XML 47 R29.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Restructuring and Asset Impairments | 12 Months Ended
--- | ---
Dec. 31, 2017
Restructuring And Related Activities [Abstract] |
Restructuring and Asset Impairments | 19. Restructuring and Asset Impairments The Company initiated restructuring plans in 2015 to focus on its cranes business and Spin-Off of MFS. The Spin-Off was completed in the first quarter of 2016. Refer to Notes 1 and 3 for further information regarding the Spin-Off. The Company is continuing its restructuring activities to right-size the business by balancing capacity with demand. During the years ended December 31, 2017, 2016 and 2015, the Company incurred $27.2 million, $23.4 million and $9.4 million of restructuring expense, respectively. These costs related primarily to employee termination benefits associated with workforce reductions. The workforce reductions are part of ongoing manufacturing and operations rationalization programs, including the closure of the Company's manufacturing facility in Manitowoc, WI which was completed in 2017. The restructuring expense for the year ended December 31, 2017, and December 31, 2016 included $2.8 million and $2.3 million, respectively, of expense related to executive severance. The following is a roll-forward of the Company's restructuring activities for the twelve months ended December 31, 2017 (in millions):
|  | Restructuring Reserve Balance as of December 31, 2016 |  |  | Restructuring Expenses |  |  | Use of Reserve |  |  | Reserve Reclassifications |  |  | Restructuring Reserve Balance as of 2017 |
Total |  | $ | 8.2 |  |  | $ | 27.2 |  |  | $ | 28.8 |  |  | $ | 1.0 |  |  | $ | 5.6 |
The Company recorded $.1 million of asset impairment expense for the year ended December 31, 2017. In the year ended December 31, 2016, the Company recorded $96.9 million in asset impairment expense. This included a $13.8 million write-down to fair value related to the fixed assets of the Manitowoc, WI manufacturing facility. Further, during 2016, the Company, in conjunction with the decision to close the manufacturing location in Manitowoc, WI, made the decision to permanently stop any further work on implementing its SAP enterprise resource planning (“ERP”) platform, and recorded a write-off of $58.6 million related to SAP construction-in-progress and $18.6 million related to SAP and other information technology assets. The remainder of the impairment expense incurred in 2016 was related to other restructuring actions. Asset impairment expense for the year ended December 31, 2015 was $15.3 million. The impairment recorded in 2015 resulted from the write-down of manufacturing facilities in Brazil and Slovakia. Asset valuations are estimates and require assumptions and judgment by management. While the Company believes the estimates and assumptions are reasonable, a change in assumptions, including market conditions, could change the estimated fair value and, therefore, further impairment charges could be required.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration