Subsidiary Guarantors of 2020 Notes and 2022 Notes (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2015

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	590.2		$	455.6		$	(160.4	)	$	885.4
Costs and expenses:
Cost of sales	—			468.0			355.3			(160.4		)	662.9
Engineering, selling and administrative expenses	10.9			66.2			67.6			—			144.7
Amortization expense	—			7.4			1.2			—			8.6
Restructuring expense	—			0.3			(0.2		)	—			0.1
Separation expense	8.2			0.1			—			—			8.3
Other	—			0.4			—			—			0.4
Equity in (earnings) loss of subsidiaries	(40.0		)	(6.9		)	—			46.9			—
Total (earnings) and expenses	(20.9		)	535.5			423.9			(113.5		)	825.0
Operating earnings (loss) from continuing operations	20.9			54.7			31.7			(46.9		)	60.4
Other income (expenses):
Interest expense	(22.4		)	(0.6		)	(1.4		)	—			(24.4		)
Amortization of deferred financing fees	(1.0		)	—			—			—			(1.0		)
Management fee income (expense)	16.2			(16.1		)	(0.1		)	—			—
Other income (expense), net	3.3			(8.0		)	11.7			(4.1		)	2.9
Total other (expenses) income	(3.9		)	(24.7		)	10.2			(4.1		)	(22.5		)
Earnings (loss) from continuing operations before taxes on earnings	17.0			30.0			41.9			(51.0		)	37.9
(Benefit) provision for taxes on income	(6.3		)	6.5			14.5			—			14.7
Earnings (loss) from continuing operations	23.3			23.5			27.4			(51.0		)	23.2
Discontinued operations:
Gain from discontinued operations, net of income taxes	—			0.1			—			—			0.1
Loss on sale of discontinued operations, net of income taxes	—			—			—			—			—
Net earnings (loss)	23.3			23.6			27.4			(51.0		)	23.3
Less: Net earnings attributable to noncontrolling interest	—			—			—			—			—
Net earnings (loss) attributable to Manitowoc	$	23.3		$	23.6		$	27.4		$	(51.0	)	$	23.3
Comprehensive income (loss) attributable to Manitowoc	$	37.6		$	29.2		$	23.7		$	(52.9	)	$	37.6

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2014

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	631.2		$	531.3		$	(149.7	)	$	1,012.8
Costs and expenses:
Cost of sales	—			482.6			409.1			(149.7		)	742.0
Engineering, selling and administrative expenses	14.2			70.9			80.4			—			165.5
Amortization expense	—			7.4			1.4			—			8.8
Restructuring expense	—			—			1.0			—			1.0
Other	—			0.1			—			—			0.1
Equity in (earnings) loss of subsidiaries	(58.6		)	(1.6		)	—			60.2			—
Total (earnings) and expenses	(44.4		)	559.4			491.9			(89.5		)	917.4
Operating earnings (loss) from continuing operations	44.4			71.8			39.4			(60.2		)	95.4
Other income (expenses):
Interest expense	(22.5		)	(0.4		)	(2.2		)	—			(25.1		)
Amortization of deferred financing fees	(1.1		)	—			—			—			(1.1		)
Management fee income (expense)	15.6			(18.6		)	3.0			—			—
Other income (expense), net	4.8			(7.8		)	(0.1		)	—			(3.1		)
Total other (expenses) income	(3.2		)	(26.8		)	0.7			—			(29.3		)
Earnings (loss) from continuing operations before taxes on earnings	41.2			45.0			40.1			(60.2		)	66.1
(Benefit) provision for taxes on earnings	(5.4		)	16.8			7.8			—			19.2
Earnings (loss) from continuing operations	46.6			28.2			32.3			(60.2		)	46.9
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(0.3		)	—			—			(0.3		)
Loss on sale of discontinued operations, net of income taxes	—			—			—			—			—
Net earnings (loss)	46.6			27.9			32.3			(60.2		)	46.6
Less: Net loss attributable to noncontrolling interest	—			—			—			—			—
Net earnings (loss) attributable to Manitowoc	$	46.6		$	27.9		$	32.3		$	(60.2	)	$	46.6
Comprehensive income (loss) attributable to Manitowoc	$	44.5		$	27.9		$	42.6		$	(70.5	)	$	44.5

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Six Months EndedJune 30, 2015

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,066.2		$	875.5		$	(304.2	)	$	1,637.5
Costs and expenses:
Cost of sales	—			849.9			686.8			(304.2		)	1,232.5
Engineering, selling and administrative expenses	28.9			142.4			132.0			—			303.3
Amortization expense	—			14.8			2.4			—			17.2
Restructuring expense	—			1.2			—			—			1.2
Separation expense	9.7			0.1			—			—			9.8
Other	—			0.4			—			—			0.4
Equity in loss (earnings) of subsidiaries	26.2			(15.9		)	—			(10.3		)	—
Total costs and expenses	64.8			992.9			821.2			(314.5		)	1,564.4
Operating (loss) earnings from continuing operations	(64.8		)	73.3			54.3			10.3			73.1
Other income (expenses):
Interest expense	(43.9		)	(1.2		)	(2.9		)	—			(48.0		)
Amortization of deferred financing fees	(2.1		)	—			—			—			(2.1		)
Management fee income (expense)	32.2			(31.4		)	(0.8		)	—			—
Other income (expense), net	77.4			(13.2		)	17.1			(75.9		)	5.4
Total other income (expenses)	63.6			(45.8		)	13.4			(75.9		)	(44.7		)
(Loss) earnings from continuing operations before taxes on earnings	(1.2		)	27.5			67.7			(65.6		)	28.4
(Benefit) provision for taxes on income	(16.1		)	5.4			24.2			—			13.5
Earnings (loss) from continuing operations	14.9			22.1			43.5			(65.6		)	14.9
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			—			—			—			—
Loss on sale of discontinued operations, net of income taxes	—			—			—			—			—
Net earnings (loss)	14.9			22.1			43.5			(65.6		)	14.9
Less: Net earnings attributable to noncontrolling interest	—			—			—			—			—
Net earnings (loss) attributable to Manitowoc	$	14.9		$	22.1		$	43.5		$	(65.6	)	$	14.9
Comprehensive (loss) income attributable to Manitowoc	$	(36.3	)	$	21.8		$	58.9		$	(80.7	)	$	(36.3	)

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Operations

For the Six Months EndedJune 30, 2014

(In millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,178.6		$	962.0		$	(277.8	)	$	1,862.8
Costs and expenses:
Cost of sales	—			900.5			743.6			(277.8		)	1,366.3
Engineering, selling and administrative expenses	29.4			144.0			153.4			—			326.8
Amortization expense	—			14.8			2.8			—			17.6
Restructuring expense	—			1.4			1.6			—			3.0
Other	—			0.1			—			—			0.1
Equity in (earnings) loss of subsidiaries	(71.6		)	(11.0		)	—			82.6			—
Total (earnings) and expenses	(42.2		)	1,049.8			901.4			(195.2		)	1,713.8
Operating earnings (loss) from continuing operations	42.2			128.8			60.6			(82.6		)	149.0
Other income (expenses):
Interest expense	(39.2		)	(0.8		)	(4.4		)	—			(44.4		)
Amortization of deferred financing fees	(2.3		)	—			—			—			(2.3		)
Loss on debt extinguishment	(25.3		)	—			—			—			(25.3		)
Management fee income (expense)	31.0			(35.6		)	4.6			—			—
Other income (expense), net	10.2			(15.7		)	3.2			—			(2.3		)
Total other (expenses) income	(25.6		)	(52.1		)	3.4			—			(74.3		)
Earnings (loss) from continuing operations before taxes on earnings	16.6			76.7			64.0			(82.6		)	74.7
(Benefit) provision for taxes on earnings	(21.2		)	29.0			14.0			—			21.8
Earnings (loss) from continuing operations	37.8			47.7			50.0			(82.6		)	52.9
Discontinued operations:
Loss from discontinued operations, net of income taxes	—			(0.4		)	(0.9		)	—			(1.3		)
Loss on sale of discontinued operations, net of income taxes	—			—			(9.9		)	—			(9.9		)
Net earnings (loss)	37.8			47.3			39.2			(82.6		)	41.7
Less: Net earnings attributable to noncontrolling interest	—			—			3.9			—			3.9
Net earnings (loss) attributable to Manitowoc	$	37.8		$	47.3		$	35.3		$	(82.6	)	$	37.8
Comprehensive income (loss) attributable to Manitowoc	$	38.8		$	46.1		$	41.0		$	(87.1	)	$	38.8

