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Subsidiary Guarantors of 2018 Notes, 2020 Notes and 2022 Notes | 9 Months Ended
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Sep. 30, 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 September 30, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 695.3 |  |  | $ | 493.1 |  |  | $ | (173.9 | ) |  | $ | 1,014.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 530.3 |  |  | 398.0 |  |  | (173.9 | ) |  | 754.4 |
Engineering, selling and administrative expenses | 15.3 |  |  | 64.8 |  |  | 70.9 |  |  | — |  |  | 151.0 |
Amortization expense | — |  |  | 7.4 |  |  | 1.3 |  |  | — |  |  | 8.7 |
Restructuring expense | — |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 0.4 |
Other | — |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Equity in (earnings) loss of subsidiaries | (64.6 | ) |  | (2.9 | ) |  | — |  |  | 67.5 |  |  | — |
Total costs and expenses | (49.3 | ) |  | 599.9 |  |  | 470.5 |  |  | (106.4 | ) |  | 914.7 |
Operating earnings (loss) from continuing operations | 49.3 |  |  | 95.4 |  |  | 22.6 |  |  | (67.5 | ) |  | 99.8 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (29.4 | ) |  | (0.3 | ) |  | (2.3 | ) |  | — |  |  | (32.0 | )
Amortization of deferred financing fees | (1.8 | ) |  | — |  |  | — |  |  | — |  |  | (1.8 | )
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Management fee income (expense) | 15.2 |  |  | (18.8 | ) |  | 3.6 |  |  | — |  |  | — |
Other income (expense), net | 5.0 |  |  | (8.1 | ) |  | 4.0 |  |  | — |  |  | 0.9 |
Total other income (expenses) | (11.0 | ) |  | (27.2 | ) |  | 5.3 |  |  | — |  |  | (32.9 | )
Earnings (loss) from continuing operations before taxes on earnings | 38.3 |  |  | 68.2 |  |  | 27.9 |  |  | (67.5 | ) |  | 66.9 |
Provision (benefit) for taxes on income | (14.6 | ) |  | 23.7 |  |  | 7.9 |  |  | — |  |  | 17.0 |
Earnings (loss) from continuing operations | 52.9 |  |  | 44.5 |  |  | 20.0 |  |  | (67.5 | ) |  | 49.9 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) | 52.9 |  |  | 45.2 |  |  | 20.0 |  |  | (67.5 | ) |  | 50.6 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
Net earnings (loss) attributable to Manitowoc | $ | 52.9 |  |  | $ | 45.2 |  |  | $ | 22.3 |  |  | $ | (67.5 | ) |  | $ | 52.9 |
Comprehensive income (loss) attributable to Manitowoc | $ | 72.9 |  |  | $ | 46.4 |  |  | $ | 25.4 |  |  | $ | (71.8 | ) |  | $ | 72.9 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2012 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 675.0 |  |  | $ | 440.2 |  |  | $ | (167.7 | ) |  | $ | 947.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 515.1 |  |  | 366.2 |  |  | (167.7 | ) |  | 713.6 |
Engineering, selling and administrative expenses | 16.0 |  |  | 63.2 |  |  | 73.3 |  |  | — |  |  | 152.5 |
Amortization expense | — |  |  | 7.5 |  |  | 1.8 |  |  | — |  |  | 9.3 |
Restructuring expense | — |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Other | — |  |  | 1.9 |  |  | — |  |  | — |  |  | 1.9 |
Equity in (earnings) loss of subsidiaries | (36.0 | ) |  | (7.4 | ) |  | — |  |  | 43.4 |  |  | — |
Total costs and expenses | (20.0 | ) |  | 580.3 |  |  | 442.0 |  |  | (124.3 | ) |  | 878.0 |
Operating earnings (loss) from continuing operations | 20.0 |  |  | 94.7 |  |  | (1.8 | ) |  | (43.4 | ) |  | 69.5 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (31.0 | ) |  | (0.5 | ) |  | (2.9 | ) |  | — |  |  | (34.4 | )
Amortization of deferred financing fees | (2.0 | ) |  | — |  |  | — |  |  | — |  |  | (2.0 | )
