10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File Number: 1-11978

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

Wisconsin	39-0448110
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification Number)

11270 West Park Place Suite 1000
Milwaukee, Wisconsin	53224
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value	MTW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of June 30, 2019, the registrant had 35,347,546 shares of common stock, $.01 par value per share, outstanding.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2019 and 2018

(Unaudited)

($ in millions, except per-share and average shares data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Net sales	$	504.7		$	495.3		$	922.7		$	881.4
Cost of sales		409.5			404.8			747.3			722.5
Gross profit		95.2			90.5			175.4			158.9
Operating costs and expenses:
Engineering, selling and administrative expenses		50.5			62.1			109.9			122.5
Asset impairment expense		—			0.4			—			0.4
Amortization of intangible assets		0.1			0.1			0.2			0.2
Restructuring expense		2.7			3.8			7.2			10.0
Total operating costs and expenses		53.3			66.4			117.3			133.1
Operating income		41.9			24.1			58.1			25.8
Other income (expense):
Interest expense		(7.5	)		(9.4	)		(18.4	)		(19.4	)
Amortization of deferred financing fees		(0.4	)		(0.4	)		(0.8	)		(0.9	)
Loss on debt extinguishment		—			—			(25.0	)		—
Other income (expense) - net		15.9			(5.6	)		12.6			(2.9	)
Total other income (expense)		8.0			(15.4	)		(31.6	)		(23.2	)
Income from continuing operations before income taxes		49.9			8.7			26.5			2.6
Provision (benefit) for income taxes		3.9			(1.2	)		7.2			2.7
Income (loss) from continuing operations		46.0			9.9			19.3			(0.1	)
Discontinued operations:
Loss from discontinued operations, net of income taxes of $0.0,    $0.0, $0.0 and $0.0, respectively		—			(0.2	)		—			(0.2	)
Net income (loss)	$	46.0		$	9.7		$	19.3		$	(0.3	)
Per Share Data
Basic income (loss) per common share:
Income from continuing operations	$	1.29		$	0.28		$	0.54		$	—
Loss from discontinued operations, net of income taxes		—			(0.01	)		—			(0.01	)
Basic income (loss) per common share	$	1.29		$	0.27		$	0.54		$	(0.01	)
Diluted income (loss) per common share:
Income from continuing operations	$	1.29		$	0.27		$	0.54		$	—
Loss from discontinued operations, net of income taxes		—			—			—			(0.01	)
Diluted income (loss) per common share	$	1.29		$	0.27		$	0.54		$	(0.01	)
Weighted average shares outstanding - basic		35,595,718			35,530,356			35,619,145			35,449,298
Weighted average shares outstanding - diluted		35,725,908			36,064,108			35,799,089			35,449,298

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

2

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three and six months ended June 30, 2019 and 2018

(Unaudited)

($ in millions)

	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019			2018
Net income (loss)	$	46.0	$	9.7		$	19.3		$	(0.3	)
Other comprehensive income (loss), net of income tax
Unrealized income (expense) on derivatives, net of income    tax provision of $0.0, $0.0, $0.0 and $0.0, respectively		0.6		(3.3	)		0.7			(3.4	)
Employee pension and postretirement benefits, net of    income tax benefit (provision) of $0.0, $(0.1), $0.0 and    $0.0, respectively		0.5		0.7			1.0			1.3
Foreign currency translation adjustments		1.2		(26.8	)		(1.3	)		(15.2	)
Total other comprehensive income (loss), net of income tax		2.3		(29.4	)		0.4			(17.3	)
Comprehensive income (loss)	$	48.3	$	(19.7	)	$	19.7		$	(17.6	)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Balance Sheets

As of June 30, 2019 and December 31, 2018

(Unaudited)

($ in millions, except share data)

	June 30, 2019			December 31, 2018
Assets
Current Assets:
Cash and cash equivalents	$	35.0		$	140.3
Accounts receivable, less allowances of $10.1 and $10.3, respectively		265.1			171.8
Inventories — net		552.3			453.1
Notes receivable — net		17.9			19.4
Other current assets		37.2			58.3
Total current assets		907.5			842.9
Property, plant and equipment — net		283.5			288.9
Operating lease right-of-use assets		47.6			—
Goodwill		232.7			232.8
Other intangible assets — net		117.5			118.1
Other long-term assets		63.8			59.2
Total assets	$	1,652.6		$	1,541.9
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	421.9		$	425.2
Short-term borrowings and current portion of long-term debt		8.7			6.4
Product warranties		42.4			39.1
Customer advances		10.6			9.6
Other liabilities		25.3			16.3
Total current liabilities		508.9			496.6
Non-Current Liabilities:
Long-term debt		309.6			266.7
Operating lease liabilities		37.0			—
Deferred income taxes		5.3			5.7
Pension obligations		82.9			85.7
Postretirement health and other benefit obligations		18.0			18.3
Long-term deferred revenue		28.5			25.2
Other non-current liabilities		42.7			42.4
Total non-current liabilities		524.0			444.0
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred stock (authorized 3,500,000 shares of $.01 par value;    none outstanding)		—			—
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,347,546 and 35,588,833 shares outstanding, respectively)		0.4			0.4
Additional paid-in capital		588.8			584.8
Accumulated other comprehensive loss		(116.2	)		(116.6	)
Retained earnings		208.9			189.6
Treasury stock, at cost (5,446,437 and 5,205,150 shares, respectively)		(62.2	)		(56.9	)
Total stockholders' equity		619.7			601.3
Total liabilities and stockholders' equity	$	1,652.6		$	1,541.9

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2019 and 2018

(Unaudited)

($ in millions)

	Six Months Ended June 30,
	2019			2018
Cash Flows from Operating Activities:
Net income (loss)	$	19.3		$	(0.3	)
Adjustments to reconcile net income (loss) to cash used for operating activities:
Asset impairment expense		—			0.4
Depreciation		17.4			18.2
Amortization of intangible assets		0.2			0.2
Amortization of deferred financing fees		0.8			0.9
Loss on debt extinguishment		25.0			—
Gain on sale of property, plant and equipment		—			(2.2	)
Other		6.0			0.7
Changes in operating assets and liabilities:
Accounts receivable		(222.6	)		(273.9	)
Inventories		(106.5	)		(79.5	)
Notes receivable		(2.3	)		8.3
Other assets		26.1			0.3
Accounts payable		22.1			69.2
Accrued expenses and other liabilities		(20.9	)		(10.6	)
Net cash used for operating activities		(235.4	)		(268.3	)
Cash Flows from Investing Activities:
Capital expenditures		(9.7	)		(15.2	)
Proceeds from sale of fixed assets		4.8			8.4
Cash receipts on sold accounts receivable		126.3			238.0
Net cash provided by investing activities		121.4			231.2
Cash Flows from Financing Activities:
Proceeds from revolving credit facility		82.8			—
Payments on revolving credit facility		(82.8	)		—
Payments on long-term debt		(276.6	)		—
Proceeds from long-term debt		300.0			—
Other debt - net		1.9			(3.0	)
Debt issuance costs		(8.2	)		—
Exercises of stock options		0.1			2.0
Common stock repurchases		(7.4	)		—
Net cash provided by (used for) financing activities		9.8			(1.0	)
Effect of exchange rate changes on cash		(1.1	)		(1.2	)
Net decrease in cash and cash equivalents		(105.3	)		(39.3	)
Cash and cash equivalents at beginning of period		140.3			123.0
Cash and cash equivalents at end of period	$	35.0		$	83.7

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

As of June 30, 2019 and December 31, 2018

(Unaudited)

($ in millions, except share data)

	June 30, 2019			December 31, 2018
Common Stock - Shares Outstanding
Balance at beginning of period		35,588,833			35,273,864
Stock options exercised		34,979			95,019
Restricted stock, net		141,916			165,404
Performance shares issued		54,860			54,546
Common stock repurchases		(473,042	)		—
Balance at end of period		35,347,546			35,588,833
Common Stock - Par Value
Balance at beginning of period	$	0.4		$	0.4
Balance at end of period	$	0.4		$	0.4
Additional Paid-in Capital
Balance at beginning of period	$	584.8		$	577.6
Stock options exercised and issuance of other stock awards		(2.1	)		(1.0	)
Stock-based compensation		6.1			8.2
Balance at end of period	$	588.8		$	584.8
Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(116.6	)	$	(97.4	)
Other comprehensive income (loss)		0.4			(19.2	)
Balance at end of period	$	(116.2	)	$	(116.6	)
Retained Earnings
Balance at beginning of period - As reported	$	189.6		$	256.7
Net income (loss)		19.3			(67.1	)
Balance at end of period	$	208.9		$	189.6
Treasury Stock
Balance at beginning of period	$	(56.9	)	$	(59.8	)
Stock options exercised and issuance of other stock awards		2.1			2.9
Common stock repurchases		(7.4	)		—
Balance at end of period	$	(62.2	)	$	(56.9	)
Total equity	$	619.7		$	601.3

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

THE MANITOWOC COMPANY, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2019 and 2018

1.  Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc,” “MTW” or the “Company”) was founded in 1902 and has over a 116-year tradition of providing high-quality, customer-focused products and support services to its markets.  Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.

The Company has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 14, “Segments” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations and comprehensive income for the three and six months ended June 30, 2019 and 2018, the cash flows for the same six-month periods and the financial position and equity at June 30, 2019 and December 31, 2018, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2018. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

During the fourth quarter of 2018, the Company identified an adjustment to the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2018. The adjustment related to the treatment of cash receipts on sold accounts receivable, whereby the Company had overstated cash flows provided by investing activities and understated cash flows used for operating activities by approximately $12.7 million. In evaluating whether the Company’s previously issued consolidated financial statements were materially misstated, the Company considered the guidance in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections” and ASC Topic 250-10-S99-1, “Assessing Materiality.” The Company determined that this error was not material to the Company’s prior period consolidated financial statements and therefore, amending the previously filed report was not required, however this adjustment has been reflected in this filing.

Certain prior period amounts have been reclassified to conform to the current period presentation. All dollar amounts, except share amounts, are in millions of dollars throughout the tables in these notes unless otherwise indicated.

2. Revenues

The Company records deferred revenues when cash payments are received or due in advance of performance, including amounts which are refundable. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2019 and 2018.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	13.3		$	14.4		$	9.6		$	12.7
Cash received or due in advance of satisfying    performance obligation		18.3			30.5			50.2			56.8
Revenue recognized		(21.1	)		(28.8	)		(49.4	)		(53.6	)
Currency translation		0.1			(0.8	)		0.2			(0.6	)
Balance at end of period	$	10.6		$	15.3		$	10.6		$	15.3

Disaggregation of the Company’s revenue sources are disclosed in Note 14, “Segments.”

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3.  Inventories

The components of inventories as of June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Raw materials	$	180.3		$	159.2
Work-in-process		150.1			112.0
Finished goods		280.3			238.0
Total inventories		610.7			509.2
Excess and obsolete inventory reserve		(58.4	)		(56.1	)
Inventories — net	$	552.3		$	453.1

4.  Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other long-term assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. The Company also has a long-term note receivable balance related to the 2014 sale of Manitowoc Dong Yue. As of June 30, 2019, the Company had current and long-term notes receivable in the amount of $17.9 million and $20.8 million, respectively. As of December 31, 2018, the Company had current and long-term notes receivable in the amount of $19.4 million and $17.0 million, respectively.

5.  Property, Plant and Equipment

The components of property, plant and equipment at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Land	$	24.1		$	24.1
Building and improvements		197.4			195.3
Machinery, equipment and tooling		269.0			269.4
Furniture and fixtures		16.9			16.4
Computer hardware and software		117.7			117.1
Rental cranes		81.7			84.0
Construction in progress		7.8			9.6
Total cost		714.6			715.9
Less accumulated depreciation		(431.1	)		(427.0	)
Property, plant and equipment — net	$	283.5		$	288.9

Assets Held for Sale

The Company has classified the Manitowoc, Wisconsin manufacturing buildings and land as held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018. The net book value of assets held for sale were $8.8 million and $12.9 million as of June 30, 2019 and December 31, 2018, respectively, and are included in other current assets on the Condensed Consolidated Balance Sheets. During the first quarter of 2019, a portion of the manufacturing site was sold which resulted in a decrease in assets held for sale.  

8

6.  Goodwill and Other Intangible Assets

The Company performs an annual impairment review during the fourth quarter of every year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no impairment indicators since the fourth quarter of 2018; therefore, no impairment review has occurred during the six months ended June 30, 2019.

The changes in the carrying amount of goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are summarized as follows:

	Americas		EURAF			MEAP			Consolidated
Balance as of January 1, 2018	$	166.5	$	85.9		$	68.9		$	321.3
Foreign currency impact		—		(3.7	)		(2.6	)		(6.3	)
Goodwill impairment - October 31, 2018		—		(82.2	)		—			(82.2	)
Balance as of December 31, 2018		166.5		—			66.3			232.8
Foreign currency impact		—		—			(0.1	)		(0.1	)
Balance as of June 30, 2019	$	166.5	$	—		$	66.2		$	232.7

Other intangible assets with definite lives are amortized over their estimated useful lives. Definite lived intangible assets are also subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Trademarks and tradenames	$	96.2	$	—		$	96.2	$	96.7	$	—		$	96.7
Customer relationships		10.2		(8.5	)		1.7		10.1		(8.4	)		1.7
Patents		29.7		(28.8	)		0.9		29.8		(29.0	)		0.8
Engineering drawings		10.5		(10.5	)		—		10.5		(10.5	)		—
Distribution network		18.9		(0.1	)		18.8		19.0		(0.1	)		18.9
Total	$	165.5	$	(48.0	)	$	117.5	$	166.1	$	(48.0	)	$	118.1

Amortization expense for the three months ended June 30, 2019 and 2018 was $0.1 million and $0.1 million, respectively. Amortization expense for the six months ended June 30, 2019 and 2018 was $0.2 million and $0.2 million, respectively.

The Company also reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset's carrying amount may not be recoverable.  The Company conducts its long-lived asset impairment analyses in accordance with ASC Topic 360-10-5, “Property, Plant and Equipment.”  ASC Topic 360-10-5 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. Property, plant and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes.

7.  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019		December 31, 2018
Trade accounts payable	$	265.1	$	249.2
Employee-related expenses		49.6		59.5
Accrued vacation		25.9		24.3
Miscellaneous accrued expenses		81.3		92.2
Total	$	421.9	$	425.2

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8.  Debt

Outstanding debt at June 30, 2019 and December 31, 2018 is summarized as follows:

	June 30, 2019			December 31, 2018
Senior secured asset based revolving credit facility	$	—		$	—
Senior secured second lien notes due 2021		—			254.2
Senior secured second lien notes due 2026		300.0			—
Other		23.2			21.2
Deferred financing costs		(4.9	)		(2.3	)
Total debt		318.3			273.1
Short-term borrowings and current portion of long-term    debt		(8.7	)		(6.4	)
Long-term debt	$	309.6		$	266.7

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount senior secured second lien notes due on April 1, 2026 with an annual coupon rate of 9.000% (the “2026 Notes”). Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility (as defined below) or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The 2026 Notes were sold pursuant to exemptions from registration under the Securities Act of 1933.

Additionally, on March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority bases, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

The Company used the initial extension of credit under the ABL Revolving Credit Facility, together with the net proceeds from the offering of the 2026 Notes, to (i) redeem all of the Company’s $260.0 million in outstanding 12.750% Senior Secured Second Lien Notes due 2021 (the “Prior 2021 Notes”); (ii) repay all obligations outstanding, and terminate all commitments, under (x) the Company’s previous $225.0 million ABL Revolving Credit Facility (“Prior ABL Facility”) and (y) $75.0 million AR Securitization Facility; and (iii) pay related fees and expenses, including $16.6 million of call premium on the Prior 2021 Notes, $5.0 million of closing costs and $4.6 million of accrued interest.

During the six months ended June 30, 2019, the Company recorded a $25.0 million charge in the Condensed Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge is composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

As of June 30, 2019, the Company had other indebtedness outstanding of $23.2 million that had a weighted-average interest rate of approximately 4.625%. This debt includes balances on local credit lines and other financing arrangements.

The Company had no borrowings on the ABL Revolving Credit Facility as of June 30, 2019 and no borrowings on the Prior ABL Facility as of December 31, 2018. During the quarter ended June 30, 2019, the highest daily borrowing under either the ABL Revolving Credit Facility or the Prior ABL Facility was $39.7 million and the average amount borrowed was $23.0 million, while the average annual interest rate was 3.982%. The interest rate of the ABL Revolving Credit Facility fluctuates based on excess availability. As of June 30, 2019, the spreads for London Interbank Offered Rate and prime rate borrowings

10

were 1.25% and 0.00%, respectively, with excess availability of approximately $271.0 million, which represents revolver borrowing capacity of $275.0 million less U.S. letters of credit outstanding of $4.0 million.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of June 30, 2019, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. 

9.  Accounts Receivable Securitization and Other Factoring Arrangements

The Company had maintained a Receivables Purchase Agreement (“RPA”) among Manitowoc Funding, LLC (“MTW Funding”), as Seller, The Manitowoc Company, Inc., as Servicer, and Wells Fargo Bank, N.A., as Purchaser and as Agent, with a commitment size of $75.0 million. Under the RPA (and the related Purchase and Sale Agreements referenced in the RPA), the Company’s domestic trade accounts receivable were sold to MTW Funding which, in turn, sold, conveyed, transferred and assigned to a third-party financial institution (“Purchaser”), all of MTW Funding’s rights, title and interest in a pool of receivables to the Purchaser. Transactions under the program are accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” This program was terminated on March 25, 2019.

Trade accounts receivable sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million for the three and six months ended June 30, 2019, respectively. Trade receivables sold to the Purchaser and being serviced by the Company totaled $223.4 million and $384.3 million for the three and six months ended June 30, 2018, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2019 were zero and $182.8 million, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2018 were $179.9 million and $343.0 million, respectively.

Sales of trade receivables under the program reflected as a reduction of accounts receivable in the accompanying Condensed Consolidated Balance Sheets were zero and $75.0 million as of June 30, 2019 and December 31, 2018, respectively. The proceeds received from the sale of trade receivables under the program were included in cash flows from operating activities; whereas cash collections related to the deferred purchase price were classified as cash flows from investing activities in the accompanying Condensed Consolidated Statements of Cash Flows. The Company deemed the interest rate risk related to the deferred purchase price notes to be de minimis, primarily because the average collection cycle of the related receivables is less than 60 days; and as such, the fair value of the Company’s deferred purchase price notes approximates book value. The fair value of the deferred purchase price notes recorded as of June 30, 2019 and December 31, 2018 was zero and $71.5 million, respectively, and is included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets. For the six months ended June 30, 2019 and 2018 non-cash investing activities related to the increase in the deferred purchase price was zero and $263.8 million, respectively.

The Company has two non-U.S. accounts receivable financing programs. Under these financing programs, the Company sold €27.0 million of receivables and received €27.0 million of cash on the sold receivables for the three and six months ended June 30, 2019. The maximum availability under these programs is €45 million.

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10.  Income Taxes

For the three months ended June 30, 2019 and 2018, the Company recorded income tax expense of $3.9 million and income tax benefit of $1.2 million, respectively. For the six months ended June 30, 2019 and 2018, the Company recorded income tax expense of $7.2 million and $2.7 million, respectively. The increase in the Company’s tax expense for the six months ended June 30, 2019 relative to the prior year relates primarily to the discrete tax benefit of $4.8 million recorded during the prior year.  

The Company will continue to evaluate its valuation allowance requirements on an ongoing basis in light of changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly, and it is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s income tax provision and could have a material effect on operating results.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $12.9 million and $12.8 million as of June 30, 2019 and December 31, 2018, respectively. 

11.  Earnings Per Share

Basic income (loss) per common share is computed as net income (loss) divided by the basic weighted average common shares outstanding of 35.6 million shares for the three and six months ended June 30, 2019 and 35.5 million and 35.4 million shares for the three and six months ended June 30, 2018, respectively. The calculation of diluted income (loss) per common share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on income per common share during periods with net income, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments of approximately 1,515,430 and 188,885 common shares were excluded from the computation of diluted net income per common share for the three months ended June 30, 2019 and 2018, respectively. Anti-dilutive equity instruments of approximately 1,556,298 were excluded from the computation of diluted net income per common share for the six months ended June 30, 2019. Due to the net loss incurred during the six months ended June 30, 2018, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per common share calculation for those periods.

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Basic weighted average common shares outstanding		35,595,718		35,530,356		35,619,145		35,449,298
Effect of dilutive securities		130,190		533,752		179,944		—
Diluted weighted average common shares outstanding		35,725,908		36,064,108		35,799,089		35,449,298

No cash dividends were paid during the three and six months ended June 30, 2019 and 2018.

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12.  Stockholders’ Equity

Authorized capital consists of 75 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock.  None of the preferred shares have been issued.

As of June 30, 2019, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2019, the Company purchased $7.4 million of the Company’s common stock under this authorization.

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		0.1			(2.5	)		(3.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.8			0.4			—			1.2
Net other comprehensive income (loss)		0.1			0.5			(2.5	)		(1.9	)
Balance at March 31, 2019		(0.2	)		(35.7	)		(82.6	)		(118.5	)
Other comprehensive income (loss) before    reclassifications		(0.3	)		0.1			1.2			1.0
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income		0.6			0.5			1.2			2.3
Balance at June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income before    reclassifications		—			0.1			11.4			11.5
Amounts reclassified from accumulated    other comprehensive loss		—			0.6			—			0.6
Net other comprehensive income		—			0.7			11.4			12.1
Balance at March 31, 2018		0.1			(44.4	)		(41.0	)		(85.3	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(26.8	)		(30.5	)
Amounts reclassified from accumulated other    comprehensive loss		0.3			0.8			—			1.1
Net other comprehensive income (loss)		(3.3	)		0.7			(26.8	)		(29.4	)
Balance at June 30, 2018	$	(3.2	)	$	(43.7	)	$	(67.8	)	$	(114.7	)

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A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018				Recognized Location
Losses on cash flow hedges
Foreign currency contracts	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)		Cost of sales
Total before income taxes		(0.9	)		(0.3	)		(1.7	)		(0.3	)
Income tax benefit		—			—			—			—
Total, net of income taxes	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.1	)	$	(1.4	)	$	(2.2	)	$	(2.8	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.7			0.7			1.4			1.4		(a)	Other income (expense) - net
Total before income taxes		(0.4	)		(0.7	)		(0.8	)		(1.4	)
Income tax provision		—			(0.1	)		—			—
Total, net of income taxes	$	(0.4	)	$	(0.8	)	$	(0.8	)	$	(1.4	)
Total reclassifications for the period,    net of income taxes	$	(1.3	)	$	(1.1	)	$	(2.5	)	$	(1.7	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 18, “Employee Benefit Plans,” for further details).

13.  Stock-Based Compensation

The Company’s 2013 Omnibus Incentive Plan (the “2013 Plan”) was approved by shareholders on May 7, 2013 and replaced several of the Company's incentive plans (collectively referred to as the “Prior Plans”). No new awards may be granted under the Prior Plans; however, outstanding awards under the Prior Plans will continue in force and effect pursuant to their terms. The 2013 Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”) and performance shares or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of June 30, 2019 is 4,981,582 shares.

Stock-based compensation expense was $3.0 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively. Stock-based compensation expense was $6.1 million and $4.1 million for the six months ended June 30, 2019 and 2018, respectively. The Company recognizes stock-based compensation expense over the awards' vesting period.

No options to acquire shares of common stock were granted to employees during the three months ended June 30, 2019. Options to acquire 24,208 shares of common stock were granted to employees during the three months ended June 30, 2018. Options to acquire 210,243 and 187,484 shares of common stock were granted to employees during the six months ended June 30, 2019 and 2018, respectively. The options granted in 2019 and 2018 become exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. 

During the three months ended June 30, 2019 and 2018, 2,000 and 26,710 RSUs, respectively, were issued by the Company to employees. A total of 178,371 and 57,930 RSUs were issued by the Company to employees during the six months ended June 30, 2019 and 2018, respectively. The RSUs granted to employees in 2019 vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. RSUs granted prior to 2019 vest on the third anniversary of the grant date.

No performance shares were issued during the three months ended June 30, 2019. During the three months ended June 30, 2018, 15,425 performance shares were issued. A total of 228,037 and 93,298 performance shares were issued during the six

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months ended June 30, 2019 and 2018, respectively. Performance shares are earned based on the extent to which performance goals are met over the applicable performance period.  The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2019 and 2018 are based on 50% on total shareholder return relative to peers during the three-year performance period and 50% on Adjusted EBITDA percentage from continuing operations in 2021 and 2020, respectively. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding.

The Company did not issue any equity grants to directors during the three months ended June 30, 2019 and 2018, respectively. A total of 50,673 and 22,936 equity grants were issued to directors during the six months ended June 30, 2019 and 2018, respectively. The 2019 and 2018 equity grants vested immediately upon the grant date.

14. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North American and South American continents. The EURAF operating segment includes the continents of Europe and Africa, excluding the Middle East region. The MEAP operating segment includes the Asia and Australian continents and the Middle East region.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are based on the geographic region that sells the products. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each reportable segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes.

The following table shows information by reportable segment for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net Sales
Americas	$	264.6	$	227.3	$	470.7	$	390.2
EURAF		182.6		191.2		336.8		345.4
MEAP		57.5		76.8		115.2		145.8
Total	$	504.7	$	495.3	$	922.7	$	881.4
Segment Operating Income
Americas	$	35.7	$	14.7	$	50.9	$	17.4
EURAF		1.7		8.1		5.1		11.5
MEAP		5.1		10.7		12.4		18.6
Total	$	42.5	$	33.5	$	68.4	$	47.5
Depreciation
Americas	$	3.5	$	3.6	$	7.1	$	7.1
EURAF		3.7		3.8		7.4		7.6
MEAP		0.7		1.0		1.4		2.0
Corporate		0.7		0.7		1.5		1.5
Total	$	8.6	$	9.1	$	17.4	$	18.2
Capital Expenditures
Americas	$	3.2	$	2.6	$	6.0	$	4.9
EURAF		1.6		4.6		2.4		7.0
MEAP		0.5		0.5		1.3		1.7
Corporate		—		1.1		—		1.6
Total	$	5.3	$	8.8	$	9.7	$	15.2

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A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Segment operating income	$	42.5		$	33.5		$	68.4		$	47.5
Unallocated corporate expenses		(0.6	)		(8.1	)		(10.2	)		(18.2	)
Restructuring expense		—			(1.3	)		(0.1	)		(3.5	)
Total operating income	$	41.9		$	24.1		$	58.1		$	25.8

Net sales by geographic area for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
United States	$	233.0	$	203.5	$	417.7	$	347.8
Europe		174.1		188.7		323.2		339.0
Other		97.6		103.1		181.8		194.6
Total	$	504.7	$	495.3	$	922.7	$	881.4

Net sales by product for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Cranes	$	418.0	$	409.2	$	751.5	$	716.7
Aftermarket parts and other*		86.7		86.1		171.2		164.7
Total net sales	$	504.7	$	495.3	$	922.7	$	881.4

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

15.  Fair Value of Financial Instruments

ASC Topic 820-10, “Fair Value Measurement,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2	Unadjusted quoted prices in active markets for similar assets or liabilities, or
	Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
	Inputs other than quoted prices that are observable for the asset or liability
Level 3	Unobservable inputs for the asset or liability

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The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of June 30, 2019
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.5	$	—	$	0.5

	Fair Value as of December 31, 2018
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.1	$	—	$	0.1
Current Liabilities:
Foreign currency exchange contracts	$	—	$	1.8	$	—	$	1.8

The fair value of the Company's 2026 Notes was approximately $299.9 million as of June 30, 2019. The fair value of the Company’s Prior 2021 Notes was approximately $278.1 million as of December 31, 2018. See Note 8, “Debt,” for a description of the debt instruments and their related carrying values.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  The Company estimates the fair value of its Prior 2021 Notes and 2026 Notes based on quoted market prices; because these markets are typically thinly traded, the liabilities are classified as Level 2 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, deferred purchase price notes on receivables sold (see Note 9, “Accounts Receivable Securitization”) and short-term variable debt, including any amounts outstanding under the ABL Revolving Credit Facility, approximate fair value, without being discounted as of June 30, 2019 and December 31, 2018, due to the short-term nature of these instruments.

Assets held for sale, included in other assets in the Condensed Consolidated Balance Sheets, were carried at the lesser of the original cost or fair value, less the estimated costs to sell. The fair values were determined by the Company to be Level 3 under the fair value hierarchy and were estimated based on broker quotes and other information related to current marketplace conditions. See Note 5, “Property, Plant and Equipment,” for a description of the assets held for sale and their related net book values.

As a result of its global operating and financing activities, the Company is exposed to market risks from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect the Company’s operating results and financial position. When deemed appropriate, the Company attempts to minimize these risks through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes, and the Company does not use leveraged derivative financial instruments. Foreign currency exchange, commodity and interest rate contracts are valued through an independent valuation source that uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 21, “Derivative Financial Instruments” for additional information.

16.  Commitments and Contingencies

The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes.

Product liability reserves in the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 were $13.7 million and $16.3 million, respectively. These reserves were estimated using a combination of actual case reserves and

17

actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

On March 19, 2019, the Company agreed to settle a legal matter. During the three months ended June 30, 2019, the terms of the settlement were finalized resulting in a net $24.7 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) and a benefit of $9.2 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations during the three months ended June 30, 2019.  

17.  Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at the inception of the order to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Topic 842 – “Leases,” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The deferred revenue included in other current and non-current liabilities as of June 30, 2019 and December 31, 2018 was $37.9 million and $34.4 million, respectively.  The total amount of buyback commitments given by the Company and outstanding as of June 30, 2019 and December 31, 2018 was $30.0 million and $30.9 million, respectively.  These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the units.  The buyback commitments expire at various times through 2025.

As of June 30, 2019 and December 31, 2018, the Company had reserved $40.3 million and $38.5 million, respectively, for warranty claims included in product warranties as well as other non-current liabilities in the Condensed Consolidated Balance Sheets. In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its warranty at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.

Below is a table summarizing the warranty activity for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	37.2		$	35.2		$	38.5		$	35.2
Accruals for warranties issued during the    period		10.0			12.4			16.5			12.4
Settlements made (in cash or in kind) during    the period		(7.1	)		(11.3	)		(14.6	)		(11.3	)
Currency translation		0.2			(0.4	)		(0.1	)		(0.4	)
Balance at end of period	$	40.3		$	35.9		$	40.3		$	35.9

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18.  Employee Benefit Plans

The Company provides certain pension, health care and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the retiree resides and receives benefits.  Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of periodic benefit costs for the three and six months ended June 30, 2019 and June 30, 2018 are summarized as follows:

	Three Months Ended June 30, 2019									Six Months Ended June 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.1	)		(0.3	)		—			(2.2	)		(0.6	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.3			—			1.6			0.6			—
Net periodic benefit costs	$	1.0		$	1.0		$	(0.4	)	$	2.0		$	2.0		$	(0.8	)

	Three Months Ended June 30, 2018									Six Months Ended June 30, 2018
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.5	)		(0.4	)		—			(3.0	)		(0.8	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.4			0.2			1.6			0.8			0.4
Net periodic benefit costs	$	0.6		$	1.0		$	(0.2	)	$	1.2		$	2.0		$	(0.4	)

The components of net periodic benefit cost other than the service cost component are included in the line item “other income (expense) - net” in the Condensed Consolidated Statement of Operations.

19.  Restructuring

During the three months ended June 30, 2019 and 2018, the Company incurred $2.7 million and $3.8 million of restructuring expense, respectively. During the six months ended June 30, 2019 and 2018, the Company incurred $7.2 million and $10.0 million of restructuring expense, respectively. The costs for the three months ended June 30, 2019 related primarily to costs associated with headcount reductions in India and Europe. Costs for the six months ended June 30, 2019 related primarily to headcount reductions in India, Europe and North America. Costs for the three and six months ended June 30, 2018 related primarily to severance costs for the departure of an executive officer, costs associated with training of skilled labor as a result of the transfer of crawler crane production to Shady Grove, PA and costs associated with headcount reductions in Europe.

The following is a rollforward of the Company's restructuring accrual for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	4.6		$	5.4			3.1		$	5.6
Restructuring expenses		2.7			3.8			7.2			10.0
Use of reserve		(4.2	)		(4.7	)		(7.2	)		(10.7	)
Reserve reclassification		—			—			—			(0.3	)
Currency translation		—			(0.1	)		—			(0.2	)
Balance at end of period	$	3.1		$	4.4		$	3.1		$	4.4

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20.  Leases

As of January 1, 2019, the Company adopted Topic 842 and elected to use the modified prospective approach, which does not require a retrospective restatement of prior years. The adoption of Topic 842 resulted in no cumulative catch-up to retained earnings. As part of the adoption, the Company applied the package of practical expedients which does not require the Company to reassess the lease classification for any expired or existing leases upon adoption of Topic 842.

The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment, and manufacturing equipment. The remaining lease terms are up to 24 years, some of which include options to extend the lease term for up to 10 years, and some which include options to terminate the lease within 1 year. Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the condensed consolidated financial statements.

The components of lease expense for the three and six months ended June 30, 2019 are summarized as follows:

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	3.7	$	7.6
Variable lease cost*		0.4		0.8
Total lease cost	$	4.1	$	8.4
*Includes short-term leases, which are immaterial.

Supplemental cash flow information related to leases for the six months ended June 30, 2019 are summarized as follows:

	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of    lease liabilities:
Operating cash flows from operating leases	$	13.9

Supplemental balance sheet information related to leases as of June 30, 2019 are summarized as follows:

Operating Leases	June 30, 2019
Operating lease right-of-use assets	$	47.6
Other liabilities	$	11.6
Operating lease liabilities		37.0
Total operating lease liabilities	$	48.6

As of June 30, 2019, the Company’s operating leases have a weighted-average remaining lease term of 6.9 years and a weighted-average discount rate of 4.97%. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest, from within the applicable location of the leased asset, it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

Maturities of operating lease liabilities as of June 30, 2019 are summarized as follows:

Year
2019	$	6.6
2020		11.4
2021		9.7
2022		7.3
2023		4.5
Thereafter		16.1
Total lease payments		55.6
Less: imputed interest		(7.0	)
Present value of lease liabilities	$	48.6

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21.  Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures.  Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into foreign currency exchange contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/ liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these foreign currency exchange contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of “Other income (expense), net” in the period in which the transaction is no longer considered probable of occurring. To the extent a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.

The Company had foreign currency exchange contracts with an aggregate notional amount of $99.4 million and $76.8 million outstanding as of June 30, 2019 and December 31, 2018, respectively with all of the $99.4 million scheduled to mature within one year. The aggregate notional amount of foreign currency exchange contracts hedges purchases denominated in Euros. As of June 30, 2019 and December 31, 2018, the fair value of these contracts were a current asset of $0.5 million and a net current liability of $1.7 million, respectively.  The unrealized gains (losses), net of taxes, recorded in accumulated other comprehensive income (loss) were $0.3 million and $(0.4) million as of June 30, 2019 and December 31, 2018, respectively.  We anticipate reclassifying the unrealized gains as of June 30, 2019 to cost of goods sold over the next 12 months.

The following table provides the amount of gain or losses recorded in the Condensed Consolidated Statement of Operations for foreign currency exchange contracts for the three and six months ended June 30, 2019 and 2018.

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2019			2018			2019			2018
Designated	Cost of goods sold	$	0.7		$	0.3		$	1.5		$	0.3
Non-Designated	Other income (expense), net	$	(1.6	)	$	(0.1	)	$	(2.3	)	$	—

22.  Recent Accounting Changes and Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

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In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive income (loss) as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from accumulated other comprehensive income (loss) to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in accumulated other comprehensive income (loss).

In August 2017, the FASB issued ASU No. 2017-12 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2017, the FASB issued ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20):  Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 - “Leases,” which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.”

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believer,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to:

• changes in economic or industry conditions generally or in the markets served by Manitowoc;

• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;

• unanticipated changes in revenues, margins, costs, and capital expenditures;

• the ability to increase operational efficiencies across Manitowoc’s businesses and to capitalize on those efficiencies;  

• the ability to significantly improve profitability;

• the risks associated with growth or contraction;

• changes in raw material and commodity prices;

• impairment of goodwill and/or intangible assets;

• foreign currency fluctuation and its impact on reported results and hedges in place with Manitowoc;

• the ability to focus on customers, new technologies, and innovation;  

• uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;

• actions of competitors;

• potential delays or failures to implement specific initiatives within the Company’s restructuring program;

• issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to plant closings, new plant start-ups, and/or consolidations of existing facilities and operations, and the ability to achieve the expected benefits from such actions, as well as general efficiencies and capacity utilization of our facilities;

• the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives;

• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;

• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;

• the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;

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• geographic factors and political and economic conditions and risks;

• global expansion of customers;

• changes in laws throughout the world;

• the ability to focus and capitalize on product quality and reliability;

• unexpected issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;

• unexpected issues associated with the availability and viability of suppliers;

• the ability to convert orders and order activity into sales and the timing of those sales;

• the ability to sell products through distributors and other third parties;

• the Company’s ability to attract and retain qualified personnel;

• the ability of Manitowoc's customers to receive financing;

• failure to comply with regulatory requirements related to the products the Company sells;

• risks associated with manufacturing or design defects;

• issues related to workforce reductions and potential subsequent rehiring;

• risks associated with data security and technological systems and protections;

• the inability to defend against potential infringement claims on intellectual property rights;

• the ability to direct resources to those areas that will deliver the highest returns;

• work stoppages, labor negotiations, labor rates, and temporary labor costs;

• risks associated with high financing leverage;

• unanticipated issues affecting the effective tax rate for the year;

• natural disasters and other weather events disrupting commerce in one or more regions of the world;

• government approval and funding of projects and the effect of government-related issues or developments;

• the replacement cycle of technologically obsolete cranes;

• unanticipated changes in the capital and financial markets;

• acts of terrorism;

• risks related to actions of activist shareholders; and

• other risk factors detailed in Manitowoc's 2018 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc’s subsequently filed Quarterly Reports on 10-Q (including this report), and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

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Results of Operations

Performance during the Three Months Ended June 30, 2019 Compared with the Three Months Ended June 30, 2018

Net Sales, Orders and Backlog

Consolidated net sales for the three months ended June 30, 2019 increased 1.9% to $504.7 million from $495.3 million in the same period in 2018. This increase was attributable primarily to higher crane shipments in the Americas segment. Consolidated net sales were unfavorably impacted by $13.7 million from changes in foreign currency exchange rates.

Orders for the three months ended June 30, 2019 decreased 13.7% to $372.0 million from $430.8 million for the same period in 2018. The decrease was mainly due to a reduction in the Americas segment partially offset by higher orders in the EURAF segment. Orders were unfavorably impacted by $8.4 million due to changes in foreign currency exchange rates.

As of June 30, 2019, total backlog was $561.4 million, a 18.9% decrease from the June 30, 2018 backlog of $692.1 million. Backlog was unfavorably impacted by $5.4 million year over year due to changes in foreign currency exchange rates.

Gross Profit

Gross profit for the three months ended June 30, 2019 was $95.2 million, an increase of $4.7 million compared to $90.5 million for the three months ended June 30, 2018. This increase was mainly due to the increase in sales volume discussed above, favorable price realization and favorable mix. This was partially offset by $3.3 million of unfavorable changes in foreign currency exchange rates.

As a result of favorable price realization and favorable mix, gross profit percentage increased in the three months ended June 30, 2019 to 18.8% from 18.3% in the same period in 2018.

Engineering, Selling and Administrative Expenses

Engineering, selling and administrative expenses decreased 18.7% to $50.5 million for the three months ended June 30, 2019 compared to $62.1 million for the three months ended June 30, 2018.  This decrease was primarily due to the settlement of a legal matter which included a $9.2 million recovery of legal fees expensed in previous periods. Engineering, selling and administrative expenses were favorably impacted by $2.1 million from changes in foreign currency exchange rates.

Restructuring Expense

During the three months ended June 30, 2019 and 2018, the Company incurred $2.7 million and $3.8 million of restructuring expense, respectively. Restructuring expense for the three months ended June 30, 2019 related primarily to headcount reductions in India and Europe. Restructuring expense for the three months ended June 30, 2018 related primarily to severance costs for the departure of an executive officer, costs associated with training of skilled labor as a result of the transfer of crawler crane production to Shady Grove, PA and costs associated with headcount reductions in Europe.

Other Income (Expense)- Net

Other income (expense) - net was $15.9 million in the second quarter of 2019 and $(5.6) million in the second quarter of 2018. This improvement was primarily due to a $15.5 million benefit from the settlement of a legal matter and $6.9 million of favorable foreign currency transaction gains (losses) compared to the second quarter of 2018.

Provision (Benefit) for Income Taxes

For the three months ended June 30, 2019 and 2018, the Company recorded income tax expense of $3.9 million and a tax benefit of $1.2 million, respectively. The increase in the Company’s tax expense for the three months ended June 30, 2019 relative to the prior year relates primarily to the discrete tax benefit of $4.8 million recorded during the three months ended June 30, 2018.

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Performance during the Six Months Ended June 30, 2019 Compared with the Six Months Ended June 30, 2018

Net Sales

Consolidated net sales for the six months ended June 30, 2019 increased 4.7% to $922.7 million from $881.4 million for the same period in 2018. This increase was attributable to higher crane shipments in the Americas and EURAF segments. Consolidated net sales were unfavorably impacted by $30.0 million from changes in foreign currency exchange rates.

Gross Profit

Gross profit for the six months ended June 30, 2019 was $175.4 million, an increase of $16.5 million compared to $158.9 million for the same period in 2018. This increase was mainly due to the increase in sales volume discussed above, improved aftermarket margins, favorable price realization and favorable mix. This was unfavorably impacted by $7.3 million from changes in foreign currency exchange rates.

As a result of favorable price realization and favorable mix, gross profit percentage increased in the six months ended June 30, 2019 to 19.0% from 18.0% in the same period in 2018.

Engineering, Selling and Administrative Expenses

Engineering, selling and administrative expenses decreased 10.3% to $109.9 million for the six months ended June 30, 2019  compared to $122.5 million for the same period in 2018. This decrease was primarily due to the settlement of a legal matter which included a $8.9 million recovery of legal fees expensed in previous periods. Engineering, selling and administrative expenses were favorably impacted by $4.6 million from changes in foreign currency exchange rates.

Restructuring Expense

During the six months ended June 30, 2019 and 2018, the Company incurred $7.2 million and $10.0 million of restructuring expense, respectively. Restructuring expense for the six months ended June 30, 2019 related primarily to headcount reductions in India, Europe and North America. Restructuring expense for the six months ended June 30, 2018 related primarily to severance costs for the departure of an executive officer, costs associated with training of skilled labor as a result of the transfer of crawler crane production to Shady Grove, PA and costs associated with headcount reductions in Europe.

Loss on Debt Extinguishment

During the six months ended June 30, 2019, the Company recorded a $25.0 million charge associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge is composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

Refer to Note 8, “Debt” for additional information.

Other Income (Expense)- Net

Other income (expense) - net was $12.6 million in the six months ended June 30, 2019 and $(2.9) million for the same period in 2018. This improvement was primarily due to a $15.5 million benefit related to a settlement of a legal matter and $2.2 million of favorable foreign currency transaction gains (losses) compared to the second quarter of 2018. This was partially offset by $2.2 million of gains on the disposals of property, plant and equipment recorded in 2018.

Provision (Benefit) for Income Taxes

For the six months ended June 30, 2019 and 2018, the Company recorded income tax expense of $7.2 million and $2.7 million, respectively. The increase in the Company’s tax expense for the six months ended June 30, 2019 compared to the prior year primarily relates to the $4.8 million discrete tax benefit recorded during the three months ended June 30, 2018.

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Segment Operating Performance

The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments consist of the Americas, EURAF, and MEAP. Further information regarding the Company’s reportable segments can be found in Note 14, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

	Three Months Ended June 30,										Six Months Ended June 30,
	2019		2018		Dollar Change			Percentage Change			2019		2018		Dollar Change			Percentage Change
Net Sales
Americas	$	264.6	$	227.3	$	37.3			16.4	%	$	470.7	$	390.2	$	80.5			20.6	%
EURAF		182.6		191.2		(8.6	)		(4.5	)%		336.8		345.4		(8.6	)		(2.5	)%
MEAP		57.5		76.8		(19.3	)		(25.1	)%		115.2		145.8		(30.6	)		(21.0	)%
Segment Operating Income
Americas	$	35.7	$	14.7	$	21.0			142.9	%	$	50.9	$	17.4	$	33.5			(192.5	)%
EURAF		1.7		8.1		(6.4	)		(79.0	)%		5.1		11.5		(6.4	)		(55.7	)%
MEAP		5.1		10.7		(5.6	)		(52.3	)%		12.4		18.6		(6.2	)		(33.3	)%

Americas

Americas net sales increased 16.4% for the three months ended June 30, 2019 to $264.6 million from $227.3 million for the three months ended June 30, 2018. The increase was primarily due to shipments of cranes for the commercial construction and energy end markets.

Americas operating income increased $21.0 million for the three months ended June 30, 2019 to $35.7 million from $14.7 million for the three months ended June 30, 2018. The increase was primarily due to increased volume on crane shipments, improved aftermarket margins, favorable mix and price realization.

Americas net sales increased 20.6% for the six months ended June 30, 2019 to $470.7 million from $390.2 million for the six months ended June 30, 2018. The increase was primarily due to shipments of cranes for the commercial construction and energy end markets.

Americas operating income increased $33.5 million for the six months ended June 30, 2019 to $50.9 million from $17.4 million for the six months ended June 30, 2018. The increase was primarily due to increased volume on crane shipments, improved aftermarket margins, favorable mix and price realization.

EURAF

EURAF net sales decreased 4.5% for the three months ended June 30, 2019 to $182.6 million from $191.2 million for the three months ended June 30, 2018. The decrease was primarily due to $10.9 million from unfavorable changes in foreign currency exchange rates.

EURAF operating income decreased $6.4 million for the three months ended June 30, 2019 to $1.7 million from $8.1 million for the three months ended June 30, 2018. The decrease was primarily due to lower net sales discussed above, partially offset by lower engineering, selling and administrative expenses. EURAF operating income was also unfavorably impacted by approximately $1.0 million from changes in foreign currency exchange rates.

EURAF net sales decreased 2.5% for the six months ended June 30, 2019 to $336.8 million from $345.4 million for the six months ended June 30, 2018. The decrease was primarily due to $24.0 million of unfavorable changes in foreign currency exchange rates. This was partially offset by higher crane shipments to the commercial construction end market.

EURAF operating income decreased $6.4 million for the six months ended June 30, 2019 to $5.1 million from $11.5 million for the six months ended June 30, 2018. The decrease was primarily due to lower net sales discussed above and higher restructuring expenses. EURAF operating income was also unfavorably impacted by approximately $2.3 million from changes in foreign currency exchange rates.

27

MEAP

MEAP net sales decreased 25.1% for the three months ended June 30, 2019 to $57.5 million from $76.8 million for the three months ended June 30, 2018. The decrease was primarily due to lower shipments of cranes for the oil and gas end market. MEAP net sales were also unfavorably impacted by approximately $2.8 million from changes in foreign currency exchange rates.

MEAP operating income decreased $5.6 million for the three months ended June 30, 2019 to $5.1 million from $10.7 million for the three months ended June 30, 2018. The decrease was primarily due to lower net sales as discussed above and higher restructuring expenses. This was partially offset by lower engineering, selling and administrative expenses.

MEAP net sales decreased 21.0% for the six months ended June 30, 2019 to $115.2 million from $145.8 million for the six months ended June 30, 2018. The decrease was primarily due to lower shipments of cranes for the oil and gas end market. MEAP net sales were also unfavorably impacted by approximately $6.0 million from changes in foreign currency exchange rates.

MEAP operating income decreased $6.2 million for the six months ended June 30, 2019 to $12.4 million from $18.6 million for the six months ended June 30, 2018. The decrease was primarily due to lower net sales as discussed above and higher restructuring expenses. This was partially offset by lower engineering, selling and administrative expenses.

Financial Condition

For the Six Months Ending June 30, 2019

Cash and cash equivalents totaled $35.0 million as of June 30, 2019, a decrease of $105.3 million from $140.3 million as of December 31, 2018. The decrease for the six months ended June 30, 2019 was primarily due to the termination of the accounts receivable securitization program, investments in working capital and property, plant and equipment, payment of debt issuance costs and repurchases of the Company’s common stock. This was partially offset by cash received from the settlement of a legal matter and proceeds from the sale of property, plant and equipment.

Cash flows used for operating activities for the first six months of 2019 were $235.4 million and were primarily driven by trade receivables sold to the Company’s prior securitization program resulting in $126.3 million of cash flows being reported in cash provided by investing activities, $75.0 million of purchases of accounts receivable previously sold to the prior accounts receivable securitization program, increased inventory since December 31, 2018 and payments of incentive compensation earned in the prior year. This was partially offset by $36.5 million of cash received from the settlement of a legal matter.

Cash flows provided by investing activities were $121.4 million for the first six months of 2019 and consisted of $126.3 million of cash collections on accounts receivable sold to the prior accounts receivable securitization program and proceeds from sales of property, plant and equipment of $4.8 million. This was partially offset by capital expenditures of $9.7 million.

Cash flows provided by financing activities were $9.8 million for the first six months of 2019 and consisted of $300.0 million of proceeds from long-term debt and $82.8 million of proceeds from the ABL Revolving Credit Facility. This was partially offset by payments of $276.6 million to terminate the Prior 2021 Notes, $82.8 million of payments on the ABL Revolving Credit Facility, $8.2 million of debt issuance costs on the ABL Revolving Credit Facility and 2026 Notes and $7.4 million from the repurchase of common stock.

For the Six Months Ending June 30, 2018

Cash and cash equivalents totaled $83.7 million as of June 30, 2018, a decrease of $39.3 million from $123.0 million as of December 31, 2017.  The decrease for the six months ended June 30, 2018 was primarily due to investments in working capital and property, plant and equipment and semi-annual interest paid on the 2021 Notes. This was partially offset by proceeds from the sale of property, plant and equipment.

Cash flows used for operating activities for the first six months of 2018 were $268.3 million and were primarily driven by trade receivables sold to the Company’s prior securitization program resulting in $238.0 million of cash flows being reported in cash provided by investing activities, increased receivables and inventories since December 31, 2017 and payments of incentive compensation earned in the prior year. This is consistent with historical seasonal working capital needs, as the Company builds inventory in anticipation of the summer construction season in the northern hemisphere.

Cash flows provided by investing activities were $231.2 million for the first six months of 2018 and consisted of $238.0 million of cash collections on accounts receivable sold to the Company’s securitization program and proceeds from sales of property, plant and equipment of $8.4 million, which was primarily related to the sale of the corporate headquarters in

28

Manitowoc, Wisconsin during the first quarter of 2018. This was partially offset by capital expenditures of $15.2 million, with the majority related to equipment purchases in North America and Europe.

Cash flows used for financing activities were $1.0 million for the first six months of 2018 and consisted of $3.0 million of payments on long-term debt partially offset by $2.0 million of cash from exercises of stock options.

Liquidity and Capital Resources

Outstanding debt as of June 30, 2019 and December 31, 2018 is summarized as follows:

	June 30, 2019			December 31, 2018
Senior secured asset based revolving credit facility	$	—		$	—
Senior secured second lien notes due 2021		—			254.2
Senior secured second lien notes due 2026		300.0			—
Other debt		23.2			21.2
Deferred financing costs		(4.9	)		(2.3	)
Total debt		318.3			273.1
Short-term borrowings and current portion of long-term    debt		(8.7	)		(6.4	)
Long-term debt	$	309.6		$	266.7

See additional discussion of the credit facilities and Senior Notes in Note 8, “Debt,” of the Condensed Consolidated Financial Statements.

The Company’s liquidity position at June 30, 2019 and December 31, 2018 is summarized as follows:

	June 30, 2019			December 31, 2018
Cash and cash equivalents	$	35.0		$	140.3
Revolver borrowing capacity		275.0			107.8
Other debt availability		38.7			38.9
Less: Borrowings on revolver		—			—
Less: Borrowings on other debt		(4.5	)		—
Less: Outstanding letters of credit		(4.0	)		(11.3	)
Total liquidity	$	340.2		$	275.7

The Company believes its liquidity and expected cash flows from operations should be sufficient to meet expected working capital, capital expenditure and other general ongoing operational needs in the foreseeable future.

With the enactment of U.S. tax reform, the Company believes that its offshore cash can be accessed in a more tax efficient manner. During the prior year, the Company updated its assertion that foreign earnings are permanently reinvested such that jurisdictions where cash can be tax efficiently repatriated are no longer permanently reinvested. These earnings, if repatriated to the U.S., would not result in material tax expense. However, the Company does record deferred tax liabilities related to non-U.S. withholding taxes on these unremitted earnings that are not considered permanently invested.

Both the ABL Revolving Credit Facility and 2026 Notes include customary covenants and events of default. Refer to Note 8, “Debt,” of the Condensed Consolidated Financial Statements for additional discussions of covenants for the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

29

Non-GAAP Measures

The Company uses EBITDA, Adjusted EBITDA and Adjusted operating income, which are financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), as additional metrics to evaluate the Company’s performance. The Company defines EBITDA as net income (loss) before interest, taxes, depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA plus the addback of restructuring expense, asset impairment expense and other (income) expense - net. The Company defines Adjusted operating income as Adjusted EBITDA excluding the addback of depreciation. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results of operations because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

The reconciliation of GAAP net income to EBITDA, and further to Adjusted EBITDA and to Adjusted operating income for the three and six months ended June 30, 2019 and 2018 is summarized as follows:

	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Net income (loss)	$	46.0		$	9.7		$	19.3		$	(0.3	)
Loss from discontinued operations, net of    income taxes		—			0.2			—			0.2
Interest expense and amortization of deferred    financing fees		7.9			9.8			19.2			20.3
Provision (benefit) for income taxes		3.9			(1.2	)		7.2			2.7
Depreciation expense		8.6			9.1			17.4			18.2
Amortization of intangible assets		0.1			0.1			0.2			0.2
EBITDA		66.5			27.7			63.3			41.3
Restructuring expense		2.7			3.8			7.2			10.0
Asset impairment expense		—			0.4			—			0.4
Loss on debt extinguishment		—			—			25.0			—
Other (income) expense - net (1)		(15.9	)		5.6			(12.6	)		2.9
Adjusted EBITDA		53.3			37.5			82.9			54.6
Depreciation expense		(8.6	)		(9.1	)		(17.4	)		(18.2	)
Adjusted operating income		44.7			28.4			65.5			36.4
Restructuring expense		(2.7	)		(3.8	)		(7.2	)		(10.0	)
Amortization of intangible assets		(0.1	)		(0.1	)		(0.2	)		(0.2	)
Asset impairment expense		—			(0.4	)		—			(0.4	)
GAAP operating income	$	41.9		$	24.1		$	58.1		$	25.8

(1) Other (income) expense - net includes the settlement of a legal matter, foreign currency translation adjustments, other components of net periodic pension costs and other miscellaneous items.

30

The Company uses adjusted operating cash flows and adjusted free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. Adjusted operating cash flows is defined as cash flows provided by (used for) operating activities plus cash receipts on sold accounts receivable and other one-time items. Adjusted free cash flows is defined as adjusted operating cash flows less capital expenditures. Adjusted operating cash flows and adjusted free cash flows for the six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Net cash provided by (used for) operating    activities:	$	31.9		$	(99.9	)	$	(235.4	)	$	(268.3	)
Cash receipts on sold accounts receivable		—			94.0			126.3			238.0
Net payments (borrowings) on accounts    receivable securitization program		—			0.4			75.0			(16.4	)
Adjusted operating cash flows:		31.9			(5.5	)		(34.1	)		(46.7	)
Capital expenditures		(5.3	)		(8.8	)		(9.7	)		(15.2	)
Adjusted free cash flows:	$	26.6		$	(14.3	)	$	(43.8	)	$	(61.9	)

Critical Accounting Policies

The Company's critical accounting policies have not materially changed since the 2018 Form 10-K was filed. Refer to the Critical Accounting Policies in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K for the year ended December 31, 2018 for information about the Company’s policies, methodology and assumptions related to critical accounting policies.

Item 3.  Quantitative and Qualitative Disclosure about Market Risk

The Company’s market risk disclosures have not materially changed since the 2018 Form 10-K was filed.  The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Item 4.  Controls and Procedures

Disclosure Controls and Procedures:  The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.

Changes in Internal Control Over Financial Reporting:  The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the period covered by this report, the Company made changes to its internal control structure as related to the adoption of ASC 842 – “Leases,” which resulted in enhanced controls to comply with the new standard. Except as stated above, during the period covered by this report there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

31

PART II.  OTHER INFORMATION

Item 1A.  Risk Factors

The Company’s risk factors disclosures have not materially changed since the 2018 Form 10-K was filed. The Company’s risk factors are incorporated by reference from Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Item 6.  Exhibits

Exhibit No.	Description	Filed/Furnished Herewith
31	Rule 13a - 14(a)/15d - 14(a) Certifications	X	(1)
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350	X	(2)
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350	X	(2)
101.1 101.2 101.3 101.4 101.5 101.6	XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Labels Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document	X X X X X X	(1) (1) (1) (1) (1) (1)

(1) Filed Herewith

(2) Furnished Herewith

32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  August 9, 2019	The Manitowoc Company, Inc.
	(Registrant)
	/s/ Barry L. Pennypacker
	Barry L. Pennypacker
	President and Chief Executive Officer
	/s/ David J. Antoniuk
	David J. Antoniuk
	Senior Vice President and Chief Financial Officer
	/s/ Brian P. Regan
	Brian P. Regan
	Vice President and Corporate Controller

33

EX-31

Exhibit 31

Certification of Principal Executive Officer

I, Barry Pennypacker, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2019

/s/ Barry L. Pennypacker

Barry L. Pennypacker

President and Chief Executive Officer

Certification of Principal Financial Officer

I, David J. Antoniuk, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.  

Date: August 9, 2019

/s/ David J. Antoniuk

David J. Antoniuk

Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Barry L. Pennypacker, President and Chief Executive Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Barry L. Pennypacker

Barry L. Pennypacker

President and Chief Executive Officer

August 9, 2019

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

9Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Antoniuk, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ David J. Antoniuk

David J. Antoniuk

Senior Vice President and Chief Financial Officer

August 9, 2019

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2019 shares
Document And Entity Information [Abstract]
Entity Registrant Name	MANITOWOC CO INC
Entity Central Index Key	0000061986
Trading Symbol	MTW
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares Outstanding	35,347,546
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity File Number	1-11978
Entity Tax Identification Number	390448110
Entity Address, Address Line One	11270 West Park Place
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	Wisconsin
Entity Address, Postal Zip Code	53224
City Area Code	414
Local Phone Number	760-4600

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 504.7	$ 495.3	$ 922.7	$ 881.4
Cost of sales	409.5	404.8	747.3	722.5
Gross profit	95.2	90.5	175.4	158.9
Operating costs and expenses:
Engineering, selling and administrative expenses	50.5	62.1	109.9	122.5
Asset impairment expense		0.4		0.4
Amortization of intangible assets	0.1	0.1	0.2	0.2
Restructuring expense	2.7	3.8	7.2	10.0
Total operating costs and expenses	53.3	66.4	117.3	133.1
Operating income	41.9	24.1	58.1	25.8
Other income (expense):
Interest expense	(7.5)	(9.4)	(18.4)	(19.4)
Amortization of deferred financing fees	(0.4)	(0.4)	(0.8)	(0.9)
Loss on debt extinguishment			(25.0)
Other income (expense) - net	15.9	(5.6)	12.6	(2.9)
Total other income (expense)	8.0	(15.4)	(31.6)	(23.2)
Income from continuing operations before income taxes	49.9	8.7	26.5	2.6
Provision (benefit) for income taxes	3.9	(1.2)	7.2	2.7
Income (loss) from continuing operations	46.0	9.9	19.3	(0.1)
Discontinued operations:
Loss from discontinued operations, net of income taxes of $0.0, $0.0, $0.0 and $0.0, respectively		(0.2)		(0.2)
Net income (loss)	$ 46.0	$ 9.7	$ 19.3	$ (0.3)
Basic income (loss) per common share:
Income from continuing operations	$ 1.29	$ 0.28	$ 0.54
Loss from discontinued operations, net of income taxes		(0.01)		$ (0.01)
Basic income (loss) per common share	1.29	0.27	0.54	(0.01)
Diluted income (loss) per common share:
Income from continuing operations	1.29	0.27	0.54
Loss from discontinued operations, net of income taxes				(0.01)
Diluted income (loss) per common share	$ 1.29	$ 0.27	$ 0.54	$ (0.01)
Weighted average shares outstanding - basic	35,595,718	35,530,356	35,619,145	35,449,298
Weighted average shares outstanding - diluted	35,725,908	36,064,108	35,799,089	35,449,298

XML

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Loss from discontinued operations, income taxes	$ 0.0	$ 0.0	$ 0.0	$ 0.0

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 46.0	$ 9.7	$ 19.3	$ (0.3)
Other comprehensive income (loss), net of income tax
Unrealized income (expense) on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively	0.6	(3.3)	0.7	(3.4)
Employee pension and postretirement benefits, net of income tax benefit (provision) of $0.0, $(0.1), $0.0 and $0.0, respectively	0.5	0.7	1.0	1.3
Foreign currency translation adjustments	1.2	(26.8)	(1.3)	(15.2)
Total other comprehensive income (loss), net of income tax	2.3	(29.4)	0.4	(17.3)
Comprehensive income (loss)	$ 48.3	$ (19.7)	$ 19.7	$ (17.6)

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Unrealized income (expense) on derivatives, net of income tax benefit	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Employee pension and post retirement benefits, net of income tax benefit (Provision)	$ 0.0	$ (0.1)	$ 0.0	$ 0.0

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 35.0	$ 140.3
Accounts receivable, less allowances of $10.1 and $10.3, respectively	265.1	171.8
Inventories — net	552.3	453.1
Notes receivable — net	17.9	19.4
Other current assets	37.2	58.3
Total current assets	907.5	842.9
Property, plant and equipment — net	283.5	288.9
Operating lease right-of-use assets	47.6
Goodwill	232.7	232.8
Other intangible assets — net	117.5	118.1
Other long-term assets	63.8	59.2
Total assets	1,652.6	1,541.9
Current Liabilities:
Accounts payable and accrued expenses	421.9	425.2
Short-term borrowings and current portion of long-term debt	8.7	6.4
Product warranties	42.4	39.1
Customer advances	10.6	9.6
Other liabilities	25.3	16.3
Total current liabilities	508.9	496.6
Non-Current Liabilities:
Long-term debt	309.6	266.7
Operating lease liabilities	37.0
Deferred income taxes	5.3	5.7
Pension obligations	82.9	85.7
Postretirement health and other benefit obligations	18.0	18.3
Long-term deferred revenue	28.5	25.2
Other non-current liabilities	42.7	42.4
Total non-current liabilities	524.0	444.0
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,347,546 and 35,588,833 shares outstanding, respectively)	0.4	0.4
Additional paid-in capital	588.8	584.8
Accumulated other comprehensive loss	(116.2)	(116.6)
Retained earnings	208.9	189.6
Treasury stock, at cost (5,446,437 and 5,205,150 shares, respectively)	(62.2)	(56.9)
Total stockholders' equity	619.7	601.3
Total liabilities and stockholders' equity	$ 1,652.6	$ 1,541.9

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Accounts Receivable, allowances (in dollars)	$ 10.1	$ 10.3
Preferred stock authorized (in shares)	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,793,983	40,793,983
Common stock, shares outstanding (in shares)	35,347,546	35,588,833
Treasury stock (in shares)	5,446,437	5,205,150

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income (loss)		$ 19.3	$ (0.3)
Adjustments to reconcile net income (loss) to cash used for operating activities:
Asset impairment expense	$ 0.4		0.4
Depreciation	9.1	17.4	18.2
Amortization of intangible assets	0.1	0.2	0.2
Amortization of deferred financing fees	0.4	0.8	0.9
Loss on debt extinguishment		25.0
Gain on sale of property, plant and equipment			(2.2)
Other		6.0	0.7
Changes in operating assets and liabilities:
Accounts receivable		(222.6)	(273.9)
Inventories		(106.5)	(79.5)
Notes receivable		(2.3)	8.3
Other assets		26.1	0.3
Accounts payable		22.1	69.2
Accrued expenses and other liabilities		(20.9)	(10.6)
Net cash used for operating activities		(235.4)	(268.3)
Cash Flows from Investing Activities:
Capital expenditures	(8.8)	(9.7)	(15.2)
Proceeds from sale of fixed assets		4.8	8.4
Cash receipts on sold accounts receivable		126.3	238.0
Net cash provided by investing activities		121.4	231.2
Cash Flows from Financing Activities:
Proceeds from revolving credit facility		82.8
Payments on revolving credit facility		(82.8)
Payments on long-term debt		(276.6)
Proceeds from long-term debt		300.0
Other debt - net		1.9	(3.0)
Debt issuance costs		(8.2)
Exercises of stock options		0.1	2.0
Common stock repurchases		(7.4)
Net cash provided by (used for) financing activities		9.8	(1.0)
Effect of exchange rate changes on cash		(1.1)	(1.2)
Net decrease in cash and cash equivalents		(105.3)	(39.3)
Cash and cash equivalents at beginning of period		140.3	123.0
Cash and cash equivalents at end of period	$ 83.7	$ 35.0	$ 83.7

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Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Performance Shares Common Stock
Balance at beginning of period at Dec. 31, 2017		$ 0.4	$ 577.6	$ (97.4)	$ 256.7	$ (59.8)
Balance (in shares) at Dec. 31, 2017		35,273,864
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(1.0)			2.9
Stock options exercised (in shares)		95,019
Restricted stock, net (in shares)		165,404
Performance shares issued (in shares)							54,546
Stock-based compensation			8.2
Other comprehensive income (loss)				(19.2)
Net income (loss)					(67.1)
Balance (in shares) at Dec. 31, 2018		35,588,833
Balance at end of period at Dec. 31, 2018	$ 601.3	$ 0.4	584.8	(116.6)	189.6	(56.9)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(2.1)			2.1
Stock options exercised (in shares)		34,979
Restricted stock, net (in shares)		141,916
Performance shares issued (in shares)							54,860
Common stock repurchases (in shares)		(473,042)
Common stock repurchases		$ 7.4				(7.4)
Stock-based compensation			6.1
Other comprehensive income (loss)				0.4
Net income (loss)	19.3				19.3
Balance (in shares) at Jun. 30, 2019		35,347,546
Balance at end of period at Jun. 30, 2019	$ 619.7	$ 0.4	$ 588.8	$ (116.2)	$ 208.9	$ (62.2)

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Accounting Policies and Basis of Presentation

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Accounting Policies and Basis of Presentation

1.  Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc,” “MTW” or the “Company”) was founded in 1902 and has over a 116-year tradition of providing high-quality, customer-focused products and support services to its markets.  Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.

The Company has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 14, “Segments” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations and comprehensive income for the three and six months ended June 30, 2019 and 2018, the cash flows for the same six-month periods and the financial position and equity at June 30, 2019 and December 31, 2018, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2018. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

During the fourth quarter of 2018, the Company identified an adjustment to the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2018. The adjustment related to the treatment of cash receipts on sold accounts receivable, whereby the Company had overstated cash flows provided by investing activities and understated cash flows used for operating activities by approximately $12.7 million. In evaluating whether the Company’s previously issued consolidated financial statements were materially misstated, the Company considered the guidance in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections” and ASC Topic 250-10-S99-1, “Assessing Materiality.” The Company determined that this error was not material to the Company’s prior period consolidated financial statements and therefore, amending the previously filed report was not required, however this adjustment has been reflected in this filing.

Certain prior period amounts have been reclassified to conform to the current period presentation. All dollar amounts, except share amounts, are in millions of dollars throughout the tables in these notes unless otherwise indicated.

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Revenues

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

Revenues

2. Revenues

The Company records deferred revenues when cash payments are received or due in advance of performance, including amounts which are refundable. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2019 and 2018.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	13.3		$	14.4		$	9.6		$	12.7
Cash received or due in advance of satisfying    performance obligation		18.3			30.5			50.2			56.8
Revenue recognized		(21.1	)		(28.8	)		(49.4	)		(53.6	)
Currency translation		0.1			(0.8	)		0.2			(0.6	)
Balance at end of period	$	10.6		$	15.3		$	10.6		$	15.3

Disaggregation of the Company’s revenue sources are disclosed in Note 14, “Segments.”

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Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

3.  Inventories

The components of inventories as of June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Raw materials	$	180.3		$	159.2
Work-in-process		150.1			112.0
Finished goods		280.3			238.0
Total inventories		610.7			509.2
Excess and obsolete inventory reserve		(58.4	)		(56.1	)
Inventories — net	$	552.3		$	453.1

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Notes Receivable

6 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Notes Receivable

4.  Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other long-term assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. The Company also has a long-term note receivable balance related to the 2014 sale of Manitowoc Dong Yue. As of June 30, 2019, the Company had current and long-term notes receivable in the amount of $17.9 million and $20.8 million, respectively. As of December 31, 2018, the Company had current and long-term notes receivable in the amount of $19.4 million and $17.0 million, respectively.

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Property, Plant and Equipment

6 Months Ended

Jun. 30, 2019

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

5.  Property, Plant and Equipment

The components of property, plant and equipment at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Land	$	24.1		$	24.1
Building and improvements		197.4			195.3
Machinery, equipment and tooling		269.0			269.4
Furniture and fixtures		16.9			16.4
Computer hardware and software		117.7			117.1
Rental cranes		81.7			84.0
Construction in progress		7.8			9.6
Total cost		714.6			715.9
Less accumulated depreciation		(431.1	)		(427.0	)
Property, plant and equipment — net	$	283.5		$	288.9

Assets Held for Sale

The Company has classified the Manitowoc, Wisconsin manufacturing buildings and land as held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018. The net book value of assets held for sale were $8.8 million and $12.9 million as of June 30, 2019 and December 31, 2018, respectively, and are included in other current assets on the Condensed Consolidated Balance Sheets. During the first quarter of 2019, a portion of the manufacturing site was sold which resulted in a decrease in assets held for sale.  

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6.  Goodwill and Other Intangible Assets

The Company performs an annual impairment review during the fourth quarter of every year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no impairment indicators since the fourth quarter of 2018; therefore, no impairment review has occurred during the six months ended June 30, 2019.

The changes in the carrying amount of goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are summarized as follows:

	Americas		EURAF			MEAP			Consolidated
Balance as of January 1, 2018	$	166.5	$	85.9		$	68.9		$	321.3
Foreign currency impact		—		(3.7	)		(2.6	)		(6.3	)
Goodwill impairment - October 31, 2018		—		(82.2	)		—			(82.2	)
Balance as of December 31, 2018		166.5		—			66.3			232.8
Foreign currency impact		—		—			(0.1	)		(0.1	)
Balance as of June 30, 2019	$	166.5	$	—		$	66.2		$	232.7

Other intangible assets with definite lives are amortized over their estimated useful lives. Definite lived intangible assets are also subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Trademarks and tradenames	$	96.2	$	—		$	96.2	$	96.7	$	—		$	96.7
Customer relationships		10.2		(8.5	)		1.7		10.1		(8.4	)		1.7
Patents		29.7		(28.8	)		0.9		29.8		(29.0	)		0.8
Engineering drawings		10.5		(10.5	)		—		10.5		(10.5	)		—
Distribution network		18.9		(0.1	)		18.8		19.0		(0.1	)		18.9
Total	$	165.5	$	(48.0	)	$	117.5	$	166.1	$	(48.0	)	$	118.1

Amortization expense for the three months ended June 30, 2019 and 2018 was $0.1 million and $0.1 million, respectively. Amortization expense for the six months ended June 30, 2019 and 2018 was $0.2 million and $0.2 million, respectively.

The Company also reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset's carrying amount may not be recoverable.  The Company conducts its long-lived asset impairment analyses in accordance with ASC Topic 360-10-5, “Property, Plant and Equipment.”  ASC Topic 360-10-5 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. Property, plant and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes.

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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2019

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

7.  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019		December 31, 2018
Trade accounts payable	$	265.1	$	249.2
Employee-related expenses		49.6		59.5
Accrued vacation		25.9		24.3
Miscellaneous accrued expenses		81.3		92.2
Total	$	421.9	$	425.2

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Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

8.  Debt

Outstanding debt at June 30, 2019 and December 31, 2018 is summarized as follows:

	June 30, 2019			December 31, 2018
Senior secured asset based revolving credit facility	$	—		$	—
Senior secured second lien notes due 2021		—			254.2
Senior secured second lien notes due 2026		300.0			—
Other		23.2			21.2
Deferred financing costs		(4.9	)		(2.3	)
Total debt		318.3			273.1
Short-term borrowings and current portion of long-term    debt		(8.7	)		(6.4	)
Long-term debt	$	309.6		$	266.7

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount senior secured second lien notes due on April 1, 2026 with an annual coupon rate of 9.000% (the “2026 Notes”). Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility (as defined below) or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The 2026 Notes were sold pursuant to exemptions from registration under the Securities Act of 1933.

Additionally, on March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority bases, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

The Company used the initial extension of credit under the ABL Revolving Credit Facility, together with the net proceeds from the offering of the 2026 Notes, to (i) redeem all of the Company’s $260.0 million in outstanding 12.750% Senior Secured Second Lien Notes due 2021 (the “Prior 2021 Notes”); (ii) repay all obligations outstanding, and terminate all commitments, under (x) the Company’s previous $225.0 million ABL Revolving Credit Facility (“Prior ABL Facility”) and (y) $75.0 million AR Securitization Facility; and (iii) pay related fees and expenses, including $16.6 million of call premium on the Prior 2021 Notes, $5.0 million of closing costs and $4.6 million of accrued interest.

During the six months ended June 30, 2019, the Company recorded a $25.0 million charge in the Condensed Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge is composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

As of June 30, 2019, the Company had other indebtedness outstanding of $23.2 million that had a weighted-average interest rate of approximately 4.625%. This debt includes balances on local credit lines and other financing arrangements.

The Company had no borrowings on the ABL Revolving Credit Facility as of June 30, 2019 and no borrowings on the Prior ABL Facility as of December 31, 2018. During the quarter ended June 30, 2019, the highest daily borrowing under either the ABL Revolving Credit Facility or the Prior ABL Facility was $39.7 million and the average amount borrowed was $23.0 million, while the average annual interest rate was 3.982%. The interest rate of the ABL Revolving Credit Facility fluctuates based on excess availability. As of June 30, 2019, the spreads for London Interbank Offered Rate and prime rate borrowings

were 1.25% and 0.00%, respectively, with excess availability of approximately $271.0 million, which represents revolver borrowing capacity of $275.0 million less U.S. letters of credit outstanding of $4.0 million.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of June 30, 2019, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. 

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Accounts Receivable Securitization and Other Factoring Arrangements

6 Months Ended

Jun. 30, 2019

Transfers And Servicing [Abstract]

Accounts Receivable Securitization and Other Factoring Arrangements

9.  Accounts Receivable Securitization and Other Factoring Arrangements

The Company had maintained a Receivables Purchase Agreement (“RPA”) among Manitowoc Funding, LLC (“MTW Funding”), as Seller, The Manitowoc Company, Inc., as Servicer, and Wells Fargo Bank, N.A., as Purchaser and as Agent, with a commitment size of $75.0 million. Under the RPA (and the related Purchase and Sale Agreements referenced in the RPA), the Company’s domestic trade accounts receivable were sold to MTW Funding which, in turn, sold, conveyed, transferred and assigned to a third-party financial institution (“Purchaser”), all of MTW Funding’s rights, title and interest in a pool of receivables to the Purchaser. Transactions under the program are accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” This program was terminated on March 25, 2019.

Trade accounts receivable sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million for the three and six months ended June 30, 2019, respectively. Trade receivables sold to the Purchaser and being serviced by the Company totaled $223.4 million and $384.3 million for the three and six months ended June 30, 2018, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2019 were zero and $182.8 million, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2018 were $179.9 million and $343.0 million, respectively.

Sales of trade receivables under the program reflected as a reduction of accounts receivable in the accompanying Condensed Consolidated Balance Sheets were zero and $75.0 million as of June 30, 2019 and December 31, 2018, respectively. The proceeds received from the sale of trade receivables under the program were included in cash flows from operating activities; whereas cash collections related to the deferred purchase price were classified as cash flows from investing activities in the accompanying Condensed Consolidated Statements of Cash Flows. The Company deemed the interest rate risk related to the deferred purchase price notes to be de minimis, primarily because the average collection cycle of the related receivables is less than 60 days; and as such, the fair value of the Company’s deferred purchase price notes approximates book value. The fair value of the deferred purchase price notes recorded as of June 30, 2019 and December 31, 2018 was zero and $71.5 million, respectively, and is included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets. For the six months ended June 30, 2019 and 2018 non-cash investing activities related to the increase in the deferred purchase price was zero and $263.8 million, respectively.

The Company has two non-U.S. accounts receivable financing programs. Under these financing programs, the Company sold €27.0 million of receivables and received €27.0 million of cash on the sold receivables for the three and six months ended June 30, 2019. The maximum availability under these programs is €45 million.

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Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

10.  Income Taxes

For the three months ended June 30, 2019 and 2018, the Company recorded income tax expense of $3.9 million and income tax benefit of $1.2 million, respectively. For the six months ended June 30, 2019 and 2018, the Company recorded income tax expense of $7.2 million and $2.7 million, respectively. The increase in the Company’s tax expense for the six months ended June 30, 2019 relative to the prior year relates primarily to the discrete tax benefit of $4.8 million recorded during the prior year.  

The Company will continue to evaluate its valuation allowance requirements on an ongoing basis in light of changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly, and it is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s income tax provision and could have a material effect on operating results.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $12.9 million and $12.8 million as of June 30, 2019 and December 31, 2018, respectively. 

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Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

11.  Earnings Per Share

Basic income (loss) per common share is computed as net income (loss) divided by the basic weighted average common shares outstanding of 35.6 million shares for the three and six months ended June 30, 2019 and 35.5 million and 35.4 million shares for the three and six months ended June 30, 2018, respectively. The calculation of diluted income (loss) per common share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on income per common share during periods with net income, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments of approximately 1,515,430 and 188,885 common shares were excluded from the computation of diluted net income per common share for the three months ended June 30, 2019 and 2018, respectively. Anti-dilutive equity instruments of approximately 1,556,298 were excluded from the computation of diluted net income per common share for the six months ended June 30, 2019. Due to the net loss incurred during the six months ended June 30, 2018, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per common share calculation for those periods.

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Basic weighted average common shares outstanding		35,595,718		35,530,356		35,619,145		35,449,298
Effect of dilutive securities		130,190		533,752		179,944		—
Diluted weighted average common shares outstanding		35,725,908		36,064,108		35,799,089		35,449,298

No cash dividends were paid during the three and six months ended June 30, 2019 and 2018.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

12.  Stockholders’ Equity

Authorized capital consists of 75 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock.  None of the preferred shares have been issued.

As of June 30, 2019, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2019, the Company purchased $7.4 million of the Company’s common stock under this authorization.

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		0.1			(2.5	)		(3.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.8			0.4			—			1.2
Net other comprehensive income (loss)		0.1			0.5			(2.5	)		(1.9	)
Balance at March 31, 2019		(0.2	)		(35.7	)		(82.6	)		(118.5	)
Other comprehensive income (loss) before    reclassifications		(0.3	)		0.1			1.2			1.0
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income		0.6			0.5			1.2			2.3
Balance at June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income before    reclassifications		—			0.1			11.4			11.5
Amounts reclassified from accumulated    other comprehensive loss		—			0.6			—			0.6
Net other comprehensive income		—			0.7			11.4			12.1
Balance at March 31, 2018		0.1			(44.4	)		(41.0	)		(85.3	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(26.8	)		(30.5	)
Amounts reclassified from accumulated other    comprehensive loss		0.3			0.8			—			1.1
Net other comprehensive income (loss)		(3.3	)		0.7			(26.8	)		(29.4	)
Balance at June 30, 2018	$	(3.2	)	$	(43.7	)	$	(67.8	)	$	(114.7	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018				Recognized Location
Losses on cash flow hedges
Foreign currency contracts	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)		Cost of sales
Total before income taxes		(0.9	)		(0.3	)		(1.7	)		(0.3	)
Income tax benefit		—			—			—			—
Total, net of income taxes	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.1	)	$	(1.4	)	$	(2.2	)	$	(2.8	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.7			0.7			1.4			1.4		(a)	Other income (expense) - net
Total before income taxes		(0.4	)		(0.7	)		(0.8	)		(1.4	)
Income tax provision		—			(0.1	)		—			—
Total, net of income taxes	$	(0.4	)	$	(0.8	)	$	(0.8	)	$	(1.4	)
Total reclassifications for the period,    net of income taxes	$	(1.3	)	$	(1.1	)	$	(2.5	)	$	(1.7	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 18, “Employee Benefit Plans,” for further details).

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

13.  Stock-Based Compensation

The Company’s 2013 Omnibus Incentive Plan (the “2013 Plan”) was approved by shareholders on May 7, 2013 and replaced several of the Company's incentive plans (collectively referred to as the “Prior Plans”). No new awards may be granted under the Prior Plans; however, outstanding awards under the Prior Plans will continue in force and effect pursuant to their terms. The 2013 Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”) and performance shares or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of June 30, 2019 is 4,981,582 shares.

Stock-based compensation expense was $3.0 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively. Stock-based compensation expense was $6.1 million and $4.1 million for the six months ended June 30, 2019 and 2018, respectively. The Company recognizes stock-based compensation expense over the awards' vesting period.

No options to acquire shares of common stock were granted to employees during the three months ended June 30, 2019. Options to acquire 24,208 shares of common stock were granted to employees during the three months ended June 30, 2018. Options to acquire 210,243 and 187,484 shares of common stock were granted to employees during the six months ended June 30, 2019 and 2018, respectively. The options granted in 2019 and 2018 become exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. 

During the three months ended June 30, 2019 and 2018, 2,000 and 26,710 RSUs, respectively, were issued by the Company to employees. A total of 178,371 and 57,930 RSUs were issued by the Company to employees during the six months ended June 30, 2019 and 2018, respectively. The RSUs granted to employees in 2019 vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. RSUs granted prior to 2019 vest on the third anniversary of the grant date.

No performance shares were issued during the three months ended June 30, 2019. During the three months ended June 30, 2018, 15,425 performance shares were issued. A total of 228,037 and 93,298 performance shares were issued during the six

months ended June 30, 2019 and 2018, respectively. Performance shares are earned based on the extent to which performance goals are met over the applicable performance period.  The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2019 and 2018 are based on 50% on total shareholder return relative to peers during the three-year performance period and 50% on Adjusted EBITDA percentage from continuing operations in 2021 and 2020, respectively. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding.

The Company did not issue any equity grants to directors during the three months ended June 30, 2019 and 2018, respectively. A total of 50,673 and 22,936 equity grants were issued to directors during the six months ended June 30, 2019 and 2018, respectively. The 2019 and 2018 equity grants vested immediately upon the grant date.

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Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segments

14. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North American and South American continents. The EURAF operating segment includes the continents of Europe and Africa, excluding the Middle East region. The MEAP operating segment includes the Asia and Australian continents and the Middle East region.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are based on the geographic region that sells the products. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each reportable segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes.

The following table shows information by reportable segment for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net Sales
Americas	$	264.6	$	227.3	$	470.7	$	390.2
EURAF		182.6		191.2		336.8		345.4
MEAP		57.5		76.8		115.2		145.8
Total	$	504.7	$	495.3	$	922.7	$	881.4
Segment Operating Income
Americas	$	35.7	$	14.7	$	50.9	$	17.4
EURAF		1.7		8.1		5.1		11.5
MEAP		5.1		10.7		12.4		18.6
Total	$	42.5	$	33.5	$	68.4	$	47.5
Depreciation
Americas	$	3.5	$	3.6	$	7.1	$	7.1
EURAF		3.7		3.8		7.4		7.6
MEAP		0.7		1.0		1.4		2.0
Corporate		0.7		0.7		1.5		1.5
Total	$	8.6	$	9.1	$	17.4	$	18.2
Capital Expenditures
Americas	$	3.2	$	2.6	$	6.0	$	4.9
EURAF		1.6		4.6		2.4		7.0
MEAP		0.5		0.5		1.3		1.7
Corporate		—		1.1		—		1.6
Total	$	5.3	$	8.8	$	9.7	$	15.2

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Segment operating income	$	42.5		$	33.5		$	68.4		$	47.5
Unallocated corporate expenses		(0.6	)		(8.1	)		(10.2	)		(18.2	)
Restructuring expense		—			(1.3	)		(0.1	)		(3.5	)
Total operating income	$	41.9		$	24.1		$	58.1		$	25.8

Net sales by geographic area for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
United States	$	233.0	$	203.5	$	417.7	$	347.8
Europe		174.1		188.7		323.2		339.0
Other		97.6		103.1		181.8		194.6
Total	$	504.7	$	495.3	$	922.7	$	881.4

Net sales by product for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Cranes	$	418.0	$	409.2	$	751.5	$	716.7
Aftermarket parts and other*		86.7		86.1		171.2		164.7
Total net sales	$	504.7	$	495.3	$	922.7	$	881.4

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

15.  Fair Value of Financial Instruments

ASC Topic 820-10, “Fair Value Measurement,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2	Unadjusted quoted prices in active markets for similar assets or liabilities, or
	Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
	Inputs other than quoted prices that are observable for the asset or liability
Level 3	Unobservable inputs for the asset or liability

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of June 30, 2019
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.5	$	—	$	0.5

	Fair Value as of December 31, 2018
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.1	$	—	$	0.1
Current Liabilities:
Foreign currency exchange contracts	$	—	$	1.8	$	—	$	1.8

The fair value of the Company's 2026 Notes was approximately $299.9 million as of June 30, 2019. The fair value of the Company’s Prior 2021 Notes was approximately $278.1 million as of December 31, 2018. See Note 8, “Debt,” for a description of the debt instruments and their related carrying values.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  The Company estimates the fair value of its Prior 2021 Notes and 2026 Notes based on quoted market prices; because these markets are typically thinly traded, the liabilities are classified as Level 2 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, deferred purchase price notes on receivables sold (see Note 9, “Accounts Receivable Securitization”) and short-term variable debt, including any amounts outstanding under the ABL Revolving Credit Facility, approximate fair value, without being discounted as of June 30, 2019 and December 31, 2018, due to the short-term nature of these instruments.

Assets held for sale, included in other assets in the Condensed Consolidated Balance Sheets, were carried at the lesser of the original cost or fair value, less the estimated costs to sell. The fair values were determined by the Company to be Level 3 under the fair value hierarchy and were estimated based on broker quotes and other information related to current marketplace conditions. See Note 5, “Property, Plant and Equipment,” for a description of the assets held for sale and their related net book values.

As a result of its global operating and financing activities, the Company is exposed to market risks from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect the Company’s operating results and financial position. When deemed appropriate, the Company attempts to minimize these risks through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes, and the Company does not use leveraged derivative financial instruments. Foreign currency exchange, commodity and interest rate contracts are valued through an independent valuation source that uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 21, “Derivative Financial Instruments” for additional information.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.  Commitments and Contingencies

The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes.

Product liability reserves in the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 were $13.7 million and $16.3 million, respectively. These reserves were estimated using a combination of actual case reserves and

actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

On March 19, 2019, the Company agreed to settle a legal matter. During the three months ended June 30, 2019, the terms of the settlement were finalized resulting in a net $24.7 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) and a benefit of $9.2 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations during the three months ended June 30, 2019.  

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Guarantees

6 Months Ended

Jun. 30, 2019

Guarantees [Abstract]

Guarantees

17.  Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at the inception of the order to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Topic 842 – “Leases,” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The deferred revenue included in other current and non-current liabilities as of June 30, 2019 and December 31, 2018 was $37.9 million and $34.4 million, respectively.  The total amount of buyback commitments given by the Company and outstanding as of June 30, 2019 and December 31, 2018 was $30.0 million and $30.9 million, respectively.  These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the units.  The buyback commitments expire at various times through 2025.

As of June 30, 2019 and December 31, 2018, the Company had reserved $40.3 million and $38.5 million, respectively, for warranty claims included in product warranties as well as other non-current liabilities in the Condensed Consolidated Balance Sheets. In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its warranty at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.

Below is a table summarizing the warranty activity for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	37.2		$	35.2		$	38.5		$	35.2
Accruals for warranties issued during the    period		10.0			12.4			16.5			12.4
Settlements made (in cash or in kind) during    the period		(7.1	)		(11.3	)		(14.6	)		(11.3	)
Currency translation		0.2			(0.4	)		(0.1	)		(0.4	)
Balance at end of period	$	40.3		$	35.9		$	40.3		$	35.9

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

18.  Employee Benefit Plans

The Company provides certain pension, health care and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the retiree resides and receives benefits.  Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of periodic benefit costs for the three and six months ended June 30, 2019 and June 30, 2018 are summarized as follows:

	Three Months Ended June 30, 2019									Six Months Ended June 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.1	)		(0.3	)		—			(2.2	)		(0.6	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.3			—			1.6			0.6			—
Net periodic benefit costs	$	1.0		$	1.0		$	(0.4	)	$	2.0		$	2.0		$	(0.8	)

	Three Months Ended June 30, 2018									Six Months Ended June 30, 2018
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.5	)		(0.4	)		—			(3.0	)		(0.8	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.4			0.2			1.6			0.8			0.4
Net periodic benefit costs	$	0.6		$	1.0		$	(0.2	)	$	1.2		$	2.0		$	(0.4	)

The components of net periodic benefit cost other than the service cost component are included in the line item “other income (expense) - net” in the Condensed Consolidated Statement of Operations.

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Restructuring

6 Months Ended

Jun. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring

19.  Restructuring

During the three months ended June 30, 2019 and 2018, the Company incurred $2.7 million and $3.8 million of restructuring expense, respectively. During the six months ended June 30, 2019 and 2018, the Company incurred $7.2 million and $10.0 million of restructuring expense, respectively. The costs for the three months ended June 30, 2019 related primarily to costs associated with headcount reductions in India and Europe. Costs for the six months ended June 30, 2019 related primarily to headcount reductions in India, Europe and North America. Costs for the three and six months ended June 30, 2018 related primarily to severance costs for the departure of an executive officer, costs associated with training of skilled labor as a result of the transfer of crawler crane production to Shady Grove, PA and costs associated with headcount reductions in Europe.

The following is a rollforward of the Company's restructuring accrual for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	4.6		$	5.4			3.1		$	5.6
Restructuring expenses		2.7			3.8			7.2			10.0
Use of reserve		(4.2	)		(4.7	)		(7.2	)		(10.7	)
Reserve reclassification		—			—			—			(0.3	)
Currency translation		—			(0.1	)		—			(0.2	)
Balance at end of period	$	3.1		$	4.4		$	3.1		$	4.4

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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

20.  Leases

As of January 1, 2019, the Company adopted Topic 842 and elected to use the modified prospective approach, which does not require a retrospective restatement of prior years. The adoption of Topic 842 resulted in no cumulative catch-up to retained earnings. As part of the adoption, the Company applied the package of practical expedients which does not require the Company to reassess the lease classification for any expired or existing leases upon adoption of Topic 842.

The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment, and manufacturing equipment. The remaining lease terms are up to 24 years, some of which include options to extend the lease term for up to 10 years, and some which include options to terminate the lease within 1 year. Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the condensed consolidated financial statements.

The components of lease expense for the three and six months ended June 30, 2019 are summarized as follows:

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	3.7	$	7.6
Variable lease cost*		0.4		0.8
Total lease cost	$	4.1	$	8.4
*Includes short-term leases, which are immaterial.

Supplemental cash flow information related to leases for the six months ended June 30, 2019 are summarized as follows:

	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of    lease liabilities:
Operating cash flows from operating leases	$	13.9

Supplemental balance sheet information related to leases as of June 30, 2019 are summarized as follows:

Operating Leases	June 30, 2019
Operating lease right-of-use assets	$	47.6
Other liabilities	$	11.6
Operating lease liabilities		37.0
Total operating lease liabilities	$	48.6

As of June 30, 2019, the Company’s operating leases have a weighted-average remaining lease term of 6.9 years and a weighted-average discount rate of 4.97%. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest, from within the applicable location of the leased asset, it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

Maturities of operating lease liabilities as of June 30, 2019 are summarized as follows:

Year
2019	$	6.6
2020		11.4
2021		9.7
2022		7.3
2023		4.5
Thereafter		16.1
Total lease payments		55.6
Less: imputed interest		(7.0	)
Present value of lease liabilities	$	48.6

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

21.  Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures.  Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into foreign currency exchange contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/ liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these foreign currency exchange contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of products sold, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of “Other income (expense), net” in the period in which the transaction is no longer considered probable of occurring. To the extent a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.

The Company had foreign currency exchange contracts with an aggregate notional amount of $99.4 million and $76.8 million outstanding as of June 30, 2019 and December 31, 2018, respectively with all of the $99.4 million scheduled to mature within one year. The aggregate notional amount of foreign currency exchange contracts hedges purchases denominated in Euros. As of June 30, 2019 and December 31, 2018, the fair value of these contracts were a current asset of $0.5 million and a net current liability of $1.7 million, respectively.  The unrealized gains (losses), net of taxes, recorded in accumulated other comprehensive income (loss) were $0.3 million and $(0.4) million as of June 30, 2019 and December 31, 2018, respectively.  We anticipate reclassifying the unrealized gains as of June 30, 2019 to cost of goods sold over the next 12 months.

The following table provides the amount of gain or losses recorded in the Condensed Consolidated Statement of Operations for foreign currency exchange contracts for the three and six months ended June 30, 2019 and 2018.

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2019			2018			2019			2018
Designated	Cost of goods sold	$	0.7		$	0.3		$	1.5		$	0.3
Non-Designated	Other income (expense), net	$	(1.6	)	$	(0.1	)	$	(2.3	)	$	—

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Recent Accounting Changes and Pronouncements

6 Months Ended

Jun. 30, 2019

Recent Accounting Changes And Pronouncements [Abstract]

Recent Accounting Changes and Pronouncements

22.  Recent Accounting Changes and Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive income (loss) as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from accumulated other comprehensive income (loss) to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in accumulated other comprehensive income (loss).

In August 2017, the FASB issued ASU No. 2017-12 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2017, the FASB issued ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20):  Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 - “Leases,” which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.”

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Recent Accounting Changes and Pronouncements (Policies)

6 Months Ended

Jun. 30, 2019

Recent Accounting Changes And Pronouncements [Abstract]

Fair Value Measurement

ASC Topic 820-10, “Fair Value Measurement,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2	Unadjusted quoted prices in active markets for similar assets or liabilities, or
	Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
	Inputs other than quoted prices that are observable for the asset or liability
Level 3	Unobservable inputs for the asset or liability

Recent Accounting Changes and Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive income (loss) as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from accumulated other comprehensive income (loss) to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in accumulated other comprehensive income (loss).

In August 2017, the FASB issued ASU No. 2017-12 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In March 2017, the FASB issued ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20):  Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 - “Leases,” which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.”

