Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 30, 2016 | Jun. 30, 2015 | |
Document and entity information | |||
Entity Registrant Name | MANITOWOC CO INC | ||
Entity Central Index Key | 61,986 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
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 | $ 2,600 | ||
Entity Common Stock, Shares Outstanding | 136,837,154 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net sales | $ 3,435.8 | $ 3,886.5 | $ 4,048.1 |
Costs and expenses: | |||
Cost of sales | 2,602.6 | 2,906 | 3,026.3 |
Engineering, selling and administrative expenses | 587.6 | 636 | 617.6 |
Asset impairment expense | 24.4 | 1.1 | 0 |
Amortization expense | 34.4 | 35.1 | 35.3 |
Restructuring expense | 14 | 9 | 4.8 |
Separation expense | 39.4 | 0 | 0 |
Other expense (income) | 0.9 | 0.5 | (0.3) |
Total costs and expenses | 3,303.3 | 3,587.7 | 3,683.7 |
Operating earnings from continuing operations | 132.5 | 298.8 | 364.4 |
Other (expenses) income: | |||
Interest expense | (97) | (94) | (128.4) |
Amortization of deferred financing fees | (4.2) | (4.4) | (7) |
Loss on debt extinguishment | (0.2) | (25.5) | (3) |
Other income (expense) — net | 25.5 | (5.5) | (0.8) |
Total other expenses | (75.9) | (129.4) | (139.2) |
Earnings from continuing operations before taxes on earnings | 56.6 | 169.4 | 225.2 |
(Benefit) provision for taxes on earnings | (6.7) | 8.6 | 36.1 |
Earnings from continuing operations | 63.3 | 160.8 | 189.1 |
Discontinued operations: | |||
Earnings (loss) from discontinued operations, net of income taxes of $0.1, $(0.3) and $(1.8), respectively | 0.2 | (1.4) | (18.8) |
Loss on sale of discontinued operations, net of income taxes of $0.0, $(0.6), and $4.4, respectively | 0 | (11) | (2.7) |
Net earnings | 63.5 | 148.4 | 167.6 |
Less: Net earnings attributable to noncontrolling interest, net of tax | 0 | 3.9 | 25.8 |
Net earnings attributable to Manitowoc | 63.5 | 144.5 | 141.8 |
Amounts attributable to the Manitowoc common shareholders: | |||
Earnings from continuing operations | 63.3 | 156.5 | 154.8 |
Earnings (loss) from discontinued operations, net of income taxes | 0.2 | (1) | (10.3) |
Earnings (loss) from discontinued operations, net of income taxes | 0 | (11) | (2.7) |
Net earnings attributable to Manitowoc | $ 63.5 | $ 144.5 | $ 141.8 |
Basic earnings (loss) per common share: | |||
Earnings from continuing operations attributable to Manitowoc common shareholders (in dollars per share) | $ 0.47 | $ 1.16 | $ 1.16 |
Loss from discontinued operations attributable to Manitowoc common shareholders (in dollars per share) | 0 | (0.01) | (0.08) |
Loss on sale of discontinued operations, net of income taxes (in dollars per share) | 0 | (0.08) | (0.02) |
Earnings per share attributable to Manitowoc common shareholders (in dollars per share) | 0.47 | 1.07 | 1.07 |
Diluted earnings (loss) per common share: | |||
Earnings from continuing operations attributable to Manitowoc common shareholders (in dollars per share) | 0.46 | 1.14 | 1.14 |
Loss from discontinued operations attributable to Manitowoc common shareholders (in dollars per share) | 0 | (0.01) | (0.08) |
Loss on sale of discontinued operations, net of income taxes (in dollars per share) | 0 | (0.08) | (0.02) |
Earnings per share attributable to Manitowoc common shareholders (in dollars per share) | $ 0.46 | $ 1.05 | $ 1.05 |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Earnings (loss) from discontinued operations, income taxes | $ 0.1 | $ (0.3) | $ (1.8) |
Loss on sale of discontinued operations, income taxes | $ 0 | $ (0.6) | $ 4.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 63.5 | $ 148.4 | $ 167.6 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustments | (92.2) | (84) | 4.5 |
Unrealized income (loss) on derivatives, net of income taxes of $1.0, $(3.8), and $0.3, respectively | 2.5 | (7.3) | 0.4 |
Employee pension and postretirement benefits, net of income taxes of $4.9, $(13.3), and $7.6, respectively | 12.4 | (32.3) | 17.6 |
Total other comprehensive (loss) income, net of tax | (77.3) | (123.6) | 22.5 |
Comprehensive (loss) income | (13.8) | 24.8 | 190.1 |
Comprehensive income attributable to noncontrolling interest | 0 | 3.9 | 25.8 |
Comprehensive (loss) income attributable to Manitowoc | $ (13.8) | $ 20.9 | $ 164.3 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized income (loss) on derivatives, taxes | $ 1 | $ (3.8) | $ 0.3 |
Employee pension and post retirement benefits, taxes | $ 4.9 | $ (13.3) | $ 7.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 63.4 | $ 68 |
Restricted cash | 17.5 | 23.7 |
Accounts receivable, less allowances of $16.9 and $19.4, respectively | 219.5 | 227.4 |
Inventories — net | 598.5 | 644.5 |
Deferred income taxes | 0 | 71.3 |
Other current assets | 114.7 | 144.6 |
Current assets held for sale | 0 | 6.6 |
Current assets held for sale | 0 | 0 |
Total current assets | 1,013.6 | 1,186.1 |
Property, plant and equipment — net | 527 | 591 |
Goodwill | 1,152.3 | 1,198.1 |
Other intangible assets — net | 638.8 | 714.7 |
Other non-current assets | 108 | 126.2 |
Long-term assets held for sale | 9.2 | 0.5 |
Long-term assets held for sale | 0 | |
Total assets | 3,448.9 | 3,816.6 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 707.9 | 807.4 |
Short-term borrowings | 67.6 | 80.3 |
Product warranties | 70.3 | 77.7 |
Customer advances | 13.3 | 21.3 |
Product liabilities | 24.5 | 24.6 |
Current liabilities of discontinued operations | 0 | 0 |
Total current liabilities | 883.6 | 1,011.3 |
Non-Current Liabilities: | ||
Long-term debt | 1,346 | 1,443.2 |
Deferred income taxes | 89.4 | 186.2 |
Pension obligations | 128.7 | 141 |
Postretirement health and other benefit obligations | 47.4 | 53.1 |
Long-term deferred revenue | 33.9 | 37.9 |
Other non-current liabilities | 100.4 | 119.8 |
Long-term liabilities of discontinued operations | 0 | 0 |
Total non-current liabilities | $ 1,745.8 | $ 1,981.2 |
Commitments and contingencies (Note 19) | ||
Total Equity: | ||
Common stock (300,000,000 shares authorized, 163,175,928 shares issued, 136,617,161 and 135,543,869 shares outstanding, respectively) | $ 1.4 | $ 1.4 |
Additional paid-in capital | 558 | 539.7 |
Accumulated other comprehensive loss | (207.8) | (130.5) |
Retained earnings | 539.5 | 486.9 |
Treasury stock, at cost (26,558,767 and 27,632,059 shares, respectively) | (71.6) | (73.4) |
Total Manitowoc stockholders’ equity | 819.5 | 824.1 |
Noncontrolling interest | 0 | 0 |
Total equity | 819.5 | 824.1 |
Total liabilities and equity | $ 3,448.9 | $ 3,816.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, allowances (in dollars) | $ 16.9 | $ 19.4 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 163,175,928 | 163,175,928 |
Common stock, shares outstanding (in shares) | 136,617,161 | 135,543,869 |
Treasury stock, shares (in shares) | 26,558,767 | 27,632,059 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operations | |||
Net earnings | $ 63.5 | $ 148.4 | $ 167.6 |
Adjustments to reconcile net earnings to cash provided by operating activities of continuing operations: | |||
Asset impairments | 24.4 | 1.1 | 0 |
Discontinued operations, net of income taxes | (0.2) | 1.4 | 18.8 |
Depreciation | 69.9 | 68.4 | 68.5 |
Amortization of intangible assets | 34.4 | 35.1 | 35.3 |
Amortization of deferred financing fees | 4.2 | 4.4 | 7 |
Deferred income taxes | (35.9) | (6.2) | (13.4) |
Loss on early extinguishment of debt | 0.2 | 6.3 | 3 |
Loss (gain) on sale of property, plant and equipment | 0.6 | (6.5) | 3.7 |
Gain on acquisitions and divestitures | (14.8) | 0 | 0 |
Loss on sale of discontinued operations | 0 | 11 | 2.7 |
Stock-based compensation expense and other | 9.6 | 1.9 | 14.9 |
Changes in operating assets and liabilities, excluding the effects of business acquisitions or dispositions: | |||
Accounts receivable | (15.8) | 10.3 | 74.3 |
Inventories | 2.1 | 9 | (22.2) |
Other assets | (1.2) | (17.3) | (22.6) |
Accounts payable | (37.2) | (8.9) | (1.6) |
Accrued expenses and other liabilities | (6) | (153) | (1.9) |
Net cash provided by operating activities of continuing operations | 97.8 | 105.4 | 334.1 |
Net cash used for operating activities of discontinued operations | 0.2 | (7.1) | (11) |
Net cash provided by operating activities | 98 | 98.3 | 323.1 |
Cash Flows From Investing | |||
Capital expenditures | (68.1) | (84.8) | (110.7) |
Proceeds from sale of property, plant and equipment | 7.3 | 12.8 | 4.1 |
Restricted cash | 4.8 | (11.6) | (2) |
Business acquisitions, net of cash acquired | (5.3) | 0 | (12.2) |
Proceeds from sale of business | 78.2 | 0 | 39.2 |
Net cash provided by (used for) investing activities of continuing operations | 16.9 | (83.6) | (81.6) |
Net cash used for investing activities of discontinued operations | 0 | 0 | (0.6) |
Net cash provided by (used for) investing activities | 16.9 | (83.6) | (82.2) |
Cash Flows From Financing | |||
Payments on revolving credit facility-net | 0 | 0 | (34.4) |
Payments on long-term debt | (106.1) | (638.7) | (266.5) |
Proceeds from long-term debt | 5.6 | 640.3 | 43 |
(Payments on) proceeds from notes financing - net | (9.4) | (0.3) | 6.6 |
Debt issuance costs | 0 | (5.2) | (1.1) |
Dividends paid | (10.9) | (10.8) | (10.7) |
Exercises of stock options including windfall tax benefits | 7.9 | 25.9 | 6.7 |
Net cash provided by (used for) financing activities of continuing operations | (112.9) | 11.2 | (256.4) |
Net cash used for financing activities of discontinued operations | 0 | (7.2) | 0 |
Net cash provided by (used for) financing activities | (112.9) | 4 | (256.4) |
Effect of exchange rate changes on cash | (6.6) | (5.6) | (2.8) |
Net increase (decrease) in cash and cash equivalents | (4.6) | 13.1 | (18.3) |
Balance at beginning of year | 68 | 54.9 | 73.2 |
Balance at end of year | 63.4 | 68 | 54.9 |
Supplemental Cash Flow Information | |||
Interest paid | 98.8 | 120.4 | 134.6 |
Income taxes paid | $ 20.9 | $ 87 | $ 55.6 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Equity attributable to Manitowoc shareholders | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Noncontrolling Interest | Performance sharesCommon Stock |
Balance (in shares) at Dec. 31, 2012 | 132,769,478 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised (in shares) | 571,094 | ||||||||
Restricted stock, net (in shares) | 31,310 | ||||||||
Performance shares issued (in shares) | 345,175 | ||||||||
Balance (in shares) at Dec. 31, 2013 | 133,717,057 | ||||||||
Balance at beginning of year at Dec. 31, 2012 | $ 1.4 | $ 486.9 | $ (29.4) | $ 222.1 | $ (80.7) | $ (19) | |||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised and issuance of other stock awards | 2.3 | 2.5 | |||||||
Windfall tax benefit on stock options exercised | 1.9 | ||||||||
Stock based compensation | 14.9 | ||||||||
Other comprehensive (loss) income | $ 22.5 | 22.5 | |||||||
Net earnings | 167.6 | 141.8 | |||||||
Cash dividends | (10.7) | ||||||||
Comprehensive income attributable to noncontrolling interest | (25.8) | 25.8 | |||||||
Noncontrolling interest deconsolidation as result of sale | 0 | ||||||||
Balance at end of year at Dec. 31, 2013 | 782.3 | $ 775.5 | $ 1.4 | 506 | (6.9) | 353.2 | (78.2) | 6.8 | |
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised (in shares) | 1,726,024 | ||||||||
Restricted stock, net (in shares) | (14,390) | ||||||||
Performance shares issued (in shares) | 115,178 | ||||||||
Balance (in shares) at Dec. 31, 2014 | 135,543,869 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised and issuance of other stock awards | 13.6 | 4.8 | |||||||
Windfall tax benefit on stock options exercised | 7.5 | ||||||||
Stock based compensation | 12.6 | ||||||||
Other comprehensive (loss) income | (123.6) | (123.6) | |||||||
Net earnings | 148.4 | 144.5 | |||||||
Cash dividends | (10.8) | ||||||||
Comprehensive income attributable to noncontrolling interest | (3.9) | 3.9 | |||||||
Noncontrolling interest deconsolidation as result of sale | (10.7) | ||||||||
Balance at end of year at Dec. 31, 2014 | 824.1 | 824.1 | $ 1.4 | 539.7 | (130.5) | 486.9 | (73.4) | 0 | |
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised (in shares) | 464,616 | ||||||||
Restricted stock, net (in shares) | 361,985 | ||||||||
Performance shares issued (in shares) | 246,691 | ||||||||
Balance (in shares) at Dec. 31, 2015 | 136,617,161 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised and issuance of other stock awards | 2.3 | 1.8 | |||||||
Windfall tax benefit on stock options exercised | 1.5 | ||||||||
Stock based compensation | 14.4 | ||||||||
Other comprehensive (loss) income | (77.3) | (77.3) | |||||||
Net earnings | 63.5 | 63.5 | |||||||
Cash dividends | (10.9) | ||||||||
Comprehensive income attributable to noncontrolling interest | 0 | 0 | |||||||
Noncontrolling interest deconsolidation as result of sale | 0 | ||||||||
Balance at end of year at Dec. 31, 2015 | $ 819.5 | $ 819.5 | $ 1.4 | $ 558 | $ (207.8) | $ 539.5 | $ (71.6) | $ 0 |
Company and Basis of Presentati
Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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 Manitowoc 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, holding, 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 following brands: Cleveland, Convotherm, Dean, Delfield, Fabristeel, Frymaster, Garland, Inducs, Kolpak, Koolaire, Lincoln, Manitowoc Beverage Systems, Manitowoc Ice, Merco, Merrychef, Moorwood Vulcan, Multiplex, RDI Systems, Servend, TRUpour, U.S. Range, and Welbilt, and all are supported by Manitowoc KitchenCare. On January 29, 2015, Manitowoc announced that its Board of Directors has approved a plan to pursue a separation of the company’s Crane and Foodservice businesses into two independent, publicly-traded companies. The company currently anticipates effecting the separation through a tax-free spin-off (the “Spin-Off”) of the Foodservice business and expects the Spin-Off to be completed on March 4, 2016. Subsequent to the separation, the historical results of our Foodservice business will be presented as discontinued operations. On December 7, 2015, we announced the completion of the sale of a non-material foodservice subsidiary, Kysor Panel Systems, a manufacturer of wood frame and high-density rail panel systems for walk-in freezers and coolers for the retail and convenience-store markets, to an affiliate of D Cubed Group LLC. The sale price for the transaction was approximately $85 million , with cash proceeds received of approximately $78 million . In December 2015, we used the proceeds from the sale to reduce outstanding debt under the Existing Revolving Credit Facility. This divestiture does not qualify for discontinued operations; therefore the results of the business are included the operating results from continuing operations. 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 5, “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 $39.2 million , including post-closing adjustments. Net proceeds were used to reduce ratably the then-outstanding balances of Term Loans A and B. The results of these operations have been classified as discontinued operations. See Note 5, “Discontinued Operations,” for further details of this transaction. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 79% and 84% of the company’s inventories at December 31, 2015 and 2014 , 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 $40.0 million and $36.2 million at December 31, 2015 and 2014 , 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 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7 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 $69.4 million and $83.4 million , net of accumulated depreciation, at December 31, 2015 and 2014 , 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 11, “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 2015 , 2014 and 2013 , 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, commodity contracts, and interest rate 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 13, “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 18, “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 $0.3 million , $1.0 million and $2.8 million of compensation expense related to restricted stock awards during the years ended December 31, 2015 , 2014 and 2013 , respectively. In addition, the company recognized $4.4 million , $5.7 million and $6.3 million of compensation expense related to stock options during the years ended December 31, 2015 , 2014 and 2013 , respectively. The company also recognized $7.5 million , $5.9 million , and $5.8 million of compensation expense associated with restricted stock units in 2015 , 2014 and 2013 , respectively. The company also recognized $2.2 million of expense on accelerated vesting of retention awards under severance agreements; this expense is included in "Separation expense" in the Consolidated Statements of Operations. 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 20, “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 $83.6 million , $87.4 million and $86.4 million for the years ended December 31, 2015 , 2014 and 2013 , 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 January 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” This update provides guidance for the recognition, measurement, presentation, and disclosure of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted. The company is evaluating the impact, if any, the adoption of this ASU will have on the company’s consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes (Subtopic 740-10)." ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the requirement for companies to present deferred tax liabilities and assets as current and non-current on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. This guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. We early adopted this ASU on a prospective basis as of December 31, 2015. Prior periods were not retrospectively adjusted. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in this ASU require that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, rather than as retrospective adjustments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In August 2015, the FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This ASU clarifies the guidance related to accounting for debt issuance costs related to line-of-credit arrangements. In April 2015, the FASB issued ASU 2015-03 which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability; see further discussion of ASU 2015-03 below. The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This ASU changes the guidance on accounting for inventory accounted for on a first-in first-out basis (FIFO). Under the revised standard, an entity should measure FIFO inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured on a last-in, first-out basis (LIFO). The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance on accounting for a software license in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. Further, all software licenses are within the scope of Accounting Standards Codification Subtopic 350-40 and will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, this ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. We are evaluating the impact that the adoption of this ASU will have on our combined financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 820)-Amendments to the Consolidation Analysis.” This ASU amends the current consolidation guidance for both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items.” This ASU eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for the first interim period within fiscal years beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern.” This ASU provided guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective in the first annual period ending after December 15, 2016, with early adoption permitted. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU provided a principles-based approach to revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. The revenue standard is effective for the first interim period within fiscal years beginning after December 15, 2017 (as finalized by the FASB in August 2015 in ASU 2015-14), and can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application along with additional disclosures. Early adoption is permitted as of the original effective date-the first interim period within fiscal years beginning after December 15, 2016. We are evaluating the impact, if any, the adoption of this ASU will have on our combined financial statements. In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the requirements for reporting discontinued operations in Accounting Standards Codification Subtopic 205-20, and now requires a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. There will also be additional disclosures required. The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2014. The significance of this guidance for us is dependent on any future disposals. |
Separation Costs and Activities
Separation Costs and Activities Separation Costs and Activities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Separation Costs and Activities | Separation Costs and Activities On January 29, 2015, the company announced that its Board of Directors approved a plan to pursue a separation of the company’s Crane and Foodservice businesses into two independent, publicly-traded companies (the “separation”). The company currently anticipates effecting the separation through a tax-free spin-off of the Foodservice business and expects the separation to be completed on March 4, 2016. In April 2015, the company issued a total of 0.4 million restricted stock awards to employees as retention awards to provide additional incentive for the employees to continue in employment and contribute toward the successful completion of the separation. Under the retention agreements, each employee was granted restricted shares of common stock of the company that will vest on the second anniversary of the separation if the employee has been continuously employed with the company or an affiliate through that second anniversary; if the separation has not occurred by April 8, 2017, the awards will be forfeited. During the twelve months ended December 31, 2015 , the company recorded $39.4 million of separation costs consisting primarily of professional and consulting fees. There were no separation costs in 2014. Restructuring and Asset Impairments Cranes During the fourth quarter of 2015, the company committed to a restructuring plan to reduce the cost structure of its Crane operations through site closings, consolidations, and reductions in workforce across the globe. This is further to a restructuring plan committed to in the fourth quarter of 2014 to reductions in workforce across the globe. These restructuring plans are designed to better align the company’s resources given global economic conditions. The following is a rollforward of all restructuring activities relating to the Crane segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 4.7 $ 5.6 $ (6.6 ) $ 3.7 In conjunction with this restructuring plan, the company also recorded impairment expense of $15.4 million on Cranes facilities in Brazil, which are currently shut down indefinitely, and Slovakia, which is now classified as held for sale. Foodservice 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. The company recorded additional amounts in 2015 primarily related to a reduction in force across the globe and the closing of the Cleveland facility. The following is a rollforward of all restructuring activities relating to the Foodservice segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 15.6 $ 4.6 $ (3.4 ) $ 16.8 In conjunction with this restructuring plan, the company recorded impairment expense of $9.0 million related to the Foodservice facility in Cleveland that is in the process of being shuttered. Corporate In conjunction with the Spin-Off, in 2015, the company recognized restructuring cost in its Corporate segment to rationalize the enterprise cost structure through headcount reductions. The following is a rollforward of all restructuring activities relating to the Corporate segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ — $ 3.8 $ (1.0 ) $ 2.8 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On October 21, 2015, the company acquired the remaining 50% of outstanding shares of a joint venture in Thailand. Welbilt Thailand is a leading manufacturer of kitchen equipment in South East Asia. The purchase price, net of cash acquired, was approximately $5.3 million . The gain of $4.9 million recognized on the acquisition was a component of Other income (expense) — net in the Consolidated Statements of Operations for the twelve months ended December 31, 2015. The gain related to the difference between the book value and the fair value of our previously held passive 50% equity interest in the joint venture. Allocation of the purchase price resulted in $1.4 million of goodwill and $4.2 million of intangible assets. The results of Welbilt Thailand have been included in the Foodservice segment since the date of acquisition. 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, 2015 | |
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 were 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, 2015 , 2014 and 2013 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) 2015 2014 2013 Net sales $ — $ 0.3 $ 16.8 Pretax loss from discontinued operation $ — $ (0.8 ) $ (17.3 ) Benefit for taxes on earnings — — (0.3 ) Net loss from discontinued operation $ — $ (0.8 ) $ (17.0 ) 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 $39.2 million , including post-closing adjustments. 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. 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, 2015 , 2014 and 2013 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) 2015 2014 2013 Net sales $ — $ — $ 2.5 Pretax earnings from discontinued operation $ — $ — $ 0.1 (Benefit) provision for taxes on earnings — — (0.4 ) Net earnings from discontinued operation $ — $ — $ 0.5 During the third quarter of 2014, the company settled a pension obligation related to a previously disposed entity, which resulted in a $1.1 million loss on sale of discontinued operations, net of income tax benefit of $0.6 million , during the period. The following selected financial data of various businesses disposed of prior to 2013, primarily consisting of administrative costs, for the years ended December 31, 2015 , 2014 and 2013 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) 2015 2014 2013 Net sales $ — $ — $ — Pretax earnings (loss) from discontinued operations $ 0.3 $ (0.9 ) $ (3.4 ) Provision (benefit) for taxes on earnings 0.1 (0.3 ) (1.1 ) Net earnings (loss) from discontinued operations $ 0.2 $ (0.6 ) $ (2.3 ) |
Other Income (Expense) - Net
Other Income (Expense) - Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) - Net | Other Income (Expense) — Net The components of Other income (expense) — net in the Consolidated Statements of Operations for the twelve months ended December 31, 2015 , 2014 , and 2013 , are summarized as follows: (in millions) 2015 2014 2013 Gain on sale of Kysor Panel Systems $ 9.9 $ — $ — Gain on sale of investment property 5.4 — — Gain on acquisition of Thailand joint venture 4.9 — — Other (1) 5.3 (5.5 ) (0.8 ) Other income (expense) — net $ 25.5 $ (5.5 ) $ (0.8 ) (1) Other consists primarily of foreign currency gains and losses. The sale of Kysor Panel Systems is discussed further in Note 1, "Company and Basis of Presentation." The acquisition of the Thailand joint venture is discussed further in Note 4, "Acquisitions." |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [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, 2015 and 2014 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, 2015 (in millions) Level 1 Level 2 Level 3 Total Current Assets: Foreign currency exchange contracts $ — $ 0.3 $ — $ 0.3 Total current assets at fair value $ — $ 0.3 $ — $ 0.3 Non-Current Assets: Interest rate swap contracts: Float-to-fixed $ — Total non-current assets at fair value $ — $ — $ — $ — Current Liabilities: Foreign currency exchange contracts $ 1.2 $ 1.2 Commodity contracts 3.8 3.8 Interest rate swap contracts: Float-to-fixed 1.7 1.7 Total current liabilities at fair value $ — $ 6.7 $ — $ 6.7 Non-current Liabilities: Commodity contracts 0.5 0.5 Interest rate swap contracts: Float-to-fixed 0.6 0.6 Total non-current liabilities at fair value $ — $ 1.1 $ — $ 1.1 Fair Value as of December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Current Assets: Foreign currency exchange contracts $ — $ 2.1 $ — $ 2.1 Total current assets at fair value $ — $ 2.1 $ — $ 2.1 Non-current Assets: Interest rate swap contracts: Float-to-fixed $ — $ 0.8 $ — $ 0.8 Total Non-current assets at fair value $ — $ 0.8 $ — $ 0.8 Current Liabilities: Foreign currency exchange contracts $ — $ 7.9 $ — $ 7.9 Commodity contracts — 1.0 — 1.0 Interest rate swap contracts — 2.3 — 2.3 Total current liabilities at fair value $ — $ 11.2 $ — $ 11.2 Non-current Liabilities: Commodity contracts $ — $ 0.4 $ — $ 0.4 Interest rate swap contracts: Fixed-to-float $ — $ 4.3 $ — $ 4.3 Total non-current liabilities at fair value $ — $ 4.7 $ — $ 4.7 The fair value of the company’s 2020 Notes was approximately $623.1 million and $651.6 million as of December 31, 2015 and 2014 , respectively. The fair value of the company’s 2022 Notes was approximately $310.6 million and $309.1 million as of December 31, 2015 and 2014 , respectively. The fair values of the company’s term loans under its Senior Credit Facility, respectively, are as follows as of December 31, 2015 and 2014 : Term Loan A — $307.7 million and $327.8 million , respectively; and Term Loan B — $116.7 million and $165.0 million , respectively. See Note 13, “Debt,” for a description of the debt instruments and their related carrying values. 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; because these markets are typically thinly traded, the liabilities are 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 14, “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, 2015 and December 31, 2014 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 Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 float-to-fixed interest rate derivative contracts as cash flow hedges of forecasted purchases of commodities and currencies, and 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 $3.2 million of unrealized losses , 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 company previously had interest rate hedges related to its senior notes. The risk management objective for the company’s fair market value interest rate hedges was 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 included 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 swaps were expected to offset changes in the fair value of the debt due to changes in the one-month LIBOR rate. As of December 31, 2015 , the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: Commodity Units Hedged Type Aluminum 1,040 MT Cash Flow Copper 472 MT Cash Flow Natural Gas 291,260 MMBtu Cash Flow Steel 11,895 Short Tons Cash Flow Currency Units Hedged Type Canadian Dollar 587,556 Cash Flow European Euro 231,810 Cash Flow South Korean Won 1,533,257,930 Cash Flow Singapore Dollar 1,800,000 Cash Flow Mexican Peso 28,504,800 Cash Flow Japanese Yen 245,915,700 Cash Flow Great British Pound 113,115 Cash Flow As of both December 31, 2015 and December 31, 2014 , the company had outstanding $175.0 million and $175.0 million , respectively, notional amount of float-to-fixed interest rate swaps outstanding related to Term Loan A under the Senior Credit Facility that were designated as cash flow hedges. As a result, $175.0 million of Term Loan A was hedged at an interest rate of 1.635% , plus the applicable spread based on the Consolidated Total Leverage Ratio of the company as defined under 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 Notes. In the third quarter of 2012, the company 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. The gain was treated as an increase to the debt balances for the 2018 and 2020 Notes and is being amortized against interest expense over the life of the original swap. Subsequently, 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, 2014, the company had $75.0 million and $125.0 million notional amount of fixed-to-float interest rate swaps outstanding related to the Senior Notes due 2020 and 2022, respectively, which were designated as fair value hedges. In April 2015, the company monetized the derivative liability related to $75.0 million notional amount of its fixed-to-float interest rate swaps related to the 2020 Notes and $45.0 million notional amount of its fixed-to-float interest rate swaps related to the 2022 Notes. The loss on the monetization of these swaps of $0.7 million was treated as a decrease to the debt balances for the 2020 Notes and 2022 Notes, and is being amortized against interest expense over the life of the original swaps. In September 2015, the company monetized the derivative liability related to $80.0 million notional of its fixed-to-float interest rate swaps related to the 2022 Notes. The loss on monetization of these swaps of $0.5 million was treated as a decrease to the debt balances for the 2020 Notes and 2022 Notes, and is being amortized against interest expense over the life of the original swaps. As of December 31, 2015 , the company had no outstanding fixed-to-float interest rate swaps related to the Senior Notes due 2020 and 2022. 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 Other (expense) income, net in the Condensed Consolidated Statement of Operations. As of December 31, 2015 , the company had the following outstanding currency forward contracts and commodity swaps that were not designated as hedging instruments: Currency Units Hedged Recognized Location Purpose European Euro 20,490,320 Other (expense) income, net Accounts payable and receivable settlement United States Dollar 17,321,106 Other (expense) income, net Accounts payable and receivable settlement Australian Dollar — Other (expense) income, net Accounts payable and receivable settlement Mexican Peso — Other (expense) income, net Accounts payable and receivable settlement Canadian Dollar 1,117,850 Other (expense) income, net Accounts payable and receivable settlement Singapore Dollar 500,000 Other (expense) income, net Accounts payable and receivable settlement Great British Pound 4,840,238 Other (expense) income, net Accounts payable and receivable settlement Japanese Yen 70,518,463 Other (expense) income, net Accounts payable and receivable settlement Aluminum 175 MT Other (expense) income, net De-designated commodity swap Steel 3,989 ST Other (expense) income, net De-designated commodity swap The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2015 was as follows: ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swap contracts: Float-to-fixed Other non-current assets $ — Total derivatives designated as hedging instruments $ — 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 $ 0.3 The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2015 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 $ 0.3 Commodity contracts Accounts payable and accrued expenses 3.1 Interest rate swap contracts: Float-to-fixed Accounts payable and accrued expenses 1.7 Commodity contracts Other non-current liabilities 0.4 Interest rate swap contracts: Float-to-fixed Other non-current liabilities 0.6 Total derivatives designated as hedging instruments $ 6.1 LIABILITY DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Accounts payable and accrued expenses $ 0.9 Commodity contracts Accounts payable and accrued expenses 0.7 Commodity contracts Other non-current liabilities 0.1 Total derivatives NOT designated as hedging instruments $ 1.7 Total liability derivatives $ 7.8 The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2015 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows: Derivatives in Cash Flow Hedging Relationships (in millions) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Foreign exchange contracts $ 4.0 Cost of sales $ (11.7 ) Commodity contracts (1.3 ) Cost of sales (4.0 ) Interest rate swap contracts: Float-to-fixed (0.5 ) Interest expense (2.6 ) Total $ 2.2 $ (18.3 ) Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ (0.2 ) Total $ (0.2 ) Derivatives Not Designated as Hedging Instruments (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Foreign exchange contracts Other (expense) income, net $ (1.4 ) Interest rate swap contracts Other income — Total $ (1.4 ) Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate swap contracts: Fixed-to-float Interest expense $ 4.3 Total $ 4.3 As of December 31, 2014 , the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: Commodity Units Hedged Type Aluminum 1,657 MT Cash Flow Copper 820 MT Cash Flow Natural Gas 347,608 MMBtu Cash Flow Steel 14,665 Short Tons Cash Flow Currency Units Hedged Type Canadian Dollar 7,984,824 Cash Flow European Euro 89,006,695 Cash Flow South Korean Won 1,964,906,996 Cash Flow Singapore Dollar 3,900,000 Cash Flow United States Dollar 29,228,731 Cash Flow Mexican Peso 52,674,387 Cash Flow 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 Other (expense) income, net. As of December 31, 2014 , the company had the following outstanding currency forward contracts that were not designated as hedging instruments: Currency Units Hedged Recognized Location Purpose European Euro 73,302,332 Other (expense) income, net Accounts Payable and Receivable Settlement United States Dollar 18,244,912 Other (expense) income, net Accounts Payable and Receivable Settlement Australian Dollar 2,482,430 Other (expense) income, net Accounts Payable and Receivable Settlement Mexican Peso 3,151,000 Other (expense) income, net Accounts Payable and Receivable Settlement Canadian Dollar 2,516 Other (expense) income, net Accounts Payable and Receivable Settlement The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2014 was as follows: ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swap contracts: Float-to-fixed Other non-current assets $ 0.8 Total derivatives designated as hedging instruments $ 0.8 ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Other current assets $ 2.1 Total derivatives NOT designated as hedging instruments $ 2.1 Total asset derivatives $ 2.9 The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2014 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 $ 6.6 Commodity contracts Accounts payable and accrued expenses 1.0 Interest rate swap contracts: Float-to-fixed Accounts payable and accrued expenses 2.3 Commodity contracts Other non-current liabilities 0.4 Interest rate swap contracts: Fixed-to-float Other non-current liabilities 4.3 Total derivatives designated as hedging instruments $ 14.6 LIABILITY DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Accounts payable and accrued expenses $ 1.3 Total derivatives NOT designated as hedging instruments $ 1.3 Total liability derivatives $ 15.9 The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2014 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: Derivatives in Cash Flow Hedging Relationships (in millions) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Foreign exchange contracts $ (5.3 ) Cost of sales $ (2.2 ) Commodity contracts (0.8 ) Cost of sales (0.1 ) Interest rate swap & cap contracts (0.9 ) Interest expense (1.8 ) Total $ (7.0 ) $ (4.1 ) Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ (0.1 ) Total $ (0.1 ) Derivatives Not Designated as Hedging Instruments (in millions) Location of Gain or (Loss) recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Foreign exchange contracts Other (expense) income, net $ 0.8 Total $ 0.8 Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate swap contracts: Fixed-to-float Interest expense $ 10.6 Total $ 10.6 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 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 Foreign exchange contracts $ (0.3 ) Cost of sales $ 3.0 Commodity contracts 0.4 Cost of sales (1.6 ) Total $ 0.1 $ 1.4 Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ — Total $ — Derivatives Not Designated as Hedging Location of Gain or (Loss) Amount of Gain or (Loss) Foreign exchange contracts Other (expense) income, net $ 0.2 Total $ 0.2 Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Amount of Gain or (Loss) Interest rate swap contracts: Fixed-to-float Interest expense $ (13.7 ) Total $ (13.7 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Inventories — gross: Raw materials $ 226.0 $ 226.2 Work-in-process 135.0 103.7 Finished goods 347.2 414.8 Total inventories — gross 708.2 744.7 Excess and obsolete inventory reserve (69.7 ) (64.0 ) Net inventories at FIFO cost 638.5 680.7 Excess of FIFO costs over LIFO value (40.0 ) (36.2 ) Inventories — net $ 598.5 $ 644.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Land $ 31.0 $ 31.2 Building and improvements 313.0 344.2 Machinery, equipment and tooling 490.2 509.1 Furniture and fixtures 22.8 24.5 Computer hardware and software 183.5 169.7 Rental cranes 99.5 111.2 Construction in progress 90.9 104.2 Total cost 1,230.9 1,294.1 Less accumulated depreciation (703.9 ) (703.1 ) Property, plant and equipment-net $ 527.0 $ 591.0 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and December 31, 2014 are as follows: (in millions) Crane Foodservice Total Gross balance as of January 1, 2014 $ 345.1 $ 1,389.2 $ 1,734.3 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of January 1, 2014 345.1 873.5 1,218.6 Foreign currency impact (19.8 ) (0.7 ) (20.5 ) Gross balance as of December 31, 2014 $ 325.3 $ 1,388.5 $ 1,713.8 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of December 31, 2014 $ 325.3 $ 872.8 $ 1,198.1 Foreign currency impact (18.8 ) (0.5 ) (19.3 ) Impact of acquisitions and divestitures — (26.5 ) (26.5 ) Gross balance as of December 31, 2015 $ 306.5 $ 1,361.5 $ 1,668.0 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of December 31, 2015 $ 306.5 $ 845.8 $ 1,152.3 The company accounts for goodwill and other intangible assets under the guidance of ASC Topic 350, “Intangibles — Goodwill and Other.” The company performs an annual impairment review 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 and indefinite-lived intangible assets using 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. The estimated fair value is then compared with the carrying amount of the reporting unit, including recorded goodwill, or indefinite-lived intangible asset. The intangible asset is then subject to risk of write-down to the extent that the carrying amount exceeds the estimated fair value. As of June 30, 2015, the company performed its annual impairment analysis for its reporting units, which were Cranes; Foodservice Americas; Foodservice Europe, Middle East, and Africa; and Foodservice Asia, as well as its indefinite-lived intangible assets, and based on those results, no impairment was indicated. 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. In the event the company determines that assets are impaired in the future, the company would 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 4, "Acquisitions," on October 21, 2015, the company acquired the remaining 50% of outstanding shares of Welbilt Thailand. The purchase price, net of cash acquired, was approximately $5.3 million , and resulted in $4.2 million of identifiable intangible assets and $1.4 million of goodwill. Of the $ 4.2 million of acquired intangible assets, $4.0 million was assigned to trademarks that are not subject to amortization, and $ 0.2 million was assigned to customer relationships with a useful life of 18 years. Additionally, as discussed in Note 1, "Company and Basis of Presentation," the company divested its Kysor Panel Systems business on December 7, 2015. Kysor Panel Systems had $27.9 million of goodwill, $24.4 million of trademarks and $7.6 million of other intangible assets on the divestiture date. The gross carrying amount and accumulated amortization of the company’s intangible assets other than goodwill are as follows as of December 31, 2015 and December 31, 2014 . December 31, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Amount Net Book Value Gross Carrying Amount Accumulated Amortization Amount Net Book Value Trademarks and tradenames $ 269.4 $ — $ 269.4 $ 300.0 $ — $ 300.0 Customer relationships 425.6 (157.5 ) 268.1 425.7 (136.0 ) 289.7 Patents 30.7 (28.1 ) 2.6 32.7 (28.3 ) 4.4 Engineering drawings 10.2 (9.3 ) 0.9 11.0 (9.3 ) 1.7 Distribution network 18.4 — 18.4 19.7 — 19.7 Other intangibles 143.5 (64.1 ) 79.4 170.9 (71.7 ) 99.2 $ 897.8 $ (259.0 ) $ 638.8 $ 960.0 $ (245.3 ) $ 714.7 Amortization expense for the years ended December 31, 2015 , 2014 and 2013 was $34.4 million , $35.1 million and $35.3 million , respectively. Excluding the impact of any future acquisitions or divestitures, the company anticipates amortization will be approximately $34 million per year for next five years. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Trade accounts payable $ 390.2 $ 457.5 Interest payable 13.2 12.5 Employee related expenses 84.6 90.3 Restructuring expenses 23.3 20.3 Profit sharing and incentives 6.3 6.8 Accrued rebates 51.9 52.8 Deferred revenue - current 17.1 21.6 Income taxes payable 11.6 16.2 Miscellaneous accrued expenses 109.7 129.4 $ 707.9 $ 807.4 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Outstanding debt at December 31, 2015 and December 31, 2014 is summarized as follows: (in millions) 2015 2014 Revolving credit facility $ — $ — Term loan A 312.8 336.9 Term loan B 119.5 168.5 Senior notes due 2020 613.1 614.8 Senior notes due 2022 299.2 296.9 Other 69.0 106.4 Total debt 1,413.6 1,523.5 Less current portion and short-term borrowings (67.6 ) (80.3 ) Long-term debt $ 1,346.0 $ 1,443.2 On January 3, 2014, the company entered into the $1,050.0 million Third Amended and Restated Credit Agreement (the “Senior Credit Facility”) with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., Bank of America, N.A., Wells Fargo Bank, National Association, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., BMO Harris Bank N.A. and Rabobank Nederland, New York Branch as Documentation Agents. 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 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 Senior Credit Facility replaced the company’s prior $1,250.0 million Second Amended and Restated Credit Agreement (the “Prior Senior Credit Facility”), which was entered into on May 13, 2011. The Prior Senior Credit Facility included three different loan facilities. The first was a revolving facility in the amount of $500.0 million , with a term of five years. The second facility was an amortizing Term Loan A facility in the aggregate amount of $350.0 million with a term of five years. The third facility was an amortizing Term Loan B facility in the amount of $400.0 million with a term of 6.5 years. As of December 31, 2015 , the company had no borrowings on the revolving facility. During the year, the highest daily borrowing was $374.0 million and the average borrowing was $312.9 million , while the average interest rate was 2.71% . 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, 2015 , the spreads for LIBOR and Prime borrowings were 2.50% and 1.50% , respectively, given the effective Consolidated Total Leverage Ratio for this period. The company also pays a commitment fee of 0.50% per annum on the unused portion of the revolving facility. The company is also obligated to pay certain fees and expenses of the lenders. As of December 31, 2015 , the company had outstanding $175.0 million notional amount of float-to-fixed interest rate swaps outstanding related to Term Loan A under the New Senior Credit Facility that were designated as cash flow hedges. As a result, $175.0 million of Term Loan A was hedged at an interest rate of 1.635% , plus the applicable spread based on the Consolidated Total Leverage Ratio of the company as defined under the New Senior Credit Facility. See Note 8, “Derivative Financial Instruments” for a description of hedging instruments used to mitigate interest rate risk. Including interest rate swaps at December 31, 2015 , the weighted average interest rates for Term Loan A and Term Loan B loans were 3.29% and 3.25% , respectively. Excluding interest rate swaps, the interest rates on Term Loan A and Term Loan B were 2.75% and 3.25% , respectively, at December 31, 2015 . Loans made under the Senior Credit Facility are 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 Senior Credit Facility also requires the company to provide additional collateral to the lenders under the Senior Credit Facility in certain limited circumstances. The Senior Credit Facility also 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 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 (Adjusted 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 measures 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 are as set forth below: Fiscal Quarter Ending Consolidated Senior Secured Leverage Ratio (less than) Consolidated Interest Coverage Ratio (greater than) 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, 2015 , the company had two series of Senior Notes outstanding, the 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 former 2013 Notes, to repay $36.0 million of Term Loan B under its Prior Senior Credit Facility, and to repay a portion of the outstanding revolver borrowings under its Prior 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 100.000 % In addition, at any time prior to October 15, 2015, the company was 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 remained outstanding immediately after any such redemption; and (2) the company maked such redemptions not more than 90 days after the consummation of any such public offering. Further, the company was 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 104.250 % 2016 102.833 % 2017 101.417 % 2018 and thereafter 100.000 % 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 2012, the company 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 . The company treated the gain as an increase to the debt balances for each of the 2018 and 2020 Notes, and is being amortized to interest expense over the life of the original swap (or until the debt is extinguished, if earlier). 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. In April 2015, the company monetized the derivative liability related to $75.0 million notional amount of its fixed-to-float interest rate swaps related to the 2020 Notes and $45.0 million notional amount of its fixed-to-float interest rate swaps related to the 2022 Notes. The loss on the monetization of these swaps of $0.7 million was treated as a decrease to the debt balances for the 2020 Notes and 2022 Notes, and is being amortized against interest expense over the life of the original swaps. In September 2015, the company monetized the derivative liability related to $80.0 million notional of its fixed-to-float interest rate swaps related to the 2022 Notes. The loss on monetization of these swaps of $0.5 million was treated as a decrease to the debt balances for the 2020 Notes and 2022 Notes, and is being amortized against interest expense over the life of the original swaps. As of December 31, 2015 , the company had no outstanding fixed-to-float interest rate swaps related to the Senior Notes due 2020 and 2022. As of December 31, 2014 the company had $75.0 million and $125.0 million notional amount of fixed-to-float interest rate swaps outstanding related to the Senior Notes due 2020 and 2022, respectively, which were designated as fair value hedges. See Note 8, “Derivative Financial Instruments,” for a description of hedging instruments used to mitigate interest rate risk. The balance sheet values of the 2020 and 2022 Notes at December 31, 2015 and December 31, 2014 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. The loss on debt extinguishment was $0.2 million during the year ended December 31, 2015, o f which were all due to the write-off of deferred financing fees due to accelerated pay downs on Term Loan B. As of December 31, 2015 , the company had outstanding $69.0 million of other indebtedness that has a weighted-average interest rate of approximately 5.378% . This debt includes outstanding overdraft balances and capital lease obligations in the Americas, Asia-Pacific and European regions, as well as a $18.5 million loan on a model 31000 crawler crane. The aggregate scheduled maturities of outstanding debt obligations in subsequent years are as follows: (in millions) 2016 $ 67.6 2017 56.0 2018 58.4 2019 192.8 2020 4.4 Thereafter 1,034.4 Total $ 1,413.6 As of December 31, 2015 , the company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the Senior Credit Facility, the 2020 Notes, and the 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, 2015 , our Consolidated Senior Secured Leverage Ratio was 1.90 : 1 , while the maximum ratio is 3.25 : 1 and our Consolidated Interest Coverage Ratio was 3.71 : 1 , above the minimum ratio of 2.75 : 1 . See also Note 27, "Subsequent Events," for information on credit facilities and other indebtedness related to the separation. |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Accounts Receivable Securitization | Accounts Receivable Securitization The company maintains an accounts receivable securitization program with a commitment size of $185.0 million , whereby transactions under the program are accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” Sales of trade receivables under the program are reflected as a reduction of accounts receivable in the accompanying Condensed 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 Condensed 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. , less than 60 days) as noted below. The company’s cost of funds under the facility is the LIBOR index rate plus a 1.25% fixed spread. On August 31, 2015, the company completed changes to its accounts receivable securitization program. Among other actions, the company entered into an amendment (the “First Amendment”) to the Fifth Amended and Restated Receivables Purchase Agreement (the “Receivables Purchase Agreement”), dated as of December 15, 2014, 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”), Manitowoc Deutschland GmbH (“Manitowoc Deutschland”), Manitowoc Foodservice UK Limited (“Foodservice UK”), Manitowoc Foodservice Asia Pacific Private Limited (“Foodservice Asia”) and the other persons from time to time party thereto, as servicers, and Wells Fargo Bank, N.A. (the “Purchaser”), as purchaser and agent. As a result, (i) Foodservice Asia was added as an originator and as a servicer under the facility; and (ii) the company’s domestic foodservice business originators were effectively released from their obligations under the related purchase and sale agreement and will now sell their accounts receivable to the Cayman Seller (prior to these changes, these receivables were sold to the U.S. Seller; the accounts receivable of certain of the company’s cranes businesses will continue to be sold to the U.S. Seller). On November 20, 2015, the company entered into a second amendment to the Receivables Purchase Agreement and related assignment agreements pursuant to which certain U.S.-based originators were removed as originators under the facility (collectively, the "Removed Originators"). In connection therewith, the Removed Originators also were released from the related purchase and sale agreement and were relieved of any further obligations or rights thereunder. On December 23, 2015, the company entered into a third amendment to the Receivables Purchase Agreement, which effected certain non-material changes to special obligor concentration limits. Under the Receivables Purchase Agreement (and the related Purchase and Sale Agreements referenced in the Receivables Purchase Agreement), 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, Convotherm, Manitowoc Deutschland, and Foodservice UK 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, 2015 , 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, 2015 and 2014 was $102.5 million and $50.9 million , respectively, and is included in accounts receivable in the accompanying Consolidated Balance Sheets. Trade accounts receivables sold to the Purchaser and being serviced by the company totaled $165.1 million at December 31, 2015 and $172.8 million at December 31, 2014 . 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings from continuing operations are summarized below: (in millions) 2015 2014 2013 Earnings (loss) from continuing operations before income taxes: Domestic $ (91.5 ) $ 32.6 $ 90.1 Foreign 148.1 136.8 135.1 Total $ 56.6 $ 169.4 $ 225.2 Income tax expense (benefit) from continuing operations is summarized as follows: (in millions) 2015 2014 2013 Current: Federal and state $ (0.9 ) $ (12.0 ) $ 24.1 Foreign 30.1 26.8 25.4 Total current $ 29.2 $ 14.8 $ 49.5 Deferred: Federal and state $ (37.7 ) $ 4.5 $ (15.2 ) Foreign 1.8 (10.7 ) 1.8 Total deferred $ (35.9 ) $ (6.2 ) $ (13.4 ) (Benefit) provision for taxes on earnings $ (6.7 ) $ 8.6 $ 36.1 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, 2015 , 2014 and 2013 as follows: 2015 2014 2013 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income provision (benefit) (7.3 ) (0.4 ) (0.5 ) Manufacturing & research incentives (5.2 ) (2.7 ) (3.3 ) Taxes on foreign income which differ from the U.S. statutory rate (34.2 ) (14.4 ) (9.3 ) Adjustments for unrecognized tax benefits (2.7 ) (1.4 ) (5.4 ) Adjustments for valuation allowances (31.2 ) 26.8 (1.0 ) Capital loss generation — (45.7 ) — Change in assertion over permanently reinvested foreign earnings — 3.2 — Business acquisitions & divestitures 14.1 — — Spin-off tax costs 13.3 — — Other items 6.4 4.7 0.5 Effective tax rate (11.8 )% 5.1 % 16.0 % The 2015, 2014, and 2013 effective tax rates were favorably impacted by income earned in jurisdictions where the statutory rate was less than 35% . The impact of the foreign rate differential in 2015 is consistent with prior years, however it presents as a large percentage of the effective tax rate reconciliation due to the reduction in 2015 earnings compared to the prior years. The 2015 tax provision benefited by $17.8 million related to the divestiture of the Kysor Panel Systems business resulting in a favorable impact to the effective tax rate. The benefit was primarily due to the write-off of $13.8 million of the unamortized deferred tax liability that was recorded in purchase accounting and as a result of the utilization of the capital loss carryforward to offset the tax gain. The effective tax rate was also impacted by nondeductible costs associated with the Spin-Off of the Foodservice business. As of each reporting date, the company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. In the second quarter of 2015, management determined that it was more likely than not that deferred tax assets of $4.0 million related to its Brazilian crane manufacturing operations were not realizable and recorded a valuation allowance. The company continues to record valuation allowances on the deferred tax assets in Brazil, France, Slovakia, 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) 2015 2014 Current deferred tax assets (liabilities): Inventories $ — $ 29.5 Accounts receivable — (5.6 ) Product warranty reserves — 19.0 Product liability reserves — 8.3 Deferred revenue, current portion — 7.7 Deferred employee benefits — 13.3 Other reserves and allowances — 5.7 Less valuation allowance — (12.2 ) Net deferred tax assets, current $ — $ 65.7 Non-current deferred tax assets (liabilities): Inventories 37.6 — Accounts receivable (5.7 ) — Property, plant and equipment (13.6 ) (28.2 ) Intangible assets (256.7 ) (281.8 ) Deferred employee benefits 92.9 87.7 Product warranty reserves 21.3 5.2 Product liability reserves 8.7 — Tax credits 0.4 1.0 Loss carryforwards 157.7 199.0 Deferred revenue 11.2 4.0 Other 8.8 (0.7 ) Total non-current deferred tax liabilities 62.6 (13.8 ) Less valuation allowance (137.0 ) (156.0 ) Net deferred tax liabilities, non-current $ (74.4 ) $ (169.8 ) The net deferred tax assets (liabilities) are reflected in the Consolidated Balance Sheets for the years ended December 31, 2015 and December 31, 2014 as follows: (in millions) 2015 2014 Current income tax asset $ — $ 71.3 Long-term income tax assets, included in other non-current assets 15.0 16.4 Current deferred income tax liability, included in accounts payable and accrued expenses — (5.6 ) Long-term deferred income tax liability (89.4 ) (186.2 ) Net deferred income tax liability $ (74.4 ) $ (104.1 ) The company has not provided for additional U.S. income taxes on approximately $550.5 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, 2015, approximately $46.9 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 U.S. 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 U.S. because its U.S. operations and debt service are supported by the cash generated by its U.S. operations. The company has approximately $538.5 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 $19.3 million for net operating loss carryforwards generated in the state of Wisconsin. The company has approximately $506.8 million of foreign loss carryforwards, which are available to reduce future foreign tax liabilities. Substantially all of the foreign loss carryforwards are not subject to any time restrictions on their future use, and $473.0 million are offset by a valuation allowance. The company also has approximately $63.3 million of U.S. capital loss carryforwards which expire in 2019 and are offset by a valuation allowance. 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 2012 — 2015 Wisconsin 2009 — 2015 China 2007 — 2015 France 2013 — 2015 Germany 2011 — 2015 Among other regular and ongoing examinations by federal and state jurisdictions globally, the company is under examination by the Internal Revenue Service for calendar year 2014. There have been no significant developments with respect to the company’s ongoing tax audits in other jurisdictions. 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, 2015, 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, 2015 , 2014 and 2013 , the company recorded a change to gross unrecognized tax benefits including interest and penalties of $(2.0) million , $(9.8) million , and $(20.7) million , respectively. The effective tax rate in 2015 , 2014 , and 2013 was favorably impacted by the release of reserves of $0.0 million , $8.3 million and $9.4 million , respectively, resulting from favorable audit outcomes, and other settlements. During the years ended December 31, 2015 , 2014 and 2013 , the company recognized in the Consolidated Statements of Operations $(0.5) million , $(5.2) million , and $(9.3) 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, 2015 and 2014 , the company has accrued interest and penalties of $5.0 million and $5.6 million , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 is as follows: (in millions) 2015 2014 2013 Balance at beginning of year $ 33.3 $ 35.9 $ 47.3 Additions based on tax positions related to the current year 1.4 15.5 2.0 Additions for tax positions of prior years 0.2 0.1 3.7 Reductions for tax positions of prior years — (2.7 ) (8.1 ) Reductions based on settlements with taxing authorities — (7.3 ) (3.6 ) Reductions for lapse of statute (3.1 ) (8.2 ) (5.4 ) Balance at end of year $ 31.8 $ 33.3 $ 35.9 Substantially all of the company’s unrecognized tax benefits as of December 31, 2015 , 2014 and 2013 , 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 $1.3 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, 2015 | |
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: 2015 2014 2013 Basic weighted average common shares outstanding 136,036,192 134,934,892 132,894,179 Effect of dilutive securities - stock awards 1,397,623 2,416,417 2,436,014 Diluted weighted average common shares outstanding 137,433,815 137,351,309 135,330,193 For the years ended December 31, 2015 , 2014 , and 2013 , 2.8 million , 1.2 million , and 2.3 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, 2015 | |
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 Prior and New Senior Credit Facility. In each of the years ended December 31, 2015 , December 31, 2014 and December 31, 2013 , 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, 2015 , 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 2015 , 2014 , or 2013 . The components of accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 are as follows: (in millions) 2015 2014 Foreign currency translation $ (121.4 ) $ (29.2 ) Derivative instrument fair market value, net of income taxes of $(2.2) and $(3.2) (3.8 ) (6.3 ) Employee pension and postretirement benefit adjustments, net of income taxes of $(35.2) and $(40.1) (82.6 ) (95.0 ) $ (207.8 ) $ (130.5 ) A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2014 and December 31, 2015 is as follows: (in millions) Gains and Losses on Cash Flow Hedges Pension & Postretirement Foreign Currency Translation Total Balance at December 31, 2013 $ 1.0 $ (62.7 ) $ 54.8 $ (6.9 ) Other comprehensive loss before reclassifications $ (9.9 ) $ (35.4 ) $ (84.0 ) $ (129.3 ) Amounts reclassified from accumulated other comprehensive income 2.6 3.1 — 5.7 Net current period other comprehensive income (7.3 ) (32.3 ) (84.0 ) (123.6 ) Balance at December 31, 2014 $ (6.3 ) $ (95.0 ) $ (29.2 ) $ (130.5 ) Other comprehensive loss before reclassifications 14.0 17.9 (92.2 ) (60.3 ) Amounts reclassified from accumulated other comprehensive income (11.5 ) (5.5 ) — (17.0 ) Net current period other comprehensive loss 2.5 12.4 (92.2 ) (77.3 ) Balance at December 31, 2015 $ (3.8 ) $ (82.6 ) $ (121.4 ) $ (207.8 ) A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2015 is as follows: (in millions) Amount Reclassified from Accumulated Other Comprehensive Income Recognized Location Gains and losses on cash flow hedges Foreign exchange contracts $ (11.7 ) Cost of sales Commodity contracts (4.0 ) Cost of sales Interest rate swap contracts: Float-to-fixed (2.6 ) Interest expense (18.3 ) Total before tax 6.8 Tax expense $ (11.5 ) Net of tax Amortization of pension and postretirement items Amortization of prior service cost (0.1 ) (a) Actuarial losses (7.5 ) (a) (7.6 ) Total before tax 2.1 Tax benefit $ (5.5 ) Net of Tax Total reclassifications for the period $ (17.0 ) Net of Tax (a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details). A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2014 is as follows: (in millions) Amount Reclassified from Accumulated Other Comprehensive Income Recognized Location Gains and losses on cash flow hedges Foreign exchange contracts $ (2.2 ) Cost of sales Commodity contracts (0.1 ) Cost of sales Interest rate swap contracts: Float-to-fixed (1.8 ) Interest expense (4.1 ) Total before tax 1.5 Tax expense $ (2.6 ) Net of tax Amortization of pension and postretirement items Actuarial losses (4.3 ) (a) Amortization of prior service cost 0.2 (a) (4.1 ) Total before tax 1.0 Tax benefit $ (3.1 ) Net of Tax Total reclassifications for the period $ (5.7 ) Net of Tax (a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 and 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 are referred to as the “Prior Plans.” No new awards may be granted under the Prior Plans after the respective termination dates, but the Prior 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 2003 Stock Plan provided for both short-term and long-term incentive awards for employees. 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 beginning 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 2013 Omnibus Plan and the 2003 Stock 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 2014, 2013 and 2012 awards is set forth below. There have been no awards of stock appreciation rights or performance units under the 2003 Stock Plan. The 2004 Stock Plan provided for the granting of stock options to non-employee members of the Board of Directors. No new awards may be made under the 2004 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 $12.2 million , $12.6 million and $14.9 million during 2015 , 2014 , and 2013 , respectively. In 2015, the company also recognized $2.2 million of expense before tax related to restricted stock retention awards; this expense is included in "Separation expense" in the Consolidated Statements of Operations. 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 0.7 million , 0.3 million and 0.4 million shares of common stock during 2015 , 2014 , and 2013 , 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 $4.4 million ( $2.8 million after taxes), $5.7 million ( $3.6 million after taxes) and $6.3 million ( $4.0 million after taxes) of compensation expense associated with stock options during 2015 , 2014 , and 2013 , respectively. A summary of the company’s stock option activity is as follows (in millions, except weighted average exercise price per share): Shares Weighted Average Exercise Price Aggregate Intrinsic Value Options outstanding as of January 1, 2014 7.0 $ 16.00 Granted 0.3 29.08 Exercised (1.7 ) 10.92 Cancelled — 27.07 Options outstanding as of December 31, 2014 5.6 $ 18.23 Granted 0.7 21.02 Exercised (0.5 ) 9.63 Cancelled (0.3 ) 23.70 Options outstanding as of December 31, 2015 5.5 $ 19.04 $ 11.0 Options exercisable as of: December 31, 2015 4.7 $ 18.64 $ 11.0 The outstanding stock options at December 31, 2015 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, 2015 (in millions, except range of exercise price per share, weighted average remaining contractual life and weighted average exercise price): Outstanding Weighted Average Remaining Contractual Weighted Average Exercisable Weighted Average Range of Exercise Price per Share Options Life (Years) Exercise Price Options Exercise Price $4.41 - $11.34 0.6 2.6 $ 4.41 0.6 $ 4.41 $11.35 - $16.79 1.6 3.4 13.26 1.5 12.88 $16.80 - $21.80 1.6 4.4 19.82 1.1 19.36 $21.81 - $27.03 0.5 0.3 26.11 0.5 26.11 $27.04- $29.52 0.7 2.9 29.34 0.6 29.41 $29.53 - $30.47 0.1 8.2 30.47 — 30.47 $30.48 - $47.84 0.4 1.5 38.87 0.4 38.87 5.5 3.1 $ 19.04 4.7 $ 18.64 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, 2015 , the company has $4.5 million of unrecognized compensation expense before tax related to stock options, which will be recognized over a weighted average period of 2.9 years. The weighted average fair value of options granted per share during the years ended December 31, 2015 , 2014 , and 2013 was $10.93 , $14.84 , and $9.00 , 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: 2015 2014 2013 Expected Life (years) 6.0 6.0 6.0 Risk-free Interest rate 1.8 % 1.9 % 1.1 % Expected volatility 56.0 % 55.0 % 56.0 % Expected dividend yield 0.3 % 0.4 % 0.6 % For the years ended December 31, 2015 , 2014 , and 2013 the total intrinsic value of stock options exercised was $5.6 million , $28.5 million , and $6.9 million , respectively. Restricted Stock Awards The company granted restricted stock of 0.4 million , 0.0 million and 0.1 million shares of restricted stock during 2015 , 2014 , and 2013 , respectively. Restricted stock award expense is based on the fair value of the company’s shares as of the grant date. The company recognized $0.3 million ( $0.2 million after taxes), $1.0 million ( $0.6 million after taxes), and $2.8 million ( $1.8 million after taxes) of compensation expense associated with restricted stock for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The restrictions on all shares of restricted stock granted in 2013 generally expire on the third anniversary of the applicable grant date. The 0.4 million of restricted stock awards granted to employees in April 2015 were issued as retention awards to provide additional incentive for the employees to continue in employment and contribute toward the successful completion of the separation. Under the retention agreements, each employee was granted restricted shares of common stock of the company that will vest on the second anniversary of the separation if the employee has been continuously employed with the company or an affiliate through that second anniversary; if the separation has not occurred by April 8, 2017, the awards will be forfeited. In 2015, the company recognized $2.2 million of expense before tax on accelerated vesting of 0.1 million of retention awards under severance agreements; this expense is included in "Separation expense" in the Consolidated Statements of Operations. The company will begin to recognize expense related to the unvested retention awards upon Spin-Off, when the performance condition (the Spin-Off) is satisfied and vesting becomes probable. A summary of activity for restricted stock awards for the year ended December 31, 2015 is as follows (in millions except weighted average grant date fair value): Shares Weighted Unvested as of January 1, 2015 0.2 $ 16.58 Granted 0.4 21.73 Vested (0.2 ) 17.12 Cancelled — 21.18 Unvested as of December 31, 2015 0.4 $ 21.40 Restricted Stock Units The company granted 0.6 million , 0.4 million and 0.5 million of restricted stock units in 2015 , 2014 , and 2013 , respectively. The restricted stock units are earned either based on service over the vesting period, or based on service over the vesting period and on the extent to which performance goals are met over the applicable performance period (“performance shares”). The performance goals and the applicable performance period vary for performance shares each grant year. The company recognized $7.5 million ( $4.7 million after taxes), $5.9 million ( $3.8 million after taxes) and $5.8 million ( $3.6 million after taxes) of compensation expense associated with restricted stock units during 2015 , 2014 and 2013 , respectively. The restricted stock units granted to employees in 2015 generally vest on the third anniversary of the grant date, assuming continued employment. The restricted stock units granted to directors in 2015 generally vest on the second anniversary of the grant date, assuming continued service. Performance shares were not granted in 2015 due to anticipated separation. The restricted stock units granted to employees in 2014 generally vest on the third anniversary of the grant date, assuming continued employment. The restricted stock units granted to directors in 2014 vest on the second anniversary of the grant date, assuming continued service. The performance shares granted in 2014 are earned based on the extent to which performance goals are met by the company over a three -year period from January 1, 2014 to December 31, 2016. The performance goals for the performance shares granted in 2014 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 EVA ® improvement over the three -year period. Depending on the foregoing factors, the number of shares awarded could range from zero to 0.5 million for the 2014 performance share grants. For these awards, the expense is based on the fair value of the company's shares as of the grant date for the EVA ® improvement criteria and a Monte Carlo model for the total shareholder return criteria. The performance shares granted in 2013 were 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 were 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. These awards were earned at 78.6% of target, which resulted in a payout of 0.3 million shares in 2016. For these awards, the expense was based on the fair value of the company's shares as of the grant date for the debt reduction criteria and a Monte Carlo model for the total shareholder return criteria. A summary of activity for restricted stock units for the year ended December 31, 2015 is as follows (in millions except weighted average grant date fair value): Shares Weighted Unvested as of January 1, 2015 0.8 $ 27.09 Granted 0.6 21.06 Vested* (0.4 ) 20.77 Cancelled (0.3 ) 27.64 Unvested as of December 31, 2015 0.7 $ 25.53 * Under the terms of the 2013 performance share award, the actual number of shares awarded could have ranged from zero to 0.8 million , depending on the company’s three-year performance as described above. Based on the performance criteria a total of 0.3 million shares was awarded in 2016. As of December 31, 2015 , the company has $6.4 million of unrecognized compensation expense before tax related to restricted stock units which will be recognized over a weighted average period of 1.8 years. |
Contingencies and Significant E
Contingencies and Significant Estimates | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Significant Estimates | Contingencies and Significant Estimates As of December 31, 2015 , the company held reserves for environmental matters related to Enodis locations of approximately $0.4 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, 2015 , 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 10 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, 2015 , 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, 2015 and December 31, 2014 were $24.5 million and $24.6 million , respectively; $3.7 million and $4.0 million , respectively, was reserved specifically for actual cases, and $20.8 million and $20.6 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, 2015 , and December 31, 2014 , the company had reserved $83.9 million and $92.2 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 20, “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, 2015 | |
