XML 61 R31.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2013
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, commercial and high-rise residential construction, mining and dredging. Our crane-related product support services are principally marketed under the Crane Care brand name and include maintenance and repair services and parts supply. Our Foodservice equipment business designs, manufactures and sells primary cooking and warming equipment; ice-cube machines, ice flaker machines and storage bins; refrigerator and freezer equipment; beverage dispensers and related products; serving and storage equipment; and food-preparation 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, amortization expense of intangible assets with definite lives, goodwill impairment, intangible asset impairment, restructuring expense, integration expense and other expense. 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, 2013, 2012 and 2011 is as follows:
(in millions) |  | 2013 |  | 2012 |  | 2011
Net sales from continuing operations: |  |  |  |  |  |  |  |  |
Crane |  | $ | 2,506.3 |  |  | $ | 2,427.1 |  |  | $ | 2,134.7 |
Foodservice |  | 1,541.8 |  |  | 1,486.2 |  |  | 1,454.6 |
Total |  | $ | 4,048.1 |  |  | $ | 3,913.3 |  |  | $ | 3,589.3 |
Operating earnings (loss) from continuing operations: |  |  |  |  |  |  |  |  |
Crane |  | $ | 218.8 |  |  | $ | 170.5 |  |  | $ | 118.8 |
Foodservice |  | 250.3 |  |  | 238.6 |  |  | 214.4 |
Corporate |  | (64.9 | ) |  | (63.7 | ) |  | (61.3 | )
Amortization expense |  | (35.3 | ) |  | (36.5 | ) |  | (37.4 | )
Restructuring expense |  | (4.8 | ) |  | (9.5 | ) |  | (5.5 | )
Other income (expense) |  | 0.3 |  |  | (2.5 | ) |  | 0.5 |
Operating earnings from continuing operations |  | $ | 364.4 |  |  | $ | 296.9 |  |  | $ | 229.5 |
Other income (expenses): |  |  |  |  |  |
Interest expense |  | $ | (128.4 | ) |  | $ | (135.6 | ) |  | $ | (145.4 | )
Amortization of deferred financing fees |  | (7.0 | ) |  | (8.2 | ) |  | (10.4 | )
Loss on debt extinguishment |  | (3.0 | ) |  | (6.3 | ) |  | (29.7 | )
Other income (expense)-net |  | (0.8 | ) |  | 0.1 |  |  | 2.3 |
Earnings from continuing operations before taxes on earnings |  | $ | 225.2 |  |  | $ | 146.9 |  |  | $ | 46.3 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Crane |  | $ | 69.3 |  |  | $ | 52.7 |  |  | $ | 52.0 |
Foodservice |  | 33.6 |  |  | 17.4 |  |  | 11.9 |
Corporate |  | 7.8 |  |  | 2.8 |  |  | 0.7 |
Total |  | $ | 110.7 |  |  | $ | 72.9 |  |  | $ | 64.6 |
Total depreciation: |  |  |  |  |  |  |  |  |
Crane |  | $ | 46.9 |  |  | $ | 43.5 |  |  | $ | 52.9 |
Foodservice |  | 20.1 |  |  | 22.3 |  |  | 24.5 |
Corporate |  | 1.5 |  |  | 2.3 |  |  | 2.8 |
Total |  | $ | 68.5 |  |  | $ | 68.1 |  |  | $ | 80.2 |
Total assets: |  |  |  |  |  |  |  |  |
Crane |  | $ | 1,900.4 |  |  | $ | 1,903.3 |  |  | $ | 1,760.8 |
Foodservice |  | 1,904.3 |  |  | 1,956.8 |  |  | 2,192.6 |
Corporate |  | 171.9 |  |  | 197.2 |  |  | 69.2 |
Total |  | $ | 3,976.6 |  |  | $ | 4,057.3 |  |  | $ | 4,022.6 |
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) |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012
United States |  | $ | 1,978.0 |  |  | $ | 1,833.0 |  |  | $ | 1,588.8 |  |  | $ | 1,888.4 |  |  | $ | 1,905.4 |
Other North America |  | 292.1 |  |  | 278.2 |  |  | 208.8 |  |  | 13.6 |  |  | 5.3 |
Europe |  | 937.6 |  |  | 788.0 |  |  | 813.4 |  |  | 530.0 |  |  | 510.6 |
Asia |  | 364.5 |  |  | 354.0 |  |  | 352.2 |  |  | 203.0 |  |  | 189.5 |
Middle East |  | 174.2 |  |  | 161.6 |  |  | 189.4 |  |  | 1.6 |  |  | 1.6 |
Central and South America |  | 166.9 |  |  | 243.0 |  |  | 237.8 |  |  | 36.0 |  |  | 33.3 |
Africa |  | 30.0 |  |  | 110.8 |  |  | 65.4 |  |  | — |  |  | — |
South Pacific and Caribbean |  | 12.6 |  |  | 10.6 |  |  | 12.0 |  |  | 4.1 |  |  | 4.6 |
Australia |  | 92.2 |  |  | 134.1 |  |  | 121.5 |  |  | 4.7 |  |  | 4.4 |
Total |  | $ | 4,048.1 |  |  | $ | 3,913.3 |  |  | $ | 3,589.3 |  |  | $ | 2,681.4 |  |  | $ | 2,654.7 |
Net sales from continuing operations and long-lived asset information for Europe primarily relate to France, Germany and the United Kingdom.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration