ) | $ | 4,048.10 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 2,038.10 | 1,668.50 | (680.3 | ) | 3,026.30 | ||||||||||||||
Engineering, selling and administrative expenses | 61.4 | 259.5 | 296.7 | — | 617.6 | |||||||||||||||
Amortization expense | — | 29.6 | 5.7 | — | 35.3 | |||||||||||||||
Restructuring expense | — | 0.7 | 4.1 | — | 4.8 | |||||||||||||||
Other (income) expense | — | 0.5 | (0.8 | ) | — | (0.3 | ) | |||||||||||||
Equity in (earnings) loss of subsidiaries | (199.6 | ) | (32.5 | ) | — | 232.1 | — | |||||||||||||
Total costs and expenses | (138.2 | ) | 2,295.90 | 1,974.20 | (448.2 | ) | 3,683.70 | |||||||||||||
Operating earnings (loss) from continuing operations | 138.2 | 335.4 | 122.9 | (232.1 | ) | 364.4 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (118.8 | ) | (1.0 | ) | (8.6 | ) | — | (128.4 | ) | |||||||||||
Amortization of deferred financing fees | (7.0 | ) | — | — | — | (7.0 | ) | |||||||||||||
Loss on debt extinguishment | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Management fee income (expense) | 59.6 | (77.1 | ) | 17.5 | — | — | ||||||||||||||
Other income (expense)-net | (3.6 | ) | (32.6 | ) | 35.4 | — | (0.8 | ) | ||||||||||||
Total other income (expense) | (72.8 | ) | (110.7 | ) | 44.3 | — | (139.2 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 65.4 | 224.7 | 167.2 | (232.1 | ) | 225.2 | ||||||||||||||
Provision (benefit) for taxes on earnings | (76.4 | ) | 69.3 | 43.2 | — | 36.1 | ||||||||||||||
Earnings (loss) from continuing operations | 141.8 | 155.4 | 124 | (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 | $ | (232.1 | ) | $ | 141.8 | |||||||||
Comprehensive income (loss) attributable to Manitowoc | $ | 164.3 | $ | 154.1 | $ | 62.9 | $ | (217.0 | ) | $ | 164.3 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,616.40 | $ | 1,959.00 | $ | (662.1 | ) | $ | 3,913.30 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 2,022.30 | 1,610.10 | (662.1 | ) | 2,970.30 | ||||||||||||||
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 | ) | 2,267.00 | 1,914.30 | (458.9 | ) | 3,616.40 | |||||||||||||
Operating earnings (loss) from continuing operations | 106 | 349.4 | 44.7 | (203.2 | ) | 296.9 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (122.9 | ) | (2.1 | ) | (10.6 | ) | — | (135.6 | ) | |||||||||||
Amortization of deferred financing fees | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Loss on debt extinguishment | (6.3 | ) | — | — | — | (6.3 | ) | |||||||||||||
Management fee income (expense) | 60.1 | (77.8 | ) | 17.7 | — | — | ||||||||||||||
Other income (expense)-net | 16.5 | (45.9 | ) | 29.5 | — | 0.1 | ||||||||||||||
Total other income (expense) | (60.8 | ) | (125.8 | ) | 36.6 | — | (150.0 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | 45.2 | 223.6 | 81.3 | (203.2 | ) | 146.9 | ||||||||||||||
Provision (benefit) for taxes on earnings | (56.5 | ) | 69.2 | 25.3 | — | 38 | ||||||||||||||
Earnings (loss) from continuing operations | 101.7 | 154.4 | 56 | (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 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 2,166.00 | $ | 1,908.90 | $ | (485.6 | ) | $ | 3,589.30 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 1,681.50 | 1,560.50 | (485.6 | ) | 2,756.40 | ||||||||||||||
Engineering, selling and administrative expenses | 58.9 | 231.1 | 271 | — | 561 | |||||||||||||||
Amortization expense | — | 29.9 | 7.5 | — | 37.4 | |||||||||||||||
Restructuring expense | — | 0.5 | 5 | — | 5.5 | |||||||||||||||
Other expense (income) | — | 0.7 | (1.2 | ) | — | (0.5 | ) | |||||||||||||
Equity in (earnings) loss of subsidiaries | (70.4 | ) | (32.4 | ) | — | 102.8 | — | |||||||||||||
Total costs and expenses | (11.5 | ) | 1,911.30 | 1,842.80 | (382.8 | ) | 3,359.80 | |||||||||||||
Operating earnings (loss) from continuing operations | 11.5 | 254.7 | 66.1 | (102.8 | ) | 229.5 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | (132.9 | ) | (1.5 | ) | (11.0 | ) | — | (145.4 | ) | |||||||||||
Amortization of deferred financing fees | (10.4 | ) | — | — | — | (10.4 | ) | |||||||||||||
Loss on debt extinguishment | (29.7 | ) | — | — | — | (29.7 | ) | |||||||||||||
Management fee income (expense) | 55 | (68.0 | ) | 13 | — | — | ||||||||||||||
Other income (expense)-net | 40.6 | (69.7 | ) | 31.4 | — | 2.3 | ||||||||||||||
Total other income (expense) | (77.4 | ) | (139.2 | ) | 33.4 | — | (183.2 | ) | ||||||||||||
Earnings (loss) from continuing operations before taxes on earnings | (65.9 | ) | 115.5 | 99.5 | (102.8 | ) | 46.3 | |||||||||||||
Provision (benefit) for taxes on earnings | (54.7 | ) | 32.5 | 35.8 | — | 13.6 | ||||||||||||||
Earnings (loss) from continuing operations | (11.2 | ) | 83 | 63.7 | (102.8 | ) | 32.7 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (1.5 | ) | (14.3 | ) | — | (15.8 | ) | ||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | (34.6 | ) | — | — | (34.6 | ) | |||||||||||||
Net earnings (loss) | (11.2 | ) | 46.9 | 49.4 | (102.8 | ) | (17.7 | ) | ||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (6.5 | ) | — | (6.5 | ) | |||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | (11.2 | ) | $ | 46.9 | $ | 55.9 | $ | (102.8 | ) | $ | (11.2 | ) | |||||||
Comprehensive income (loss) attributable to Manitowoc | $ | (36.1 | ) | $ | 47.1 | $ | 51.1 | $ | (98.2 | ) | $ | (36.1 | ) | |||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
as of December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | ||||||||||
Restricted cash | 2.8 | — | 10 | — | 12.8 | |||||||||||||||
Accounts receivable — net | 0.2 | 16.5 | 238.8 | — | 255.5 | |||||||||||||||
Intercompany short term note receivable | — | — | 112.1 | (112.1 | ) | — | ||||||||||||||
Intercompany interest receivable | 18.4 | 3.2 | — | (21.6 | ) | — | ||||||||||||||
Inventories — net | — | 333.4 | 387.4 | — | 720.8 | |||||||||||||||
Deferred income taxes | 73.2 | — | 16.7 | — | 89.9 | |||||||||||||||
Other current assets | 3.4 | 5.9 | 104.6 | — | 113.9 | |||||||||||||||
Current assets of discontinued operation | — | — | 15.1 | — | 15.1 | |||||||||||||||
Total current assets | 99.2 | 362.3 | 935.1 | (133.7 | ) | 1,262.90 | ||||||||||||||
Property, plant and equipment — net | 6.3 | 291.9 | 280.6 | — | 578.8 | |||||||||||||||
Goodwill | — | 960.5 | 258.1 | — | 1,218.60 | |||||||||||||||
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 | — | 1,565.20 | 1,848.80 | (3,414.0 | ) | — | ||||||||||||||
Other non-current assets | 42.9 | 3.4 | 80.5 | — | 126.8 | |||||||||||||||
Long-term assets of discontinued operation | — | — | 23.3 | — | 23.3 | |||||||||||||||
Investment in affiliates | 5,356.20 | 3,505.60 | — | (8,861.8 | ) | — | ||||||||||||||
Total assets | $ | 6,469.00 | $ | 7,438.70 | $ | 4,505.00 | $ | (14,436.1 | ) | $ | 3,976.60 | |||||||||
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 | — | 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 | — | 34.9 | |||||||||||||||
Product liabilities | — | 21.2 | 3.8 | — | 25 | |||||||||||||||
Current liabilities of discontinued operation | — | — | 26.1 | — | 26.1 | |||||||||||||||
Total current liabilities | 223.4 | 486.3 | 549.4 | (133.7 | ) | 1,125.40 | ||||||||||||||
Non-Current Liabilities: | ||||||||||||||||||||
Long-term debt, less current portion | 1,474.70 | 2.2 | 27.2 | — | 1,504.10 | |||||||||||||||
Deferred income taxes | 165.2 | — | 49.1 | — | 214.3 | |||||||||||||||
Pension obligations | 91 | 6.4 | 4.1 | — | 101.5 | |||||||||||||||
Postretirement health and other benefit obligations | 40.6 | 2.1 | 2 | — | 44.7 | |||||||||||||||
Long-term deferred revenue | — | 9.2 | 28.4 | — | 37.6 | |||||||||||||||
Intercompany long-term note payable | 183.3 | 832.2 | 1,011.10 | (2,026.6 | ) | — | ||||||||||||||
Intercompany accounts payable | 3,414.00 | — | — | (3,414.0 | ) | — | ||||||||||||||
Other non-current liabilities | 101.3 | 15.6 | 47.6 | — | 164.5 | |||||||||||||||
Long-term liabilities of discontinued operation | — | — | 2.2 | — | 2.2 | |||||||||||||||
Total non-current liabilities | 5,470.10 | 867.7 | 1,171.70 | (5,440.6 | ) | 2,068.90 | ||||||||||||||
Equity | ||||||||||||||||||||
Manitowoc stockholders' equity | 775.5 | 6,084.70 | 2,777.10 | (8,861.8 | ) | 775.5 | ||||||||||||||
Noncontrolling interest | — | — | 6.8 | — | 6.8 | |||||||||||||||
Total equity | 775.5 | 6,084.70 | 2,783.90 | (8,861.8 | ) | 782.3 | ||||||||||||||
Total liabilities and equity | $ | 6,469.00 | $ | 7,438.70 | $ | 4,505.00 | $ | (14,436.1 | ) | $ | 3,976.60 | |||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
as of December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 12 | $ | 4 | $ | 57.2 | $ | — | $ | 73.2 | ||||||||||
Restricted cash | 5.3 | — | 5.3 | — | 10.6 | |||||||||||||||
Accounts receivable — net | 0.4 | 29 | 301.3 | — | 330.7 | |||||||||||||||
Intercompany interest receivable | 4.1 | 3.2 | — | (7.3 | ) | — | ||||||||||||||
Inventories — net | — | 338.3 | 354.4 | — | 692.7 | |||||||||||||||
Deferred income taxes | 70.9 | — | 17.4 | — | 88.3 | |||||||||||||||
Other current assets | 6.5 | 3.5 | 104.3 | (10.0 | ) | 104.3 | ||||||||||||||
Current assets of discontinued operations | — | — | 28.2 | — | 28.2 | |||||||||||||||
Total current assets | 99.2 | 378 | 868.1 | (17.3 | ) | 1,328.00 | ||||||||||||||
Property, plant and equipment — net | 6.8 | 271.3 | 261.2 | — | 539.3 | |||||||||||||||
Goodwill | — | 969.1 | 241.6 | — | 1,210.70 | |||||||||||||||
Other intangible assets — net | — | 620.9 | 168.8 | — | 789.7 | |||||||||||||||
Intercompany long-term notes receivable | 928.6 | 158.6 | 897.5 | (1,984.7 | ) | — | ||||||||||||||
Intercompany accounts receivable | — | 924.1 | 1,260.30 | (2,184.4 | ) | — | ||||||||||||||
Other non-current assets | 49.3 | 4.5 | 75 | — | 128.8 | |||||||||||||||
Long-term assets of discontinued operations | — | — | 60.8 | — | 60.8 | |||||||||||||||
Investment in affiliates | 4,985.40 | 3,443.60 | — | (8,429.0 | ) | — | ||||||||||||||
Total assets | $ | 6,069.30 | $ | 6,770.10 | $ | 3,833.30 | $ | (12,615.4 | ) | $ | 4,057.30 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable and accrued expenses | $ | 93.6 | $ | 410.6 | $ | 407.3 | $ | — | $ | 911.5 | ||||||||||
Short-term borrowings and current portion of long-term debt | 45.2 | 0.7 | 33.1 | (10.0 | ) | 69 | ||||||||||||||
Intercompany interest payable | 3.2 | — | 4.1 | (7.3 | ) | — | ||||||||||||||
Product warranties | — | 44.5 | 37.5 | — | 82 | |||||||||||||||
Customer advances | — | 7.8 | 16.3 | — | 24.1 | |||||||||||||||
Product liabilities | — | 23.5 | 4.4 | — | 27.9 | |||||||||||||||
Current liabilities of discontinued operations | — | — | 31.4 | — | 31.4 | |||||||||||||||
Total current liabilities | 142 | 487.1 | 534.1 | (17.3 | ) | 1,145.90 | ||||||||||||||
Non-Current Liabilities: | ||||||||||||||||||||
Long-term debt, less current portion | 1,708.30 | 3 | 20.7 | — | 1,732.00 | |||||||||||||||
Deferred income taxes | 176 | — | 44.6 | — | 220.6 | |||||||||||||||
Pension obligations | 80 | 12.2 | 22.1 | — | 114.3 | |||||||||||||||
Postretirement health and other benefit obligations | 49.8 | — | 3.6 | — | 53.4 | |||||||||||||||
Long-term deferred revenue | — | 6 | 31.7 | — | 37.7 | |||||||||||||||
Intercompany long-term note payable | 183.3 | 827.5 | 973.9 | (1,984.7 | ) | — | ||||||||||||||
Intercompany accounts payable | 3,024.90 | — | 57.9 | (3,082.8 | ) | — | ||||||||||||||
Other non-current liabilities | 104.7 | 15.6 | 40.8 | — | 161.1 | |||||||||||||||
Long-term liabilities of discontinued operations | — | — | 11 | — | 11 | |||||||||||||||
Total non-current liabilities | 5,327.00 | 864.3 | 1,206.30 | (5,067.5 | ) | 2,330.10 | ||||||||||||||
Equity | ||||||||||||||||||||
Manitowoc stockholders' equity | 600.3 | 5,418.70 | 2,111.90 | (7,530.6 | ) | 600.3 | ||||||||||||||
Noncontrolling interest | — | — | (19.0 | ) | — | (19.0 | ) | |||||||||||||
Total equity | 600.3 | 5,418.70 | 2,092.90 | (7,530.6 | ) | 581.3 | ||||||||||||||
Total liabilities and equity | $ | 6,069.30 | $ | 6,770.10 | $ | 3,833.30 | $ | (12,615.4 | ) | $ | 4,057.30 | |||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (51.6 | ) | $ | 224.9 | $ | 160.8 | $ | — | $ | 334.1 | |||||||||
Cash used for operating activities of discontinued operations | — | (2.3 | ) | (8.7 | ) | — | (11.0 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (51.6 | ) | $ | 222.6 | $ | 152.1 | $ | — | $ | 323.1 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (0.8 | ) | $ | (57.4 | ) | $ | (52.5 | ) | $ | — | $ | (110.7 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 2 | 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 | — | 43 | |||||||||||||||
(Payments on) proceeds from revolving credit facility—net | (34.5 | ) | — | 0.1 | — | (34.4 | ) | |||||||||||||
Proceeds from notes financing—net | — | — | 6.6 | — | 6.6 | |||||||||||||||
Debt issue costs | (1.1 | ) | — | — | — | (1.1 | ) | |||||||||||||
Dividends paid | (10.7 | ) | — | — | — | (10.7 | ) | |||||||||||||
Exercises of stock options including windfall tax benefits | 6.7 | — | — | — | 6.7 | |||||||||||||||
Intercompany financing | 102.1 | — | 37.3 | (139.4 | ) | — | ||||||||||||||
Net cash provided by (used for) financing activities | $ | (158.1 | ) | $ | (0.7 | ) | $ | 41.8 | $ | (139.4 | ) | $ | (256.4 | ) | ||||||
Effect of exchange rate changes on cash | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (10.8 | ) | (0.7 | ) | (6.8 | ) | — | (18.3 | ) | |||||||||||
Balance at beginning of period | 12 | 4 | 57.2 | — | 73.2 | |||||||||||||||
Balance at end of period | $ | 1.2 | $ | 3.3 | $ | 50.4 | $ | — | $ | 54.9 | ||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (22.8 | ) | $ | 167.4 | $ | 30.7 | $ | — | $ | 175.3 | |||||||||
Cash used for operating activities of discontinued operations | — | (0.9 | ) | (12.0 | ) | — | (12.9 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (22.8 | ) | $ | 166.5 | $ | 18.7 | $ | — | $ | 162.4 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (1.4 | ) | $ | (36.5 | ) | $ | (35.0 | ) | $ | — | $ | (72.9 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | — | 0.8 | — | 0.8 | |||||||||||||||
Restricted cash | 1 | — | (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 | (211.9 | ) | (43.3 | ) | 48.8 | (75.4 | ) | ||||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net cash provided by (used for) investing activities | $ | 131 | $ | (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 | — | 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 | $ | 4 | $ | 57.2 | $ | — | $ | 73.2 | ||||||||||
The Manitowoc Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantor | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | (59.8 | ) | $ | 70.5 | $ | 32.6 | $ | — | $ | 43.3 | |||||||||
Cash used for operating activities of discontinued operations | — | (1.5 | ) | (24.7 | ) | — | (26.2 | ) | ||||||||||||
Net cash provided by (used for) operating activities | $ | (59.8 | ) | $ | 69 | $ | 7.9 | $ | — | $ | 17.1 | |||||||||
Cash Flows from Investing: | ||||||||||||||||||||
Capital expenditures | $ | (0.4 | ) | $ | (23.4 | ) | $ | (40.8 | ) | $ | — | $ | (64.6 | ) | ||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | 17.2 | — | 17.3 | |||||||||||||||
Restricted cash | 2 | — | 0.2 | — | 2.2 | |||||||||||||||
Proceeds from sale of business | — | 143.6 | — | — | 143.6 | |||||||||||||||
Intercompany investments | 216.7 | (164.5 | ) | (30.7 | ) | (21.5 | ) | — | ||||||||||||
Net cash provided by (used for) investing activities of continuing operations | 218.3 | (44.2 | ) | (54.1 | ) | (21.5 | ) | 98.5 | ||||||||||||
Net cash provided by (used for) investing activities of discontinued operations | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net cash provided by (used for) investing activities | $ | 218.3 | $ | (44.2 | ) | $ | (54.2 | ) | $ | (21.5 | ) | $ | 98.4 | |||||||
Cash Flows from Financing: | ||||||||||||||||||||
Payments on long-term debt | $ | (884.1 | ) | $ | (0.7 | ) | $ | (75.5 | ) | $ | — | $ | (960.3 | ) | ||||||
Proceeds from long-term debt | 750 | — | 89 | — | 839 | |||||||||||||||
Payments on revolving credit facility—net | (24.2 | ) | — | — | — | (24.2 | ) | |||||||||||||
Proceeds from (payments on) notes financing—net | — | (2.6 | ) | 17.4 | — | 14.8 | ||||||||||||||
Proceeds from swap monetization | 21.5 | — | — | — | 21.5 | |||||||||||||||
Debt issue costs | (14.7 | ) | — | — | — | (14.7 | ) | |||||||||||||
Dividends paid | (10.6 | ) | — | — | — | (10.6 | ) | |||||||||||||
Exercises of stock options including windfall tax benefits | 2.6 | — | — | — | 2.6 | |||||||||||||||
Intercompany financing | (0.1 | ) | (32.7 | ) | 11.3 | 21.5 | — | |||||||||||||
Net cash used for financing activities of continuing operations | (159.6 | ) | (36.0 | ) | 42.2 | 21.5 | (131.9 | ) | ||||||||||||
