Subsidiary Guarantors of 2018 Notes, 2020 Notes and 2022 Notes (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2013

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	682.3		$	527.0		$	(162.7	)	$	1,046.6
Costs and expenses:
Cost of sales	—			511.1			425.4			(162.7		)	773.8
Engineering, selling and administrative expenses	15.5			66.2			79.6			—			161.3
Amortization expense	—			7.4			1.6			—			9.0
Restructuring expense	—			0.1			0.8			—			0.9
Other	—			—			—			—			—
Equity in (earnings) loss of subsidiaries	(61.1		)	(5.7		)	—			66.8			—
Total costs and expenses	(45.6		)	579.1			507.4			(95.9		)	945.0

Operating earnings (loss) from continuing operations	45.6			103.2			19.6			(66.8		)	101.6

Other income (expenses):
Interest expense	(29.9		)	(0.4		)	(2.3		)	—			(32.6		)
Amortization of deferred financing fees	(1.7		)	—			—			—			(1.7		)
Loss on debt extinguishment	—			—			—			—			—
Management fee income (expense)	14.9			(18.7		)	3.8			—			—
Other income (expense), net	1.5			(8.7		)	5.8			—			(1.4		)
Total other income (expenses)	(15.2		)	(27.8		)	7.3			—			(35.7		)

Earnings (loss) from continuing operations before taxes on earnings	30.4			75.4			26.9			(66.8		)	65.9
Provision (benefit) for taxes on income	(27.2		)	26.1			10.4			—			9.3
Earnings (loss) from continuing operations	57.6			49.3			16.5			(66.8		)	56.6

Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(2.0		)	(0.1		)	—			(2.1		)
Loss on sale of discontinued operations, net of income taxes	—			—			—			—			—
Net earnings (loss)	57.6			47.3			16.4			(66.8		)	54.5
Less: Net loss attributable to noncontrolling interest	—			—			(3.1		)	—			(3.1		)
Net earnings (loss) attributable to Manitowoc	$	57.6		$	47.3		$	19.5		$	(66.8	)	$	57.6

Comprehensive income (loss) attributable to Manitowoc	$	57.7		$	47.2		$	2.6		$	(49.8	)	$	57.7

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2012

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	664.1		$	491.2		$	(158.1	)	$	997.2
Costs and expenses:
Cost of sales	—			502.3			401.8			(158.1		)	746.0
Engineering, selling and administrative expenses	15.8			60.1			73.7			—			149.6
Amortization expense	—			7.5			1.8			—			9.3
Restructuring expense	—			—			0.2			—			0.2
Other	—			0.1			—			—			0.1
Equity in (earnings) loss of subsidiaries	(55.3		)	(5.8		)	—			61.1			—
Total costs and expenses	(39.5		)	564.2			477.5			(97.0		)	905.2

Operating earnings (loss) from continuing operations	39.5			99.9			13.7			(61.1		)	92.0

Other income (expenses):
Interest expense	(30.3		)	(0.4		)	(3.1		)	—			(33.8		)
Amortization of deferred financing fees	(2.1		)	—			—			—			(2.1		)
Management fee income (expense)	15.4			(19.3		)	3.9			—			—
Other income (expense), net	12.5			(12.7		)	2.2			—			2.0
Total other income (expenses)	(4.5		)	(32.4		)	3.0			—			(33.9		)

Earnings (loss) from continuing operations before taxes on earnings	35.0			67.5			16.7			(61.1		)	58.1
Provision (benefit) for taxes on earnings	(10.3		)	23.9			1.9			—			15.5
Earnings (loss) from continuing operations	45.3			43.6			14.8			(61.1		)	42.6

Discontinued operations:
Earnings (loss) from discontinued operations, net of income taxes	—			(0.2		)	0.6			—			0.4
Net earnings (loss)	45.3			43.4			15.4			(61.1		)	43.0
Less: Net loss attributable to noncontrolling interest	—			—			(2.3		)	—			(2.3		)
Net earnings (loss) attributable to Manitowoc	$	45.3		$	43.4		$	17.7		$	(61.1	)	$	45.3

