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Inventories (Tables) | 12 Months Ended
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Dec. 31, 2016
Inventory Disclosure [Abstract] |
Schedule of the Components of Inventories | The components of inventories at December 31, 2016 and December 31, 2015 are summarized as follows:
(in millions) |  | 2016 |  | 2015
Raw materials |  | $ | 109.3 |  |  | $ | 155.3 |
Work-in-process |  | 88.4 |  |  | 116.3 |
Finished goods |  | 270.9 |  |  | 251.7 |
Total inventories — gross |  | 468.6 |  |  | 523.3 |
Excess and obsolete inventory reserve |  | (39.6 | ) |  | (34.1 | )
Net inventories |  | $ | 429.0 |  |  | $ | 489.2 |
Schedule of Retrospective Adjustment for Change in Inventory | As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's consolidated financial statements for the years ended December 31, 2015 and 2014 were adjusted as follows:
For the years ended December 31, |  |  |  | 2015 |  |  |  |  |  | 2014 |  |
|  | Impact of Change |  | Impact of Change
In millions (except per share data) |  | Historical |  | to FIFO |  | As adjusted |  | Historical |  | to FIFO |  | As adjusted
Cost of sales |  | $ | 1,537.0 |  |  | $ | (3.5 | ) |  | $ | 1,533.5 |  |  | $ | 1,837.6 |  |  | $ | 0.4 |  |  | $ | 1,838.0 |
Operating (loss) income |  | (15.9 | ) |  | 3.5 |  |  | (12.4 | ) |  | 107.5 |  |  | (0.4 | ) |  | 107.1 |
Loss from continuing operations before taxes |  | (114.5 | ) |  | 3.5 |  |  | (111.0 | ) |  | (20.0 | ) |  | (0.4 | ) |  | (20.4 | )
Benefit for income taxes |  | (42.6 | ) |  | 1.5 |  |  | (41.1 | ) |  | (18.0 | ) |  | 0.2 |  |  | (17.8 | )
Loss from continuing operations |  | (71.9 | ) |  | 2.0 |  |  | (69.9 | ) |  | (2.0 | ) |  | (0.6 | ) |  | (2.6 | )
Net (loss) income |  | 63.5 |  |  | 2.0 |  |  | 65.5 |  |  | 148.4 |  |  | (0.6 | ) |  | 147.8 |
Net (loss) income attributable to Manitowoc common shareholders |  | 63.5 |  |  | 2.0 |  |  | 65.5 |  |  | 144.5 |  |  | (0.6 | ) |  | 143.9 |
Basic (loss) income per share from continuing operations |  | (0.53 | ) |  | 0.02 |  |  | (0.51 | ) |  | (0.04 | ) |  | (0.01 | ) |  | (0.05 | )
Diluted (loss) income per share from continuing operations |  | (0.53 | ) |  | 0.02 |  |  | (0.51 | ) |  | (0.04 | ) |  | (0.01 | ) |  | (0.05 | )
The Consolidated Balance Sheet for the year ended December 31, 2015 was adjusted as follows:
|  | Impact of Change
In millions |  | Historical |  | to FIFO |  | As adjusted
Inventories |  | $ | 452.6 |  |  | $ | 36.6 |  |  | $ | 489.2 |
Other non-current assets |  | 191.2 |  |  | (13.8 | ) |  | 177.4 |
Retained earnings |  | 539.5 |  |  | 22.8 |  |  | 562.3 |
The Consolidated Statements of Cash Flows for the years ended December 31, 2015 and 2014 were adjusted as follows:
For the years ended December 31, |  |  |  | 2015 |  |  |  |  |  | 2014 |  |
|  | Impact of Change |  | Impact of Change
In millions |  | Historical |  | to FIFO |  | As adjusted |  | Historical |  | to FIFO |  | As adjusted
Net (loss) income |  | $ | 63.5 |  |  | $ | 2.0 |  |  | $ | 65.5 |  |  | $ | 148.4 |  |  | $ | (0.6 | ) |  | $ | 147.8 |
Deferred income taxes |  | (5.9 | ) |  | 1.5 |  |  | (4.4 | ) |  | 11.3 |  |  | 0.2 |  |  | 11.5 |
Change in inventories, net |  | (3.7 | ) |  | (3.5 | ) |  | (7.2 | ) |  | 32.2 |  |  | 0.4 |  |  | 32.6 |

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