XML 36 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsidiary Guarantors of 2018 Notes, 2020 Notes and 2022 Notes
 3 Months Ended
Mar. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Subsidiary Guarantors of Senior Notes due 2013, Senior Notes due 2018 and Senior Notes due 2020
Subsidiary Guarantors of 2018 Notes, 2020 Notes and 2022 Notes
 
The following tables present condensed consolidating financial information for (a) The Manitowoc Company, Inc. (Parent); (b) the guarantors of the 2018 Notes, 2020 Notes and 2022 Notes, 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 2018 Notes, 2020 Notes and 2022 Notes (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 Three Months Ended March 31, 2013
(In millions)
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
619.8

 
$
447.5

 
$
(169.3
)
 
$
898.0

Costs and expenses:
 

 
 

 
 

 
 

 
 

Cost of sales
—

 
479.6

 
367.7

 
(169.3
)
 
678.0

Engineering, selling and administrative expenses
17.7

 
64.3

 
76.1

 
—

 
158.1

Amortization expense
—

 
7.4

 
1.7

 
—

 
9.1

Restructuring expense
—

 
—

 
0.3

 
—

 
0.3

Other
—

 
0.3

 
—

 
—

 
0.3

Equity in (earnings) loss of subsidiaries
(25.5
)
 
(12.8
)
 
—

 
38.3

 
—

Total costs and expenses
(7.8
)
 
538.8

 
445.8

 
(131.0
)
 
845.8

Operating earnings (loss) from continuing operations
7.8

 
81.0

 
1.7

 
(38.3
)
 
52.2

Other income (expenses):
 

 
 

 
 

 
 

 
 

Interest expense
(30.4
)
 
(0.2
)
 
(2.7
)
 
—

 
(33.3
)
Amortization of deferred financing fees
(1.8
)
 
—

 
—

 
—

 
(1.8
)
Loss on debt extinguishment
(0.4
)
 
—

 
—

 
—

 
(0.4
)
Management fee income (expense)
14.8

 
(17.4
)
 
2.6

 
—

 
—

Other income (expense), net
4.4

 
(7.7
)
 
4.9

 
—

 
1.6

Total other income (expenses)
(13.4
)
 
(25.3
)
 
4.8

 
—

 
(33.9
)
Earnings (loss) from continuing operations before taxes on earnings
(5.6
)
 
55.7

 
6.5

 
(38.3
)
 
18.3

Provision (benefit) for taxes on income
(16.0
)
 
19.2

 
5.3

 
—

 
8.5

Earnings (loss) from continuing operations
10.4

 
36.5

 
1.2

 
(38.3
)
 
9.8

Discontinued operations:
 

 
 

 
 

 
 

 
 

Earnings (loss) from discontinued operations, net of income taxes
—

 
(0.2
)
 
0.1

 
—

 
(0.1
)
Loss on sale of discontinued operations, net of income taxes
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net earnings (loss)
10.4

 
36.3

 
(0.3
)
 
(38.3
)
 
8.1

Less: Net loss attributable to noncontrolling interest
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Net earnings (loss) attributable to Manitowoc
$
10.4

 
$
36.3

 
$
2.0

 
$
(38.3
)
 
$
10.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Manitowoc
$
(5.8
)
 
$
36.3

 
$
8.1

 
$
(44.4
)
 
$
(5.8
)
The Manitowoc Company, Inc.
Condensed Consolidating Statement of Operations
For the Three Months Ended March 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
584.1

 
$
408.0

 
$
(140.2
)
 
$
851.9

Costs and expenses:
 

 
 

 
 

 
 

 
 

Cost of sales
—

 
449.0

 
339.8

 
(140.2
)
 
648.6

Engineering, selling and administrative expenses
15.3

 
60.0

 
71.6

 
—

 
146.9

Amortization expense
—

 
7.5

 
1.8

 
—

 
9.3

Restructuring expense
—

 
0.1

 
0.6

 
—

 
0.7

Other
—

 
—

 
—

 
—

 
—

Equity in (earnings) loss of subsidiaries
(8.9
)
 
(14.4
)
 
—

 
23.3

 
—

Total costs and expenses
6.4

 
502.2

 
413.8

 
(116.9
)
 
805.5

Operating earnings (loss) from continuing operations
(6.4
)
 
81.9

 
(5.8
)
 
(23.3
)
 
46.4

Other income (expenses):
 

 
 

 
 

 
 

 
 

Interest expense
(30.1
)
 
(0.5
)
 
(2.4
)
 
—

 
(33.0
)
Amortization of deferred financing fees
(2.0
)
 
—

 
—

 
—

 
(2.0
)
Management fee income (expense)
15.4

 
(18.5
)
 
3.1

 
—

 
—

Other income (expense), net
17.0

 
(17.9
)
 