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Revenues (Tables)

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

Schedule of Change In Customer Advances Balance

The table below shows the change in the customer advances balance for the three and six months ended June 30, 2019 and 2018.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	13.3		$	14.4		$	9.6		$	12.7
Cash received or due in advance of satisfying    performance obligation		18.3			30.5			50.2			56.8
Revenue recognized		(21.1	)		(28.8	)		(49.4	)		(53.6	)
Currency translation		0.1			(0.8	)		0.2			(0.6	)
Balance at end of period	$	10.6		$	15.3		$	10.6		$	15.3

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Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of the components of inventories

The components of inventories as of June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Raw materials	$	180.3		$	159.2
Work-in-process		150.1			112.0
Finished goods		280.3			238.0
Total inventories		610.7			509.2
Excess and obsolete inventory reserve		(58.4	)		(56.1	)
Inventories — net	$	552.3		$	453.1

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Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property Plant And Equipment [Abstract]

Components of Property, Plant and Equipment

The components of property, plant and equipment at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019			December 31, 2018
Land	$	24.1		$	24.1
Building and improvements		197.4			195.3
Machinery, equipment and tooling		269.0			269.4
Furniture and fixtures		16.9			16.4
Computer hardware and software		117.7			117.1
Rental cranes		81.7			84.0
Construction in progress		7.8			9.6
Total cost		714.6			715.9
Less accumulated depreciation		(431.1	)		(427.0	)
Property, plant and equipment — net	$	283.5		$	288.9

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in goodwill by reportable segment

The changes in the carrying amount of goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are summarized as follows:

	Americas		EURAF			MEAP			Consolidated
Balance as of January 1, 2018	$	166.5	$	85.9		$	68.9		$	321.3
Foreign currency impact		—		(3.7	)		(2.6	)		(6.3	)
Goodwill impairment - October 31, 2018		—		(82.2	)		—			(82.2	)
Balance as of December 31, 2018		166.5		—			66.3			232.8
Foreign currency impact		—		—			(0.1	)		(0.1	)
Balance as of June 30, 2019	$	166.5	$	—		$	66.2		$	232.7

Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Trademarks and tradenames	$	96.2	$	—		$	96.2	$	96.7	$	—		$	96.7
Customer relationships		10.2		(8.5	)		1.7		10.1		(8.4	)		1.7
Patents		29.7		(28.8	)		0.9		29.8		(29.0	)		0.8
Engineering drawings		10.5		(10.5	)		—		10.5		(10.5	)		—
Distribution network		18.9		(0.1	)		18.8		19.0		(0.1	)		18.9
Total	$	165.5	$	(48.0	)	$	117.5	$	166.1	$	(48.0	)	$	118.1

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Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2019

Payables And Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 are summarized as follows:

	June 30, 2019		December 31, 2018
Trade accounts payable	$	265.1	$	249.2
Employee-related expenses		49.6		59.5
Accrued vacation		25.9		24.3
Miscellaneous accrued expenses		81.3		92.2
Total	$	421.9	$	425.2

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Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of outstanding debt

Outstanding debt at June 30, 2019 and December 31, 2018 is summarized as follows:

	June 30, 2019			December 31, 2018
Senior secured asset based revolving credit facility	$	—		$	—
Senior secured second lien notes due 2021		—			254.2
Senior secured second lien notes due 2026		300.0			—
Other		23.2			21.2
Deferred financing costs		(4.9	)		(2.3	)
Total debt		318.3			273.1
Short-term borrowings and current portion of long-term    debt		(8.7	)		(6.4	)
Long-term debt	$	309.6		$	266.7

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Basic weighted average common shares outstanding		35,595,718		35,530,356		35,619,145		35,449,298
Effect of dilutive securities		130,190		533,752		179,944		—
Diluted weighted average common shares outstanding		35,725,908		36,064,108		35,799,089		35,449,298

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		0.1			(2.5	)		(3.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.8			0.4			—			1.2
Net other comprehensive income (loss)		0.1			0.5			(2.5	)		(1.9	)
Balance at March 31, 2019		(0.2	)		(35.7	)		(82.6	)		(118.5	)
Other comprehensive income (loss) before    reclassifications		(0.3	)		0.1			1.2			1.0
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income		0.6			0.5			1.2			2.3
Balance at June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income before    reclassifications		—			0.1			11.4			11.5
Amounts reclassified from accumulated    other comprehensive loss		—			0.6			—			0.6
Net other comprehensive income		—			0.7			11.4			12.1
Balance at March 31, 2018		0.1			(44.4	)		(41.0	)		(85.3	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(26.8	)		(30.5	)
Amounts reclassified from accumulated other    comprehensive loss		0.3			0.8			—			1.1
Net other comprehensive income (loss)		(3.3	)		0.7			(26.8	)		(29.4	)
Balance at June 30, 2018	$	(3.2	)	$	(43.7	)	$	(67.8	)	$	(114.7	)

Reconciliation of reclassifications out of accumulated other comprehensive income (loss), net of tax

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018				Recognized Location
Losses on cash flow hedges
Foreign currency contracts	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)		Cost of sales
Total before income taxes		(0.9	)		(0.3	)		(1.7	)		(0.3	)
Income tax benefit		—			—			—			—
Total, net of income taxes	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.1	)	$	(1.4	)	$	(2.2	)	$	(2.8	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.7			0.7			1.4			1.4		(a)	Other income (expense) - net
Total before income taxes		(0.4	)		(0.7	)		(0.8	)		(1.4	)
Income tax provision		—			(0.1	)		—			—
Total, net of income taxes	$	(0.4	)	$	(0.8	)	$	(0.8	)	$	(1.4	)
Total reclassifications for the period,    net of income taxes	$	(1.3	)	$	(1.1	)	$	(2.5	)	$	(1.7	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 18, “Employee Benefit Plans,” for further details).

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Segments (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net Sales
Americas	$	264.6	$	227.3	$	470.7	$	390.2
EURAF		182.6		191.2		336.8		345.4
MEAP		57.5		76.8		115.2		145.8
Total	$	504.7	$	495.3	$	922.7	$	881.4
Segment Operating Income
Americas	$	35.7	$	14.7	$	50.9	$	17.4
EURAF		1.7		8.1		5.1		11.5
MEAP		5.1		10.7		12.4		18.6
Total	$	42.5	$	33.5	$	68.4	$	47.5
Depreciation
Americas	$	3.5	$	3.6	$	7.1	$	7.1
EURAF		3.7		3.8		7.4		7.6
MEAP		0.7		1.0		1.4		2.0
Corporate		0.7		0.7		1.5		1.5
Total	$	8.6	$	9.1	$	17.4	$	18.2
Capital Expenditures
Americas	$	3.2	$	2.6	$	6.0	$	4.9
EURAF		1.6		4.6		2.4		7.0
MEAP		0.5		0.5		1.3		1.7
Corporate		—		1.1		—		1.6
Total	$	5.3	$	8.8	$	9.7	$	15.2

Schedule of Reconciliation of the Company's Segment Operating Income (Loss)

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Segment operating income	$	42.5		$	33.5		$	68.4		$	47.5
Unallocated corporate expenses		(0.6	)		(8.1	)		(10.2	)		(18.2	)
Restructuring expense		—			(1.3	)		(0.1	)		(3.5	)
Total operating income	$	41.9		$	24.1		$	58.1		$	25.8

Schedule of Net Sales by Geographic Area

Net sales by geographic area for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
United States	$	233.0	$	203.5	$	417.7	$	347.8
Europe		174.1		188.7		323.2		339.0
Other		97.6		103.1		181.8		194.6
Total	$	504.7	$	495.3	$	922.7	$	881.4

Schedule of Net Sales By Product

Net sales by product for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Cranes	$	418.0	$	409.2	$	751.5	$	716.7
Aftermarket parts and other*		86.7		86.1		171.2		164.7
Total net sales	$	504.7	$	495.3	$	922.7	$	881.4

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis by Level within the Fair Value Hierarchy

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of June 30, 2019
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.5	$	—	$	0.5

	Fair Value as of December 31, 2018
	Level 1		Level 2		Level 3		Total
Current Assets:
Foreign currency exchange contracts	$	—	$	0.1	$	—	$	0.1
Current Liabilities:
Foreign currency exchange contracts	$	—	$	1.8	$	—	$	1.8

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Guarantees (Tables)

6 Months Ended

Jun. 30, 2019

Guarantees [Abstract]

Summary of Warranty Activity

Below is a table summarizing the warranty activity for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	37.2		$	35.2		$	38.5		$	35.2
Accruals for warranties issued during the    period		10.0			12.4			16.5			12.4
Settlements made (in cash or in kind) during    the period		(7.1	)		(11.3	)		(14.6	)		(11.3	)
Currency translation		0.2			(0.4	)		(0.1	)		(0.4	)
Balance at end of period	$	40.3		$	35.9		$	40.3		$	35.9

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Schedule of components of period benefit costs

The components of periodic benefit costs for the three and six months ended June 30, 2019 and June 30, 2018 are summarized as follows:

	Three Months Ended June 30, 2019									Six Months Ended June 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.1	)		(0.3	)		—			(2.2	)		(0.6	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.3			—			1.6			0.6			—
Net periodic benefit costs	$	1.0		$	1.0		$	(0.4	)	$	2.0		$	2.0		$	(0.8	)

	Three Months Ended June 30, 2018									Six Months Ended June 30, 2018
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	0.1		$	—		$	1.0		$	0.2
Interest cost of projected benefit obligations		1.3			0.5			0.2			2.6			1.0			0.4
Expected return on plan assets		(1.5	)		(0.4	)		—			(3.0	)		(0.8	)		—
Amortization of prior service cost		—			—			(0.7	)		—			—			(1.4	)
Amortization of actuarial net loss		0.8			0.4			0.2			1.6			0.8			0.4
Net periodic benefit costs	$	0.6		$	1.0		$	(0.2	)	$	1.2		$	2.0		$	(0.4	)

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring And Related Activities [Abstract]

Rollforward of all restructuring accrual

The following is a rollforward of the Company's restructuring accrual for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Balance at beginning of period	$	4.6		$	5.4			3.1		$	5.6
Restructuring expenses		2.7			3.8			7.2			10.0
Use of reserve		(4.2	)		(4.7	)		(7.2	)		(10.7	)
Reserve reclassification		—			—			—			(0.3	)
Currency translation		—			(0.1	)		—			(0.2	)
Balance at end of period	$	3.1		$	4.4		$	3.1		$	4.4

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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense for the three and six months ended June 30, 2019 are summarized as follows:

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	3.7	$	7.6
Variable lease cost*		0.4		0.8
Total lease cost	$	4.1	$	8.4
*Includes short-term leases, which are immaterial.

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the six months ended June 30, 2019 are summarized as follows:

	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of    lease liabilities:
Operating cash flows from operating leases	$	13.9

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of June 30, 2019 are summarized as follows:

Operating Leases	June 30, 2019
Operating lease right-of-use assets	$	47.6
Other liabilities	$	11.6
Operating lease liabilities		37.0
Total operating lease liabilities	$	48.6

Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2019 are summarized as follows:

Year
2019	$	6.6
2020		11.4
2021		9.7
2022		7.3
2023		4.5
Thereafter		16.1
Total lease payments		55.6
Less: imputed interest		(7.0	)
Present value of lease liabilities	$	48.6

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Foreign Currency Exchange Contracts

Derivative Instruments Gain Loss [Line Items]

Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for Foreign Currency Exchange Contracts

The following table provides the amount of gain or losses recorded in the Condensed Consolidated Statement of Operations for foreign currency exchange contracts for the three and six months ended June 30, 2019 and 2018.

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2019			2018			2019			2018
Designated	Cost of goods sold	$	0.7		$	0.3		$	1.5		$	0.3
Non-Designated	Other income (expense), net	$	(1.6	)	$	(0.1	)	$	(2.3	)	$	—

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Accounting Policies and Basis of Presentation - Narrative (Details)	6 Months Ended
	Jun. 30, 2019 segment
Accounting Policies [Abstract]
Period of providing high-quality, customer-focused products and support services	116 years
Number of reportable segments	3

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Revenues - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Balance at beginning of period	$ 13.3	$ 14.4	$ 9.6	$ 12.7
Cash received or due in advance of satisfying performance obligation	18.3	30.5	50.2	56.8
Revenue recognized	(21.1)	(28.8)	(49.4)	(53.6)
Currency translation	0.1	(0.8)	0.2	(0.6)
Balance at end of period	$ 10.6	$ 15.3	$ 10.6	$ 15.3

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Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 180.3	$ 159.2
Work-in-process	150.1	112.0
Finished goods	280.3	238.0
Total inventories	610.7	509.2
Excess and obsolete inventory reserve	(58.4)	(56.1)
Inventories — net	$ 552.3	$ 453.1

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Notes Receivable - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Notes receivable, current	$ 17.9	$ 19.4
Notes receivable, long term	$ 20.8	$ 17.0

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Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment
Total cost	$ 714.6	$ 715.9
Less accumulated depreciation	(431.1)	(427.0)
Property, plant and equipment — net	283.5	288.9
Land
Property, Plant and Equipment
Total cost	24.1	24.1
Building and Improvements
Property, Plant and Equipment
Total cost	197.4	195.3
Machinery, Equipment and Tooling
Property, Plant and Equipment
Total cost	269.0	269.4
Furniture and Fixtures
Property, Plant and Equipment
Total cost	16.9	16.4
Computer Hardware and Software
Property, Plant and Equipment
Total cost	117.7	117.1
Rental Cranes
Property, Plant and Equipment
Total cost	81.7	84.0
Construction in Progress
Property, Plant and Equipment
Total cost	$ 7.8	$ 9.6

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Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Other Current Assets
Property, Plant and Equipment
Net book value of assets held for sale	$ 8.8	$ 12.9

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		10 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Oct. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and intangible asset impairment			$ 0		$ (82,200,000)
Amortization of intangible assets	$ 100,000	$ 100,000	$ 200,000	$ 200,000

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Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($)	6 Months Ended	10 Months Ended	12 Months Ended
	Jun. 30, 2019	Oct. 31, 2018	Dec. 31, 2018
Goodwill
Balance at the beginning of the period	$ 232,800,000	$ 321,300,000	$ 321,300,000
Foreign currency impact	(100,000)		(6,300,000)
Goodwill impairment	0	(82,200,000)
Balance at the end of the period	232,700,000		232,800,000
Americas
Goodwill
Balance at the beginning of the period	166,500,000	166,500,000	166,500,000
Balance at the end of the period	166,500,000		166,500,000
Europe and Africa ("EURAF")
Goodwill
Balance at the beginning of the period		85,900,000	85,900,000
Foreign currency impact			(3,700,000)
Goodwill impairment		(82,200,000)
Middle East and Asia Pacific ("MEAP")
Goodwill
Balance at the beginning of the period	66,300,000	$ 68,900,000	68,900,000
Foreign currency impact	(100,000)		(2,600,000)
Balance at the end of the period	$ 66,200,000		$ 66,300,000

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Goodwill and Other Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	$ 165.5	$ 166.1
Finite-lived intangible assets, amortization amount	(48.0)	(48.0)
Intangible assets, book value	117.5	118.1
Customer Relationships
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	10.2	10.1
Finite-lived intangible assets, amortization amount	(8.5)	(8.4)
Finite-lived intangible assets, book value	1.7	1.7
Patents
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	29.7	29.8
Finite-lived intangible assets, amortization amount	(28.8)	(29.0)
Finite-lived intangible assets, book value	0.9	0.8
Engineering Drawings
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	10.5	10.5
Finite-lived intangible assets, amortization amount	(10.5)	(10.5)
Distribution Network
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	18.9	19.0
Finite-lived intangible assets, amortization amount	(0.1)	(0.1)
Finite-lived intangible assets, book value	18.8	18.9
Trademarks and Tradenames
Intangible asset balances by major asset class
Indefinite-lived intangible assets, book value	$ 96.2	$ 96.7

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Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Trade accounts payable	$ 265.1	$ 249.2
Employee-related expenses	49.6	59.5
Accrued vacation	25.9	24.3
Miscellaneous accrued expenses	81.3	92.2
Total	$ 421.9	$ 425.2

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Debt - Schedule of outstanding debt (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 318,300,000	$ 273,100,000
Deferred financing costs	(4,900,000)	(2,300,000)
Short-term borrowings and current portion of long-term debt	(8,700,000)	(6,400,000)
Long-term debt	309,600,000	266,700,000
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Senior secured asset based revolving credit facility	0	0
Senior Notes Due 2021
Debt Instrument [Line Items]
Total debt		254,200,000
Deferred financing costs	(3,100,000)
Senior Notes Due 2026
Debt Instrument [Line Items]
Total debt	300,000,000.0
Other
Debt Instrument [Line Items]
Total debt	$ 23,200,000	$ 21,200,000

