EX-18.1 3 mtw-20161231x10xkex181.htm EXHIBIT 18.1
Exhibit 18.1
February 24, 2017
Board of Directors
The Manitowoc Company, Inc.
2400 South 44th Street
Manitowoc, WI 54220
Dear Directors:
We are providing this letter to you for inclusion as an exhibit to your Form 10-K filing pursuant to Item 601 of Regulation S-K.
We have audited the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and issued our report thereon dated February 24, 2017. Note 2 to the financial statements describes a change in accounting principle for the costing of certain inventory from the last-in first-out (LIFO) method to the first-in first-out (FIFO) method. It should be understood that the preferability of one acceptable method of accounting over another for inventory costing has not been addressed in any authoritative accounting literature, and in expressing our concurrence below we have relied on management’s determination that this change in accounting principle is preferable. Based on our reading of management’s stated reasons and justification for this change in accounting principle in the Form 10-K, and our discussions with management as to their judgment about the relevant business planning factors relating to the change, we concur with management that such change represents, in the Company’s circumstances, the adoption of a preferable accounting principle in conformity with Accounting Standards Codification 250, Accounting Changes and Error Corrections.
Very truly yours,
/s/ PricewaterhouseCoopers LLP