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Inventories (Tables) | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Schedule of the components of inventories | The components of inventories at December 31, 2017 and December 31, 2016 are summarized as follows:
(in millions) |  | 2017 |  |  | 2016 |
Raw materials |  | $ | 122.0 |  |  | $ | 109.3 |
Work-in-process |  |  | 94.3 |  |  |  | 88.4 |
Finished goods |  |  | 227.7 |  |  |  | 270.9 |
Total inventories — gross |  |  | 444.0 |  |  |  | 468.6 |
Excess and obsolete inventory reserve |  |  | (47.9 | ) |  |  | (39.6 | )
Net inventories |  | $ | 396.1 |  |  | $ | 429.0 |
Schedule of Retrospective Adjustment for Change in lnventory | As described in Note 2, in the fourth quarter of 2016, the Company elected to change its method of accounting for certain inventory in the U.S. from LIFO to FIFO. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period financial statements. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's consolidated financial statements for the year ended December 31, 2015 was adjusted as follows:
For the year ended December 31, 2015 |  |  |
|  | Impact of Change |
In millions (except per share data) |  | Historical |  |  | to FIFO |  |  | As adjusted |
Cost of sales |  | $ | 1,537.0 |  |  | $ | (3.5 | ) |  | $ | 1,533.5 |
Operating (loss) income |  |  | (15.9 | ) |  |  | 3.5 |  |  |  | (12.4 | )
Loss from continuing operations before taxes |  |  | (114.5 | ) |  |  | 3.5 |  |  |  | (111.0 | )
Benefit for income taxes |  |  | (42.6 | ) |  |  | 1.5 |  |  |  | (41.1 | )
Loss from continuing operations |  |  | (71.9 | ) |  |  | 2.0 |  |  |  | (69.9 | )
Net (loss) income |  |  | 63.5 |  |  |  | 2.0 |  |  |  | 65.5 |
Net (loss) income attributable to Manitowoc common shareholders |  |  | 63.5 |  |  |  | 2.0 |  |  |  | 65.5 |
Basic (loss) income per share from continuing operations |  |  | (2.11 | ) |  |  | 0.02 |  |  |  | (2.06 | )
Diluted (loss) income per share from continuing operations |  |  | (2.11 | ) |  |  | 0.02 |  |  |  | (2.06 | )
The Consolidated Statements of Cash Flows for the year ended December 31, 2015 was adjusted as follows:
For the year ended December 31, 2015 |  |  |
|  | Impact of Change |
In millions |  | Historical |  |  | to FIFO |  |  | As adjusted |
Net (loss) income |  | $ | 63.5 |  |  | $ | 2.0 |  |  | $ | 65.5 |
Deferred income taxes |  |  | (5.9 | ) |  |  | 1.5 |  |  |  | (4.4 | )
Change in inventories, net |  |  | (3.7 | ) |  |  | (3.5 | ) |  |  | (7.2 | )

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