(0.9
)
 
—

 
(1.8
)
Total other income (expenses)
0.3

 
(36.9
)
 
(0.2
)
 
—

 
(36.8
)
Earnings (loss) from continuing operations before taxes on earnings
(6.1
)
 
45.0

 
(6.0
)
 
(23.3
)
 
9.6

Provision (benefit) for taxes on earnings
(5.8
)
 
11.5

 
5.7

 
—

 
11.4

Earnings (loss) from continuing operations
(0.3
)
 
33.5

 
(11.7
)
 
(23.3
)
 
(1.8
)
Discontinued operations:
 

 
 

 
 

 
 

 
 

Loss from discontinued operations, net of income taxes
—

 
(0.3
)
 
(0.1
)
 
—

 
(0.4
)
Net earnings (loss)
(0.3
)
 
33.2

 
(11.8
)
 
(23.3
)
 
(2.2
)
Less: Net loss attributable to noncontrolling interest
—

 
—

 
(1.9
)
 
—

 
(1.9
)
Net earnings (loss) attributable to Manitowoc
$
(0.3
)
 
$
33.2

 
$
(9.9
)
 
$
(23.3
)
 
$
(0.3
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Manitowoc
$
20.1

 
$
33.2

 
$
(6.4
)
 
$
(26.8
)
 
$
20.1

The Manitowoc Company, Inc.
Condensed Consolidating Balance Sheet
as of March 31, 2013
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
15.7

 
$
6.0

 
$
79.6

 
$
—

 
$
101.3

Marketable securities
2.7

 
—

 
—

 
—

 
2.7

Restricted cash
5.3

 
—

 
5.6

 
—

 
10.9

Accounts receivable — net
—

 
31.3

 
311.3

 
—

 
342.6

Intercompany interest receivable
11.8

 
3.1

 
—

 
(14.9
)
 
—

Inventories — net
—

 
365.2

 
436.8

 
—

 
802.0

Deferred income taxes
73.3

 
—

 
16.9

 
—

 
90.2

Other current assets
2.2

 
3.2

 
92.4

 
—

 
97.8

Total current assets
111.0

 
408.8

 
942.6

 
(14.9
)
 
1,447.5

Property, plant and equipment — net
6.3

 
277.6

 
271.4

 
—

 
555.3

Goodwill
—

 
969.1

 
237.9

 
—

 
1,207.0

Other intangible assets — net
—

 
613.5

 
169.6

 
—

 
783.1

Intercompany long-term receivable
905.2

 
158.5

 
897.6

 
(1,961.3
)
 
—

Intercompany accounts receivable
—

 
1,388.1

 
1,711.5

 
(3,099.6
)
 
—

Other non-current assets
47.4

 
4.3

 
77.8

 
—

 
129.5

Investment in affiliates
5,093.0

 
3,451.0

 
—

 
(8,544.0
)
 
—

Total assets
$
6,162.9

 
$
7,270.9

 
$
4,308.4

 
$
(13,619.8
)
 
$
4,122.4

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Current Liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable and accrued expenses
$
81.6

 
$
415.5

 
$
370.5

 
$
—

 
$
867.6

Short-term borrowings and current portion of long-term debt
23.5

 
0.7

 
61.4

 
—

 
85.6

Intercompany interest payable
3.1

 
—

 
11.8

 
(14.9
)
 
—

Product warranties
—

 
44.7

 
37.5

 
—

 
82.2

Customer advances
—

 
9.9

 
15.3

 
—

 
25.2

Product liabilities
—

 
24.0

 
4.5

 
—

 
28.5

Total current liabilities
108.2

 
494.8

 
501.0

 
(14.9
)
 
1,089.1

Non-Current Liabilities:
 

 
 

 
 

 
 

 
 

Long-term debt, less current portion
1,817.1

 
2.8

 
47.2

 
—

 
1,867.1

Deferred income taxes
176.3

 
—

 
44.2

 
—

 
220.5

Pension obligations
79.2

 
12.1

 
22.2

 
—

 
113.5

Postretirement health and other benefit obligations
49.6

 
—

 
3.6

 
—

 
53.2

Long-term deferred revenue
—

 
10.5

 
30.3

 
—

 
40.8

Intercompany long-term note payable
183.3

 
828.7

 
949.3

 
(1,961.3
)
 
—

Intercompany accounts payable
3,041.8

 
—

 
57.8

 
(3,099.6
)
 
—

Other non-current liabilities
105.7

 
16.0

 
36.1

 
—

 
157.8

Total non-current liabilities
5,453.0

 
870.1

 
1,190.7

 
(5,060.9
)
 
2,452.9

Equity
 

 
 

 
 

 
 

 
 

