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Subsidiary Guarantors of 2020 Notes and 2022 Notes
 3 Months Ended
Mar. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Subsidiary Guarantors of Senior Notes due 2013, Senior Notes due 2018 and Senior Notes due 2020
Subsidiary Guarantors of 2020 Notes and 2022 Notes
 
The following tables present condensed consolidating financial information for (a) The Manitowoc Company, Inc. (Parent); (b) the guarantors of the 2020 Notes and 2022 Notes, which include substantially all of the domestic, 100% owned subsidiaries of the company (Subsidiary Guarantors); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the 2020 Notes and 2022 Notes (Non-Guarantor Subsidiaries).  Separate financial statements of the Subsidiary Guarantors are not presented because the guarantors are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions.
The Manitowoc Company, Inc.
Condensed Consolidating Statement of Operations
For the Three Months Ended March 31, 2015
(In millions)
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
476.0

 
$
419.9

 
$
(143.8
)
 
$
752.1

Costs and expenses:
 

 
 

 
 

 
 

 
 

Cost of sales
—

 
381.9

 
331.5

 
(143.8
)
 
569.6

Engineering, selling and administrative expenses
18.0

 
76.2

 
64.4

 
—

 
158.6

Amortization expense
—

 
7.4

 
1.2

 
—

 
8.6

Restructuring expense
—

 
0.9

 
0.2

 
—

 
1.1

Separation expense
1.5

 
—

 
—

 
—

 
1.5

Equity in loss (earnings) of subsidiaries
66.2

 
(9.0
)
 
—

 
(57.2
)
 
—

Total costs and expenses
85.7

 
457.4

 
397.3

 
(201.0
)
 
739.4

 
 
 
 
 
 
 
 
 
 
Operating (loss) earnings from continuing operations
(85.7
)
 
18.6

 
22.6

 
57.2

 
12.7

 
 
 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
 
 
Interest expense
(21.5
)
 
(0.6
)
 
(1.5
)
 
—

 
(23.6
)
Amortization of deferred financing fees
(1.1
)
 
—

 
—

 
—

 
(1.1
)
Management fee income (expense)
16.0

 
(15.3
)
 
(0.7
)
 
—

 
—

Other income (expense), net
74.1

 
(5.2
)
 
5.4

 
(71.8
)
 
2.5

Total other income (expenses)
67.5

 
(21.1
)
 
3.2

 
(71.8
)
 
(22.2
)
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations before taxes on earnings
(18.2
)
 
(2.5
)
 
25.8

 
(14.6
)
 
(9.5
)
(Benefit) provision for taxes on income
(9.8
)
 
(1.1
)
 
9.7

 
—

 
(1.2
)
(Loss) earnings from continuing operations
(8.4
)
 
(1.4
)
 
16.1

 
(14.6
)
 
(8.3
)
 
 
 
 
 
 
 
 
 
 
Discontinued operations:
 
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of income taxes
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Loss on sale of discontinued operations, net of income taxes
—

 
—

 
—

 
—

 
—

Net (loss) earnings
(8.4
)
 
(1.5
)
 
16.1

 
(14.6
)
 
(8.4
)
Less: Net earnings attributable to noncontrolling interest
—

 
—

 
—

 
—

 
—

Net (loss) earnings attributable to Manitowoc
$
(8.4
)
 
$
(1.5
)
 
$
16.1

 
$
(14.6
)
 
$
(8.4
)
 
 
 
 
 
 
 
 
 
 
Comprehensive (loss) income attributable to Manitowoc
$
(73.9
)
 
$
(7.4
)
 
$
35.2

 
$
(27.8
)
 
$
(73.9
)
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
—

 
417.9

 
334.5

 
(128.1
)
 
624.3

Engineering, selling and administrative expenses
15.2

 
73.1

 
73.0

 
—

 
161.3

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 (loss) earnings 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 (expenses) income
(22.4
)
 
(25.3
)
 
2.7

 
—

 
(45.0
)
 
 
 
 
 
 
 
 
 
 
(Loss) earnings from continuing operations before taxes on earnings
(24.6
)
 