Management fee income (expense) | 15.5 |  |  | (19.9 | ) |  | 4.4 |  |  | — |  |  | — |
Other income (expense), net | 6.7 |  |  | (7.9 | ) |  | 1.0 |  |  | — |  |  | (0.2 | )
Total other income (expenses) | (10.8 | ) |  | (28.3 | ) |  | 2.5 |  |  | — |  |  | (36.6 | )
Earnings (loss) from continuing operations before taxes on earnings | 9.2 |  |  | 66.4 |  |  | 0.7 |  |  | (43.4 | ) |  | 32.9 |
Provision (benefit) for taxes on earnings | (13.0 | ) |  | 20.7 |  |  | 5.8 |  |  | — |  |  | 13.5 |
Earnings (loss) from continuing operations | 22.2 |  |  | 45.7 |  |  | (5.1 | ) |  | (43.4 | ) |  | 19.4 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings from discontinued operations, net of income taxes | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Net earnings (loss) | 22.2 |  |  | 45.7 |  |  | (4.8 | ) |  | (43.4 | ) |  | 19.7 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (2.5 | ) |  | — |  |  | (2.5 | )
Net earnings (loss) attributable to Manitowoc | $ | 22.2 |  |  | $ | 45.7 |  |  | $ | (2.3 | ) |  | $ | (43.4 | ) |  | $ | 22.2 |
Comprehensive income (loss) attributable to Manitowoc | $ | 52.1 |  |  | $ | 44.6 |  |  | $ | (2.8 | ) |  | $ | (41.8 | ) |  | $ | 52.1 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,997.4 |  |  | $ | 1,467.6 |  |  | $ | (505.9 | ) |  | $ | 2,959.1 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 1,521.0 |  |  | 1,191.1 |  |  | (505.9 | ) |  | 2,206.2 |
Engineering, selling and administrative expenses | 48.5 |  |  | 195.3 |  |  | 226.6 |  |  | — |  |  | 470.4 |
Amortization expense | — |  |  | 22.2 |  |  | 4.6 |  |  | — |  |  | 26.8 |
Restructuring expense | — |  |  | 0.2 |  |  | 1.4 |  |  | — |  |  | 1.6 |
Other | — |  |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Equity in (earnings) loss of subsidiaries | (151.2 | ) |  | (21.4 | ) |  | — |  |  | 172.6 |  |  | — |
Total costs and expenses | (102.7 | ) |  | 1,717.8 |  |  | 1,423.7 |  |  | (333.3 | ) |  | 2,705.5 |
Operating earnings (loss) from continuing operations | 102.7 |  |  | 279.6 |  |  | 43.9 |  |  | (172.6 | ) |  | 253.6 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (89.7 | ) |  | (0.9 | ) |  | (7.3 | ) |  | — |  |  | (97.9 | )
Amortization of deferred financing fees | (5.3 | ) |  | — |  |  | — |  |  | — |  |  | (5.3 | )
Loss on debt extinguishment | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Management fee income (expense) | 44.9 |  |  | (54.9 | ) |  | 10.0 |  |  | — |  |  | — |
Other income (expense), net | 10.9 |  |  | (24.5 | ) |  | 14.7 |  |  | — |  |  | 1.1 |
Total other income (expenses) | (39.6 | ) |  | (80.3 | ) |  | 17.4 |  |  | — |  |  | (102.5 | )
Earnings (loss) from continuing operations before taxes on earnings | 63.1 |  |  | 199.3 |  |  | 61.3 |  |  | (172.6 | ) |  | 151.1 |
Provision (benefit) for taxes on income | (57.8 | ) |  | 69.0 |  |  | 23.6 |  |  | — |  |  | 34.8 |
Earnings (loss) from continuing operations | 120.9 |  |  | 130.3 |  |  | 37.7 |  |  | (172.6 | ) |  | 116.3 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from discontinued operations, net of income taxes | — |  |  | (1.5 | ) |  | — |  |  | — |  |  | (1.5 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.6 | )
Net earnings (loss) | 120.9 |  |  | 128.8 |  |  | 36.1 |  |  | (172.6 | ) |  | 113.2 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (7.7 | ) |  | — |  |  | (7.7 | )
Net earnings (loss) attributable to Manitowoc | $ | 120.9 |  |  | $ | 128.8 |  |  | $ | 43.8 |  |  | $ | (172.6 | ) |  | $ | 120.9 |
