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Subsidiary Guarantors of 2020 Notes and 2022 Notes (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 631.2 |  |  | $ | 531.3 |  |  | $ | (149.7 | ) |  | $ | 1,012.8 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 481.1 |  |  | 409.1 |  |  | (149.7 | ) |  | 740.5 |
Engineering, selling and administrative expenses | 14.2 |  |  | 72.4 |  |  | 80.4 |  |  | — |  |  | 167.0 |
Amortization expense | — |  |  | 7.4 |  |  | 1.4 |  |  | — |  |  | 8.8 |
Restructuring expense | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Other | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Equity in (earnings) loss of subsidiaries | (58.6 | ) |  | (1.6 | ) |  | — |  |  | 60.2 |  |  | — |
Total costs and expenses | (44.4 | ) |  | 559.4 |  |  | 491.9 |  |  | (89.5 | ) |  | 917.4 |
Operating earnings (loss) from continuing operations | 44.4 |  |  | 71.8 |  |  | 39.4 |  |  | (60.2 | ) |  | 95.4 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest expense | (22.5 | ) |  | (0.4 | ) |  | (2.2 | ) |  | — |  |  | (25.1 | )
Amortization of deferred financing fees | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Management fee income (expense) | 15.6 |  |  | (18.6 | ) |  | 3.0 |  |  | — |  |  | — |
Other income (expense), net | 4.8 |  |  | (7.8 | ) |  | (0.1 | ) |  | — |  |  | (3.1 | )
Total other (expenses) income | (3.2 | ) |  | (26.8 | ) |  | 0.7 |  |  | — |  |  | (29.3 | )
Earnings (loss) from continuing operations before taxes on earnings | 41.2 |  |  | 45.0 |  |  | 40.1 |  |  | (60.2 | ) |  | 66.1 |
Provision (benefit) for taxes on income | (5.4 | ) |  | 16.8 |  |  | 7.8 |  |  | — |  |  | 19.2 |
Earnings (loss) from continuing operations | 46.6 |  |  | 28.2 |  |  | 32.3 |  |  | (60.2 | ) |  | 46.9 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | (0.3 | )
Net earnings (loss) | 46.6 |  |  | 27.9 |  |  | 32.3 |  |  | (60.2 | ) |  | 46.6 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) attributable to Manitowoc | $ | 46.6 |  |  | $ | 27.9 |  |  | $ | 32.3 |  |  | $ | (60.2 | ) |  | $ | 46.6 |
Comprehensive income (loss) attributable to Manitowoc | $ | 44.5 |  |  | $ | 27.9 |  |  | $ | 42.6 |  |  | $ | (70.5 | ) |  | $ | 44.5 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 682.3 |  |  | $ | 517.5 |  |  | $ | (162.7 | ) |  | $ | 1,037.1 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 511.1 |  |  | 412.7 |  |  | (162.7 | ) |  | 761.1 |
Engineering, selling and administrative expenses | 15.5 |  |  | 66.2 |  |  | 77.8 |  |  | — |  |  | 159.5 |
Amortization expense | — |  |  | 7.4 |  |  | 1.5 |  |  | — |  |  | 8.9 |
Restructuring expense | — |  |  | 0.1 |  |  | 0.8 |  |  | — |  |  | 0.9 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity in (earnings) loss of subsidiaries | (61.1 | ) |  | (5.7 | ) |  | — |  |  | 66.8 |  |  | — |
Total costs and expenses | (45.6 | ) |  | 579.1 |  |  | 492.8 |  |  | (95.9 | ) |  | 930.4 |
Operating earnings (loss) from continuing operations | 45.6 |  |  | 103.2 |  |  | 24.7 |  |  | (66.8 | ) |  | 106.7 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (29.9 | ) |  | (0.4 | ) |  | (1.9 | ) |  | — |  |  | (32.2 | )
Amortization of deferred financing fees | (1.7 | ) |  | — |  |  | — |  |  | — |  |  | (1.7 | )
Management fee income (expense) | 14.9 |  |  | (18.7 | ) |  | 3.8 |  |  | — |  |  | — |
Other income (expense), net | 1.5 |  |  | (8.7 | ) |  | 5.8 |  |  | — |  |  | (1.4 | )
