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Subsequent Events | 6 Months Ended
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Jun. 30, 2016
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Condensed Consolidated Financial Statements reflect management’s evaluation of subsequent events through August 9, 2016, the date that the Condensed Consolidated Financial Statements as of and for the quarter-ended June 30, 2016 were issued. On August 8, 2016 the Company announced its intent to relocate its crawler crane manufacturing operations located in Manitowoc, Wisconsin to Shady Grove Pennsylvania, effective in the third quarter 2017. The program addresses the company’s strategic imperative of reducing its manufacturing capacity globally. The Company will involve local stakeholders, including relevant employee representatives, at the impacted location in compliance with local practices and requirements. The Company expects to incur cash charges related to severance costs and other employment related benefits in the range of $10 to $15 million, other costs in the range of $15 to $20 million and capital expenditures of $10 to $15 million. Non-cash charges, primarily related to fixed assets and inventory related charges are expected to be in the range of $30 to$40 million. With the announced intent to relocate its crawler crane manufacturing location in Manitowoc, Wisconsin, the Company has decided to no longer continue to implement its SAP ERP platform and will recognize a non-cash impairment charge associated with accumulated costs of approximately $75 to $80 million in the second half of 2016, including amounts specifically related to the SAP environment for the Manitowoc, Wisconsin manufacturing facility.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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