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

12 Months Ended

Dec. 31, 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 Year Ended December 31, 2013

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,631.3		$	2,097.1		$	(680.3	)	$	4,048.1
Costs and expenses:
Cost of sales	—			2,038.1			1,668.5			(680.3		)	3,026.3
Engineering, selling and administrative expenses	61.4			259.5			296.7			—			617.6
Amortization expense	—			29.6			5.7			—			35.3
Restructuring expense	—			0.7			4.1			—			4.8
Other (income) expense	—			0.5			(0.8		)	—			(0.3		)
Equity in (earnings) loss of subsidiaries	(199.6		)	(32.5		)	—			232.1			—
Total costs and expenses	(138.2		)	2,295.9			1,974.2			(448.2		)	3,683.7
Operating earnings (loss) from continuing operations	138.2			335.4			122.9			(232.1		)	364.4
Other income (expense):
Interest expense	(118.8		)	(1.0		)	(8.6		)	—			(128.4		)
Amortization of deferred financing fees	(7.0		)	—			—			—			(7.0		)
Loss on debt extinguishment	(3.0		)	—			—			—			(3.0		)
Management fee income (expense)	59.6			(77.1		)	17.5			—			—
Other income (expense)-net	(3.6		)	(32.6		)	35.4			—			(0.8		)
Total other income (expense)	(72.8		)	(110.7		)	44.3			—			(139.2		)
Earnings (loss) from continuing operations before taxes on earnings	65.4			224.7			167.2			(232.1		)	225.2
Provision (benefit) for taxes on earnings	(76.4		)	69.3			43.2			—			36.1
Earnings (loss) from continuing operations	141.8			155.4			124.0			(232.1		)	189.1
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(2.3		)	(16.5		)	—			(18.8		)
Loss on sale of discontinued operations, net of income taxes	—			—			(2.7		)	—			(2.7		)
Net earnings (loss)	141.8			153.1			104.8			(232.1		)	167.6
Less: Net earnings attributable to noncontrolling interest	—			—			25.8			—			25.8
Net earnings (loss) attributable to Manitowoc	$	141.8		$	153.1		$	79.0		$	(232.1	)	$	141.8

Comprehensive income (loss) attributable to Manitowoc	$	164.3		$	154.1		$	62.9		$	(217.0	)	$	164.3

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2012

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,616.4		$	1,959.0		$	(662.1	)	$	3,913.3
Costs and expenses:
Cost of sales	—			2,022.3			1,610.1			(662.1		)	2,970.3
Engineering, selling and administrative expenses	61.2			247.6			288.8			—			597.6
Amortization expense	—			29.9			6.6			—			36.5
Restructuring expense	—			0.7			8.8			—			9.5
Other expense	—			2.5			—			—			2.5
Equity in (earnings) loss of subsidiaries	(167.2		)	(36.0		)	—			203.2			—
Total costs and expenses	(106.0		)	2,267.0			1,914.3			(458.9		)	3,616.4
Operating earnings (loss) from continuing operations	106.0			349.4			44.7			(203.2		)	296.9
Other income (expense):
Interest expense	(122.9		)	(2.1		)	(10.6		)	—			(135.6		)
Amortization of deferred financing fees	(8.2		)	—			—			—			(8.2		)
Loss on debt extinguishment	(6.3		)	—			—			—			(6.3		)
Management fee income (expense)	60.1			(77.8		)	17.7			—			—
Other income (expense)-net	16.5			(45.9		)	29.5			—			0.1
Total other income (expense)	(60.8		)	(125.8		)	36.6			—			(150.0		)
Earnings (loss) from continuing operations before taxes on earnings	45.2			223.6			81.3			(203.2		)	146.9
Provision (benefit) for taxes on earnings	(56.5		)	69.2			25.3			—			38.0
Earnings (loss) from continuing operations	101.7			154.4			56.0			(203.2		)	108.9
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(0.9		)	(15.4		)	—			(16.3		)
Net earnings (loss)	101.7			153.5			40.6			(203.2		)	92.6
Less: Net loss attributable to noncontrolling interest	—			—			(9.1		)	—			(9.1		)
Net earnings (loss) attributable to Manitowoc	$	101.7		$	153.5		$	49.7		$	(203.2	)	$	101.7

Comprehensive income (loss) attributable to Manitowoc	$	97.1		$	153.7		$	51.9		$	(205.6	)	$	97.1

