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Subsidiary Guarantors of 2020 Notes and 2022 Notes (Tables) | 6 Months Ended
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Jun. 30, 2015
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, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 590.2 |  |  | $ | 455.6 |  |  | $ | (160.4 | ) |  | $ | 885.4 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 468.0 |  |  | 355.3 |  |  | (160.4 | ) |  | 662.9 |
Engineering, selling and administrative expenses | 10.9 |  |  | 66.2 |  |  | 67.6 |  |  | — |  |  | 144.7 |
Amortization expense | — |  |  | 7.4 |  |  | 1.2 |  |  | — |  |  | 8.6 |
Restructuring expense | — |  |  | 0.3 |  |  | (0.2 | ) |  | — |  |  | 0.1 |
Separation expense | 8.2 |  |  | 0.1 |  |  | — |  |  | — |  |  | 8.3 |
Other | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Equity in (earnings) loss of subsidiaries | (40.0 | ) |  | (6.9 | ) |  | — |  |  | 46.9 |  |  | — |
Total (earnings) and expenses | (20.9 | ) |  | 535.5 |  |  | 423.9 |  |  | (113.5 | ) |  | 825.0 |
Operating earnings (loss) from continuing operations | 20.9 |  |  | 54.7 |  |  | 31.7 |  |  | (46.9 | ) |  | 60.4 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest expense | (22.4 | ) |  | (0.6 | ) |  | (1.4 | ) |  | — |  |  | (24.4 | )
Amortization of deferred financing fees | (1.0 | ) |  | — |  |  | — |  |  | — |  |  | (1.0 | )
Management fee income (expense) | 16.2 |  |  | (16.1 | ) |  | (0.1 | ) |  | — |  |  | — |
Other income (expense), net | 3.3 |  |  | (8.0 | ) |  | 11.7 |  |  | (4.1 | ) |  | 2.9 |
Total other (expenses) income | (3.9 | ) |  | (24.7 | ) |  | 10.2 |  |  | (4.1 | ) |  | (22.5 | )
Earnings (loss) from continuing operations before taxes on earnings | 17.0 |  |  | 30.0 |  |  | 41.9 |  |  | (51.0 | ) |  | 37.9 |
(Benefit) provision for taxes on income | (6.3 | ) |  | 6.5 |  |  | 14.5 |  |  | — |  |  | 14.7 |
Earnings (loss) from continuing operations | 23.3 |  |  | 23.5 |  |  | 27.4 |  |  | (51.0 | ) |  | 23.2 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Gain from discontinued operations, net of income taxes | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) | 23.3 |  |  | 23.6 |  |  | 27.4 |  |  | (51.0 | ) |  | 23.3 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) attributable to Manitowoc | $ | 23.3 |  |  | $ | 23.6 |  |  | $ | 27.4 |  |  | $ | (51.0 | ) |  | $ | 23.3 |
Comprehensive income (loss) attributable to Manitowoc | $ | 37.6 |  |  | $ | 29.2 |  |  | $ | 23.7 |  |  | $ | (52.9 | ) |  | $ | 37.6 |
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 | — |  |  | 482.6 |  |  | 409.1 |  |  | (149.7 | ) |  | 742.0 |
Engineering, selling and administrative expenses | 14.2 |  |  | 70.9 |  |  | 80.4 |  |  | — |  |  | 165.5 |
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 (earnings) 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 |
(Benefit) provision for taxes on earnings | (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 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) | 46.6 |  |  | 27.9 |  |  | 32.3 |  |  | (60.2 | ) |  | 46.6 |
Less: Net loss 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 Six Months Ended June 30, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,066.2 |  |  | $ | 875.5 |  |  | $ | (304.2 | ) |  | $ | 1,637.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 849.9 |  |  | 686.8 |  |  | (304.2 | ) |  | 1,232.5 |
Engineering, selling and administrative expenses | 28.9 |  |  | 142.4 |  |  | 132.0 |  |  | — |  |  | 303.3 |
Amortization expense | — |  |  | 14.8 |  |  | 2.4 |  |  | — |  |  | 17.2 |
Restructuring expense | — |  |  | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Separation expense | 9.7 |  |  | 0.1 |  |  | — |  |  | — |  |  | 9.8 |
Other | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Equity in loss (earnings) of subsidiaries | 26.2 |  |  | (15.9 | ) |  | — |  |  | (10.3 | ) |  | — |
Total costs and expenses | 64.8 |  |  | 992.9 |  |  | 821.2 |  |  | (314.5 | ) |  | 1,564.4 |