Condensed Consolidating Balance Sheet

The Manitowoc Company, Inc.

Condensed Consolidating Balance Sheet

as of June 30, 2015

(In millions)

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	3.9	$	6.8	$	57.0	$	—		$	67.7
Restricted cash	—		—		20.2		—			20.2
Accounts receivable — net	0.2		—		260.4		(9.6		)	251.0
Intercompany short term note receivable	—		—		160.2		(160.2		)	—
Intercompany interest receivable	50.0		3.3		—		(53.3		)	—
Inventories — net	—		371.6		371.8		—			743.4
Deferred income taxes	67.0		—		1.8		—			68.8
Other current assets	4.4		2.1		123.0		—			129.5
Total current assets	125.5		383.8		994.4		(223.1		)	1,280.6
Property, plant and equipment — net	7.6		327.1		234.8		—			569.5
Goodwill	—		960.5		224.4		—			1,184.9
Other intangible assets — net	—		547.0		140.7		—			687.7
Intercompany long-term receivable	818.6		195.3		850.4		(1,864.3		)	—
Intercompany accounts receivable	—		1,542.6		1,358.7		(2,901.3		)	—
Other non-current assets	63.5		3.4		55.9		—			122.8
Investment in affiliates	5,061.7		3,649.3		—		(8,711.0		)	—
Total assets	$	6,076.9	$	7,609.0	$	3,859.3	$	(13,699.7	)	$	3,845.5
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses	$	50.8	$	394.6	$	328.9	$	(9.6	)	$	764.7
Short-term borrowings and current portion of long-term debt	29.3		4.0		34.2		—			67.5
Intercompany short term note payable	160.2		—		—		(160.2		)	—
Intercompany interest payable	3.3		—		50.0		(53.3		)	—
Product warranties	—		43.0		30.6		—			73.6
Customer advances	—		20.0		18.9		—			38.9
Product liabilities	—		23.2		2.2		—			25.4
Total current liabilities	243.6		484.8		464.8		(223.1		)	970.1
Non-Current Liabilities:
Long-term debt, less current portion	1,519.1		23.0		19.3		—			1,561.4
Deferred income taxes	165.9		—		16.2		—			182.1
Pension obligations	128.3		7.1		1.9		—			137.3
Postretirement health and other benefit obligations	48.4		2.2		1.3		—			51.9
Long-term deferred revenue	—		10.0		26.3		—			36.3
Intercompany long-term note payable	191.0		815.9		857.4		(1,864.3		)	—
Intercompany accounts payable	2,901.3		—		—		(2,901.3		)	—
Other non-current liabilities	80.0		9.2		18.0		—			107.2
Total non-current liabilities	5,034.0		867.4		940.4		(4,765.6		)	2,076.2
Equity
Total equity	799.3		6,256.8		2,454.1		(8,711.0		)	799.2
Total liabilities and equity	$	6,076.9	$	7,609.0	$	3,859.3	$	(13,699.7	)	$	3,845.5

The Manitowoc Company, Inc.