Manitowoc stockholders’ equity
601.7

 
5,906.0

 
2,638.0

 
(8,544.0
)
 
601.7

Noncontrolling interest
—

 
—

 
(21.3
)
 
—

 
(21.3
)
Total equity
601.7

 
5,906.0

 
2,616.7

 
(8,544.0
)
 
580.4

Total liabilities and equity
$
6,162.9

 
$
7,270.9

 
$
4,308.4

 
$
(13,619.8
)
 
$
4,122.4

The Manitowoc Company, Inc.
Condensed Consolidating Balance Sheet
as of December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
12.0

 
$
4.0

 
$
57.4

 
$
—

 
$
73.4

Marketable securities
2.7

 
—

 
—

 
—

 
2.7

Restricted cash
5.3

 
—

 
5.3

 
—

 
10.6

Accounts receivable — net
0.4

 
29.0

 
303.3

 
—

 
332.7

Intercompany interest receivable
4.1

 
3.2

 
—

 
(7.3
)
 
—

Inventories — net
—

 
338.3

 
369.3

 
—

 
707.6

Deferred income taxes
70.9

 
—

 
18.1

 
—

 
89.0

Other current assets
3.8

 
3.5

 
107.9

 
(10.0
)
 
105.2

Current assets of discontinued operations
—

 
—

 
6.8

 
—

 
6.8

Total current assets
99.2

 
378.0

 
868.1

 
(17.3
)
 
1,328.0

Property, plant and equipment — net
6.8

 
271.3

 
278.0

 
—

 
556.1

Goodwill
—

 
969.1

 
241.6

 
—

 
1,210.7

Other intangible assets — net
—

 
620.9

 
175.5

 
—

 
796.4

Intercompany long-term notes receivable
928.6

 
158.6

 
897.5

 
(1,984.7
)
 
—

Intercompany accounts receivable
—

 
924.1

 
1,260.3

 
(2,184.4
)
 
—

Other non-current assets
49.3

 
4.5

 
76.5

 
—

 
130.3

Long-term assets of discontinued operations
—

 
—

 
35.8

 
—

 
35.8

Investment in affiliates
4,985.4

 
3,443.6

 
—

 
(8,429.0
)
 
—

Total assets
$
6,069.3

 
$
6,770.1

 
$
3,833.3

 
$
(12,615.4
)
 
$
4,057.3

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Current Liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable and accrued expenses
$
93.6

 
$
410.6

 
$
408.7

 
$
—

 
$
912.9

Short-term borrowings and current portion of long-term debt
45.2

 
0.7

 
56.9

 
(10.0
)
 
92.8

Intercompany interest payable
3.2

 
—

 
4.1

 
(7.3
)
 
—

Product warranties
—

 
44.5

 
37.6

 
—

 
82.1

Customer advances
—

 
7.8

 
16.4

 
—

 
24.2

Product liabilities
—

 
23.5

 
4.4

 
—

 
27.9

Current liabilities of discontinued operation
—

 
—

 
6.0

 
—

 
6.0

Total current liabilities
142.0

 
487.1

 
534.1

 
(17.3
)
 
1,145.9

Non-Current Liabilities:
 

 
 

 
 

 
 

 
 

Long-term debt, less current portion
1,708.3

 
3.0

 
20.7

 
—

 
1,732.0

Deferred income taxes
176.0

 
—

 
47.0

 
—

 
223.0

Pension obligations
80.0

 
12.2

 
22.1

 
—

 
114.3

Postretirement health and other benefit obligations
49.8

 
—

 
3.6

 
—

 
53.4

Long-term deferred revenue
—

 
6.0

 
31.7

 
—

 
37.7

Intercompany long-term note payable
183.3

 
827.5

 
973.9

 
(1,984.7
)
 
—

Intercompany accounts payable
3,024.9

 
—

 
57.9

 
(3,082.8
)
 
—

Other non-current liabilities
104.7

 
15.6

 
40.8

 
—

 
161.1

Long-term liabilities of discontinued operations
—

 
—

 
8.6

 
—

 
8.6

Total non-current liabilities
5,327.0

 
864.3

 
1,206.3

 
(5,067.5
)
 
2,330.1

Equity
 

 
 

 
 

 
 

 
 

Manitowoc stockholders' equity
600.3

 
5,418.7

 
2,111.9

 
(7,530.6
)
 
600.3

Noncontrolling interest
—

 
—

 
(19.0
)
 
—

 
(19.0
)
Total equity
600.3

 
5,418.7

 
2,092.9

 
(7,530.6
)
 
581.3

Total liabilities and equity
$
6,069.3

 
$
6,770.1

 
$
3,833.3

 
$
(12,615.4
)
 
$
4,057.3

The Manitowoc Company, Inc.
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2013
(In millions)
 