Net cash provided by financing activities of discontinued operations | — | — | 6 | — | 6 | |||||||||||||||
Net cash used for financing activities | $ | (159.6 | ) | $ | (36.0 | ) | $ | 48.2 | $ | 21.5 | $ | (125.9 | ) | |||||||
Effect of exchange rate changes on cash | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (1.1 | ) | (11.2 | ) | (1.4 | ) | — | (13.7 | ) | |||||||||||
Balance at beginning of period | 5.3 | 19.7 | 57 | — | 82 | |||||||||||||||
Balance at end of period | $ | 4.2 | $ | 8.5 | $ | 55.6 | $ | — | $ | 68.3 | ||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of quarterly financial data | ' | ||||||||||||||||||||||||||||||||
The following table presents quarterly financial data for 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Net sales | $ | 894.6 | $ | 1,037.10 | $ | 1,012.10 | $ | 1,104.30 | $ | 845.8 | $ | 993.1 | $ | 946.3 | $ | 1,128.10 | |||||||||||||||||
Gross profit | 222.1 | 276 | 262.1 | 261.6 | 204.5 | 253.1 | 236.4 | 249 | |||||||||||||||||||||||||
Earnings from continuing operations before taxes on earnings | 22.3 | 71.4 | 70.8 | 60.7 | 13.1 | 62.3 | 37.4 | 34.1 | |||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (4.1 | ) | (7.6 | ) | (3.2 | ) | (3.9 | ) | (3.9 | ) | (3.8 | ) | (4.2 | ) | (4.4 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (1.6 | ) | — | — | (1.1 | ) | — | — | — | — | |||||||||||||||||||||||
Net earnings (loss) | 8.1 | 54.5 | 50.6 | 54.4 | (2.2 | ) | 43 | 19.7 | 32.1 | ||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interest, net of tax | (2.3 | ) | (3.1 | ) | (2.3 | ) | 33.5 | (1.9 | ) | (2.3 | ) | (2.5 | ) | (2.4 | ) | ||||||||||||||||||
Net earnings (loss) attributable to Manitowoc | $ | 10.4 | $ | 57.6 | $ | 52.9 | $ | 20.9 | $ | (0.3 | ) | $ | 45.3 | $ | 22.2 | $ | 34.5 | ||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.47 | $ | 0.41 | $ | 0.18 | $ | 0.01 | $ | 0.36 | $ | 0.19 | $ | 0.28 | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.4 | $ | 0.16 | $ | — | $ | 0.35 | $ | 0.17 | $ | 0.26 | |||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders | $ | 0.11 | $ | 0.46 | $ | 0.4 | $ | 0.18 | $ | 0.01 | $ | 0.35 | $ | 0.18 | $ | 0.27 | |||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | (0.01 | ) | — | — | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||
Earnings (loss) per share attributable to Manitowoc common shareholders | $ | 0.08 | $ | 0.43 | $ | 0.39 | $ | 0.15 | $ | — | $ | 0.34 | $ | 0.17 | $ | 0.26 | |||||||||||||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.08 | $ | — | $ | — | $ | — | $ | 0.08 | |||||||||||||||||
Company_and_Basis_of_Presentat1
Company and Basis of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 |
market | Manitowoc Dong Yue [Member] | Jackson | Jackson | Kysor/Warren and Kysor/Warren de Mexico | Kysor/Warren and Kysor/Warren de Mexico | Kysor/Warren and Kysor/Warren de Mexico | |||||||||||
Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of principal markets of the entity | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | $39.20 | $0 | $143.60 | ' | $38.50 | ' | ' | $145 | ' |
Loss on sale of discontinued operations, net of income taxes | -1.1 | 0 | 0 | -1.6 | 0 | 0 | 0 | 0 | -2.7 | 0 | -34.6 | ' | -2.7 | -34.6 | ' | ' | -34.6 |
Discontinued Operation, Tax Effect of Loss from Disposal of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 0 | 29.9 | ' | ' | ' | ' | ' | 29.9 |
Payments for Settlement of Final Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | $2.40 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Engineering drawings | Minimum | Minimum | Maximum | Maximum | ||
Patents | Customer relationships | Patents | Customer relationships | ||||
Inventories | ' | ' | ' | ' | ' | ' | ' |
Percentage of the company's inventories valued using the first-in, first-out (FIFO) method | 87.00% | 88.00% | ' | ' | ' | ' | ' |
Increase in inventories if the FIFO inventory valuation method had been used exclusively | $36.20 | $36.60 | ' | ' | ' | ' | ' |
Estimated useful lives of other intangible assets | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '15 years | '10 years | '10 years | '20 years | '20 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
estimate | ||
Estimated useful lives of property, plant and equipment | ' | ' |
Property, plant and equipment, net of accumulated depreciation | $578.80 | $539.30 |
Product Liabilities | ' | ' |
Number of estimates upon which the product liability reserves are based | 2 | ' |
Assets Leased to Others [Member] | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, plant and equipment, net of accumulated depreciation | $63.10 | $58.90 |
Minimum | Building and improvements | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '2 years | ' |
Minimum | Machinery, equipment and tooling | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '2 years | ' |
Minimum | Furniture and fixtures | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '3 years | ' |
Minimum | Computer hardware and software | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '2 years | ' |
Maximum | Building and improvements | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '40 years | ' |
Maximum | Machinery, equipment and tooling | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '20 years | ' |
Maximum | Furniture and fixtures | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '15 years | ' |
Maximum | Computer hardware and software | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' |
Property, Plant and Equipment, Useful Lives | '7 years | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation | ' | ' | ' |
Stock-based compensation expense | $14.90 | $16.40 | $15 |
Research and Development | ' | ' | ' |
Research and development costs | 86.4 | 87.7 | 80.6 |
Restricted Stock | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Stock-based compensation expense | 2.8 | 4.5 | 4 |
Stock Options | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Stock-based compensation expense | 6.3 | 6.7 | 6.9 |
Performance shares | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Stock-based compensation expense | $5.80 | $5.20 | $4.10 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 02, 2013 |
Inducs, AG (Inducs) | Inducs, AG (Inducs) | ||||
Acquisitions | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $12.20 | $0 | $0 | $12.20 | ' |
Goodwill | 1,218.60 | 1,210.70 | ' | ' | 5 |
Purchase price allocated to intangible assets | $766.20 | $789.70 | ' | ' | $7 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 |
Manitowoc Dong Yue [Member] | Manitowoc Dong Yue [Member] | Manitowoc Dong Yue [Member] | Manitowoc Dong Yue [Member] | Manitowoc Dong Yue [Member] | Jackson | Jackson | Jackson | Business disposed prior to 2012 | Business disposed prior to 2012 | Business disposed prior to 2012 | Kysor/Warren and Kysor/Warren de Mexico | Kysor/Warren and Kysor/Warren de Mexico | Kysor/Warren and Kysor/Warren de Mexico | ||||||||||||
Trademarks [Member] | |||||||||||||||||||||||||
Results of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany debt and accrued interest forgiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $71.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany debt and accrued interest forgiveness attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of intangible assets, indefinite-lived (excluding goodwill) attributable to noncontrolling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 266.5 | 495.4 | 960.3 | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 66.8 | ' | ' | ' | 80.5 | ' | ' | ' | 66.8 | 80.5 | ' | 17.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.8 | 13.7 | 29.9 | ' | 2.5 | 32.6 | 32.7 | 0 | 0 | 6.5 | ' | ' | ' |
Pretax earnings (loss) from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17.3 | -16.6 | -12.4 | ' | 0.1 | 1.7 | 0.6 | -3.4 | -1.2 | -6.6 | ' | ' | ' |
Provision (benefit) for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | 0 | 0 | ' | -0.4 | 0.7 | 0.1 | -1.1 | -0.5 | -2.7 | ' | ' | ' |
Net earnings (loss) from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 | -16.6 | -12.4 | ' | 0.5 | 1 | 0.5 | -2.3 | -0.7 | -3.9 | ' | ' | ' |
Sale price of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 39.2 | 0 | 143.6 | ' | ' | ' | ' | ' | 38.5 | ' | ' | ' | ' | ' | ' | 145 | ' |
Loss on sale of discontinued operations | 1.1 | 0 | 0 | 1.6 | 0 | 0 | 0 | 0 | 2.7 | 0 | 34.6 | ' | ' | ' | ' | ' | 2.7 | ' | 34.6 | ' | ' | ' | ' | ' | 34.6 |
Loss on sale of discontinued operations, income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 0 | 29.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 |
Payments for Settlement of Final Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' | ' | ' | $2.40 | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Total current assets | $1,262.90 | $1,328 |
Derivative liabilities, current | 1.5 | 1.9 |
Total current liabilities | 1,125.40 | 1,145.90 |
Total non-current liabilities | 2,068.90 | 2,330.10 |
Senior Notes 9.50% due 2018 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Debt instruments at fair value | 423.1 | 447.5 |
Senior Notes 8.50% due 2020 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Debt instruments at fair value | 677.6 | 675 |
Senior notes 5.875% due 2022 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Debt instruments at fair value | 303.9 | 307.5 |
Term loan A | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Debt instruments at fair value | 161.9 | 296 |
Term loan B | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Debt instruments at fair value | 0 | 81.4 |
Fair value measurement on recurring basis | Level 1 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Total current assets | 0 | 0 |
Total current liabilities | 0 | 0 |
Total non-current liabilities | 0 | 0 |
Fair value measurement on recurring basis | Level 1 | Foreign currency exchange contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0 | 0 |
Derivative liabilities, current | 0 | 0 |
Fair value measurement on recurring basis | Level 1 | Commodity contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0 | ' |
Derivative liabilities, current | 0 | 0 |
Fair value measurement on recurring basis | Level 1 | Interest rate swap contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Derivative liabilities, current | ' | 0 |
Non-current derivative liabilities at fair value | 0 | 0 |
Fair value measurement on recurring basis | Level 2 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Total current assets | 3.1 | 2.9 |
Total current liabilities | 1.5 | 2 |
Total non-current liabilities | 14.9 | 1.1 |
Fair value measurement on recurring basis | Level 2 | Foreign currency exchange contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 2.9 | 2.9 |
Derivative liabilities, current | 1.1 | 0.9 |
Fair value measurement on recurring basis | Level 2 | Commodity contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0.2 | ' |
Derivative liabilities, current | 0.4 | 0.8 |
Fair value measurement on recurring basis | Level 2 | Interest rate swap contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Derivative liabilities, current | ' | 0.3 |
Non-current derivative liabilities at fair value | 14.9 | 1.1 |
Fair value measurement on recurring basis | Level 3 | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Total current assets | 0 | 0 |
Total current liabilities | 0 | 0 |
Total non-current liabilities | 0 | 0 |
Fair value measurement on recurring basis | Level 3 | Foreign currency exchange contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0 | 0 |
Derivative liabilities, current | 0 | 0 |
Fair value measurement on recurring basis | Level 3 | Commodity contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0 | ' |
Derivative liabilities, current | 0 | 0 |
Fair value measurement on recurring basis | Level 3 | Interest rate swap contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Derivative liabilities, current | ' | 0 |
Non-current derivative liabilities at fair value | 0 | 0 |
Fair value measurement on recurring basis | Total | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Total current assets | 3.1 | 2.9 |
Total current liabilities | 1.5 | 2 |
Total non-current liabilities | 14.9 | 1.1 |
Fair value measurement on recurring basis | Total | Foreign currency exchange contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 2.9 | 2.9 |
Derivative liabilities, current | 1.1 | 0.9 |
Fair value measurement on recurring basis | Total | Commodity contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Current derivative assets at fair value | 0.2 | ' |
Derivative liabilities, current | 0.4 | 0.8 |
Fair value measurement on recurring basis | Total | Interest rate swap contracts | ' | ' |
Financial assets and liabilities accounted for at fair value on a recurring basis | ' | ' |
Derivative liabilities, current | ' | 0.3 |
Non-current derivative liabilities at fair value | $14.90 | $1.10 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Interest rate cap contracts | Interest rate cap contracts | Interest rate swap contracts - Fixed-to-float/Float-to-fixed | Interest rate swap contracts - Fixed-to-float/Float-to-fixed | 2022 Notes | Aluminum | Aluminum | Copper | Copper | Natural Gas | Natural Gas | Steel | Steel | Canadian Dollar | Canadian Dollar | European Euro | European Euro | European Euro | European Euro | South Korean Won | South Korean Won | Singapore Dollar | Singapore Dollar | United States Dollar | United States Dollar | United States Dollar | United States Dollar | Chinese Renminbi | Chinese Renminbi | Chinese Renminbi | Australia, Dollars | British Pound | ||
USD ($) | USD ($) | USD ($) | USD ($) | t | t | t | t | MMBTU | MMBTU | T | T | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not designated as hedging instruments | Not designated as hedging instruments | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not designated as hedging instruments | Not designated as hedging instruments | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not designated as hedging instruments | Not designated as hedging instruments | Not designated as hedging instruments | ||||||
CAD | CAD | EUR (€) | EUR (€) | EUR (€) | EUR (€) | KRW | KRW | SGD | SGD | USD ($) | USD ($) | USD ($) | USD ($) | CNY | CNY | CNY | AUD | GBP (£) | ||||||||||||||||||
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amount of unrealized gains, net of tax, related to interest rate, commodity price and currency rate hedging that will be reclassified from other comprehensive income into earnings | ' | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge period, low end of the range (in months) | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge period, high end of the range (in months) | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity units hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,622 | 1,382 | 382 | 515 | 214,277 | 158,670 | 11,503 | 10,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,011,092 | 9,351,126 | 74,934,975 | 66,389,190 | 31,738,273 | 24,540,841 | 1,258,808,642 | 2,595,874,455 | 5,280,000 | 4,800,000 | 14,380,959 | 2,398,273 | 29,091,053 | 6,432,000 | 245,324,730 | 187,640,472 | 125,000,000 | 1,000,000 | 11,100,000 |
Derivatives swapped to floating interest rates | ' | ' | ' | ' | 100,000,000 | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cap on interest rate (as a percent) | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable interest rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid to enter into interest rate cap derivative contract | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from monetization of derivative asset related to the fixed-to-float interest rate swaps | ' | ' | $14,800,000 | $21,500,000 | ' | ' | $14,800,000 | $21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair value of outstanding derivatives | ' | ' |
Asset derivatives | $3.10 | $2.90 |
Derivative liabilities | 1.5 | 1.9 |
Liability derivatives | 16.4 | 3.1 |
Designated as Hedging Instrument [Member] | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Asset derivatives | 2.5 | 2.6 |
Liability derivatives | 15.8 | 2.3 |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Current derivative assets | 2.3 | 2.6 |
Derivative liabilities | 0.5 | 0.4 |
Designated as Hedging Instrument [Member] | Commodity contracts | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Current derivative assets | 0.2 | ' |
Derivative liabilities | 0.4 | 0.8 |
Designated as Hedging Instrument [Member] | Interest rate swap contracts - Fixed-to-float/Float-to-fixed | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Non-current derivative liabilities at fair value | 14.9 | 1.1 |
Not designated as hedging instruments | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Asset derivatives | 0.6 | 0.3 |
