Employee Benefit Plans

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company provides certain pension, health care and death benefits for eligible retirees and their dependents.  The pension benefits are funded, while the health care and death benefits are not funded but are paid as incurred.  Eligibility for coverage is based on meeting certain years of service and retirement qualifications.  These benefits may be subject to deductibles, co-payment provisions, and other limitations.  The Company has reserved the right to modify these benefits.

As part of the Spin-Off, and in accordance with the employee matters agreement referred to in Note 2, "Discontinued Operations," certain combined plans were split between MTW and MFS. Accordingly, the Company transferred to MFS pension obligations associated with its active, retired and other former employees for those impacted defined benefit pension plans. The allocation of plan assets was determined in accordance with applicable ERISA (Employee Retirement Income Security Act of 1974), Internal Revenue Service and other jurisdictional requirements.

The components of periodic benefit costs for three and six months ended June 30, 2016 and June 30, 2015 are as follows:

	Three Months Ended June 30, 2016								Six Months Ended June 30, 2016
							Postretirement								Postretirement
	U.S.			Non-U.S.			Health and		U.S.			Non-U.S.			Health and
	Pension			Pension			Other		Pension			Pension			Other
(in millions)	Plans			Plans			Plans		Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.4		$	—	$	—		$	0.9		$	0.1
Interest cost of projected benefit obligations	1.7			0.6			0.4		3.9			2.2			0.9
Expected return on plan assets	(1.4		)	(0.5		)	—		(3.2		)	(1.7		)	—
Amortization of actuarial net loss	0.9			0.3			—		2.1			0.7			—
Net periodic benefit costs	1.2			0.8			0.4		2.8			2.1			1.0
Net periodic benefit costs associated with MFS	—			—			—		0.4			0.4			0.1
Net periodic benefit costs included in continuing operations	$	1.2		$	0.8		$	0.4	$	2.4		$	1.7		$	0.9

	Three Months Ended June 30, 2015								Six Months Ended June 30, 2015
							Postretirement								Postretirement
	U.S.			Non-U.S.			Health and		U.S.			Non-U.S.			Health and
	Pension			Pension			Other		Pension			Pension			Other
(in millions)	Plans			Plans			Plans		Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.7		$	0.1	$	—		$	1.4		$	0.2
Interest cost of projected benefit obligations	2.4			2.2			0.5		4.7			4.4			1.0
Expected return on plan assets	(2.3		)	(1.9		)	—		(4.5		)	(3.8		)	—
Amortization of actuarial net loss	1.3			0.6			—		2.6			1.2			—
Net periodic benefit costs	1.4			1.6			0.6		2.8			3.2			1.2
Net periodic benefit costs associated with MFS	0.1			0.5			—		0.2			1.1			—
Net periodic benefit costs included in continuing operations	$	1.3		$	1.1		$	0.6	$	2.6		$	2.1		$	1.2