Total other (expenses) income | (15.2 | ) |  | (27.8 | ) |  | 7.7 |  |  | — |  |  | (35.3 | )
Earnings (loss) from continuing operations before taxes on earnings | 30.4 |  |  | 75.4 |  |  | 32.4 |  |  | (66.8 | ) |  | 71.4 |
(Benefit) provision for taxes on earnings | (27.2 | ) |  | 26.1 |  |  | 10.4 |  |  | — |  |  | 9.3 |
Earnings (loss) from continuing operations | 57.6 |  |  | 49.3 |  |  | 22.0 |  |  | (66.8 | ) |  | 62.1 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (2.0 | ) |  | (5.6 | ) |  | — |  |  | (7.6 | )
Net earnings (loss) | 57.6 |  |  | 47.3 |  |  | 16.4 |  |  | (66.8 | ) |  | 54.5 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (3.1 | ) |  | — |  |  | (3.1 | )
Net earnings (loss) attributable to Manitowoc | $ | 57.6 |  |  | $ | 47.3 |  |  | $ | 19.5 |  |  | $ | (66.8 | ) |  | $ | 57.6 |
Comprehensive income (loss) attributable to Manitowoc | $ | 57.7 |  |  | $ | 47.2 |  |  | $ | 2.6 |  |  | $ | (49.8 | ) |  | $ | 57.7 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,178.6 |  |  | $ | 962.0 |  |  | $ | (277.8 | ) |  | $ | 1,862.8 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 897.6 |  |  | 743.6 |  |  | (277.8 | ) |  | 1,363.4 |
Engineering, selling and administrative expenses | 29.4 |  |  | 146.9 |  |  | 153.4 |  |  | — |  |  | 329.7 |
Amortization expense | — |  |  | 14.8 |  |  | 2.8 |  |  | — |  |  | 17.6 |
Restructuring expense | — |  |  | 1.4 |  |  | 1.6 |  |  | — |  |  | 3.0 |
Other | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Equity in (earnings) loss of subsidiaries | (71.6 | ) |  | (11.0 | ) |  | — |  |  | 82.6 |  |  | — |
Total costs and expenses | (42.2 | ) |  | 1,049.8 |  |  | 901.4 |  |  | (195.2 | ) |  | 1,713.8 |
Operating earnings (loss) from continuing operations | 42.2 |  |  | 128.8 |  |  | 60.6 |  |  | (82.6 | ) |  | 149.0 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (39.2 | ) |  | (0.8 | ) |  | (4.4 | ) |  | — |  |  | (44.4 | )
Amortization of deferred financing fees | (2.3 | ) |  | — |  |  | — |  |  | — |  |  | (2.3 | )
Loss on debt extinguishment | (25.3 | ) |  | — |  |  | — |  |  | — |  |  | (25.3 | )
Management fee income (expense) | 31.0 |  |  | (35.6 | ) |  | 4.6 |  |  | — |  |  | — |
Other income (expense), net | 10.2 |  |  | (15.7 | ) |  | 3.2 |  |  | — |  |  | (2.3 | )
Total other (expenses) income | (25.6 | ) |  | (52.1 | ) |  | 3.4 |  |  | — |  |  | (74.3 | )
Earnings (loss) from continuing operations before taxes on earnings | 16.6 |  |  | 76.7 |  |  | 64.0 |  |  | (82.6 | ) |  | 74.7 |
Provision (benefit) for taxes on income | (21.2 | ) |  | 29.0 |  |  | 14.0 |  |  | — |  |  | 21.8 |
Earnings (loss) from continuing operations | 37.8 |  |  | 47.7 |  |  | 50.0 |  |  | (82.6 | ) |  | 52.9 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (0.4 | ) |  | (0.9 | ) |  | — |  |  | (1.3 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (9.9 | ) |  | — |  |  | (9.9 | )
Net earnings (loss) | 37.8 |  |  | 47.3 |  |  | 39.2 |  |  | (82.6 | ) |  | 41.7 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Net earnings (loss) attributable to Manitowoc | $ | 37.8 |  |  | $ | 47.3 |  |  | $ | 35.3 |  |  | $ | (82.6 | ) |  | $ | 37.8 |
Comprehensive income (loss) attributable to Manitowoc | $ | 38.8 |  |  | $ | 46.1 |  |  | $ | 41.0 |  |  | $ | (87.1 | ) |  | $ | 38.8 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,302.1 |  |  | $ | 961.6 |  |  | $ | (332.0 | ) |  | $ | 1,931.7 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 990.7 |  |  | 774.9 |  |  | (332.0 | ) |  | 1,433.6 |