Liability derivatives | 0.6 | 0.8 |
Not designated as hedging instruments | Foreign currency exchange contracts | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Current derivative assets | 0.6 | 0.3 |
Derivative liabilities | 0.6 | 0.5 |
Not designated as hedging instruments | Interest rate swap contracts - Fixed-to-float/Float-to-fixed | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Derivative liabilities | ' | $0.30 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $0 | $0 | $0.10 |
Gain (loss) of derivatives instruments NOT designated as hedging instrument | 0.2 | 10.5 | 2.8 |
Derivatives in Cash Flow Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion, net of tax) | 0.1 | 5 | -4.5 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1.4 | -9.9 | -3.1 |
Derivatives in Fair Value Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | -13.7 | -1.7 | 22.3 |
Foreign currency exchange contracts | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Gain (loss) of derivatives instruments NOT designated as hedging instrument | 0.2 | 1.2 | -2 |
Foreign currency exchange contracts | Derivatives in Cash Flow Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion, net of tax) | -0.3 | 4.2 | -3.7 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 3 | -7.3 | 2.5 |
Commodity contracts | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0.1 |
Commodity contracts | Derivatives in Cash Flow Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion, net of tax) | 0.4 | 1 | -2.1 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1.6 | -2.7 | -0.3 |
Interest rate swap contracts | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Gain (loss) of derivatives instruments NOT designated as hedging instrument | ' | 9.3 | 4.8 |
Interest rate swap contracts | Derivatives in Cash Flow Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion, net of tax) | ' | -0.2 | 1.3 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | 0.1 | -5.3 |
Interest rate swap contracts | Derivatives in Fair Value Hedging Relationships | ' | ' | ' |
Gain (loss) of derivatives instruments | ' | ' | ' |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | ($13.70) | ($1.70) | $22.30 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories — gross: | ' | ' |
Raw materials | $259 | $227 |
Work-in-process | 130.2 | 147.6 |
Finished goods | 436.8 | 428.1 |
Total inventories — gross | 826 | 802.7 |
Excess and obsolete inventory reserve | -69 | -73.4 |
Net inventories at FIFO cost | 757 | 729.3 |
Excess of FIFO costs over LIFO value | -36.2 | -36.6 |
Inventories — net | $720.80 | $692.70 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Total cost | $1,276.10 | $1,198 |
Less accumulated depreciation | -697.3 | -658.7 |
Property, plant and equipment-net | 578.8 | 539.3 |
Land | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 40.8 | 42 |
Building and improvements | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 361.2 | 349.6 |
Machinery, equipment and tooling | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 509 | 492.9 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 47.8 | 48.1 |
Computer hardware and software | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 125.8 | 113.2 |
Rental cranes | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | 89.3 | 86.2 |
Property, plant and equipment-net | 63.1 | 58.9 |
Construction in progress | ' | ' |
Property, Plant and Equipment | ' | ' |
Total cost | $102.20 | $66 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Inducs, AG (Inducs) | Inducs, AG (Inducs) | Crane | Crane | Foodservice | Foodservice | Foodservice | |||
Inducs, AG (Inducs) | |||||||||
Goodwill by reportable segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross balance at the beginning of the period | $1,726.40 | $1,723.70 | ' | ' | $341.70 | $338.80 | $1,384.70 | $1,384.90 | ' |
Restructuring reserve adjustment | 0.7 | 0.6 | ' | ' | 0 | 0 | 0.7 | 0.6 | ' |
Foreign currency impact | 3.6 | 3.3 | ' | ' | 3.4 | 2.9 | 0.2 | 0.4 | ' |
Gross balance at the end of the year | 1,734.30 | 1,726.40 | ' | ' | 345.1 | 341.7 | 1,389.20 | 1,384.70 | ' |
Accumulated asset impairments | -515.7 | -515.7 | ' | ' | 0 | 0 | -515.7 | -515.7 | ' |
Net balance | 1,218.60 | 1,210.70 | ' | 5 | 345.1 | 341.7 | 873.5 | 869 | ' |
Goodwill, Acquired During Period | ' | ' | $5 | ' | $0 | ' | ' | ' | $5 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Inducs, AG (Inducs) | Inducs, AG (Inducs) | Trademarks and tradenames | Trademarks and tradenames | Trademarks and tradenames | Distribution network | Distribution network | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Patents | Patents | Patents | Patents | Engineering drawings | Engineering drawings | Distribution network | Distribution network | Other intangibles | Other intangibles | ||||
Inducs, AG [Member] | Inducs, AG (Inducs) | Inducs, AG (Inducs) | Inducs, AG (Inducs) | Inducs, AG (Inducs) | ||||||||||||||||||||
Intangible asset balances by major asset class | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $12.20 | $0 | $0 | $12.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, Book Value | 766.2 | 789.7 | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,218.60 | 1,210.70 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets, Book Value | ' | ' | ' | ' | ' | 311.8 | 308.2 | 0.7 | 21 | 20.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, Carrying Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 426.1 | 425.7 | ' | 1.2 | 34.9 | 33.6 | ' | 5.1 | 11.5 | 11.1 | ' | ' | 176.6 | 170.8 |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19 years | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible assets, Amortization Amount | -215.7 | -180.3 | ' | ' | ' | ' | ' | ' | ' | ' | -114.4 | -93.1 | ' | ' | -28.4 | -26.1 | ' | ' | -9.1 | -8.1 | ' | ' | -63.8 | -53 |
Finite-lived intangible assets, Book Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 311.7 | 332.6 | ' | ' | 6.5 | 7.5 | ' | ' | 2.4 | 3 | ' | ' | 112.8 | 117.8 |
Intangible Assets, Gross (Excluding Goodwill) | 981.9 | 970 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | 35.3 | 36.5 | 37.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2014 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2015 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2016 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2017 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2018 | $32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Trade accounts payable and interest payable | $510.60 | $507.70 |
Employee related expenses | 99.9 | 95.8 |
Restructuring Reserve, Current | 20.6 | 25.3 |
Profit sharing and incentives | 44.7 | 42.9 |
Accrued rebates | 45.2 | 39.7 |
Deferred revenue - current | 25 | 29.5 |
Derivative liabilities | 1.5 | 1.9 |
Income taxes payable | 62.5 | 37.6 |
Miscellaneous accrued expenses | 125.6 | 131.1 |
Total accounts payable and accrued expenses | $935.60 | $911.50 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 13-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 03, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2013 | 13-May-11 | Jan. 31, 2014 | Jan. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2013 | 13-May-11 | Jan. 31, 2014 | Jan. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | 13-May-11 | Jan. 31, 2014 | Jan. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 03, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 18, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan A | Term loan A | Term loan A | Term loan A | Term loan A | Term loan A | Term loan A | Term loan B | Term loan B | Term loan B | Term loan B | Term loan B | Term loan B | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2020 | Senior notes due 2020 | Senior notes due 2020 | Senior notes due 2022 | Senior notes due 2022 | Senior notes due 2022 | Other | Other | Other | ||
facility | LIBOR | Prime Rate | facility | LIBOR | Alternate base rate [Member] | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | Senior Credit Facility | Senior Credit Facility | Senior Credit Facility | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | Senior Credit Facility | Senior Credit Facility | New Senior Credit Facility [Member] | New Senior Credit Facility [Member] | Manitowoc Dong Yue [Member] | ||||||||||||||||||||||
Debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $1,526.80 | $1,801 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $34.40 | ' | ' | ' | ' | ' | $162.50 | $297.50 | ' | ' | ' | ' | ' | $0 | $81 | ' | ' | ' | ' | $408.40 | $410.50 | ' | $614.80 | $621.20 | ' | $289.10 | $298.90 | ' | $52 | $57.50 | $24.50 |
Less current portion and short-term borrowings | -22.7 | -69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,504.10 | 1,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 1,250 | ' | ' | ' | 1,050 | ' | ' | ' | ' | ' | ' | 500 | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loan facilities included with the senior credit facility | ' | ' | 3 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | '6 years 6 months | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | 350 | ' | ' | ' | 400 | ' | 200 | ' | ' | 400 | ' | ' | 600 | ' | ' | 300 | ' | ' | ' |
Weighted-average interest rate, including interest rate caps (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.66% | ' | ' | ' | ' | ' | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.43% | ' | ' |
Cap on interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Highest daily borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $194.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | 'LIBOR | 'Prime | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spreads for LIBOR and Prime borrowings | ' | ' | ' | ' | 2.50% | 1.25% | ' | ' | 2.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock of certain foreign subsidiaries guaranteed | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) | Dec. 31, 2013 |
New Senior Credit Facility [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.5 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
New Senior Credit Facility [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.25 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
New Senior Credit Facility [Member] | Actual | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 0.79 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Consolidated Interest Coverage Ratio, Numerator | 3.79 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2013 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.5 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2013 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.25 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2014 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.5 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2014 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.25 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending June 30, 2014 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.5 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending June 30, 2014 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.5 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending September 30, 2014 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.5 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending September 30, 2014 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.5 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2014 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.25 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2014 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.5 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2015 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.25 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2015 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.75 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending June 30, 2015 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.25 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending June 30, 2015 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.75 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending September 30, 2015 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.25 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending September 30, 2015 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.75 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2015 [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3.25 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending December 31, 2015 [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 2.75 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2016 and thereafter [Member] | Required | Less than | ' |
Financial Covenants | ' |
Consolidated Senior Secured Leverage Ratio, Numerator | 3 |
Consolidated Senior Secured Leverage Ratio, Denominator | 1 |
Fiscal Quarter Ending March 31, 2016 and thereafter [Member] | Required | Greater than | ' |
Financial Covenants | ' |
Consolidated Interest Coverage Ratio, Numerator | 3 |
Consolidated Interest Coverage Ratio, Denominator | 1 |
Debt_Details_3
Debt (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 19, 2012 | Oct. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 03, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 18, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
note | 12-month period commencing October 15, 2017 | 12-month period commencing October 15, 2018 | 12-month period commencing October 15, 2019 | 12-month period commencing October 15, 2020 and thereafter | 2022 Notes | Senior notes 5.875% due 2022 | Senior notes 5.875% due 2022 | Senior notes 5.875% due 2022 | Senior Notes 7.125% due 2013 | Term loan B | Term loan B | Term loan B | Senior Notes 9.50% due 2018 | Senior Notes 9.50% due 2018 | Senior Notes 9.50% due 2018 | Senior Notes 9.50% due 2018 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Senior Notes 8.50% due 2020 | Other | Other | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | ||||
12-month period commencing November 1, 2015 | 12-month period commencing November 1, 2016 | 12-month period commencing November 1, 2017 | 12-month period commencing November 1, 2018 and thereafter | 2020 Notes | 2022 Notes | 2022 Notes | ||||||||||||||||||||||||||
Debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | $3 | $6.30 | $29.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of deferred financing fees | 6.3 | 0 | ' | 16.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing fees related to unwinding of related interest rate swaps | ' | ' | ' | 13.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Senior Notes outstanding | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Event of default, minimum percentage of Senior Notes held required to declare debt due and payable (as a percent) | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issue Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | 266.5 | 495.4 | 960.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | 102.94% | 101.96% | 100.98% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 104.75% | ' | ' | ' | ' | ' | ' | 104.25% | 102.83% | 101.42% | 100.00% | ' | ' | ' | ' | ' |
Maximum percentage of the principal amount of the debt instrument which the entity may redeem with proceeds from qualified equity offerings (as a percent) | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument if redeemed with proceeds from qualified equity offerings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of the principal amount of the debt instrument which must remain outstanding after the entity has redeemed a portion of the debt instrument with proceeds from qualified equity offerings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum redemption period for the entity to redeem the debt instrument following the receipt of proceeds from qualified equity offerings (in number of days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Price Percentage on Notes that are Required to be Offered for Repurchase | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt including Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Cash Received on Hedge | ' | ' | 14.8 | 21.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 125 | 100 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.31% | 5.19% | ' |
Debt and Capital Lease Obligations, including Dong Yue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.5 | ' | ' | ' | ' |
Carrying amount | ' | 1,526.80 | 1,801 | ' | ' | ' | ' | ' | ' | ' | 289.1 | 298.9 | ' | ' | 0 | 81 | ' | 408.4 | 410.5 | ' | 614.8 | 621.2 | ' | ' | ' | ' | ' | 52 | 57.5 | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.43% | ' | ' | ' | ' |