Comprehensive income (loss) attributable to Manitowoc | $ | 124.8 |  |  | $ | 129.9 |  |  | $ | 36.1 |  |  | $ | (166.0 | ) |  | $ | 124.8 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2012 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,923.1 |  |  | $ | 1,339.5 |  |  | $ | (466.0 | ) |  | $ | 2,796.6 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 1,466.4 |  |  | 1,107.8 |  |  | (466.0 | ) |  | 2,108.2 |
Engineering, selling and administrative expenses | 47.2 |  |  | 183.3 |  |  | 218.5 |  |  | — |  |  | 449.0 |
Amortization expense | — |  |  | 22.5 |  |  | 5.4 |  |  | — |  |  | 27.9 |
Restructuring expense | — |  |  | 0.2 |  |  | 1.4 |  |  | — |  |  | 1.6 |
Other | — |  |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Equity in (earnings) loss of subsidiaries | (100.2 | ) |  | (27.5 | ) |  | — |  |  | 127.7 |  |  | — |
Total costs and expenses | (53.0 | ) |  | 1,646.9 |  |  | 1,333.1 |  |  | (338.3 | ) |  | 2,588.7 |
Operating earnings (loss) from continuing operations | 53.0 |  |  | 276.2 |  |  | 6.4 |  |  | (127.7 | ) |  | 207.9 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (91.3 | ) |  | (1.5 | ) |  | (8.4 | ) |  | — |  |  | (101.2 | )
Amortization of deferred financing fees | (6.1 | ) |  | — |  |  | — |  |  | — |  |  | (6.1 | )
Management fee income (expense) | 46.3 |  |  | (57.8 | ) |  | 11.5 |  |  | — |  |  | — |
Other income (expense), net | 36.2 |  |  | (38.3 | ) |  | 2.1 |  |  | — |  |  | — |
Total other income (expenses) | (14.9 | ) |  | (97.6 | ) |  | 5.2 |  |  | — |  |  | (107.3 | )
Earnings (loss) from continuing operations before taxes on earnings | 38.1 |  |  | 178.6 |  |  | 11.6 |  |  | (127.7 | ) |  | 100.6 |
Provision (benefit) for taxes on earnings | (29.1 | ) |  | 56.1 |  |  | 13.4 |  |  | — |  |  | 40.4 |
Earnings (loss) from continuing operations | 67.2 |  |  | 122.5 |  |  | (1.8 | ) |  | (127.7 | ) |  | 60.2 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from discontinued operations, net of income taxes | — |  |  | (0.5 | ) |  | 0.8 |  |  | — |  |  | 0.3 |
Net earnings (loss) | 67.2 |  |  | 122.0 |  |  | (1.0 | ) |  | (127.7 | ) |  | 60.5 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (6.7 | ) |  | — |  |  | (6.7 | )
Net earnings (loss) attributable to Manitowoc | $ | 67.2 |  |  | $ | 122.0 |  |  | $ | 5.7 |  |  | $ | (127.7 | ) |  | $ | 67.2 |
Comprehensive income (loss) attributable to Manitowoc | $ | 74.9 |  |  | $ | 122.0 |  |  | $ | 16.8 |  |  | $ | (138.8 | ) |  | $ | 74.9 |
The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of September 30, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3.0 |  |  | $ | 4.3 |  |  | $ | 77.2 |  |  | $ | — |  |  | $ | 84.5 |
Marketable securities | 2.7 |  |  | — |  |  | — |  |  | — |  |  | 2.7 |
Restricted cash | 4.1 |  |  | — |  |  | 5.4 |  |  | — |  |  | 9.5 |
Accounts receivable — net | 0.2 |  |  | 13.0 |  |  | 278.1 |  |  | — |  |  | 291.3 |
Intercompany interest receivable | 28.9 |  |  | 3.2 |  |  | — |  |  | (32.1 | ) |  | — |
Inventories — net | — |  |  | 375.7 |  |  | 479.2 |  |  | — |  |  | 854.9 |
Deferred income taxes | 71.6 |  |  | — |  |  | 16.8 |  |  | — |  |  | 88.4 |
Other current assets | 2.0 |  |  | 10.6 |  |  | 118.6 |  |  | — |  |  | 131.2 |
Total current assets | 112.5 |  |  | 406.8 |  |  | 975.3 |  |  | (32.1 | ) |  | 1,462.5 |
Property, plant and equipment — net | 5.7 |  |  | 284.1 |  |  | 285.2 |  |  | — |  |  | 575.0 |
Goodwill | — |  |  | 960.5 |  |  | 250.1 |  |  | — |  |  | 1,210.6 |
Other intangible assets — net | — |  |  | 598.7 |  |  | 173.4 |  |  | — |  |  | 772.1 |