Engineering, selling and administrative expenses | 33.2 |  |  | 130.5 |  |  | 152.4 |  |  | — |  |  | 316.1 |
Amortization expense | — |  |  | 14.8 |  |  | 3.1 |  |  | — |  |  | 17.9 |
Restructuring expense | — |  |  | 0.1 |  |  | 1.1 |  |  | — |  |  | 1.2 |
Other | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Equity in (earnings) loss of subsidiaries | (86.6 | ) |  | (18.5 | ) |  | — |  |  | 105.1 |  |  | — |
Total costs and expenses | (53.4 | ) |  | 1,117.9 |  |  | 931.5 |  |  | (226.9 | ) |  | 1,769.1 |
Operating earnings (loss) from continuing operations | 53.4 |  |  | 184.2 |  |  | 30.1 |  |  | (105.1 | ) |  | 162.6 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (60.3 | ) |  | (0.6 | ) |  | (4.3 | ) |  | — |  |  | (65.2 | )
Amortization of deferred financing fees | (3.5 | ) |  | — |  |  | — |  |  | — |  |  | (3.5 | )
Loss on debt extinguishment | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Management fee income (expense) | 29.7 |  |  | (36.1 | ) |  | 6.4 |  |  | — |  |  | — |
Other income (expense), net | 5.9 |  |  | (16.4 | ) |  | 10.7 |  |  | — |  |  | 0.2 |
Total other (expenses) income | (28.6 | ) |  | (53.1 | ) |  | 12.8 |  |  | — |  |  | (68.9 | )
Earnings (loss) from continuing operations before taxes on earnings | 24.8 |  |  | 131.1 |  |  | 42.9 |  |  | (105.1 | ) |  | 93.7 |
(Benefit) provision for taxes on earnings | (43.2 | ) |  | 45.3 |  |  | 15.7 |  |  | — |  |  | 17.8 |
Earnings (loss) from continuing operations | 68.0 |  |  | 85.8 |  |  | 27.2 |  |  | (105.1 | ) |  | 75.9 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (2.2 | ) |  | (9.5 | ) |  | — |  |  | (11.7 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.6 | )
Net earnings (loss) | 68.0 |  |  | 83.6 |  |  | 16.1 |  |  | (105.1 | ) |  | 62.6 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (5.4 | ) |  | — |  |  | (5.4 | )
Net earnings (loss) attributable to Manitowoc | $ | 68.0 |  |  | $ | 83.6 |  |  | $ | 21.5 |  |  | $ | (105.1 | ) |  | $ | 68.0 |
Comprehensive income (loss) attributable to Manitowoc | $ | 51.9 |  |  | $ | 83.5 |  |  | $ | 10.7 |  |  | $ | (94.2 | ) |  | $ | 51.9 |
Condensed Consolidating Balance Sheet | The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of June 30, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5.6 |  |  | $ | 7.0 |  |  | $ | 90.9 |  |  | $ | — |  |  | $ | 103.5 |
Restricted cash | 2.8 |  |  | — |  |  | 23.0 |  |  | — |  |  | 25.8 |
Accounts receivable — net | 0.7 |  |  | 10.9 |  |  | 305.3 |  |  | — |  |  | 316.9 |
Intercompany short term note receivable | — |  |  | — |  |  | 59.7 |  |  | (59.7 | ) |  | — |
Intercompany interest receivable | 35.4 |  |  | 3.1 |  |  | — |  |  | (38.5 | ) |  | — |
Inventories — net | — |  |  | 346.1 |  |  | 484.8 |  |  | — |  |  | 830.9 |
Deferred income taxes | 74.2 |  |  | — |  |  | 14.6 |  |  | — |  |  | 88.8 |
Other current assets | 3.8 |  |  | 2.1 |  |  | 120.3 |  |  | — |  |  | 126.2 |
Total current assets | 122.5 |  |  | 369.2 |  |  | 1,098.6 |  |  | (98.2 | ) |  | 1,492.1 |
Property, plant and equipment — net | 6.0 |  |  | 316.5 |  |  | 279.1 |  |  | — |  |  | 601.6 |
Goodwill | — |  |  | 960.5 |  |  | 257.8 |  |  | — |  |  | 1,218.3 |
Other intangible assets — net | — |  |  | 576.5 |  |  | 172.6 |  |  | — |  |  | 749.1 |