Aggregate scheduled maturities of outstanding debt obligations in subsequent years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 22.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 32.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 146.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 5.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | 412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | 908.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | $1,526.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Receivable_Securitiza1
Accounts Receivable Securitization (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 26, 2012 |
Maximum | Maximum | |||
Accounts Receivable Securitization | ' | ' | ' | ' |
Capacity of securitization program | ' | ' | $150 | $125 |
Extended term securitization program | '3 years | ' | ' | ' |
Index rate | 'LIBOR | ' | ' | ' |
Fixed spread | 1.45% | ' | ' | ' |
Period for which the entity will be able to comply with the financial covenants pertaining to the Receivable Purchase Agreement (in months) | '12 months | ' | ' | ' |
Average collection cycle for accounts receivable (in days) | ' | ' | '60 days | ' |
Fair value of deferred purchase price notes | 41.3 | 34.3 | ' | ' |
Trade accounts receivable balance sold | $148.90 | $149.20 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings (loss) from continuing operations before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $90.10 | $94.10 | ($24.80) |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 135.1 | 52.8 | 71.1 |
Earnings (loss) from continuing operations before taxes on earnings | 60.7 | 70.8 | 71.4 | 22.3 | 34.1 | 37.4 | 62.3 | 13.1 | 225.2 | 146.9 | 46.3 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal and state | ' | ' | ' | ' | ' | ' | ' | ' | 24.1 | 29.2 | -20.9 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 25.4 | 17.3 | 17.2 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | 46.5 | -3.7 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal and state | ' | ' | ' | ' | ' | ' | ' | ' | -15.2 | -5.2 | 13.6 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | -3.3 | 3.7 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -13.4 | -8.5 | 17.3 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | $36.10 | $38 | $13.60 |
Effective tax rate of discontinued operations (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -13.30% | ' | ' |
Reconciliation of the federal statutory income tax rate to the company's effective income tax rate for continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State income provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -0.50% | 0.30% | -10.20% |
Manufacturing & research incentives | ' | ' | ' | ' | ' | ' | ' | ' | -3.30% | -3.50% | -4.30% |
Taxes on foreign income which differ from the U.S. statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | -9.30% | -7.70% | -24.10% |
Adjustments for unrecognized tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | -5.40% | -6.70% | 7.20% |
Valuation allowances | ' | ' | ' | ' | ' | ' | ' | ' | -1.00% | 9.20% | 20.20% |
Other items | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | -0.70% | 5.60% |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | 25.90% | 29.40% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2011 |
Czech Republic and Italy | State of Wisconsin | ||||
Valuation allowance | ' | ' | ' | ' | ' |
Federal income tax at statutory rate | 35.00% | 35.00% | 35.00% | ' | ' |
Total valuation allowance having an unfavorable impact to income tax expense | $3.40 | ' | ' | ' | ' |
Provision for taxes on earnings | 36.1 | 38 | 13.6 | ' | 5.5 |
Valuation allowance on the net deferred tax asset for net operating loss carryforwards in Czech Republic and Italy Foodservice | ' | ' | ' | $2.40 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current deferred tax assets (liabilities): | ' | ' |
Inventories | $32.30 | $26 |
Accounts receivable | -2.1 | -1.2 |
Product warranty reserves | 20 | 20.4 |
Product liability reserves | 7.9 | 8.7 |
Deferred revenue, current portion | 0.6 | 2.9 |
Deferred employee benefits | 16.6 | 13.2 |
Other reserves and allowances | 16.1 | 21.2 |
Less valuation allowance | -3.6 | -7 |
Net deferred tax assets, current | 87.8 | 84.2 |
Non-current deferred tax assets (liabilities): | ' | ' |
Property, plant and equipment | -32.6 | -33.1 |
Intangible assets | -296.3 | -310.4 |
Deferred employee benefits | 67.1 | 71 |
Product warranty reserves | 4.2 | 2.5 |
Net operating loss carryforwards | 2.3 | 1.7 |
Net operating loss carryforwards | 192.7 | 211.3 |
Deferred revenue | 5.9 | 4.8 |
Other | -2.4 | -3.6 |
Total non-current deferred tax liabilities | -59.1 | -55.8 |
Less valuation allowance | 146.2 | 151 |
Long-term deferred income tax liability | -205.3 | -206.8 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Current income tax asset | 89.9 | 88.3 |
Long-term income tax assets, included in other non-current assets | 9 | 13.8 |
Current deferred income tax liability, included in accounts payable and accrued expenses | -2.1 | -4.1 |
Deferred income taxes | 214.3 | 220.6 |
Net deferred income tax liability | ($117.50) | ($122.60) |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 |
State | State of Wisconsin | Foreign | Federal | Maximum | |||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liability Not Recognized, Determination of Deferred Tax Liability is Not Practicable, Undistributed Earnings of Foreign Subsidiaries | '732.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $54.90 | $73.20 | $68.30 | $82 | ' | ' | $23.90 | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | 519.3 | ' | 672.1 | ' | ' |
Deferred tax asset for net operating loss carryforwards generated in the state of Wisconsin | ' | ' | ' | ' | ' | 18.8 | ' | ' | ' |
Income tax examination information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency loss incurred in 2008 disallowed from deductibility | ' | ' | ' | ' | ' | ' | ' | 380.9 | ' |
Largest increase to company's potential federal tax expense and cash outflow | ' | ' | ' | ' | ' | ' | ' | ' | $134 |
Income_Taxes_Details_5
Income Taxes (Details 5) | 12 Months Ended |
Dec. 31, 2013 | |
United States | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2007 |
United States | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2013 |
State of Wisconsin | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2009 |
State of Wisconsin | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2013 |
CHINA | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2005 |
CHINA | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2013 |
France | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2009 |
France | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2013 |
GERMANY | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2006 |
GERMANY | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2013 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Change to gross unrecognized tax benefits including interest and penalties | ($20.70) | ($10.40) | $11.60 |
Reserve released due to favorable audit | 9.4 | 11.6 | ' |
Uncertain tax liabilities interest and penalties | -9.3 | -1.4 | 0.5 |
Uncertain tax liabilities interest and penalties accrued | 12.8 | 22.1 | ' |
Unrecognized tax benefits and income tax expense possibly reduced from audit resolutions | 14.5 | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 47.3 | 56.3 | 45.2 |
Additions based on tax positions related to the current year | 2 | 1.8 | 1.7 |
Additions for tax positions of prior years | 3.7 | 3.6 | 17.1 |
Reductions for tax positions of prior years | -0.2 | 0 | -1.7 |
Reductions based on settlements with taxing authorities | -11.5 | -13 | -5.4 |
Reductions for lapse of statute | -5.4 | -1.4 | -0.6 |
Balance at end of year | $35.90 | $47.30 | $56.30 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Basic weighted average common shares outstanding | 132,894,179 | 131,447,895 | 130,481,436 |
Effect of dilutive securities - stock awards | 2,436,014 | 1,869,155 | 2,895,673 |
Diluted weighted average common shares outstanding | 135,330,193 | 133,317,050 | 133,377,109 |
Common shares issuable upon the exercise of stock options | ' | ' | ' |
Anti-dilutive shares excluded from the calculation of diluted earnings per share | ' | ' | ' |
Number of anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares) | 2,300,000 | 3,400,000 | 2,800,000 |
Equity_Details
Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2007 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 21, 2007 |
Right | D | |||||||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized capitalization of common stock (in shares) | ' | 300,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | 300,000,000 | ' |
Par value of common stock (in dollars per share) | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 |
Authorized capitalization of preferred stock (in shares) | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Par value of preferred stock per share (in dollars per share) | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' |
Number of rights per common stock share distributed as dividends | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock the registered holder of each right is entitled to purchase when exercisable (in shares) | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Purchase price of each common stock share following the exercise of rights (in dollars per share) | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' |
Rights exercisable after public announcement of an acquisition or right to acquire 20% or more of outstanding common stock shares (in number of days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Beneficial ownership by a person or group of affiliated persons before rights become exercisable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' |
Rights exercisable after tender offer or exchange offer to acquire 20% or more of entity's outstanding common stock shares (in number of days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Dividends per common share (in dollars per share) | ' | $0.08 | $0 | $0 | $0 | $0.08 | $0 | $0 | $0 | $0.08 | ' | ' |
Number of shares authorized to be repurchased (in shares) | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Aggregate number of shares repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' |
Aggregate cost of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49.80 | ' |
Equity_Equity_Details_2
Equity Equity (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $54.80 | $50.30 | ' |
Accumulated other comprehensive income (loss), net of tax | -6.9 | -29.4 | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -62.7 | -80.3 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19.3 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3.2 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 22.5 | -4.6 | -24.9 |
Accumulated Other Comprehensive Income (Loss) Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges Effect, Tax | 0.6 | 0.3 | ' |
Accumulated Other Comprehensive Income (Loss) Defined Benefit Pension and Other Postretirement Plans, Tax | 27.8 | 34.4 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | 1 | 0.6 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.3 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -0.9 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 0.4 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -62.7 | -80.3 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13.5 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4.1 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 17.6 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | 54.8 | 50.3 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4.5 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $4.50 | ' | ' |
Equity_Equity_Details_3
Equity Equity (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | $3,026.30 | $2,970.30 | $2,756.40 | |
Earnings from continuing operations before taxes on earnings | 60.7 | 70.8 | 71.4 | 22.3 | 34.1 | 37.4 | 62.3 | 13.1 | 225.2 | 146.9 | 46.3 | |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 36.1 | 38 | 13.6 | |
Net earnings (loss) attributable to Manitowoc | 20.9 | 52.9 | 57.6 | 10.4 | 34.5 | 22.2 | 45.3 | -0.3 | 141.8 | 101.7 | -11.2 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | -3.2 | ' | ' | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | ' | ' | |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -5.5 | ' | ' | |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | ' | ' | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -5.5 | [1] | ' | ' |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | ' | ' | |
Foreign currency exchange contracts | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |
Commodity contracts | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ($1.60) | ' | ' | |
[1] | (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). |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense (in dollars) | $14.90 | $16.40 | $15 | ' |
Number of share options granted during the period (in shares) | 400,000 | 700,000 | ' | ' |
Exercise Price, low end of range | $4.41 | ' | ' | ' |
Exercise Price, high end of range | $47.84 | ' | ' | ' |
Unrecognized compensation expense (in dollars) | 9.3 | ' | ' | ' |
2013 Omnibus Plan | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Number of shares of common stock authorized under the plan | 8,000,000 | ' | ' | ' |
Stock Options | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense (in dollars) | 6.3 | 6.7 | 6.9 | ' |
Number of share options granted during the period (in shares) | 400,000 | 700,000 | ' | 1,000,000 |
Stock-based compensation expense, net of tax (in dollars) | 4 | 4.2 | 4.3 | ' |
Unrecognized compensation expense (in dollars) | 7 | ' | ' | ' |
Recognition period for unrecognized compensation expense (in years) | '2 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $9 | $7.97 | ' | $9.66 |
Total intrinsic value of stock options exercised | 6.9 | 4.9 | 2.8 | ' |
Stock Options | Directors | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Vesting rights, annual increments beginning on the grant date | '0.25 | ' | ' | ' |
Anniversary period from grant date, for grants made prior to 2011 (in years) | 'P1Y | ' | ' | ' |
Expiration period | '10 years | ' | ' | ' |
Vesting period (in years) | '4 years | ' | ' | ' |
Stock Options | Officers and Employees | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Vesting rights, annual increments beginning on the grant date | '25% increments beginning on the first anniversary of the grant date | ' | ' | ' |
Vesting Rights Percentage | 25.00% | ' | ' | ' |
Vesting rights percentage for grants made prior to 2011 (as a percent) | 25.00% | ' | ' | ' |
Anniversary period from grant date, for grants made prior to 2011 (in years) | 'P2Y | ' | ' | ' |
Vesting period for grants made prior to 2011 (in years) | '4 years | ' | ' | ' |
Expiration period for grants made prior to 2011 (in years) | '10 years | ' | ' | ' |
Stock Options | Stock Plan 2003 | Officers and Employees | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Vesting rights, annual increments beginning on the grant date | '25% increments beginning on the second anniversary of the grant date | ' | ' | ' |
Vesting Rights Percentage | 25.00% | ' | ' | ' |
Anniversary period from grant date (in years) | 'P2Y | ' | ' | ' |
Expiration period | '10 years | ' | ' | ' |
Vesting period (in years) | '4 years | ' | ' | ' |
Stock Options | Director Stock Plan 2004 | Directors | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Expiration period | '10 years | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Expiration period | '3 years | ' | ' | ' |
Stock-based compensation expense (in dollars) | 2.8 | 4.5 | 4 | ' |
Stock-based compensation expense, net of tax (in dollars) | 1.8 | 2.8 | 2.5 | ' |
Unrecognized compensation expense (in dollars) | 1.6 | ' | ' | ' |
Recognition period for unrecognized compensation expense (in years) | '1 year 5 months 6 days | ' | ' | ' |
Granted, shares | 100,000 | 200,000 | 300,000 | ' |
Restricted Stock | Officers and Employees | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Vesting rights percentage for grants made prior to 2011 (as a percent) | 25.00% | ' | ' | ' |
Restricted Stock | Stock Plan 2003 | Officers and Employees | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Vesting rights, annual increments beginning on the grant date | '100% on the third anniversary of the grant date | ' | ' | ' |
Vesting Rights Percentage | 100.00% | ' | ' | ' |
Expiration period | '3 years | ' | ' | ' |