Comprehensive income (loss) attributable to Manitowoc	$	2.7		$	44.3		$	26.0		$	(70.3	)	$	2.7

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2013

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,302.1		$	974.5		$	(332.0	)	$	1,944.6
Costs and expenses:
Cost of sales	—			990.7			793.1			(332.0		)	1,451.8
Engineering, selling and administrative expenses	33.2			130.5			155.7			—			319.4
Amortization expense	—			14.8			3.3			—			18.1
Restructuring expense	—			0.1			1.1			—			1.2
Other	—			0.3			—			—			0.3
Equity in (earnings) loss of subsidiaries	(86.6		)	(18.5		)	—			105.1			—
Total costs and expenses	(53.4		)	1,117.9			953.2			(226.9		)	1,790.8

Operating earnings (loss) from continuing operations	53.4			184.2			21.3			(105.1		)	153.8

Other income (expenses):
Interest expense	(60.3		)	(0.6		)	(5.0		)	—			(65.9		)
Amortization of deferred financing fees	(3.5		)	—			—			—			(3.5		)
Loss on debt extinguishment	(0.4		)	—			—			—			(0.4		)
Management fee income (expense)	29.7			(36.1		)	6.4			—			—
Other income (expense), net	5.9			(16.4		)	10.7			—			0.2
Total other income (expenses)	(28.6		)	(53.1		)	12.1			—			(69.6		)

Earnings (loss) from continuing operations before taxes on earnings	24.8			131.1			33.4			(105.1		)	84.2
Provision (benefit) for taxes on income	(43.2		)	45.3			15.7			—			17.8
Earnings (loss) from continuing operations	68.0			85.8			17.7			(105.1		)	66.4

Discontinued operations:
Earnings (loss) from discontinued operations, net of income taxes	—			(2.2		)	—			—			(2.2		)
Loss on sale of discontinued operations, net of income taxes	—			—			(1.6		)	—			(1.6		)
Net earnings (loss)	68.0			83.6			16.1			(105.1		)	62.6
Less: Net loss attributable to noncontrolling interest	—			—			(5.4		)	—			(5.4		)
Net earnings (loss) attributable to Manitowoc	$	68.0		$	83.6		$	21.5		$	(105.1	)	$	68.0

Comprehensive income (loss) attributable to Manitowoc	$	51.9		$	83.5		$	10.7		$	(94.2	)	$	51.9

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2012

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,248.1		$	899.3		$	(298.3	)	$	1,849.1
Costs and expenses:
Cost of sales	—			951.4			741.5			(298.3		)	1,394.6
Engineering, selling and administrative expenses	31.2			120.1			145.2			—			296.5
Amortization expense	—			14.9			3.7			—			18.6
Restructuring expense	—			0.2			0.7			—			0.9
Other	—			0.1			—			—			0.1
Equity in (earnings) loss of subsidiaries	(64.3		)	(20.0		)	—			84.3			—
Total costs and expenses	(33.1		)	1,066.7			891.1			(214.0		)	1,710.7

Operating earnings (loss) from continuing operations	33.1			181.4			8.2			(84.3		)	138.4

Other income (expenses):
Interest expense	(60.3		)	(0.9		)	(5.6		)	—			(66.8		)
Amortization of deferred financing fees	(4.1		)	—			—			—			(4.1		)
Management fee income (expense)	30.8			(37.8		)	7.0			—			—
Other income (expense), net	29.5			(30.5		)	1.2			—			0.2
Total other income (expenses)	(4.1		)	(69.2		)	2.6			—			(70.7		)

Earnings (loss) from continuing operations before taxes on earnings	29.0			112.2			10.8			(84.3		)	67.7
Provision (benefit) for taxes on earnings	(16.0		)	35.4			7.5			—			26.9
Earnings (loss) from continuing operations	45.0			76.8			3.3			(84.3		)	40.8

