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Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 | Subsidiary Guarantors of Senior Notes due 2020 and Senior Notes due 2022 The following tables present condensed consolidating financial information for (a) The Manitowoc Company, Inc. (Parent); (b) the guarantors of the Senior Notes due 2020 and the Senior Notes due 2022 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 Senior Notes due 2020 and the Senior Notes due 2022 (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 Year Ended December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 2,231.6 |  |  | $ | 1,798.0 |  |  | $ | (593.8 | ) |  | $ | 3,435.8 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 1,785.7 |  |  | 1,410.7 |  |  | (593.8 | ) |  | 2,602.6 |
Engineering, selling and administrative expenses | 53.8 |  |  | 281.0 |  |  | 252.8 |  |  | — |  |  | 587.6 |
Separation expense | 34.7 |  |  | 4.4 |  |  | 0.3 |  |  | — |  |  | 39.4 |
Amortization expense | — |  |  | 29.6 |  |  | 4.8 |  |  | — |  |  | 34.4 |
Asset impairment expense | — |  |  | 10.9 |  |  | 13.5 |  |  | — |  |  | 24.4 |
Restructuring expense | 3.7 |  |  | 3.1 |  |  | 7.2 |  |  | — |  |  | 14.0 |
Other expense | — |  |  | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Equity in loss (earnings) of subsidiaries | 160.6 |  |  | (23.6 | ) |  |  |  | (137.0 | ) |  | — |
Total costs and expenses | 252.8 |  |  | 2,092.0 |  |  | 1,689.3 |  |  | (730.8 | ) |  | 3,303.3 |
Operating (loss) earnings from continuing operations | (252.8 | ) |  | 139.6 |  |  | 108.7 |  |  | 137.0 |  |  | 132.5 |
Other (expense) income : |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (89.5 | ) |  | (2.5 | ) |  | (5.0 | ) |  | — |  |  | (97.0 | )
Amortization of deferred financing fees | (4.2 | ) |  | — |  |  | — |  |  | — |  |  | (4.2 | )
Loss on debt extinguishment | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Management fee income (expense) | 64.7 |  |  | (70.2 | ) |  | 5.5 |  |  |  |  |  | — |
Other income (expense) - net (1) | 304.8 |  |  | (82.7 | ) |  | 12.4 |  |  | (209.0 | ) |  | 25.5 |
Total other income (expense) | 275.6 |  |  | (155.4 | ) |  | 12.9 |  |  | (209.0 | ) |  | (75.9 | )
Earnings (loss) from continuing operations before taxes on earnings | 22.8 |  |  | (15.8 | ) |  | 121.6 |  |  | (72.0 | ) |  | 56.6 |
(Benefit) provision for taxes on earnings | (40.7 | ) |  | (34.9 | ) |  | 68.9 |  |  | — |  |  | (6.7 | )
Earnings (loss) from continuing operations | 63.5 |  |  | 19.1 |  |  | 52.7 |  |  | (72.0 | ) |  | 63.3 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings from discontinued operations, net of income taxes | — |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) | 63.5 |  |  | 19.3 |  |  | 52.7 |  |  | (72.0 | ) |  | 63.5 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) attributable to Manitowoc | $ | 63.5 |  |  | $ | 19.3 |  |  | $ | 52.7 |  |  | $ | (72.0 | ) |  | $ | 63.5 |
Comprehensive (loss) income attributable to Manitowoc | $ | (13.8 | ) |  | $ | 6.7 |  |  | $ | 48.4 |  |  | $ | (55.1 | ) |  | $ | (13.8 | )
(1) Parent Other Income includes of $209.0 million of inter-company dividend income The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 2,424.5 |  |  | $ | 2,076.1 |  |  | $ | (614.1 | ) |  | $ | 3,886.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 1,895.5 |  |  | 1,624.6 |  |  | (614.1 | ) |  | 2,906.0 |
Engineering, selling and administrative expenses | 49.8 |  |  | 281.8 |  |  | 304.4 |  |  | — |  |  | 636.0 |
Asset impairment expense | — |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Amortization expense | — |  |  | 29.6 |  |  | 5.5 |  |  | — |  |  | 35.1 |
Restructuring expense | — |  |  | 3.0 |  |  | 6.0 |  |  | — |  |  | 9.0 |
Other expense (income) | — |  |  | 0.3 |  |  | 0.2 |  |  | — |  |  | 0.5 |
Equity in (earnings) loss of subsidiaries | (165.6 | ) |  | (73.5 | ) |  | — |  |  | 239.1 |  |  | — |
Total costs and expenses | (115.8 | ) |  | 2,137.8 |  |  | 1,940.7 |  |  | (375.0 | ) |  | 3,587.7 |
Operating earnings (loss) from continuing operations | 115.8 |  |  | 286.7 |  |  | 135.4 |  |  | (239.1 | ) |  | 298.8 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (83.8 | ) |  | (1.9 | ) |  | (8.3 | ) |  | — |  |  | (94.0 | )
Amortization of deferred financing fees | (4.4 | ) |  | — |  |  | — |  |  | — |  |  | (4.4 | )
Loss on debt extinguishment | (25.5 | ) |  | — |  |  | — |  |  | — |  |  | (25.5 | )
Management fee income (expense) | 62.4 |  |  | (72.6 | ) |  | 10.2 |  |  | — |  |  | — |
Other income (expense) - net | 16.5 |  |  | 59.2 |  |  | (0.5 | ) |  | (80.7 | ) |  | (5.5 | )
Total other (expense) income | (34.8 | ) |  | (15.3 | ) |  | 1.4 |  |  | (80.7 | ) |  | (129.4 | )
Earnings (loss) from continuing operations before taxes on earnings | 81.0 |  |  | 271.4 |  |  | 136.8 |  |  | (319.8 | ) |  | 169.4 |
(Benefit) provision for taxes on earnings | (63.5 | ) |  | 45.3 |  |  | 26.8 |  |  | — |  |  | 8.6 |
Earnings (loss) from continuing operations | 144.5 |  |  | 226.1 |  |  | 110.0 |  |  | (319.8 | ) |  | 160.8 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (0.5 | ) |  | (0.9 | ) |  | — |  |  | (1.4 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (11.0 | ) |  | — |  |  | (11.0 | )
Net earnings (loss) | 144.5 |  |  | 225.6 |  |  | 98.1 |  |  | (319.8 | ) |  | 148.4 |
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Net earnings (loss) attributable to Manitowoc | $ | 144.5 |  |  | $ | 225.6 |  |  | $ | 94.2 |  |  | $ | (319.8 | ) |  | $ | 144.5 |
Comprehensive income (loss) attributable to Manitowoc | $ | 20.9 |  |  | $ | 217.8 |  |  | $ | 86.0 |  |  | $ | (303.8 | ) |  | $ | 20.9 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 2,631.3 |  |  | $ | 2,097.1 |  |  | $ | (680.3 | ) |  | $ | 4,048.1 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 2,038.1 |  |  | 1,668.5 |  |  | (680.3 | ) |  | 3,026.3 |
Engineering, selling and administrative expenses | 61.4 |  |  | 259.5 |  |  | 296.7 |  |  | — |  |  | 617.6 |
Amortization expense | — |  |  | 29.6 |  |  | 5.7 |  |  | — |  |  | 35.3 |
Restructuring expense | — |  |  | 0.7 |  |  | 4.1 |  |  | — |  |  | 4.8 |
Other expense | — |  |  | 0.5 |  |  | (0.8 | ) |  | — |  |  | (0.3 | )
Equity in (earnings) loss of subsidiaries | (199.6 | ) |  | (32.5 | ) |  | — |  |  | 232.1 |  |  | — |
Total costs and expenses | (138.2 | ) |  | 2,295.9 |  |  | 1,974.2 |  |  | (448.2 | ) |  | 3,683.7 |
Operating earnings (loss) from continuing operations | 138.2 |  |  | 335.4 |  |  | 122.9 |  |  | (232.1 | ) |  | 364.4 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (118.8 | ) |  | (1.0 | ) |  | (8.6 | ) |  | — |  |  | (128.4 | )
Amortization of deferred financing fees | (7.0 | ) |  | — |  |  | — |  |  | — |  |  | (7.0 | )
Loss on debt extinguishment | (3.0 | ) |  | — |  |  | — |  |  | — |  |  | (3.0 | )
Management fee income (expense) | 59.6 |  |  | (77.1 | ) |  | 17.5 |  |  | — |  |  | — |
Other income (expense) - net | (3.6 | ) |  | (32.6 | ) |  | 35.4 |  |  | — |  |  | (0.8 | )
Total other (expense) income | (72.8 | ) |  | (110.7 | ) |  | 44.3 |  |  | — |  |  | (139.2 | )
Earnings (loss) from continuing operations before taxes on earnings | 65.4 |  |  | 224.7 |  |  | 167.2 |  |  | (232.1 | ) |  | 225.2 |
(Benefit) provision for taxes on earnings | (76.4 | ) |  | 69.3 |  |  | 43.2 |  |  | — |  |  | 36.1 |
Earnings (loss) from continuing operations | 141.8 |  |  | 155.4 |  |  | 124.0 |  |  | (232.1 | ) |  | 189.1 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (2.3 | ) |  | (16.5 | ) |  | — |  |  | (18.8 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (2.7 | ) |  | — |  |  | (2.7 | )
Net earnings (loss) | 141.8 |  |  | 153.1 |  |  | 104.8 |  |  | (232.1 | ) |  | 167.6 |
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | 25.8 |  |  | — |  |  | 25.8 |
Net earnings (loss) attributable to Manitowoc | $ | 141.8 |  |  | $ | 153.1 |  |  | $ | 79.0 |  |  | $ | (232.1 | ) |  | $ | 141.8 |
Comprehensive income (loss) attributable to Manitowoc | $ | 164.3 |  |  | $ | 154.1 |  |  | $ | 62.9 |  |  | $ | (217.0 | ) |  | $ | 164.3 |
The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.4 |  |  | $ | 5.0 |  |  | $ | 57.0 |  |  | $ | — |  |  | $ | 63.4 |
Restricted cash | — |  |  | — |  |  | 17.5 |  |  | — |  |  | 17.5 |
Accounts receivable — net | 2.2 |  |  | — |  |  | 243.0 |  |  | (25.7 | ) |  | 219.5 |
Intercompany short term note receivable | — |  |  | — |  |  | 39.0 |  |  | (39.0 | ) |  | — |
Intercompany interest receivable | 37.6 |  |  | — |  |  | — |  |  | (37.6 | ) |  | — |
Inventories — net | — |  |  | 318.5 |  |  | 280.0 |  |  | — |  |  | 598.5 |
Deferred income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other current assets | 2.3 |  |  | 3.9 |  |  | 108.5 |  |  | — |  |  | 114.7 |
Current assets of discontinued operation | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current assets | 43.5 |  |  | 327.4 |  |  | 745.0 |  |  | (102.3 | ) |  | 1,013.6 |
Property, plant and equipment — net | 7.5 |  |  | 304.9 |  |  | 214.6 |  |  | — |  |  | 527.0 |
Goodwill | — |  |  | 932.5 |  |  | 219.8 |  |  | — |  |  | 1,152.3 |
Other intangible assets — net | — |  |  | 500.2 |  |  | 138.6 |  |  | — |  |  | 638.8 |
Intercompany long-term notes receivable | 897.0 |  |  | 255.9 |  |  | 33.8 |  |  | (1,186.7 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,236.6 |  |  | 680.8 |  |  | (1,917.4 | ) |  | — |
Other non-current assets | 34.4 |  |  | 3.4 |  |  | 70.2 |  |  | — |  |  | 108.0 |
Long-term assets held for sale | — |  |  | 3.7 |  |  | 5.5 |  |  | — |  |  | 9.2 |
Investment in affiliates | 3,785.1 |  |  | 2,232.4 |  |  | — |  |  | (6,017.5 | ) |  | — |
Total assets | $ | 4,767.5 |  |  | $ | 5,797.0 |  |  | $ | 2,108.3 |  |  | $ | (9,223.9 | ) |  | $ | 3,448.9 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 65.9 |  |  | $ | 391.3 |  |  | $ | 276.4 |  |  | $ | (25.7 | ) |  | $ | 707.9 |
Short-term borrowings and current portion of long-term debt | 71.8 |  |  | 2.3 |  |  | 32.5 |  |  | (39.0 | ) |  | 67.6 |
Intercompany short term note payable | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany interest payable | — |  |  | — |  |  | 37.6 |  |  | (37.6 | ) |  | — |
Product warranties | — |  |  | 40.7 |  |  | 29.6 |  |  | — |  |  | 70.3 |
Customer advances | — |  |  | 4.0 |  |  | 9.3 |  |  | — |  |  | 13.3 |