Intercompany long-term receivable | 960.8 |  |  | 158.5 |  |  | 905.9 |  |  | (2,025.2 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,618.2 |  |  | 739.9 |  |  | (2,358.1 | ) |  | — |
Other non-current assets | 40.1 |  |  | 3.3 |  |  | 83.3 |  |  | — |  |  | 126.7 |
Investment in affiliates | 4,477.4 |  |  | 3,506.9 |  |  | — |  |  | (7,984.3 | ) |  | — |
Total assets | $ | 5,606.8 |  |  | $ | 7,509.6 |  |  | $ | 3,537.2 |  |  | $ | (12,465.8 | ) |  | $ | 4,187.8 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 46.3 |  |  | $ | 396.8 |  |  | $ | 397.5 |  |  | $ | — |  |  | $ | 840.6 |
Short-term borrowings and current portion of long-term debt | 23.9 |  |  | 3.6 |  |  | 47.2 |  |  | — |  |  | 74.7 |
Intercompany short term note payable | 59.7 |  |  | — |  |  | — |  |  | (59.7 | ) |  | — |
Intercompany interest payable | 3.1 |  |  | — |  |  | 35.4 |  |  | (38.5 | ) |  | — |
Product warranties | — |  |  | 44.5 |  |  | 34.4 |  |  | — |  |  | 78.9 |
Customer advances | — |  |  | 6.7 |  |  | 20.3 |  |  | — |  |  | 27.0 |
Product liabilities | — |  |  | 22.3 |  |  | 3.8 |  |  | — |  |  | 26.1 |
Total current liabilities | 133.0 |  |  | 473.9 |  |  | 538.6 |  |  | (98.2 | ) |  | 1,047.3 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,699.0 |  |  | 20.1 |  |  | 27.9 |  |  | — |  |  | 1,747.0 |
Deferred income taxes | 165.3 |  |  | — |  |  | 66.4 |  |  | — |  |  | 231.7 |
Pension obligations | 90.1 |  |  | 8.1 |  |  | 4.5 |  |  | — |  |  | 102.7 |
Postretirement health and other benefit obligations | 40.2 |  |  | 2.1 |  |  | 1.8 |  |  | — |  |  | 44.1 |
Long-term deferred revenue | — |  |  | 8.3 |  |  | 27.1 |  |  | — |  |  | 35.4 |
Intercompany long-term note payable | 183.3 |  |  | 834.6 |  |  | 1,007.3 |  |  | (2,025.2 | ) |  | — |
Intercompany accounts payable | 2,358.1 |  |  | — |  |  | — |  |  | (2,358.1 | ) |  | — |
Other non-current liabilities | 92.4 |  |  | 14.0 |  |  | 27.8 |  |  | — |  |  | 134.2 |
Total non-current liabilities | 4,628.4 |  |  | 887.2 |  |  | 1,162.8 |  |  | (4,383.3 | ) |  | 2,295.1 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity | 845.4 |  |  | 6,148.5 |  |  | 1,835.8 |  |  | (7,984.3 | ) |  | 845.4 |
Total liabilities and equity | $ | 5,606.8 |  |  | $ | 7,509.6 |  |  | $ | 3,537.2 |  |  | $ | (12,465.8 | ) |  | $ | 4,187.8 |
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 Six Months Ended June 30, 2014 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used for) provided by operating activities of continuing operations | $ | (110.9 | ) |  | $ | 28.3 |  |  | $ | (109.5 | ) |  | $ | — |  |  | $ | (192.1 | )
Cash used for operating activities of discontinued operations | — |  |  | (0.4 | ) |  | (6.7 | ) |  | — |  |  | (7.1 | )
Net cash (used for) provided by operating activities | (110.9 | ) |  | 27.9 |  |  | (116.2 | ) |  | — |  |  | (199.2 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (0.1 | ) |  | (21.7 | ) |  | (13.2 | ) |  | — |  |  | (35.0 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Restricted cash | — |  |  | — |  |  | (13.2 | ) |  | — |  |  | (13.2 | )
Intercompany investments | (100.3 | ) |  | (14.0 | ) |  | 179.8 |  |  | (65.5 | ) |  | — |
Net cash (used for) provided by investing activities | (100.4 | ) |  | (35.7 | ) |  | 155.5 |  |  | (65.5 | ) |  | (46.1 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds on revolving credit facility—net | 268.0 |  |  | — |  |  | — |  |  | — |  |  | 268.0 |
Payments on long-term debt | (567.8 | ) |  | (0.3 | ) |  | (15.5 | ) |  | — |  |  | (583.6 | )