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, 2015 and December 31, 2014 , was $51.0 million and $59.5 million , respectively. The total amount of residual value guarantees and buyback commitments given by the company and outstanding at December 31, 2015 and December 31, 2014 , was $52.0 million and $58.9 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 2019. During the years ended December 31, 2015 and 2014 , the company sold $3.5 million and $17.0 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, 2015 and 2014 customers have paid $12.6 million and $17.3 million , respectively, of the notes to the third party financing companies. As of December 31, 2015 and 2014 , the outstanding balance of the notes receivables guaranteed by the company was $24.4 million and $34.0 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, 2015 and 2014 : (in millions) 2015 2014 Balance at beginning of period $ 92.2 $ 99.0 Accruals for warranties issued during the period 47.8 59.8 Settlements made (in cash or in kind) during the period (52.7 ) (63.4 ) Currency translation (3.4 ) (3.2 ) Balance at end of period $ 83.9 $ 92.2 |
Restructuring and Asset Impairm
Restructuring and Asset Impairments | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Asset Impairments | Separation Costs and Activities On January 29, 2015, the company announced that its Board of Directors approved a plan to pursue a separation of the company’s Crane and Foodservice businesses into two independent, publicly-traded companies (the “separation”). The company currently anticipates effecting the separation through a tax-free spin-off of the Foodservice business and expects the separation to be completed on March 4, 2016. In April 2015, the company issued a total of 0.4 million restricted stock awards to employees as retention awards to provide additional incentive for the employees to continue in employment and contribute toward the successful completion of the separation. Under the retention agreements, each employee was granted restricted shares of common stock of the company that will vest on the second anniversary of the separation if the employee has been continuously employed with the company or an affiliate through that second anniversary; if the separation has not occurred by April 8, 2017, the awards will be forfeited. During the twelve months ended December 31, 2015 , the company recorded $39.4 million of separation costs consisting primarily of professional and consulting fees. There were no separation costs in 2014. Restructuring and Asset Impairments Cranes During the fourth quarter of 2015, the company committed to a restructuring plan to reduce the cost structure of its Crane operations through site closings, consolidations, and reductions in workforce across the globe. This is further to a restructuring plan committed to in the fourth quarter of 2014 to reductions in workforce across the globe. These restructuring plans are designed to better align the company’s resources given global economic conditions. The following is a rollforward of all restructuring activities relating to the Crane segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 4.7 $ 5.6 $ (6.6 ) $ 3.7 In conjunction with this restructuring plan, the company also recorded impairment expense of $15.4 million on Cranes facilities in Brazil, which are currently shut down indefinitely, and Slovakia, which is now classified as held for sale. Foodservice 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. The company recorded additional amounts in 2015 primarily related to a reduction in force across the globe and the closing of the Cleveland facility. The following is a rollforward of all restructuring activities relating to the Foodservice segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 15.6 $ 4.6 $ (3.4 ) $ 16.8 In conjunction with this restructuring plan, the company recorded impairment expense of $9.0 million related to the Foodservice facility in Cleveland that is in the process of being shuttered. Corporate In conjunction with the Spin-Off, in 2015, the company recognized restructuring cost in its Corporate segment to rationalize the enterprise cost structure through headcount reductions. The following is a rollforward of all restructuring activities relating to the Corporate segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ — $ 3.8 $ (1.0 ) $ 2.8 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 $3.2 million , $6.1 million and $6.2 million for the years ended December 31, 2015 , 2014 and 2013 , 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 $1.0 million at December 31, 2015 and $1.4 million at December 31, 2014 . These amounts are offset in the Consolidated Statements of Equity. 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 $15.2 million at December 31, 2015 and $16.5 million at December 31, 2014 . There was no net impact on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 . 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, 2015 , 2014 and 2013 are as follows: US Pension Plans Non-US Pension Plans Postretirement Health and Other (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost - benefits earned during the year $ — $ — $ — $ 2.6 $ 2.4 $ 2.4 $ 0.4 $ 0.4 $ 0.6 Interest cost of projected benefit obligation 9.4 10.3 9.6 8.9 11.3 9.8 2.0 2.1 2.0 Expected return on assets (9.0 ) (9.5 ) (10.2 ) (7.4 ) (9.4 ) (7.4 ) — — — Amortization of prior service cost — — — 0.1 0.1 0.1 — (0.3 ) (0.1 ) Amortization of actuarial net loss (gain) 5.1 2.9 3.5 2.3 1.5 1.9 0.1 (0.1 ) — Curtailment gain recognized — — — — — — — — (0.8 ) Net periodic benefit cost $ 5.5 $ 3.7 $ 2.9 $ 6.5 $ 5.9 $ 6.8 $ 2.5 $ 2.1 $ 1.7 Weighted average assumptions: Discount rate 4.1 % 4.9 % 4.1 % 3.3 % 4.3 % 4.0 % 3.7 % 4.5 % 3.5 % Expected return on plan assets 5.8 % 6.0 % 5.8 % 3.6 % 4.5 % 3.9 % N/A N/A N/A Rate of compensation increase N/A N/A N/A 3.9 % 4.3 % 3.8 % 1.5 % 1.5 % 3.0 % 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, 2015 and 2014 : US Pension Plans Non-US Pension Plans Postretirement Health and Other (in millions) 2015 2014 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation, beginning of year $ 235.9 $ 213.7 $ 279.5 $ 263.2 $ 57.0 $ 48.5 Service cost — — 2.6 2.4 0.4 0.4 Interest cost 9.4 10.3 8.9 11.3 2.0 2.1 Participant contributions — — 0.1 0.1 2.4 2.3 Medicare subsidies received — — — — 0.2 0.4 Plan settlements — 1.7 — — — — Net transfer out — — (0.3 ) (0.3 ) — — Actuarial (gain) loss (15.2 ) 30.2 (9.7 ) 32.9 (2.0 ) 10.3 Currency translation adjustment — — (15.4 ) (17.4 ) (0.2 ) (0.1 ) Benefits paid (11.6 ) (20.0 ) (13.2 ) (12.7 ) (8.0 ) (6.9 ) Benefit obligation, end of year $ 218.5 $ 235.9 $ 252.5 $ 279.5 $ 51.8 $ 57.0 Change in Plan Assets Fair value of plan assets, beginning of year $ 160.0 $ 162.6 $ 214.0 $ 211.1 $ — $ — Actual return on plan assets (5.8 ) 16.1 1.5 22.4 — — Employer contributions 1.3 1.3 5.1 4.8 5.4 4.2 Participant contributions — — 0.1 0.1 2.4 2.3 Medicare subsidies received — — — — 0.2 0.4 Currency translation adjustment — — (10.3 ) (11.7 ) — — Net transfer out — — (0.3 ) — — — Benefits paid (11.6 ) (20.0 ) (13.2 ) (12.7 ) (8.0 ) (6.9 ) Fair value of plan assets, end of year 143.9 160.0 196.9 214.0 — — Funded status $ (74.6 ) $ (75.9 ) $ (55.6 ) $ (65.5 ) $ (51.8 ) $ (57.0 ) Amounts recognized in the Consolidated Balance sheet at December 31 Pension asset $ — $ — $ — $ — $ — $ — Pension obligation (74.6 ) (75.9 ) (55.6 ) (65.5 ) — — Postretirement health and other benefit obligations — — — — (51.8 ) (57.0 ) Net amount recognized $ (74.6 ) $ (75.9 ) $ (55.6 ) $ (65.5 ) $ (51.8 ) $ (57.0 ) Weighted-Average Assumptions Discount rate 4.5 % 4.1 % 3.5 % 3.3 % 4.1 % 3.7 % Expected return on plan assets 5.8 % 6.0 % 3.6 % 4.5 % N/A N/A Rate of compensation increase N/A N/A 3.9 % 3.9 % 1.5 % 1.5 % Amounts recognized in accumulated other comprehensive income as of December 31, 2015 and 2014 , consist of the following: Pensions Postretirement Health and Other (in millions) 2015 2014 2015 2014 Net actuarial gain (loss) $ (113.5 ) $ (128.5 ) $ (3.8 ) $ (5.8 ) Prior service credit (0.7 ) (0.8 ) — — Total amount recognized $ (114.2 ) $ (129.3 ) $ (3.8 ) $ (5.8 ) 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 $7.3 million for the pension plan and immaterial expense for the postretirement health and other plans. For measurement purposes, a 6.3% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2015 . 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, 2015 retirement obligations and 2015 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): Change in assumption: Estimated increase (decrease) in 2016 pension cost Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2015 Estimated increase (decrease) in 2016 Other Postretirement Benefit costs Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2015 0.50% increase in discount rate $ (1.7 ) $ (28.8 ) $ 0.1 $ (2.1 ) 0.50% decrease in discount rate 1.7 31.4 — 2.2 0.50% increase in long-term return on assets (1.7 ) N/A N/A N/A 0.50% decrease in long-term return on assets 1.7 N/A N/A N/A 1% increase in medical trend rates N/A N/A 0.6 4.2 1% decrease in medical trend rates N/A N/A (0.2 ) (3.7 ) 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, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity 24.5 % 24.5 % Fixed income 74.8 % 74.9 % Other 0.7 % 0.6 % 100.0 % 100.0 % The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity 16.2 % 25.0 % Fixed income 29.2 % 19.6 % Other 54.6 % 55.4 % 100.0 % 100.0 % 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 the company's 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, 2015 , 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 - 25% 24.5 % 16.2 % Debt Securities 75 % 0 - 100% 74.8 % 29.2 % Other — % 0 - 100% 0.7 % 54.6 % 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, 2015 and 2014 . 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. December 31, 2015 Assets (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Cash $ 2.0 $ — $ — $ 2.0 Insurance group annuity contracts — — 106.5 106.5 Common/collective trust funds — Government debt — — — — Common/collective trust funds — Corporate and other non-government debt — 60.6 — 60.6 Common/collective trust funds — Government, corporate and other non-government debt — 98.7 — 98.7 Common/collective trust funds — Corporate equity — 67.1 — 67.1 Common/collective trust funds — Customized strategy — 5.9 — 5.9 Total $ 2.0 $ 232.3 $ 106.5 $ 340.8 December 31, 2014 Assets (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Cash $ 1.7 $ — $ — $ 1.7 Insurance group annuity contracts — — 117.7 117.7 Common/collective trust funds — Government debt — — — — Common/collective trust funds — Corporate and other non-government debt — 47.5 — 47.5 Common/collective trust funds — Government, corporate and other non-government debt — 109.9 — 109.9 Common/collective trust funds — Corporate equity — 92.9 — 92.9 Common/collective trust funds — Customized strategy — 4.3 — 4.3 Total $ 1.7 $ 254.6 $ 117.7 $ 374.0 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) 2015 2014 Beginning Balance $ 117.7 $ 118.3 Actual return on assets 1.0 12.7 Benefit payments (6.7 ) (7.1 ) Foreign currency impact (5.5 ) (6.2 ) Ending Balance $ 106.5 $ 117.7 The expected 2016 contributions for the U.S. pension plans are as follows: the minimum contribution for 2016 is $1.3 million ; and no planned discretionary or non-cash contributions. The expected 2016 contributions for the non-U.S. pension plans are as follows: the minimum contribution for 2016 is $4.9 million ; and no planned discretionary or non-cash contributions. Expected company paid claims for the postretirement health and life insurance plans are $3.6 million for 2016. Projected benefit payments from the plans as of December 31, 2015 are estimated as follows: (in millions) U.S Pension Plans Non-U.S. Pension Plans Postretirement Health and Other 2016 $ 12.8 $ 12.8 $ 4.4 2017 13.1 13.8 4.5 2018 13.4 14.1 4.8 2019 13.7 14.9 4.8 2020 14.0 15.9 4.6 2021 — 2025 69.7 88.5 19.8 The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2015 and 2014 is as follows: U.S Pension Plans Non U.S. Pension Plans (in millions) 2015 2014 2015 2014 Projected benefit obligation $ 218.5 $ 235.9 $ 252.5 $ 274.8 Accumulated benefit obligation 218.5 235.9 244.9 269.9 Fair value of plan assets 143.9 160.0 196.9 210.1 The accumulated benefit obligation for all U.S. pension plans as of December 31, 2015 and 2014 was $218.5 million and $235.9 million , respectively. The accumulated benefit obligation for all non-U.S. pension plans as of December 31, 2015 and 2014 was $244.9 million and $269.9 million , respectively. The measurement date for all plans is December 31, 2015 . 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 , $2.4 million and $2.9 million were recorded in 2015 , 2014 , and 2013 , respectively. Amounts accrued as of December 31, 2015 and 2014 related to this plan were $26.9 million and $25.7 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. 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 ( $13.2 million as of December 31, 2015 ) is payable in 48 quarterly installments of $0.5 million through April 2025. The contributions by the company to the multiemployer plan for the years ended December 31, 2015 , 2014 and 2013 are as follows: (in millions) Contributions by Manitowoc Pension Fund EIN / Pension Plan Number 2015 2014 2013 Sheet Metal Workers’ National Pension Fund 52-6112463 / 001 $ — $ — $ 0.3 Total Contributions $ — $ — $ 0.3 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
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 $27.9 million , $34.8 million and $34.3 million in 2015 , 2014 and 2013 , respectively. Future minimum rental obligations under non-cancelable operating leases, as of December 31, 2015 , are payable as follows: (in millions) 2016 $ 38.0 2017 26.6 2018 21.2 2019 17.6 2020 15.0 Thereafter 23.7 Total $ 142.1 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
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, and commercial and high-rise residential construction. Our crane-related product support services are principally marketed under the Manitowoc Crane Care brand name and include maintenance and repair services and parts supply. The Foodservice equipment business designs, manufactures and sells refrigeration, ice-making, cooking, holding, food-preparation, and beverage-dispensing 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, stock-based compensation expense, amortization expense of intangible assets with definite lives, goodwill impairment, intangible asset impairment, asset impairment expense, restructuring expense, and other non-operating expenses. 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, 2015 , 2014 and 2013 is as follows: (in millions) 2015 2014 2013 Net sales from continuing operations: Crane $ 1,865.7 $ 2,305.2 $ 2,506.3 Foodservice 1,570.1 1,581.3 1,541.8 Total $ 3,435.8 $ 3,886.5 $ 4,048.1 Operating earnings (loss) from continuing operations: Crane $ 64.3 $ 163.9 $ 218.8 Foodservice 239.7 234.0 250.3 Corporate (58.4 ) (53.4 ) (64.9 ) Asset impairment expense (24.4 ) (1.1 ) — Amortization expense (34.4 ) (35.1 ) (35.3 ) Restructuring expense (14.0 ) (9.0 ) (4.8 ) Separation expense (39.4 ) — — Other (expense) income (0.9 ) (0.5 ) 0.3 Operating earnings from continuing operations $ 132.5 $ 298.8 $ 364.4 Other income (expense): Interest expense $ (97.0 ) $ (94.0 ) $ (128.4 ) Amortization of deferred financing fees (4.2 ) (4.4 ) (7.0 ) Loss on debt extinguishment (0.2 ) (25.5 ) (3.0 ) Other income (expense) - net 25.5 (5.5 ) (0.8 ) Earnings from continuing operations before taxes on earnings $ 56.6 $ 169.4 $ 225.2 Capital expenditures: Crane $ 54.1 $ 57.3 $ 69.3 Foodservice 13.2 25.3 33.6 Corporate 0.8 2.2 7.8 Total $ 68.1 $ 84.8 $ 110.7 Total depreciation: Crane $ 49.4 $ 45.7 $ 46.9 Foodservice 19.6 21.2 20.1 Corporate 0.9 1.5 1.5 Total $ 69.9 $ 68.4 $ 68.5 Total assets: Crane $ 1,606.3 $ 1,742.3 $ 1,900.4 Foodservice 1,792.7 1,902.0 1,904.3 Corporate 49.9 172.3 171.9 Total $ 3,448.9 $ 3,816.6 $ 3,976.6 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) 2015 2014 2013 2015 2014 United States $ 1,851.2 $ 1,977.4 $ 1,978.0 $ 1,768.0 $ 1,880.8 Other North America 179.1 238.3 292.1 12.4 12.4 Europe 626.5 821.2 937.6 423.6 478.9 Asia 324.5 377.6 364.5 172.9 189.7 Middle East 221.1 223.2 174.2 1.5 1.5 Central and South America 75.9 106.9 166.9 11.8 30.0 Africa 82.4 56.7 30.0 — — South Pacific and Caribbean 8.6 13.3 12.6 3.8 4.0 Australia 66.5 71.9 92.2 2.9 3.0 Total $ 3,435.8 $ 3,886.5 $ 4,048.1 $ 2,396.9 $ 2,600.3 Net sales from continuing operations and long-lived asset information for Europe primarily relate to France, Germany and the United Kingdom. |
Subsidiary Guarantors of Senior
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 | Subsidiary Guarantors of 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 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 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, 2015 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,231.6 $ 1,798.0 $ (593.8 ) $ 3,435.8 Costs and expenses: Cost of sales — 1,785.7 1,410.7 (593.8 ) 2,602.6 Engineering, selling and administrative expenses 53.8 281.0 252.8 — 587.6 Separation expense 34.7 4.4 0.3 — 39.4 Amortization expense — 29.6 4.8 — 34.4 Asset impairment expense — 10.9 13.5 — 24.4 Restructuring expense 3.7 3.1 7.2 — 14.0 Other expense — 0.9 — — 0.9 Equity in loss (earnings) of subsidiaries 160.6 (23.6 ) (137.0 ) — Total costs and expenses 252.8 2,092.0 1,689.3 (730.8 ) 3,303.3 Operating (loss) earnings from continuing operations (252.8 ) 139.6 108.7 137.0 132.5 Other (expense) income : Interest expense (89.5 ) (2.5 ) (5.0 ) — (97.0 ) Amortization of deferred financing fees (4.2 ) — — — (4.2 ) Loss on debt extinguishment (0.2 ) — — — (0.2 ) Management fee income (expense) 64.7 (70.2 ) 5.5 — Other income (expense) - net (1) 304.8 (82.7 ) 12.4 (209.0 ) 25.5 Total other income (expense) 275.6 (155.4 ) 12.9 (209.0 ) (75.9 ) Earnings (loss) from continuing operations before taxes on earnings 22.8 (15.8 ) 121.6 (72.0 ) 56.6 (Benefit) provision for taxes on earnings (40.7 ) (34.9 ) 68.9 — (6.7 ) Earnings (loss) from continuing operations 63.5 19.1 52.7 (72.0 ) 63.3 Discontinued operations: Earnings from discontinued operations, net of income taxes — 0.2 — — 0.2 Loss on sale of discontinued operations, net of income taxes — — — — — Net earnings (loss) 63.5 19.3 52.7 (72.0 ) 63.5 Less: Net earnings attributable to noncontrolling interest — — — — — Net earnings (loss) attributable to Manitowoc $ 63.5 $ 19.3 $ 52.7 $ (72.0 ) $ 63.5 Comprehensive (loss) income attributable to Manitowoc $ (13.8 ) $ 6.7 $ 48.4 $ (55.1 ) $ (13.8 ) (1) Parent Other Income includes of $209.0 million of inter-company dividend income The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,424.5 $ 2,076.1 $ (614.1 ) $ 3,886.5 Costs and expenses: Cost of sales — 1,895.5 1,624.6 (614.1 ) 2,906.0 Engineering, selling and administrative expenses 49.8 281.8 304.4 — 636.0 Asset impairment expense — 1.1 — — 1.1 Amortization expense — 29.6 5.5 — 35.1 Restructuring expense — 3.0 6.0 — 9.0 Other expense (income) — 0.3 0.2 — 0.5 Equity in (earnings) loss of subsidiaries (165.6 ) (73.5 ) — 239.1 — Total costs and expenses (115.8 ) 2,137.8 1,940.7 (375.0 ) 3,587.7 Operating earnings (loss) from continuing operations 115.8 286.7 135.4 (239.1 ) 298.8 Other (expense) income: Interest expense (83.8 ) (1.9 ) (8.3 ) — (94.0 ) Amortization of deferred financing fees (4.4 ) — — — (4.4 ) Loss on debt extinguishment (25.5 ) — — — (25.5 ) Management fee income (expense) 62.4 (72.6 ) 10.2 — — Other income (expense) - net 16.5 59.2 (0.5 ) (80.7 ) (5.5 ) Total other (expense) income (34.8 ) (15.3 ) 1.4 (80.7 ) (129.4 ) Earnings (loss) from continuing operations before taxes on earnings 81.0 271.4 136.8 (319.8 ) 169.4 (Benefit) provision for taxes on earnings (63.5 ) 45.3 26.8 — 8.6 Earnings (loss) from continuing operations 144.5 226.1 110.0 (319.8 ) 160.8 Discontinued operations: Loss from discontinued operations, net of income taxes — (0.5 ) (0.9 ) — (1.4 ) Loss on sale of discontinued operations, net of income taxes — — (11.0 ) — (11.0 ) Net earnings (loss) 144.5 225.6 98.1 (319.8 ) 148.4 Less: Net earnings attributable to noncontrolling interest — — 3.9 — 3.9 Net earnings (loss) attributable to Manitowoc $ 144.5 $ 225.6 $ 94.2 $ (319.8 ) $ 144.5 Comprehensive income (loss) attributable to Manitowoc $ 20.9 $ 217.8 $ 86.0 $ (303.8 ) $ 20.9 The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,631.3 $ 2,097.1 $ (680.3 ) $ 4,048.1 Costs and expenses: Cost of sales — 2,038.1 1,668.5 (680.3 ) 3,026.3 Engineering, selling and administrative expenses 61.4 259.5 296.7 — 617.6 Amortization expense — 29.6 5.7 — 35.3 Restructuring expense — 0.7 4.1 — 4.8 Other expense — 0.5 (0.8 ) — (0.3 ) Equity in (earnings) loss of subsidiaries (199.6 ) (32.5 ) — 232.1 — Total costs and expenses (138.2 ) 2,295.9 1,974.2 (448.2 ) 3,683.7 Operating earnings (loss) from continuing operations 138.2 335.4 122.9 (232.1 ) 364.4 Other (expense) income: Interest expense (118.8 ) (1.0 ) (8.6 ) — (128.4 ) Amortization of deferred financing fees (7.0 ) — — — (7.0 ) Loss on debt extinguishment (3.0 ) — — — (3.0 ) Management fee income (expense) 59.6 (77.1 ) 17.5 — — Other income (expense) - net (3.6 ) (32.6 ) 35.4 — (0.8 ) Total other (expense) income (72.8 ) (110.7 ) 44.3 — (139.2 ) Earnings (loss) from continuing operations before taxes on earnings 65.4 224.7 167.2 (232.1 ) 225.2 (Benefit) provision for taxes on earnings (76.4 ) 69.3 43.2 — 36.1 Earnings (loss) from continuing operations 141.8 155.4 124.0 (232.1 ) 189.1 Discontinued operations: Loss from discontinued operations, net of income taxes — (2.3 ) (16.5 ) — (18.8 ) Loss on sale of discontinued operations, net of income taxes — — (2.7 ) — (2.7 ) Net earnings (loss) 141.8 153.1 104.8 (232.1 ) 167.6 Less: Net loss attributable to noncontrolling interest — — 25.8 — 25.8 Net earnings (loss) attributable to Manitowoc $ 141.8 $ 153.1 $ 79.0 $ (232.1 ) $ 141.8 Comprehensive income (loss) attributable to Manitowoc $ 164.3 $ 154.1 $ 62.9 $ (217.0 ) $ 164.3 The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2015 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current Assets: Cash and cash equivalents $ 1.4 $ 5.0 $ 57.0 $ — $ 63.4 Restricted cash — — 17.5 — 17.5 Accounts receivable — net 2.2 — 243.0 (25.7 ) 219.5 Intercompany short term note receivable — — 39.0 (39.0 ) — Intercompany interest receivable 37.6 — — (37.6 ) — Inventories — net — 318.5 280.0 — 598.5 Deferred income taxes — — — — — Other current assets 2.3 3.9 108.5 — 114.7 Current assets of discontinued operation — — — — — Total current assets 43.5 327.4 745.0 (102.3 ) 1,013.6 Property, plant and equipment — net 7.5 304.9 214.6 — 527.0 Goodwill — 932.5 219.8 — 1,152.3 Other intangible assets — net — 500.2 138.6 — 638.8 Intercompany long-term notes receivable 897.0 255.9 33.8 (1,186.7 ) — Intercompany accounts receivable — 1,236.6 680.8 (1,917.4 ) — Other non-current assets 34.4 3.4 70.2 — 108.0 Long-term assets held for sale — 3.7 5.5 — 9.2 Investment in affiliates 3,785.1 2,232.4 — (6,017.5 ) — Total assets $ 4,767.5 $ 5,797.0 $ 2,108.3 $ (9,223.9 ) $ 3,448.9 Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses $ 65.9 $ 391.3 $ 276.4 $ (25.7 ) $ 707.9 Short-term borrowings and current portion of long-term debt 71.8 2.3 32.5 (39.0 ) 67.6 Intercompany short term note payable — — — — — Intercompany interest payable — — 37.6 (37.6 ) — Product warranties — 40.7 29.6 — 70.3 Customer advances — 4.0 9.3 — 13.3 Product liabilities — 22.8 1.7 — 24.5 Current liabilities of discontinued operation — — — — — Total current liabilities 137.7 461.1 387.1 (102.3 ) 883.6 Non-Current Liabilities: Long-term debt, less current portion 1,311.8 21.8 12.4 — 1,346.0 Deferred income taxes 89.4 — — — 89.4 Pension obligations 118.6 6.6 3.5 — 128.7 Postretirement health and other benefit obligations 44.0 2.2 1.2 — 47.4 Long-term deferred revenue — 10.1 23.8 — 33.9 Intercompany long-term note payable 251.6 251.6 683.5 (1,186.7 ) — Intercompany accounts payable 1,917.4 — — (1,917.4 ) — Other non-current liabilities 77.6 11.3 11.5 — 100.4 Long-term liabilities of discontinued operation — — — — — Total non-current liabilities 3,810.4 303.6 735.9 (3,104.1 ) 1,745.8 Equity Manitowoc stockholders’ equity 819.4 5,032.3 985.3 (6,017.5 ) 819.5 Noncontrolling interest — — — — — Total equity 819.4 5,032.3 985.3 (6,017.5 ) 819.5 Total liabilities and equity $ 4,767.5 $ 5,797.0 $ 2,108.3 $ (9,223.9 ) $ 3,448.9 The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2014 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current Assets: Cash and cash equivalents $ 1.6 $ 3.3 $ 63.1 $ — $ 68.0 Restricted cash 2.8 — 20.9 — 23.7 Accounts receivable — net 0.1 — 233.6 (6.3 ) 227.4 Intercompany short term note receivable — — 201.7 (201.7 ) — Intercompany interest receivable 41.5 3.2 — (44.7 ) — Inventories — net — 306.3 338.2 — 644.5 Deferred income taxes 67.1 — 4.2 — 71.3 Other current assets 3.6 1.6 139.4 — 144.6 Current assets held for sale — 5.1 1.5 — 6.6 Current assets of discontinued operations — — — — — Total current assets 116.7 319.5 1,002.6 (252.7 ) 1,186.1 Property, plant and equipment — net 7.7 325.8 257.5 — 591.0 Goodwill — 960.5 237.6 — 1,198.1 Other intangible assets — net — 561.6 153.1 — 714.7 Intercompany long-term notes receivable 892.5 195.3 851.3 (1,939.1 ) — Intercompany accounts receivable — 1,619.7 796.8 (2,416.5 ) — Other non-current assets 66.7 3.1 56.4 — 126.2 Other non-current assets held for sale — — 0.5 — 0.5 Long-term assets of discontinued operations — — — — — Investment in affiliates 4,423.6 3,629.4 — (8,053.0 ) — Total assets $ 5,507.2 $ 7,614.9 $ 3,355.8 $ (12,661.3 ) $ 3,816.6 Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses $ 27.1 $ 420.8 $ 365.8 $ (6.3 ) $ 807.4 Short-term borrowings and current portion of long-term debt 24.1 2.8 53.4 — 80.3 Intercompany short-term note payable 201.7 — — (201.7 ) — Intercompany interest payable 3.2 — 41.5 (44.7 ) — Product warranties — 45.2 32.5 — 77.7 Customer advances — 7.3 14.0 — 21.3 Product liabilities — 22.1 2.5 — 24.6 Current liabilities of discontinued operations — — — — — Total current liabilities 256.1 498.2 509.7 (252.7 ) 1,011.3 Non-Current Liabilities: Long-term debt, less current portion 1,393.0 25.3 24.9 — 1,443.2 Deferred income taxes 165.2 — 21.0 — 186.2 Pension obligations 129.1 7.9 4.0 — 141.0 Postretirement health and other benefit obligations 49.5 2.1 1.5 — 53.1 Long-term deferred revenue — 10.7 27.2 — 37.9 Intercompany long-term note payable 191.0 813.5 934.6 (1,939.1 ) — Intercompany accounts payable 2,416.5 — — (2,416.5 ) — Other non-current liabilities 82.7 11.5 25.6 — 119.8 Long-term liabilities of discontinued operations — — — — — Total non-current liabilities 4,427.0 871.0 1,038.8 (4,355.6 ) 1,981.2 Equity Manitowoc stockholders’ equity 824.1 6,245.7 1,807.3 (8,053.0 ) 824.1 Noncontrolling interest — — — — — Total equity 824.1 6,245.7 1,807.3 (8,053.0 ) 824.1 Total liabilities and equity $ 5,507.2 $ 7,614.9 $ 3,355.8 $ (12,661.3 ) $ 3,816.6 The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2015 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used for) by operating activities of continuing operations $ 217.1 $ (11.1 ) $ 99.3 $ (207.5 ) $ 97.8 Cash provided by operating activities of discontinued operations — 0.2 — — 0.2 Net cash provided by (used for) operating activities $ 217.1 $ (10.9 ) $ 99.3 $ (207.5 ) $ 98.0 Cash Flows from Investing: Capital expenditures $ (1.0 ) $ (31.2 ) $ (35.9 ) $ — $ (68.1 ) Proceeds from sale of property, plant and equipment — — 7.3 — 7.3 Restricted cash 2.8 — 2.0 — 4.8 Business acquisitions, net of cash acquired — — (5.3 ) — (5.3 ) Proceeds from sale of business 78.2 — — — 78.2 Intercompany investments (118.0 ) 730.3 288.8 (901.1 ) — Net cash provided by (used for) investing activities of continuing operations $ (38.0 ) $ 699.1 $ 256.9 $ (901.1 ) $ 16.9 Net cash used for investing activities of discontinued operations — — — — — Net cash provided by (used for) investing activities $ (38.0 ) $ 699.1 $ 256.9 $ (901.1 ) $ 16.9 Cash Flows from Financing: Payments on long-term debt $ (74.2 ) $ (2.7 ) $ (29.2 ) $ — $ (106.1 ) Proceeds from long-term debt — — 5.6 — 5.6 Payments on notes financing—net — — (9.4 ) — (9.4 ) Dividends paid (10.9 ) (137.4 ) (71.6 ) 209.0 (10.9 ) Exercises of stock options including windfall tax benefits 7.9 — — — 7.9 Intercompany financing (102.1 ) (546.4 ) (251.1 ) 899.6 — Net cash (used for) provided by financing activities of continuing operations $ (179.3 ) $ (686.5 ) $ (355.7 ) $ 1,108.6 $ (112.9 ) Net cash used for financing activities of discontinued operations $ — $ — $ — $ — $ — Net cash (used for) provided by financing activities $ (179.3 ) $ (686.5 ) $ (355.7 ) $ 1,108.6 $ (112.9 ) Effect of exchange rate changes on cash — — (6.6 ) — (6.6 ) Net (decrease) increase in cash and cash equivalents (0.2 ) 1.7 (6.1 ) — (4.6 ) Balance at beginning of period 1.6 3.3 63.1 — 68.0 Balance at end of period $ 1.4 $ 5.0 $ 57.0 $ — $ 63.4 The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2014 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash (used for) provided by operating activities of continuing operations $ (124.3 ) $ 243.4 $ 67.0 $ (80.7 ) $ 105.4 Cash used for operating activities of discontinued operations — (0.4 ) (6.7 ) — (7.1 ) Net cash (used for) provided by operating activities $ (124.3 ) $ 243.0 $ 60.3 $ (80.7 ) $ 98.3 Cash Flows from Investing: Capital expenditures $ (2.2 ) $ (51.3 ) $ (31.3 ) $ — $ (84.8 ) Proceeds from sale of property, plant and equipment — 0.1 12.7 — 12.8 Restricted cash — — (11.6 ) — (11.6 ) Intercompany investments 77.4 (213.9 ) 118.8 17.7 — Net cash provided by (used for) investing activities of continuing operations 75.2 (265.1 ) 88.6 17.7 (83.6 ) Net cash used for investing activities of discontinued operations — — — — — Net cash provided by (used for) investing activities $ 75.2 $ (265.1 ) $ 88.6 $ 17.7 $ (83.6 ) Cash Flows from Financing: Payments on long-term debt $ (607.7 ) $ (1.7 ) $ (29.3 ) $ — $ (638.7 ) Proceeds from long-term debt 550.0 26.8 63.5 — 640.3 Proceeds from notes financing—net — — (0.3 ) — (0.3 ) Debt issue costs (5.2 ) — — — (5.2 ) Dividends paid (10.8 ) — (80.7 ) 80.7 (10.8 ) Exercises of stock options including windfall tax benefits 25.9 — — — 25.9 Intercompany financing 97.3 (3.0 ) (76.6 ) (17.7 ) — Net cash provided by (used for) financing activities for continuing operations $ 49.5 $ 22.1 $ (123.4 ) $ 63.0 $ 11.2 Net cash used for financing activities of discontinued operations — — (7.2 ) — (7.2 ) Net cash provided by (used for) financing activities 49.5 22.1 (130.6 ) 63.0 4.0 Effect of exchange rate changes on cash — — (5.6 ) — (5.6 ) Net decrease in cash and cash equivalents 0.4 — 12.7 — 13.1 Balance at beginning of period 1.2 3.3 50.4 — 54.9 Balance at end of period $ 1.6 $ 3.3 $ 63.1 $ — $ 68.0 The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2013 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash (used for) provided by operating activities of continuing operations $ (51.6 ) $ 224.9 $ 160.8 $ — $ 334.1 Cash used for operating activities of discontinued operations — (2.3 ) (8.7 ) — (11.0 ) Net cash (used for) provided by operating activities $ (51.6 ) $ 222.6 $ 152.1 $ — $ 323.1 Cash Flows from Investing: Capital expenditures $ (0.8 ) $ (57.4 ) $ (52.5 ) $ — $ (110.7 ) Proceeds from sale of property, plant and equipment — 2.0 2.1 — 4.1 Restricted cash 2.6 — (4.6 ) — (2.0 ) Business acquisitions, net of cash acquired — — (12.2 ) — (12.2 ) Intercompany investments 197.1 (167.2 ) (169.3 ) 139.4 — Net cash provided by (used for) investing activities of continuing operations 198.9 (222.6 ) (197.3 ) 139.4 (81.6 ) Net cash used for investing activities of discontinued operations — — (0.6 ) — (0.6 ) Net cash provided by (used for) investing activities $ 198.9 $ (222.6 ) $ (197.9 ) $ 139.4 $ (82.2 ) Cash Flows from Financing: Payments on long-term debt $ (220.6 ) $ (0.7 ) $ (45.2 ) $ — $ (266.5 ) Proceeds from long-term debt — — 43.0 — 43.0 (Payments on) proceeds from revolving credit facility—net (34.5 ) — 0.1 — (34.4 ) Proceeds from notes financing—net — — 6.6 — 6.6 Debt issue costs (1.1 ) — — — (1.1 ) Dividends paid (10.7 ) — — — (10.7 ) Exercises of stock options including windfall tax benefits 6.7 — — — 6.7 Intercompany financing 102.1 — 37.3 (139.4 ) — Net cash (used for) provided by financing activities $ (158.1 ) $ (0.7 ) $ 41.8 $ (139.4 ) $ (256.4 ) Effect of exchange rate changes on cash — — (2.8 ) — (2.8 ) Net decrease in cash and cash equivalents (10.8 ) (0.7 ) (6.8 ) — (18.3 ) Balance at beginning of period 12.0 4.0 57.2 — 73.2 Balance at end of period $ 1.2 $ 3.3 $ 50.4 $ — $ 54.9 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following table presents quarterly financial data for 2015 and 2014 : 2015 2014 (in millions, except per share data) First Second Third Fourth First Second Third Fourth Net sales $ 752.1 $ 885.4 $ 863.5 $ 934.8 $ 850.0 $ 1,012.8 $ 986.3 $ 1,037.4 Gross profit 182.5 222.5 205.7 222.5 227.1 272.3 245.2 241.5 Earnings from continuing operations before taxes on earnings (9.5 ) 37.9 15.8 12.4 8.6 66.1 56.3 38.4 Discontinued operations: (Loss) earnings from discontinued operations, net of income taxes (0.1 ) 0.1 0.1 0.1 (1.0 ) (0.3 ) (0.2 ) 0.1 Loss on sale of discontinued operations, net of income taxes — — — — (9.9 ) — (1.1 ) — Net (loss) earnings (8.4 ) 23.3 4.8 43.8 (4.9 ) 46.6 73.1 33.6 Less: Earnings (loss) attributable to noncontrolling interest, net of tax — — — — 3.9 — — — Net (loss) earnings attributable to Manitowoc $ (8.4 ) $ 23.3 $ 4.8 $ 43.8 $ (8.8 ) $ 46.6 $ 73.1 $ 33.6 Basic earnings per share: Earnings from continuing operations attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ 0.01 $ 0.35 $ 0.55 $ 0.25 Discontinued operations: Loss from discontinued operations attributable to Manitowoc common shareholders — — — — — — — — Loss on sale of discontinued operations, net of income taxes — — — — (0.07 ) — (0.01 ) — (Loss) earnings per share attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.04 $ 0.32 $ (0.07 ) $ 0.35 $ 0.54 $ 0.25 Diluted earnings per share: Earnings from continuing operations attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ 0.01 $ 0.34 $ 0.54 $ 0.24 Discontinued operations: Loss from discontinued operations attributable to Manitowoc common shareholders — — — — — — — — Loss on sale of discontinued operations, net of income taxes — — — — (0.07 ) — (0.01 ) — (Loss) earnings per share attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ (0.06 ) $ 0.34 $ 0.53 $ 0.25 Dividends per common share $ — $ — $ — $ 0.08 $ — $ — $ — $ 0.08 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In connection with the previously announced spin-off (the “Spin-Off”) of Manitowoc Foodservice, Inc. (“MFS”) from Manitowoc the company entered into the following material agreements related to the debt financing for MFS and Manitowoc. Foodservice Escrow Agreement On February 5, 2016, in connection with the Spin-Off of MFS from Manitowoc, MFS entered into an escrow agreement (the “Escrow Agreement”) among MFS, its subsidiary Enodis Holdings Limited, a corporation organized under the laws of the United Kingdom (the “UK Borrower”), the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as escrow agent, pursuant to which the parties thereto have delivered in escrow executed signature pages to a credit agreement (the “Credit Agreement”) for a new senior secured revolving credit facility in an aggregate principal amount of $225 million (the “Revolving Facility”) and a senior secured term loan B facility in an aggregate principal amount of $975 million (the “Term Loan Facility,” and together with the Revolving Facility, the “Credit Facilities”) with JPMorgan Chase Bank, N.A, as administrative agent and collateral agent, J.P. Morgan Securities LLC, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., and Citigroup Global Markets Inc., on behalf of certain of its affiliates, as joint lead arrangers and joint bookrunners, and certain lenders, as lenders. The Revolving Facility will include (i) a $20 million sublimit for the issuance of letters of credit on customary terms, and (ii) a $40 million sublimit for swingline loans on customary terms. Pursuant to the Escrow Agreement, the executed signature pages will be released from escrow only upon written notice from MFS and the UK Borrower to JPMorgan Chase Bank, N.A., in its capacity as escrow agent under the Escrow Agreement. The escrowed Credit Agreement will become effective upon delivery of such notice. MFS expects to enter into security and other agreements relating to the Credit Agreement governing the Revolving Facility and the Term Loan Facility. The Term Loan Facility proceeds will be used in part to repay existing debt, and for the payment of a cash dividend to Manitowoc in an amount sufficient to repay certain of Manitowoc existing debt and credit facilities (the “Foodservice Dividend”) in connection with the contribution of certain assets to MFS immediately prior to the completion of the Spin-Off. Any proceeds remaining after the payment of the Foodservice Dividend will be used by MFS for general corporate purposes. Borrowings under the Credit Facilities are expected to bear interest at a rate per annum equal to, at the option of MFS, (i) LIBOR plus the applicable margin of approximately 4.75% for term loans subject to a 1.00% LIBOR floor and 1.50% to 2.75% for revolving loans, based on consolidated total leverage, or (ii) an alternate base rate plus the applicable margin, which will be 1.00% lower than for LIBOR loans. Foodservice Notes Purchase Agreement On February 18, 2016, in connection with the previously announced Spin-Off, MFS’s wholly owned subsidiary, MTW Foodservice Escrow Corp. (the “Foodservice Escrow Issuer”), entered into an indenture (the “Foodservice Indenture”) with Wells Fargo Bank, National Association, as trustee (in such capacity, the “Foodservice Trustee”). Pursuant to the Foodservice Indenture, on the same date, the Foodservice Escrow Issuer issued $425 million in aggregate principal amount of the Foodservice Escrow Issuer’s 