Restricted Stock | Director Stock Plan 2004 | Directors | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Expiration period | '3 years | ' | ' | ' |
Performance shares | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense (in dollars) | 5.8 | 5.2 | 4.1 | ' |
Stock-based compensation expense, net of tax (in dollars) | $3.60 | $3.30 | $2.60 | ' |
Recognition period for unrecognized compensation expense (in years) | '1 year 9 months 24 days | ' | ' | ' |
Granted, shares | 500,000 | 300,000 | 400,000 | ' |
Performance shares | Performance Shares 2013 [Member] | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Percentage of shares paid based on total shareholder return relative to peer group of companies | 50.00% | ' | ' | ' |
Percentage of shares paid based on improvement in total leverage ratio | 50.00% | ' | ' | ' |
Performance shares | Performance Shares 2013 [Member] | Minimum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 0 | ' | ' | ' |
Performance shares | Performance Shares 2013 [Member] | Maximum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 800,000 | ' | ' | ' |
Performance shares | Performance Shares 2012 | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Period for meeting performance goals (in years) | '3 years | ' | ' | ' |
Percentage of shares paid based on total shareholder return relative to peer group of companies | 50.00% | ' | ' | ' |
Percentage of shares paid based on improvement in total leverage ratio | 50.00% | ' | ' | ' |
Performance shares | Performance Shares 2012 | Minimum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 0 | ' | ' | ' |
Performance shares | Performance Shares 2012 | Maximum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 700,000 | ' | ' | ' |
Performance shares | Performance Shares 2011 | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Period for meeting performance goals (in years) | '2 years | ' | ' | ' |
Percentage of shares paid based on total shareholder return relative to peer group of companies | 50.00% | ' | ' | ' |
Percentage of shares paid based on improvement in total leverage ratio | 50.00% | ' | ' | ' |
Percentage of shares paid after employment of entire second calendar year | 25.00% | ' | ' | ' |
Percentage of shares paid after two year performance period | 75.00% | ' | ' | ' |
Percentage of vesting rights on the third anniversary of grant date (as a percent) | 25.00% | ' | ' | ' |
ShareBasedCompensationArrangementByShareBasedPaymentTotalAwardSharesThatWillBeIssued | 500,000 | ' | ' | ' |
Performance shares | Performance Shares 2011 | Minimum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 0 | ' | ' | ' |
Performance shares | Performance Shares 2011 | Maximum | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Granted, shares | 900,000 | ' | ' | ' |
Range of Exercise Price $36.04 - $47.84 | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Exercise Price, low end of range | $36.04 | ' | ' | ' |
Exercise Price, high end of range | $47.84 | ' | ' | ' |
Range of Exercise Price $4.41 - $7.49 | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Exercise Price, low end of range | $4.41 | ' | ' | ' |
Exercise Price, high end of range | $7.49 | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Shares | ' | ' | ' |
Number of share options granted during the period (in shares) | 400,000 | 700,000 | ' |
Stock Options | ' | ' | ' |
Shares | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | 7,400,000 | 7,500,000 | ' |
Number of share options granted during the period (in shares) | 400,000 | 700,000 | 1,000,000 |
Exercised (in shares) | -600,000 | -700,000 | ' |
Cancelled (in shares) | -200,000 | -100,000 | ' |
Options outstanding at the end of the period (in shares) | 7,000,000 | 7,400,000 | ' |
Options exercisable (in shares) | 4,800,000 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Options outstanding at the beginning of the period (in dollars per share) | $15.27 | $14.44 | ' |
Granted (in dollars per share) | $18.14 | $16.27 | ' |
Exercised (in dollars per share) | $8.35 | $6.53 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $16.66 | $20.53 | ' |
Options outstanding at the end of the period (in dollars per share) | $16 | $15.27 | ' |
Options exercisable (in dollars per share) | $16.95 | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Options outstanding (in dollars) | $62.50 | ' | ' |
Options exercisable (in dollars) | $41.80 | ' | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $4.41 |
Exercise Price, high end of range | $47.84 |
Outstanding Options (in shares) | 7 |
Weighted Average Exercise Price | $16 |
Weighted Average Exercise Price | $16.95 |
Range of Exercise Price $4.41 - $7.49 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $4.41 |
Exercise Price, high end of range | $7.49 |
Outstanding Options (in shares) | 1.5 |
Weighted Average Remaining Contractual Life (in years) | '4 years 9 months |
Weighted Average Exercise Price | $4.41 |
Exercisable Options (in shares) | 1.1 |
Weighted Average Exercise Price | $4.41 |
Range of Exercise Price $7.50 - $9.59 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $7.50 |
Exercise Price, high end of range | $9.59 |
Outstanding Options (in shares) | 0.1 |
Weighted Average Remaining Contractual Life (in years) | '0 years 1 month |
Weighted Average Exercise Price | $7.52 |
Exercisable Options (in shares) | 0.1 |
Weighted Average Exercise Price | $7.52 |
Range of Exercise Price $9.60 - $10.20 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $9.60 |
Exercise Price, high end of range | $10.20 |
Outstanding Options (in shares) | 0.4 |
Weighted Average Remaining Contractual Life (in years) | '1 year 4 months |
Weighted Average Exercise Price | $10.14 |
Exercisable Options (in shares) | 0.4 |
Weighted Average Exercise Price | $10.14 |
Range of Exercise Price $10.21 - $16.28 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $10.21 |
Exercise Price, high end of range | $16.28 |
Outstanding Options (in shares) | 2 |
Weighted Average Remaining Contractual Life (in years) | '5 years 11 months |
Weighted Average Exercise Price | $12.79 |
Exercisable Options (in shares) | 1 |
Weighted Average Exercise Price | $12.06 |
Range of Exercise Price $16.29 - $26.09 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $16.29 |
Exercise Price, high end of range | $26.09 |
Outstanding Options (in shares) | 1.6 |
Weighted Average Remaining Contractual Life (in years) | '6 years 3 months |
Weighted Average Exercise Price | $19.18 |
Exercisable Options (in shares) | 0.8 |
Weighted Average Exercise Price | $19.38 |
Range of Exercise Price $26.10 - $28.14 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $26.10 |
Exercise Price, high end of range | $28.14 |
Outstanding Options (in shares) | 0.5 |
Weighted Average Remaining Contractual Life (in years) | '2 years 3 months |
Weighted Average Exercise Price | $26.11 |
Exercisable Options (in shares) | 0.5 |
Weighted Average Exercise Price | $26.11 |
Range of Exercise Price $28.15 - $36.03 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $28.15 |
Exercise Price, high end of range | $36.03 |
Outstanding Options (in shares) | 0.5 |
Weighted Average Remaining Contractual Life (in years) | '2 years 11 months |
Weighted Average Exercise Price | $29.50 |
Exercisable Options (in shares) | 0.5 |
Weighted Average Exercise Price | $29.50 |
Range of Exercise Price $36.04 - $47.84 | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Exercise Price, low end of range | $36.04 |
Exercise Price, high end of range | $47.84 |
Outstanding Options (in shares) | 0.4 |
Weighted Average Remaining Contractual Life (in years) | '3 years 11 months |
Weighted Average Exercise Price | $38.91 |
Exercisable Options (in shares) | 0.4 |
Weighted Average Exercise Price | $38.91 |
Stock Options | ' |
Options outstanding and exercisable by range of exercise prices | ' |
Weighted Average Remaining Contractual Life (in years) | '4 years 11 months |
Exercisable Options (in shares) | 4.8 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation | ' | ' | ' |
Period of U.S. Treasury rates as a basis for assumed risk-free rates (in years) | 10 | ' | ' |
Stock Options | ' | ' | ' |
Assumptions used to estimate the fair value of each option grant | ' | ' | ' |
Expected Life (years) | '6 years | '6 years | '6 years |
Risk-free Interest rate | 1.10% | 1.10% | 2.80% |
Expected volatility | 56.00% | 55.00% | 52.00% |
Expected dividend yield | 0.60% | 0.60% | 0.70% |
Performance shares | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 700,000 | 700,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 19.28 | 18.41 | ' |
Granted, shares | 500,000 | 300,000 | 400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 20.47 | ' | ' |
Weighted average fair value of performance shares granted per share (in dollars per share) | 19.44 | ' | ' |
Vested, shares | -400,000 | ' | ' |
Weighted average fair value of performance shares vested per share (in dollars per share) | 19 | ' | ' |
Cancelled, shares | -100,000 | ' | ' |
Restricted Stock | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 500,000 | 900,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 18.25 | 14.86 | ' |
Granted, shares | 100,000 | 200,000 | 300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 18.14 | ' | ' |
Weighted average fair value of performance shares granted per share (in dollars per share) | 0 | ' | ' |
Vested, shares | -500,000 | ' | ' |
Weighted average fair value of performance shares vested per share (in dollars per share) | 11.48 | ' | ' |
Cancelled, shares | 0 | ' | ' |
Performance Shares 2011 | Minimum | Performance shares | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Granted, shares | 0 | ' | ' |
Performance Shares 2011 | Maximum | Performance shares | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Granted, shares | 900,000 | ' | ' |
Contingencies_and_Significant_1
Contingencies and Significant Estimates (Details) (Enodis locations, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Enodis locations | ' |
Site contingency | ' |
Accruals for environmental matters related to Enodis locations | $0.70 |
Contingencies_and_Significant_2
Contingencies and Significant Estimates (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Y | ||
Product liability reserves | ' | ' | ' |
Period over which product liability self-insurance retention levels have fluctuated (in years) | 10 | ' | ' |
Product Liability Reserve | $25 | $27.90 | ' |
Product liability reserves for actual cases | 5.7 | 6.3 | ' |
Product liability reserves for claims incurred but not reported | 19.3 | 21.6 | ' |
Warranty claims reserves | 99 | 101.2 | 103.6 |
Minimum | ' | ' | ' |
Product liability reserves | ' | ' | ' |
Product liability self-insurance retention levels per occurrence | 0.1 | ' | ' |
Maximum | ' | ' | ' |
Product liability reserves | ' | ' | ' |
Product liability self-insurance retention levels per occurrence | 3 | ' | ' |
Product liability self-insurance maximum retention level for new occurrence | $2 | ' | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantees | ' | ' |
Deferred revenue included in other current and non-current liabilities | $62.60 | $67.20 |
Amount of residual value guarantees and buyback commitments given by the company | 66.8 | 80.5 |
Standard product warranty, low end of range (in months) | '12 months | ' |
Standard product warranty, high end of range (in months) | '60 months | ' |
Warranty activity | ' | ' |
Balance at beginning of period | 101.2 | 103.6 |
Accruals for warranties issued during the period | 58.6 | 56.9 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 0.2 | 0 |
Settlements made (in cash or in kind) during the period | -61.7 | -59.8 |
Currency translation | 0.7 | 0.5 |
Balance at end of period | 99 | 101.2 |
Notes receivable sales and guarantees | ' | ' |
Guarantees | ' | ' |
Sale of long term notes receivable to third party financing companies | 31.2 | 14.3 |
Maximum percent guaranteed by the company for collection of notes to financing companies (as a percent) | 100.00% | ' |
Payments related to notes by customers to financing companies | 24.6 | 24.7 |
Outstanding balance of notes receivables guaranteed by the company | $34.30 | $27.10 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Crane | Crane | Crane | Foodservice | Foodservice | Foodservice | Foodservice | ||||
Employee severance | Enodis | Enodis | ||||||||
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $4.80 | $9.50 | $5.50 | $1.90 | ' | $6.90 | $2.90 | ' | ' | ' |
Excess reserves adjusted to goodwill | 0.7 | 0.6 | ' | 0 | 0 | ' | 0.7 | 0.6 | 0.7 | 0.6 |
Rollforward of all restructuring activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve Balance, at the beginning of the period | ' | ' | ' | 8.4 | ' | ' | 16.9 | ' | ' | ' |
Restructuring expense | 4.8 | 9.5 | 5.5 | 1.9 | ' | 6.9 | 2.9 | ' | ' | ' |
Use of Reserve | ' | ' | ' | -6 | ' | ' | -2.8 | ' | ' | ' |
Reserve Revisions | ' | ' | ' | 0 | ' | ' | -0.7 | ' | ' | ' |
Restructuring Reserve Balance, at the end of the period | ' | ' | ' | $4.30 | $8.40 | ' | $16.30 | $16.90 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Manitowoc Deferred Compensation Plan | ' | ' | ' |
Number of defined contribution retirement plans for the employees | 3 | ' | ' |
Retirement Savings Plan | ' | ' | ' |
Manitowoc Deferred Compensation Plan | ' | ' | ' |
Total costs incurred under the Manitowoc Retirement Savings Plan | $6.20 | $4.10 | $4.20 |
Deferred Compensation Plan | ' | ' | ' |
Manitowoc Deferred Compensation Plan | ' | ' | ' |
Number of deferred compensation plans | 2 | ' | ' |
Number of investment programs | 2 | ' | ' |
Program A | Deferred Compensation Plan | ' | ' | ' |
Manitowoc Deferred Compensation Plan | ' | ' | ' |
Program asset | 2.2 | 2.2 | ' |
Program obligation | 2.2 | 2.2 | ' |
Program B | Deferred Compensation Plan | ' | ' | ' |
Manitowoc Deferred Compensation Plan | ' | ' | ' |
Program asset | 15.4 | 13 | ' |
Program obligation | $15.40 | $13 | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted average assumptions: | ' | ' | ' |
Amortization of gains and losses in excess of specified percentage (as a percent) | 10.00% | ' | ' |
U.S. Pension Plans | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' |
Service cost - benefits earned during the year | $0 | $0 | $0 |
Interest cost of projected benefit obligation | 9.6 | 10.2 | 10.4 |
Expected return on assets | -10.2 | -10.2 | -9.5 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial net (gain) loss | 3.5 | 2.9 | 1.6 |
Curtailment gain recognized | 0 | 0 | 0 |
Settlement gain recognized | 0 | 0 | 0 |
Net periodic benefit cost | 2.9 | 2.9 | 2.5 |
Weighted average assumptions: | ' | ' | ' |
Discount rate | 4.10% | 4.60% | 5.40% |
Expected return on plan assets | 5.80% | 6.00% | 6.00% |
Non-U.S. Pension Plans | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' |
Service cost - benefits earned during the year | 2.4 | 2.2 | 1.8 |
Interest cost of projected benefit obligation | 9.8 | 10.2 | 11 |
Expected return on assets | -7.4 | -8.2 | -9.3 |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Amortization of actuarial net (gain) loss | 1.9 | 0.8 | 0.4 |
Curtailment gain recognized | 0 | 0 | 0 |
Settlement gain recognized | 0 | -1.6 | 0 |
Net periodic benefit cost | 6.8 | 3.5 | 4 |
Weighted average assumptions: | ' | ' | ' |
Discount rate | 4.00% | 4.70% | 5.30% |
Expected return on plan assets | 3.90% | 4.50% | 5.40% |
Rate of compensation increase | 3.80% | 3.70% | 4.20% |
Postretirement Health and Other Plans | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' |
Service cost - benefits earned during the year | 0.6 | 0.8 | 0.8 |
Interest cost of projected benefit obligation | 2 | 2.8 | 3.4 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | -0.1 | 0 | 0 |
Amortization of actuarial net (gain) loss | 0 | 0.4 | 0.3 |
Curtailment gain recognized | -0.8 | 0 | 0 |
Settlement gain recognized | 0 | 0 | 0 |
Net periodic benefit cost | $1.70 | $4 | $4.50 |
Weighted average assumptions: | ' | ' | ' |
Discount rate | 3.50% | 4.60% | 5.40% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets, end of year | $373.70 | $380.10 | ' |
U.S. Pension Plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation, beginning of year | 241.4 | 226.1 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 9.6 | 10.2 | 10.4 |
Participant contributions | 0 | 0 | ' |
Medicare subsidies received | 0 | 0 | ' |
Plan curtailments | 0 | 0 | ' |
Plan settlements | 0 | 0 | ' |
Plan amendments | 0 | 0 | ' |
Defined Benefit Plan, Assets Transferred to (from) Plan | 0 | 0 | ' |
Actuarial loss (gain) | -19.4 | 14.8 | ' |
Currency translation adjustment | 0 | 0 | ' |
Benefits paid | -17.9 | -9.7 | ' |