Discontinued operations:
Earnings (loss) from discontinued operations, net of income taxes	—			(0.5		)	0.5			—			—
Net earnings (loss)	45.0			76.3			3.8			(84.3		)	40.8
Less: Net loss attributable to noncontrolling interest	—			—			(4.2		)	—			(4.2		)
Net earnings (loss) attributable to Manitowoc	$	45.0		$	76.3		$	8.0		$	(84.3	)	$	45.0

Comprehensive income (loss) attributable to Manitowoc	$	22.8		$	77.5		$	19.6		$	(97.1	)	$	22.8

Condensed Consolidating Balance Sheet

The Manitowoc Company, Inc.

Condensed Consolidating Balance Sheet

as of June 30, 2013

(In millions)



	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	7.3	$	10.2	$	74.2		$	—		$	91.7
Marketable securities	2.7		—		—			—			2.7
Restricted cash	5.3		—		5.4			—			10.7
Accounts receivable — net	—		34.7		305.8			—			340.5
Intercompany interest receivable	20.0		3.1		—			(23.1		)	—
Inventories — net	—		383.7		432.2			—			815.9
Deferred income taxes	73.0		—		16.1			—			89.1
Other current assets	2.8		2.2		102.9			—			107.9
Total current assets	111.1		433.9		936.6			(23.1		)	1,458.5

Property, plant and equipment — net	5.9		279.7		274.3			—			559.9
Goodwill	—		969.1		237.8			—			1,206.9
Other intangible assets — net	—		606.1		170.5			—			776.6
Intercompany long-term receivable	922.5		158.6		899.6			(1,980.7		)	—
Intercompany accounts receivable	—		1,415.0		1,677.5			(3,092.5		)	—
Other non-current assets	46.6		4.2		98.5			—			149.3
Investment in affiliates	5,164.1		3,453.5		—			(8,617.6		)	—
Total assets	$	6,250.2	$	7,320.1	$	4,294.8		$	(13,713.9	)	$	4,151.2

Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses	$	88.3	$	400.7	$	389.2		$	—		$	878.2
Short-term borrowings and current portion of long-term debt	32.5		0.7		63.0			—			96.2
Intercompany interest payable	3.1		—		20.0			(23.1		)	—
Product warranties	—		46.1		36.0			—			82.1
Customer advances	—		7.2		17.8			—			25.0
Product liabilities	—		23.3		5.3			—			28.6
Total current liabilities	123.9		478.0		531.3			(23.1		)	1,110.1
Non-Current Liabilities:
Long-term debt, less current portion	1,776.1		2.6		22.2			—			1,800.9
Deferred income taxes	179.8		—		46.3			—			226.1
Pension obligations	81.5		11.8		20.2			—			113.5
Postretirement health and other benefit obligations	49.6		—		3.5			—			53.1
Long-term deferred revenue	—		10.4		30.9			—			41.3
Intercompany long-term note payable	183.2		829.8		967.7			(1,980.7		)	—
Intercompany accounts payable	3,092.5		—		—			(3,092.5		)	—
Other non-current liabilities	99.5		15.1		51.9			—			166.5
Total non-current liabilities	5,462.2		869.7		1,142.7			(5,073.2		)	2,401.4
Equity
Manitowoc stockholders’ equity	664.1		5,972.4		2,645.2			(8,617.6		)	664.1
Noncontrolling interest	—		—		(24.4		)	—			(24.4		)
Total equity	664.1		5,972.4		2,620.8			(8,617.6		)	639.7
Total liabilities and equity	$	6,250.2	$	7,320.1	$	4,294.8		$	(13,713.9	)	$	4,151.2