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2011

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,166.0		$	1,908.9		$	(485.6	)	$	3,589.3
Costs and expenses:
Cost of sales	—			1,681.5			1,560.5			(485.6		)	2,756.4
Engineering, selling and administrative expenses	58.9			231.1			271.0			—			561.0
Amortization expense	—			29.9			7.5			—			37.4
Restructuring expense	—			0.5			5.0			—			5.5
Other expense (income)	—			0.7			(1.2		)	—			(0.5		)
Equity in (earnings) loss of subsidiaries	(70.4		)	(32.4		)	—			102.8			—
Total costs and expenses	(11.5		)	1,911.3			1,842.8			(382.8		)	3,359.8
Operating earnings (loss) from continuing operations	11.5			254.7			66.1			(102.8		)	229.5
Other income (expense):
Interest expense	(132.9		)	(1.5		)	(11.0		)	—			(145.4		)
Amortization of deferred financing fees	(10.4		)	—			—			—			(10.4		)
Loss on debt extinguishment	(29.7		)	—			—			—			(29.7		)
Management fee income (expense)	55.0			(68.0		)	13.0			—			—
Other income (expense)-net	40.6			(69.7		)	31.4			—			2.3
Total other income (expense)	(77.4		)	(139.2		)	33.4			—			(183.2		)
Earnings (loss) from continuing operations before taxes on earnings	(65.9		)	115.5			99.5			(102.8		)	46.3
Provision (benefit) for taxes on earnings	(54.7		)	32.5			35.8			—			13.6
Earnings (loss) from continuing operations	(11.2		)	83.0			63.7			(102.8		)	32.7
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(1.5		)	(14.3		)	—			(15.8		)
Loss on sale of discontinued operations, net of income taxes	—			(34.6		)	—			—			(34.6		)
Net earnings (loss)	(11.2		)	46.9			49.4			(102.8		)	(17.7		)
Less: Net loss attributable to noncontrolling interest	—			—			(6.5		)	—			(6.5		)
Net earnings (loss) attributable to Manitowoc	$	(11.2	)	$	46.9		$	55.9		$	(102.8	)	$	(11.2	)

Comprehensive income (loss) attributable to Manitowoc	$	(36.1	)	$	47.1		$	51.1		$	(98.2	)	$	(36.1	)

Condensed Consolidating Balance Sheet

The Manitowoc Company, Inc.

Condensed Consolidating Balance Sheet

as of December 31, 2013

(In millions)



	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	1.2	$	3.3	$	50.4	$	—		$	54.9
Restricted cash	2.8		—		10.0		—			12.8
Accounts receivable — net	0.2		16.5		238.8		—			255.5
Intercompany short term note receivable	—		—		112.1		(112.1		)	—
Intercompany interest receivable	18.4		3.2		—		(21.6		)	—
Inventories — net	—		333.4		387.4		—			720.8
Deferred income taxes	73.2		—		16.7		—			89.9
Other current assets	3.4		5.9		104.6		—			113.9
Current assets of discontinued operation	—		—		15.1		—			15.1
Total current assets	99.2		362.3		935.1		(133.7		)	1,262.9
Property, plant and equipment — net	6.3		291.9		280.6		—			578.8
Goodwill	—		960.5		258.1		—			1,218.6
Other intangible assets — net	—		591.3		174.9		—			766.2
Intercompany long-term notes receivable	964.4		158.5		903.7		(2,026.6		)	—
Intercompany accounts receivable	—		1,565.2		1,848.8		(3,414.0		)	—
Other non-current assets	42.9		3.4		80.5		—			126.8
Long-term assets of discontinued operation	—		—		23.3		—			23.3
Investment in affiliates	5,356.2		3,505.6		—		(8,861.8		)	—
Total assets	$	6,469.0	$	7,438.7	$	4,505.0	$	(14,436.1	)	$	3,976.6
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses	$	108.1	$	404.2	$	423.3	$	—		$	935.6
Short-term borrowings and current portion of long-term debt	—		0.7		22.0		—			22.7
Intercompany short term note payable	112.1		—		—		(112.1		)	—
Intercompany interest payable	3.2		—		18.4		(21.6		)	—
Product warranties	—		47.3		33.8		—			81.1
Customer advances	—		12.9		22.0		—			34.9
Product liabilities	—		21.2		3.8		—			25.0
Current liabilities of discontinued operation	—		—		26.1		—			26.1
Total current liabilities	223.4		486.3		549.4		(133.7		)	1,125.4
Non-Current Liabilities:
Long-term debt, less current portion	1,474.7		2.2		27.2		—			1,504.1
Deferred income taxes	165.2		—		49.1		—			214.3
Pension obligations	91.0		6.4		4.1		—			101.5
Postretirement health and other benefit obligations	40.6		2.1		2.0		—			44.7
Long-term deferred revenue	—		9.2		28.4		—			37.6
Intercompany long-term note payable	183.3		832.2		1,011.1		(2,026.6		)	—
Intercompany accounts payable	3,414.0		—		—		(3,414.0		)	—
Other non-current liabilities	101.3		15.6		47.6		—			164.5
Long-term liabilities of discontinued operation	—		—		2.2		—			2.2
Total non-current liabilities	5,470.1		867.7		1,171.7		(5,440.6		)	2,068.9
Equity
Manitowoc stockholders' equity	775.5		6,084.7		2,777.1		(8,861.8		)	775.5
Noncontrolling interest	—		—		6.8		—			6.8
Total equity	775.5		6,084.7		2,783.9		(8,861.8		)	782.3
Total liabilities and equity	$	6,469.0	$	7,438.7	$	4,505.0	$	(14,436.1	)	$	3,976.6