Benefit obligation, end of year | 213.7 | 241.4 | 226.1 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 180.6 | 174.5 | ' |
Actual return on plan assets | -1.3 | 14.6 | ' |
Employer contributions | 1.2 | 1.2 | ' |
Participant contributions | 0 | 0 | ' |
Medicare subsidies received | 0 | 0 | ' |
Plan settlements | 0 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net transfer out | 0 | 0 | ' |
Benefits paid | -17.9 | -9.7 | ' |
Fair value of plan assets, end of year | 162.6 | 180.6 | 174.5 |
Funded status | -51.1 | -60.8 | ' |
Amounts recognized in the Consolidated Balance sheet at December 31 | ' | ' | ' |
Pension asset | 0 | 0 | ' |
Pension obligation | -51.1 | -60.8 | ' |
Postretirement health and other benefit obligations | 0 | 0 | ' |
Net amount recognized | -51.1 | -60.8 | ' |
Weighted-Average Assumptions | ' | ' | ' |
Discount rate | 4.90% | 4.10% | ' |
Expected return on plan assets | 5.80% | 6.00% | 6.00% |
Non-U.S. Pension Plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation, beginning of year | 255 | 221 | ' |
Service cost | 2.4 | 2.2 | 1.8 |
Interest cost | 9.8 | 10.2 | 11 |
Participant contributions | 0.1 | 0.1 | ' |
Medicare subsidies received | 0 | 0 | ' |
Plan curtailments | 0 | 0 | ' |
Plan settlements | -0.1 | -0.7 | ' |
Plan amendments | 0 | 0 | ' |
Defined Benefit Plan, Assets Transferred to (from) Plan | -0.3 | -0.6 | ' |
Actuarial loss (gain) | 3.9 | 27.4 | ' |
Currency translation adjustment | 4.6 | 6.8 | ' |
Benefits paid | -12.2 | -11.4 | ' |
Benefit obligation, end of year | 263.2 | 255 | 221 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 199.5 | 182 | ' |
Actual return on plan assets | 16.5 | 19.1 | ' |
Employer contributions | 4.2 | 5.2 | ' |
Participant contributions | 0.1 | 0.1 | ' |
Medicare subsidies received | 0 | 0 | ' |
Plan settlements | -0.1 | -0.7 | ' |
Currency translation adjustment | 3.5 | 5.8 | ' |
Net transfer out | -0.4 | -0.6 | ' |
Benefits paid | -12.2 | -11.4 | ' |
Fair value of plan assets, end of year | 211.1 | 199.5 | 182 |
Funded status | -52.1 | -55.5 | ' |
Amounts recognized in the Consolidated Balance sheet at December 31 | ' | ' | ' |
Pension asset | 0.3 | 0.3 | ' |
Pension obligation | -52.4 | -55.8 | ' |
Postretirement health and other benefit obligations | 0 | 0 | ' |
Net amount recognized | -52.1 | -55.5 | ' |
Weighted-Average Assumptions | ' | ' | ' |
Discount rate | 4.30% | 4.00% | ' |
Expected return on plan assets | 3.90% | 4.50% | 5.40% |
Postretirement Health and Other Plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation, beginning of year | 57.5 | 63.9 | ' |
Service cost | 0.6 | 0.8 | 0.8 |
Interest cost | 2 | 2.8 | 3.4 |
Participant contributions | 2.6 | 2.7 | ' |
Medicare subsidies received | 0.4 | 0.6 | ' |
Plan curtailments | -0.7 | -0.4 | ' |
Plan settlements | 0 | 0 | ' |
Plan amendments | -0.4 | -0.2 | ' |
Defined Benefit Plan, Assets Transferred to (from) Plan | 0 | 0 | ' |
Actuarial loss (gain) | -7.2 | -6.9 | ' |
Currency translation adjustment | -0.2 | 0.1 | ' |
Benefits paid | -6.1 | -5.9 | ' |
Benefit obligation, end of year | 48.5 | 57.5 | 63.9 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 3.1 | 2.6 | ' |
Participant contributions | 2.6 | 2.7 | ' |
Medicare subsidies received | 0.4 | 0.6 | ' |
Plan settlements | 0 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net transfer out | 0 | 0 | ' |
Benefits paid | -6.1 | -5.9 | ' |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status | -48.5 | -57.5 | ' |
Amounts recognized in the Consolidated Balance sheet at December 31 | ' | ' | ' |
Pension asset | 0 | 0 | ' |
Pension obligation | 0 | 0 | ' |
Postretirement health and other benefit obligations | -48.5 | -57.5 | ' |
Net amount recognized | ($48.50) | ($57.50) | ' |
Weighted-Average Assumptions | ' | ' | ' |
Discount rate | 4.50% | 3.50% | ' |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Pension Plans | ' | ' |
Amounts recognized in accumulated other comprehensive income | ' | ' |
Net actuarial gain (loss) | ($93.40) | ($111.30) |
Prior service credit | -1 | -1 |
Total amount recognized | -94.4 | -112.3 |
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | -4.5 | ' |
Estimated increase (decrease) in 2014 benefit obligation | ' | ' |
0.50% increase in discount rate | -1.6 | ' |
0.50% decrease in discount rate | 1.8 | ' |
0.50% increase in long-term return on assets | -1.8 | ' |
0.50% decrease in long-term return on assets | 1.8 | ' |
Estimated increase (decrease) in 2013 benefit obligation | ' | ' |
0.50% increase in discount rate | -29.2 | ' |
0.50% decrease in discount rate | 30.9 | ' |
Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Postretirement Health and Other Plans | ' | ' |
Amounts recognized in accumulated other comprehensive income | ' | ' |
Net actuarial gain (loss) | 4.6 | -2.6 |
Prior service credit | 0.3 | 0.2 |
Total amount recognized | 4.9 | -2.4 |
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | -0.4 | ' |
Annual rate of increase in the per capita cost of covered health care benefits assumed for measurement purposes (as a percent) | 6.50% | ' |
Ultimate health care cost trend rate (as a percent) | 4.50% | ' |
Estimated increase (decrease) in 2014 benefit obligation | ' | ' |
0.50% increase in discount rate | -0.1 | ' |
0.50% decrease in discount rate | -0.1 | ' |
1% increase in medical trend rates | 0.3 | ' |
1% decrease in medical trend rates | -0.7 | ' |
Estimated increase (decrease) in 2013 benefit obligation | ' | ' |
0.50% increase in discount rate | -2 | ' |
0.50% decrease in discount rate | 2.2 | ' |
1% increase in medical trend rates | 4 | ' |
1% decrease in medical trend rates | ($3.50) | ' |
Equity | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 20.20% | 17.90% |
Equity | U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 26.10% | 19.70% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target Allocations (as a percent) | 25.00% | ' |
Equity | Minimum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Minimum (as a percent) | 0.00% | ' |
Equity | Maximum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Maximum (as a percent) | 20.00% | ' |
Fixed income | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 23.80% | 25.80% |
Fixed income | U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 73.40% | 79.80% |
Other | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 56.00% | 56.30% |
Other | U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 0.50% | 0.50% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target Allocations (as a percent) | 0.00% | ' |
Other | Minimum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Minimum (as a percent) | 0.00% | ' |
Other | Maximum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Maximum (as a percent) | 100.00% | ' |
Debt Securities | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 23.80% | ' |
Debt Securities | U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Weighted-average asset allocation (as a percent) | 73.40% | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target Allocations (as a percent) | 75.00% | ' |
Debt Securities | Minimum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Minimum (as a percent) | 0.00% | ' |
Debt Securities | Maximum | Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Maximum (as a percent) | 100.00% | ' |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | $373.70 | $380.10 | ' |
Cash | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 1.7 | 2.1 | ' |
Insurance group annuity contracts | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 118.3 | 111.1 | ' |
Common/collective trust funds - Government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 3 | 8.9 | ' |
Common/collective trust funds - Corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 49.6 | 49.8 | ' |
Common/collective trust funds - Government, corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 111.6 | 95.5 | ' |
Common/collective trust funds - Corporate equity | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 84.3 | 71.4 | ' |
Common/collective trust funds - Customized strategy | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 5.2 | 41.3 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 1.7 | 2.1 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 1.7 | 2.1 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance group annuity contracts | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/collective trust funds - Government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/collective trust funds - Corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/collective trust funds - Government, corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/collective trust funds - Corporate equity | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/collective trust funds - Customized strategy | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 253.7 | 266.9 | ' |
Significant Other Observable Inputs (Level 2) | Cash | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Insurance group annuity contracts | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds - Government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 3 | 8.9 | ' |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds - Corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 49.6 | 49.8 | ' |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds - Government, corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 111.6 | 95.5 | ' |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds - Corporate equity | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 84.3 | 71.4 | ' |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds - Customized strategy | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 5.2 | 41.3 | ' |
Level 3 | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 118.3 | 111.1 | ' |
Level 3 | Cash | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 | Insurance group annuity contracts | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 118.3 | 111.1 | 102.4 |
Level 3 | Common/collective trust funds - Government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 | Common/collective trust funds - Corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 | Common/collective trust funds - Government, corporate and other non-government debt | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 | Common/collective trust funds - Corporate equity | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 | Common/collective trust funds - Customized strategy | ' | ' | ' |
Plan assets using fair value hierarchy | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 6) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ' | ' |
Fair value of plan assets, end of year | $373.70 | $380.10 |
Unobservable Inputs (Level 3) | ' | ' |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ' | ' |
Fair value of plan assets, end of year | 118.3 | 111.1 |
Insurance group annuity contracts | ' | ' |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ' | ' |
Fair value of plan assets, end of year | 118.3 | 111.1 |
Insurance group annuity contracts | Unobservable Inputs (Level 3) | ' | ' |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ' | ' |
Fair value of plan assets, beginning of year | 111.1 | 102.4 |
Actual return on plan assets | 12.1 | 12.2 |
Benefit payments | -6.8 | -6.7 |
Foreign currency impact | 1.9 | 3.2 |
Fair value of plan assets, end of year | $118.30 | $111.10 |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 7) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets | ' | ' | ' |
Expenses related to the target benefit plan | $2.90 | $3.30 | $3 |
Amounts accrued related to the target benefit plan | 24.8 | 23.4 | ' |
Multiemployer Plans, Withdrawal Obligation | 15.8 | ' | ' |
Multiemployer plan, number of withdrawal obligation quarterly payments | 48 | ' | ' |
Multiemployer plan, withdrawal obligation quarterly installment payment amount | 0.5 | ' | ' |
Contributions under collective bargaining agreement | 0.3 | 0.9 | 0.8 |
U.S. Pension Plans | ' | ' | ' |
Expected contributions for the pension plans | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 4.1 | ' | ' |
Projected benefit payments from the plans | ' | ' | ' |
2014 | 11.7 | ' | ' |
2015 | 12.2 | ' | ' |
2016 | 12.7 | ' | ' |
2017 | 13.1 | ' | ' |
2018 | 13.6 | ' | ' |
2019 - 2023 | 71.8 | ' | ' |
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets | ' | ' | ' |
Projected benefit obligation | 213.7 | 241.4 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 213.7 | 241.4 | ' |
Fair value of plan assets | 162.6 | 180.6 | ' |
Accumulated benefit obligation | 213.7 | 241.4 | ' |
Non-U.S. Pension Plans | ' | ' | ' |
Expected contributions for the pension plans | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 4.6 | ' | ' |
Projected benefit payments from the plans | ' | ' | ' |
2014 | 11.7 | ' | ' |
2015 | 12.5 | ' | ' |
2016 | 13.3 | ' | ' |
2017 | 14.4 | ' | ' |
2018 | 15.2 | ' | ' |
2019 - 2023 | 86.4 | ' | ' |
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets | ' | ' | ' |
Projected benefit obligation | 259.4 | 251.5 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 254.2 | 246.7 | ' |
Fair value of plan assets | 206.9 | 195.7 | ' |
Accumulated benefit obligation | 256.7 | 249 | ' |
Postretirement Health and Other Plans | ' | ' | ' |
Expected contributions for the pension plans | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3.8 | ' | ' |
Projected benefit payments from the plans | ' | ' | ' |
2014 | 3.8 | ' | ' |
2015 | 3.8 | ' | ' |
2016 | 4 | ' | ' |
2017 | 4.2 | ' | ' |
2018 | 4.4 | ' | ' |
2019 - 2023 | $20.40 | ' | ' |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rental expense attributed to operating leases | $34.30 | $38.10 | $43.10 |
Future minimum rental obligations under non-cancelable operating leases | ' | ' | ' |
2014 | 45.6 | ' | ' |
2015 | 35.7 | ' | ' |
2016 | 27.5 | ' | ' |
2017 | 20.3 | ' | ' |
2018 | 16.3 | ' | ' |
Thereafter | 26.1 | ' | ' |
Total | $171.50 | ' | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment reporting information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations | $1,104.30 | $1,012.10 | $1,037.10 | $894.60 | $1,128.10 | $946.30 | $993.10 | $845.80 | $4,048.10 | $3,913.30 | $3,589.30 |
Operating earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -35.3 | -36.5 | -37.4 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | -9.5 | -5.5 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | 0.5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.5 | ' |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 364.4 | 296.9 | 229.5 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -128.4 | -135.6 | -145.4 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -8.2 | -10.4 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -6.3 | -29.7 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | 0.1 | 2.3 |
Earnings (loss) from continuing operations | 60.7 | 70.8 | 71.4 | 22.3 | 34.1 | 37.4 | 62.3 | 13.1 | 225.2 | 146.9 | 46.3 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 110.7 | 72.9 | 64.6 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 68.5 | 68.1 | 80.2 |
Total assets | 3,976.60 | ' | ' | ' | 4,057.30 | ' | ' | ' | 3,976.60 | 4,057.30 | 4,022.60 |
Crane | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,506.30 | 2,427.10 | 2,134.70 |
Operating earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | ' | ' |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 218.8 | 170.5 | 118.8 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 69.3 | 52.7 | 52 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 46.9 | 43.5 | 52.9 |
Total assets | 1,900.40 | ' | ' | ' | 1,903.30 | ' | ' | ' | 1,900.40 | 1,903.30 | 1,760.80 |
Foodservice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,541.80 | 1,486.20 | 1,454.60 |
Operating earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | ' | ' |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 250.3 | 238.6 | 214.4 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 33.6 | 17.4 | 11.9 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 20.1 | 22.3 | 24.5 |
Total assets | 1,904.30 | ' | ' | ' | 1,956.80 | ' | ' | ' | 1,904.30 | 1,956.80 | 2,192.60 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -64.9 | -63.7 | -61.3 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7.8 | 2.8 | 0.7 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 2.3 | 2.8 |
Total assets | $171.90 | ' | ' | ' | $197.20 | ' | ' | ' | $171.90 | $197.20 | $69.20 |
Business_Segments_Details_2
Business Segments (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,104.30 | $1,012.10 | $1,037.10 | $894.60 | $1,128.10 | $946.30 | $993.10 | $845.80 | $4,048.10 | $3,913.30 | $3,589.30 |