9.500% senior notes due 2024 (the “Foodservice Notes”). The Foodservice Notes bear interest at a rate of 9.500% per year, payable in cash semi-annually on February 15 and August 15 of each year, commencing on August 15, 2016. The Foodservice Notes will mature on February 15, 2024, unless earlier repurchased or redeemed. The Foodservice Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and will be resold by the initial purchasers (the “Foodservice Purchasers”) to qualified institutional buyers pursuant to Rule 144A (and outside the United States in reliance on Regulation S) under the Securities Act. Following the issuance of the Foodservice Notes, the Foodservice Escrow Issuer and MFS deposited the proceeds from the Foodservice Notes, together with an amount sufficient to fund a special mandatory redemption, as described below, into a segregated escrow account (the “Foodservice Escrow Account”). The funds will be released from escrow (the “Foodservice Escrow Release”) upon the delivery of an officers’ certificate to the escrow agent certifying, among other things, that substantially concurrently with the Foodservice Escrow Release, the following conditions will be satisfied: • the Spin-Off will be consummated within five business days and no later than July 1, 2016; • MFS will use the escrowed funds to (i) pay a cash dividend to Manitowoc in an amount sufficient, together with Manitowoc’s other cash on hand, to repay certain of Manitowoc’s existing debt and credit facilities (the “Foodservice Dividend”) and (ii) pay certain fees and expenses, and Manitowoc will use the proceeds from the Foodservice Dividend accordingly; • substantially concurrently with the Foodservice Escrow Release, the lenders under MFS’s new senior secured term loan B facility (the “Term Loan Facility”) will fund the term loan thereunder in an aggregate principal amount of at least $975 million , less any applicable discounts, fees and expenses; • immediately prior to the Foodservice Escrow Release, the Foodservice Escrow Issuer will be merged with and into MFS (the “Foodservice Escrow Merger”); • immediately prior to the Foodservice Escrow Release, MFS and each of its domestic restricted subsidiaries that is a borrower or a guarantor under the Term Loan Facility and MFS’s new senior secured revolving credit facility (the “Foodservice Guarantors”) will have executed a supplemental indenture pursuant to which MFS will assume the Foodservice Escrow Issuer’s obligations under the Foodservice Notes and the Foodservice Indenture and the Foodservice Guarantors will guarantee the Foodservice Notes as of the date of the Foodservice Escrow Release; • immediately prior to the Foodservice Escrow Release, MFS and the Foodservice Guarantors will execute a joinder to a related registration rights agreement; • MFS, the Foodservice Escrow Issuer and the Foodservice Guarantors will deliver certain opinions of counsel to the Foodservice Trustee and the Foodservice Purchasers, as required under the Foodservice Indenture and the purchase agreement related to the Foodservice Notes; and • no event of default under the Foodservice Indenture shall have occurred and be continuing (or would result therefrom). If (x) by July 1, 2016, the escrow agent and the Foodservice Trustee have not received the officers’ certificate regarding the conditions for the Foodservice Escrow Release described above or (y) at any time prior to the Foodservice Escrow Release, (i) the Foodservice Escrow Issuer notifies the Foodservice Trustee in writing that the board of directors of Manitowoc has determined, in its sole and absolute discretion, that the Spin-Off is not in the best interests of Manitowoc or its shareholders or is otherwise not advisable and that Manitowoc will not pursue the completion of the Spin-Off, (ii) Manitowoc, in its sole discretion, publicly announces that it will not pursue the completion of the Spin-Off or (iii) the Foodservice Escrow Issuer notifies the Foodservice Trustee in writing that the conditions for the Foodservice Escrow Release cannot be satisfied on or prior to July 1, 2016, the Foodservice Escrow Issuer will be required to notify noteholders and redeem the Foodservice Notes within five business days thereafter at a special mandatory redemption price equal to 100% of the principal amount of the Foodservice Notes, together with the interest accrued on the Foodservice Notes from the issue date to but excluding the date of redemption. From and after the Foodservice Escrow Release, the Foodservice Notes will be fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by the Foodservice Guarantors. Prior to the Foodservice Escrow Release, the Foodservice Notes will be secured by a first-priority lien on and security interest in the Foodservice Escrow Account and the escrowed funds therein. From and after the Foodservice Escrow Release, the Foodservice Notes and the subsidiary guarantees will be senior unsecured obligations. The Foodservice Escrow Issuer or, after the Foodservice Escrow Merger, MFS may redeem some or all of the Foodservice Notes from time to time at a redemption price equal to the principal amount of the notes to be redeemed plus certain premiums as set forth in the Foodservice Indenture. The Foodservice Escrow Issuer or, after the Foodservice Escrow Merger, MFS must generally offer to repurchase all of the outstanding Foodservice Notes upon the occurrence of certain specific change of control events at a purchase price equal to 101% of the principal amount of Foodservice Notes purchased plus accrued and unpaid interest to the date of purchase. The Foodservice Indenture provides for customary events of default, including with respect to the escrow arrangements. Generally, if an event of default occurs (subject to certain exceptions), the Foodservice Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding Foodservice Notes may declare all the Foodservice Notes to be due and payable immediately. Among other things, the Foodservice Indenture also limits the ability of MFS and its subsidiaries to engage in certain activities, including: incurring additional indebtedness or issuing certain preferred stock; paying dividends or making certain other restricted payments; incurring liens; entering into certain types of transactions with affiliates; and consolidating or merging with or into other companies or undergoing certain other fundamental changes (excluding the Foodservice Escrow Merger and the Spin-Off). If, in the future, the Foodservice Notes have investment grade credit ratings and no default or event of default exists under the Foodservice Indenture, certain of these covenants will no longer apply to the Foodservice Notes for so long as the Foodservice Notes are rated investment grade. These and other covenants contained in the Indenture are subject to important exceptions and qualifications. Cranes Indenture On February 18, 2016, also in connection with the Spin-Off, Manitowoc’s wholly owned subsidiary, MTW Cranes Escrow Corp. (the “Cranes Escrow Issuer”), entered into an indenture (the “Cranes Indenture”) with Wells Fargo Bank, National Association, as trustee (in such capacity, the “Cranes Trustee”) and as collateral agent. Pursuant to the Cranes Indenture, on the same date, the Cranes Escrow Issuer issued $260 million in aggregate principal amount of its 12.75% in aggregate principal amount of its 12.75% per year, payable in cash semi-annually on February 15 and August 15 of each year, commencing on August 15, 2016. The Cranes Notes will mature on August 15, 2021, unless earlier repurchased or redeemed. The Cranes Notes have not been registered under the Securities Act, and will be resold by the initial purchasers (the “Cranes Purchasers”) to qualified institutional buyers pursuant to Rule 144A (and outside the United States in reliance on Regulation S) under the Securities Act. Following the issuance of the Cranes Notes, the Cranes Escrow Issuer and Manitowoc deposited the net proceeds from the Cranes Notes, together with an amount sufficient to fund a special mandatory redemption, as described below, into a segregated escrow account (the “Cranes Escrow Account”). The funds will be released from escrow (the “Cranes Escrow Release”) upon the delivery of an officer’s certificate to the escrow agent certifying, among other things, that substantially concurrently with the Cranes Escrow Release the following conditions will be satisfied: • the Spin-Off will be consummated within five business days and no later than July 1, 2016; • Manitowoc will use the escrowed funds, together with the proceeds of the Foodservice Dividend and other borrowings, to (i) repay all of Manitowoc’s outstanding $600 million aggregate principal amount of 8.50% senior notes due 2020 and all of Manitowoc’s $300 million aggregate principal amount of 5.875% senior notes due 2022; (ii) repay all amounts outstanding under, and to terminate, Manitowoc’s existing revolving credit facility and term loan facilities; (iii) repay certain other debt of Manitowoc’s subsidiaries; and (iv) pay certain fees and expenses; • immediately prior to the Cranes Escrow Release, the Cranes Escrow Issuer will be merged with and into Manitowoc (the “Cranes Escrow Merger”); • immediately prior to the Cranes Escrow Release, Manitowoc and each of Manitowoc’s domestic restricted subsidiaries that is a borrower or a guarantor under an asset-based revolving credit facility that Manitowoc expects to enter into on or about the date of the Cranes Escrow Release (the “Cranes Guarantors”) will have executed a supplemental indenture, pursuant to which Manitowoc will assume the Cranes Escrow Issuer’s obligations under the Cranes Notes and the Cranes Indenture and the Cranes Guarantors will guarantee the Cranes Notes as of the date of the Cranes Escrow Release; • Manitowoc, the Cranes Escrow Issuer and the Cranes Guarantors will deliver certain opinions of counsel to the Cranes Trustee and the Cranes Purchasers, as required under the Cranes Indenture and the purchase agreement related to the Cranes Notes; and • no event of default under the Cranes Indenture shall have occurred and be continuing (or would result therefrom). If (x) by July 1, 2016, the escrow agent and the Cranes Trustee have not received the officers’ certificate regarding the conditions for the Cranes Escrow Release described above or (y) at any time prior to the Cranes Escrow Release, (i) the Cranes Escrow Issuer notifies the Cranes Trustee in writing that the board of directors of Manitowoc has determined, in its sole and absolute discretion, that the Spin-Off is not in the best interests of Manitowoc or its shareholders or is otherwise not advisable and that Manitowoc will not pursue the completion of the Spin-Off, (ii) Manitowoc, in its sole discretion, publicly announces that it will not pursue the completion of the Spin-Off or (iii) the Cranes Escrow Issuer notifies the Cranes Trustee in writing that the conditions for the Cranes Escrow Release cannot be satisfied on or prior to July 1, 2016, the Cranes Escrow Issuer will be required to notify noteholders and redeem the Cranes Notes within five business days thereafter at a special mandatory redemption price equal to 100% of the issue price of the Cranes Notes, together with the interest accrued on the Cranes Notes from the issue date to but excluding the date of redemption. Prior to the Cranes Escrow Release, the Cranes Notes will be secured by a first-priority lien on and security interest in the Cranes Escrow Account and the escrowed funds therein. From and after the Cranes Escrow Release, the Cranes Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by each of the Cranes Guarantors. From and after the Cranes Escrow Release, the Cranes Notes and the related guarantees will be secured by, and noteholders will have a second-priority security interest in, all capital stock held by Manitowoc and the Cranes Guarantors and substantially all of the other property and assets held by Manitowoc and the Cranes Guarantors, except for certain specific excluded assets. The Cranes Escrow Issuer or, after the Cranes Escrow Merger, Manitowoc may redeem some or all of the Cranes Notes from time to time at a redemption price equal to the principal amount of the notes to be redeemed plus certain premiums as set forth in the Cranes Indenture. The Cranes Escrow Issuer or, after the Cranes Escrow Merger, Manitowoc must generally offer to repurchase all of the outstanding Cranes Notes upon the occurrence of certain specific change of control events at a purchase price equal to 101% of the principal amount of Cranes Notes purchased plus accrued and unpaid interest to the date of purchase. The Cranes Indenture provides for customary events of default, including with respect to the escrow arrangements. Generally, if an event of default occurs (subject to certain exceptions), the Cranes Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding Cranes Notes may declare all the Cranes Notes to be due and payable immediately. Among other things, the Cranes Indenture also limits the ability of Manitowoc and its subsidiaries to engage in certain activities, including: incurring additional indebtedness or issuing certain preferred stock; paying dividends or making certain other restricted payments; incurring liens; entering into certain types of transactions with affiliates; and consolidating or merging with or into other companies (excluding the Cranes Escrow Merger and the Spin-Off). These and other covenants contained in the Indenture are subject to important exceptions and qualifications. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 (dollars in millions) Balance at Beginning of Year Charge to Costs and Expenses Utilization of Reserve Other, Primarily Impact of Foreign Exchange Rates Balance at end of Year Year End December 31, 2013 Allowance for doubtful accounts $ 13.3 $ 8.1 $ (3.4 ) $ 0.2 $ 18.2 Deferred tax valuation allowance $ 158.0 $ 1.1 $ (3.4 ) $ (5.9 ) $ 149.8 Year End December 31, 2014 Allowance for doubtful accounts $ 18.2 $ 9.2 $ (6.4 ) $ (1.6 ) $ 19.4 Deferred tax valuation allowance $ 149.8 $ 32.4 $ (0.4 ) $ (13.6 ) $ 168.2 Year End December 31, 2015 Allowance for doubtful accounts $ 19.4 $ 5.1 $ (5.6 ) $ (2.0 ) $ 16.9 Deferred tax valuation allowance $ 168.2 $ 10.3 $ (29.9 ) $ (11.6 ) $ 137.0 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 79% and 84% of the company’s inventories at December 31, 2015 and 2014 , 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 $40.0 million and $36.2 million at December 31, 2015 and 2014 , 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 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7 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 $69.4 million and $83.4 million , net of accumulated depreciation, at December 31, 2015 and 2014 , 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. |
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 2015 , 2014 and 2013 , 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, commodity contracts, and interest rate 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 13, “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 18, “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. |
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 20, “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 |
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 January 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” This update provides guidance for the recognition, measurement, presentation, and disclosure of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted. The company is evaluating the impact, if any, the adoption of this ASU will have on the company’s consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes (Subtopic 740-10)." ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the requirement for companies to present deferred tax liabilities and assets as current and non-current on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. This guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. We early adopted this ASU on a prospective basis as of December 31, 2015. Prior periods were not retrospectively adjusted. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in this ASU require that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, rather than as retrospective adjustments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In August 2015, the FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This ASU clarifies the guidance related to accounting for debt issuance costs related to line-of-credit arrangements. In April 2015, the FASB issued ASU 2015-03 which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability; see further discussion of ASU 2015-03 below. The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This ASU changes the guidance on accounting for inventory accounted for on a first-in first-out basis (FIFO). Under the revised standard, an entity should measure FIFO inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured on a last-in, first-out basis (LIFO). The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance on accounting for a software license in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. Further, all software licenses are within the scope of Accounting Standards Codification Subtopic 350-40 and will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, this ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. We are evaluating the impact that the adoption of this ASU will have on our combined financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 820)-Amendments to the Consolidation Analysis.” This ASU amends the current consolidation guidance for both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items.” This ASU eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for the first interim period within fiscal years beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern.” This ASU provided guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective in the first annual period ending after December 15, 2016, with early adoption permitted. We believe the adoption of this ASU will not have a material impact on our combined financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU provided a principles-based approach to revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. The revenue standard is effective for the first interim period within fiscal years beginning after December 15, 2017 (as finalized by the FASB in August 2015 in ASU 2015-14), and can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application along with additional disclosures. Early adoption is permitted as of the original effective date-the first interim period within fiscal years beginning after December 15, 2016. We are evaluating the impact, if any, the adoption of this ASU will have on our combined financial statements. In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the requirements for reporting discontinued operations in Accounting Standards Codification Subtopic 205-20, and now requires a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. There will also be additional disclosures required. The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2014. The significance of this guidance for us is dependent on any future disposals. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Manitowoc Dong Yue | |
Discontinued operations | |
Summary of selected financial data of businesses which are classified as discontinued operations | (in millions) 2015 2014 2013 Net sales $ — $ 0.3 $ 16.8 Pretax loss from discontinued operation $ — $ (0.8 ) $ (17.3 ) Benefit for taxes on earnings — — (0.3 ) Net loss from discontinued operation $ — $ (0.8 ) $ (17.0 ) |
Jackson | |
Discontinued operations | |
Summary of selected financial data of businesses which are classified as discontinued operations | (in millions) 2015 2014 2013 Net sales $ — $ — $ 2.5 Pretax earnings from discontinued operation $ — $ — $ 0.1 (Benefit) provision for taxes on earnings — — (0.4 ) Net earnings from discontinued operation $ — $ — $ 0.5 |
Business Disposed Prior to 2013 | |
Discontinued operations | |
Summary of selected financial data of businesses which are classified as discontinued operations | (in millions) 2015 2014 2013 Net sales $ — $ — $ — Pretax earnings (loss) from discontinued operations $ 0.3 $ (0.9 ) $ (3.4 ) Provision (benefit) for taxes on earnings 0.1 (0.3 ) (1.1 ) Net earnings (loss) from discontinued operations $ 0.2 $ (0.6 ) $ (2.3 ) |
Other Income (Expense) - Net (T
Other Income (Expense) - Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Summary of the components of other income (expense) - net | The components of Other income (expense) — net in the Consolidated Statements of Operations for the twelve months ended December 31, 2015 , 2014 , and 2013 , are summarized as follows: (in millions) 2015 2014 2013 Gain on sale of Kysor Panel Systems $ 9.9 $ — $ — Gain on sale of investment property 5.4 — — Gain on acquisition of Thailand joint venture 4.9 — — Other (1) 5.3 (5.5 ) (0.8 ) Other income (expense) — net $ 25.5 $ (5.5 ) $ (0.8 ) (1) Other consists primarily of foreign currency gains and losses. |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy | 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, 2015 and 2014 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, 2015 (in millions) Level 1 Level 2 Level 3 Total Current Assets: Foreign currency exchange contracts $ — $ 0.3 $ — $ 0.3 Total current assets at fair value $ — $ 0.3 $ — $ 0.3 Non-Current Assets: Interest rate swap contracts: Float-to-fixed $ — Total non-current assets at fair value $ — $ — $ — $ — Current Liabilities: Foreign currency exchange contracts $ 1.2 $ 1.2 Commodity contracts 3.8 3.8 Interest rate swap contracts: Float-to-fixed 1.7 1.7 Total current liabilities at fair value $ — $ 6.7 $ — $ 6.7 Non-current Liabilities: Commodity contracts 0.5 0.5 Interest rate swap contracts: Float-to-fixed 0.6 0.6 Total non-current liabilities at fair value $ — $ 1.1 $ — $ 1.1 Fair Value as of December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Current Assets: Foreign currency exchange contracts $ — $ 2.1 $ — $ 2.1 Total current assets at fair value $ — $ 2.1 $ — $ 2.1 Non-current Assets: Interest rate swap contracts: Float-to-fixed $ — $ 0.8 $ — $ 0.8 Total Non-current assets at fair value $ — $ 0.8 $ — $ 0.8 Current Liabilities: Foreign currency exchange contracts $ — $ 7.9 $ — $ 7.9 Commodity contracts — 1.0 — 1.0 Interest rate swap contracts — 2.3 — 2.3 Total current liabilities at fair value $ — $ 11.2 $ — $ 11.2 Non-current Liabilities: Commodity contracts $ — $ 0.4 $ — $ 0.4 Interest rate swap contracts: Fixed-to-float $ — $ 4.3 $ — $ 4.3 Total non-current liabilities at fair value $ — $ 4.7 $ — $ 4.7 |
Derivative Financial Instrume43
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2014 was as follows: ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swap contracts: Float-to-fixed Other non-current assets $ 0.8 Total derivatives designated as hedging instruments $ 0.8 ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Other current assets $ 2.1 Total derivatives NOT designated as hedging instruments $ 2.1 Total asset derivatives $ 2.9 The fair value of outstanding derivative contracts recorded as assets in the accompanying Consolidated Balance Sheet as of December 31, 2015 was as follows: ASSET DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swap contracts: Float-to-fixed Other non-current assets $ — Total derivatives designated as hedging instruments $ — 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 $ 0.3 |
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, 2014 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 $ 6.6 Commodity contracts Accounts payable and accrued expenses 1.0 Interest rate swap contracts: Float-to-fixed Accounts payable and accrued expenses 2.3 Commodity contracts Other non-current liabilities 0.4 Interest rate swap contracts: Fixed-to-float Other non-current liabilities 4.3 Total derivatives designated as hedging instruments $ 14.6 LIABILITY DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Accounts payable and accrued expenses $ 1.3 Total derivatives NOT designated as hedging instruments $ 1.3 Total liability derivatives $ 15.9 The fair value of outstanding derivative contracts recorded as liabilities in the accompanying Consolidated Balance Sheet as of December 31, 2015 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 $ 0.3 Commodity contracts Accounts payable and accrued expenses 3.1 Interest rate swap contracts: Float-to-fixed Accounts payable and accrued expenses 1.7 Commodity contracts Other non-current liabilities 0.4 Interest rate swap contracts: Float-to-fixed Other non-current liabilities 0.6 Total derivatives designated as hedging instruments $ 6.1 LIABILITY DERIVATIVES (in millions) Balance Sheet Location Fair Value Derivatives NOT designated as hedging instruments Foreign exchange contracts Accounts payable and accrued expenses $ 0.9 Commodity contracts Accounts payable and accrued expenses 0.7 Commodity contracts Other non-current liabilities 0.1 Total derivatives NOT designated as hedging instruments $ 1.7 Total liability derivatives $ 7.8 |
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, 2014 and gains or losses initially recognized in OCI in the Consolidated Balance Sheet was as follows: Derivatives in Cash Flow Hedging Relationships (in millions) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Foreign exchange contracts $ (5.3 ) Cost of sales $ (2.2 ) Commodity contracts (0.8 ) Cost of sales (0.1 ) Interest rate swap & cap contracts (0.9 ) Interest expense (1.8 ) Total $ (7.0 ) $ (4.1 ) Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ (0.1 ) Total $ (0.1 ) Derivatives Not Designated as Hedging Instruments (in millions) Location of Gain or (Loss) recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Foreign exchange contracts Other (expense) income, net $ 0.8 Total $ 0.8 Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate swap contracts: Fixed-to-float Interest expense $ 10.6 Total $ 10.6 The effect of derivative instruments on the Consolidated Statement of Operations for the twelve months ended December 31, 2015 and gains or losses initially recognized in Other Comprehensive Income (OCI) in the Consolidated Balance Sheet was as follows: Derivatives in Cash Flow Hedging Relationships (in millions) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Foreign exchange contracts $ 4.0 Cost of sales $ (11.7 ) Commodity contracts (1.3 ) Cost of sales (4.0 ) Interest rate swap contracts: Float-to-fixed (0.5 ) Interest expense (2.6 ) Total $ 2.2 $ (18.3 ) Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ (0.2 ) Total $ (0.2 ) Derivatives Not Designated as Hedging Instruments (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Foreign exchange contracts Other (expense) income, net $ (1.4 ) Interest rate swap contracts Other income — Total $ (1.4 ) Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate swap contracts: Fixed-to-float Interest expense $ 4.3 Total $ 4.3 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 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 Foreign exchange contracts $ (0.3 ) Cost of sales $ 3.0 Commodity contracts 0.4 Cost of sales (1.6 ) Total $ 0.1 $ 1.4 Derivatives Relationships (in millions) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Commodity contracts Cost of sales $ — Total $ — Derivatives Not Designated as Hedging Location of Gain or (Loss) Amount of Gain or (Loss) Foreign exchange contracts Other (expense) income, net $ 0.2 Total $ 0.2 Derivatives Designated as Fair Market Value Instruments under ASC 815 (in millions) Location of Gain or (Loss) Amount of Gain or (Loss) Interest rate swap contracts: Fixed-to-float Interest expense $ (13.7 ) Total $ (13.7 ) |
Designated as Hedging Instrument | |
Derivative [Line Items] | |
Schedule of outstanding commodity and currency forward contracts | As of December 31, 2015 , the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: Commodity Units Hedged Type Aluminum 1,040 MT Cash Flow Copper 472 MT Cash Flow Natural Gas 291,260 MMBtu Cash Flow Steel 11,895 Short Tons Cash Flow Currency Units Hedged Type Canadian Dollar 587,556 Cash Flow European Euro 231,810 Cash Flow South Korean Won 1,533,257,930 Cash Flow Singapore Dollar 1,800,000 Cash Flow Mexican Peso 28,504,800 Cash Flow Japanese Yen 245,915,700 Cash Flow Great British Pound 113,115 Cash Flow As of December 31, 2014 , the company had the following outstanding commodity and currency forward contracts that were entered into as hedge forecasted transactions: Commodity Units Hedged Type Aluminum 1,657 MT Cash Flow Copper 820 MT Cash Flow Natural Gas 347,608 MMBtu Cash Flow Steel 14,665 Short Tons Cash Flow Currency Units Hedged Type Canadian Dollar 7,984,824 Cash Flow European Euro 89,006,695 Cash Flow South Korean Won 1,964,906,996 Cash Flow Singapore Dollar 3,900,000 Cash Flow United States Dollar 29,228,731 Cash Flow Mexican Peso 52,674,387 Cash Flow |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Schedule of outstanding commodity and currency forward contracts | 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 Other (expense) income, net. As of December 31, 2014 , the company had the following outstanding currency forward contracts that were not designated as hedging instruments: Currency Units Hedged Recognized Location Purpose European Euro 73,302,332 Other (expense) income, net Accounts Payable and Receivable Settlement United States Dollar 18,244,912 Other (expense) income, net Accounts Payable and Receivable Settlement Australian Dollar 2,482,430 Other (expense) income, net Accounts Payable and Receivable Settlement Mexican Peso 3,151,000 Other (expense) income, net Accounts Payable and Receivable Settlement Canadian Dollar 2,516 Other (expense) income, net Accounts Payable and Receivable Settlement As of December 31, 2015 , the company had the following outstanding currency forward contracts and commodity swaps that were not designated as hedging instruments: Currency Units Hedged Recognized Location Purpose European Euro 20,490,320 Other (expense) income, net Accounts payable and receivable settlement United States Dollar 17,321,106 Other (expense) income, net Accounts payable and receivable settlement Australian Dollar — Other (expense) income, net Accounts payable and receivable settlement Mexican Peso — Other (expense) income, net Accounts payable and receivable settlement Canadian Dollar 1,117,850 Other (expense) income, net Accounts payable and receivable settlement Singapore Dollar 500,000 Other (expense) income, net Accounts payable and receivable settlement Great British Pound 4,840,238 Other (expense) income, net Accounts payable and receivable settlement Japanese Yen 70,518,463 Other (expense) income, net Accounts payable and receivable settlement Aluminum 175 MT Other (expense) income, net De-designated commodity swap Steel 3,989 ST Other (expense) income, net De-designated commodity swap |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of the components of inventories | The components of inventories at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Inventories — gross: Raw materials $ 226.0 $ 226.2 Work-in-process 135.0 103.7 Finished goods 347.2 414.8 Total inventories — gross 708.2 744.7 Excess and obsolete inventory reserve (69.7 ) (64.0 ) Net inventories at FIFO cost 638.5 680.7 Excess of FIFO costs over LIFO value (40.0 ) (36.2 ) Inventories — net $ 598.5 $ 644.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of property, plant and equipment at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Land $ 31.0 $ 31.2 Building and improvements 313.0 344.2 Machinery, equipment and tooling 490.2 509.1 Furniture and fixtures 22.8 24.5 Computer hardware and software 183.5 169.7 Rental cranes 99.5 111.2 Construction in progress 90.9 104.2 Total cost 1,230.9 1,294.1 Less accumulated depreciation (703.9 ) (703.1 ) Property, plant and equipment-net $ 527.0 $ 591.0 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amount of goodwill by reportable segment | The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2015 and December 31, 2014 are as follows: (in millions) Crane Foodservice Total Gross balance as of January 1, 2014 $ 345.1 $ 1,389.2 $ 1,734.3 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of January 1, 2014 345.1 873.5 1,218.6 Foreign currency impact (19.8 ) (0.7 ) (20.5 ) Gross balance as of December 31, 2014 $ 325.3 $ 1,388.5 $ 1,713.8 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of December 31, 2014 $ 325.3 $ 872.8 $ 1,198.1 Foreign currency impact (18.8 ) (0.5 ) (19.3 ) Impact of acquisitions and divestitures — (26.5 ) (26.5 ) Gross balance as of December 31, 2015 $ 306.5 $ 1,361.5 $ 1,668.0 Accumulated Asset impairments — (515.7 ) (515.7 ) Net balance as of December 31, 2015 $ 306.5 $ 845.8 $ 1,152.3 |
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, 2015 and December 31, 2014 . December 31, 2015 December 31, 2014 (in millions) Gross Carrying Amount Accumulated Amortization Amount Net Book Value Gross Carrying Amount Accumulated Amortization Amount Net Book Value Trademarks and tradenames $ 269.4 $ — $ 269.4 $ 300.0 $ — $ 300.0 Customer relationships 425.6 (157.5 ) 268.1 425.7 (136.0 ) 289.7 Patents 30.7 (28.1 ) 2.6 32.7 (28.3 ) 4.4 Engineering drawings 10.2 (9.3 ) 0.9 11.0 (9.3 ) 1.7 Distribution network 18.4 — 18.4 19.7 — 19.7 Other intangibles 143.5 (64.1 ) 79.4 170.9 (71.7 ) 99.2 $ 897.8 $ (259.0 ) $ 638.8 $ 960.0 $ (245.3 ) $ 714.7 |
Accounts Payable and Accrued 47
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses at December 31, 2015 and December 31, 2014 are summarized as follows: (in millions) 2015 2014 Trade accounts payable $ 390.2 $ 457.5 Interest payable 13.2 12.5 Employee related expenses 84.6 90.3 Restructuring expenses 23.3 20.3 Profit sharing and incentives 6.3 6.8 Accrued rebates 51.9 52.8 Deferred revenue - current 17.1 21.6 Income taxes payable 11.6 16.2 Miscellaneous accrued expenses 109.7 129.4 $ 707.9 $ 807.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | Outstanding debt at December 31, 2015 and December 31, 2014 is summarized as follows: (in millions) 2015 2014 Revolving credit facility $ — $ — Term loan A 312.8 336.9 Term loan B 119.5 168.5 Senior notes due 2020 613.1 614.8 Senior notes due 2022 299.2 296.9 Other 69.0 106.4 Total debt 1,413.6 1,523.5 Less current portion and short-term borrowings (67.6 ) (80.3 ) Long-term debt $ 1,346.0 $ 1,443.2 |
Summary of covenant levels of financial covenants | The covenant levels of the financial covenants under the New Senior Credit Facility are as set forth below: Fiscal Quarter Ending Consolidated Senior Secured Leverage Ratio (less than) Consolidated Interest Coverage Ratio (greater than) 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 100.000 % 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 104.250 % 2016 102.833 % 2017 101.417 % 2018 and thereafter 100.000 % |
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) 2016 $ 67.6 2017 56.0 2018 58.4 2019 192.8 2020 4.4 Thereafter 1,034.4 Total $ 1,413.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of earnings from continuing operations | Earnings from continuing operations are summarized below: (in millions) 2015 2014 2013 Earnings (loss) from continuing operations before income taxes: Domestic $ (91.5 ) $ 32.6 $ 90.1 Foreign 148.1 136.8 135.1 Total $ 56.6 $ 169.4 $ 225.2 |
Schedule of income tax expense (benefit) from continuing operations | Income tax expense (benefit) from continuing operations is summarized as follows: (in millions) 2015 2014 2013 Current: Federal and state $ (0.9 ) $ (12.0 ) $ 24.1 Foreign 30.1 26.8 25.4 Total current $ 29.2 $ 14.8 $ 49.5 Deferred: Federal and state $ (37.7 ) $ 4.5 $ (15.2 ) Foreign 1.8 (10.7 ) 1.8 Total deferred $ (35.9 ) $ (6.2 ) $ (13.4 ) (Benefit) provision for taxes on earnings $ (6.7 ) $ 8.6 $ 36.1 |
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, 2015 , 2014 and 2013 as follows: 2015 2014 2013 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income provision (benefit) (7.3 ) (0.4 ) (0.5 ) Manufacturing & research incentives (5.2 ) (2.7 ) (3.3 ) Taxes on foreign income which differ from the U.S. statutory rate (34.2 ) (14.4 ) (9.3 ) Adjustments for unrecognized tax benefits (2.7 ) (1.4 ) (5.4 ) Adjustments for valuation allowances (31.2 ) 26.8 (1.0 ) Capital loss generation — (45.7 ) — Change in assertion over permanently reinvested foreign earnings — 3.2 — Business acquisitions & divestitures 14.1 — — Spin-off tax costs 13.3 — — Other items 6.4 4.7 0.5 Effective tax rate (11.8 )% 5.1 % 16.0 % |
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) 2015 2014 Current deferred tax assets (liabilities): Inventories $ — $ 29.5 Accounts receivable — (5.6 ) Product warranty reserves — 19.0 Product liability reserves — 8.3 Deferred revenue, current portion — 7.7 Deferred employee benefits — 13.3 Other reserves and allowances — 5.7 Less valuation allowance — (12.2 ) Net deferred tax assets, current $ — $ 65.7 Non-current deferred tax assets (liabilities): Inventories 37.6 — Accounts receivable (5.7 ) — Property, plant and equipment (13.6 ) (28.2 ) Intangible assets (256.7 ) (281.8 ) Deferred employee benefits 92.9 87.7 Product warranty reserves 21.3 5.2 Product liability reserves 8.7 — Tax credits 0.4 1.0 Loss carryforwards 157.7 199.0 Deferred revenue 11.2 4.0 Other 8.8 (0.7 ) Total non-current deferred tax liabilities 62.6 (13.8 ) Less valuation allowance (137.0 ) (156.0 ) Net deferred tax liabilities, non-current $ (74.4 ) $ (169.8 ) The net deferred tax assets (liabilities) are reflected in the Consolidated Balance Sheets for the years ended December 31, 2015 and December 31, 2014 as follows: (in millions) 2015 2014 Current income tax asset $ — $ 71.3 Long-term income tax assets, included in other non-current assets 15.0 16.4 Current deferred income tax liability, included in accounts payable and accrued expenses — (5.6 ) Long-term deferred income tax liability (89.4 ) (186.2 ) Net deferred income tax liability $ (74.4 ) $ (104.1 ) |
Schedule of open tax years for which the company could be subject to income tax examination | 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 2012 — 2015 Wisconsin 2009 — 2015 China 2007 — 2015 France 2013 — 2015 Germany 2011 — 2015 |
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, 2015 , 2014 and 2013 is as follows: (in millions) 2015 2014 2013 Balance at beginning of year $ 33.3 $ 35.9 $ 47.3 Additions based on tax positions related to the current year 1.4 15.5 2.0 Additions for tax positions of prior years 0.2 0.1 3.7 Reductions for tax positions of prior years — (2.7 ) (8.1 ) Reductions based on settlements with taxing authorities — (7.3 ) (3.6 ) Reductions for lapse of statute (3.1 ) (8.2 ) (5.4 ) Balance at end of year $ 31.8 $ 33.3 $ 35.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 Basic weighted average common shares outstanding 136,036,192 134,934,892 132,894,179 Effect of dilutive securities - stock awards 1,397,623 2,416,417 2,436,014 Diluted weighted average common shares outstanding 137,433,815 137,351,309 135,330,193 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of components of other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 are as follows: (in millions) 2015 2014 Foreign currency translation $ (121.4 ) $ (29.2 ) Derivative instrument fair market value, net of income taxes of $(2.2) and $(3.2) (3.8 ) (6.3 ) Employee pension and postretirement benefit adjustments, net of income taxes of $(35.2) and $(40.1) (82.6 ) (95.0 ) $ (207.8 ) $ (130.5 ) A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2014 and December 31, 2015 is as follows: (in millions) Gains and Losses on Cash Flow Hedges Pension & Postretirement Foreign Currency Translation Total Balance at December 31, 2013 $ 1.0 $ (62.7 ) $ 54.8 $ (6.9 ) Other comprehensive loss before reclassifications $ (9.9 ) $ (35.4 ) $ (84.0 ) $ (129.3 ) Amounts reclassified from accumulated other comprehensive income 2.6 3.1 — 5.7 Net current period other comprehensive income (7.3 ) (32.3 ) (84.0 ) (123.6 ) Balance at December 31, 2014 $ (6.3 ) $ (95.0 ) $ (29.2 ) $ (130.5 ) Other comprehensive loss before reclassifications 14.0 17.9 (92.2 ) (60.3 ) Amounts reclassified from accumulated other comprehensive income (11.5 ) (5.5 ) — (17.0 ) Net current period other comprehensive loss 2.5 12.4 (92.2 ) (77.3 ) Balance at December 31, 2015 $ (3.8 ) $ (82.6 ) $ (121.4 ) $ (207.8 ) |
Reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax | A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2015 is as follows: (in millions) Amount Reclassified from Accumulated Other Comprehensive Income Recognized Location Gains and losses on cash flow hedges Foreign exchange contracts $ (11.7 ) Cost of sales Commodity contracts (4.0 ) Cost of sales Interest rate swap contracts: Float-to-fixed (2.6 ) Interest expense (18.3 ) Total before tax 6.8 Tax expense $ (11.5 ) Net of tax Amortization of pension and postretirement items Amortization of prior service cost (0.1 ) (a) Actuarial losses (7.5 ) (a) (7.6 ) Total before tax 2.1 Tax benefit $ (5.5 ) Net of Tax Total reclassifications for the period $ (17.0 ) Net of Tax (a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 Average Exercise Price Aggregate Intrinsic Value Options outstanding as of January 1, 2014 7.0 $ 16.00 Granted 0.3 29.08 Exercised (1.7 ) 10.92 Cancelled — 27.07 Options outstanding as of December 31, 2014 5.6 $ 18.23 Granted 0.7 21.02 Exercised (0.5 ) 9.63 Cancelled (0.3 ) 23.70 Options outstanding as of December 31, 2015 5.5 $ 19.04 $ 11.0 Options exercisable as of: December 31, 2015 4.7 $ 18.64 $ 11.0 |
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, 2015 (in millions, except range of exercise price per share, weighted average remaining contractual life and weighted average exercise price): Outstanding Weighted Average Remaining Contractual Weighted Average Exercisable Weighted Average Range of Exercise Price per Share Options Life (Years) Exercise Price Options Exercise Price $4.41 - $11.34 0.6 2.6 $ 4.41 0.6 $ 4.41 $11.35 - $16.79 1.6 3.4 13.26 1.5 12.88 $16.80 - $21.80 1.6 4.4 19.82 1.1 19.36 $21.81 - $27.03 0.5 0.3 26.11 0.5 26.11 $27.04- $29.52 0.7 2.9 29.34 0.6 29.41 $29.53 - $30.47 0.1 8.2 30.47 — 30.47 $30.48 - $47.84 0.4 1.5 38.87 0.4 38.87 5.5 3.1 $ 19.04 4.7 $ 18.64 |
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: 2015 2014 2013 Expected Life (years) 6.0 6.0 6.0 Risk-free Interest rate 1.8 % 1.9 % 1.1 % Expected volatility 56.0 % 55.0 % 56.0 % Expected dividend yield 0.3 % 0.4 % 0.6 % |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of nonvested share activity | A summary of activity for restricted stock awards for the year ended December 31, 2015 is as follows (in millions except weighted average grant date fair value): Shares Weighted Unvested as of January 1, 2015 0.2 $ 16.58 Granted 0.4 21.73 Vested (0.2 ) 17.12 Cancelled — 21.18 Unvested as of December 31, 2015 0.4 $ 21.40 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of nonvested share activity | A summary of activity for restricted stock units for the year ended December 31, 2015 is as follows (in millions except weighted average grant date fair value): Shares Weighted Unvested as of January 1, 2015 0.8 $ 27.09 Granted 0.6 21.06 Vested* (0.4 ) 20.77 Cancelled (0.3 ) 27.64 Unvested as of December 31, 2015 0.7 $ 25.53 * Under the terms of the 2013 performance share award, the actual number of shares awarded could have ranged from zero to 0.8 million , depending on the company’s three-year performance as described above. Based on the performance criteria a total of 0.3 million shares was awarded in 2016. |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Summary of warranty activity | Below is a table summarizing the warranty activity for the years ended December 31, 2015 and 2014 : (in millions) 2015 2014 Balance at beginning of period $ 92.2 $ 99.0 Accruals for warranties issued during the period 47.8 59.8 Settlements made (in cash or in kind) during the period (52.7 ) (63.4 ) Currency translation (3.4 ) (3.2 ) Balance at end of period $ 83.9 $ 92.2 |
Restructuring and Asset Impai54
Restructuring and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 4.7 $ 5.6 $ (6.6 ) $ 3.7 |
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, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ 15.6 $ 4.6 $ (3.4 ) $ 16.8 |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Rollforward of all restructuring activities | The following is a rollforward of all restructuring activities relating to the Corporate segment for the twelve-month period ended December 31, 2015 (in millions): Restructuring Reserve Balance as of December 31, 2014 Restructuring Charges Use of Reserve Restructuring Reserve Balance as of December 31, 2015 $ — $ 3.8 $ (1.0 ) $ 2.8 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee benefit plans | |
Schedule of components of period benefit costs | The components of period benefit costs for the years ended December 31, 2015 , 2014 and 2013 are as follows: US Pension Plans Non-US Pension Plans Postretirement Health and Other (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost - benefits earned during the year $ — $ — $ — $ 2.6 $ 2.4 $ 2.4 $ 0.4 $ 0.4 $ 0.6 Interest cost of projected benefit obligation 9.4 10.3 9.6 8.9 11.3 9.8 2.0 2.1 2.0 Expected return on assets (9.0 ) (9.5 ) (10.2 ) (7.4 ) (9.4 ) (7.4 ) — — — Amortization of prior service cost — — — 0.1 0.1 0.1 — (0.3 ) (0.1 ) Amortization of actuarial net loss (gain) 5.1 2.9 3.5 2.3 1.5 1.9 0.1 (0.1 ) — Curtailment gain recognized — — — — — — — — (0.8 ) Net periodic benefit cost $ 5.5 $ 3.7 $ 2.9 $ 6.5 $ 5.9 $ 6.8 $ 2.5 $ 2.1 $ 1.7 Weighted average assumptions: Discount rate 4.1 % 4.9 % 4.1 % 3.3 % 4.3 % 4.0 % 3.7 % 4.5 % 3.5 % Expected return on plan assets 5.8 % 6.0 % 5.8 % 3.6 % 4.5 % 3.9 % N/A N/A N/A Rate of compensation increase N/A N/A N/A 3.9 % 4.3 % 3.8 % 1.5 % 1.5 % 3.0 % |
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, 2015 and 2014 : US Pension Plans Non-US Pension Plans Postretirement Health and Other (in millions) 2015 2014 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation, beginning of year $ 235.9 $ 213.7 $ 279.5 $ 263.2 $ 57.0 $ 48.5 Service cost — — 2.6 2.4 0.4 0.4 Interest cost 9.4 10.3 8.9 11.3 2.0 2.1 Participant contributions — — 0.1 0.1 2.4 2.3 Medicare subsidies received — — — — 0.2 0.4 Plan settlements — 1.7 — — — — Net transfer out — — (0.3 ) (0.3 ) — — Actuarial (gain) loss (15.2 ) 30.2 (9.7 ) 32.9 (2.0 ) 10.3 Currency translation adjustment — — (15.4 ) (17.4 ) (0.2 ) (0.1 ) Benefits paid (11.6 ) (20.0 ) (13.2 ) (12.7 ) (8.0 ) (6.9 ) Benefit obligation, end of year $ 218.5 $ 235.9 $ 252.5 $ 279.5 $ 51.8 $ 57.0 Change in Plan Assets Fair value of plan assets, beginning of year $ 160.0 $ 162.6 $ 214.0 $ 211.1 $ — $ — Actual return on plan assets (5.8 ) 16.1 1.5 22.4 — — Employer contributions 1.3 1.3 5.1 4.8 5.4 4.2 Participant contributions — — 0.1 0.1 2.4 2.3 Medicare subsidies received — — — — 0.2 0.4 Currency translation adjustment — — (10.3 ) (11.7 ) — — Net transfer out — — (0.3 ) — — — Benefits paid (11.6 ) (20.0 ) (13.2 ) (12.7 ) (8.0 ) (6.9 ) Fair value of plan assets, end of year 143.9 160.0 196.9 214.0 — — Funded status $ (74.6 ) $ (75.9 ) $ (55.6 ) $ (65.5 ) $ (51.8 ) $ (57.0 ) Amounts recognized in the Consolidated Balance sheet at December 31 Pension asset $ — $ — $ — $ — $ — $ — Pension obligation (74.6 ) (75.9 ) (55.6 ) (65.5 ) — — Postretirement health and other benefit obligations — — — — (51.8 ) (57.0 ) Net amount recognized $ (74.6 ) $ (75.9 ) $ (55.6 ) $ (65.5 ) $ (51.8 ) $ (57.0 ) Weighted-Average Assumptions Discount rate 4.5 % 4.1 % 3.5 % 3.3 % 4.1 % 3.7 % Expected return on plan assets 5.8 % 6.0 % 3.6 % 4.5 % N/A N/A Rate of compensation increase N/A N/A 3.9 % 3.9 % 1.5 % 1.5 % |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income as of December 31, 2015 and 2014 , consist of the following: Pensions Postretirement Health and Other (in millions) 2015 2014 2015 2014 Net actuarial gain (loss) $ (113.5 ) $ (128.5 ) $ (3.8 ) $ (5.8 ) Prior service credit (0.7 ) (0.8 ) — — Total amount recognized $ (114.2 ) $ (129.3 ) $ (3.8 ) $ (5.8 ) |
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, 2015 retirement obligations and 2015 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): Change in assumption: Estimated increase (decrease) in 2016 pension cost Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2015 Estimated increase (decrease) in 2016 Other Postretirement Benefit costs Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2015 0.50% increase in discount rate $ (1.7 ) $ (28.8 ) $ 0.1 $ (2.1 ) 0.50% decrease in discount rate 1.7 31.4 — 2.2 0.50% increase in long-term return on assets (1.7 ) N/A N/A N/A 0.50% decrease in long-term return on assets 1.7 N/A N/A N/A 1% increase in medical trend rates N/A N/A 0.6 4.2 1% decrease in medical trend rates N/A N/A (0.2 ) (3.7 ) |
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, 2015 , 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 - 25% 24.5 % 16.2 % Debt Securities 75 % 0 - 100% 74.8 % 29.2 % Other — % 0 - 100% 0.7 % 54.6 % |
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, 2015 and 2014 . 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. December 31, 2015 Assets (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Cash $ 2.0 $ — $ — $ 2.0 Insurance group annuity contracts — — 106.5 106.5 Common/collective trust funds — Government debt — — — — Common/collective trust funds — Corporate and other non-government debt — 60.6 — 60.6 Common/collective trust funds — Government, corporate and other non-government debt — 98.7 — 98.7 Common/collective trust funds — Corporate equity — 67.1 — 67.1 Common/collective trust funds — Customized strategy — 5.9 — 5.9 Total $ 2.0 $ 232.3 $ 106.5 $ 340.8 December 31, 2014 Assets (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Cash $ 1.7 $ — $ — $ 1.7 Insurance group annuity contracts — — 117.7 117.7 Common/collective trust funds — Government debt — — — — Common/collective trust funds — Corporate and other non-government debt — 47.5 — 47.5 Common/collective trust funds — Government, corporate and other non-government debt — 109.9 — 109.9 Common/collective trust funds — Corporate equity — 92.9 — 92.9 Common/collective trust funds — Customized strategy — 4.3 — 4.3 Total $ 1.7 $ 254.6 $ 117.7 $ 374.0 |
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) 2015 2014 Beginning Balance $ 117.7 $ 118.3 Actual return on assets 1.0 12.7 Benefit payments (6.7 ) (7.1 ) Foreign currency impact (5.5 ) (6.2 ) Ending Balance $ 106.5 $ 117.7 |
Schedule of projected benefit payments from the plans | Projected benefit payments from the plans as of December 31, 2015 are estimated as follows: (in millions) U.S Pension Plans Non-U.S. Pension Plans Postretirement Health and Other 2016 $ 12.8 $ 12.8 $ 4.4 2017 13.1 13.8 4.5 2018 13.4 14.1 4.8 2019 13.7 14.9 4.8 2020 14.0 15.9 4.6 2021 — 2025 69.7 88.5 19.8 |
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, 2015 and 2014 is as follows: U.S Pension Plans Non U.S. Pension Plans (in millions) 2015 2014 2015 2014 Projected benefit obligation $ 218.5 $ 235.9 $ 252.5 $ 274.8 Accumulated benefit obligation 218.5 235.9 244.9 269.9 Fair value of plan assets 143.9 160.0 196.9 210.1 |
Schedule of contributions by the company to the multiemployer plan | The contributions by the company to the multiemployer plan for the years ended December 31, 2015 , 2014 and 2013 are as follows: (in millions) Contributions by Manitowoc Pension Fund EIN / Pension Plan Number 2015 2014 2013 Sheet Metal Workers’ National Pension Fund 52-6112463 / 001 $ — $ — $ 0.3 Total Contributions $ — $ — $ 0.3 |
US 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, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity 24.5 % 24.5 % Fixed income 74.8 % 74.9 % Other 0.7 % 0.6 % 100.0 % 100.0 % |
Non-US 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, 2015 and 2014 , by asset category are as follows: 2015 2014 Equity 16.2 % 25.0 % Fixed income 29.2 % 19.6 % Other 54.6 % 55.4 % 100.0 % 100.0 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future minimum rental obligations under non-cancelable operating leases | Future minimum rental obligations under non-cancelable operating leases, as of December 31, 2015 , are payable as follows: (in millions) 2016 $ 38.0 2017 26.6 2018 21.2 2019 17.6 2020 15.0 Thereafter 23.7 Total $ 142.1 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 is as follows: (in millions) 2015 2014 2013 Net sales from continuing operations: Crane $ 1,865.7 $ 2,305.2 $ 2,506.3 Foodservice 1,570.1 1,581.3 1,541.8 Total $ 3,435.8 $ 3,886.5 $ 4,048.1 Operating earnings (loss) from continuing operations: Crane $ 64.3 $ 163.9 $ 218.8 Foodservice 239.7 234.0 250.3 Corporate (58.4 ) (53.4 ) (64.9 ) Asset impairment expense (24.4 ) (1.1 ) — Amortization expense (34.4 ) (35.1 ) (35.3 ) Restructuring expense (14.0 ) (9.0 ) (4.8 ) Separation expense (39.4 ) — — Other (expense) income (0.9 ) (0.5 ) 0.3 Operating earnings from continuing operations $ 132.5 $ 298.8 $ 364.4 Other income (expense): Interest expense $ (97.0 ) $ (94.0 ) $ (128.4 ) Amortization of deferred financing fees (4.2 ) (4.4 ) (7.0 ) Loss on debt extinguishment (0.2 ) (25.5 ) (3.0 ) Other income (expense) - net 25.5 (5.5 ) (0.8 ) Earnings from continuing operations before taxes on earnings $ 56.6 $ 169.4 $ 225.2 Capital expenditures: Crane $ 54.1 $ 57.3 $ 69.3 Foodservice 13.2 25.3 33.6 Corporate 0.8 2.2 7.8 Total $ 68.1 $ 84.8 $ 110.7 Total depreciation: Crane $ 49.4 $ 45.7 $ 46.9 Foodservice 19.6 21.2 20.1 Corporate 0.9 1.5 1.5 Total $ 69.9 $ 68.4 $ 68.5 Total assets: Crane $ 1,606.3 $ 1,742.3 $ 1,900.4 Foodservice 1,792.7 1,902.0 1,904.3 Corporate 49.9 172.3 171.9 Total $ 3,448.9 $ 3,816.6 $ 3,976.6 |
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) 2015 2014 2013 2015 2014 United States $ 1,851.2 $ 1,977.4 $ 1,978.0 $ 1,768.0 $ 1,880.8 Other North America 179.1 238.3 292.1 12.4 12.4 Europe 626.5 821.2 937.6 423.6 478.9 Asia 324.5 377.6 364.5 172.9 189.7 Middle East 221.1 223.2 174.2 1.5 1.5 Central and South America 75.9 106.9 166.9 11.8 30.0 Africa 82.4 56.7 30.0 — — South Pacific and Caribbean 8.6 13.3 12.6 3.8 4.0 Australia 66.5 71.9 92.2 2.9 3.0 Total $ 3,435.8 $ 3,886.5 $ 4,048.1 $ 2,396.9 $ 2,600.3 |
Subsidiary Guarantors of Seni58
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,231.6 $ 1,798.0 $ (593.8 ) $ 3,435.8 Costs and expenses: Cost of sales — 1,785.7 1,410.7 (593.8 ) 2,602.6 Engineering, selling and administrative expenses 53.8 281.0 252.8 — 587.6 Separation expense 34.7 4.4 0.3 — 39.4 Amortization expense — 29.6 4.8 — 34.4 Asset impairment expense — 10.9 13.5 — 24.4 Restructuring expense 3.7 3.1 7.2 — 14.0 Other expense — 0.9 — — 0.9 Equity in loss (earnings) of subsidiaries 160.6 (23.6 ) (137.0 ) — Total costs and expenses 252.8 2,092.0 1,689.3 (730.8 ) 3,303.3 Operating (loss) earnings from continuing operations (252.8 ) 139.6 108.7 137.0 132.5 Other (expense) income : Interest expense (89.5 ) (2.5 ) (5.0 ) — (97.0 ) Amortization of deferred financing fees (4.2 ) — — — (4.2 ) Loss on debt extinguishment (0.2 ) — — — (0.2 ) Management fee income (expense) 64.7 (70.2 ) 5.5 — Other income (expense) - net (1) 304.8 (82.7 ) 12.4 (209.0 ) 25.5 Total other income (expense) 275.6 (155.4 ) 12.9 (209.0 ) (75.9 ) Earnings (loss) from continuing operations before taxes on earnings 22.8 (15.8 ) 121.6 (72.0 ) 56.6 (Benefit) provision for taxes on earnings (40.7 ) (34.9 ) 68.9 — (6.7 ) Earnings (loss) from continuing operations 63.5 19.1 52.7 (72.0 ) 63.3 Discontinued operations: Earnings from discontinued operations, net of income taxes — 0.2 — — 0.2 Loss on sale of discontinued operations, net of income taxes — — — — — Net earnings (loss) 63.5 19.3 52.7 (72.0 ) 63.5 Less: Net earnings attributable to noncontrolling interest — — — — — Net earnings (loss) attributable to Manitowoc $ 63.5 $ 19.3 $ 52.7 $ (72.0 ) $ 63.5 Comprehensive (loss) income attributable to Manitowoc $ (13.8 ) $ 6.7 $ 48.4 $ (55.1 ) $ (13.8 ) (1) Parent Other Income includes of $209.0 million of inter-company dividend income The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,424.5 $ 2,076.1 $ (614.1 ) $ 3,886.5 Costs and expenses: Cost of sales — 1,895.5 1,624.6 (614.1 ) 2,906.0 Engineering, selling and administrative expenses 49.8 281.8 304.4 — 636.0 Asset impairment expense — 1.1 — — 1.1 Amortization expense — 29.6 5.5 — 35.1 Restructuring expense — 3.0 6.0 — 9.0 Other expense (income) — 0.3 0.2 — 0.5 Equity in (earnings) loss of subsidiaries (165.6 ) (73.5 ) — 239.1 — Total costs and expenses (115.8 ) 2,137.8 1,940.7 (375.0 ) 3,587.7 Operating earnings (loss) from continuing operations 115.8 286.7 135.4 (239.1 ) 298.8 Other (expense) income: Interest expense (83.8 ) (1.9 ) (8.3 ) — (94.0 ) Amortization of deferred financing fees (4.4 ) — — — (4.4 ) Loss on debt extinguishment (25.5 ) — — — (25.5 ) Management fee income (expense) 62.4 (72.6 ) 10.2 — — Other income (expense) - net 16.5 59.2 (0.5 ) (80.7 ) (5.5 ) Total other (expense) income (34.8 ) (15.3 ) 1.4 (80.7 ) (129.4 ) Earnings (loss) from continuing operations before taxes on earnings 81.0 271.4 136.8 (319.8 ) 169.4 (Benefit) provision for taxes on earnings (63.5 ) 45.3 26.8 — 8.6 Earnings (loss) from continuing operations 144.5 226.1 110.0 (319.8 ) 160.8 Discontinued operations: Loss from discontinued operations, net of income taxes — (0.5 ) (0.9 ) — (1.4 ) Loss on sale of discontinued operations, net of income taxes — — (11.0 ) — (11.0 ) Net earnings (loss) 144.5 225.6 98.1 (319.8 ) 148.4 Less: Net earnings attributable to noncontrolling interest — — 3.9 — 3.9 Net earnings (loss) attributable to Manitowoc $ 144.5 $ 225.6 $ 94.2 $ (319.8 ) $ 144.5 Comprehensive income (loss) attributable to Manitowoc $ 20.9 $ 217.8 $ 86.0 $ (303.8 ) $ 20.9 The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,631.3 $ 2,097.1 $ (680.3 ) $ 4,048.1 Costs and expenses: Cost of sales — 2,038.1 1,668.5 (680.3 ) 3,026.3 Engineering, selling and administrative expenses 61.4 259.5 296.7 — 617.6 Amortization expense — 29.6 5.7 — 35.3 Restructuring expense — 0.7 4.1 — 4.8 Other expense — 0.5 (0.8 ) — (0.3 ) Equity in (earnings) loss of subsidiaries (199.6 ) (32.5 ) — 232.1 — Total costs and expenses (138.2 ) 2,295.9 1,974.2 (448.2 ) 3,683.7 Operating earnings (loss) from continuing operations 138.2 335.4 122.9 (232.1 ) 364.4 Other (expense) income: Interest expense (118.8 ) (1.0 ) (8.6 ) — (128.4 ) Amortization of deferred financing fees (7.0 ) — — — (7.0 ) Loss on debt extinguishment (3.0 ) — — — (3.0 ) Management fee income (expense) 59.6 (77.1 ) 17.5 — — Other income (expense) - net (3.6 ) (32.6 ) 35.4 — (0.8 ) Total other (expense) income (72.8 ) (110.7 ) 44.3 — (139.2 ) Earnings (loss) from continuing operations before taxes on earnings 65.4 224.7 167.2 (232.1 ) 225.2 (Benefit) provision for taxes on earnings (76.4 ) 69.3 43.2 — 36.1 Earnings (loss) from continuing operations 141.8 155.4 124.0 (232.1 ) 189.1 Discontinued operations: Loss from discontinued operations, net of income taxes — (2.3 ) (16.5 ) — (18.8 ) Loss on sale of discontinued operations, net of income taxes — — (2.7 ) — (2.7 ) Net earnings (loss) 141.8 153.1 104.8 (232.1 ) 167.6 Less: Net loss attributable to noncontrolling interest — — 25.8 — 25.8 Net earnings (loss) attributable to Manitowoc $ 141.8 $ 153.1 $ 79.0 $ (232.1 ) $ 141.8 Comprehensive income (loss) attributable to Manitowoc $ 164.3 $ 154.1 $ 62.9 $ (217.0 ) $ 164.3 |
Condensed Consolidating Balance Sheet | The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2015 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current Assets: Cash and cash equivalents $ 1.4 $ 5.0 $ 57.0 $ — $ 63.4 Restricted cash — — 17.5 — 17.5 Accounts receivable — net 2.2 — 243.0 (25.7 ) 219.5 Intercompany short term note receivable — — 39.0 (39.0 ) — Intercompany interest receivable 37.6 — — (37.6 ) — Inventories — net — 318.5 280.0 — 598.5 Deferred income taxes — — — — — Other current assets 2.3 3.9 108.5 — 114.7 Current assets of discontinued operation — — — — — Total current assets 43.5 327.4 745.0 (102.3 ) 1,013.6 Property, plant and equipment — net 7.5 304.9 214.6 — 527.0 Goodwill — 932.5 219.8 — 1,152.3 Other intangible assets — net — 500.2 138.6 — 638.8 Intercompany long-term notes receivable 897.0 255.9 33.8 (1,186.7 ) — Intercompany accounts receivable — 1,236.6 680.8 (1,917.4 ) — Other non-current assets 34.4 3.4 70.2 — 108.0 Long-term assets held for sale — 3.7 5.5 — 9.2 Investment in affiliates 3,785.1 2,232.4 — (6,017.5 ) — Total assets $ 4,767.5 $ 5,797.0 $ 2,108.3 $ (9,223.9 ) $ 3,448.9 Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses $ 65.9 $ 391.3 $ 276.4 $ (25.7 ) $ 707.9 Short-term borrowings and current portion of long-term debt 71.8 2.3 32.5 (39.0 ) 67.6 Intercompany short term note payable — — — — — Intercompany interest payable — — 37.6 (37.6 ) — Product warranties — 40.7 29.6 — 70.3 Customer advances — 4.0 9.3 — 13.3 Product liabilities — 22.8 1.7 — 24.5 Current liabilities of discontinued operation — — — — — Total current liabilities 137.7 461.1 387.1 (102.3 ) 883.6 Non-Current Liabilities: Long-term debt, less current portion 1,311.8 21.8 12.4 — 1,346.0 Deferred income taxes 89.4 — — — 89.4 Pension obligations 118.6 6.6 3.5 — 128.7 Postretirement health and other benefit obligations 44.0 2.2 1.2 — 47.4 Long-term deferred revenue — 10.1 23.8 — 33.9 Intercompany long-term note payable 251.6 251.6 683.5 (1,186.7 ) — Intercompany accounts payable 1,917.4 — — (1,917.4 ) — Other non-current liabilities 77.6 11.3 11.5 — 100.4 Long-term liabilities of discontinued operation — — — — — Total non-current liabilities 3,810.4 303.6 735.9 (3,104.1 ) 1,745.8 Equity Manitowoc stockholders’ equity 819.4 5,032.3 985.3 (6,017.5 ) 819.5 Noncontrolling interest — — — — — Total equity 819.4 5,032.3 985.3 (6,017.5 ) 819.5 Total liabilities and equity $ 4,767.5 $ 5,797.0 $ 2,108.3 $ (9,223.9 ) $ 3,448.9 The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2014 (In millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current Assets: Cash and cash equivalents $ 1.6 $ 3.3 $ 63.1 $ — $ 68.0 Restricted cash 2.8 — 20.9 — 23.7 Accounts receivable — net 0.1 — 233.6 (6.3 ) 227.4 Intercompany short term note receivable — — 201.7 (201.7 ) — Intercompany interest receivable 41.5 3.2 — (44.7 ) — Inventories — net — 306.3 338.2 — 644.5 Deferred income taxes 67.1 — 4.2 — 71.3 Other current assets 3.6 1.6 139.4 — 144.6 Current assets held for sale — 5.1 1.5 — 6.6 Current assets of discontinued operations — — — — — Total current assets 116.7 319.5 1,002.6 (252.7 ) 1,186.1 Property, plant and equipment — net 7.7 325.8 257.5 — 591.0 Goodwill — 960.5 237.6 — 1,198.1 Other intangible assets — net — 561.6 153.1 — 714.7 Intercompany long-term notes receivable 892.5 195.3 851.3 (1,939.1 ) — Intercompany accounts receivable — 1,619.7 796.8 (2,416.5 ) — Other non-current assets 66.7 3.1 56.4 — 126.2 Other non-current assets held for sale — — 0.5 — 0.5 Long-term assets of discontinued operations — — — — — Investment in affiliates 4,423.6 3,629.4 — (8,053.0 ) — Total assets $ 5,507.2 $ 7,614.9 $ 3,355.8 $ (12,661.3 ) $ 3,816.6 Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses $ 27.1 $ 420.8 $ 365.8 $ (6.3 ) $ 807.4 Short-term borrowings and current portion of long-term debt 24.1 2.8 53.4 — 80.3 Intercompany short-term note payable 201.7 — — (201.7 ) — Intercompany interest payable 3.2 — 41.5 (44.7 ) — Product warranties — 45.2 32.5 — 77.7 Customer advances — 7.3 14.0 — 21.3 Product liabilities — 22.1 2.5 — 24.6 Current liabilities of discontinued operations — — — — — Total current liabilities 256.1 498.2 509.7 (252.7 ) 1,011.3 Non-Current Liabilities: Long-term debt, less current portion 1,393.0 25.3 24.9 — 1,443.2 Deferred income taxes 165.2 — 21.0 — 186.2 Pension obligations 129.1 7.9 4.0 — 141.0 Postretirement health and other benefit obligations 49.5 2.1 1.5 — 53.1 Long-term deferred revenue — 10.7 27.2 — 37.9 Intercompany long-term note payable 191.0 813.5 934.6 (1,939.1 ) — Intercompany accounts payable 2,416.5 — — (2,416.5 ) — Other non-current liabilities 82.7 11.5 25.6 — 119.8 Long-term liabilities of discontinued operations — — — — — Total non-current liabilities 4,427.0 871.0 1,038.8 (4,355.6 ) 1,981.2 Equity Manitowoc stockholders’ equity 824.1 6,245.7 1,807.3 (8,053.0 ) 824.1 Noncontrolling interest — — — — — Total equity 824.1 6,245.7 1,807.3 (8,053.0 ) 824.1 Total liabilities and equity $ 5,507.2 $ 7,614.9 $ 3,355.8 $ (12,661.3 ) $ 3,816.6 |
Condensed Consolidating Statement of Cash Flows | The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2015 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used for) by operating activities of continuing operations $ 217.1 $ (11.1 ) $ 99.3 $ (207.5 ) $ 97.8 Cash provided by operating activities of discontinued operations — 0.2 — — 0.2 Net cash provided by (used for) operating activities $ 217.1 $ (10.9 ) $ 99.3 $ (207.5 ) $ 98.0 Cash Flows from Investing: Capital expenditures $ (1.0 ) $ (31.2 ) $ (35.9 ) $ — $ (68.1 ) Proceeds from sale of property, plant and equipment — — 7.3 — 7.3 Restricted cash 2.8 — 2.0 — 4.8 Business acquisitions, net of cash acquired — — (5.3 ) — (5.3 ) Proceeds from sale of business 78.2 — — — 78.2 Intercompany investments (118.0 ) 730.3 288.8 (901.1 ) — Net cash provided by (used for) investing activities of continuing operations $ (38.0 ) $ 699.1 $ 256.9 $ (901.1 ) $ 16.9 Net cash used for investing activities of discontinued operations — — — — — Net cash provided by (used for) investing activities $ (38.0 ) $ 699.1 $ 256.9 $ (901.1 ) $ 16.9 Cash Flows from Financing: Payments on long-term debt $ (74.2 ) $ (2.7 ) $ (29.2 ) $ — $ (106.1 ) Proceeds from long-term debt — — 5.6 — 5.6 Payments on notes financing—net — — (9.4 ) — (9.4 ) Dividends paid (10.9 ) (137.4 ) (71.6 ) 209.0 (10.9 ) Exercises of stock options including windfall tax benefits 7.9 — — — 7.9 Intercompany financing (102.1 ) (546.4 ) (251.1 ) 899.6 — Net cash (used for) provided by financing activities of continuing operations $ (179.3 ) $ (686.5 ) $ (355.7 ) $ 1,108.6 $ (112.9 ) Net cash used for financing activities of discontinued operations $ — $ — $ — $ — $ — Net cash (used for) provided by financing activities $ (179.3 ) $ (686.5 ) $ (355.7 ) $ 1,108.6 $ (112.9 ) Effect of exchange rate changes on cash — — (6.6 ) — (6.6 ) Net (decrease) increase in cash and cash equivalents (0.2 ) 1.7 (6.1 ) — (4.6 ) Balance at beginning of period 1.6 3.3 63.1 — 68.0 Balance at end of period $ 1.4 $ 5.0 $ 57.0 $ — $ 63.4 The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2014 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash (used for) provided by operating activities of continuing operations $ (124.3 ) $ 243.4 $ 67.0 $ (80.7 ) $ 105.4 Cash used for operating activities of discontinued operations — (0.4 ) (6.7 ) — (7.1 ) Net cash (used for) provided by operating activities $ (124.3 ) $ 243.0 $ 60.3 $ (80.7 ) $ 98.3 Cash Flows from Investing: Capital expenditures $ (2.2 ) $ (51.3 ) $ (31.3 ) $ — $ (84.8 ) Proceeds from sale of property, plant and equipment — 0.1 12.7 — 12.8 Restricted cash — — (11.6 ) — (11.6 ) Intercompany investments 77.4 (213.9 ) 118.8 17.7 — Net cash provided by (used for) investing activities of continuing operations 75.2 (265.1 ) 88.6 17.7 (83.6 ) Net cash used for investing activities of discontinued operations — — — — — Net cash provided by (used for) investing activities $ 75.2 $ (265.1 ) $ 88.6 $ 17.7 $ (83.6 ) Cash Flows from Financing: Payments on long-term debt $ (607.7 ) $ (1.7 ) $ (29.3 ) $ — $ (638.7 ) Proceeds from long-term debt 550.0 26.8 63.5 — 640.3 Proceeds from notes financing—net — — (0.3 ) — (0.3 ) Debt issue costs (5.2 ) — — — (5.2 ) Dividends paid (10.8 ) — (80.7 ) 80.7 (10.8 ) Exercises of stock options including windfall tax benefits 25.9 — — — 25.9 Intercompany financing 97.3 (3.0 ) (76.6 ) (17.7 ) — Net cash provided by (used for) financing activities for continuing operations $ 49.5 $ 22.1 $ (123.4 ) $ 63.0 $ 11.2 Net cash used for financing activities of discontinued operations — — (7.2 ) — (7.2 ) Net cash provided by (used for) financing activities 49.5 22.1 (130.6 ) 63.0 4.0 Effect of exchange rate changes on cash — — (5.6 ) — (5.6 ) Net decrease in cash and cash equivalents 0.4 — 12.7 — 13.1 Balance at beginning of period 1.2 3.3 50.4 — 54.9 Balance at end of period $ 1.6 $ 3.3 $ 63.1 $ — $ 68.0 The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2013 (In millions) Parent Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Net cash (used for) provided by operating activities of continuing operations $ (51.6 ) $ 224.9 $ 160.8 $ — $ 334.1 Cash used for operating activities of discontinued operations — (2.3 ) (8.7 ) — (11.0 ) Net cash (used for) provided by operating activities $ (51.6 ) $ 222.6 $ 152.1 $ — $ 323.1 Cash Flows from Investing: Capital expenditures $ (0.8 ) $ (57.4 ) $ (52.5 ) $ — $ (110.7 ) Proceeds from sale of property, plant and equipment — 2.0 2.1 — 4.1 Restricted cash 2.6 — (4.6 ) — (2.0 ) Business acquisitions, net of cash acquired — — (12.2 ) — (12.2 ) Intercompany investments 197.1 (167.2 ) (169.3 ) 139.4 — Net cash provided by (used for) investing activities of continuing operations 198.9 (222.6 ) (197.3 ) 139.4 (81.6 ) Net cash used for investing activities of discontinued operations — — (0.6 ) — (0.6 ) Net cash provided by (used for) investing activities $ 198.9 $ (222.6 ) $ (197.9 ) $ 139.4 $ (82.2 ) Cash Flows from Financing: Payments on long-term debt $ (220.6 ) $ (0.7 ) $ (45.2 ) $ — $ (266.5 ) Proceeds from long-term debt — — 43.0 — 43.0 (Payments on) proceeds from revolving credit facility—net (34.5 ) — 0.1 — (34.4 ) Proceeds from notes financing—net — — 6.6 — 6.6 Debt issue costs (1.1 ) — — — (1.1 ) Dividends paid (10.7 ) — — — (10.7 ) Exercises of stock options including windfall tax benefits 6.7 — — — 6.7 Intercompany financing 102.1 — 37.3 (139.4 ) — Net cash (used for) provided by financing activities $ (158.1 ) $ (0.7 ) $ 41.8 $ (139.4 ) $ (256.4 ) Effect of exchange rate changes on cash — — (2.8 ) — (2.8 ) Net decrease in cash and cash equivalents (10.8 ) (0.7 ) (6.8 ) — (18.3 ) Balance at beginning of period 12.0 4.0 57.2 — 73.2 Balance at end of period $ 1.2 $ 3.3 $ 50.4 $ — $ 54.9 |
Quarterly Financial Data (Una59
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data | The following table presents quarterly financial data for 2015 and 2014 : 2015 2014 (in millions, except per share data) First Second Third Fourth First Second Third Fourth Net sales $ 752.1 $ 885.4 $ 863.5 $ 934.8 $ 850.0 $ 1,012.8 $ 986.3 $ 1,037.4 Gross profit 182.5 222.5 205.7 222.5 227.1 272.3 245.2 241.5 Earnings from continuing operations before taxes on earnings (9.5 ) 37.9 15.8 12.4 8.6 66.1 56.3 38.4 Discontinued operations: (Loss) earnings from discontinued operations, net of income taxes (0.1 ) 0.1 0.1 0.1 (1.0 ) (0.3 ) (0.2 ) 0.1 Loss on sale of discontinued operations, net of income taxes — — — — (9.9 ) — (1.1 ) — Net (loss) earnings (8.4 ) 23.3 4.8 43.8 (4.9 ) 46.6 73.1 33.6 Less: Earnings (loss) attributable to noncontrolling interest, net of tax — — — — 3.9 — — — Net (loss) earnings attributable to Manitowoc $ (8.4 ) $ 23.3 $ 4.8 $ 43.8 $ (8.8 ) $ 46.6 $ 73.1 $ 33.6 Basic earnings per share: Earnings from continuing operations attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ 0.01 $ 0.35 $ 0.55 $ 0.25 Discontinued operations: Loss from discontinued operations attributable to Manitowoc common shareholders — — — — — — — — Loss on sale of discontinued operations, net of income taxes — — — — (0.07 ) — (0.01 ) — (Loss) earnings per share attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.04 $ 0.32 $ (0.07 ) $ 0.35 $ 0.54 $ 0.25 Diluted earnings per share: Earnings from continuing operations attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ 0.01 $ 0.34 $ 0.54 $ 0.24 Discontinued operations: Loss from discontinued operations attributable to Manitowoc common shareholders — — — — — — — — Loss on sale of discontinued operations, net of income taxes — — — — (0.07 ) — (0.01 ) — (Loss) earnings per share attributable to Manitowoc common shareholders $ (0.06 ) $ 0.17 $ 0.03 $ 0.32 $ (0.06 ) $ 0.34 $ 0.53 $ 0.25 Dividends per common share $ — $ — $ — $ 0.08 $ — $ — $ — $ 0.08 |
Company and Basis of Presenta60
Company and Basis of Presentation - Narrative (Details) $ in Millions | Dec. 07, 2015USD ($) | Jan. 28, 2013USD ($) | Dec. 31, 2015USD ($)market | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Discontinued operations | |||||
Number of principal markets of the entity | market | 2 | ||||
Proceeds from sale of business | $ 78.2 | $ 0 | $ 39.2 | ||
Kysor Panel Systems | |||||
Discontinued operations | |||||
Sale price | $ 85 | ||||
Proceeds from sale of business | $ 78 | ||||
Manitowoc Dong Yue | |||||
Discontinued operations | |||||
Noncontrolling interest, ownership percentage | 50.00% | ||||
Jackson | |||||
Discontinued operations | |||||
Proceeds from sale of business | $ 39.2 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Narrative (Details) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)estimateshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Inventories | |||||
Percentage of the company's inventories valued using the first-in, first-out (FIFO) method | 79.00% | 84.00% | 79.00% | 84.00% | |
Increase in inventories if the FIFO inventory valuation method had been used exclusively | $ 40 | $ 36.2 | $ 40 | $ 36.2 | |
Property, Plant and Equipment [Abstract] | |||||
Property, plant and equipment, net of accumulated depreciation | 527 | 591 | $ 527 | 591 | |
Product Liability [Abstract] | |||||
Number of estimates upon which the product liability reserves are based | estimate | 2 | ||||
Stock-based compensation expense | 12.2 | 12.6 | $ 14.9 | ||
Research and Development [Abstract] | |||||
Research and development costs | 83.6 | 87.4 | $ 86.4 | ||
Restricted Stock | |||||
Product Liability [Abstract] | |||||
Stock-based compensation expense | $ 0.3 | $ 1 | $ 2.8 | ||
Research and Development [Abstract] | |||||
Granted (in shares) | shares | 0.4 | 0 | 0.1 | ||
Stock Options | |||||
Product Liability [Abstract] | |||||
Stock-based compensation expense | $ 4.4 | $ 5.7 | $ 6.3 | ||
Performance shares | |||||
Product Liability [Abstract] | |||||
Stock-based compensation expense | $ 7.5 | 5.9 | $ 5.8 | ||
Research and Development [Abstract] | |||||
Granted (in shares) | shares | 0.6 | ||||
Assets Leased to Others | |||||
Property, Plant and Equipment [Abstract] | |||||
Property, plant and equipment, net of accumulated depreciation | $ 69.4 | $ 83.4 | $ 69.4 | $ 83.4 | |
Separation Expense | Restricted Stock | |||||
Product Liability [Abstract] | |||||
Stock-based compensation expense | $ 2.2 | ||||
Research and Development [Abstract] | |||||
Granted (in shares) | shares | 0.1 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Schedule of estimated useful lives of other intangible assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Engineering drawings | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 15 years |
Minimum | Patents | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 10 years |
Minimum | Customer relationships | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 10 years |
Maximum | Patents | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 20 years |
Maximum | Customer relationships | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 20 years |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Schedule of estimated useful lives of property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Separation Costs and Activiti64
Separation Costs and Activities Separation Costs and Acivities - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Separation expense | $ 39.4 | $ 0 | $ 0 | |
Restricted Stock | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Granted (in shares) | 0.4 | 0 | 0.1 | |
Restricted Stock | Spinoff | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Granted (in shares) | 0.4 | |||
Anniversary period from grant date (in years) | 2 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Oct. 21, 2015 | Oct. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions | |||||
Business acquisitions, net of cash acquired | $ 5.3 | $ 0 | $ 12.2 | ||
Remeasurement gain | 4.9 | 0 | 0 | ||
Goodwill | 1,152.3 | $ 1,198.1 | $ 1,218.6 | ||
Welbilt Thailand | |||||
Acquisitions | |||||
Outstanding shares acquired (as a percent) | 50.00% | ||||
Business acquisitions, net of cash acquired | $ 5.3 | ||||
Remeasurement gain | $ 4.9 | ||||
Previously held passive equity interest (as a percent) | 50.00% | ||||
Goodwill | $ 1.4 | ||||
Purchase price allocated to intangible assets | $ 4.2 | ||||
Inducs, AG (Inducs) | |||||
Acquisitions | |||||
Business acquisitions, net of cash acquired | $ 12.2 | ||||
Goodwill | 5 | ||||
Purchase price allocated to intangible assets | $ 7 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | Jan. 28, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Results of discontinued operations | ||||||||||||
Repayments of debt | $ 106.1 | $ 638.7 | $ 266.5 | |||||||||
Third party debt outstanding | $ 52 | $ 58.9 | 52 | 58.9 | ||||||||
Sale price of discontinued operations | 78.2 | 0 | 39.2 | |||||||||
Loss on sale of discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1.1 | $ 0 | $ 9.9 | 0 | 11 | 2.7 | |
Loss on sale of discontinued operations, income tax benefit | $ 0 | $ 0.6 | $ (4.4) | |||||||||
Manitowoc Dong Yue | ||||||||||||
Results of discontinued operations | ||||||||||||
Noncontrolling interest, ownership percentage | 50.00% | |||||||||||
Intercompany debt and accrued interest forgiveness | $ 71.3 | |||||||||||
Intercompany debt and accrued interest forgiveness attributable to noncontrolling interest | 35.6 | |||||||||||
Repayments of debt | 7.2 | |||||||||||
Third party debt outstanding | $ 17.3 | |||||||||||
Jackson | ||||||||||||
Results of discontinued operations | ||||||||||||
Sale price of discontinued operations | $ 39.2 | |||||||||||
Business Disposed Prior to 2014 | ||||||||||||
Results of discontinued operations | ||||||||||||
Loss on sale of discontinued operations | 1.1 | |||||||||||
Loss on sale of discontinued operations, income tax benefit | $ 0.6 | |||||||||||
Trademarks | Manitowoc Dong Yue | ||||||||||||
Results of discontinued operations | ||||||||||||
Impairment charge | 1.2 | |||||||||||
Trademark intangible asset impairment | $ 0.6 |
Discontinued Operations - Summa
Discontinued Operations - Summary of selected financial data of businesses which are classified as discontinued operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Manitowoc Dong Yue | |||||
Results of discontinued operations | |||||
Net sales | $ 0 | $ 0.3 | $ 16.8 | ||
Pretax loss from discontinued operation | 0 | (0.8) | (17.3) | ||
Benefit for taxes on earnings | 0 | 0 | (0.3) | ||
Net loss from discontinued operation | 0 | (0.8) | (17) | ||
Jackson | |||||
Results of discontinued operations | |||||
Net sales | 0 | 0 | 2.5 | ||
Pretax loss from discontinued operation | 0 | 0 | 0.1 | ||
Benefit for taxes on earnings | 0 | 0 | (0.4) | ||
Net loss from discontinued operation | $ 0 | $ 0 | 0.5 | ||
Business Disposed Prior to 2013 | |||||
Results of discontinued operations | |||||
Net sales | $ 0 | $ 0 | 0 | ||
Pretax loss from discontinued operation | 0.3 | (0.9) | (3.4) | ||
Benefit for taxes on earnings | 0.1 | (0.3) | (1.1) | ||
Net loss from discontinued operation | $ 0.2 | $ (0.6) | $ (2.3) |
Other Income (Expense) - Net -
Other Income (Expense) - Net - Summary of the components of other income (expense) - net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Gain on sale of Kysor Panel Systems | $ 9.9 | $ 0 | $ 0 |
Gain on sale of investment property | 5.4 | 0 | 0 |
Gain on acquisition of Thailand joint venture | 4.9 | 0 | 0 |
Other | 5.3 | (5.5) | (0.8) |
Other income (expense) — net | $ 25.5 | $ (5.5) | $ (0.8) |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy (Details) - Fair value measurement on recurring basis - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | $ 0 | $ 0 |
Total non-current assets at fair value | 0 | 0 |
Total current liabilities at fair value | 0 | 0 |
Total non-current liabilities at fair value | 0 | 0 |
Level 1 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | $ 0 | 0 |
Total current liabilities at fair value | 0 | |
Level 1 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 0 | |
Total non-current liabilities at fair value | 0 | |
Level 1 | Interest rate swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 0 | |
Level 1 | Interest rate swap contracts: Float-to-fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total non-current assets at fair value | 0 | |
Total current liabilities at fair value | ||
Total non-current liabilities at fair value | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | $ 0.3 | 2.1 |
Total non-current assets at fair value | 0 | 0.8 |
Total current liabilities at fair value | 6.7 | 11.2 |
Total non-current liabilities at fair value | 1.1 | 4.7 |
Level 2 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | 0.3 | 2.1 |
Total current liabilities at fair value | 1.2 | 7.9 |
Level 2 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 3.8 | 1 |
Total non-current liabilities at fair value | $ 0.5 | 0.4 |
Level 2 | Interest rate swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 2.3 | |
Level 2 | Interest rate swap contracts: Float-to-fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total non-current assets at fair value | 0.8 | |
Total current liabilities at fair value | $ 1.7 | |
Total non-current liabilities at fair value | 0.6 | 4.3 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | 0 | 0 |
Total non-current assets at fair value | 0 | 0 |
Total current liabilities at fair value | 0 | 0 |
Total non-current liabilities at fair value | 0 | 0 |
Level 3 | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | $ 0 | 0 |
Total current liabilities at fair value | 0 | |
Level 3 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 0 | |
Total non-current liabilities at fair value | 0 | |
Level 3 | Interest rate swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 0 | |
Level 3 | Interest rate swap contracts: Float-to-fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total non-current assets at fair value | 0 | |
Total current liabilities at fair value | ||
Total non-current liabilities at fair value | 0 | |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | $ 0.3 | 2.1 |
Total non-current assets at fair value | 0 | 0.8 |
Total current liabilities at fair value | 6.7 | 11.2 |
Total non-current liabilities at fair value | 1.1 | 4.7 |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current assets at fair value | 0.3 | 2.1 |
Total current liabilities at fair value | 1.2 | 7.9 |
Estimate of Fair Value Measurement | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 3.8 | 1 |
Total non-current liabilities at fair value | 0.5 | 0.4 |
Estimate of Fair Value Measurement | Interest rate swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total current liabilities at fair value | 2.3 | |
Estimate of Fair Value Measurement | Interest rate swap contracts: Float-to-fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total non-current assets at fair value | 0 | 0.8 |
Total current liabilities at fair value | 1.7 | |
Total non-current liabilities at fair value | $ 0.6 | $ 4.3 |
Fair Value of Financial Instr70
Fair Value of Financial Instruments Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Senior notes due 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 623.1 | $ 651.6 |
Senior notes due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | 310.6 | 309.1 |
Term loan A | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | 307.7 | 327.8 |
Term loan B | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 116.7 | $ 165 |
Derivative Financial Instrume71
Derivative Financial Instruments - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Apr. 30, 2015 | Sep. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||
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 | $ (3,200,000) | ||||
Hedge period, low end of the range (in months) | 12 months | ||||
Hedge period, high end of the range (in months) | 24 months | ||||
Cash received from monetized derivative asset | $ 14,800,000 | ||||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Cash received from monetized derivative asset | $ 14,800,000 | ||||
Cash Flow Hedging | Term loan A | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 175,000,000 | $ 175,000,000 | |||
Interest rate hedged at | 1.635% | ||||
Fair Value Hedging | Senior Notes, Due 2020 and Due 2022 | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 0 | ||||
Fair Value Hedging | Senior Notes, Due 2020 | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 75,000,000 | ||||
Derivative Liability, Notional Amount | $ 75,000,000 | ||||
Fair Value Hedging | Senior Notes, Due 2022 | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 125,000,000 | ||||
Derivative Liability, Notional Amount | $ 80,000,000 | 45,000,000 | |||
Gain (loss) on monetization | $ (500,000) | $ (700,000) |
Derivative Financial Instrume72
Derivative Financial Instruments - Schedule of outstanding commodity and currency forward contracts (Details) | 12 Months Ended | |||||||||||||||
Dec. 31, 2015USD ($)MMBTUTt | Dec. 31, 2014USD ($)MMBTUTt | Dec. 31, 2015GBP (£) | Dec. 31, 2015KRW (₩) | Dec. 31, 2015MXN | Dec. 31, 2015SGD | Dec. 31, 2015CAD | Dec. 31, 2015EUR (€) | Dec. 31, 2015JPY (¥) | Dec. 31, 2015AUD | Dec. 31, 2014KRW (₩) | Dec. 31, 2014MXN | Dec. 31, 2014SGD | Dec. 31, 2014CAD | Dec. 31, 2014EUR (€) | Dec. 31, 2014AUD | |
Commodity contracts | Designated as Hedging Instrument | Aluminum | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, mass | 1,040 | 1,657 | ||||||||||||||
Commodity contracts | Designated as Hedging Instrument | Copper | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, mass | 472 | 820 | ||||||||||||||
Commodity contracts | Designated as Hedging Instrument | Natural Gas | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, energy | MMBTU | 291,260 | 347,608 | ||||||||||||||
Commodity contracts | Designated as Hedging Instrument | Steel | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, mass | T | 11,895 | 14,665 | ||||||||||||||
Commodity contracts | Not Designated as Hedging Instrument | Aluminum | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, mass | 175 | |||||||||||||||
Commodity contracts | Not Designated as Hedging Instrument | Steel | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Commodity units hedged, mass | T | 3,989 | |||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Canadian Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | CAD | CAD 587,556 | CAD 7,984,824 | ||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | European Euro | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | € | € 231,810 | € 89,006,695 | ||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | South Korean Won | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | ₩ | ₩ 1,533,257,930 | ₩ 1,964,906,996 | ||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Singapore Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | SGD | SGD 1,800,000 | SGD 3,900,000 | ||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | United States Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | $ | $ 29,228,731 | |||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Mexican Peso | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | MXN | MXN 28,504,800 | MXN 52,674,387 | ||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Japanese Yen | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | ¥ | ¥ 245,915,700 | |||||||||||||||
Foreign currency exchange contracts | Designated as Hedging Instrument | Great British Pound | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | £ | £ 113,115 | |||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Canadian Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | CAD | CAD 1,117,850 | CAD 2,516 | ||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | European Euro | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | € | € 20,490,320 | € 73,302,332 | ||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Singapore Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | SGD | SGD 500,000 | |||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | United States Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | $ | $ 17,321,106 | $ 18,244,912 | ||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Mexican Peso | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | MXN | MXN 0 | MXN 3,151,000 | ||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Japanese Yen | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | ¥ | ¥ 70,518,463 | |||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Great British Pound | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | £ | £ 4,840,238 | |||||||||||||||
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Australian Dollar | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Currency units hedged | AUD | AUD 0 | AUD 2,482,430 |
Derivative Financial Instrume73
Derivative Financial Instruments - Schedule of the fair value of outstanding derivative contracts recorded as assets in the accompanying consolidated balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Asset derivatives | $ 0.3 | $ 2.9 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Asset derivatives | 0.3 | 2.1 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Asset derivatives | 0 | 0.8 |
Other current assets | Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Total current assets at fair value | 0.3 | 2.1 |
Other non-current assets | Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative [Line Items] | ||
Total non-current assets at fair value | $ 0.8 | |
Other non-current assets | Designated as Hedging Instrument | Interest rate swap - Float-to-fixed | ||
Derivative [Line Items] | ||
Total non-current assets at fair value | $ 0 |
Derivative Financial Instrume74
Derivative Financial Instruments - Schedule of the fair value of outstanding derivative contracts recorded as liabilities in the accompanying consolidated balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Liability derivatives | $ 7.8 | $ 15.9 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Liability derivatives | 1.7 | 1.3 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Liability derivatives | 6.1 | 14.6 |
Accounts payable and accrued expenses | Foreign Exchange Contract | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 0.9 | 1.3 |
Accounts payable and accrued expenses | Foreign Exchange Contract | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 0.3 | 6.6 |
Accounts payable and accrued expenses | Commodity contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 0.7 | |
Accounts payable and accrued expenses | Commodity contracts | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 3.1 | 1 |
Accounts payable and accrued expenses | Interest Rate Cap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 2.3 | |
Accounts payable and accrued expenses | Interest rate swap - Float-to-fixed | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 1.7 | |
Other non-current liabilities | Commodity contracts | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total current liabilities at fair value | 0.4 | |
Other non-current liabilities | Interest Rate Swap | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total non-current liabilities at fair value | 0.1 | |
Other non-current liabilities | Fair Value Hedging | Commodity contracts | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total non-current liabilities at fair value | 0.4 | |
Other non-current liabilities | Fair Value Hedging | Interest rate swap - Fixed-to-float | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Total non-current liabilities at fair value | $ 0.6 | $ 4.3 |
Derivative Financial Instrume75
Derivative Financial Instruments - 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 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ (0.2) | $ (0.1) | $ 0 | |
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (1.4) | 0.8 | 0.2 | |
Fair Value Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 4.3 | 10.6 | (13.7) | |
Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) | 2.2 | (7) | 0.1 | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (18.3) | (4.1) | 1.4 | |
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | (1.4) | 0.8 | 0.2 | |
Foreign Exchange Contract | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) | 4 | (5.3) | (0.3) | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (11.7) | (2.2) | 3 | |
Commodity contracts | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (0.2) | (0.1) | 0 | |
Commodity contracts | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) | (1.3) | (0.8) | 0.4 | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (4) | (0.1) | (1.6) | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | |||
Interest Rate Swap | Fair Value Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 4.3 | 10.6 | $ (13.7) | |
Interest Rate Swap | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion, net of tax) | (0.5) | (0.9) | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (2.6) | $ (1.8) |
Inventories - Schedule of the c
Inventories - Schedule of the components of inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories — gross: | ||
Raw materials | $ 226 | $ 226.2 |
Work-in-process | 135 | 103.7 |
Finished goods | 347.2 | 414.8 |
Total inventories — gross | 708.2 | 744.7 |
Excess and obsolete inventory reserve | (69.7) | (64) |
Net inventories at FIFO cost | 638.5 | 680.7 |
Excess of FIFO costs over LIFO value | (40) | (36.2) |
Inventories — net | $ 598.5 | $ 644.5 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment | ||
Total cost | $ 1,230.9 | $ 1,294.1 |
Less accumulated depreciation | (703.9) | (703.1) |
Property, plant and equipment-net | 527 | 591 |
Land | ||
Property, Plant and Equipment | ||
Total cost | 31 | 31.2 |
Building and improvements | ||
Property, Plant and Equipment | ||
Total cost | 313 | 344.2 |
Machinery, equipment and tooling | ||
Property, Plant and Equipment | ||
Total cost | 490.2 | 509.1 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Total cost | 22.8 | 24.5 |
Computer hardware and software | ||
Property, Plant and Equipment | ||
Total cost | 183.5 | 169.7 |
Rental cranes | ||
Property, Plant and Equipment | ||
Total cost | 99.5 | 111.2 |
Property, plant and equipment-net | 69.4 | 83.4 |
Construction in progress | ||
Property, Plant and Equipment | ||
Total cost | $ 90.9 | $ 104.2 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill by reportable segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill by reportable segment | |||
Gross balance at the beginning of the period | $ 1,713.8 | $ 1,734.3 | |
Accumulated Asset impairments | (515.7) | (515.7) | |
Foreign currency impact | (19.3) | (20.5) | |
Impact of acquisitions and divestitures | (26.5) | ||
Gross balance at the end of the year | 1,668 | 1,713.8 | |
Goodwill | 1,152.3 | 1,198.1 | $ 1,218.6 |
Crane | |||
Goodwill by reportable segment | |||
Gross balance at the beginning of the period | 325.3 | 345.1 | |
Accumulated Asset impairments | 0 | 0 | |
Foreign currency impact | (18.8) | (19.8) | |
Impact of acquisitions and divestitures | 0 | ||
Gross balance at the end of the year | 306.5 | 325.3 | |
Goodwill | 306.5 | 325.3 | 345.1 |
Foodservice | |||
Goodwill by reportable segment | |||
Gross balance at the beginning of the period | 1,388.5 | 1,389.2 | |
Accumulated Asset impairments | (515.7) | (515.7) | |
Foreign currency impact | (0.5) | (0.7) | |
Impact of acquisitions and divestitures | (26.5) | ||
Gross balance at the end of the year | 1,361.5 | 1,388.5 | |
Goodwill | $ 845.8 | $ 872.8 | $ 873.5 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | Oct. 21, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 07, 2015 |
Intangible asset balances by major asset class | |||||||
Business acquisitions, net of cash acquired | $ 5.3 | $ 0 | $ 12.2 | ||||
Goodwill | $ 1,152.3 | $ 1,198.1 | 1,152.3 | 1,198.1 | 1,218.6 | ||
Amortization expense | 34.4 | $ 35.1 | 34.4 | $ 35.1 | $ 35.3 | ||
Future amortization expense, 2016 | 34 | 34 | |||||
Future amortization expense, 2017 | 34 | 34 | |||||
Future amortization expense, 2018 | 34 | 34 | |||||
Future amortization expense, 2019 | 34 | 34 | |||||
Future amortization expense, 2020 | $ 34 | $ 34 | |||||
Welbilt Thailand | |||||||
Intangible asset balances by major asset class | |||||||
Outstanding shares acquired (as a percent) | 50.00% | ||||||
Business acquisitions, net of cash acquired | $ 5.3 | ||||||
Purchase price allocated to intangible assets | 4.2 | ||||||
Goodwill | 1.4 | ||||||
Trademarks and tradenames | Welbilt Thailand | |||||||
Intangible asset balances by major asset class | |||||||
Intangible assets acquired not subject to amortization | 4 | ||||||
Customer relationships | Welbilt Thailand | |||||||
Intangible asset balances by major asset class | |||||||
Intangible assets acquired subject to amortization | $ 0.2 | ||||||
Finite-lived intangible asset, useful life | 18 years | ||||||
Kysor Panel Systems | |||||||
Intangible asset balances by major asset class | |||||||
Intangible assets acquired not subject to amortization | $ 7.6 | ||||||
Goodwill | 27.9 | ||||||
Kysor Panel Systems | Trademarks and tradenames | |||||||
Intangible asset balances by major asset class | |||||||
Purchase price allocated to intangible assets | $ 24.4 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible asset balances by major asset class | ||
Accumulated Amortization Amount | $ (259) | $ (245.3) |
Gross Carrying Amount | 897.8 | 960 |
Net Book Value | 638.8 | 714.7 |
Trademarks and tradenames | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 269.4 | 300 |
Distribution network | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 18.4 | 19.7 |
Customer relationships | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 425.6 | 425.7 |
Accumulated Amortization Amount | (157.5) | (136) |
Net Book Value | 268.1 | 289.7 |
Patents | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 30.7 | 32.7 |
Accumulated Amortization Amount | (28.1) | (28.3) |
Net Book Value | 2.6 | 4.4 |
Developed Technology Rights | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 10.2 | 11 |
Accumulated Amortization Amount | (9.3) | (9.3) |
Net Book Value | 0.9 | 1.7 |
Other intangibles | ||
Intangible asset balances by major asset class | ||
Gross Carrying Amount | 143.5 | 170.9 |
Accumulated Amortization Amount | (64.1) | (71.7) |
Net Book Value | $ 79.4 | $ 99.2 |
Accounts Payable and Accrued 81
Accounts Payable and Accrued Expenses - Schedule of accounts payable and accrued expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accounts Payable, Trade, Current | $ 390.2 | $ 457.5 |
Interest payable | 13.2 | 12.5 |
Employee related expenses | 84.6 | 90.3 |
Restructuring expenses | 23.3 | 20.3 |
Profit sharing and incentives | 6.3 | 6.8 |
Accrued rebates | 51.9 | 52.8 |
Deferred revenue - current | 17.1 | 21.6 |
Income taxes payable | 11.6 | 16.2 |
Miscellaneous accrued expenses | 109.7 | 129.4 |
Total accounts payable and accrued expenses | $ 707.9 | $ 807.4 |
Debt Debt - Schedule of outstan
Debt Debt - Schedule of outstanding debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying amount | $ 1,413.6 | $ 1,523.5 |
Short-term borrowings | (67.6) | (80.3) |
Long-term debt | 1,346 | 1,443.2 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Carrying amount | 0 | 0 |
Term loan A | ||
Debt Instrument [Line Items] | ||
Carrying amount | 312.8 | 336.9 |
Term loan B | ||
Debt Instrument [Line Items] | ||
Carrying amount | 119.5 | 168.5 |
Senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 613.1 | 614.8 |
Senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 299.2 | 296.9 |
Other | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 69 | $ 106.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Oct. 14, 2015 | Feb. 18, 2014USD ($) | May. 13, 2011USD ($)facility | Sep. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Oct. 19, 2012USD ($) | May. 31, 2011 | Sep. 30, 2012USD ($) | Dec. 31, 2015USD ($)facilitynote | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 03, 2014USD ($) | Oct. 18, 2010USD ($) | Feb. 03, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Number of Senior Notes outstanding | note | 2 | |||||||||||||
Repayments of debt | $ 106,100,000 | $ 638,700,000 | $ 266,500,000 | |||||||||||
Maximum percentage of the principal amount of the debt instrument which the entity may redeem with proceeds from qualified equity offerings (as a percent) (up to) | 35.00% | |||||||||||||
Debt, repurchase price | 101.00% | |||||||||||||
Event of default, minimum percentage of Senior Notes held required to declare debt due and payable (as a percent) (at least) | 25.00% | |||||||||||||
Cash received from monetized derivative asset | $ 14,800,000 | |||||||||||||
Loss on debt extinguishment | $ (200,000) | (25,500,000) | $ (3,000,000) | |||||||||||
Carrying amount | $ 1,413,600,000 | 1,523,500,000 | ||||||||||||
Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 1,250,000,000 | |||||||||||||
Number of loan facilities included with the senior credit facility | facility | 3 | |||||||||||||
Senior Credit Facility | LIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spreads for LIBOR and prime borrowings | 2.50% | |||||||||||||
Senior Credit Facility | Prime Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spreads for LIBOR and prime borrowings | 1.50% | |||||||||||||
New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 1,050,000,000 | |||||||||||||
Number of loan facilities included with the senior credit facility | facility | 3 | |||||||||||||
Commitment fee (as a percent) | 0.50% | |||||||||||||
Percentage of stock of certain foreign subsidiaries guaranteed | 65.00% | |||||||||||||
Revolving credit facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying amount | $ 0 | 0 | ||||||||||||
Revolving credit facility | Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 500,000,000 | |||||||||||||
Amount of borrowings | 0 | |||||||||||||
Highest daily borrowings | 374,000,000 | |||||||||||||
Average borrowings | $ 312,900,000 | |||||||||||||
Weighted average interest rate (as a percent) | 2.71% | |||||||||||||
Revolving credit facility | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | 500,000,000 | |||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Line of Credit | Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Term loan A | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying amount | $ 312,800,000 | 336,900,000 | ||||||||||||
Term loan A | Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Aggregate amount | 350,000,000 | |||||||||||||
Weighted average interest rate (as a percent) | 2.75% | |||||||||||||
Debt weighted average interest rate | 3.29% | |||||||||||||
Term loan A | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Aggregate amount | 350,000,000 | |||||||||||||
Term loan B | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 36,000,000 | |||||||||||||
Loss on debt extinguishment | $ (200,000) | |||||||||||||
Carrying amount | $ 119,500,000 | 168,500,000 | ||||||||||||
Term loan B | Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 6 years 6 months | |||||||||||||
Aggregate amount | $ 400,000,000 | |||||||||||||
Weighted average interest rate (as a percent) | 3.25% | |||||||||||||
Debt weighted average interest rate | 3.25% | |||||||||||||
Term loan B | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 7 years | |||||||||||||
Aggregate amount | $ 200,000,000 | |||||||||||||
Senior notes due 2013 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extinguishment of debt, amount | 150,000,000 | |||||||||||||
Senior notes due 2018 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate amount | $ 400,000,000 | |||||||||||||
Interest rate, stated percentage (as a percent) | 9.50% | |||||||||||||
Repayments of long term debt | $ 419,000,000 | |||||||||||||
Redemption percentage | 104.75% | |||||||||||||
Senior notes due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate amount | $ 600,000,000 | |||||||||||||
Interest rate, stated percentage (as a percent) | 8.50% | |||||||||||||
Carrying amount | $ 613,100,000 | 614,800,000 | ||||||||||||
Senior notes due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate amount | $ 300,000,000 | |||||||||||||
Interest rate, stated percentage (as a percent) | 5.875% | |||||||||||||
Issue price percentage | 100.00% | |||||||||||||
Redemption price of debt instrument if redeemed with proceeds from qualified equity offerings (as a percent) | 105.875% | |||||||||||||
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) (at least) | 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) (not more than) | 90 days | |||||||||||||
Carrying amount | $ 299,200,000 | 296,900,000 | ||||||||||||
Other | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average interest rate (as a percent) | 5.378% | |||||||||||||
Carrying amount | $ 69,000,000 | 106,400,000 | ||||||||||||
Cash Flow Hedging | Term loan A | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, notional amount | $ 175,000,000 | 175,000,000 | ||||||||||||
Interest rate hedged at | 1.635% | |||||||||||||
Fair Value Hedging | Senior Notes, Due 2020 and Due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, notional amount | $ 0 | |||||||||||||
Fair Value Hedging | Senior Notes, Due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, notional amount | 125,000,000 | |||||||||||||
Monetized derivative liability | $ 80,000,000 | $ 45,000,000 | ||||||||||||
Gain (loss) on monetization | $ (500,000) | (700,000) | ||||||||||||
Fair Value Hedging | Senior Notes, Due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, notional amount | $ 75,000,000 | |||||||||||||
Monetized derivative liability | $ 75,000,000 | |||||||||||||
Model 31000 crane | Other | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying amount | $ 18,500,000 | |||||||||||||
Scenario, Actual | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior secured leverage ratio | 1.90 | |||||||||||||
Consolidated interest coverage ratio | 3.71 | |||||||||||||
Maximum | Scenario Required | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior secured leverage ratio | 3.25 | |||||||||||||
Minimum | Scenario Required | New Senior Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated interest coverage ratio | 2.75 |
Debt - Summary of covenant leve
Debt - Summary of covenant levels of financial covenants (Details) | Dec. 31, 2015 |
Fiscal Quarter Ending December 31, 2015 | Maximum | |
Financial Covenants | |
Consolidated Senior Secured Leverage Ratio (less than) | 3.25 |
Fiscal Quarter Ending December 31, 2015 | Minimum | |
Financial Covenants | |
Consolidated Interest Coverage Ratio (greater than) | 2.75 |
Fiscal Quarter Ending March 31, 2016 and thereafter | Maximum | |
Financial Covenants | |
Consolidated Senior Secured Leverage Ratio (less than) | 3 |
Fiscal Quarter Ending March 31, 2016 and thereafter | Minimum | |
Financial Covenants | |
Consolidated Interest Coverage Ratio (greater than) | 3 |
Debt - Schedule of percentage o
Debt - Schedule of percentage of principal amount at which the entity may redeem the notes (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Senior notes due 2020 | 2015 | |
Debt Instrument [Line Items] | |
Redemption percentage | 104.25% |
Senior notes due 2020 | 2016 | |
Debt Instrument [Line Items] | |
Redemption percentage | 102.833% |
Senior notes due 2020 | 2018 and thereafter | |
Debt Instrument [Line Items] | |
Redemption percentage | 100.00% |
Senior notes due 2020 | 2017 | |
Debt Instrument [Line Items] | |
Redemption percentage | 101.417% |
Senior Notes, Due 2022 | 2017 | |
Debt Instrument [Line Items] | |
Redemption percentage | 102.938% |
Senior Notes, Due 2022 | 2018 | |
Debt Instrument [Line Items] | |
Redemption percentage | 101.958% |
Senior Notes, Due 2022 | 2019 | |
Debt Instrument [Line Items] | |
Redemption percentage | 100.979% |
Senior Notes, Due 2022 | 2020 and thereafter | |
Debt Instrument [Line Items] | |
Redemption percentage | 100.00% |
Debt - Schedule of aggregate ma
Debt - Schedule of aggregate maturities of outstanding debt obligations in subsequent years (Details) $ in Millions | Dec. 31, 2015USD ($) |
Aggregate scheduled maturities of outstanding debt obligations in subsequent years | |
2,016 | $ 67.6 |
2,017 | 56 |
2,018 | 58.4 |
2,019 | 192.8 |
2,020 | 4.4 |
Thereafter | 1,034.4 |
Total | $ 1,413.6 |
Accounts Receivable Securitiz87
Accounts Receivable Securitization - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Accounts Receivable Securitization | |||
Index rate | LIBOR | ||
Fixed spread | 1.25% | 1.25% | |
Period for which the entity will be able to comply with the financial covenants | 12 months | ||
Fair value of deferred purchase price notes | $ 102.5 | $ 50.9 | $ 102.5 |
Trade accounts receivable balance sold | 165.1 | $ 172.8 | |
Maximum | |||
Accounts Receivable Securitization | |||
Capacity of securitization program | $ 185 | $ 185 | |
Average collection cycle for accounts receivable (in days) | 60 days |
Income Taxes - Summary of earni
Income Taxes - Summary of earnings from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings (loss) from continuing operations before income taxes: | |||||||||||
Domestic | $ (91.5) | $ 32.6 | $ 90.1 | ||||||||
Foreign | 148.1 | 136.8 | 135.1 | ||||||||
Earnings from continuing operations before taxes on earnings | $ 12.4 | $ 15.8 | $ 37.9 | $ (9.5) | $ 38.4 | $ 56.3 | $ 66.1 | $ 8.6 | $ 56.6 | $ 169.4 | $ 225.2 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax expense (benefit) from continuing operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal and state | $ (0.9) | $ (12) | $ 24.1 |
Foreign | 30.1 | 26.8 | 25.4 |
Total current | 29.2 | 14.8 | 49.5 |
Deferred: | |||
Federal and state | (37.7) | 4.5 | (15.2) |
Foreign | 1.8 | (10.7) | 1.8 |
Total deferred | (35.9) | (6.2) | (13.4) |
(Benefit) provision for taxes on earnings | $ (6.7) | $ 8.6 | $ 36.1 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the federal statutory income tax rate to the company's effective income tax rate for continuing operations (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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) | (7.30%) | (0.40%) | (0.50%) |
Manufacturing & research incentives | (5.20%) | (2.70%) | (3.30%) |
Taxes on foreign income which differ from the U.S. statutory rate | (34.20%) | (14.40%) | (9.30%) |
Adjustments for unrecognized tax benefits | (2.70%) | (1.40%) | (5.40%) |
Adjustments for valuation allowances | (31.20%) | 26.80% | (1.00%) |
Capital loss generation | (0.00%) | (45.70%) | (0.00%) |
Change in assertion over permanently reinvested foreign earnings | 0.00% | 3.20% | 0.00% |
Business acquisitions & divestitures | 14.10% | 0.00% | 0.00% |
Spin-off tax costs | 0.133 | 0 | 0 |
Other items | 6.40% | 4.70% | 0.50% |
Effective tax rate | (11.80%) | 5.10% | 16.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Federal income tax at statutory rate | 35.00% | 35.00% | 35.00% | |
Business acquisitions & divestitures | 14.10% | 0.00% | 0.00% | |
(Benefit) provision for taxes on earnings | $ (6.7) | $ 8.6 | $ 36.1 | |
Capital loss generation | 0.00% | 45.70% | 0.00% | |
Undistributed earnings of consolidated non-U.S. subsidiaries | 550.5 | |||
Cash and cash equivalents | $ 63.4 | $ 68 | $ 54.9 | $ 73.2 |
Change to gross unrecognized tax benefits including interest and penalties | (2) | (9.8) | (20.7) | |
Reserve released due to favorable audit | 0 | 8.3 | 9.4 | |
Uncertain tax liabilities interest and penalties | (0.5) | (5.2) | $ (9.3) | |
Uncertain tax liabilities interest and penalties accrued | 5 | $ 5.6 | ||
Unrecognized tax benefits and income tax expense possibly reduced from audit resolutions | 1.3 | |||
Secretariat of the Federal Revenue Bureau of Brazil | ||||
Operating Loss Carryforwards [Line Items] | ||||
Utilization of reserve | 4 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Cash and cash equivalents | 46.9 | |||
Net operating loss carryforwards | 506.8 | |||
Valuation allowance on the net deferred tax asset operating loss carryforward, foreign | 473 | |||
United States | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 63.3 | |||
Operating loss carryforwards, expiration date | Jan. 1, 2019 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 538.5 | |||
Wisconsin | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax asset for net operating loss carryforwards generated in the state of Wisconsin | 19.3 | |||
Kysor Panel Systems | ||||
Operating Loss Carryforwards [Line Items] | ||||
(Benefit) provision for taxes on earnings | (17.8) | |||
Decrease in deferred tax liability | $ 13.8 |
Income Taxes - Schedules of def
Income Taxes - Schedules of deferred tax assets (liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current deferred tax assets (liabilities): | ||
Inventories | $ 0 | $ 29.5 |
Accounts receivable | 0 | (5.6) |
Product warranty reserves | 0 | 19 |
Product liability reserves | 0 | 8.3 |
Deferred revenue, current portion | 0 | 7.7 |
Deferred employee benefits | 0 | 13.3 |
Other reserves and allowances | 0 | 5.7 |
Less valuation allowance | 0 | (12.2) |
Net deferred tax assets, current | 0 | 65.7 |
Non-current deferred tax assets (liabilities): | ||
Inventories | 37.6 | 0 |
Accounts receivable | (5.7) | 0 |
Property, plant and equipment | (13.6) | (28.2) |
Intangible assets | (256.7) | (281.8) |
Deferred employee benefits | 92.9 | 87.7 |
Product warranty reserves | 21.3 | 5.2 |
Product liability reserves | 8.7 | 0 |
Tax credits | 0.4 | 1 |
Net operating loss carryforwards | 157.7 | 199 |
Deferred revenue | 11.2 | 4 |
Other | 8.8 | (0.7) |
Total non-current deferred tax liabilities | 62.6 | (13.8) |
Less valuation allowance | (137) | (156) |
Net deferred tax liabilities, non-current | (74.4) | (169.8) |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Current income tax asset | 0 | 71.3 |
Long-term income tax assets, included in other non-current assets | 15 | 16.4 |
Current deferred income tax liability, included in accounts payable and accrued expenses | 0 | (5.6) |
Long-term deferred income tax liability | (89.4) | (186.2) |
Net deferred income tax liability | $ (74.4) | $ (104.1) |
Income Taxes - Schedule of open
Income Taxes - Schedule of open tax years for which the company could be subject to income tax examination (Details) | 12 Months Ended |
Dec. 31, 2015 | |
United States | Minimum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,012 |
United States | Maximum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,015 |
Wisconsin | Minimum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,009 |
Wisconsin | Maximum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,015 |
China | Minimum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,007 |
China | Maximum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,015 |
France | Minimum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,013 |
France | Maximum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,015 |
Germany | Minimum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,006 |
Germany | Maximum | |
Income Tax Examination [Line Items] | |
Year under examination | 2,015 |
Income Taxes - Reconciliation94