Product liabilities | — |  |  | 22.8 |  |  | 1.7 |  |  | — |  |  | 24.5 |
Current liabilities of discontinued operation | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current liabilities | 137.7 |  |  | 461.1 |  |  | 387.1 |  |  | (102.3 | ) |  | 883.6 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,311.8 |  |  | 21.8 |  |  | 12.4 |  |  | — |  |  | 1,346.0 |
Deferred income taxes | 89.4 |  |  | — |  |  | — |  |  | — |  |  | 89.4 |
Pension obligations | 118.6 |  |  | 6.6 |  |  | 3.5 |  |  | — |  |  | 128.7 |
Postretirement health and other benefit obligations | 44.0 |  |  | 2.2 |  |  | 1.2 |  |  | — |  |  | 47.4 |
Long-term deferred revenue | — |  |  | 10.1 |  |  | 23.8 |  |  | — |  |  | 33.9 |
Intercompany long-term note payable | 251.6 |  |  | 251.6 |  |  | 683.5 |  |  | (1,186.7 | ) |  | — |
Intercompany accounts payable | 1,917.4 |  |  | — |  |  | — |  |  | (1,917.4 | ) |  | — |
Other non-current liabilities | 77.6 |  |  | 11.3 |  |  | 11.5 |  |  | — |  |  | 100.4 |
Long-term liabilities of discontinued operation | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total non-current liabilities | 3,810.4 |  |  | 303.6 |  |  | 735.9 |  |  | (3,104.1 | ) |  | 1,745.8 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manitowoc stockholders’ equity | 819.4 |  |  | 5,032.3 |  |  | 985.3 |  |  | (6,017.5 | ) |  | 819.5 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity | 819.4 |  |  | 5,032.3 |  |  | 985.3 |  |  | (6,017.5 | ) |  | 819.5 |
Total liabilities and equity | $ | 4,767.5 |  |  | $ | 5,797.0 |  |  | $ | 2,108.3 |  |  | $ | (9,223.9 | ) |  | $ | 3,448.9 |
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 |  |  | 1.6 |  |  | 139.4 |  |  | — |  |  | 144.6 |
Current assets held for sale | — |  |  | 5.1 |  |  | 1.5 |  |  | — |  |  | 6.6 |
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 |  |  | 56.4 |  |  | — |  |  | 126.2 |
Other non-current assets held for sale | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
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 operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
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 year ended December 31, 2015 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used for) by operating activities of continuing operations | $ | 217.1 |  |  | $ | (11.1 | ) |  | $ | 99.3 |  |  | $ | (207.5 | ) |  | $ | 97.8 |
Cash provided by operating activities of discontinued operations | — |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Net cash provided by (used for) operating activities | $ | 217.1 |  |  | $ | (10.9 | ) |  | $ | 99.3 |  |  | $ | (207.5 | ) |  | $ | 98.0 |
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | (1.0 | ) |  | $ | (31.2 | ) |  | $ | (35.9 | ) |  | $ | — |  |  | $ | (68.1 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 7.3 |  |  | — |  |  | 7.3 |
Restricted cash | 2.8 |  |  | — |  |  | 2.0 |  |  | — |  |  | 4.8 |
Business acquisitions, net of cash acquired | — |  |  | — |  |  | (5.3 | ) |  | — |  |  | (5.3 | )
Proceeds from sale of business | 78.2 |  |  | — |  |  | — |  |  | — |  |  | 78.2 |
Intercompany investments | (118.0 | ) |  | 730.3 |  |  | 288.8 |  |  | (901.1 | ) |  | — |
Net cash provided by (used for) investing activities of continuing operations | $ | (38.0 | ) |  | $ | 699.1 |  |  | $ | 256.9 |  |  | $ | (901.1 | ) |  | $ | 16.9 |
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used for) investing activities | $ | (38.0 | ) |  | $ | 699.1 |  |  | $ | 256.9 |  |  | $ | (901.1 | ) |  | $ | 16.9 |