 
Parent
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used for) operating activities of continuing operations
$
(29.9
)
 
$
20.9

 
$
(97.0
)
 
$
—

 
$
(106.0
)
Cash provided by (used for) operating activities of discontinued operations
—

 
(0.2
)
 
(1.7
)
 
—

 
(1.9
)
Net cash provided by (used for) operating activities
$
(29.9
)
 
$
20.7

 
$
(98.7
)
 
$
—

 
$
(107.9
)
Cash Flows from Investing:
 

 
 

 
 

 
 

 
 

Capital expenditures
$
—

 
$
(12.3
)
 
$
(8.9
)
 
$
—

 
$
(21.2
)
Proceeds from sale of property, plant and equipment
—

 
0.2

 
0.4

 
—

 
0.6

Restricted cash
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Proceeds from sale of business
—

 
—

 
39.2

 
—

 
39.2

Intercompany investments
(67.5
)
 
5.4

 
76.3

 
(14.2
)
 
—

Net cash provided by (used for) investing activities
(67.5
)
 
(6.7
)
 
106.5

 
(14.2
)
 
18.1

Cash Flows from Financing:
 

 
 

 
 

 
 

 
 

Payments on long-term debt
$
(27.2
)
 
$
(0.2
)
 
$
(2.1
)
 
$
—

 
$
(29.5
)
Proceeds from long-term debt
—

 
—

 
9.1

 
—

 
9.1

Proceeds on revolving credit facility—net
125.6

 
—

 
24.1

 
—

 
149.7

Proceeds (payments) on notes financing—net
—

 
—

 
(14.3
)
 
—

 
(14.3
)
Exercises of stock options
2.7

 
—

 
—

 
—

 
2.7

Intercompany financing
—

 
(11.8
)
 
(2.4
)
 
14.2

 
—

Net cash provided by (used for) financing activities
101.1

 
(12.0
)
 
14.4

 
14.2

 
117.7

Effect of exchange rate changes on cash
—

 
—

 
—

 
—

 
—

Net increase (decrease) in cash and cash equivalents
3.7

 
2.0

 
22.2

 
—

 
27.9

Balance at beginning of period
12.0

 
4.0

 
57.4

 
—

 
73.4

Balance at end of period
$
15.7

 
$
6.0

 
$
79.6

 
$
—

 
$
101.3

The Manitowoc Company, Inc.
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2012
(In millions)
 
 
Parent
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used for) operating activities of continuing operations
$
(20.5
)
 
$
8.1

 
$
(117.6
)
 
$
—

 
$
(130.0
)
Cash provided by (used for) operating activities of discontinued operations
—

 
(0.3
)
 
0.4

 
—

 
0.1

Net cash provided by (used for) operating activities
$
(20.5
)
 
$
7.8

 
$
(117.2
)
 
$
—

 
$
(129.9
)
Cash Flows from Investing:
 

 
 

 
 

 
 

 
 

Capital expenditures
$
(0.3
)
 
$
(5.7
)
 
$
(8.2
)
 
$
—

 
$
(14.2
)
Proceeds from sale of property, plant and equipment
—

 
—

 
—

 
—

 
—

Restricted cash
(0.1
)
 
—

 
0.2

 
—

 
0.1

Intercompany investments
(84.3
)
 
(31.9
)
 
79.5

 
36.7

 
—

Net cash provided by (used for) investing activities
$
(84.7
)
 
$
(37.6
)
 
$
71.5

 
$
36.7

 
$
(14.1
)
Cash Flows from Financing:
 

 
 

 
 

 
 

 
 

Payments on long-term debt
$
(9.4
)
 
$
(0.2
)
 
$
(17.1
)
 
$
—

 
$
(26.7
)
Proceeds from long-term debt
—

 
—

 
34.2

 
—

 
34.2

Proceeds from (payments on) revolving credit facility—net
117.0

 
—

 
30.9

 
—

 
147.9

Proceeds from (payments on) notes financing—net
—

 
(0.6
)
 
(10.9
)
 
—

 
(11.5
)
Debt issue costs
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Exercises of stock options
1.2

 
—

 
—

 
—

 
1.2

Intercompany financing
—

 
34.7

 
2.0

 
(36.7
)
 
—

Net cash provided by (used for) financing activities
108.7

 
33.9

 
39.1

 
(36.7
)
 
145.0

Effect of exchange rate changes on cash
—

 
—

 
1.2

 
—

 
1.2

Net increase (decrease) in cash and cash equivalents
3.5

 
4.1

 
(5.4
)
 
—

 
2.2

Balance at beginning of period
4.2

 
8.5

 
55.9

 
—

 
68.6

Balance at end of period
$
7.7

 
$
12.6

 
$
50.5

 
$
—

 
$
70.8