Intercompany long-term receivable | 948.9 |  |  | 158.6 |  |  | 901.9 |  |  | (2,009.4 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,549.5 |  |  | 1,664.6 |  |  | (3,214.1 | ) |  | — |
Other non-current assets | 44.9 |  |  | 5.4 |  |  | 96.6 |  |  | — |  |  | 146.9 |
Investment in affiliates | 5,275.8 |  |  | 3,441.5 |  |  | — |  |  | (8,717.3 | ) |  | — |
Total assets | $ | 6,387.8 |  |  | $ | 7,405.1 |  |  | $ | 4,347.1 |  |  | $ | (13,972.9 | ) |  | $ | 4,167.1 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 99.3 |  |  | $ | 427.6 |  |  | $ | 376.0 |  |  | $ | — |  |  | $ | 902.9 |
Short-term borrowings and current portion of long-term debt | 35.6 |  |  | 0.7 |  |  | 60.9 |  |  | — |  |  | 97.2 |
Intercompany interest payable | 3.2 |  |  | — |  |  | 28.9 |  |  | (32.1 | ) |  | — |
Product warranties | — |  |  | 46.4 |  |  | 36.5 |  |  | — |  |  | 82.9 |
Customer advances | — |  |  | 8.0 |  |  | 27.4 |  |  | — |  |  | 35.4 |
Product liabilities | — |  |  | 22.7 |  |  | 3.8 |  |  | — |  |  | 26.5 |
Total current liabilities | 138.1 |  |  | 505.4 |  |  | 533.5 |  |  | (32.1 | ) |  | 1,144.9 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,679.3 |  |  | 2.4 |  |  | 24.3 |  |  | — |  |  | 1,706.0 |
Deferred income taxes | 180.1 |  |  | — |  |  | 49.3 |  |  | — |  |  | 229.4 |
Pension obligations | 103.9 |  |  | 6.5 |  |  | 3.9 |  |  | — |  |  | 114.3 |
Postretirement health and other benefit obligations | 47.9 |  |  | 2.1 |  |  | 3.0 |  |  | — |  |  | 53.0 |
Long-term deferred revenue | — |  |  | 9.3 |  |  | 30.5 |  |  | — |  |  | 39.8 |
Intercompany long-term note payable | 183.3 |  |  | 831.1 |  |  | 995.0 |  |  | (2,009.4 | ) |  | — |
Intercompany accounts payable | 3,214.1 |  |  | — |  |  | — |  |  | (3,214.1 | ) |  | — |
Other non-current liabilities | 99.9 |  |  | 15.2 |  |  | 50.1 |  |  | — |  |  | 165.2 |
Total non-current liabilities | 5,508.5 |  |  | 866.6 |  |  | 1,156.1 |  |  | (5,223.5 | ) |  | 2,307.7 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manitowoc stockholders’ equity | 741.2 |  |  | 6,033.1 |  |  | 2,684.2 |  |  | (8,717.3 | ) |  | 741.2 |
Noncontrolling interest | — |  |  | — |  |  | (26.7 | ) |  | — |  |  | (26.7 | )
Total equity | 741.2 |  |  | 6,033.1 |  |  | 2,657.5 |  |  | (8,717.3 | ) |  | 714.5 |
Total liabilities and equity | $ | 6,387.8 |  |  | $ | 7,405.1 |  |  | $ | 4,347.1 |  |  | $ | (13,972.9 | ) |  | $ | 4,167.1 |
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 Nine Months Ended September 30, 2013 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used for) operating activities of continuing operations | $ | (25.9 | ) |  | $ | 170.2 |  |  | $ | (88.4 | ) |  | $ | — |  |  | $ | 55.9 |
Cash provided by (used for) operating activities of discontinued operations | — |  |  | (1.5 | ) |  | (1.8 | ) |  | — |  |  | (3.3 | )
Net cash provided by (used for) operating activities | (25.9 | ) |  | 168.7 |  |  | (90.2 | ) |  | — |  |  | 52.6 |
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (41.4 | ) |  | (31.9 | ) |  | — |  |  | (73.3 | )
Proceeds from sale of property, plant and equipment | — |  |  | 0.3 |  |  | 1.1 |  |  | — |  |  | 1.4 |
Restricted cash | 1.2 |  |  | — |  |  | — |  |  | — |  |  | 1.2 |
Proceeds from sale of business | — |  |  | — |  |  | 39.2 |  |  | — |  |  | 39.2 |
Intercompany investments | 30.5 |  |  | (128.0 | ) |  | 75.2 |  |  | 22.3 |  |  | — |
Net cash provided by (used for) investing activities | 31.7 |  |  | (169.1 | ) |  | 83.5 |  |  | 22.3 |  |  | (31.6 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds on revolving credit facility—net | 16.6 |  |  | — |  |  | 0.1 |  |  | — |  |  | 16.7 |