Income Taxes - Reconciliation of the beginning and ending amount of unrecognized tax benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 33.3 | $ 35.9 | $ 47.3 |
Additions based on tax positions related to the current year | 1.4 | 15.5 | 2 |
Additions for tax positions of prior years | 0.2 | 0.1 | 3.7 |
Reductions for tax positions of prior years | 0 | (2.7) | (8.1) |
Reductions based on settlements with taxing authorities | 0 | (7.3) | (3.6) |
Reductions for lapse of statute | (3.1) | (8.2) | (5.4) |
Balance at end of year | $ 31.8 | $ 33.3 | $ 35.9 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares outstanding (in shares) | 136,036,192 | 134,934,892 | 132,894,179 |
Effect of dilutive securities - stock awards (in shares) | 1,397,623 | 2,416,417 | 2,436,014 |
Diluted weighted average common shares outstanding (in shares) | 137,433,815 | 137,351,309 | 135,330,193 |
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) | 2,800,000 | 1,200,000 | 2,300,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2007Right | Dec. 31, 2015$ / sharesshares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2014$ / sharesshares | Sep. 30, 2014$ / shares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Dec. 31, 2015USD ($)D$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / shares | Mar. 21, 2007$ / shares | |
Equity [Abstract] | |||||||||||||
Authorized capitalization of common stock (in shares) | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||
Par value of common stock (in dollars per share) | $ / shares | $ 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) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
Number of rights per common stock share distributed as dividends | Right | 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) | $ / shares | $ 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) | D | 10 | ||||||||||||
Beneficial ownership by a person or group of affiliated persons before rights become exercisable (as a percent) (or more) | 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) | D | 10 | ||||||||||||
Dividends per common share (in dollars per share) | $ / shares | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.08 | $ 0.08 | |||
Number of shares authorized to be repurchased (in shares) (up to) | 10,000,000 | 10,000,000 | |||||||||||
Aggregate number of shares repurchased (in shares) | 7,600,000 | ||||||||||||
Aggregate cost of shares repurchased | $ | $ 49.8 |
Equity - Schedule of components
Equity - Schedule of components of other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Foreign currency translation | $ (121.4) | $ (29.2) | |||
Derivative instrument fair market value, net of income taxes of $(2.2) and $(3.2) | (3.8) | (6.3) | |||
Employee pension and postretirement benefit adjustments, net of income taxes of $(35.2) and $(40.1) | (82.6) | (95) | |||
Accumulated other comprehensive income (loss), net of tax, beginning balance | $ (130.5) | $ (6.9) | $ (6.9) | (207.8) | (130.5) |
Derivative instrument fair market value, tax | (2.2) | (3.2) | |||
Employee pension and postretirement benefit adjustments, tax | (35.2) | (40.1) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (130.5) | (6.9) | |||
Other comprehensive loss before reclassifications | (60.3) | (129.3) | |||
Amounts reclassified from accumulated other comprehensive income | (17) | 5.7 | |||
Net current period other comprehensive income | (77.3) | (123.6) | 22.5 | ||
Accumulated other comprehensive income (loss), net of tax, ending balance | (207.8) | (130.5) | (6.9) | ||
Gains and Losses on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (6.3) | 1 | 1 | (3.8) | (6.3) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (6.3) | 1 | |||
Other comprehensive loss before reclassifications | 14 | (9.9) | |||
Amounts reclassified from accumulated other comprehensive income | (11.5) | 2.6 | |||
Net current period other comprehensive income | 2.5 | (7.3) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | (3.8) | (6.3) | 1 | ||
Pension & Postretirement | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (95) | (62.7) | (62.7) | (82.6) | (95) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (95) | (62.7) | |||
Other comprehensive loss before reclassifications | 17.9 | (35.4) | |||
Amounts reclassified from accumulated other comprehensive income | (5.5) | 3.1 | |||
Net current period other comprehensive income | 12.4 | (32.3) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | (82.6) | (95) | (62.7) | ||
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (29.2) | 54.8 | 54.8 | $ (121.4) | $ (29.2) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (29.2) | 54.8 | |||
Other comprehensive loss before reclassifications | (92.2) | (84) | |||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||
Net current period other comprehensive income | (92.2) | (84) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | $ (121.4) | $ (29.2) | $ 54.8 |
Equity - Reconciliation for the
Equity - Reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ (2,602.6) | $ (2,906) | $ (3,026.3) | ||||||||
Total before tax | $ 12.4 | $ 15.8 | $ 37.9 | $ (9.5) | $ 38.4 | $ 56.3 | $ 66.1 | $ 8.6 | 56.6 | 169.4 | 225.2 |
Tax expense (benefit) | (6.7) | 8.6 | 36.1 | ||||||||
Net of tax | $ 43.8 | $ 4.8 | $ 23.3 | $ (8.4) | $ 33.6 | $ 73.1 | $ 46.6 | $ (8.8) | 63.5 | 144.5 | $ 141.8 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net of tax | (17) | (5.7) | |||||||||
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | (18.3) | (4.1) | |||||||||
Tax expense (benefit) | (6.8) | (1.5) | |||||||||
Net of tax | (11.5) | (2.6) | |||||||||
Amortization of prior service cost | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of pension and postretirement | (0.1) | 0.2 | |||||||||
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | (7.6) | (4.1) | |||||||||
Tax expense (benefit) | (2.1) | (1) | |||||||||
Amortization of pension and postretirement | (7.5) | (4.3) | |||||||||
Net of tax | (5.5) | (3.1) | |||||||||
Foreign currency exchange contracts | Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (11.7) | (2.2) | |||||||||
Commodity contracts | Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (4) | (0.1) | |||||||||
Interest Rate Swap | Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ (2.6) | $ (1.8) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Y$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (in dollars) | $ | $ 12.2 | $ 12.6 | $ 14.9 | ||
Number of share options granted during the period (in shares) | shares | 700,000 | 300,000 | |||
Exercise Price, low end of range (in dollars per share) | $ / shares | $ 4.41 | ||||
Exercise Price, high end of range (in dollars per share) | $ / shares | $ 47.84 | ||||
Period of U.S. Treasury rates as a basis for assumed risk-free rates (in years) | Y | 10 | ||||
2013 Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized under the plan (shares) | shares | 8,000,000 | 8,000,000 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (in dollars) | $ | $ 4.4 | $ 5.7 | $ 6.3 | ||
Number of share options granted during the period (in shares) | shares | 700,000 | 300,000 | 400,000 | ||
Stock-based compensation expense, net of tax (in dollars) | $ | $ 2.8 | $ 3.6 | $ 4 | ||
Unrecognized compensation expense (in dollars) | $ | $ 4.5 | $ 4.5 | |||
Recognition period for unrecognized compensation expense (in years) | 2 years 10 months 24 days | ||||
Weighted average grant date fair value, options (in dollars per share) | $ / shares | $ 10.93 | $ 14.84 | $ 9 | ||
Total intrinsic value of stock options exercised | $ | $ 5.6 | $ 28.5 | $ 6.9 | ||
Stock Options | Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights, annual increments beginning on the grant date | 0.25 | ||||
Vesting period (in years) | 4 years | ||||
Expiration period | 10 years | ||||
Anniversary period from grant date, for grants made prior to 2011 (in years) | 1 year | ||||
Stock Options | Officers and Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights, annual increments beginning on the grant date | 25% increments beginning on the first anniversary of the grant date | ||||
Vesting period (in years) | 4 years | ||||
Vesting rights percentage for grants made prior to 2011 (as a percent) | 25.00% | ||||
Expiration period for grants made prior to 2011 (in years) | 10 years | ||||
Anniversary period from grant date, for grants made prior to 2011 (in years) | 2 years | ||||
Stock Options | Stock Plan 2003 | Officers and Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting percentage | 25.00% | ||||
Vesting rights, annual increments beginning on the grant date | 25% increments beginning on the second anniversary of the grant date | ||||
Vesting period (in years) | 4 years | ||||
Expiration period | 10 years | ||||
Anniversary period from grant date (in years) | 2 years | ||||
Stock Options | Director Stock Plan 2004 | Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 3 years | ||||
Stock-based compensation expense (in dollars) | $ | $ 0.3 | 1 | 2.8 | ||
Stock-based compensation expense, net of tax (in dollars) | $ | $ 0.2 | $ 0.6 | $ 1.8 | ||
Granted (in shares) | shares | 400,000 | 0 | 100,000 | ||
Restricted Stock | Stock Plan 2003 | Officers and Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting percentage | 100.00% | ||||
Vesting rights, annual increments beginning on the grant date | 100% on the third anniversary of the grant date | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (in dollars) | $ | $ 7.5 | $ 5.9 | $ 5.8 | ||
Stock-based compensation expense, net of tax (in dollars) | $ | 4.7 | $ 3.8 | $ 3.6 | ||
Unrecognized compensation expense (in dollars) | $ | $ 6.4 | $ 6.4 | |||
Recognition period for unrecognized compensation expense (in years) | 1 year 9 months | ||||
Granted (in shares) | shares | 600,000 | 400,000 | 500,000 | ||
Performance shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (in dollars) | $ | $ 7.5 | $ 5.9 | $ 5.8 | ||
Granted (in shares) | shares | 600,000 | ||||
Performance shares | Performance Shares 2014 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 0 | ||||
Performance shares | Performance Shares 2014 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 500,000 | ||||
Performance shares | Performance Shares 2013 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for meeting performance goals (in years) | 3 years | ||||
Percent of target (as a percent) | 78.60% | ||||
Total performance shares awarded | shares | 300,000 | ||||
Performance shares | Performance Shares 2012 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 0 | ||||
Performance shares | Performance Shares 2012 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 800,000 | ||||
Separation Expense | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (in dollars) | $ | $ 2.2 | ||||
Granted (in shares) | shares | 100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the company's stock option activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Granted (in shares) | 0.7 | 0.3 | |
Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 5.6 | 7 | |
Granted (in shares) | 0.7 | 0.3 | 0.4 |
Exercised (in shares) | (0.5) | (1.7) | |
Cancelled (in shares) | (0.3) | 0 | |
Options outstanding at the end of the period (in shares) | 5.5 | 5.6 | 7 |
Options exercisable (in shares) | 4.7 | ||
Weighted Average Exercise Price | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 18.23 | $ 16 | |
Granted (in dollars per share) | 21.02 | 29.08 | |
Exercised (in dollars per share) | 9.63 | 10.92 | |
Options canceled weighted average cost (in dollars per share) | 23.70 | 27.07 | |
Options outstanding at the end of the period (in dollars per share) | 19.04 | $ 18.23 | $ 16 |
Options exercisable (in dollars per share) | $ 18.64 | ||
Aggregate Intrinsic Value | |||
Options outstanding (in dollars) | $ 11 | ||
Options exercisable (in dollars) | $ 11 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of the options outstanding and exercisable by range of exercise prices (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | $ 4.41 |
Exercise Price, high end of range (in dollars per share) | 47.84 |
$4.41 - $11.34 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 4.41 |
Exercise Price, high end of range (in dollars per share) | 11.34 |
$11.35 - $16.79 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 11.35 |
Exercise Price, high end of range (in dollars per share) | 16.79 |
$16.80 - $21.80 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 16.80 |
Exercise Price, high end of range (in dollars per share) | 21.80 |
$21.81 - $27.03 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 21.81 |
Exercise Price, high end of range (in dollars per share) | 27.03 |
$27.04- $29.52 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 27.04 |
Exercise Price, high end of range (in dollars per share) | 29.52 |
$29.53 - $30.47 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 29.53 |
Exercise Price, high end of range (in dollars per share) | 30.47 |
$30.48 - $47.84 | |
Options outstanding and exercisable by range of exercise prices | |
Exercise Price, low end of range (in dollars per share) | 30.48 |
Exercise Price, high end of range (in dollars per share) | $ 47.84 |
Stock Options | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 5.5 |
Weighted Average Remaining Contractual Life (in years) | 3 years 1 month |
Weighted Average Exercise Price (in dollars per share) | $ 19.04 |
Exercisable Options (in shares) | shares | 4.7 |
Weighted Average Exercise Price (in dollars per share) | $ 18.64 |
Stock Options | $4.41 - $11.34 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 0.6 |
Weighted Average Remaining Contractual Life (in years) | 2 years 7 months |
Weighted Average Exercise Price (in dollars per share) | $ 4.41 |
Exercisable Options (in shares) | shares | 0.6 |
Weighted Average Exercise Price (in dollars per share) | $ 4.41 |
Stock Options | $11.35 - $16.79 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 1.6 |
Weighted Average Remaining Contractual Life (in years) | 3 years 5 months |
Weighted Average Exercise Price (in dollars per share) | $ 13.26 |
Exercisable Options (in shares) | shares | 1.5 |
Weighted Average Exercise Price (in dollars per share) | $ 12.88 |
Stock Options | $16.80 - $21.80 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 1.6 |
Weighted Average Remaining Contractual Life (in years) | 4 years 5 months |
Weighted Average Exercise Price (in dollars per share) | $ 19.82 |
Exercisable Options (in shares) | shares | 1.1 |
Weighted Average Exercise Price (in dollars per share) | $ 19.36 |
Stock Options | $21.81 - $27.03 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 0.5 |
Weighted Average Remaining Contractual Life (in years) | 3 months |
Weighted Average Exercise Price (in dollars per share) | $ 26.11 |
Exercisable Options (in shares) | shares | 0.5 |
Weighted Average Exercise Price (in dollars per share) | $ 26.11 |
Stock Options | $27.04- $29.52 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 0.7 |
Weighted Average Remaining Contractual Life (in years) | 2 years 11 months |
Weighted Average Exercise Price (in dollars per share) | $ 29.34 |
Exercisable Options (in shares) | shares | 0.6 |
Weighted Average Exercise Price (in dollars per share) | $ 29.41 |
Stock Options | $29.53 - $30.47 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 0.1 |
Weighted Average Remaining Contractual Life (in years) | 8 years 2 months |
Weighted Average Exercise Price (in dollars per share) | $ 30.47 |
Exercisable Options (in shares) | shares | 0 |
Weighted Average Exercise Price (in dollars per share) | $ 30.47 |
Stock Options | $30.48 - $47.84 | |
Options outstanding and exercisable by range of exercise prices | |
Outstanding Options (in shares) | shares | 0.4 |
Weighted Average Remaining Contractual Life (in years) | 1 year 6 months |
Weighted Average Exercise Price (in dollars per share) | $ 38.87 |
Exercisable Options (in shares) | shares | 0.4 |
Weighted Average Exercise Price (in dollars per share) | $ 38.87 |
Stock-Based Compensation - S102
Stock-Based Compensation - Schedule of the assumptions used to estimate the fair value of each option grant (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions used to estimate the fair value of each option grant | |||
Expected Life (years) | 6 years | 6 years | 6 years |
Risk-free Interest rate | 1.80% | 1.90% | 1.10% |
Expected volatility | 56.00% | 55.00% | 56.00% |
Expected dividend yield | 0.30% | 0.40% | 0.60% |
Stock-Based Compensation - S103
Stock-Based Compensation - Schedule of nonvested share activity (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested beginning balance (in shares) | 0.8 | ||
Granted (in shares) | 0.6 | ||
Vested (in shares) | (0.4) | ||
Cancelled (in shares) | (0.3) | ||
Unvested ending balance (in shares) | 0.7 | 0.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value beginning (in dollars per share) | $ 27.09 | ||
Granted (in dollars per share) | 21.06 | ||
Vested (in dollars per share) | 20.77 | ||
Cancelled (in dollars per share) | 27.64 | ||
Weighted average grant date fair value ending (in dollars per share) | $ 25.53 | $ 27.09 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested beginning balance (in shares) | 0.2 | ||
Granted (in shares) | 0.4 | 0 | 0.1 |
Vested (in shares) | (0.2) | ||
Cancelled (in shares) | 0 | ||
Unvested ending balance (in shares) | 0.4 | 0.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value beginning (in dollars per share) | $ 16.58 | ||
Granted (in dollars per share) | 21.73 | ||
Vested (in dollars per share) | 17.12 | ||
Cancelled (in dollars per share) | 21.18 | ||
Weighted average grant date fair value ending (in dollars per share) | $ 21.40 | $ 16.58 |
Contingencies and Significan104
Contingencies and Significant Estimates - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Liability [Abstract] | |||
Period over which product liability self-insurance retention levels have fluctuated (in years) | 10 years | ||
Product Liability Reserve | $ 24.5 | $ 24.6 | |
Product liability reserves for actual cases | 3.7 | 4 | |
Product liability reserves for claims incurred but not reported | 20.8 | 20.6 | |
Warranty claims reserves | 83.9 | $ 92.2 | $ 99 |
Minimum | |||
Product Liability [Abstract] | |||
Product liability self-insurance retention levels per occurrence | 0.1 | ||
Maximum | |||
Product Liability [Abstract] | |||
Product liability self-insurance retention levels per occurrence | 3 | ||
Product liability self-insurance maximum retention level for new occurrence | 2 | ||
Enodis locations | |||
Site contingency | |||
Accruals for environmental matters related to Enodis locations | $ 0.4 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantees | ||
Deferred revenue included in other current and non-current liabilities | $ 51 | $ 59.5 |
Amount of residual value guarantees and buyback commitments given by the company | $ 52 | 58.9 |
Standard product warranty, low end of range (in months) | 12 months | |
Standard product warranty, high end of range (in months) | 60 months | |
Notes receivable sales and guarantees | ||
Guarantees | ||
Sale of long term notes receivable to third party financing companies | $ 3.5 | 17 |
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 | $ 12.6 | 17.3 |
Outstanding balance of notes receivables guaranteed by the company | $ 24.4 | $ 34 |
Guarantees Guarantees - Summary
Guarantees Guarantees - Summary of warranty activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Warranty activity | ||
Balance at beginning of period | $ 92.2 | $ 99 |
Accruals for warranties issued during the period | 47.8 | 59.8 |
Settlements made (in cash or in kind) during the period | (52.7) | (63.4) |
Currency translation | (3.4) | (3.2) |
Balance at end of period | $ 83.9 | $ 92.2 |
Restructuring and Asset Impa107
Restructuring and Asset Impairments - Rollforward of all restructuring activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rollforward of all restructuring activities | |||
Restructuring Charges | $ 14 | $ 9 | $ 4.8 |
Crane | |||
Rollforward of all restructuring activities | |||
Restructuring Reserve Balance, at the beginning of the period | 4.7 | ||
Restructuring Charges | 5.6 | ||
Use of Reserve | (6.6) | ||
Restructuring Reserve Balance, at the end of the period | 3.7 | 4.7 | |
Foodservice | |||
Rollforward of all restructuring activities | |||
Restructuring Reserve Balance, at the beginning of the period | 15.6 | ||
Restructuring Charges | 4.6 | ||
Use of Reserve | (3.4) | ||
Restructuring Reserve Balance, at the end of the period | 16.8 | 15.6 | |
Corporate | |||
Rollforward of all restructuring activities | |||
Restructuring Reserve Balance, at the beginning of the period | 0 | ||
Restructuring Charges | 3.8 | ||
Use of Reserve | (1) | ||
Restructuring Reserve Balance, at the end of the period | $ 2.8 | $ 0 |
Restructuring and Asset Impa108
Restructuring and Asset Impairments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment expense | $ 24.4 | $ 1.1 | $ 0 |
Foodservice | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment expense | 9 | ||
Crane | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment expense | $ 15.4 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Manitowoc Deferred Compensation Plan | |||
Number of defined contribution retirement plans for the employees | plan | 3 | ||
Amortization of gains and losses in excess of specified percentage (as a percent) | 10.00% | ||
Expenses related to the target benefit plan | $ 2.9 | $ 2.4 | $ 2.9 |
Amounts accrued related to the target benefit plan | 26.9 | 25.7 | |
Multiemployer Plans, Withdrawal Obligation | $ 13.2 | ||
Multiemployer plan, number of withdrawal obligation quarterly payments | 48 | ||
Multiemployer plan, withdrawal obligation quarterly installment payment amount | $ 0.5 | ||
Retirement Savings Plan | |||
Manitowoc Deferred Compensation Plan | |||
Total costs incurred under the Manitowoc Retirement Savings Plan | $ 3.2 | 6.1 | $ 6.2 |
Deferred Compensation Plan | |||
Manitowoc Deferred Compensation Plan | |||
Number of deferred compensation plans | plan | 2 | ||
Number of investment programs | plan | 2 | ||
Program A | Deferred Compensation Plan | |||
Manitowoc Deferred Compensation Plan | |||
Program asset | $ 1 | 1.4 | |
Program obligation | 1 | 1.4 | |
Program B | Deferred Compensation Plan | |||
Manitowoc Deferred Compensation Plan | |||
Program asset | 15.2 | 16.5 | |
Program obligation | 15.2 | 16.5 | |
US Pension Plans | |||
Manitowoc Deferred Compensation Plan | |||
Estimated future employer contributions | 1.3 | ||
Accumulated benefit obligation | 218.5 | 235.9 | |
Non-US Pension Plans | |||
Manitowoc Deferred Compensation Plan | |||
Estimated future employer contributions | 4.9 | ||
Accumulated benefit obligation | 244.9 | $ 269.9 | |
Pension Plans | |||
Manitowoc Deferred Compensation Plan | |||
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | $ (7.3) | ||
Postretirement Health and Other | |||
Manitowoc Deferred Compensation Plan | |||
Annual rate of increase in the per capita cost of covered health care benefits assumed for measurement purposes (as a percent) | 6.30% | ||
Ultimate health care cost trend rate (as a percent) | 4.50% | ||
Estimated future employer contributions | $ 3.6 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of components of period benefit costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
US Pension Plans | |||
Employee benefit plans | |||
Service cost - benefits earned during the year | $ 0 | $ 0 | $ 0 |
Interest cost of projected benefit obligation | 9.4 | 10.3 | 9.6 |
Expected return on assets | (9) | (9.5) | (10.2) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial net loss (gain) | 5.1 | 2.9 | 3.5 |
Curtailment gain recognized | 0 | 0 | 0 |
Net periodic benefit cost | $ 5.5 | $ 3.7 | $ 2.9 |
Weighted average assumptions: | |||
Discount rate | 4.10% | 4.90% | 4.10% |
Expected return on plan assets | 5.80% | 6.00% | 5.80% |
Non-US Pension Plans | |||
Employee benefit plans | |||
Service cost - benefits earned during the year | $ 2.6 | $ 2.4 | $ 2.4 |
Interest cost of projected benefit obligation | 8.9 | 11.3 | 9.8 |
Expected return on assets | (7.4) | (9.4) | (7.4) |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Amortization of actuarial net loss (gain) | 2.3 | 1.5 | 1.9 |
Curtailment gain recognized | 0 | 0 | 0 |
Net periodic benefit cost | $ 6.5 | $ 5.9 | $ 6.8 |
Weighted average assumptions: | |||
Discount rate | 3.30% | 4.30% | 4.00% |
Expected return on plan assets | 3.60% | 4.50% | 3.90% |
Rate of compensation increase | 3.90% | 4.30% | 3.80% |
Postretirement Health and Other | |||
Employee benefit plans | |||
Service cost - benefits earned during the year | $ 0.4 | $ 0.4 | $ 0.6 |
Interest cost of projected benefit obligation | 2 | 2.1 | 2 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | (0.3) | (0.1) |
Amortization of actuarial net loss (gain) | 0.1 | (0.1) | 0 |
Curtailment gain recognized | 0 | 0 | (0.8) |
Net periodic benefit cost | $ 2.5 | $ 2.1 | $ 1.7 |
Weighted average assumptions: | |||
Discount rate | 3.70% | 4.50% | 3.50% |
Rate of compensation increase | 1.50% | 1.50% | 3.00% |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | $ 374 | ||
Fair value of plan assets, end of year | 340.8 | $ 374 | |
US Pension Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 235.9 | 213.7 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 9.4 | 10.3 | 9.6 |
Participant contributions | 0 | 0 | |
Medicare subsidies received | 0 | 0 | |
Plan settlements | 0 | 1.7 | |
Net transfer out | 0 | 0 | |
Actuarial (gain) loss | (15.2) | 30.2 | |
Currency translation adjustment | 0 | 0 | |
Benefit payments | (11.6) | (20) | |
Benefit obligation, end of year | 218.5 | 235.9 | 213.7 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 160 | 162.6 | |
Actual return on plan assets | (5.8) | 16.1 | |
Employer contributions | 1.3 | 1.3 | |
Participant contributions | 0 | 0 | |
Medicare subsidies received | 0 | 0 | |
Currency translation adjustment | 0 | 0 | |
Net transfer out | 0 | 0 | |
Benefit payments | (11.6) | (20) | |
Fair value of plan assets, end of year | 143.9 | 160 | $ 162.6 |
Funded status | (74.6) | (75.9) | |
Amounts recognized in the Consolidated Balance sheet at December 31 | |||
Pension asset | 0 | 0 | |
Pension obligation | (74.6) | (75.9) | |
Postretirement health and other benefit obligations | 0 | 0 | |
Net amount recognized | $ (74.6) | $ (75.9) | |
Weighted-Average Assumptions | |||
Discount rate | 4.50% | 4.10% | |
Expected return on plan assets | 5.80% | 6.00% | 5.80% |
Non-US Pension Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | $ 279.5 | $ 263.2 | |
Service cost | 2.6 | 2.4 | $ 2.4 |
Interest cost | 8.9 | 11.3 | 9.8 |
Participant contributions | 0.1 | 0.1 | |
Medicare subsidies received | 0 | 0 | |
Plan settlements | 0 | 0 | |
Net transfer out | (0.3) | (0.3) | |
Actuarial (gain) loss | (9.7) | 32.9 | |
Currency translation adjustment | (15.4) | (17.4) | |
Benefit payments | (13.2) | (12.7) | |
Benefit obligation, end of year | 252.5 | 279.5 | 263.2 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 214 | 211.1 | |
Actual return on plan assets | 1.5 | 22.4 | |
Employer contributions | 5.1 | 4.8 | |
Participant contributions | 0.1 | 0.1 | |
Medicare subsidies received | 0 | 0 | |
Currency translation adjustment | (10.3) | (11.7) | |
Net transfer out | (0.3) | 0 | |
Benefit payments | (13.2) | (12.7) | |
Fair value of plan assets, end of year | 196.9 | 214 | $ 211.1 |
Funded status | (55.6) | (65.5) | |
Amounts recognized in the Consolidated Balance sheet at December 31 | |||
Pension asset | 0 | 0 | |
Pension obligation | (55.6) | (65.5) | |
Postretirement health and other benefit obligations | 0 | 0 | |
Net amount recognized | $ (55.6) | $ (65.5) | |
Weighted-Average Assumptions | |||
Discount rate | 3.50% | 3.30% | |
Expected return on plan assets | 3.60% | 4.50% | 3.90% |
Rate of compensation increase | 3.90% | 3.90% | |
Postretirement Health and Other | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | $ 57 | $ 48.5 | |
Service cost | 0.4 | 0.4 | $ 0.6 |
Interest cost | 2 | 2.1 | 2 |
Participant contributions | 2.4 | 2.3 | |
Medicare subsidies received | 0.2 | 0.4 | |
Plan settlements | 0 | 0 | |
Net transfer out | 0 | 0 | |
Actuarial (gain) loss | (2) | 10.3 | |
Currency translation adjustment | (0.2) | (0.1) | |
Benefit payments | (8) | (6.9) | |
Benefit obligation, end of year | 51.8 | 57 | 48.5 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 5.4 | 4.2 | |
Participant contributions | 2.4 | 2.3 | |
Medicare subsidies received | 0.2 | 0.4 | |
Currency translation adjustment | 0 | 0 | |
Net transfer out | 0 | 0 | |
Benefit payments | (8) | (6.9) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status | (51.8) | (57) | |
Amounts recognized in the Consolidated Balance sheet at December 31 | |||
Pension asset | 0 | 0 | |
Pension obligation | 0 | 0 | |
Postretirement health and other benefit obligations | (51.8) | (57) | |
Net amount recognized | $ (51.8) | $ (57) | |
Weighted-Average Assumptions | |||
Discount rate | 4.10% | 3.70% | |
Rate of compensation increase | 1.50% | 1.50% |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts recognized in accumulated other comprehensive income (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans | ||
Employee benefit plans | ||
Net actuarial gain (loss) | $ (113.5) | $ (128.5) |
Prior service credit | (0.7) | (0.8) |
Total amount recognized | (114.2) | (129.3) |
Postretirement Health and Other | ||
Employee benefit plans | ||
Net actuarial gain (loss) | (3.8) | (5.8) |
Prior service credit | 0 | 0 |
Total amount recognized | $ (3.8) | $ (5.8) |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of the sensitivity of retirement obligations and retirement benefit costs of plans to changes in the key assumptions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans | |
Estimated increase (decrease) in 2016 pension cost | |
0.50% increase in discount rate | $ (1.7) |
0.50% decrease in discount rate | 1.7 |
0.50% increase in long-term return on assets | (1.7) |
0.50% decrease in long-term return on assets | 1.7 |
Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2015 | |
0.50% increase in discount rate | (28.8) |
0.50% decrease in discount rate | 31.4 |
Postretirement Health and Other | |
Estimated increase (decrease) in 2016 pension cost | |
0.50% increase in discount rate | (0.1) |
0.50% decrease in discount rate | 0 |
1% increase in medical trend rates | 0.6 |
1% decrease in medical trend rates | (0.2) |
Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2015 | |
0.50% increase in discount rate | (2.1) |
0.50% decrease in discount rate | 2.2 |
1% increase in medical trend rates | 4.2 |
1% decrease in medical trend rates | $ (3.7) |
Employee Benefit Plans - Sch114
Employee Benefit Plans - Schedule of the weighted-average asset allocations of the pension plans (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Non-US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Equity Securities | Non-US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 16.20% | 25.00% |
Equity Securities | US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 24.50% | 24.50% |
Fixed income | Non-US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 29.20% | 19.60% |
Fixed income | US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 74.80% | 74.90% |
Other | Non-US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 54.60% | 55.40% |
Other | US Pension Plans | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Weighted-average asset allocation (as a percent) | 0.70% | 0.60% |
Employee Benefit Plans - Sch115
Employee Benefit Plans - Schedule of the actual allocations for the pension assets and target allocations by asset class (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Non-US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Weighted-average asset allocation (as a percent) | 100.00% | 100.00% |
Equity Securities | US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target Allocations (as a percent) | 25.00% | |
Weighted-average asset allocation (as a percent) | 24.50% | 24.50% |
Equity Securities | Non-US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Weighted-average asset allocation (as a percent) | 16.20% | 25.00% |
Minimum (as a percent) | 0.00% | |
Maximum (as a percent) | 25.00% | |
Debt Securities | US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target Allocations (as a percent) | 75.00% | |
Weighted-average asset allocation (as a percent) | 74.80% | |
Debt Securities | Non-US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Weighted-average asset allocation (as a percent) | 29.20% | |
Minimum (as a percent) | 0.00% | |
Maximum (as a percent) | 100.00% | |
Other | US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target Allocations (as a percent) | 0.00% | |
Weighted-average asset allocation (as a percent) | 0.70% | 0.60% |
Other | Non-US Pension Plans | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Weighted-average asset allocation (as a percent) | 54.60% | 55.40% |
Minimum (as a percent) | 0.00% | |
Maximum (as a percent) | 100.00% |
Employee Benefit Plans - Sch116
Employee Benefit Plans - Schedule of plan assets using the fair value hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Plan assets using fair value hierarchy | |||
Fair value of plan assets | $ 340.8 | $ 374 | |
Cash | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 2 | 1.7 | |
Insurance group annuity contracts | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 106.5 | 117.7 | |
Common/collective trust funds — Government debt | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 0 | 0 | |
Common/collective trust funds — Corporate and other non-government debt | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 60.6 | 47.5 | |
Common/collective trust funds — Government, corporate and other non-government debt | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 98.7 | 109.9 | |
Common/collective trust funds — Corporate equity | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 67.1 | 92.9 | |
Common/collective trust funds — Customized strategy | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 5.9 | 4.3 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 2 | 1.7 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 2 | 1.7 | |
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 | 232.3 | 254.6 | |
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 | 0 | 0 | |
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 | 60.6 | 47.5 | |
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 | 98.7 | 109.9 | |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds — Corporate equity | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 67.1 | 92.9 | |
Significant Other Observable Inputs (Level 2) | Common/collective trust funds — Customized strategy | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 5.9 | 4.3 | |
Unobservable Inputs (Level 3) | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 106.5 | 117.7 | |
Unobservable Inputs (Level 3) | Cash | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 0 | 0 | |
Unobservable Inputs (Level 3) | Insurance group annuity contracts | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 106.5 | 117.7 | $ 118.3 |
Unobservable Inputs (Level 3) | Common/collective trust funds — Government debt | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 0 | 0 | |
Unobservable Inputs (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 | |
Unobservable Inputs (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 | |
Unobservable Inputs (Level 3) | Common/collective trust funds — Corporate equity | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | 0 | 0 | |
Unobservable Inputs (Level 3) | Common/collective trust funds — Customized strategy | |||
Plan assets using fair value hierarchy | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans - Rec117
Employee Benefit Plans - 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 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | $ 374 | |
Fair value of plan assets, end of year | 340.8 | $ 374 |
Level 3 | ||
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | 117.7 | |
Fair value of plan assets, end of year | 106.5 | 117.7 |
Insurance group annuity contracts | ||
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | 117.7 | |
Fair value of plan assets, end of year | 106.5 | 117.7 |
Insurance group annuity contracts | Level 3 | ||
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | 117.7 | 118.3 |
Actual return on plan assets | 1 | 12.7 |
Benefit payments | (6.7) | (7.1) |
Foreign currency impact | 5.5 | 6.2 |
Fair value of plan assets, end of year | $ 106.5 | $ 117.7 |
Employee Benefit Plans - Sch118
Employee Benefit Plans - Schedule of projected benefit payments from the plans (Details) $ in Millions | Dec. 31, 2015USD ($) |
US Pension Plans | |
Projected benefit payments from the plans | |
2,016 | $ 12.8 |
2,017 | 13.1 |
2,018 | 13.4 |
2,019 | 13.7 |
2,020 | 14 |
2021 - 2025 | 69.7 |
Non-US Pension Plans | |
Projected benefit payments from the plans | |
2,016 | 12.8 |
2,017 | 13.8 |
2,018 | 14.1 |
2,019 | 14.9 |
2,020 | 15.9 |
2021 - 2025 | 88.5 |
Postretirement Health and Other | |
Projected benefit payments from the plans | |
2,016 | 4.4 |
2,017 | 4.5 |
2,018 | 4.8 |
2,019 | 4.8 |
2,020 | 4.6 |
2021 - 2025 | $ 19.8 |
Employee Benefit Plans - Fair v
Employee Benefit Plans - Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
US Pension Plans | ||
Employee benefit plans | ||
Projected benefit obligation | $ 218.5 | $ 235.9 |
Accumulated benefit obligation | 218.5 | 235.9 |
Fair value of plan assets | 143.9 | 160 |
Non-US Pension Plans | ||
Employee benefit plans | ||
Projected benefit obligation | 252.5 | 274.8 |
Accumulated benefit obligation | 244.9 | 269.9 |
Fair value of plan assets | $ 196.9 | $ 210.1 |
Employee Benefit Plans - Sch120
Employee Benefit Plans - Schedule of contributions by the company to the multiemployer plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions under collective bargaining agreement | $ 0 | $ 0 | $ 0.3 |
Leases - Future minimum rental
Leases - Future minimum rental obligations under non-cancelable operating leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rental expense attributed to operating leases | $ 27.9 | $ 34.8 | $ 34.3 |
Future minimum rental obligations under non-cancelable operating leases | |||
2,016 | 38 | ||
2,017 | 26.6 | ||
2,018 | 21.2 | ||
2,019 | 17.6 | ||
2,020 | 15 | ||
Thereafter | 23.7 | ||
Total | $ 142.1 |
Business Segments - Schedule of
Business Segments - Schedule of financial information relating to the company's reportable segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment reporting information | |||||||||||