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	$	57.2		$	—		$	73.2
Restricted cash	5.3		—		5.3			—			10.6
Accounts receivable — net	0.4		29.0		301.3			—			330.7
Intercompany interest receivable	4.1		3.2		—			(7.3		)	—
Inventories — net	—		338.3		354.4			—			692.7
Deferred income taxes	70.9		—		17.4			—			88.3
Other current assets	6.5		3.5		104.3			(10.0		)	104.3
Current assets of discontinued operations	—		—		28.2			—			28.2
Total current assets	99.2		378.0		868.1			(17.3		)	1,328.0
Property, plant and equipment — net	6.8		271.3		261.2			—			539.3
Goodwill	—		969.1		241.6			—			1,210.7
Other intangible assets — net	—		620.9		168.8			—			789.7
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		75.0			—			128.8
Long-term assets of discontinued operations	—		—		60.8			—			60.8
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	$	407.3		$	—		$	911.5
Short-term borrowings and current portion of long-term debt	45.2		0.7		33.1			(10.0		)	69.0
Intercompany interest payable	3.2		—		4.1			(7.3		)	—
Product warranties	—		44.5		37.5			—			82.0
Customer advances	—		7.8		16.3			—			24.1
Product liabilities	—		23.5		4.4			—			27.9
Current liabilities of discontinued operations	—		—		31.4			—			31.4
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		—		44.6			—			220.6
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	—		—		11.0			—			11.0
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 year ended December 31, 2013

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(51.6	)	$	224.9		$	160.8		$	—		$	334.1
Cash used for operating activities of discontinued operations	—			(2.3		)	(8.7		)	—			(11.0		)
Net cash provided by (used for) operating activities	$	(51.6	)	$	222.6		$	152.1		$	—		$	323.1
Cash Flows from Investing:
Capital expenditures	$	(0.8	)	$	(57.4	)	$	(52.5	)	$	—		$	(110.7	)
Proceeds from sale of property, plant and equipment	—			2.0			2.1			—			4.1
Restricted cash	2.6			—			(4.6		)	—			(2.0		)
Business acquisitions, net of cash acquired	—			—			(12.2		)	—			(12.2		)
Proceeds from sale of business	—			—			39.2			—			39.2
Intercompany investments	197.1			(167.2		)	(169.3		)	139.4			—
Net cash provided by (used for) investing activities of continuing operations	$	198.9		$	(222.6	)	$	(197.3	)	$	139.4		$	(81.6	)
Net cash used for investing activities of discontinued operations	—			—			(0.6		)	—			(0.6		)
Net cash provided by (used for) investing activities	$	198.9		$	(222.6	)	$	(197.9	)	$	139.4		$	(82.2	)
Cash Flows from Financing:
Payments on long-term debt	$	(220.6	)	$	(0.7	)	$	(45.2	)	$	—		$	(266.5	)
Proceeds from long-term debt	—			—			43.0			—			43.0
(Payments on) proceeds from revolving credit facility—net	(34.5		)	—			0.1			—			(34.4		)
Proceeds from notes financing—net	—			—			6.6			—			6.6
Debt issue costs	(1.1		)	—			—			—			(1.1		)
Dividends paid	(10.7		)	—			—			—			(10.7		)
Exercises of stock options including windfall tax benefits	6.7			—			—			—			6.7
Intercompany financing	102.1			—			37.3			(139.4		)	—
Net cash provided by (used for) financing activities	$	(158.1	)	$	(0.7	)	$	41.8		$	(139.4	)	$	(256.4	)
Effect of exchange rate changes on cash	—			—			(2.8		)	—			(2.8		)
Net increase (decrease) in cash and cash equivalents	(10.8		)	(0.7		)	(6.8		)	—			(18.3		)
Balance at beginning of period	12.0			4.0			57.2			—			73.2
Balance at end of period	$	1.2		$	3.3		$	50.4		$	—		$	54.9

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the year ended December 31, 2012