Long-Lived Assets | 2,681.40 | ' | ' | ' | 2,654.70 | ' | ' | ' | 2,681.40 | 2,654.70 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,978 | 1,833 | 1,588.80 |
Long-Lived Assets | 1,888.40 | ' | ' | ' | 1,905.40 | ' | ' | ' | 1,888.40 | 1,905.40 | ' |
Other North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 292.1 | 278.2 | 208.8 |
Long-Lived Assets | 13.6 | ' | ' | ' | 5.3 | ' | ' | ' | 13.6 | 5.3 | ' |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 937.6 | 788 | 813.4 |
Long-Lived Assets | 530 | ' | ' | ' | 510.6 | ' | ' | ' | 530 | 510.6 | ' |
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 364.5 | 354 | 352.2 |
Long-Lived Assets | 203 | ' | ' | ' | 189.5 | ' | ' | ' | 203 | 189.5 | ' |
Middle East | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 174.2 | 161.6 | 189.4 |
Long-Lived Assets | 1.6 | ' | ' | ' | 1.6 | ' | ' | ' | 1.6 | 1.6 | ' |
Central and South America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 166.9 | 243 | 237.8 |
Long-Lived Assets | 36 | ' | ' | ' | 33.3 | ' | ' | ' | 36 | 33.3 | ' |
Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 110.8 | 65.4 |
Long-Lived Assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
South Pacific and Caribbean | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | 10.6 | 12 |
Long-Lived Assets | 4.1 | ' | ' | ' | 4.6 | ' | ' | ' | 4.1 | 4.6 | ' |
Australia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales from continuing operations and long-lived asset information by geographic area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 92.2 | 134.1 | 121.5 |
Long-Lived Assets | $4.70 | ' | ' | ' | $4.40 | ' | ' | ' | $4.70 | $4.40 | ' |
Subsidiary_Guarantors_of_Senio2
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,104.30 | $1,012.10 | $1,037.10 | $894.60 | $1,128.10 | $946.30 | $993.10 | $845.80 | $4,048.10 | $3,913.30 | $3,589.30 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,026.30 | 2,970.30 | 2,756.40 |
Engineering, selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 617.6 | 597.6 | 561 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 35.3 | 36.5 | 37.4 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 9.5 | 5.5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | -0.5 |
Equity in (earnings) loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,683.70 | 3,616.40 | 3,359.80 |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 364.4 | 296.9 | 229.5 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -128.4 | -135.6 | -145.4 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -8.2 | -10.4 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -6.3 | -29.7 |
Management fee income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | 0.1 | 2.3 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -139.2 | -150 | -183.2 |
Earnings from continuing operations before taxes on earnings | 60.7 | 70.8 | 71.4 | 22.3 | 34.1 | 37.4 | 62.3 | 13.1 | 225.2 | 146.9 | 46.3 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 36.1 | 38 | 13.6 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 189.1 | 108.9 | 32.7 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | -3.9 | -3.2 | -7.6 | -4.1 | -4.4 | -4.2 | -3.8 | -3.9 | -18.8 | -16.3 | -15.8 |
Loss on sale of discontinued operations, net of income taxes | -1.1 | 0 | 0 | -1.6 | 0 | 0 | 0 | 0 | -2.7 | 0 | -34.6 |
Net earnings (loss) | 54.4 | 50.6 | 54.5 | 8.1 | 32.1 | 19.7 | 43 | -2.2 | 167.6 | 92.6 | -17.7 |
Less: Net earnings (loss) attributable to noncontrolling interest | 33.5 | -2.3 | -3.1 | -2.3 | -2.4 | -2.5 | -2.3 | -1.9 | 25.8 | -9.1 | -6.5 |
Net earnings (loss) attributable to Manitowoc | 20.9 | 52.9 | 57.6 | 10.4 | 34.5 | 22.2 | 45.3 | -0.3 | 141.8 | 101.7 | -11.2 |
Comprehensive income (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 164.3 | 97.1 | -36.1 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Engineering, selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 61.4 | 61.2 | 58.9 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in (earnings) loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -199.6 | -167.2 | -70.4 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -138.2 | -106 | -11.5 |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 138.2 | 106 | 11.5 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -118.8 | -122.9 | -132.9 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -8.2 | -10.4 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -6.3 | -29.7 |
Management fee income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 59.6 | 60.1 | 55 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | -3.6 | 16.5 | 40.6 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -72.8 | -60.8 | -77.4 |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 65.4 | 45.2 | -65.9 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -76.4 | -56.5 | -54.7 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 141.8 | 101.7 | -11.2 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 141.8 | 101.7 | -11.2 |
Less: Net earnings (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 141.8 | 101.7 | -11.2 |
Comprehensive income (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 164.3 | 97.1 | -36.1 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,631.30 | 2,616.40 | 2,166 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,038.10 | 2,022.30 | 1,681.50 |
Engineering, selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 259.5 | 247.6 | 231.1 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 29.6 | 29.9 | 29.9 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 0.7 | 0.5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 2.5 | 0.7 |
Equity in (earnings) loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -32.5 | -36 | -32.4 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,295.90 | 2,267 | 1,911.30 |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 335.4 | 349.4 | 254.7 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2.1 | -1.5 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Management fee income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -77.1 | -77.8 | -68 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | -32.6 | -45.9 | -69.7 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -110.7 | -125.8 | -139.2 |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 224.7 | 223.6 | 115.5 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 69.3 | 69.2 | 32.5 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 155.4 | 154.4 | 83 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2.3 | -0.9 | -1.5 |
Loss on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -34.6 |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 153.1 | 153.5 | 46.9 |
Less: Net earnings (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 153.1 | 153.5 | 46.9 |
Comprehensive income (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 154.1 | 153.7 | 47.1 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,097.10 | 1,959 | 1,908.90 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,668.50 | 1,610.10 | 1,560.50 |
Engineering, selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 296.7 | 288.8 | 271 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | 6.6 | 7.5 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 8.8 | 5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | ' | -1.2 |
Equity in (earnings) loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,974.20 | 1,914.30 | 1,842.80 |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 122.9 | 44.7 | 66.1 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -8.6 | -10.6 | -11 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Management fee income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 17.5 | 17.7 | 13 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | 29.5 | 31.4 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 44.3 | 36.6 | 33.4 |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 167.2 | 81.3 | 99.5 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 43.2 | 25.3 | 35.8 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 56 | 63.7 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -16.5 | -15.4 | -14.3 |
Loss on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2.7 | ' | 0 |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 104.8 | 40.6 | 49.4 |
Less: Net earnings (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 25.8 | -9.1 | -6.5 |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 79 | 49.7 | 55.9 |
Comprehensive income (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | 62.9 | 51.9 | 51.1 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -680.3 | -662.1 | -485.6 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -680.3 | -662.1 | -485.6 |
Engineering, selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in (earnings) loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 232.1 | 203.2 | 102.8 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -448.2 | -458.9 | -382.8 |
Operating earnings from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -232.1 | -203.2 | -102.8 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Management fee income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income (expense)-net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Earnings from continuing operations before taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | -232.1 | -203.2 | -102.8 |
Provision for taxes on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -232.1 | -203.2 | -102.8 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -232.1 | -203.2 | -102.8 |
Less: Net earnings (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | -232.1 | -203.2 | -102.8 |
Comprehensive income (loss) attributable to Manitowoc | ' | ' | ' | ' | ' | ' | ' | ' | ($217) | ($205.60) | ($98.20) |
Subsidiary_Guarantors_of_Senio3
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $54.90 | $73.20 | $68.30 | $82 |
Restricted cash | 12.8 | 10.6 | ' | ' |
Accounts receivable - net | 255.5 | 330.7 | ' | ' |
Intercompany short term notes receivable | 0 | ' | ' | ' |
Intercompany interest receivable | 0 | 0 | ' | ' |
Inventories — net | 720.8 | 692.7 | ' | ' |
Deferred income taxes | 89.9 | 88.3 | ' | ' |
Other current assets | 113.9 | 104.3 | ' | ' |
Current assets of discontinued operations | 15.1 | 28.2 | ' | ' |
Total current assets | 1,262.90 | 1,328 | ' | ' |
Property, plant and equipment — net | 578.8 | 539.3 | ' | ' |
Goodwill | 1,218.60 | 1,210.70 | ' | ' |
Other intangible assets — net | 766.2 | 789.7 | ' | ' |
Intercompany long-term notes receivable | 0 | 0 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Other non-current assets | 126.8 | 128.8 | ' | ' |
Long-term assets of discontinued operations | 23.3 | 60.8 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Total assets | 3,976.60 | 4,057.30 | 4,022.60 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 935.6 | 911.5 | ' | ' |
Short-term borrowings and current portion of long-term debt | 22.7 | 69 | ' | ' |
Intercompany short term notes payable | 0 | ' | ' | ' |
Intercompany interest payable | 0 | 0 | ' | ' |
Product warranties | 81.1 | 82 | ' | ' |
Customer advances | 34.9 | 24.1 | ' | ' |
Product liabilities | 25 | 27.9 | ' | ' |
Current liabilities of discontinued operations | 26.1 | 31.4 | ' | ' |
Total current liabilities | 1,125.40 | 1,145.90 | ' | ' |
Non-Current Liabilities: | ' | ' | ' | ' |
Long-term debt, less current portion | 1,504.10 | 1,732 | ' | ' |
Deferred income taxes | 214.3 | 220.6 | ' | ' |
Pension obligations | 101.5 | 114.3 | ' | ' |
Postretirement health and other benefit obligations | 44.7 | 53.4 | ' | ' |
Long-term deferred revenue | 37.6 | 37.7 | ' | ' |
Intercompany long-term note payable | 0 | 0 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Other non-current liabilities | 164.5 | 161.1 | ' | ' |
Long-term liabilities of discontinued operations | 2.2 | 11 | ' | ' |
Total non-current liabilities | 2,068.90 | 2,330.10 | ' | ' |
Equity | ' | ' | ' | ' |
Manitowoc stockholder's equity | 775.5 | 600.3 | ' | ' |
Noncontrolling interest | 6.8 | -19 | ' | ' |
Total equity | 782.3 | 581.3 | 481.1 | ' |
Total liabilities and equity | 3,976.60 | 4,057.30 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1.2 | 12 | 4.2 | 5.3 |
Restricted cash | 2.8 | 5.3 | ' | ' |
Accounts receivable - net | 0.2 | 0.4 | ' | ' |
Intercompany short term notes receivable | 0 | ' | ' | ' |
Intercompany interest receivable | 18.4 | 4.1 | ' | ' |
Inventories — net | 0 | 0 | ' | ' |
Deferred income taxes | 73.2 | 70.9 | ' | ' |
Other current assets | 3.4 | 6.5 | ' | ' |
Current assets of discontinued operations | 0 | 0 | ' | ' |
Total current assets | 99.2 | 99.2 | ' | ' |
Property, plant and equipment — net | 6.3 | 6.8 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets — net | 0 | 0 | ' | ' |
Intercompany long-term notes receivable | 964.4 | 928.6 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Other non-current assets | 42.9 | 49.3 | ' | ' |
Long-term assets of discontinued operations | 0 | 0 | ' | ' |
Investment in affiliates | 5,356.20 | 4,985.40 | ' | ' |
Total assets | 6,469 | 6,069.30 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 108.1 | 93.6 | ' | ' |
Short-term borrowings and current portion of long-term debt | 0 | 45.2 | ' | ' |
Intercompany short term notes payable | 112.1 | ' | ' | ' |
Intercompany interest payable | 3.2 | 3.2 | ' | ' |
Product warranties | 0 | 0 | ' | ' |
Customer advances | 0 | 0 | ' | ' |
Product liabilities | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 223.4 | 142 | ' | ' |
Non-Current Liabilities: | ' | ' | ' | ' |
Long-term debt, less current portion | 1,474.70 | 1,708.30 | ' | ' |
Deferred income taxes | 165.2 | 176 | ' | ' |
Pension obligations | 91 | 80 | ' | ' |
Postretirement health and other benefit obligations | 40.6 | 49.8 | ' | ' |
Long-term deferred revenue | 0 | 0 | ' | ' |
Intercompany long-term note payable | 183.3 | 183.3 | ' | ' |
Intercompany accounts payable | 3,414 | 3,024.90 | ' | ' |
Other non-current liabilities | 101.3 | 104.7 | ' | ' |
Long-term liabilities of discontinued operations | 0 | 0 | ' | ' |
Total non-current liabilities | 5,470.10 | 5,327 | ' | ' |
Equity | ' | ' | ' | ' |
Manitowoc stockholder's equity | 775.5 | 600.3 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 775.5 | 600.3 | ' | ' |
Total liabilities and equity | 6,469 | 6,069.30 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3.3 | 4 | 8.5 | 19.7 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable - net | 16.5 | 29 | ' | ' |
Intercompany short term notes receivable | 0 | ' | ' | ' |
Intercompany interest receivable | 3.2 | 3.2 | ' | ' |
Inventories — net | 333.4 | 338.3 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 5.9 | 3.5 | ' | ' |
Current assets of discontinued operations | 0 | 0 | ' | ' |
Total current assets | 362.3 | 378 | ' | ' |
Property, plant and equipment — net | 291.9 | 271.3 | ' | ' |
Goodwill | 960.5 | 969.1 | ' | ' |
Other intangible assets — net | 591.3 | 620.9 | ' | ' |
Intercompany long-term notes receivable | 158.5 | 158.6 | ' | ' |
Intercompany accounts receivable | 1,565.20 | 924.1 | ' | ' |
Other non-current assets | 3.4 | 4.5 | ' | ' |
Long-term assets of discontinued operations | 0 | 0 | ' | ' |
Investment in affiliates | 3,505.60 | 3,443.60 | ' | ' |
Total assets | 7,438.70 | 6,770.10 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 404.2 | 410.6 | ' | ' |
Short-term borrowings and current portion of long-term debt | 0.7 | 0.7 | ' | ' |
Intercompany short term notes payable | 0 | ' | ' | ' |
Intercompany interest payable | 0 | 0 | ' | ' |
Product warranties | 47.3 | 44.5 | ' | ' |
Customer advances | 12.9 | 7.8 | ' | ' |
Product liabilities | 21.2 | 23.5 | ' | ' |
Current liabilities of discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 486.3 | 487.1 | ' | ' |
Non-Current Liabilities: | ' | ' | ' | ' |
Long-term debt, less current portion | 2.2 | 3 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension obligations | 6.4 | 12.2 | ' | ' |
Postretirement health and other benefit obligations | 2.1 | 0 | ' | ' |
Long-term deferred revenue | 9.2 | 6 | ' | ' |
Intercompany long-term note payable | 832.2 | 827.5 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Other non-current liabilities | 15.6 | 15.6 | ' | ' |
Long-term liabilities of discontinued operations | 0 | 0 | ' | ' |
Total non-current liabilities | 867.7 | 864.3 | ' | ' |
Equity | ' | ' | ' | ' |
Manitowoc stockholder's equity | 6,084.70 | 5,418.70 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 6,084.70 | 5,418.70 | ' | ' |
Total liabilities and equity | 7,438.70 | 6,770.10 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 50.4 | 57.2 | 55.6 | 57 |
Restricted cash | 10 | 5.3 | ' | ' |
Accounts receivable - net | 238.8 | 301.3 | ' | ' |
