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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Employee benefit plans |
Schedule of components of period benefit costs | The components of period benefit costs for the years ended December 31, 2013, 2012 and 2011 are as follows:
|  | US Pension Plans |  | Non-US Pension Plans |  | Postretirement Health and Other
(in millions) |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Service cost - benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 2.2 |  |  | $ | 1.8 |  |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Interest cost of projected benefit obligation |  | 9.6 |  |  | 10.2 |  |  | 10.4 |  |  | 9.8 |  |  | 10.2 |  |  | 11.0 |  |  | 2.0 |  |  | 2.8 |  |  | 3.4 |
Expected return on assets |  | (10.2 | ) |  | (10.2 | ) |  | (9.5 | ) |  | (7.4 | ) |  | (8.2 | ) |  | (9.3 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | (0.1 | ) |  | — |  |  | — |
Amortization of actuarial net loss |  | 3.5 |  |  | 2.9 |  |  | 1.6 |  |  | 1.9 |  |  | 0.8 |  |  | 0.4 |  |  | — |  |  | 0.4 |  |  | 0.3 |
Curtailment gain recognized |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | — |
Settlement gain recognized |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 2.9 |  |  | $ | 2.9 |  |  | $ | 2.5 |  |  | $ | 6.8 |  |  | $ | 3.5 |  |  | $ | 4.0 |  |  | $ | 1.7 |  |  | $ | 4.0 |  |  | $ | 4.5 |
Weighted average assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.1 | % |  | 4.6 | % |  | 5.4 | % |  | 4.0 | % |  | 4.7 | % |  | 5.3 | % |  | 3.5 | % |  | 4.6 | % |  | 5.4 | %
Expected return on plan assets |  | 5.8 | % |  | 6.0 | % |  | 6.0 | % |  | 3.9 | % |  | 4.5 | % |  | 5.4 | % |  | N/A |  |  | N/A |  |  | N/A |
Rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  | 3.8 | % |  | 3.7 | % |  | 4.2 | % |  | 3.0 | % |  | 3.0 | % |  | 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, 2013 and 2012:
|  | US Pension Plans |  | Non-US Pension Plans |  | Postretirement Health and Other
(in millions) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 241.4 |  |  | $ | 226.1 |  |  | $ | 255.0 |  |  | $ | 221.0 |  |  | $ | 57.5 |  |  | $ | 63.9 |
Service cost |  | — |  |  | — |  |  | 2.4 |  |  | 2.2 |  |  | 0.6 |  |  | 0.8 |
Interest cost |  | 9.6 |  |  | 10.2 |  |  | 9.8 |  |  | 10.2 |  |  | 2.0 |  |  | 2.8 |
Participant contributions |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 2.6 |  |  | 2.7 |
Medicare subsidies received |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Plan curtailments |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.7 | ) |  | (0.4 | )
Plan settlements |  | — |  |  | — |  |  | (0.1 | ) |  | (0.7 | ) |  | — |  |  | — |
Plan amendments |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.4 | ) |  | (0.2 | )
Net transfer out |  | — |  |  | — |  |  | (0.3 | ) |  | (0.6 | ) |  | — |  |  | — |
Actuarial (gain) loss |  | (19.4 | ) |  | 14.8 |  |  | 3.9 |  |  | 27.4 |  |  | (7.2 | ) |  | (6.9 | )
Currency translation adjustment |  | — |  |  | — |  |  | 4.6 |  |  | 6.8 |  |  | (0.2 | ) |  | 0.1 |
Benefits paid |  | (17.9 | ) |  | (9.7 | ) |  | (12.2 | ) |  | (11.4 | ) |  | (6.1 | ) |  | (5.9 | )
Benefit obligation, end of year |  | $ | 213.7 |  |  | $ | 241.4 |  |  | $ | 263.2 |  |  | $ | 255.0 |  |  | $ | 48.5 |  |  | $ | 57.5 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 180.6 |  |  | $ | 174.5 |  |  | $ | 199.5 |  |  | $ | 182.0 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | (1.3 | ) |  | 14.6 |  |  | 16.5 |  |  | 19.1 |  |  | — |  |  | — |
Employer contributions |  | 1.2 |  |  | 1.2 |  |  | 4.2 |  |  | 5.2 |  |  | 3.1 |  |  | 2.6 |
Participant contributions |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 2.6 |  |  | 2.7 |