31.7

 
23.9

 
(22.4
)
 
8.6

(Benefit) provision for taxes on earnings
(15.8
)
 
12.2

 
6.2

 
—

 
2.6

(Loss) earnings 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 (loss) earnings
(8.8
)
 
19.4

 
6.9

 
(22.4
)
 
(4.9
)
Less: Net loss attributable to noncontrolling interest
—

 
—

 
3.9

 
—

 
3.9

Net (loss) earnings attributable to Manitowoc
$
(8.8
)
 
$
19.4

 
$
3.0

 
$
(22.4
)
 
$
(8.8
)
 
 
 
 
 
 
 
 
 
 
Comprehensive (loss) income attributable to Manitowoc
$
(5.7
)
 
$
18.2

 
$
(1.6
)
 
$
(16.6
)
 
$
(5.7
)


 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
The Manitowoc Company, Inc.
Condensed Consolidating Balance Sheet
as of March 31, 2015
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
1.9

 
$
3.1

 
$
63.2

 
$
—

 
$
68.2

Restricted cash
2.8

 
—

 
20.6

 
—

 
23.4

Accounts receivable — net
0.2

 
—

 
256.6

 
(20.4
)
 
236.4

Intercompany short term note receivable
—

 
—

 
109.0

 
(109.0
)
 
—

Intercompany interest receivable
43.3

 
3.2

 
—

 
(46.5
)
 
—

Inventories — net
—

 
359.8

 
335.1

 
—

 
694.9

Deferred income taxes
69.2

 
—

 
0.7

 
—

 
69.9

Other current assets
4.1

 
6.7

 
147.6

 
—

 
158.4

Total current assets
121.5

 
372.8

 
932.8

 
(175.9
)
 
1,251.2

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment — net
7.8

 
325.1

 
233.1

 
—

 
566.0

Goodwill
—

 
960.5

 
222.9

 
—

 
1,183.4

Other intangible assets — net
—

 
554.2

 
139.4

 
—

 
693.6

Intercompany long-term receivable
805.0

 
195.3

 
848.7

 
(1,849.0
)
 
—

Intercompany accounts receivable
—

 
1,516.0

 
674.8

 
(2,190.8
)
 
—

Other non-current assets
65.0

 
3.2

 
54.5

 
—

 
122.7

Investment in affiliates
4,293.3

 
3,654.8

 
—

 
(7,948.1
)
 
—

Total assets
$
5,292.6

 
$
7,581.9

 
$
3,106.2

 
$
(12,163.8
)
 
$
3,816.9

 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 

 
 

 
 

 
 

 
 

Current Liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable and accrued expenses
$
26.8

 
$
400.9

 
$
333.7

 
$
(20.4
)
 
$
741.0

Short-term borrowings and current portion of long-term debt
26.7

 
4.1

 
35.7

 
—

 
66.5

Intercompany short term note payable
109.0

 
—

 
—

 
(109.0
)
 
—

Intercompany interest payable
3.2

 
—

 
43.3

 
(46.5
)
 
—

Product warranties
—

 
42.4

 
30.1

 
—

 
72.5

Customer advances
—

 
15.7

 
12.8

 
—

 
28.5

Product liabilities
—

 
23.5

 
2.4

 
—

 
25.9

Total current liabilities
165.7

 
486.6

 
458.0

 
(175.9
)
 
934.4

Non-Current Liabilities:
 

 
 

 
 

 
 

 
 

Long-term debt, less current portion
1,563.6

 
23.4

 
20.7

 
—

 
1,607.7

Deferred income taxes
165.1

 
—

 
13.7

 
—

 
178.8

Pension obligations
129.1

 
7.3

 
2.4

 
—

 
138.8

Postretirement health and other benefit obligations
48.8

 
2.2

 
1.3

 
—

 
52.3

Long-term deferred revenue
—

 
10.4

 
26.4

 
—

 
36.8

Intercompany long-term note payable
191.0

 
814.7

 
843.3

 
(1,849.0
)
 
—

Intercompany accounts payable
2,190.8

 
—

 
—

 
(2,190.8
)
 
—

Other non-current liabilities
79.7

 
9.0

 
20.6

 
—

 
109.3

Total non-current liabilities
4,368.1

 
867.0

 
928.4

 
(4,039.8
)
 
2,123.7

Equity
 

 
 

 
 

 
 

 
 

Total equity
758.8

 
6,228.3

 
1,719.8

 
(7,948.1
)
 
758.8

Total liabilities and equity
$
5,292.6

 
$
7,581.9

 
$
3,106.2

 
$
(12,163.8
)
 
$
3,816.9

The Manitowoc Company, Inc.
Condensed Consolidating Balance Sheet
as of December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Assets
 

 
 

 
 

 
 

 
 

Current Assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
1.6

 
$
3.3

 
$
63.1

 
$
—

 
$
68.0

Restricted cash
2.8

 
—

 
20.9

 
—

 
23.7

Accounts receivable — net
0.1

 
—

 
233.6

 
(6.3
)
 
227.4

Intercompany short term note receivable
—

 
—

 
201.7

 
(201.7
)
 
—

Intercompany interest receivable
41.5

 
3.2

 
—

 
(44.7
)
 
—

Inventories — net
—

 
306.3

 
338.2

 
—

 
644.5

Deferred income taxes
67.1

 
—

 
4.2

 
—

 
71.3

Other current assets
3.6

 
6.7

 
140.9

 
—

 
151.2

Current assets of discontinued operations
—

 
—

 
—

 
—

 
—

Total current assets
116.7

 
319.5

 
1,002.6

 
(252.7
)
 
1,186.1

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment — net
7.7

 
325.8

 
257.5

 
—

 
591.0

Goodwill
—

 
960.5

 
237.6

 
—

 
1,198.1

Other intangible assets — net
—

 
561.6

 
153.1

 
—

 
714.7

Intercompany long-term notes receivable
892.5

 
195.3

 
851.3

 
(1,939.1
)
 
—

Intercompany accounts receivable
—

 
1,619.7

 
796.8

 
(2,416.5
)
 
—

Other non-current assets
66.7

 
3.1

 
56.9

 
—

 
126.7

Long-term assets of discontinued operations
—

 
—

 
—

 
—

 
—

Investment in affiliates
4,423.6

 
3,629.4

 
—

 
(8,053.0
)
 
—

Total assets
$
5,507.2

 
$
7,614.9

 
$
3,355.8

 
$
(12,661.3
)
 
$
3,816.6

 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 

 
 

 
 

 
 

 
 

Current Liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable and accrued expenses
$
27.1

 
$
420.8

 
$
365.8

 
$
(6.3
)
 
$
807.4

Short-term borrowings and current portion of long-term debt
24.1

 
2.8

 
53.4

 
—

 
80.3

Intercompany short term note payable
201.7

 
—

 
—

 
(201.7
)
 
—

Intercompany interest payable
3.2

 
—

 
41.5

 
(44.7
)
 
—

Product warranties
—

 
45.2

 
32.5

 
—

 
77.7

Customer advances
—

 
7.3

 
14.0

 
—

 
21.3

Product liabilities
—

 
22.1

 
2.5

 
—

 
24.6

Current liabilities of discontinued operation
—

 
—

 
—

 
—

 
—

Total current liabilities
256.1

 
498.2

 
509.7

 
(252.7
)
 
1,011.3

Non-Current Liabilities:
 

 
 

 
 

 
 

 
 

Long-term debt, less current portion
1,393.0

 
25.3

 
24.9

 
—

 
1,443.2

Deferred income taxes
165.2

 
—

 
21.0

 
—

 
186.2

Pension obligations
129.1

 
7.9

 
4.0

 
—

 
141.0

Postretirement health and other benefit obligations
49.5

 
2.1

 
1.5

 
—

 
53.1

Long-term deferred revenue
—

 
10.7

 
27.2

 
—

 
37.9

Intercompany long-term note payable
191.0

 
813.5

 
934.6

 
(1,939.1
)
 