Operating (loss) earnings from continuing operations | (64.8 | ) |  | 73.3 |  |  | 54.3 |  |  | 10.3 |  |  | 73.1 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (43.9 | ) |  | (1.2 | ) |  | (2.9 | ) |  | — |  |  | (48.0 | )
Amortization of deferred financing fees | (2.1 | ) |  | — |  |  | — |  |  | — |  |  | (2.1 | )
Management fee income (expense) | 32.2 |  |  | (31.4 | ) |  | (0.8 | ) |  | — |  |  | — |
Other income (expense), net | 77.4 |  |  | (13.2 | ) |  | 17.1 |  |  | (75.9 | ) |  | 5.4 |
Total other income (expenses) | 63.6 |  |  | (45.8 | ) |  | 13.4 |  |  | (75.9 | ) |  | (44.7 | )
(Loss) earnings from continuing operations before taxes on earnings | (1.2 | ) |  | 27.5 |  |  | 67.7 |  |  | (65.6 | ) |  | 28.4 |
(Benefit) provision for taxes on income | (16.1 | ) |  | 5.4 |  |  | 24.2 |  |  | — |  |  | 13.5 |
Earnings (loss) from continuing operations | 14.9 |  |  | 22.1 |  |  | 43.5 |  |  | (65.6 | ) |  | 14.9 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) | 14.9 |  |  | 22.1 |  |  | 43.5 |  |  | (65.6 | ) |  | 14.9 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) attributable to Manitowoc | $ | 14.9 |  |  | $ | 22.1 |  |  | $ | 43.5 |  |  | $ | (65.6 | ) |  | $ | 14.9 |
Comprehensive (loss) income attributable to Manitowoc | $ | (36.3 | ) |  | $ | 21.8 |  |  | $ | 58.9 |  |  | $ | (80.7 | ) |  | $ | (36.3 | )
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 | — |  |  | 900.5 |  |  | 743.6 |  |  | (277.8 | ) |  | 1,366.3 |
Engineering, selling and administrative expenses | 29.4 |  |  | 144.0 |  |  | 153.4 |  |  | — |  |  | 326.8 |
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 (earnings) 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 |
(Benefit) provision for taxes on earnings | (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 |
Condensed Consolidating Balance Sheet | The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of June 30, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3.9 |  |  | $ | 6.8 |  |  | $ | 57.0 |  |  | $ | — |  |  | $ | 67.7 |
Restricted cash | — |  |  | — |  |  | 20.2 |  |  | — |  |  | 20.2 |
Accounts receivable — net | 0.2 |  |  | — |  |  | 260.4 |  |  | (9.6 | ) |  | 251.0 |
Intercompany short term note receivable | — |  |  | — |  |  | 160.2 |  |  | (160.2 | ) |  | — |
Intercompany interest receivable | 50.0 |  |  | 3.3 |  |  | — |  |  | (53.3 | ) |  | — |
Inventories — net | — |  |  | 371.6 |  |  | 371.8 |  |  | — |  |  | 743.4 |
Deferred income taxes | 67.0 |  |  | — |  |  | 1.8 |  |  | — |  |  | 68.8 |
Other current assets | 4.4 |  |  | 2.1 |  |  | 123.0 |  |  | — |  |  | 129.5 |
Total current assets | 125.5 |  |  | 383.8 |  |  | 994.4 |  |  | (223.1 | ) |  | 1,280.6 |
Property, plant and equipment — net | 7.6 |  |  | 327.1 |  |  | 234.8 |  |  | — |  |  | 569.5 |
Goodwill | — |  |  | 960.5 |  |  | 224.4 |  |  | — |  |  | 1,184.9 |
Other intangible assets — net | — |  |  | 547.0 |  |  | 140.7 |  |  | — |  |  | 687.7 |
Intercompany long-term receivable | 818.6 |  |  | 195.3 |  |  | 850.4 |  |  | (1,864.3 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,542.6 |  |  | 1,358.7 |  |  | (2,901.3 | ) |  | — |
Other non-current assets | 63.5 |  |  | 3.4 |  |  | 55.9 |  |  | — |  |  | 122.8 |
Investment in affiliates | 5,061.7 |  |  | 3,649.3 |  |  | — |  |  | (8,711.0 | ) |  | — |
Total assets | $ | 6,076.9 |  |  | $ | 7,609.0 |  |  | $ | 3,859.3 |  |  | $ | (13,699.7 | ) |  | $ | 3,845.5 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 50.8 |  |  | $ | 394.6 |  |  | $ | 328.9 |  |  | $ | (9.6 | ) |  | $ | 764.7 |
Short-term borrowings and current portion of long-term debt | 29.3 |  |  | 4.0 |  |  | 34.2 |  |  | — |  |  | 67.5 |
Intercompany short term note payable | 160.2 |  |  | — |  |  | — |  |  | (160.2 | ) |  | — |
Intercompany interest payable | 3.3 |  |  | — |  |  | 50.0 |  |  | (53.3 | ) |  | — |
Product warranties | — |  |  | 43.0 |  |  | 30.6 |  |  | — |  |  | 73.6 |
Customer advances | — |  |  | 20.0 |  |  | 18.9 |  |  | — |  |  | 38.9 |
Product liabilities | — |  |  | 23.2 |  |  | 2.2 |  |  | — |  |  | 25.4 |