Medicare subsidies received |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Plan settlements |  | — |  |  | — |  |  | (0.1 | ) |  | (0.7 | ) |  | — |  |  | — |
Currency translation adjustment |  | — |  |  | — |  |  | 3.5 |  |  | 5.8 |  |  | — |  |  | — |
Net transfer out |  | — |  |  | — |  |  | (0.4 | ) |  | (0.6 | ) |  | — |  |  | — |
Benefits paid |  | (17.9 | ) |  | (9.7 | ) |  | (12.2 | ) |  | (11.4 | ) |  | (6.1 | ) |  | (5.9 | )
Fair value of plan assets, end of year |  | 162.6 |  |  | 180.6 |  |  | 211.1 |  |  | 199.5 |  |  | — |  |  | — |
Funded status |  | $ | (51.1 | ) |  | $ | (60.8 | ) |  | $ | (52.1 | ) |  | $ | (55.5 | ) |  | $ | (48.5 | ) |  | $ | (57.5 | )
Amounts recognized in the Consolidated Balance sheet at December 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension asset |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Pension obligation |  | (51.1 | ) |  | (60.8 | ) |  | (52.4 | ) |  | (55.8 | ) |  | — |  |  | — |
Postretirement health and other benefit obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | (48.5 | ) |  | (57.5 | )
Net amount recognized |  | $ | (51.1 | ) |  | $ | (60.8 | ) |  | $ | (52.1 | ) |  | $ | (55.5 | ) |  | $ | (48.5 | ) |  | $ | (57.5 | )
Weighted-Average Assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.9 | % |  | 4.1 | % |  | 4.3 | % |  | 4.0 | % |  | 4.5 | % |  | 3.5 | %
Expected return on plan assets |  | 5.8 | % |  | 6.0 | % |  | 3.9 | % |  | 4.5 | % |  | N/A |  |  | N/A |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income as of December 31, 2013 and 2012, consist of the following:
|  | Pensions |  | Postretirement Health and Other
(in millions) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Net actuarial gain (loss) |  | $ | (93.4 | ) |  | $ | (111.3 | ) |  | $ | 4.6 |  |  | $ | (2.6 | )
Prior service credit |  | (1.0 | ) |  | (1.0 | ) |  | 0.3 |  |  | 0.2 |
Total amount recognized |  | $ | (94.4 | ) |  | $ | (112.3 | ) |  | $ | 4.9 |  |  | $ | (2.4 | )
Summary of the sensitivity of retirement obligations and retirement benefit costs of plans to changes in the key assumptions | The following table summarizes the sensitivity of our December 31, 2013 retirement obligations and 2013 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions):
Change in assumption: |  | Estimated increase (decrease) in 2014 pension cost |  | Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2013 |  | Estimated increase (decrease) in 2014 Other Postretirement Benefit costs |  | Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2013
0.50% increase in discount rate |  | $ | (1.6 | ) |  | $ | (29.2 | ) |  | $ | (0.1 | ) |  | $ | (2.0 | )
0.50% decrease in discount rate |  | 1.8 |  |  | 30.9 |  |  | (0.1 | ) |  | 2.2 |
0.50% increase in long-term return on assets |  | (1.8 | ) |  | N/A |  |  | N/A |  |  | N/A |
0.50% decrease in long-term return on assets |  | 1.8 |  |  | N/A |  |  | N/A |  |  | N/A |
1% increase in medical trend rates |  | N/A |  |  | N/A |  |  | 0.3 |  |  | 4.0 |
1% decrease in medical trend rates |  | N/A |  |  | N/A |  |  | (0.7 | ) |  | (3.5 | )
Schedule of the actual allocations for the pension assets and target allocations by asset class | The actual allocations for the pension assets at December 31, 2013, and target allocations by asset class, are as follows:
| Target Allocations |  | Weighted Average Asset Allocations
| U.S. Plans |  | International Plans |  | U.S. Plans |  | International Plans
Equity Securities | 25 | % |  | 0 - 20% |  | 26.1 | % |  | 20.2 | %
Debt Securities | 75 | % |  | 0 - 100% |  | 73.4 | % |  | 23.8 | %
Other | — | % |  | 0 - 100% |  | 0.5 | % |  | 56.0 | %
Schedule of plan assets using the fair value hierarchy | The following table presents our plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs.