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Debt - Narrative (Details) - USD ($)		3 Months Ended	6 Months Ended
	Mar. 25, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Mar. 03, 2016
Debt Instrument [Line Items]
Debt instrument charge from refinancing			$ 25,000,000.0
Unamortized debt issuance costs		$ 4,900,000	4,900,000	$ 2,300,000
Carrying amount		318,300,000	$ 318,300,000	273,100,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000.0
Debt instrument interest rate	9.00%
Debt instrument maturity date			Apr. 01, 2026
Interest on the notes			Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year.
Carrying amount		$ 300,000,000.0	$ 300,000,000.0
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 275,000,000.0				$ 225,000,000.0
Weighted average interest rate (as a percent)		3.982%	3.982%
Line of credit outstanding		$ 0	$ 0	0
Highest daily borrowing		39,700,000
Average borrowing		23,000,000.0
Excess capacity		271,000,000.0	271,000,000.0
Line of credit borrowing capacity		275,000,000.0	$ 275,000,000.0
ABL Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.25%
ABL Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.00%
ABL Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt term (in years)	5 years
ABL Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 75,000,000.0
Line of credit outstanding		4,000,000.0	$ 4,000,000.0
ABL Revolving Credit Facility | Letter of Credit | German Borrowers
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 10,000,000.0
Senior Notes Due 2021
Debt Instrument [Line Items]
Debt instrument interest rate	12.75%
Maximum borrowing capacity under revolving credit facility	$ 260,000,000.0
Debt instrument call premium	16,600,000		16,600,000
Closing costs of debt	5,000,000.0
Accrued interest of debt	4,600,000
Debt instrument unamortized discount		5,300,000	5,300,000
Unamortized debt issuance costs		3,100,000	3,100,000
Carrying amount				254,200,000
AR Securitization Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 75,000,000.0
Other
Debt Instrument [Line Items]
Carrying amount		$ 23,200,000	$ 23,200,000	$ 21,200,000
Weighted average interest rate (as a percent)		4.625%	4.625%

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Accounts Receivable Securitization and Other Factoring Arrangements - Narrative (Details) € in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Accounts Receivable Securitization
Accounts receivable balance sold	$ 0	€ 27.0	$ 223,400,000	$ 149,000,000.0	€ 27.0	$ 384,300,000
Proceeds from collection of receivables	0	€ 27.0	$ 179,900,000	182,800,000	€ 27.0	343,000,000.0
Sales of trade receivables	0			$ 0			$ 75,000,000.0
Average collection cycle for accounts receivable (in days) (less than)				60 days	60 days
Fair value of deferred purchase price notes	0			$ 0			$ 71,500,000
Non-cash investing activities related to increase in deferred purchase price				0		$ 263,800,000
Maximum availability under these programs | €					€ 45.0
Maximum
Accounts Receivable Securitization
Capacity of securitization program	$ 75,000,000.0			$ 75,000,000.0

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ 3.9	$ (1.2)	$ 7.2	$ 2.7
Discrete tax benefit				$ 4.8
Unrecognized tax benefits	$ 12.9		$ 12.9		$ 12.8

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Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	35,595,718	35,530,356	35,619,145	35,449,298
Number of anti-dilutive shares excluded from the calculation of diluted net income per common share	1,515,430	188,885	1,556,298
Dividends	$ 0	$ 0	$ 0	$ 0

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Earnings Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	35,595,718	35,530,356	35,619,145	35,449,298
Effect of dilutive securities (in shares)	130,190	533,752	179,944	0
Diluted weighted average common shares outstanding (in shares)	35,725,908	36,064,108	35,799,089	35,449,298

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Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Common stock, shares authorized (in shares)	75,000,000	75,000,000	75,000,000
Par value of common stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,500,000	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common Stock
Class Of Stock [Line Items]
Common stock repurchased	$ 7,400,000	$ 7,400,000
Maximum | Common Stock
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 30,000,000.0	$ 30,000,000.0

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Stockholders' Equity - Reconciliation for accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Equity [Roll Forward]
Beginning balance		$ 601.3			$ 601.3
Total other comprehensive income (loss), net of income tax	$ 2.3		$ (29.4)		0.4	$ (17.3)
Ending balance	619.7				619.7
Gains and Losses on Cash Flow Hedges
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(0.2)	(0.3)	0.1	$ 0.1	(0.3)	0.1
Other comprehensive income (loss) before reclassifications	(0.3)	(0.7)	(3.6)
Amounts reclassified from accumulated other comprehensive loss	0.9	0.8	0.3
Total other comprehensive income (loss), net of income tax	0.6	0.1	(3.3)
Ending balance	0.4	(0.2)	(3.2)	0.1	0.4	(3.2)
Pension & Postretirement
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(35.7)	(36.2)	(44.4)	(45.1)	(36.2)	(45.1)
Other comprehensive income (loss) before reclassifications	0.1	0.1	(0.1)	0.1
Amounts reclassified from accumulated other comprehensive loss	0.4	0.4	0.8	0.6
Total other comprehensive income (loss), net of income tax	0.5	0.5	0.7	0.7
Ending balance	(35.2)	(35.7)	(43.7)	(44.4)	(35.2)	(43.7)
Foreign Currency Translation
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(82.6)	(80.1)	(41.0)	(52.4)	(80.1)	(52.4)
Other comprehensive income (loss) before reclassifications	1.2	(2.5)	(26.8)	11.4
Total other comprehensive income (loss), net of income tax	1.2	(2.5)	(26.8)	11.4
Ending balance	(81.4)	(82.6)	(67.8)	(41.0)	(81.4)	(67.8)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(118.5)	(116.6)	(85.3)	(97.4)	(116.6)	(97.4)
Other comprehensive income (loss) before reclassifications	1.0	(3.1)	(30.5)	11.5
Amounts reclassified from accumulated other comprehensive loss	1.3	1.2	1.1	0.6
Total other comprehensive income (loss), net of income tax	2.3	(1.9)	(29.4)	12.1
Ending balance	$ (116.2)	$ (118.5)	$ (114.7)	$ (85.3)	$ (116.2)	$ (114.7)

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Stockholders' Equity - Reconciliation of Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales	$ (409.5)	$ (404.8)	$ (747.3)	$ (722.5)
Total before income taxes	49.9	8.7	26.5	2.6
Income tax benefit (provision)	(3.9)	1.2	(7.2)	(2.7)
Net income (loss)	46.0	9.7	19.3	(0.3)
Other income (expense) - net	15.9	(5.6)	12.6	(2.9)
Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Net income (loss)	(1.3)	(1.1)	(2.5)	(1.7)
Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes	(0.9)	(0.3)	(1.7)	(0.3)
Net income (loss)	(0.9)	(0.3)	(1.7)	(0.3)
Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales	(0.9)	(0.3)	(1.7)	(0.3)
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other income (expense) - net	(1.1)	(1.4)	(2.2)	(2.8)
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other income (expense) - net	0.7	0.7	1.4	1.4
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes	(0.4)	(0.7)	(0.8)	(1.4)
Income tax benefit (provision)		(0.1)
Net income (loss)	$ (0.4)	$ (0.8)	$ (0.8)	$ (1.4)

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Share-based compensation, remaining shares available for issuance (in shares)	4,981,582		4,981,582
Stock-based compensation expense (in dollars)	$ 3.0	$ 1.6	$ 6.1	$ 4.1
Director
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	0	50,673	22,936
Stock Options
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	24,208	210,243	187,484
Restricted Stock Units (RSUs)
Stock-Based Compensation
Number of shares of other than options granted during the period (in shares)	2,000	26,710	178,371	57,930
Performance Shares
Stock-Based Compensation
Number of shares of other than options granted during the period (in shares)	0	15,425	228,037	93,298
Options Granted in 2019 | Stock Options
Stock-Based Compensation
Vesting period (in years)			3 years
Expiration period (in years)			10 years
Options Granted in 2018 | Stock Options
Stock-Based Compensation
Vesting period (in years)				3 years
Expiration period (in years)				10 years
2013 Omnibus Plan
Stock-Based Compensation
Share-based compensation, shares authorized (in shares)	7,477,395		7,477,395
Restricted Stock Units 2019 | Restricted Stock Units (RSUs)
Stock-Based Compensation
Vesting period (in years)			3 years
Performance Shares 2019 | Performance Shares
Stock-Based Compensation
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)			50.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)			50.00%
Performance period (in years)			3 years
Performance Shares 2018 | Performance Shares
Stock-Based Compensation
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)				50.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)				50.00%
Performance period (in years)				3 years

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Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segments - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 504.7	$ 495.3	$ 922.7	$ 881.4
Operating (loss) income	41.9	24.1	58.1	25.8
Depreciation	8.6	9.1	17.4	18.2
Capital Expenditures	5.3	8.8	9.7	15.2
Segment Operating Income
Segment Reporting Information [Line Items]
Operating (loss) income	42.5	33.5	68.4	47.5
Segment Operating Income | Americas
Segment Reporting Information [Line Items]
Net Sales	264.6	227.3	470.7	390.2
Operating (loss) income	35.7	14.7	50.9	17.4
Depreciation	3.5	3.6	7.1	7.1
Capital Expenditures	3.2	2.6	6.0	4.9
Segment Operating Income | Europe and Africa ("EURAF")
Segment Reporting Information [Line Items]
Net Sales	182.6	191.2	336.8	345.4
Operating (loss) income	1.7	8.1	5.1	11.5
Depreciation	3.7	3.8	7.4	7.6
Capital Expenditures	1.6	4.6	2.4	7.0
Segment Operating Income | Middle East and Asia Pacific ("MEAP")
Segment Reporting Information [Line Items]
Net Sales	57.5	76.8	115.2	145.8
Operating (loss) income	5.1	10.7	12.4	18.6
Depreciation	0.7	1.0	1.4	2.0
Capital Expenditures	0.5	0.5	1.3	1.7
Corporate
Segment Reporting Information [Line Items]
Operating (loss) income	(0.6)	(8.1)	(10.2)	(18.2)
Depreciation	$ 0.7	0.7	$ 1.5	1.5
Capital Expenditures		$ 1.1		$ 1.6

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Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	$ 41.9	$ 24.1	$ 58.1	$ 25.8
Restructuring expense	2.7	3.8	7.2	10.0
Segment Operating Income
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	42.5	33.5	68.4	47.5
Corporate
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	(0.6)	(8.1)	(10.2)	(18.2)
Reconciliation of Company’s Segment Operating Income
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	$ 41.9	24.1	58.1	25.8
Restructuring expense		$ (1.3)	$ (0.1)	$ (3.5)

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Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues from External Customers [Line Items]
Net sales	$ 504.7	$ 495.3	$ 922.7	$ 881.4
United States
Revenues from External Customers [Line Items]
Net sales	233.0	203.5	417.7	347.8
Europe
Revenues from External Customers [Line Items]
Net sales	174.1	188.7	323.2	339.0
Other
Revenues from External Customers [Line Items]
Net sales	$ 97.6	$ 103.1	$ 181.8	$ 194.6

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Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Product Information [Line Items]
Total net sales	$ 504.7	$ 495.3	$ 922.7	$ 881.4
Cranes
Product Information [Line Items]
Total net sales	418.0	409.2	751.5	716.7
Aftermarket Parts and Other
Product Information [Line Items]
Total net sales	$ 86.7	$ 86.1	$ 171.2	$ 164.7

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Fair Value of Financial Instruments - Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy (Details) - Foreign Currency Exchange Contracts - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	$ 0.5
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	0.5	$ 0.1
Derivative liabilities, current		1.8
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	$ 0.5	0.1
Derivative liabilities, current		$ 1.8

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Senior Notes Due 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instruments at fair value	$ 299.9
Senior Notes Due 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instruments at fair value		$ 278.1

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Commitments And Contingencies [Line Items]
Product liability reserves	$ 13.7	$ 16.3
Gain on settlement	24.7
Other Income (Expense)
Commitments And Contingencies [Line Items]
Gain on settlement	15.5
Engineering, Selling and Administrative Expenses
Commitments And Contingencies [Line Items]
Gain on settlement	$ 9.2

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Guarantees - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Guarantees [Abstract]
Deferred revenue included in other current and non-current liabilities	$ 37.9	$ 34.4
Amount of residual value guarantees and buyback commitments given by the company	30.0	30.9
Warranty claims reserves	$ 40.3	$ 38.5
Standard product warranties, low end of range (in months)	12 months
Standard product warranties, high end of range (in months)	60 months

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Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Warranty activity
Balance at beginning of period	$ 37.2	$ 35.2	$ 38.5	$ 35.2
Accruals for warranties issued during the period	10.0	12.4	16.5	12.4
Settlements made (in cash or in kind) during the period	(7.1)	(11.3)	(14.6)	(11.3)
Currency translation	0.2	(0.4)	(0.1)	(0.4)
Balance at end of period	$ 40.3	$ 35.9	$ 40.3	$ 35.9

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Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plans | U.S. Pension Plans
Components of periodic benefit costs
Service cost - benefits earned during the period	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Interest cost of projected benefit obligations	1.3	1.3	2.6	2.6
Expected return on plan assets	(1.1)	(1.5)	(2.2)	(3.0)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net loss	0.8	0.8	1.6	1.6
Net periodic benefit costs	1.0	0.6	2.0	1.2
Pension Plans | Non-U.S. Pension Plans
Components of periodic benefit costs
Service cost - benefits earned during the period	0.5	0.5	1.0	1.0
Interest cost of projected benefit obligations	0.5	0.5	1.0	1.0
Expected return on plan assets	(0.3)	(0.4)	(0.6)	(0.8)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net loss	0.3	0.4	0.6	0.8
Net periodic benefit costs	1.0	1.0	2.0	2.0
Postretirement Health and Other Plans
Components of periodic benefit costs
Service cost - benefits earned during the period	0.1	0.1	0.2	0.2
Interest cost of projected benefit obligations	0.2	0.2	0.4	0.4
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service cost	(0.7)	(0.7)	(1.4)	(1.4)
Amortization of actuarial net loss	0.0	0.2	0.0	0.4
Net periodic benefit costs	$ (0.4)	$ (0.2)	$ (0.8)	$ (0.4)

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 2.7	$ 3.8	$ 7.2	$ 10.0
Tansfer of Crawler Crane production to Shady Grove, PA
Restructuring Cost and Reserve [Line Items]
Restructuring expense		$ 3.8		$ 10.0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 2.7		$ 7.2

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Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Rollforward of all restructuring accrual
Balance at beginning of period	$ 4.6	$ 5.4	$ 3.1	$ 5.6
Restructuring expense	2.7	3.8	7.2	10.0
Use of reserve	(4.2)	(4.7)	(7.2)	(10.7)
Reserve reclassification				(0.3)
Currency translation		(0.1)		(0.2)
Balance at end of period	$ 3.1	$ 4.4	$ 3.1	$ 4.4

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Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2019
Leases [Line Items]
Lease, practical expedients, package	true
Operating leases, existence of option to extend	true
Operating leases, existence of option to terminate	true
Operating leases, termination term	1 year
Operating leases, weighted-average remaining lease term	6 years 10 months 24 days
Operating leases, weighted-average discount rate	4.97%
Maximum
Leases [Line Items]
Operating leases, remaining lease term	24 years
Operating leases, renewal lease term	10 years

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Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 3.7	$ 7.6
Variable lease cost	0.4	0.8
Total lease cost	$ 4.1	$ 8.4

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Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 13.9

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Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) $ in Millions	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating lease right-of-use assets	$ 47.6
Other liabilities	$ 11.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities	$ 37.0
Total operating lease liabilities	$ 48.6

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Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2019 USD ($)
Leases [Abstract]
2019	$ 6.6
2020	11.4
2021	9.7
2022	7.3
2023	4.5
Thereafter	16.1
Total lease payments	55.6
Less: imputed interest	(7.0)
Present value of lease liabilities	$ 48.6

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Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Unrealized gain (losses) net of taxes	$ 0.3	$ (0.4)
Foreign Currency Exchange Contracts
Derivatives Fair Value [Line Items]
Derivative, notional amount	$ 99.4	76.8
Derivative remaining maturity period	1 year
Derivatives assets, current	$ 0.5
Derivative net current liability		$ 1.7

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Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for Foreign Currency Exchange Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Designated | Cost of Goods Sold
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on foreign currency exchange contracts	$ 0.7	$ 0.3	$ 1.5	$ 0.3
Non-Designated | Other Income (Expense), Net
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on foreign currency exchange contracts	$ (1.6)	$ (0.1)	$ (2.3)