Total current liabilities | 243.6 |  |  | 484.8 |  |  | 464.8 |  |  | (223.1 | ) |  | 970.1 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,519.1 |  |  | 23.0 |  |  | 19.3 |  |  | — |  |  | 1,561.4 |
Deferred income taxes | 165.9 |  |  | — |  |  | 16.2 |  |  | — |  |  | 182.1 |
Pension obligations | 128.3 |  |  | 7.1 |  |  | 1.9 |  |  | — |  |  | 137.3 |
Postretirement health and other benefit obligations | 48.4 |  |  | 2.2 |  |  | 1.3 |  |  | — |  |  | 51.9 |
Long-term deferred revenue | — |  |  | 10.0 |  |  | 26.3 |  |  | — |  |  | 36.3 |
Intercompany long-term note payable | 191.0 |  |  | 815.9 |  |  | 857.4 |  |  | (1,864.3 | ) |  | — |
Intercompany accounts payable | 2,901.3 |  |  | — |  |  | — |  |  | (2,901.3 | ) |  | — |
Other non-current liabilities | 80.0 |  |  | 9.2 |  |  | 18.0 |  |  | — |  |  | 107.2 |
Total non-current liabilities | 5,034.0 |  |  | 867.4 |  |  | 940.4 |  |  | (4,765.6 | ) |  | 2,076.2 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity | 799.3 |  |  | 6,256.8 |  |  | 2,454.1 |  |  | (8,711.0 | ) |  | 799.2 |
Total liabilities and equity | $ | 6,076.9 |  |  | $ | 7,609.0 |  |  | $ | 3,859.3 |  |  | $ | (13,699.7 | ) |  | $ | 3,845.5 |
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 |
Condensed Consolidating Statement of Cash Flows | The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used for) operating activities of continuing operations | $ | 34.8 |  |  | $ | (38.9 | ) |  | $ | (0.2 | ) |  | $ | (75.9 | ) |  | $ | (80.2 | )
Cash used for operating activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided (used for) by operating activities | 34.8 |  |  | (38.9 | ) |  | (0.2 | ) |  | (75.9 | ) |  | (80.2 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (0.4 | ) |  | (16.1 | ) |  | (12.7 | ) |  | — |  |  | (29.2 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 5.1 |  |  | — |  |  | 5.1 |
Restricted cash | 2.8 |  |  | — |  |  | 0.2 |  |  | — |  |  | 3.0 |
Intercompany investments | (127.4 | ) |  | 60.8 |  |  | 186.6 |  |  | (120.0 | ) |  | — |
Net cash (used for) provided by investing activities | (125.0 | ) |  | 44.7 |  |  | 179.2 |  |  | (120 | ) |  | (21.1 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds on revolving credit facility—net | 142.0 |  |  | — |  |  | — |  |  | — |  |  | 142.0 |
Payments on long-term debt | (11.6 | ) |  | (1.0 | ) |  | (22.2 | ) |  | — |  |  | (34.8 | )
Proceeds from long-term debt | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Payments on notes financing—net | — |  |  | — |  |  | (9.3 | ) |  | — |  |  | (9.3 | )
Dividends paid |  |  |  | — |  |  | (75.9 | ) |  | 75.9 |  |  | — |
Exercises of stock options | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |
Intercompany financing | (41.8 | ) |  | (1.3 | ) |  | (76.9 | ) |  | 120.0 |  |  | — |
Net cash provided by (used for) financing activities of continuing operations | 92.5 |  |  | (2.3 | ) |  | (182.5 | ) |  | 195.9 |  |  | 103.6 |
Net cash used for financing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used for) financing activities | 92.5 |  |  | (2.3 | ) |  | (182.5 | ) |  | 195.9 |  |  | 103.6 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.6 | ) |  | — |  |  | (2.6 | )
Net increase (decrease) in cash and cash equivalents | 2.3 |  |  | 3.5 |  |  | (6.1 | ) |  | — |  |  | (0.3 | )
Balance at beginning of period | 1.6 |  |  | 3.3 |  |  | 63.1 |  |  | — |  |  | 68.0 |
Balance at end of period | $ | 3.9 |  |  | $ | 6.8 |  |  | $ | 57.0 |  |  | $ | — |  |  | $ | 67.7 |
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 of continuing operations | (100.4 | ) |  | (35.7 | ) |  | 155.5 |  |  | (65.5 | ) |  | (46.1 | )
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash (used for) provided by investing activities | (100.4 | ) |  | (35.7 | ) |  | 155.5 |  |  | (65.5 | ) |  | (46.1 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from 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 issue 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 |

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