Net sales from continuing operations | $ 934.8 | $ 863.5 | $ 885.4 | $ 752.1 | $ 1,037.4 | $ 986.3 | $ 1,012.8 | $ 850 | $ 3,435.8 | $ 3,886.5 | $ 4,048.1 |
Operating earnings (loss) from continuing operations | |||||||||||
Asset impairment expense | (24.4) | (1.1) | 0 | ||||||||
Amortization expense | (34.4) | (35.1) | (34.4) | (35.1) | (35.3) | ||||||
Restructuring expense | (14) | (9) | (4.8) | ||||||||
Other (expense) income | (0.9) | (0.5) | 0.3 | ||||||||
Operating earnings from continuing operations | 132.5 | 298.8 | 364.4 | ||||||||
Interest expense | (97) | (94) | (128.4) | ||||||||
Amortization of deferred financing fees | (4.2) | (4.4) | (7) | ||||||||
Loss on debt extinguishment | (0.2) | (25.5) | (3) | ||||||||
Other income (expense) — net | 25.5 | (5.5) | (0.8) | ||||||||
Earnings from continuing operations before taxes on earnings | 12.4 | $ 15.8 | $ 37.9 | $ (9.5) | 38.4 | $ 56.3 | $ 66.1 | $ 8.6 | 56.6 | 169.4 | 225.2 |
Capital expenditures: | 68.1 | 84.8 | 110.7 | ||||||||
Depreciation | 69.9 | 68.4 | 68.5 | ||||||||
Total assets | 3,448.9 | 3,816.6 | 3,448.9 | 3,816.6 | 3,976.6 | ||||||
Crane | |||||||||||
Segment reporting information | |||||||||||
Net sales from continuing operations | 1,865.7 | 2,305.2 | 2,506.3 | ||||||||
Operating earnings (loss) from continuing operations | |||||||||||
Asset impairment expense | (15.4) | ||||||||||
Restructuring expense | (5.6) | ||||||||||
Operating earnings from continuing operations | 64.3 | 163.9 | 218.8 | ||||||||
Capital expenditures: | 54.1 | 57.3 | 69.3 | ||||||||
Depreciation | 49.4 | 45.7 | 46.9 | ||||||||
Total assets | 1,606.3 | 1,742.3 | 1,606.3 | 1,742.3 | 1,900.4 | ||||||
Foodservice | |||||||||||
Segment reporting information | |||||||||||
Net sales from continuing operations | 1,570.1 | 1,581.3 | 1,541.8 | ||||||||
Operating earnings (loss) from continuing operations | |||||||||||
Asset impairment expense | (9) | ||||||||||
Restructuring expense | (4.6) | ||||||||||
Operating earnings from continuing operations | 239.7 | 234 | 250.3 | ||||||||
Capital expenditures: | 13.2 | 25.3 | 33.6 | ||||||||
Depreciation | 19.6 | 21.2 | 20.1 | ||||||||
Total assets | 1,792.7 | 1,902 | 1,792.7 | 1,902 | 1,904.3 | ||||||
Corporate | |||||||||||
Operating earnings (loss) from continuing operations | |||||||||||
Operating earnings from continuing operations | (58.4) | (53.4) | (64.9) | ||||||||
Capital expenditures: | 0.8 | 2.2 | 7.8 | ||||||||
Depreciation | 0.9 | 1.5 | 1.5 | ||||||||
Total assets | $ 49.9 | $ 172.3 | 49.9 | 172.3 | 171.9 | ||||||
Restricted Stock | Spinoff | |||||||||||
Operating earnings (loss) from continuing operations | |||||||||||
Restructuring expense | $ (39.4) | $ 0 | $ 0 |
Business Segments - Schedule123
Business Segments - Schedule of net sales from continuing operations and long-lived asset information by geographic area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | $ 934.8 | $ 863.5 | $ 885.4 | $ 752.1 | $ 1,037.4 | $ 986.3 | $ 1,012.8 | $ 850 | $ 3,435.8 | $ 3,886.5 | $ 4,048.1 |
Long-Lived Assets | 2,396.9 | 2,600.3 | 2,396.9 | 2,600.3 | |||||||
United States | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 1,851.2 | 1,977.4 | 1,978 | ||||||||
Long-Lived Assets | 1,768 | 1,880.8 | 1,768 | 1,880.8 | |||||||
Other North America | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 179.1 | 238.3 | 292.1 | ||||||||
Long-Lived Assets | 12.4 | 12.4 | 12.4 | 12.4 | |||||||
Europe | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 626.5 | 821.2 | 937.6 | ||||||||
Long-Lived Assets | 423.6 | 478.9 | 423.6 | 478.9 | |||||||
Asia | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 324.5 | 377.6 | 364.5 | ||||||||
Long-Lived Assets | 172.9 | 189.7 | 172.9 | 189.7 | |||||||
Middle East | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 221.1 | 223.2 | 174.2 | ||||||||
Long-Lived Assets | 1.5 | 1.5 | 1.5 | 1.5 | |||||||
Central and South America | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 75.9 | 106.9 | 166.9 | ||||||||
Long-Lived Assets | 11.8 | 30 | 11.8 | 30 | |||||||
Africa | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 82.4 | 56.7 | 30 | ||||||||
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 | 8.6 | 13.3 | 12.6 | ||||||||
Long-Lived Assets | 3.8 | 4 | 3.8 | 4 | |||||||
Australia | |||||||||||
Net sales from continuing operations and long-lived asset information by geographic area | |||||||||||
Net sales | 66.5 | 71.9 | $ 92.2 | ||||||||
Long-Lived Assets | $ 2.9 | $ 3 | $ 2.9 | $ 3 |
Subsidiary Guarantors of Sen124
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statement of Operations | |||||||||||
Net sales | $ 934.8 | $ 863.5 | $ 885.4 | $ 752.1 | $ 1,037.4 | $ 986.3 | $ 1,012.8 | $ 850 | $ 3,435.8 | $ 3,886.5 | $ 4,048.1 |
Costs and expenses: | |||||||||||
Cost of sales | 2,602.6 | 2,906 | 3,026.3 | ||||||||
Engineering, selling and administrative expenses | 587.6 | 636 | 617.6 | ||||||||
Separation expense | 39.4 | 0 | 0 | ||||||||
Amortization expense | 34.4 | 35.1 | 34.4 | 35.1 | 35.3 | ||||||
Asset impairment expense | 24.4 | 1.1 | 0 | ||||||||
Restructuring expense | 14 | 9 | 4.8 | ||||||||
Restructuring expense | (0.9) | (0.5) | 0.3 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total costs and expenses | 3,303.3 | 3,587.7 | 3,683.7 | ||||||||
Operating earnings from continuing operations | 132.5 | 298.8 | 364.4 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (97) | (94) | (128.4) | ||||||||
Amortization of deferred financing fees | (4.2) | (4.4) | (7) | ||||||||
Loss on debt extinguishment | (0.2) | (25.5) | (3) | ||||||||
Management fee income (expense) | 0 | 0 | 0 | ||||||||
Other income (expense) - net (1) | 25.5 | (5.5) | (0.8) | ||||||||
Total other expenses | (75.9) | (129.4) | (139.2) | ||||||||
Earnings from continuing operations before taxes on earnings | 12.4 | 15.8 | 37.9 | (9.5) | 38.4 | 56.3 | 66.1 | 8.6 | 56.6 | 169.4 | 225.2 |
(Benefit) provision for taxes on earnings | (6.7) | 8.6 | 36.1 | ||||||||
Earnings from continuing operations | 63.3 | 160.8 | 189.1 | ||||||||
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0.1 | 0.1 | 0.1 | (0.1) | 0.1 | (0.2) | (0.3) | (1) | 0.2 | (1.4) | (18.8) |
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | 0 | (1.1) | 0 | (9.9) | 0 | (11) | (2.7) |
Net earnings | 43.8 | 4.8 | 23.3 | (8.4) | 33.6 | 73.1 | 46.6 | (4.9) | 63.5 | 148.4 | 167.6 |
Less: Net earnings attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9 | 0 | 3.9 | 25.8 |
Net (loss) earnings attributable to Manitowoc | $ 43.8 | $ 4.8 | $ 23.3 | $ (8.4) | $ 33.6 | $ 73.1 | $ 46.6 | $ (8.8) | 63.5 | 144.5 | 141.8 |
Comprehensive (loss) income attributable to Manitowoc | (13.8) | 20.9 | 164.3 | ||||||||
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 | 53.8 | 49.8 | 61.4 | ||||||||
Separation expense | 34.7 | ||||||||||
Amortization expense | 0 | 0 | 0 | ||||||||
Asset impairment expense | 0 | 0 | |||||||||
Restructuring expense | 3.7 | 0 | 0 | ||||||||
Restructuring expense | 0 | 0 | 0 | ||||||||
Other expense | 160.6 | (165.6) | (199.6) | ||||||||
Total costs and expenses | 252.8 | (115.8) | (138.2) | ||||||||
Operating earnings from continuing operations | (252.8) | 115.8 | 138.2 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (89.5) | (83.8) | (118.8) | ||||||||
Amortization of deferred financing fees | (4.2) | (4.4) | (7) | ||||||||
Loss on debt extinguishment | (0.2) | (25.5) | (3) | ||||||||
Management fee income (expense) | 64.7 | 62.4 | 59.6 | ||||||||
Other income (expense) - net (1) | 304.8 | 16.5 | (3.6) | ||||||||
Total other expenses | 275.6 | (34.8) | (72.8) | ||||||||
Earnings from continuing operations before taxes on earnings | 22.8 | 81 | 65.4 | ||||||||
(Benefit) provision for taxes on earnings | (40.7) | (63.5) | (76.4) | ||||||||
Earnings from continuing operations | 63.5 | 144.5 | 141.8 | ||||||||
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net earnings | 63.5 | 144.5 | 141.8 | ||||||||
Less: Net earnings attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net (loss) earnings attributable to Manitowoc | 63.5 | 144.5 | 141.8 | ||||||||
Comprehensive (loss) income attributable to Manitowoc | (13.8) | 20.9 | 164.3 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Net sales | 2,231.6 | 2,424.5 | 2,631.3 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 1,785.7 | 1,895.5 | 2,038.1 | ||||||||
Engineering, selling and administrative expenses | 281 | 281.8 | 259.5 | ||||||||
Separation expense | 4.4 | ||||||||||
Amortization expense | 29.6 | 29.6 | 29.6 | ||||||||
Asset impairment expense | 10.9 | 1.1 | |||||||||
Restructuring expense | 3.1 | 3 | 0.7 | ||||||||
Restructuring expense | (0.9) | (0.3) | (0.5) | ||||||||
Other expense | (23.6) | (73.5) | (32.5) | ||||||||
Total costs and expenses | 2,092 | 2,137.8 | 2,295.9 | ||||||||
Operating earnings from continuing operations | 139.6 | 286.7 | 335.4 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (2.5) | (1.9) | (1) | ||||||||
Amortization of deferred financing fees | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | 0 | 0 | 0 | ||||||||
Management fee income (expense) | (70.2) | (72.6) | (77.1) | ||||||||
Other income (expense) - net (1) | (82.7) | 59.2 | (32.6) | ||||||||
Total other expenses | (155.4) | (15.3) | (110.7) | ||||||||
Earnings from continuing operations before taxes on earnings | (15.8) | 271.4 | 224.7 | ||||||||
(Benefit) provision for taxes on earnings | (34.9) | 45.3 | 69.3 | ||||||||
Earnings from continuing operations | 19.1 | 226.1 | 155.4 | ||||||||
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0.2 | (0.5) | (2.3) | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net earnings | 19.3 | 225.6 | 153.1 | ||||||||
Less: Net earnings attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net (loss) earnings attributable to Manitowoc | 19.3 | 225.6 | 153.1 | ||||||||
Comprehensive (loss) income attributable to Manitowoc | 6.7 | 217.8 | 154.1 | ||||||||
Non- Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Net sales | 1,798 | 2,076.1 | 2,097.1 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 1,410.7 | 1,624.6 | 1,668.5 | ||||||||
Engineering, selling and administrative expenses | 252.8 | 304.4 | 296.7 | ||||||||
Separation expense | 0.3 | ||||||||||
Amortization expense | 4.8 | 5.5 | 5.7 | ||||||||
Asset impairment expense | 13.5 | 0 | |||||||||
Restructuring expense | 7.2 | 6 | 4.1 | ||||||||
Restructuring expense | 0 | (0.2) | 0.8 | ||||||||
Other expense | 0 | 0 | |||||||||
Total costs and expenses | 1,689.3 | 1,940.7 | 1,974.2 | ||||||||
Operating earnings from continuing operations | 108.7 | 135.4 | 122.9 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (5) | (8.3) | (8.6) | ||||||||
Amortization of deferred financing fees | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | 0 | 0 | 0 | ||||||||
Management fee income (expense) | 5.5 | 10.2 | 17.5 | ||||||||
Other income (expense) - net (1) | 12.4 | (0.5) | 35.4 | ||||||||
Total other expenses | 12.9 | 1.4 | 44.3 | ||||||||
Earnings from continuing operations before taxes on earnings | 121.6 | 136.8 | 167.2 | ||||||||
(Benefit) provision for taxes on earnings | 68.9 | 26.8 | 43.2 | ||||||||
Earnings from continuing operations | 52.7 | 110 | 124 | ||||||||
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0 | (0.9) | (16.5) | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 0 | (11) | (2.7) | ||||||||
Net earnings | 52.7 | 98.1 | 104.8 | ||||||||
Less: Net earnings attributable to noncontrolling interest | 0 | 3.9 | 25.8 | ||||||||
Net (loss) earnings attributable to Manitowoc | 52.7 | 94.2 | 79 | ||||||||
Comprehensive (loss) income attributable to Manitowoc | 48.4 | 86 | 62.9 | ||||||||
Eliminations | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Net sales | (593.8) | (614.1) | (680.3) | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | (593.8) | (614.1) | (680.3) | ||||||||
Engineering, selling and administrative expenses | 0 | 0 | 0 | ||||||||
Separation expense | 0 | ||||||||||
Amortization expense | 0 | 0 | 0 | ||||||||
Asset impairment expense | 0 | 0 | |||||||||
Restructuring expense | 0 | 0 | 0 | ||||||||
Restructuring expense | 0 | 0 | 0 | ||||||||
Other expense | (137) | 239.1 | 232.1 | ||||||||
Total costs and expenses | (730.8) | (375) | (448.2) | ||||||||
Operating earnings from continuing operations | 137 | (239.1) | (232.1) | ||||||||
Other income (expense): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Amortization of deferred financing fees | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | $ 0 | 0 | 0 | ||||||||
Management fee income (expense) | 0 | 0 | |||||||||
Other income (expense) - net (1) | $ (209) | (80.7) | 0 | ||||||||
Total other expenses | (209) | (80.7) | 0 | ||||||||
Earnings from continuing operations before taxes on earnings | (72) | (319.8) | (232.1) | ||||||||
(Benefit) provision for taxes on earnings | 0 | 0 | 0 | ||||||||
Earnings from continuing operations | (72) | (319.8) | (232.1) | ||||||||
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net earnings | (72) | (319.8) | (232.1) | ||||||||
Less: Net earnings attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net (loss) earnings attributable to Manitowoc | (72) | (319.8) | (232.1) | ||||||||
Comprehensive (loss) income attributable to Manitowoc | $ (55.1) | $ (303.8) | $ (217) |
Subsidiary Guarantors of Sen125
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ||||
Cash and cash equivalents | $ 63.4 | $ 68 | $ 54.9 | $ 73.2 |
Restricted cash | 17.5 | 23.7 | ||
Accounts receivable — net | 219.5 | 227.4 | ||
Intercompany short term note receivable | 0 | 0 | ||
Intercompany interest receivable | 0 | 0 | ||
Inventories — net | 598.5 | 644.5 | ||
Deferred income taxes | 0 | 71.3 | ||
Other current assets | 114.7 | 144.6 | ||
Current assets held for sale | 0 | 6.6 | ||
Current assets of discontinued operation | 0 | 0 | ||
Total current assets | 1,013.6 | 1,186.1 | ||
Property, plant and equipment — net | 527 | 591 | ||
Goodwill | 1,152.3 | 1,198.1 | 1,218.6 | |
Other intangible assets — net | 638.8 | 714.7 | ||
Intercompany long-term notes receivable | 0 | 0 | ||
Intercompany accounts receivable | 0 | 0 | ||
Other non-current assets | 108 | 126.2 | ||
Other non-current assets held for sale | 0.5 | |||
Long-term assets of discontinued operation | 0 | |||
Long-term assets held for sale | 9.2 | 0.5 | ||
Investment in affiliates | 0 | 0 | ||
Total assets | 3,448.9 | 3,816.6 | 3,976.6 | |
Current Liabilities: | ||||
Accounts payable and accrued expenses | 707.9 | 807.4 | ||
Short-term borrowings and current portion of long-term debt | 67.6 | 80.3 | ||
Intercompany short term note payable | 0 | 0 | ||
Intercompany interest payable | 0 | 0 | ||
Product warranties | 70.3 | 77.7 | ||
Customer advances | 13.3 | 21.3 | ||
Product liabilities | 24.5 | 24.6 | ||
Current liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | 883.6 | 1,011.3 | ||
Non-Current Liabilities: | ||||
Long-term debt, less current portion | 1,346 | 1,443.2 | ||
Long-term deferred income tax liability | 89.4 | 186.2 | ||
Pension obligations | 128.7 | 141 | ||
Postretirement health and other benefit obligations | 47.4 | 53.1 | ||
Long-term deferred revenue | 33.9 | 37.9 | ||
Intercompany long-term note payable | 0 | 0 | ||
Intercompany accounts payable | 0 | 0 | ||
Other non-current liabilities | 100.4 | 119.8 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total non-current liabilities | 1,745.8 | 1,981.2 | ||
Equity | ||||
Manitowoc stockholders’ equity | 819.5 | 824.1 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 819.5 | 824.1 | 782.3 | |
Total liabilities and equity | 3,448.9 | 3,816.6 | ||
Parent | ||||
Current Assets: | ||||
Cash and cash equivalents | 1.4 | 1.6 | 1.2 | 12 |
Restricted cash | 0 | 2.8 | ||
Accounts receivable — net | 2.2 | 0.1 | ||
Intercompany short term note receivable | 0 | 0 | ||
Intercompany interest receivable | 37.6 | 41.5 | ||
Inventories — net | 0 | 0 | ||
Deferred income taxes | 0 | 67.1 | ||
Other current assets | 2.3 | 3.6 | ||
Current assets held for sale | 0 | |||
Current assets of discontinued operation | 0 | 0 | ||
Total current assets | 43.5 | 116.7 | ||
Property, plant and equipment — net | 7.5 | 7.7 | ||
Goodwill | 0 | 0 | ||
Other intangible assets — net | 0 | 0 | ||
Intercompany long-term notes receivable | 897 | 892.5 | ||
Intercompany accounts receivable | 0 | 0 | ||
Other non-current assets | 34.4 | 66.7 | ||
Other non-current assets held for sale | 0 | |||
Long-term assets of discontinued operation | 0 | |||
Long-term assets held for sale | 0 | |||
Investment in affiliates | 3,785.1 | 4,423.6 | ||
Total assets | 4,767.5 | 5,507.2 | ||
Current Liabilities: | ||||
Accounts payable and accrued expenses | 65.9 | 27.1 | ||
Short-term borrowings and current portion of long-term debt | 71.8 | 24.1 | ||
Intercompany short term note payable | 0 | 201.7 | ||
Intercompany interest payable | 0 | 3.2 | ||
Product warranties | 0 | 0 | ||
Customer advances | 0 | 0 | ||
Product liabilities | 0 | 0 | ||
Current liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | 137.7 | 256.1 | ||
Non-Current Liabilities: | ||||
Long-term debt, less current portion | 1,311.8 | 1,393 | ||
Long-term deferred income tax liability | 89.4 | 165.2 | ||
Pension obligations | 118.6 | 129.1 | ||
Postretirement health and other benefit obligations | 44 | 49.5 | ||
Long-term deferred revenue | 0 | 0 | ||
Intercompany long-term note payable | 251.6 | 191 | ||
Intercompany accounts payable | 1,917.4 | 2,416.5 | ||
Other non-current liabilities | 77.6 | 82.7 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total non-current liabilities | 3,810.4 | 4,427 | ||
Equity | ||||
Manitowoc stockholders’ equity | 819.4 | 824.1 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 819.4 | 824.1 | ||
Total liabilities and equity | 4,767.5 | 5,507.2 | ||
Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and cash equivalents | 5 | 3.3 | 3.3 | 4 |
Restricted cash | 0 | 0 | ||
Accounts receivable — net | 0 | 0 | ||
Intercompany short term note receivable | 0 | 0 | ||
Intercompany interest receivable | 0 | 3.2 | ||
Inventories — net | 318.5 | 306.3 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 3.9 | 1.6 | ||
Current assets held for sale | 5.1 | |||
Current assets of discontinued operation | 0 | 0 | ||
Total current assets | 327.4 | 319.5 | ||
Property, plant and equipment — net | 304.9 | 325.8 | ||
Goodwill | 932.5 | 960.5 | ||
Other intangible assets — net | 500.2 | 561.6 | ||
Intercompany long-term notes receivable | 255.9 | 195.3 | ||
Intercompany accounts receivable | 1,236.6 | 1,619.7 | ||
Other non-current assets | 3.4 | 3.1 | ||
Other non-current assets held for sale | 0 | |||
Long-term assets of discontinued operation | 0 | |||
Long-term assets held for sale | 3.7 | |||
Investment in affiliates | 2,232.4 | 3,629.4 | ||
Total assets | 5,797 | 7,614.9 | ||
Current Liabilities: | ||||
Accounts payable and accrued expenses | 391.3 | 420.8 | ||
Short-term borrowings and current portion of long-term debt | 2.3 | 2.8 | ||
Intercompany short term note payable | 0 | 0 | ||
Intercompany interest payable | 0 | 0 | ||
Product warranties | 40.7 | 45.2 | ||
Customer advances | 4 | 7.3 | ||
Product liabilities | 22.8 | 22.1 | ||
Current liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | 461.1 | 498.2 | ||
Non-Current Liabilities: | ||||
Long-term debt, less current portion | 21.8 | 25.3 | ||
Long-term deferred income tax liability | 0 | 0 | ||
Pension obligations | 6.6 | 7.9 | ||
Postretirement health and other benefit obligations | 2.2 | 2.1 | ||
Long-term deferred revenue | 10.1 | 10.7 | ||
Intercompany long-term note payable | 251.6 | 813.5 | ||
Intercompany accounts payable | 0 | 0 | ||
Other non-current liabilities | 11.3 | 11.5 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total non-current liabilities | 303.6 | 871 | ||
Equity | ||||
Manitowoc stockholders’ equity | 5,032.3 | 6,245.7 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 5,032.3 | 6,245.7 | ||
Total liabilities and equity | 5,797 | 7,614.9 | ||
Non-Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and cash equivalents | 57 | 63.1 | 50.4 | 57.2 |
Restricted cash | 17.5 | 20.9 | ||
Accounts receivable — net | 243 | 233.6 | ||
Intercompany short term note receivable | 39 | 201.7 | ||
Intercompany interest receivable | 0 | 0 | ||
Inventories — net | 280 | 338.2 | ||
Deferred income taxes | 0 | 4.2 | ||
Other current assets | 108.5 | 139.4 | ||
Current assets held for sale | 1.5 | |||
Current assets of discontinued operation | 0 | 0 | ||
Total current assets | 745 | 1,002.6 | ||
Property, plant and equipment — net | 214.6 | 257.5 | ||
Goodwill | 219.8 | 237.6 | ||
Other intangible assets — net | 138.6 | 153.1 | ||
Intercompany long-term notes receivable | 33.8 | 851.3 | ||
Intercompany accounts receivable | 680.8 | 796.8 | ||
Other non-current assets | 70.2 | 56.4 | ||
Other non-current assets held for sale | 0.5 | |||
Long-term assets of discontinued operation | 0 | |||
Long-term assets held for sale | 5.5 | |||
Investment in affiliates | 0 | 0 | ||
Total assets | 2,108.3 | 3,355.8 | ||
Current Liabilities: | ||||
Accounts payable and accrued expenses | 276.4 | 365.8 | ||
Short-term borrowings and current portion of long-term debt | 32.5 | 53.4 | ||
Intercompany short term note payable | 0 | 0 | ||
Intercompany interest payable | 37.6 | 41.5 | ||
Product warranties | 29.6 | 32.5 | ||
Customer advances | 9.3 | 14 | ||
Product liabilities | 1.7 | 2.5 | ||
Current liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | 387.1 | 509.7 | ||
Non-Current Liabilities: | ||||
Long-term debt, less current portion | 12.4 | 24.9 | ||
Long-term deferred income tax liability | 0 | 21 | ||
Pension obligations | 3.5 | 4 | ||
Postretirement health and other benefit obligations | 1.2 | 1.5 | ||
Long-term deferred revenue | 23.8 | 27.2 | ||
Intercompany long-term note payable | 683.5 | 934.6 | ||
Intercompany accounts payable | 0 | 0 | ||
Other non-current liabilities | 11.5 | 25.6 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total non-current liabilities | 735.9 | 1,038.8 | ||
Equity | ||||
Manitowoc stockholders’ equity | 985.3 | 1,807.3 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 985.3 | 1,807.3 | ||
Total liabilities and equity | 2,108.3 | 3,355.8 | ||
Eliminations | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Restricted cash | 0 | 0 | ||
Accounts receivable — net | (25.7) | (6.3) | ||
Intercompany short term note receivable | (39) | (201.7) | ||
Intercompany interest receivable | (37.6) | (44.7) | ||
Inventories — net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Current assets held for sale | 0 | |||
Current assets of discontinued operation | 0 | 0 | ||
Total current assets | (102.3) | (252.7) | ||
Property, plant and equipment — net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets — net | 0 | 0 | ||
Intercompany long-term notes receivable | (1,186.7) | (1,939.1) | ||
Intercompany accounts receivable | (1,917.4) | (2,416.5) | ||
Other non-current assets | 0 | 0 | ||
Other non-current assets held for sale | 0 | |||
Long-term assets of discontinued operation | 0 | |||
Long-term assets held for sale | 0 | |||
Investment in affiliates | (6,017.5) | (8,053) | ||
Total assets | (9,223.9) | (12,661.3) | ||
Current Liabilities: | ||||
Accounts payable and accrued expenses | (25.7) | (6.3) | ||
Short-term borrowings and current portion of long-term debt | (39) | 0 | ||
Intercompany short term note payable | 0 | (201.7) | ||
Intercompany interest payable | (37.6) | (44.7) | ||
Product warranties | 0 | 0 | ||
Customer advances | 0 | 0 | ||
Product liabilities | 0 | 0 | ||
Current liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | (102.3) | (252.7) | ||
Non-Current Liabilities: | ||||
Long-term debt, less current portion | 0 | 0 | ||
Long-term deferred income tax liability | 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 | (1,186.7) | (1,939.1) | ||
Intercompany accounts payable | (1,917.4) | (2,416.5) | ||
Other non-current liabilities | 0 | 0 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total non-current liabilities | (3,104.1) | (4,355.6) | ||
Equity | ||||
Manitowoc stockholders’ equity | (6,017.5) | (8,053) | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | (6,017.5) | (8,053) | ||
Total liabilities and equity | $ (9,223.9) | $ (12,661.3) |
Subsidiary Guarantors of Sen126
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed consolidating statement of cash flows | |||
Net cash provided by (used for) operating activities of continuing operations | $ 97.8 | $ 105.4 | $ 334.1 |
Cash used for operating activities of discontinued operations | 0.2 | (7.1) | (11) |
Net cash provided by operating activities | 98 | 98.3 | 323.1 |
Cash Flows from Investing: | |||
Capital expenditures | (68.1) | (84.8) | (110.7) |
Proceeds from sale of property, plant and equipment | 7.3 | 12.8 | 4.1 |
Restricted cash | 4.8 | (11.6) | (2) |
Business acquisitions, net of cash acquired | (5.3) | 0 | (12.2) |
Proceeds from sale of business | 78.2 | 0 | 39.2 |
Intercompany investments | 0 | 0 | 0 |
Net cash provided by (used for) investing activities of continuing operations | 16.9 | (83.6) | (81.6) |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | (0.6) |
Net cash provided by (used for) investing activities | 16.9 | (83.6) | (82.2) |
Cash Flows from Financing: | |||
Payments on long-term debt | (106.1) | (638.7) | (266.5) |
Proceeds from long-term debt | 5.6 | 640.3 | 43 |
Payments on revolving credit facility-net | 0 | 0 | (34.4) |
Payments on notes financing—net | (9.4) | (0.3) | 6.6 |
Debt issue costs | 0 | (5.2) | (1.1) |
Dividends paid | (10.9) | (10.8) | (10.7) |
Exercises of stock options including windfall tax benefits | 7.9 | 25.9 | 6.7 |
Intercompany financing | 0 | 0 | 0 |
Net cash provided by (used for) financing activities of continuing operations | (112.9) | 11.2 | (256.4) |
Net cash used for financing activities of discontinued operations | 0 | (7.2) | 0 |
Net cash provided by (used for) financing activities | (112.9) | 4 | (256.4) |
Effect of exchange rate changes on cash | (6.6) | (5.6) | (2.8) |
Net increase (decrease) in cash and cash equivalents | (4.6) | 13.1 | (18.3) |
Balance at beginning of year | 68 | 54.9 | 73.2 |
Balance at end of year | 63.4 | 68 | 54.9 |
Parent | |||
Condensed consolidating statement of cash flows | |||
Net cash provided by (used for) operating activities of continuing operations | 217.1 | (124.3) | (51.6) |
Cash used for operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 217.1 | (124.3) | (51.6) |
Cash Flows from Investing: | |||
Capital expenditures | (1) | (2.2) | (0.8) |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Restricted cash | 2.8 | 0 | 2.6 |
Business acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of business | 78.2 | ||
Intercompany investments | (118) | 77.4 | 197.1 |
Net cash provided by (used for) investing activities of continuing operations | (38) | 75.2 | 198.9 |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) investing activities | (38) | 75.2 | 198.9 |
Cash Flows from Financing: | |||
Payments on long-term debt | (74.2) | (607.7) | (220.6) |
Proceeds from long-term debt | 0 | 550 | 0 |
Payments on revolving credit facility-net | (34.5) | ||
Payments on notes financing—net | 0 | 0 | 0 |
Debt issue costs | (5.2) | (1.1) | |
Dividends paid | (10.9) | (10.8) | (10.7) |
Exercises of stock options including windfall tax benefits | 7.9 | 25.9 | 6.7 |
Intercompany financing | (102.1) | 97.3 | 102.1 |
Net cash provided by (used for) financing activities of continuing operations | (179.3) | 49.5 | |
Net cash used for financing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used for) financing activities | (179.3) | 49.5 | (158.1) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (0.2) | 0.4 | (10.8) |
Balance at beginning of year | 1.6 | 1.2 | 12 |
Balance at end of year | 1.4 | 1.6 | 1.2 |
Guarantor Subsidiaries | |||
Condensed consolidating statement of cash flows | |||
Net cash provided by (used for) operating activities of continuing operations | (11.1) | 243.4 | 224.9 |
Cash used for operating activities of discontinued operations | 0.2 | (0.4) | (2.3) |
Net cash provided by operating activities | (10.9) | 243 | 222.6 |
Cash Flows from Investing: | |||
Capital expenditures | (31.2) | (51.3) | (57.4) |
Proceeds from sale of property, plant and equipment | 0 | 0.1 | 2 |
Restricted cash | 0 | 0 | 0 |
Business acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of business | 0 | ||
Intercompany investments | 730.3 | (213.9) | (167.2) |
Net cash provided by (used for) investing activities of continuing operations | 699.1 | (265.1) | (222.6) |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) investing activities | 699.1 | (265.1) | (222.6) |
Cash Flows from Financing: | |||
Payments on long-term debt | (2.7) | (1.7) | (0.7) |
Proceeds from long-term debt | 0 | 26.8 | 0 |
Payments on revolving credit facility-net | 0 | ||
Payments on notes financing—net | 0 | 0 | 0 |
Debt issue costs | 0 | 0 | |
Dividends paid | (137.4) | 0 | 0 |
Exercises of stock options including windfall tax benefits | 0 | 0 | 0 |
Intercompany financing | (546.4) | (3) | 0 |
Net cash provided by (used for) financing activities of continuing operations | (686.5) | 22.1 | |
Net cash used for financing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used for) financing activities | (686.5) | 22.1 | (0.7) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1.7 | 0 | (0.7) |
Balance at beginning of year | 3.3 | 3.3 | 4 |
Balance at end of year | 5 | 3.3 | 3.3 |
Non-Guarantor Subsidiaries | |||
Condensed consolidating statement of cash flows | |||
Net cash provided by (used for) operating activities of continuing operations | 99.3 | 67 | 160.8 |
Cash used for operating activities of discontinued operations | 0 | (6.7) | (8.7) |
Net cash provided by operating activities | 99.3 | 60.3 | 152.1 |
Cash Flows from Investing: | |||
Capital expenditures | (35.9) | (31.3) | (52.5) |
Proceeds from sale of property, plant and equipment | 7.3 | 12.7 | 2.1 |
Restricted cash | 2 | (11.6) | (4.6) |
Business acquisitions, net of cash acquired | (5.3) | (12.2) | |
Proceeds from sale of business | 0 | ||
Intercompany investments | 288.8 | 118.8 | (169.3) |
Net cash provided by (used for) investing activities of continuing operations | 256.9 | 88.6 | (197.3) |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | (0.6) |
Net cash provided by (used for) investing activities | 256.9 | 88.6 | (197.9) |
Cash Flows from Financing: | |||
Payments on long-term debt | (29.2) | (29.3) | (45.2) |
Proceeds from long-term debt | 5.6 | 63.5 | 43 |
Payments on revolving credit facility-net | 0.1 | ||
Payments on notes financing—net | (9.4) | (0.3) | 6.6 |
Debt issue costs | 0 | 0 | |
Dividends paid | (71.6) | (80.7) | 0 |
Exercises of stock options including windfall tax benefits | 0 | 0 | 0 |
Intercompany financing | (251.1) | (76.6) | 37.3 |
Net cash provided by (used for) financing activities of continuing operations | (355.7) | (123.4) | |
Net cash used for financing activities of discontinued operations | 0 | (7.2) | |
Net cash provided by (used for) financing activities | (355.7) | (130.6) | 41.8 |
Effect of exchange rate changes on cash | (6.6) | (5.6) | (2.8) |
Net increase (decrease) in cash and cash equivalents | (6.1) | 12.7 | (6.8) |
Balance at beginning of year | 63.1 | 50.4 | 57.2 |
Balance at end of year | 57 | 63.1 | 50.4 |
Eliminations | |||
Condensed consolidating statement of cash flows | |||
Net cash provided by (used for) operating activities of continuing operations | (207.5) | (80.7) | 0 |
Cash used for operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | (207.5) | (80.7) | 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 |
Business acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from sale of business | 0 | ||
Intercompany investments | (901.1) | 17.7 | 139.4 |
Net cash provided by (used for) investing activities of continuing operations | (901.1) | 17.7 | 139.4 |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) investing activities | (901.1) | 17.7 | 139.4 |
Cash Flows from Financing: | |||
Payments on long-term debt | 0 | 0 | 0 |
Proceeds from long-term debt | 0 | 0 | 0 |
Payments on revolving credit facility-net | 0 | ||
Payments on notes financing—net | 0 | 0 | 0 |
Debt issue costs | 0 | 0 | |
Dividends paid | 209 | 80.7 | 0 |
Exercises of stock options including windfall tax benefits | 0 | 0 | 0 |
Intercompany financing | 899.6 | (17.7) | (139.4) |
Net cash provided by (used for) financing activities of continuing operations | 1,108.6 | 63 | |
Net cash used for financing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used for) financing activities | 1,108.6 | 63 | (139.4) |
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 (Un127
Quarterly Financial Data (Unaudited) - Schedule of quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 934.8 | $ 863.5 | $ 885.4 | $ 752.1 | $ 1,037.4 | $ 986.3 | $ 1,012.8 | $ 850 | $ 3,435.8 | $ 3,886.5 | $ 4,048.1 |
Gross profit | 222.5 | 205.7 | 222.5 | 182.5 | 241.5 | 245.2 | 272.3 | 227.1 | |||
Earnings from continuing operations before taxes on earnings | 12.4 | 15.8 | 37.9 | (9.5) | 38.4 | 56.3 | 66.1 | 8.6 | 56.6 | 169.4 | 225.2 |
Discontinued operations: | |||||||||||
(Loss) earnings from discontinued operations, net of income taxes | 0.1 | 0.1 | 0.1 | (0.1) | 0.1 | (0.2) | (0.3) | (1) | 0.2 | (1.4) | (18.8) |
Earnings (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | 0 | (1.1) | 0 | (9.9) | 0 | (11) | (2.7) |
Net earnings | 43.8 | 4.8 | 23.3 | (8.4) | 33.6 | 73.1 | 46.6 | (4.9) | 63.5 | 148.4 | 167.6 |
Less: Net earnings attributable to noncontrolling interest, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9 | 0 | 3.9 | 25.8 |
Net earnings attributable to Manitowoc | $ 43.8 | $ 4.8 | $ 23.3 | $ (8.4) | $ 33.6 | $ 73.1 | $ 46.6 | $ (8.8) | $ 63.5 | $ 144.5 | $ 141.8 |
Basic earnings per share: | |||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders (in dollars per share) | $ 0.32 | $ 0.03 | $ 0.17 | $ (0.06) | $ 0.25 | $ 0.55 | $ 0.35 | $ 0.01 | $ 0.47 | $ 1.16 | $ 1.16 |
Discontinued operations: | |||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.08) |
Loss on sale of discontinued operations, net of income taxes (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | (0.07) | 0 | (0.08) | (0.02) |
Earnings per share attributable to Manitowoc common shareholders (in dollars per share) | 0.32 | 0.04 | 0.17 | (0.06) | 0.25 | 0.54 | 0.35 | (0.07) | 0.47 | 1.07 | 1.07 |
Diluted earnings per share: | |||||||||||
Earnings from continuing operations attributable to Manitowoc common shareholders (in dollars per share) | 0.32 | 0.03 | 0.17 | (0.06) | 0.24 | 0.54 | 0.34 | 0.01 | 0.46 | 1.14 | 1.14 |
Discontinued operations: | |||||||||||
Loss from discontinued operations attributable to Manitowoc common shareholders (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.08) |
Loss on sale of discontinued operations, net of income taxes (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | (0.07) | 0 | (0.08) | (0.02) |
Earnings per share attributable to Manitowoc common shareholders (in dollars per share) | 0.32 | 0.03 | 0.17 | (0.06) | 0.25 | 0.53 | 0.34 | (0.06) | $ 0.46 | 1.05 | 1.05 |
Dividends per common share (in dollars per share) | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.08 | $ 0.08 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events - Narrative (Details) - USD ($) | Feb. 18, 2016 | Feb. 05, 2016 | Oct. 19, 2012 | Oct. 18, 2010 |
JP Morgan Chase Bank, N.A. | Swingline Loan | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility | $ 40,000,000 | |||
JP Morgan Chase Bank, N.A. | Letter of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility | $ 20,000,000 | |||
Credit Agreement | LIBOR | ||||
Subsequent Event [Line Items] | ||||
Spreads for LIBOR and prime borrowings | 4.75% | |||
Senior notes due 2020 | ||||
Subsequent Event [Line Items] | ||||
Notes payable | $ 600,000,000 | |||
Interest rate, stated percentage (as a percent) | 8.50% | |||
Senior notes due 2022 | ||||
Subsequent Event [Line Items] | ||||
Notes payable | $ 300,000,000 | |||
Interest rate, stated percentage (as a percent) | 5.875% | |||
Minimum | Credit Agreement | LIBOR | ||||
Subsequent Event [Line Items] | ||||
Spreads for LIBOR and prime borrowings | 1.00% | |||
Minimum | Credit Agreement | LIBOR | Revolving credit facility | ||||
Subsequent Event [Line Items] | ||||
Spreads for LIBOR and prime borrowings | 1.50% | |||
Maximum | Credit Agreement | LIBOR | Revolving credit facility | ||||
Subsequent Event [Line Items] | ||||
Spreads for LIBOR and prime borrowings | 2.75% | |||
Senior Secured Line of Credit | JP Morgan Chase Bank, N.A. | Revolving credit facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility | $ 225,000,000 | |||
Senior Notes | Term loan B | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Notes payable | $ 975,000,000 | |||
Senior Notes | Senior Notes Due 2024 | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Notes payable | $ 425,000,000 | |||
Interest rate, stated percentage (as a percent) | 9.50% | |||
Senior Notes | Senior Notes Due 2021 | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Notes payable | $ 260,000,000 | |||
Interest rate, stated percentage (as a percent) | 12.75% | |||
Scenario1 | Senior Notes | Senior Notes Due 2024 | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Redemption percentage | 100.00% | |||
Scenario1 | Senior Notes | Cranes Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Redemption percentage | 100.00% | |||
Scenario 2 | Senior Notes | Senior Notes Due 2024 | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Redemption percentage | 101.00% | |||
Scenario 2 | Senior Notes | Cranes Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Redemption percentage | 101.00% |
Schedule II_ Valuation and Q129
Schedule II: Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Year | $ 19.4 | $ 18.2 | $ 13.3 |
Charge to Costs and Expenses | 5.1 | 9.2 | 8.1 |
Utilization of Reserve | (5.6) | (6.4) | (3.4) |
Other, Primarily Impact of Foreign Exchange Rates | (2) | (1.6) | 0.2 |
Balance at end of Year | 16.9 | 19.4 | 18.2 |
Deferred tax valuation allowance | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Year | 168.2 | 149.8 | 158 |
Charge to Costs and Expenses | 10.3 | 32.4 | 1.1 |
Utilization of Reserve | (29.9) | (0.4) | (3.4) |
Other, Primarily Impact of Foreign Exchange Rates | (11.6) | (13.6) | (5.9) |
Balance at end of Year | $ 137 | $ 168.2 | $ 149.8 |