Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of components of period benefit costs

The components of period benefit costs for the years ended December 31, 2014, 2013 and 2012 are as follows:



	US Pension Plans									Non-US Pension Plans									Postretirement Health and Other
(in millions)	2014			2013			2012			2014			2013			2012			2014			2013			2012
Service cost - benefits earned during the year	$	—		$	—		$	—		$	2.4		$	2.4		$	2.2		$	0.4		$	0.6		$	0.8
Interest cost of projected benefit obligation	10.3			9.6			10.2			11.3			9.8			10.2			2.1			2.0			2.8
Expected return on assets	(9.5		)	(10.2		)	(10.2		)	(9.4		)	(7.4		)	(8.2		)	—			—			—
Amortization of prior service cost	—			—			—			0.1			0.1			0.1			(0.3		)	(0.1		)	—
Amortization of actuarial net loss (gain)	2.9			3.5			2.9			1.5			1.9			0.8			(0.1		)	—			0.4
Curtailment gain recognized	—			—			—			—			—			—			—			(0.8		)	—
Settlement gain recognized	—			—			—			—			—			(1.6		)	—			—			—
Net periodic benefit cost	$	3.7		$	2.9		$	2.9		$	5.9		$	6.8		$	3.5		$	2.1		$	1.7		$	4.0
Weighted average assumptions:
Discount rate	4.9		%	4.1		%	4.6		%	4.3		%	4.0		%	4.7		%	4.5		%	3.5		%	4.6		%
Expected return on plan assets	6.0		%	5.8		%	6.0		%	4.5		%	3.9		%	4.5		%	N/A			N/A			N/A
Rate of compensation increase	N/A			N/A			N/A			4.3		%	3.8		%	3.7		%	1.5		%	3.0		%	3.0		%

Reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status

The following is a reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status as of December 31, 2014 and 2013:



	US Pension Plans						Non-US Pension Plans						Postretirement Health and Other
(in millions)	2014			2013			2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation, beginning of year	$	213.7		$	241.4		$	263.2		$	255.0		$	48.5		$	57.5
Service cost	—			—			2.4			2.4			0.4			0.6
Interest cost	10.3			9.6			11.3			9.8			2.1			2.0
Participant contributions	—			—			0.1			0.1			2.3			2.6
Medicare subsidies received	—			—			—			—			0.4			0.4
Plan curtailments	—			—			—			—			—			(0.7		)
Plan settlements	1.7			—			—			(0.1		)	—			—
Plan amendments	—			—			—			—			—			(0.4		)
Net transfer out	—			—			(0.3		)	(0.3		)	—			—
Actuarial (gain) loss	30.2			(19.4		)	32.9			3.9			10.3			(7.2		)
Currency translation adjustment	—			—			(17.4		)	4.6			(0.1		)	(0.2		)
Benefits paid	(20.0		)	(17.9		)	(12.7		)	(12.2		)	(6.9		)	(6.1		)
Benefit obligation, end of year	$	235.9		$	213.7		$	279.5		$	263.2		$	57.0		$	48.5
Change in Plan Assets
Fair value of plan assets, beginning of year	$	162.6		$	180.6		$	211.1		$	199.5		$	—		$	—
Actual return on plan assets	16.1			(1.3		)	22.4			16.5			—			—
Employer contributions	1.3			1.2			4.8			4.2			4.2			3.1
Participant contributions	—			—			0.1			0.1			2.3			2.6
Medicare subsidies received	—			—			—			—			0.4			0.4
Plan settlements	—			—			—			(0.1		)	—			—
Currency translation adjustment	—			—			(11.7		)	3.5			—			—
Net transfer out	—			—			—			(0.4		)	—			—
Benefits paid	(20.0		)	(17.9		)	(12.7		)	(12.2		)	(6.9		)	(6.1		)
Fair value of plan assets, end of year	160.0			162.6			214.0			211.1			—			—
Funded status	$	(75.9	)	$	(51.1	)	$	(65.5	)	$	(52.1	)	$	(57.0	)	$	(48.5	)
Amounts recognized in the Consolidated Balance sheet at December 31
Pension asset	$	—		$	—		$	—		$	0.3		$	—		$	—
Pension obligation	(75.9		)	(51.1		)	(65.5		)	(52.4		)	—			—
Postretirement health and other benefit obligations	—			—			—			—			(57.0		)	(48.5		)
Net amount recognized	$	(75.9	)	$	(51.1	)	$	(65.5	)	$	(52.1	)	$	(57.0	)	$	(48.5	)
Weighted-Average Assumptions
Discount rate	4.1		%	4.9		%	3.3		%	4.3		%	3.7		%	4.5		%
Expected return on plan assets	6.0		%	5.8		%	4.5		%	3.9		%	N/A			N/A
Rate of compensation increase	N/A			N/A			3.9		%	4.3		%	1.5		%	1.5		%

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income as of December 31, 2014 and 2013, consist of the following:



	Pensions						Postretirement Health and Other
(in millions)	2014			2013			2014			2013
Net actuarial gain (loss)	$	(128.5	)	$	(93.4	)	$	(5.8	)	$	4.6
Prior service credit	(0.8		)	(1.0		)	—			0.3
Total amount recognized	$	(129.3	)	$	(94.4	)	$	(5.8	)	$	4.9