Proceeds from long-term debt | 550.0 |  |  | 21.2 |  |  | 40.5 |  |  | — |  |  | 611.7 |
Payments on notes financing—net | — |  |  | — |  |  | (12.6 | ) |  | — |  |  | (12.6 | )
Debt issuance costs | (4.9 | ) |  | — |  |  | — |  |  | — |  |  | (4.9 | )
Exercises of stock options | 22.8 |  |  | — |  |  | — |  |  | — |  |  | 22.8 |
Intercompany financing | (52.4 | ) |  | (9.4 | ) |  | (3.7 | ) |  | 65.5 |  |  | — |
Net cash provided by financing activities of continuing operations | 215.7 |  |  | 11.5 |  |  | 8.7 |  |  | 65.5 |  |  | 301.4 |
Net cash used for financing activities of discontinued operations | — |  |  | — |  |  | (7.2 | ) |  | — |  |  | (7.2 | )
Net cash provided by financing activities | 215.7 |  |  | 11.5 |  |  | 1.5 |  |  | 65.5 |  |  | 294.2 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Net increase in cash and cash equivalents | 4.4 |  |  | 3.7 |  |  | 40.5 |  |  | — |  |  | 48.6 |
Balance at beginning of period | 1.2 |  |  | 3.3 |  |  | 50.4 |  |  | — |  |  | 54.9 |
Balance at end of period | $ | 5.6 |  |  | $ | 7.0 |  |  | $ | 90.9 |  |  | $ | — |  |  | $ | 103.5 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2013 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used for) provided by operating activities of continuing operations | $ | (37.8 | ) |  | $ | 45.4 |  |  | $ | (62.5 | ) |  | $ | — |  |  | $ | (54.9 | )
Cash used for operating activities of discontinued operations | — |  |  | (2.2 | ) |  | (5.3 | ) |  | — |  |  | (7.5 | )
Net cash (used for) provided by operating activities | (37.8 | ) |  | 43.2 |  |  | (67.8 | ) |  | — |  |  | (62.4 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (27.2 | ) |  | (19.3 | ) |  | — |  |  | (46.5 | )
Proceeds from sale of property, plant and equipment | — |  |  | 0.2 |  |  | 0.7 |  |  | — |  |  | 0.9 |
Restricted cash | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Proceeds from sale of business | — |  |  | — |  |  | 39.2 |  |  | — |  |  | 39.2 |
Intercompany investments | (45.3 | ) |  | 1.6 |  |  | 61.3 |  |  | (17.6 | ) |  | — |
Net cash (used for) provided by investing activities of continuing operations | (45.3 | ) |  | (25.4 | ) |  | 81.7 |  |  | (17.6 | ) |  | (6.6 | )
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Net cash (used for) provided by investing activities | (45.3 | ) |  | (25.4 | ) |  | 81.3 |  |  | (17.6 | ) |  | (7.0 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility—net | 103.9 |  |  | — |  |  | 0.2 |  |  | — |  |  | 104.1 |
Payments on long-term debt | (28.4 | ) |  | (0.3 | ) |  | (10.1 | ) |  | — |  |  | (38.8 | )
Proceeds from long-term debt | — |  |  | — |  |  | 19.3 |  |  | — |  |  | 19.3 |
Payments on notes financing—net | — |  |  | — |  |  | 2.3 |  |  | — |  |  | 2.3 |
Exercises of stock options | 2.9 |  |  | — |  |  | — |  |  | — |  |  | 2.9 |
Intercompany financing | — |  |  | (11.3 | ) |  | (6.3 | ) |  | 17.6 |  |  | — |
Net cash provided by (used for) financing activities | 78.4 |  |  | (11.6 | ) |  | 5.4 |  |  | 17.6 |  |  | 89.8 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.0 | ) |  | — |  |  | (2.0 | )
Net (decrease) increase in cash and cash equivalents | (4.7 | ) |  | 6.2 |  |  | 16.9 |  |  | — |  |  | 18.4 |
Balance at beginning of period | 12.0 |  |  | 4.0 |  |  | 57.2 |  |  | — |  |  | 73.2 |
Balance at end of period | $ | 7.3 |  |  | $ | 10.2 |  |  | $ | 74.1 |  |  | $ | — |  |  | $ | 91.6 |

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