Condensed Consolidating Balance Sheet

as of December 31, 2014

(In millions)

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	1.6	$	3.3	$	63.1	$	—		$	68.0
Restricted cash	2.8		—		20.9		—			23.7
Accounts receivable — net	0.1		—		233.6		(6.3		)	227.4
Intercompany short term note receivable	—		—		201.7		(201.7		)	—
Intercompany interest receivable	41.5		3.2		—		(44.7		)	—
Inventories — net	—		306.3		338.2		—			644.5
Deferred income taxes	67.1		—		4.2		—			71.3
Other current assets	3.6		6.7		140.9		—			151.2
Current assets of discontinued operations	—		—		—		—			—
Total current assets	116.7		319.5		1,002.6		(252.7		)	1,186.1
Property, plant and equipment — net	7.7		325.8		257.5		—			591.0
Goodwill	—		960.5		237.6		—			1,198.1
Other intangible assets — net	—		561.6		153.1		—			714.7
Intercompany long-term notes receivable	892.5		195.3		851.3		(1,939.1		)	—
Intercompany accounts receivable	—		1,619.7		796.8		(2,416.5		)	—
Other non-current assets	66.7		3.1		56.9		—			126.7
Long-term assets of discontinued operations	—		—		—		—			—
Investment in affiliates	4,423.6		3,629.4		—		(8,053.0		)	—
Total assets	$	5,507.2	$	7,614.9	$	3,355.8	$	(12,661.3	)	$	3,816.6
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses	$	27.1	$	420.8	$	365.8	$	(6.3	)	$	807.4
Short-term borrowings and current portion of long-term debt	24.1		2.8		53.4		—			80.3
Intercompany short term note payable	201.7		—		—		(201.7		)	—
Intercompany interest payable	3.2		—		41.5		(44.7		)	—
Product warranties	—		45.2		32.5		—			77.7
Customer advances	—		7.3		14.0		—			21.3
Product liabilities	—		22.1		2.5		—			24.6
Current liabilities of discontinued operation	—		—		—		—			—
Total current liabilities	256.1		498.2		509.7		(252.7		)	1,011.3
Non-Current Liabilities:
Long-term debt, less current portion	1,393.0		25.3		24.9		—			1,443.2
Deferred income taxes	165.2		—		21.0		—			186.2
Pension obligations	129.1		7.9		4.0		—			141.0
Postretirement health and other benefit obligations	49.5		2.1		1.5		—			53.1
Long-term deferred revenue	—		10.7		27.2		—			37.9
Intercompany long-term note payable	191.0		813.5		934.6		(1,939.1		)	—
Intercompany accounts payable	2,416.5		—		—		(2,416.5		)	—
Other non-current liabilities	82.7		11.5		25.6		—			119.8
Long-term liabilities of discontinued operations	—		—		—		—			—
Total non-current liabilities	4,427.0		871.0		1,038.8		(4,355.6		)	1,981.2
Equity
Manitowoc stockholders' equity	824.1		6,245.7		1,807.3		(8,053.0		)	824.1
Noncontrolling interest	—		—		—		—			—
Total equity	824.1		6,245.7		1,807.3		(8,053.0		)	824.1
Total liabilities and equity	$	5,507.2	$	7,614.9	$	3,355.8	$	(12,661.3	)	$	3,816.6

Condensed Consolidating Statement of Cash Flows

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Six Months EndedJune 30, 2015

(In millions)

	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used for) operating activities of continuing operations	$	34.8		$	(38.9	)	$	(0.2	)	$	(75.9	)	$	(80.2	)
Cash used for operating activities of discontinued operations	—			—			—			—			—
Net cash provided (used for) by operating activities	34.8			(38.9		)	(0.2		)	(75.9		)	(80.2		)
Cash Flows from Investing:
Capital expenditures	(0.4		)	(16.1		)	(12.7		)	—			(29.2		)
Proceeds from sale of property, plant and equipment	—			—			5.1			—			5.1
Restricted cash	2.8			—			0.2			—			3.0
Intercompany investments	(127.4		)	60.8			186.6			(120.0		)	—
Net cash (used for) provided by investing activities	(125.0		)	44.7			179.2			(120		)	(21.1		)
Cash Flows from Financing:
Proceeds on revolving credit facility—net	142.0			—			—			—			142.0
Payments on long-term debt	(11.6		)	(1.0		)	(22.2		)	—			(34.8		)
Proceeds from long-term debt	—			—			1.8			—			1.8
Payments on notes financing—net	—			—			(9.3		)	—			(9.3		)
Dividends paid				—			(75.9		)	75.9			—
Exercises of stock options	3.9			—			—			—			3.9
Intercompany financing	(41.8		)	(1.3		)	(76.9		)	120.0			—
Net cash provided by (used for) financing activities of continuing operations	92.5			(2.3		)	(182.5		)	195.9			103.6
Net cash used for financing activities of discontinued operations	—			—			—			—			—
Net cash provided by (used for) financing activities	92.5			(2.3		)	(182.5		)	195.9			103.6
Effect of exchange rate changes on cash	—			—			(2.6		)	—			(2.6		)
Net increase (decrease) in cash and cash equivalents	2.3			3.5			(6.1		)	—			(0.3		)
Balance at beginning of period	1.6			3.3			63.1			—			68.0
Balance at end of period	$	3.9		$	6.8		$	57.0		$	—		$	67.7

The Manitowoc Company, Inc.

Condensed Consolidating Statement of Cash Flows

For the Six Months EndedJune 30, 2014

(In millions)

	Parent			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash (used for) provided by operating activities of continuing operations	$	(110.9	)	$	28.3		$	(109.5	)	$	—		$	(192.1	)
Cash used for operating activities of discontinued operations	—			(0.4		)	(6.7		)	—			(7.1		)
Net cash (used for) provided by operating activities	(110.9		)	27.9			(116.2		)	—			(199.2		)
Cash Flows from Investing:
Capital expenditures	(0.1		)	(21.7		)	(13.2		)	—			(35.0		)
Proceeds from sale of property, plant and equipment	—			—			2.1			—			2.1
Restricted cash	—			—			(13.2		)	—			(13.2		)
Intercompany investments	(100.3		)	(14.0		)	179.8			(65.5		)	—
Net cash (used for) provided by investing activities of continuing operations	(100.4		)	(35.7		)	155.5			(65.5		)	(46.1		)
Net cash used for investing activities of discontinued operations	—			—			—			—			—
Net cash (used for) provided by investing activities	(100.4		)	(35.7		)	155.5			(65.5		)	(46.1		)
Cash Flows from Financing:
Proceeds from revolving credit facility—net	268.0			—			—			—			268.0
Payments on long-term debt	(567.8		)	(0.3		)	(15.5		)	—			(583.6		)
Proceeds from long-term debt	550.0			21.2			40.5			—			611.7
Payments on notes financing—net	—			—			(12.6		)	—			(12.6		)
Debt issue costs	(4.9		)	—			—			—			(4.9		)
Exercises of stock options	22.8			—			—			—			22.8
Intercompany financing	(52.4		)	(9.4		)	(3.7		)	65.5			—
Net cash provided by financing activities of continuing operations	215.7			11.5			8.7			65.5			301.4
Net cash used for financing activities of discontinued operations	—			—			(7.2		)	—			(7.2		)
Net cash provided by financing activities	215.7			11.5			1.5			65.5			294.2
Effect of exchange rate changes on cash	—			—			(0.3		)	—			(0.3		)
Net increase in cash and cash equivalents	4.4			3.7			40.5			—			48.6
Balance at beginning of period	1.2			3.3			50.4			—			54.9
Balance at end of period	$	5.6		$	7.0		$	90.9		$	—		$	103.5