|  | December 31, 2013
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 |  | — |  |  | — |  |  | 118.3 |  |  | 118.3 |
Common/collective trust funds — Government debt |  | — |  |  | 3.0 |  |  | — |  |  | 3.0 |
Common/collective trust funds — Corporate and other non-government debt |  | — |  |  | 49.6 |  |  | — |  |  | 49.6 |
Common/collective trust funds — Government, corporate and other non-government debt |  | — |  |  | 111.6 |  |  | — |  |  | 111.6 |
Common/collective trust funds — Corporate equity |  | — |  |  | 84.3 |  |  | — |  |  | 84.3 |
Common/collective trust funds — Customized strategy |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
Total |  | $ | 1.7 |  |  | $ | 253.7 |  |  | $ | 118.3 |  |  | $ | 373.7 |
|  | December 31, 2012
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 |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.1 |
Insurance group annuity contracts |  | — |  |  | — |  |  | 111.1 |  |  | 111.1 |
Common/collective trust funds — Government debt |  | — |  |  | 8.9 |  |  | — |  |  | 8.9 |
Common/collective trust funds — Corporate and other non-government debt |  | — |  |  | 49.8 |  |  | — |  |  | 49.8 |
Common/collective trust funds — Government, corporate and other non-government debt |  | — |  |  | 95.5 |  |  | — |  |  | 95.5 |
Common/collective trust funds — Corporate equity |  | — |  |  | 71.4 |  |  | — |  |  | 71.4 |
Common/collective trust funds — Customized strategy |  | — |  |  | 41.3 |  |  | — |  |  | 41.3 |
Total |  | $ | 2.1 |  |  | $ | 266.9 |  |  | $ | 111.1 |  |  | $ | 380.1 |
Reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year | A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:
|  | Insurance Contracts Year Ended December 31,
(in millions) |  | 2013 |  | 2012
Beginning Balance |  | $ | 111.1 |  |  | $ | 102.4 |
Actual return on assets |  | 12.1 |  |  | 12.2 |
Benefit payments |  | (6.8 | ) |  | (6.7 | )
Foreign currency impact |  | 1.9 |  |  | 3.2 |
Ending Balance |  | $ | 118.3 |  |  | $ | 111.1 |
Schedule of projected benefit payments from the plans | Projected benefit payments from the plans as of December 31, 2013 are estimated as follows:
(in millions) |  | U.S Pension Plans |  | Non-U.S. Pension Plans |  | Postretirement Health and Other
2014 |  | $ | 11.7 |  |  | $ | 11.7 |  |  | $ | 3.8 |
2015 |  | 12.2 |  |  | 12.5 |  |  | 3.8 |
2016 |  | 12.7 |  |  | 13.3 |  |  | 4.0 |
2017 |  | 13.1 |  |  | 14.4 |  |  | 4.2 |
2018 |  | 13.6 |  |  | 15.2 |  |  | 4.4 |
2019 — 2023 |  | 71.8 |  |  | 86.4 |  |  | 20.4 |
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets | The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2013 and 2012 is as follows:
|  | U.S Pension Plans |  | Non U.S. Pension Plans
(in millions) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Projected benefit obligation |  | $ | 213.7 |  |  | $ | 241.4 |  |  | $ | 259.4 |  |  | $ | 251.5 |
Accumulated benefit obligation |  | 213.7 |  |  | 241.4 |  |  | 254.2 |  |  | 246.7 |
Fair value of plan assets |  | 162.6 |  |  | 180.6 |  |  | 206.9 |  |  | 195.7 |
Expiration dates of the collective bargaining agreements and contributions to the plans | The contributions by the company to the multiemployer plan for the years ended December 31, 2013, 2012 and 2011 are as follows:
(in millions) |  |  |  |  |  | Contributions by Manitowoc
Pension Fund |  | EIN / Pension Plan Number |  |  |  | 2013 |  | 2012 |  | 2011
Sheet Metal Workers’ National Pension Fund |  | 52-6112463 / 001 |  |  |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 0.8 |
|  |  |  | Total Contributions |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 0.8 |
U.S. Pension Plans |
Employee benefit plans |
Schedule of the weighted-average asset allocations of the pension plans | The weighted-average asset allocations of the U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows:
|  | 2013 |  | 2012
Equity |  | 26.1 | % |  | 19.7 | %
Fixed income |  | 73.4 | % |  | 79.8 | %
Other |  | 0.5 | % |  | 0.5 | %
|  | 100.0 | % |  | 100.0 | %
Non-U.S. Pension Plans |
Employee benefit plans |
Schedule of the weighted-average asset allocations of the pension plans | The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2013 and 2012, by asset category are as follows:
|  | 2013 |  | 2012
Equity |  | 20.2 | % |  | 17.9 | %
Fixed income |  | 23.8 | % |  | 25.8 | %
Other |  | 56.0 | % |  | 56.3 | %
|  | 100.0 | % |  | 100.0 | %

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