Payments on long-term debt | (35.2 | ) |  | (0.5 | ) |  | (20.1 | ) |  | — |  |  | (55.8 | )
Proceeds from long-term debt | — |  |  | — |  |  | 28.3 |  |  | — |  |  | 28.3 |
Proceeds (payments) on notes financing—net | — |  |  | — |  |  | (0.9 | ) |  | — |  |  | (0.9 | )
Exercises of stock options | 3.8 |  |  | — |  |  | — |  |  | — |  |  | 3.8 |
Intercompany financing | — |  |  | 1.2 |  |  | 21.1 |  |  | (22.3 | ) |  | — |
Net cash provided by (used for) financing activities | (14.8 | ) |  | 0.7 |  |  | 28.5 |  |  | (22.3 | ) |  | (7.9 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.0 | ) |  | — |  |  | (2.0 | )
Net increase (decrease) in cash and cash equivalents | (9.0 | ) |  | 0.3 |  |  | 19.8 |  |  | — |  |  | 11.1 |
Balance at beginning of period | 12.0 |  |  | 4.0 |  |  | 57.4 |  |  | — |  |  | 73.4 |
Balance at end of period | $ | 3.0 |  |  | $ | 4.3 |  |  | $ | 77.2 |  |  | $ | — |  |  | $ | 84.5 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2012 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used for) operating activities of continuing operations | $ | (21.5 | ) |  | $ | 83.9 |  |  | $ | (136.1 | ) |  | $ | — |  |  | $ | (73.7 | )
Cash provided by (used for) operating activities of discontinued operations | — |  |  | (0.5 | ) |  | 3.3 |  |  | — |  |  | 2.8 |
Net cash provided by (used for) operating activities | (21.5 | ) |  | 83.4 |  |  | (132.8 | ) |  | — |  |  | (70.9 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (1.1 | ) |  | (23.6 | ) |  | (25.5 | ) |  | — |  |  | (50.2 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Restricted cash | — |  |  | — |  |  | (2.9 | ) |  | — |  |  | (2.9 | )
Intercompany investments | (17.6 | ) |  | (84.6 | ) |  | 63.8 |  |  | 38.4 |  |  | — |
Net cash provided by (used for) investing activities of continuing operations | (18.7 | ) |  | (108.2 | ) |  | 36.1 |  |  | 38.4 |  |  | (52.4 | )
Net cash provided by (used for) investing activities of discontinued operations | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Net cash provided by (used for) investing activities | (18.7 | ) |  | (108.2 | ) |  | 36.0 |  |  | 38.4 |  |  | (52.5 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (payments on) revolving credit facility—net | 52.9 |  |  | — |  |  | 70.5 |  |  | — |  |  | 123.4 |
Proceeds from swap monetization | 14.8 |  |  | — |  |  | — |  |  | — |  |  | 14.8 |
Payments on long-term debt | (28.7 | ) |  | (0.6 | ) |  | (41.0 | ) |  | — |  |  | (70.3 | )
Proceeds from long-term debt | — |  |  | — |  |  | 73.1 |  |  | — |  |  | 73.1 |
Proceeds from (payments on) notes financing—net | — |  |  | (1.4 | ) |  | (20.1 | ) |  | — |  |  | (21.5 | )
Debt issue costs | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Exercises of stock options | 2.6 |  |  | — |  |  | — |  |  | — |  |  | 2.6 |
Intercompany financing | — |  |  | 37.4 |  |  | 1.0 |  |  | (38.4 | ) |  | — |
Net cash provided by (used for) financing activities | 41.3 |  |  | 35.4 |  |  | 83.5 |  |  | (38.4 | ) |  | 121.8 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Net increase (decrease) in cash and cash equivalents | 1.1 |  |  | 10.6 |  |  | (12.0 | ) |  | — |  |  | (0.3 | )
Balance at beginning of period | 4.2 |  |  | 8.5 |  |  | 55.9 |  |  | — |  |  | 68.6 |
Balance at end of period | $ | 5.3 |  |  | $ | 19.1 |  |  | $ | 43.9 |  |  | $ | — |  |  | $ | 68.3 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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