Subsidiary Guarantors of 2020 Notes and 2022 Notes (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	547.4		$	430.7		$	(128.1	)	$	850.0
Costs and expenses:
Cost of sales	—			416.5			334.5			(128.1		)	622.9
Engineering, selling and administrative expenses	15.2			74.5			73.0			—			162.7
Amortization expense	—			7.4			1.4			—			8.8
Restructuring expense	—			1.4			0.6			—			2.0
Equity in (earnings) loss of subsidiaries	(13.0		)	(9.4		)	—			22.4			—
Total costs and expenses	2.2			490.4			409.5			(105.7		)	796.4

Operating earnings (loss) from continuing operations	(2.2		)	57.0			21.2			(22.4		)	53.6

Other income (expenses):
Interest expense	(16.7		)	(0.4		)	(2.2		)	—			(19.3		)
Amortization of deferred financing fees	(1.2		)	—			—			—			(1.2		)
Loss on debt extinguishment	(25.3		)	—			—			—			(25.3		)
Management fee income (expense)	15.4			(17.0		)	1.6			—			—
Other income (expense), net	5.4			(7.9		)	3.3			—			0.8
Total other income (expenses)	(22.4		)	(25.3		)	2.7			—			(45.0		)

Earnings (loss) from continuing operations before taxes on earnings	(24.6		)	31.7			23.9			(22.4		)	8.6
Provision (benefit) for taxes on income	(15.8		)	12.2			6.2			—			2.6
Earnings (loss) from continuing operations	(8.8		)	19.5			17.7			(22.4		)	6.0

Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(0.1		)	(0.9		)	—			(1.0		)
Loss on sale of discontinued operations, net of income taxes	—			—			(9.9		)	—			(9.9		)
Net earnings (loss)	(8.8		)	19.4			6.9			(22.4		)	(4.9		)
Less: Net earnings attributable to noncontrolling interest	—			—			3.9			—			3.9
Net earnings (loss) attributable to Manitowoc	$	(8.8	)	$	19.4		$	3.0		$	(22.4	)	$	(8.8	)

Comprehensive income (loss) attributable to Manitowoc	$	(5.7	)	$	18.2		$	(1.6	)	$	(16.6	)	$	(5.7	)

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2013

(In millions)



	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	619.8		$	444.1		$	(169.3	)	$	894.6
Costs and expenses:
Cost of sales	—			479.6			362.2			(169.3		)	672.5
Engineering, selling and administrative expenses	17.7			64.3			74.6			—			156.6
Amortization expense	—			7.4			1.6			—			9.0
Restructuring expense	—			—			0.3			—			0.3
Other	—			0.3			—			—			0.3
Equity in (earnings) loss of subsidiaries	(25.5		)	(12.8		)	—			38.3			—
Total costs and expenses	(7.8		)	538.8			438.7			(131.0		)	838.7

Operating earnings (loss) from continuing operations	7.8			81.0			5.4			(38.3		)	55.9

Other income (expenses):
Interest expense	(30.4		)	(0.2		)	(2.4		)	—			(33.0		)
Amortization of deferred financing fees	(1.8		)	—			—			—			(1.8		)
Loss on debt extinguishment	(0.4		)	—			—			—			(0.4		)
Management fee income (expense)	14.8			(17.4		)	2.6			—			—
Other income (expense), net	4.4			(7.7		)	4.9			—			1.6
Total other income (expenses)	(13.4		)	(25.3		)	5.1			—			(33.6		)

Earnings (loss) from continuing operations before taxes on earnings	(5.6		)	55.7			10.5			(38.3		)	22.3
Provision (benefit) for taxes on earnings	(16.0		)	19.2			5.3			—			8.5
Earnings (loss) from continuing operations	10.4			36.5			5.2			(38.3		)	13.8

Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(0.2		)	(3.9		)	—			(4.1		)
Loss on sale of discontinued operations, net of income taxes	—			—			(1.6		)	—			(1.6		)
Net earnings (loss)	10.4			36.3			(0.3		)	(38.3		)	8.1
Less: Net loss attributable to noncontrolling interest	—			—			(2.3		)	—			(2.3		)
Net earnings (loss) attributable to Manitowoc	$	10.4		$	36.3		$	2.0		$	(38.3	)	$	10.4

Comprehensive income (loss) attributable to Manitowoc	$	(5.8	)	$	36.3		$	8.1		$	(44.4	)	$	(5.8	)

Condensed Consolidating Balance Sheet

The Manitowoc Company, Inc.

Condensed Consolidating Balance Sheet

as of March 31, 2014

(In millions)



	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	4.7	$	5.2	$	68.9	$	—		$	78.8
Restricted cash	2.8		—		23.1		—			25.9
Accounts receivable — net	—		15.8		282.6		—			298.4
Intercompany short term note receivable	—		—		36.0		(36.0		)	—
Intercompany interest receivable	27.2		3.1		—		(30.3		)	—
Inventories — net	—		358.9		465.1		—			824.0
Deferred income taxes	73.6		—		14.7		—			88.3
Other current assets	3.9		5.5		111.5		—			120.9
Total current assets	112.2		388.5		1,001.9		(66.3		)	1,436.3

Property, plant and equipment — net	6.1		292.3		281.4		—			579.8
Goodwill	—		960.5		260.3		—			1,220.8
Other intangible assets — net	—		583.9		175.5		—			759.4
Intercompany long-term receivable	972.8		158.6		905.3		(2,036.7		)	—
Intercompany accounts receivable	—		1,532.2		754.2		(2,286.4		)	—
Other non-current assets	40.6		3.4		78.4		—			122.4
Investment in affiliates	4,384.8		3,510.2		—		(7,895.0		)	—
Total assets	$	5,516.5	$	7,429.6	$	3,457.0	$	(12,284.4	)	$	4,118.7

Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses	$	47.3	$	376.7	$	364.8	$	—		$	788.8
Short-term borrowings and current portion of long-term debt	21.7		0.7		43.4		—			65.8
Intercompany short term note payable	36.0		—		—		(36.0		)	—
Intercompany interest payable	3.1		—		27.2		(30.3		)	—
Product warranties	—		44.6		32.9		—			77.5
Customer advances	—		10.0		15.9		—			25.9
Product liabilities	—		22.2		3.8		—			26.0
Total current liabilities	108.1		454.2		488.0		(66.3		)	984.0
Non-Current Liabilities:
Long-term debt, less current portion	1,748.9		2.0		28.8		—			1,779.7
Deferred income taxes	167.4		—		66.6		—			234.0
Pension obligations	90.5		8.2		4.9		—			103.6
Postretirement health and other benefit obligations	40.6		2.1		1.8		—			44.5
Long-term deferred revenue	—		8.5		28.5		—			37.0
Intercompany long-term note payable	183.3		833.4		1,020.0		(2,036.7		)	—
Intercompany accounts payable	2,286.4		—		—		(2,286.4		)	—
Other non-current liabilities	97.1		15.6		29.0		—			141.7
Total non-current liabilities	4,614.2		869.8		1,179.6		(4,323.1		)	2,340.5
Equity
Total equity	794.2		6,105.6		1,789.4		(7,895.0		)	794.2
Total liabilities and equity	$	5,516.5	$	7,429.6	$	3,457.0	$	(12,284.4	)	$	4,118.7

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 operations	—		—		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 operations	—		—		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 operations	—		—		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

Condensed Consolidating Statement of Cash Flows

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2014

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used for operating activities of continuing operations	$	(89.1	)	$	(29.7	)	$	(145.8	)	$	—		$	(264.6	)
Cash used for operating activities of discontinued operations	—			(0.1		)	(6.7		)	—			(6.8		)
Net cash used for operating activities	(89.1		)	(29.8		)	(152.5		)	—			(271.4		)

Cash Flows from Investing:
Capital expenditures	—			(9.7		)	(7.0		)	—			(16.7		)
Proceeds from sale of property, plant and equipment	—			—			1.0			—			1.0
Restricted cash	—			—			(13.2		)	—			(13.2		)
Intercompany investments	(147.6		)	43.8			173.3			(69.5		)	—
Net cash provided by (used for) investing activities	(147.6		)	34.1			154.1			(69.5		)	(28.9		)

Cash Flows from Financing:
Proceeds on revolving credit facility—net	314.0			—			—			—			314.0
Payments on long-term debt	(562.6		)	(0.2		)	(7.9		)	—			(570.7		)
Proceeds from long-term debt	550.0			—			30.6			—			580.6
Payments on notes financing—net	—			—			(7.2		)	—			(7.2		)
Debt issuance costs	(4.9		)	—			—			—			(4.9		)
Exercises of stock options	19.9			—			—			—			19.9
Intercompany financing	(76.2		)	(2.2		)	8.9			69.5			—
Net cash provided by financing activities of continuing operations	240.2			(2.4		)	24.4			69.5			331.7
Net cash used for financing activities of discontinued operations	—			—			(7.2		)	—			(7.2		)
Net cash provided by (used for) financing activities	240.2			(2.4		)	17.2			69.5			324.5

Effect of exchange rate changes on cash	—			—			(0.3		)	—			(0.3		)

Net increase in cash and cash equivalents	3.5			1.9			18.5			—			23.9

Balance at beginning of period	1.2			3.3			50.4			—			54.9
Balance at end of period	$	4.7		$	5.2		$	68.9		$	—		$	78.8

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2013

(In millions)



	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	(29.9	)	$	20.9		$	(93.9	)	$	—		$	(102.9	)
Cash used for operating activities of discontinued operations	—			(0.2		)	(4.9		)	—			(5.1		)
Net cash provided by (used for) operating activities	(29.9		)	20.7			(98.8		)	—			(108.0		)

Cash Flows from Investing:
Capital expenditures	—			(12.3		)	(8.6		)	—			(20.9		)
Proceeds from sale of property, plant and equipment	—			0.2			0.3			—			0.5
Restricted cash	—			—			(0.5		)	—			(0.5		)
Proceeds from sale of business	—			—			39.2			—			39.2
Intercompany investments	(67.5		)	5.4			76.3			(14.2		)	—
Net cash provided by (used for) investing activities of continuing operations	(67.5		)	(6.7		)	106.7			(14.2		)	18.3
Net cash used for investing activities of discontinued operations	—			—			(0.2		)	—			(0.2		)
Net cash provided by (used for) investing activities	(67.5		)	(6.7		)	106.5			(14.2		)	18.1

Cash Flows from Financing:
Proceeds from revolving credit facility—net	125.6			—			24.1			—			149.7
Payments on long-term debt	(27.2		)	(0.2		)	(2.1		)	—			(29.5		)
Proceeds from long-term debt	—			—			9.1			—			9.1
Payments on notes financing—net	—			—			(14.3		)	—			(14.3		)
Exercises of stock options	2.7			—			—			—			2.7
Intercompany financing	—			(11.8		)	(2.4		)	14.2			—
Net cash provided by (used for) financing activities	101.1			(12.0		)	14.4			14.2			117.7

Effect of exchange rate changes on cash	—			—			—			—			—

Net increase in cash and cash equivalents	3.7			2.0			22.1			—			27.8

Balance at beginning of period	12.0			4.0			57.2			—			73.2
Balance at end of period	$	15.7		$	6.0		$	79.3		$	—		$	101.0