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(22.8	)	$	167.4		$	30.7		$	—		$	175.3
Cash used for operating activities of discontinued operations	—			(0.9		)	(12.0		)	—			(12.9		)
Net cash provided by (used for) operating activities	$	(22.8	)	$	166.5		$	18.7		$	—		$	162.4
Cash Flows from Investing:
Capital expenditures	$	(1.4	)	$	(36.5	)	$	(35.0	)	$	—		$	(72.9	)
Proceeds from sale of property, plant and equipment	—			—			0.8			—			0.8
Restricted cash	1.0			—			(4.3		)	—			(3.3		)
Intercompany investments	131.4			(175.4		)	(4.8		)	48.8			—
Net cash provided by (used for) investing activities of continuing operations	131.0			(211.9		)	(43.3		)	48.8			(75.4		)
Net cash provided by (used for) investing activities of discontinued operations	—			—			(0.1		)	—			(0.1		)
Net cash provided by (used for) investing activities	$	131.0		$	(211.9	)	$	(43.4	)	$	48.8		$	(75.5	)
Cash Flows from Financing:
Payments on long-term debt	$	(439.7	)	$	(0.7	)	$	(55.0	)	$	—		$	(495.4	)
Proceeds from long-term debt	300.0			—			83.3			—			383.3
Proceeds from revolving credit facility—net	34.4			—			—			—			34.4
Payments on notes financing—net	—			(2.1		)	(8.3		)	—			(10.4		)
Proceeds from swap monetization	14.8			—			—			—			14.8
Debt issue costs	(5.7		)	—			—			—			(5.7		)
Dividends paid	(10.6		)	—			—			—			(10.6		)
Exercises of stock options including windfall tax benefits	6.4			—			—			—			6.4
Intercompany financing	—			43.7			5.1			(48.8		)	—
Net cash provided by (used for) financing activities	$	(100.4	)	$	40.9		$	25.1		$	(48.8	)	$	(83.2	)
Effect of exchange rate changes on cash	—			—			1.2			—			1.2
Net increase (decrease) in cash and cash equivalents	7.8			(4.5		)	1.6			—			4.9
Balance at beginning of period	4.2			8.5			55.6			—			68.3
Balance at end of period	$	12.0		$	4.0		$	57.2		$	—		$	73.2

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the year ended December 31, 2011

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(59.8	)	$	70.5		$	32.6		$	—		$	43.3
Cash used for operating activities of discontinued operations	—			(1.5		)	(24.7		)	—			(26.2		)
Net cash provided by (used for) operating activities	$	(59.8	)	$	69.0		$	7.9		$	—		$	17.1
Cash Flows from Investing:
Capital expenditures	$	(0.4	)	$	(23.4	)	$	(40.8	)	$	—		$	(64.6	)
Proceeds from sale of property, plant and equipment	—			0.1			17.2			—			17.3
Restricted cash	2.0			—			0.2			—			2.2
Proceeds from sale of business	—			143.6			—			—			143.6
Intercompany investments	216.7			(164.5		)	(30.7		)	(21.5		)	—
Net cash provided by (used for) investing activities of continuing operations	218.3			(44.2		)	(54.1		)	(21.5		)	98.5
Net cash provided by (used for) investing activities of discontinued operations	—			—			(0.1		)	—			(0.1		)
Net cash provided by (used for) investing activities	$	218.3		$	(44.2	)	$	(54.2	)	$	(21.5	)	$	98.4
Cash Flows from Financing:
Payments on long-term debt	$	(884.1	)	$	(0.7	)	$	(75.5	)	$	—		$	(960.3	)
Proceeds from long-term debt	750.0			—			89.0			—			839.0
Payments on revolving credit facility—net	(24.2		)	—			—			—			(24.2		)
Proceeds from (payments on) notes financing—net	—			(2.6		)	17.4			—			14.8
Proceeds from swap monetization	21.5			—			—			—			21.5
Debt issue costs	(14.7		)	—			—			—			(14.7		)
Dividends paid	(10.6		)	—			—			—			(10.6		)
Exercises of stock options including windfall tax benefits	2.6			—			—			—			2.6
Intercompany financing	(0.1		)	(32.7		)	11.3			21.5			—
Net cash used for financing activities of continuing operations	(159.6		)	(36.0		)	42.2			21.5			(131.9		)
Net cash provided by financing activities of discontinued operations	—			—			6.0			—			6.0
Net cash used for financing activities	$	(159.6	)	$	(36.0	)	$	48.2		$	21.5		$	(125.9	)
Effect of exchange rate changes on cash	—			—			(3.3		)	—			(3.3		)
Net decrease in cash and cash equivalents	(1.1		)	(11.2		)	(1.4		)	—			(13.7		)
Balance at beginning of period	5.3			19.7			57.0			—			82.0
Balance at end of period	$	4.2		$	8.5		$	55.6		$	—		$	68.3