Intercompany short term notes receivable | 112.1 | ' | ' | ' |
Intercompany interest receivable | 0 | 0 | ' | ' |
Inventories — net | 387.4 | 354.4 | ' | ' |
Deferred income taxes | 16.7 | 17.4 | ' | ' |
Other current assets | 104.6 | 104.3 | ' | ' |
Current assets of discontinued operations | 15.1 | 28.2 | ' | ' |
Total current assets | 935.1 | 868.1 | ' | ' |
Property, plant and equipment — net | 280.6 | 261.2 | ' | ' |
Goodwill | 258.1 | 241.6 | ' | ' |
Other intangible assets — net | 174.9 | 168.8 | ' | ' |
Intercompany long-term notes receivable | 903.7 | 897.5 | ' | ' |
Intercompany accounts receivable | 1,848.80 | 1,260.30 | ' | ' |
Other non-current assets | 80.5 | 75 | ' | ' |
Long-term assets of discontinued operations | 23.3 | 60.8 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Total assets | 4,505 | 3,833.30 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 423.3 | 407.3 | ' | ' |
Short-term borrowings and current portion of long-term debt | 22 | 33.1 | ' | ' |
Intercompany short term notes payable | 0 | ' | ' | ' |
Intercompany interest payable | 18.4 | 4.1 | ' | ' |
Product warranties | 33.8 | 37.5 | ' | ' |
Customer advances | 22 | 16.3 | ' | ' |
Product liabilities | 3.8 | 4.4 | ' | ' |
Current liabilities of discontinued operations | 26.1 | 31.4 | ' | ' |
Total current liabilities | 549.4 | 534.1 | ' | ' |
Non-Current Liabilities: | ' | ' | ' | ' |
Long-term debt, less current portion | 27.2 | 20.7 | ' | ' |
Deferred income taxes | 49.1 | 44.6 | ' | ' |
Pension obligations | 4.1 | 22.1 | ' | ' |
Postretirement health and other benefit obligations | 2 | 3.6 | ' | ' |
Long-term deferred revenue | 28.4 | 31.7 | ' | ' |
Intercompany long-term note payable | 1,011.10 | 973.9 | ' | ' |
Intercompany accounts payable | 0 | 57.9 | ' | ' |
Other non-current liabilities | 47.6 | 40.8 | ' | ' |
Long-term liabilities of discontinued operations | 2.2 | 11 | ' | ' |
Total non-current liabilities | 1,171.70 | 1,206.30 | ' | ' |
Equity | ' | ' | ' | ' |
Manitowoc stockholder's equity | 2,777.10 | 2,111.90 | ' | ' |
Noncontrolling interest | 6.8 | -19 | ' | ' |
Total equity | 2,783.90 | 2,092.90 | ' | ' |
Total liabilities and equity | 4,505 | 3,833.30 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable - net | 0 | 0 | ' | ' |
Intercompany short term notes receivable | -112.1 | ' | ' | ' |
Intercompany interest receivable | -21.6 | -7.3 | ' | ' |
Inventories — net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 0 | -10 | ' | ' |
Current assets of discontinued operations | 0 | 0 | ' | ' |
Total current assets | -133.7 | -17.3 | ' | ' |
Property, plant and equipment — net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets — net | 0 | 0 | ' | ' |
Intercompany long-term notes receivable | -2,026.60 | -1,984.70 | ' | ' |
Intercompany accounts receivable | -3,414 | -2,184.40 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Long-term assets of discontinued operations | 0 | 0 | ' | ' |
Investment in affiliates | -8,861.80 | -8,429 | ' | ' |
Total assets | -14,436.10 | -12,615.40 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 0 | 0 | ' | ' |
Short-term borrowings and current portion of long-term debt | 0 | -10 | ' | ' |
Intercompany short term notes payable | -112.1 | ' | ' | ' |
Intercompany interest payable | -21.6 | -7.3 | ' | ' |
Product warranties | 0 | 0 | ' | ' |
Customer advances | 0 | 0 | ' | ' |
Product liabilities | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -133.7 | -17.3 | ' | ' |
Non-Current Liabilities: | ' | ' | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension obligations | 0 | 0 | ' | ' |
Postretirement health and other benefit obligations | 0 | 0 | ' | ' |
Long-term deferred revenue | 0 | 0 | ' | ' |
Intercompany long-term note payable | -2,026.60 | -1,984.70 | ' | ' |
Intercompany accounts payable | -3,414 | -3,082.80 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Long-term liabilities of discontinued operations | 0 | 0 | ' | ' |
Total non-current liabilities | -5,440.60 | -5,067.50 | ' | ' |
Equity | ' | ' | ' | ' |
Manitowoc stockholder's equity | -8,861.80 | -7,530.60 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | -8,861.80 | -7,530.60 | ' | ' |
Total liabilities and equity | ($14,436.10) | ($12,615.40) | ' | ' |
Subsidiary_Guarantors_of_Senio4
Subsidiary Guarantors of Senior Notes due 2018, Senior Notes due 2020 and Senior Notes due 2022 (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash provided by (used for) operating activities of continuing operations | $334.10 | $175.30 | $43.30 |
Cash used for operating activities of discontinued operations | -11 | -12.9 | -26.2 |
Net cash provided by operating activities | 323.1 | 162.4 | 17.1 |
Cash Flows from Investing: | ' | ' | ' |
Capital expenditures | -110.7 | -72.9 | -64.6 |
Proceeds from sale of property, plant and equipment | 4.1 | 0.8 | 17.3 |
Restricted cash | -2 | -3.3 | 2.2 |
Payments to Acquire Businesses, Net of Cash Acquired | -12.2 | 0 | 0 |
Proceeds from sale of business | 39.2 | 0 | 143.6 |
Intercompany investments | 0 | 0 | 0 |
Net cash (used for) provided by investing activities of continuing operations | -81.6 | -75.4 | 98.5 |
Net cash provided by (used for) investing activities of discontinued operations | -0.6 | -0.1 | -0.1 |
Net cash (used for) provided by investing activities | -82.2 | -75.5 | 98.4 |
Cash Flows from Financing: | ' | ' | ' |
Payments on long-term debt | -266.5 | -495.4 | -960.3 |
Proceeds from long-term debt | 43 | 383.3 | 839 |
(Payments on) proceeds from revolving credit facility-net | -34.4 | 34.4 | -24.2 |
Proceeds (payments) on notes financing-net | 6.6 | -10.4 | 14.8 |
Proceeds from swap monetization | 0 | 14.8 | 21.5 |
Debt issue costs | -1.1 | -5.7 | -14.7 |
Dividends paid | -10.7 | -10.6 | -10.6 |
Exercises of stock options | 6.7 | 6.4 | 2.6 |
Intercompany financing | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -256.4 | -83.2 | -131.9 |
Cash provided by financing activities of discontinued operations | 0 | 0 | 6 |
Net cash used for financing activities | -256.4 | -83.2 | -125.9 |
Effect of exchange rate changes on cash | -2.8 | 1.2 | -3.3 |
Net increase (decrease) in cash and cash equivalents | -18.3 | 4.9 | -13.7 |
Balance at beginning of year | 73.2 | 68.3 | 82 |
Balance at end of year | 54.9 | 73.2 | 68.3 |
Parent | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash provided by (used for) operating activities of continuing operations | -51.6 | -22.8 | -59.8 |
Cash used for operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | -51.6 | -22.8 | -59.8 |
Cash Flows from Investing: | ' | ' | ' |
Capital expenditures | -0.8 | -1.4 | -0.4 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Restricted cash | 2.6 | 1 | 2 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Proceeds from sale of business | 0 | ' | 0 |
Intercompany investments | 197.1 | 131.4 | 216.7 |
Net cash (used for) provided by investing activities of continuing operations | 198.9 | 131 | 218.3 |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used for) provided by investing activities | 198.9 | 131 | 218.3 |
Cash Flows from Financing: | ' | ' | ' |
Payments on long-term debt | -220.6 | -439.7 | -884.1 |
Proceeds from long-term debt | 0 | 300 | 750 |
(Payments on) proceeds from revolving credit facility-net | -34.5 | 34.4 | -24.2 |
Proceeds (payments) on notes financing-net | 0 | 0 | 0 |
Proceeds from swap monetization | ' | 14.8 | 21.5 |
Debt issue costs | -1.1 | -5.7 | -14.7 |
Dividends paid | -10.7 | -10.6 | -10.6 |
Exercises of stock options | 6.7 | 6.4 | 2.6 |
Intercompany financing | 102.1 | 0 | -0.1 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | -159.6 |
Cash provided by financing activities of discontinued operations | ' | ' | 0 |
Net cash used for financing activities | -158.1 | -100.4 | -159.6 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -10.8 | 7.8 | -1.1 |
Balance at beginning of year | 12 | 4.2 | 5.3 |
Balance at end of year | 1.2 | 12 | 4.2 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash provided by (used for) operating activities of continuing operations | 224.9 | 167.4 | 70.5 |
Cash used for operating activities of discontinued operations | -2.3 | -0.9 | -1.5 |
Net cash provided by operating activities | 222.6 | 166.5 | 69 |
Cash Flows from Investing: | ' | ' | ' |
Capital expenditures | -57.4 | -36.5 | -23.4 |
Proceeds from sale of property, plant and equipment | 2 | 0 | 0.1 |
Restricted cash | 0 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Proceeds from sale of business | 0 | ' | 143.6 |
Intercompany investments | -167.2 | -175.4 | -164.5 |
Net cash (used for) provided by investing activities of continuing operations | -222.6 | -211.9 | -44.2 |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used for) provided by investing activities | -222.6 | -211.9 | -44.2 |
Cash Flows from Financing: | ' | ' | ' |
Payments on long-term debt | -0.7 | -0.7 | -0.7 |
Proceeds from long-term debt | 0 | 0 | 0 |
(Payments on) proceeds from revolving credit facility-net | 0 | 0 | 0 |
Proceeds (payments) on notes financing-net | 0 | -2.1 | -2.6 |
Proceeds from swap monetization | ' | 0 | 0 |
Debt issue costs | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Intercompany financing | 0 | 43.7 | -32.7 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | -36 |
Cash provided by financing activities of discontinued operations | ' | ' | 0 |
Net cash used for financing activities | -0.7 | 40.9 | -36 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -0.7 | -4.5 | -11.2 |
Balance at beginning of year | 4 | 8.5 | 19.7 |
Balance at end of year | 3.3 | 4 | 8.5 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash provided by (used for) operating activities of continuing operations | 160.8 | 30.7 | 32.6 |
Cash used for operating activities of discontinued operations | -8.7 | -12 | -24.7 |
Net cash provided by operating activities | 152.1 | 18.7 | 7.9 |
Cash Flows from Investing: | ' | ' | ' |
Capital expenditures | -52.5 | -35 | -40.8 |
Proceeds from sale of property, plant and equipment | 2.1 | 0.8 | 17.2 |
Restricted cash | -4.6 | -4.3 | 0.2 |
Payments to Acquire Businesses, Net of Cash Acquired | -12.2 | ' | ' |
Proceeds from sale of business | 39.2 | ' | 0 |
Intercompany investments | -169.3 | -4.8 | -30.7 |
Net cash (used for) provided by investing activities of continuing operations | -197.3 | -43.3 | -54.1 |
Net cash provided by (used for) investing activities of discontinued operations | -0.6 | -0.1 | -0.1 |
Net cash (used for) provided by investing activities | -197.9 | -43.4 | -54.2 |
Cash Flows from Financing: | ' | ' | ' |
Payments on long-term debt | -45.2 | -55 | -75.5 |
Proceeds from long-term debt | 43 | 83.3 | 89 |
(Payments on) proceeds from revolving credit facility-net | 0.1 | 0 | 0 |
Proceeds (payments) on notes financing-net | 6.6 | -8.3 | 17.4 |
Proceeds from swap monetization | ' | 0 | 0 |
Debt issue costs | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Intercompany financing | 37.3 | 5.1 | 11.3 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | 42.2 |
Cash provided by financing activities of discontinued operations | ' | ' | 6 |
Net cash used for financing activities | 41.8 | 25.1 | 48.2 |
Effect of exchange rate changes on cash | -2.8 | 1.2 | -3.3 |
Net increase (decrease) in cash and cash equivalents | -6.8 | 1.6 | -1.4 |
Balance at beginning of year | 57.2 | 55.6 | 57 |
Balance at end of year | 50.4 | 57.2 | 55.6 |
Eliminations | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash provided by (used for) operating activities of continuing operations | 0 | 0 | 0 |
Cash used for operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash Flows from Investing: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Restricted cash | 0 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Proceeds from sale of business | 0 | ' | 0 |
Intercompany investments | 139.4 | 48.8 | -21.5 |
Net cash (used for) provided by investing activities of continuing operations | 139.4 | 48.8 | -21.5 |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used for) provided by investing activities | 139.4 | 48.8 | -21.5 |
Cash Flows from Financing: | ' | ' | ' |
Payments on long-term debt | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
(Payments on) proceeds from revolving credit facility-net | 0 | 0 | 0 |
Proceeds (payments) on notes financing-net | 0 | 0 | 0 |
Proceeds from swap monetization | ' | 0 | 0 |
Debt issue costs | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Intercompany financing | -139.4 | -48.8 | 21.5 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | 21.5 |
Cash provided by financing activities of discontinued operations | ' | ' | 0 |
Net cash used for financing activities | -139.4 | -48.8 | 21.5 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Balance at beginning of year | 0 | 0 | 0 |
Balance at end of year | $0 | $0 | $0 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,104.30 | $1,012.10 | $1,037.10 | $894.60 | $1,128.10 | $946.30 | $993.10 | $845.80 | ' | $4,048.10 | $3,913.30 | $3,589.30 |
Gross profit | 261.6 | 262.1 | 276 | 222.1 | 249 | 236.4 | 253.1 | 204.5 | ' | ' | ' | ' |
Earnings from continuing operations before taxes on earnings | 60.7 | 70.8 | 71.4 | 22.3 | 34.1 | 37.4 | 62.3 | 13.1 | ' | 225.2 | 146.9 | 46.3 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | -3.9 | -3.2 | -7.6 | -4.1 | -4.4 | -4.2 | -3.8 | -3.9 | ' | -18.8 | -16.3 | -15.8 |
Loss on sale of discontinued operations, net of income taxes | -1.1 | 0 | 0 | -1.6 | 0 | 0 | 0 | 0 | ' | -2.7 | 0 | -34.6 |
Net earnings (loss) | 54.4 | 50.6 | 54.5 | 8.1 | 32.1 | 19.7 | 43 | -2.2 | ' | 167.6 | 92.6 | -17.7 |
Less: Net earnings (loss) attributable to noncontrolling interest, net of tax | 33.5 | -2.3 | -3.1 | -2.3 | -2.4 | -2.5 | -2.3 | -1.9 | ' | 25.8 | -9.1 | -6.5 |
Net earnings (loss) attributable to Manitowoc | $20.90 | $52.90 | $57.60 | $10.40 | $34.50 | $22.20 | $45.30 | ($0.30) | ' | $141.80 | $101.70 | ($11.20) |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations attributable to Manitowoc common shareholders | $0.18 | $0.41 | $0.47 | $0.11 | $0.28 | $0.19 | $0.36 | $0.01 | ' | $1.16 | $0.83 | $0.25 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations attributable to Manitowoc common shareholders | ($0.02) | ($0.01) | ($0.04) | ($0.02) | ($0.02) | ($0.02) | ($0.01) | ($0.02) | ' | ($0.08) | ($0.06) | ($0.07) |
Loss on sale of discontinued operations, net of income taxes | ($0.01) | $0 | $0 | ($0.01) | $0 | $0 | $0 | $0 | ' | ($0.02) | $0 | ($0.27) |
Earnings (loss) per share attributable to Manitowoc common shareholders | $0.16 | $0.40 | $0.43 | $0.08 | $0.26 | $0.17 | $0.35 | $0 | ' | $1.07 | $0.77 | ($0.09) |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations attributable to Manitowoc common shareholders | $0.18 | $0.40 | $0.46 | $0.11 | $0.27 | $0.18 | $0.35 | $0.01 | ' | $1.14 | $0.82 | $0.25 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations attributable to Manitowoc common shareholders | ($0.02) | ($0.01) | ($0.04) | ($0.02) | ($0.02) | ($0.02) | ($0.01) | ($0.02) | ' | ($0.08) | ($0.06) | ($0.07) |
Loss on sale of discontinued operations, net of income taxes | ($0.01) | $0 | $0 | ($0.01) | $0 | $0 | $0 | $0 | ' | ($0.02) | $0 | ($0.26) |
Earnings (loss) per share attributable to Manitowoc common shareholders | $0.15 | $0.39 | $0.43 | $0.08 | $0.26 | $0.17 | $0.34 | $0 | ' | $1.05 | $0.76 | ($0.08) |
Dividends per common share (in dollars per share) | $0.08 | $0 | $0 | $0 | $0.08 | $0 | $0 | $0 | $0.08 | ' | ' | ' |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Event(Details) (USD $) | Dec. 31, 2013 | Jan. 03, 2014 | Feb. 18, 2014 |
In Millions, unless otherwise specified | Manitowoc Dong Yue [Member] | New Senior Credit Facility [Member] | Senior Notes 9.50% due 2018 |
Subsequent Event [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $1,050 | ' |
Repayments of Long-term Debt including Redemption Premium | ' | ' | $419 |
Debt Instrument, Redemption Price, Percentage | ' | ' | 104.75% |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II: Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at Beginning of Year | $13.30 | $12.80 | $27.60 |
Charge to Costs and Expenses | 8.1 | 6.5 | 0.5 |
Utilization of Reserve | -3.4 | -6.1 | -6.4 |
Other, primarily impact of Foreign Exchange Rates | 0.2 | 0.1 | -8.9 |
Balance at end of Year | 18.2 | 13.3 | 12.8 |
Deferred tax valuation allowance | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at Beginning of Year | 158 | 118.9 | 117.1 |
Charge to Costs and Expenses | 1.1 | 35.7 | 9.1 |
Utilization of Reserve | -3.4 | 0 | 0 |
Other, primarily impact of Foreign Exchange Rates | -5.9 | 3.4 | -7.3 |
Balance at end of Year | $149.80 | $158 | $118.90 |