Summary of the sensitivity of retirement obligations and retirement benefit costs of plans to changes in the key assumptions

The following table summarizes the sensitivity of our December 31, 2014 retirement obligations and 2015 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions):



Change in assumption:	Estimated increase (decrease) in 2015 pension cost			Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2014			Estimated increase (decrease) in 2015 Other Postretirement Benefit costs			Estimated increase (decrease) in Other Postretirement Benefit Obligation for the year ended December 31, 2014
0.50% increase in discount rate	$	(1.5	)	$	(31.7	)	$	—		$	(2.5	)
0.50% decrease in discount rate	2.2			37.5			0.2			2.7
0.50% increase in long-term return on assets	(1.8		)	N/A			N/A			N/A
0.50% decrease in long-term return on assets	1.8			N/A			N/A			N/A
1% increase in medical trend rates	N/A			N/A			0.9			5.0
1% decrease in medical trend rates	N/A			N/A			(0.4		)	(4.4		)

Schedule of the actual allocations for the pension assets and target allocations by asset class

The actual allocations for the pension assets at December 31, 2014, and target allocations by asset class, are as follows:



	Target Allocations			Weighted Average Asset Allocations
	U.S. Plans		International Plans	U.S. Plans		International Plans
Equity Securities	25	%	0 - 25%	24.5	%	25.0	%
Debt Securities	75	%	0 - 100%	74.9	%	19.6	%
Other	—	%	0 - 100%	0.6	%	55.4	%

Schedule of plan assets using the fair value hierarchy

The following table presents our plan assets using the fair value hierarchy as of December 31, 2014 and 2013. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs.



	December 31, 2014
Assets (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash	$	1.7	$	—	$	—	$	1.7
Insurance group annuity contracts	—		—		117.7		117.7
Common/collective trust funds — Government debt	—		—		—		—
Common/collective trust funds — Corporate and other non-government debt	—		47.5		—		47.5
Common/collective trust funds — Government, corporate and other non-government debt	—		109.9		—		109.9
Common/collective trust funds — Corporate equity	—		92.9		—		92.9
Common/collective trust funds — Customized strategy	—		4.3		—		4.3
Total	$	1.7	$	254.6	$	117.7	$	374.0



	December 31, 2013
Assets (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Cash	$	1.7	$	—	$	—	$	1.7
Insurance group annuity contracts	—		—		118.3		118.3
Common/collective trust funds — Government debt	—		3.0		—		3.0
Common/collective trust funds — Corporate and other non-government debt	—		49.6		—		49.6
Common/collective trust funds — Government, corporate and other non-government debt	—		111.6		—		111.6
Common/collective trust funds — Corporate equity	—		84.3		—		84.3
Common/collective trust funds — Customized strategy	—		5.2		—		5.2
Total	$	1.7	$	253.7	$	118.3	$	373.7

Reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year

A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:



	Insurance Contracts Year Ended December 31,
(in millions)	2014			2013
Beginning Balance	$	118.3		$	111.1
Actual return on assets	12.7			12.1
Benefit payments	(7.1		)	(6.8		)
Foreign currency impact	(6.2		)	1.9
Ending Balance	$	117.7		$	118.3

Schedule of projected benefit payments from the plans

Projected benefit payments from the plans as of December 31, 2014 are estimated as follows:



(in millions)	U.S Pension Plans		Non-U.S. Pension Plans		Postretirement Health and Other
2015	$	12.3	$	12.7	$	4.4
2016	12.8		13.2		4.5
2017	13.2		14.3		4.6
2018	13.7		14.7		4.9
2019	14.1		15.5		4.9
2020 — 2024	73.4		89.1		21.4

Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2014 and 2013 is as follows:



	U.S Pension Plans				Non U.S. Pension Plans
(in millions)	2014		2013		2014		2013
Projected benefit obligation	$	235.9	$	213.7	$	274.8	$	259.4
Accumulated benefit obligation	235.9		213.7		269.9		254.2
Fair value of plan assets	160.0		162.6		210.1		206.9

Expiration dates of the collective bargaining agreements and contributions to the plans

The contributions by the company to the multiemployer plan for the years ended December 31, 2014, 2013 and 2012 are as follows:



(in millions)			Contributions by Manitowoc
Pension Fund	EIN / Pension Plan Number		2014		2013		2012
Sheet Metal Workers’ National Pension Fund	52-6112463 / 001		$	—	$	0.3	$	0.9
		Total Contributions	$	—	$	0.3	$	0.9

U.S. Pension Plans

Employee benefit plans

Schedule of the weighted-average asset allocations of the pension plans

The weighted-average asset allocations of the U.S. pension plans at December 31, 2014 and 2013, by asset category are as follows:



	2014		2013
Equity	24.5	%	26.1	%
Fixed income	74.9	%	73.4	%
Other	0.6	%	0.5	%
	100.0	%	100.0	%

Non-U.S. Pension Plans

Employee benefit plans

Schedule of the weighted-average asset allocations of the pension plans

The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2014 and 2013, by asset category are as follows:



	2014		2013
Equity	25.0	%	20.2	%
Fixed income	19.6	%	23.8	%
Other	55.4	%	56.0	%
	100.0	%	100.0	%