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

Condensed Consolidating Statement of Cash Flows

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2013

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(37.8	)	$	45.4		$	(66.1	)	$	—		$	(58.5	)
Cash provided by (used for) operating activities of discontinued operations	—			(2.2		)	(1.8		)	—			(4.0		)
Net cash provided by (used for) operating activities	$	(37.8	)	$	43.2		$	(67.9	)	$	—		$	(62.5	)

Cash Flows from Investing:
Capital expenditures	$	—		$	(27.2	)	$	(19.7	)	$	—		$	(46.9	)
Proceeds from sale of property, plant and equipment	—			0.2			0.7			—			0.9
Restricted cash	—			—			(0.2		)	—			(0.2		)
Proceeds from sale of business	—			—			39.2			—			39.2
Intercompany investments	(45.3		)	1.6			61.3			(17.6		)	—
Net cash provided by (used for) investing activities	(45.3		)	(25.4		)	81.3			(17.6		)	(7.0		)

Cash Flows from Financing:
Payments on long-term debt	$	(28.4	)	$	(0.3	)	$	(10.1	)	$	—		$	(38.8	)
Proceeds from long-term debt	—			—			19.3			—			19.3
Proceeds on revolving credit facility—net	103.9			—			0.2			—			104.1
Proceeds (payments) on notes financing—net	—			—			2.3			—			2.3
Exercises of stock options	2.9			—			—			—			2.9
Intercompany financing	—			(11.3		)	(6.3		)	17.6			—
Net cash provided by (used for) financing activities	78.4			(11.6		)	5.4			17.6			89.8

Effect of exchange rate changes on cash	—			—			(2.0		)	—			(2.0		)

Net increase (decrease) in cash and cash equivalents	(4.7		)	6.2			16.8			—			18.3

Balance at beginning of period	12.0			4.0			57.4			—			73.4
Balance at end of period	$	7.3		$	10.2		$	74.2		$	—		$	91.7

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2012

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(27.8	)	$	52.1		$	(147.7	)	$	—		$	(123.4	)
Cash provided by (used for) operating activities of discontinued operations	—			(0.5		)	2.1			—			1.6
Net cash provided by (used for) operating activities	$	(27.8	)	$	51.6		$	(145.6	)	$	—		$	(121.8	)

Cash Flows from Investing:
Capital expenditures	$	(0.5	)	$	(17.0	)	$	(17.2	)	$	—		$	(34.7	)
Proceeds from sale of property, plant and equipment	—			—			0.2			—			0.2
Restricted cash	—			—			(3.0		)	—			(3.0		)
Intercompany investments	(60.8		)	(73.5		)	96.8			37.5			—
Net cash provided by (used for) investing activities of continuing operations	(61.3		)	(90.5		)	76.8			37.5			(37.5		)
Net cash provided by (used for) investing activities of discontinued operations	—			—			(0.1		)	—			(0.1		)
Net cash provided by (used for) investing activities	$	(61.3	)	$	(90.5	)	$	76.7		$	37.5		$	(37.6	)

Cash Flows from Financing:
Payments on long-term debt	$	(18.9	)	$	(0.3	)	$	(29.1	)	$	—		$	(48.3	)
Proceeds from long-term debt	—			—			64.9			—			64.9
Proceeds from (payments on) revolving credit facility—net	107.9			—			40.9			—			148.8
Proceeds from (payments on) notes financing—net	(0.1		)	(1.3		)	(17.3		)	—			(18.7		)
Exercises of stock options	1.6			—			—			—			1.6
Intercompany financing	0.1			46.8			(9.4		)	(37.5		)	—
Net cash provided by (used for) financing activities	90.6			45.2			50.0			(37.5		)	148.3

Effect of exchange rate changes on cash	—			—			(0.7		)	—			(0.7		)

Net increase (decrease) in cash and cash equivalents	1.5			6.3			(19.6		)	—			(11.8		)

Balance at beginning of period	4.2			8.5			55.9			—			68.6
Balance at end of period	$	5.7		$	14.8		$	36.3		$	—		$	56.8