Subsidiary Guarantors of 2020 Notes and 2022 Notes (Tables)

6 Months Ended

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