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt | $ | (74.2 | ) |  | $ | (2.7 | ) |  | $ | (29.2 | ) |  | $ | — |  |  | $ | (106.1 | )
Proceeds from long-term debt | — |  |  | — |  |  | 5.6 |  |  | — |  |  | 5.6 |
Payments on notes financing—net | — |  |  | — |  |  | (9.4 | ) |  | — |  |  | (9.4 | )
Dividends paid | (10.9 | ) |  | (137.4 | ) |  | (71.6 | ) |  | 209.0 |  |  | (10.9 | )
Exercises of stock options including windfall tax benefits | 7.9 |  |  | — |  |  | — |  |  | — |  |  | 7.9 |
Intercompany financing | (102.1 | ) |  | (546.4 | ) |  | (251.1 | ) |  | 899.6 |  |  | — |
Net cash (used for) provided by financing activities of continuing operations | $ | (179.3 | ) |  | $ | (686.5 | ) |  | $ | (355.7 | ) |  | $ | 1,108.6 |  |  | $ | (112.9 | )
Net cash used for financing activities of discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net cash (used for) provided by financing activities | $ | (179.3 | ) |  | $ | (686.5 | ) |  | $ | (355.7 | ) |  | $ | 1,108.6 |  |  | $ | (112.9 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (6.6 | ) |  | — |  |  | (6.6 | )
Net (decrease) increase in cash and cash equivalents | (0.2 | ) |  | 1.7 |  |  | (6.1 | ) |  | — |  |  | (4.6 | )
Balance at beginning of period | 1.6 |  |  | 3.3 |  |  | 63.1 |  |  | — |  |  | 68.0 |
Balance at end of period | $ | 1.4 |  |  | $ | 5.0 |  |  | $ | 57.0 |  |  | $ | — |  |  | $ | 63.4 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2014 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used for) provided by operating activities of continuing operations | $ | (124.3 | ) |  | $ | 243.4 |  |  | $ | 67.0 |  |  | $ | (80.7 | ) |  | $ | 105.4 |
Cash used for operating activities of discontinued operations | — |  |  | (0.4 | ) |  | (6.7 | ) |  | — |  |  | (7.1 | )
Net cash (used for) provided by operating activities | $ | (124.3 | ) |  | $ | 243.0 |  |  | $ | 60.3 |  |  | $ | (80.7 | ) |  | $ | 98.3 |
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | (2.2 | ) |  | $ | (51.3 | ) |  | $ | (31.3 | ) |  | $ | — |  |  | $ | (84.8 | )
Proceeds from sale of property, plant and equipment | — |  |  | 0.1 |  |  | 12.7 |  |  | — |  |  | 12.8 |
Restricted cash | — |  |  | — |  |  | (11.6 | ) |  | — |  |  | (11.6 | )
Intercompany investments | 77.4 |  |  | (213.9 | ) |  | 118.8 |  |  | 17.7 |  |  | — |
Net cash provided by (used for) investing activities of continuing operations | 75.2 |  |  | (265.1 | ) |  | 88.6 |  |  | 17.7 |  |  | (83.6 | )
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used for) investing activities | $ | 75.2 |  |  | $ | (265.1 | ) |  | $ | 88.6 |  |  | $ | 17.7 |  |  | $ | (83.6 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt | $ | (607.7 | ) |  | $ | (1.7 | ) |  | $ | (29.3 | ) |  | $ | — |  |  | $ | (638.7 | )
Proceeds from long-term debt | 550.0 |  |  | 26.8 |  |  | 63.5 |  |  | — |  |  | 640.3 |
Proceeds from notes financing—net | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Debt issue costs | (5.2 | ) |  | — |  |  | — |  |  | — |  |  | (5.2 | )
Dividends paid | (10.8 | ) |  | — |  |  | (80.7 | ) |  | 80.7 |  |  | (10.8 | )
Exercises of stock options including windfall tax benefits | 25.9 |  |  | — |  |  | — |  |  | — |  |  | 25.9 |
Intercompany financing | 97.3 |  |  | (3.0 | ) |  | (76.6 | ) |  | (17.7 | ) |  | — |