—

Intercompany accounts payable
2,416.5

 
—

 
—

 
(2,416.5
)
 
—

Other non-current liabilities
82.7

 
11.5

 
25.6

 
—

 
119.8

Long-term liabilities of discontinued operations
—

 
—

 
—

 
—

 
—

Total non-current liabilities
4,427.0

 
871.0

 
1,038.8

 
(4,355.6
)
 
1,981.2

Equity
 

 
 

 
 

 
 

 
 

Manitowoc stockholders' equity
824.1

 
6,245.7

 
1,807.3

 
(8,053.0
)
 
824.1

Noncontrolling interest
—

 
—

 
—

 
—

 
—

Total equity
824.1

 
6,245.7

 
1,807.3

 
(8,053.0
)
 
824.1

Total liabilities and equity
$
5,507.2

 
$
7,614.9

 
$
3,355.8

 
$
(12,661.3
)
 
$
3,816.6

The Manitowoc Company, Inc.
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2015
(In millions)
 
 
Parent
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used for) operating activities of continuing operations
$
52.1

 
$
(71.8
)
 
$
(44.1
)
 
$
(71.8
)
 
$
(135.6
)
Cash used for operating activities of discontinued operations
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Net cash provided (used for) by operating activities
52.1

 
(71.9
)
 
(44.1
)
 
(71.8
)
 
(135.7
)
 
 
 
 
 
 
 
 
 
 
Cash Flows from Investing:
 

 
 

 
 

 
 

 
 

Capital expenditures
(0.4
)
 
(7.5
)
 
(3.8
)
 
—

 
(11.7
)
Proceeds from sale of property, plant and equipment
—

 
—

 
2.0

 
—

 
2.0

Intercompany investments
(132.6
)
 
64.2

 
237.1

 
(168.7
)
 
—

Net cash (used for) provided by investing activities
(133.0
)
 
56.7

 
235.3

 
(168.7
)
 
(9.7
)
 
 
 
 
 
 
 
 
 
 
Cash Flows from Financing:
 

 
 

 
 

 
 

 
 

Proceeds on revolving credit facility—net
175.0

 
—

 
—

 
—

 
175.0

Payments on long-term debt
(4.4
)
 
(0.5
)
 
(18.0
)
 
—

 
(22.9
)
Proceeds from long-term debt
—

 
—

 
1.0

 
—

 
1.0

Payments on notes financing—net
—

 
—

 
(5.5
)
 
—

 
(5.5
)
Dividends paid


 
—

 
(71.8
)
 
71.8

 
—

Exercises of stock options
3.4

 
—

 
—

 
—

 
3.4

Intercompany financing
(92.8
)
 
15.5

 
(91.4
)
 
168.7

 
—

Net cash provided by (used for) financing activities of continuing operations
81.2

 
15.0

 
(185.7
)
 
240.5

 
151.0

Net cash used for financing activities of discontinued operations
—

 
—

 
—

 
—

 
—

Net cash provided by (used for) financing activities
81.2

 
15.0

 
(185.7
)
 
240.5

 
151.0

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
—

 
(5.4
)
 
—

 
(5.4
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
0.3

 
(0.2
)
 
0.1

 
—

 
0.2

 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
1.6

 
3.3

 
63.1

 
—

 
68.0

Balance at end of period
$
1.9

 
$
3.1

 
$
63.2

 
$
—

 
$
68.2

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 (used for) provided by investing activities of continuing operations
(147.6
)
 
34.1

 
154.1

 
(69.5
)
 
(28.9
)
Net cash used for investing activities of discontinued operations
—

 
—

 
—

 
—

 
—

Net cash (used for) provided by investing activities
(147.6
)
 
34.1

 
154.1

 
(69.5
)
 
(28.9
)
 
 
 
 
 
 
 
 
 
 
Cash Flows from Financing:
 

 
 

 
 

 
 

 
 

Proceeds from 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
)
Exercises of stock options
19.9

 
—

 
—

 
—

 
19.9

Intercompany financing
(76.2
)
 
(2.2
)
 
8.9

 
69.5

 
—

Net cash provided by (used for) 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