Net cash provided by (used for) financing activities for continuing operations | $ | 49.5 |  |  | $ | 22.1 |  |  | $ | (123.4 | ) |  | $ | 63.0 |  |  | $ | 11.2 |
Net cash used for financing activities of discontinued operations | — |  |  | — |  |  | (7.2 | ) |  | — |  |  | (7.2 | )
Net cash provided by (used for) financing activities | 49.5 |  |  | 22.1 |  |  | (130.6 | ) |  | 63.0 |  |  | 4.0 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (5.6 | ) |  | — |  |  | (5.6 | )
Net decrease in cash and cash equivalents | 0.4 |  |  | — |  |  | 12.7 |  |  | — |  |  | 13.1 |
Balance at beginning of period | 1.2 |  |  | 3.3 |  |  | 50.4 |  |  | — |  |  | 54.9 |
Balance at end of period | $ | 1.6 |  |  | $ | 3.3 |  |  | $ | 63.1 |  |  | $ | — |  |  | $ | 68.0 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2013 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used for) provided by operating activities of continuing operations | $ | (51.6 | ) |  | $ | 224.9 |  |  | $ | 160.8 |  |  | $ | — |  |  | $ | 334.1 |
Cash used for operating activities of discontinued operations | — |  |  | (2.3 | ) |  | (8.7 | ) |  | — |  |  | (11.0 | )
Net cash (used for) provided by operating activities | $ | (51.6 | ) |  | $ | 222.6 |  |  | $ | 152.1 |  |  | $ | — |  |  | $ | 323.1 |
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | (0.8 | ) |  | $ | (57.4 | ) |  | $ | (52.5 | ) |  | $ | — |  |  | $ | (110.7 | )
Proceeds from sale of property, plant and equipment | — |  |  | 2.0 |  |  | 2.1 |  |  | — |  |  | 4.1 |
Restricted cash | 2.6 |  |  | — |  |  | (4.6 | ) |  | — |  |  | (2.0 | )
Business acquisitions, net of cash acquired | — |  |  | — |  |  | (12.2 | ) |  | — |  |  | (12.2 | )
Intercompany investments | 197.1 |  |  | (167.2 | ) |  | (169.3 | ) |  | 139.4 |  |  | — |
Net cash provided by (used for) investing activities of continuing operations | 198.9 |  |  | (222.6 | ) |  | (197.3 | ) |  | 139.4 |  |  | (81.6 | )
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Net cash provided by (used for) investing activities | $ | 198.9 |  |  | $ | (222.6 | ) |  | $ | (197.9 | ) |  | $ | 139.4 |  |  | $ | (82.2 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt | $ | (220.6 | ) |  | $ | (0.7 | ) |  | $ | (45.2 | ) |  | $ | — |  |  | $ | (266.5 | )
Proceeds from long-term debt | — |  |  | — |  |  | 43.0 |  |  | — |  |  | 43.0 |
(Payments on) proceeds from revolving credit facility—net | (34.5 | ) |  | — |  |  | 0.1 |  |  | — |  |  | (34.4 | )
Proceeds from notes financing—net | — |  |  | — |  |  | 6.6 |  |  | — |  |  | 6.6 |
Debt issue costs | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Dividends paid | (10.7 | ) |  | — |  |  | — |  |  | — |  |  | (10.7 | )
Exercises of stock options including windfall tax benefits | 6.7 |  |  | — |  |  | — |  |  | — |  |  | 6.7 |
Intercompany financing | 102.1 |  |  | — |  |  | 37.3 |  |  | (139.4 | ) |  | — |
Net cash (used for) provided by financing activities | $ | (158.1 | ) |  | $ | (0.7 | ) |  | $ | 41.8 |  |  | $ | (139.4 | ) |  | $ | (256.4 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.8 | ) |  | — |  |  | (2.8 | )
Net decrease in cash and cash equivalents | (10.8 | ) |  | (0.7 | ) |  | (6.8 | ) |  | — |  |  | (18.3 | )
Balance at beginning of period | 12.0 |  |  | 4.0 |  |  | 57.2 |  |  | — |  |  | 73.2 |
Balance at end of period | $ | 1.2 |  |  | $ | 3.3 |  |  | $ | 50.4 |  |  | $ | — |  |  | $ | 54.9 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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