$MTW
MANITOWOC CO INC Stock $mtw

$mtw Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000006198616000094 Filed on May 10, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$427.4M	$406.7M
YoY Change	5.09%	-52.15%
Cost Of Revenue	$347.7M	$329.3M
YoY Change	5.59%	-47.25%
Gross Profit	$79.70M	$77.40M
YoY Change	2.97%	-65.92%
Gross Profit Margin	18.65%	19.03%
Selling, General & Admin	$72.40M	$82.70M
YoY Change	-12.45%	-48.73%
% of Gross Profit	90.84%	106.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$12.20M	$11.80M
YoY Change	3.39%	-18.06%
% of Gross Profit	15.31%	15.25%
Operating Expenses	$74.50M	$83.50M
YoY Change	-10.78%	-50.91%
Operating Profit	$800.0K	-$6.300M
YoY Change	-112.7%	-111.75%
Interest Expense	$9.700M	$23.30M
YoY Change	-58.37%	20.73%
% of Operating Profit	1212.5%
Other Income/Expense, Net	-$85.80M	-$24.60M
YoY Change	248.78%	-45.33%
Pretax Income	-$85.00M	-$30.90M
YoY Change	175.08%	-459.3%
Income Tax	$107.7M	-$8.700M
% Of Pretax Income
Net Earnings	-$195.9M	-$8.400M
YoY Change	2232.14%	71.43%
Net Earnings / Revenue	-45.84%	-2.07%
Basic Earnings Per Share	-$1.43	-$0.05
Diluted Earnings Per Share	-$1.43	-$0.05
COMMON SHARES
Basic Shares Outstanding	136.6M shares	135.6M shares
Diluted Shares Outstanding	136.6M shares	135.6M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$87.20M	$68.20M
YoY Change	27.86%	-13.45%
Cash & Equivalents	$87.20M	$68.20M
Short-Term Investments
Other Short-Term Assets	$110.1M	$158.4M
YoY Change	-30.49%	31.02%
Inventory	$498.9M	$694.9M
Prepaid Expenses
Receivables	$185.6M	$236.4M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$899.0M	$1.251B
YoY Change	-28.15%	-12.89%
LONG-TERM ASSETS
Property, Plant & Equipment	$416.9M	$566.0M
YoY Change	-26.34%	-2.38%
Goodwill	$312.7M	$1.183B
YoY Change	-73.58%	-3.06%
Intangibles	$121.3M	$693.6M
YoY Change	-82.51%	-8.66%
Long-Term Investments
YoY Change
Other Assets	$64.80M	$122.7M
YoY Change	-47.19%	0.25%
Total Long-Term Assets	$921.4M	$2.566B
YoY Change	-64.09%	-4.35%
TOTAL ASSETS
Total Short-Term Assets	$899.0M	$1.251B
Total Long-Term Assets	$921.4M	$2.566B
Total Assets	$1.820B	$3.817B
YoY Change	-52.31%	-7.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$262.9M	$392.0M
YoY Change	-32.93%	-18.37%
Accrued Expenses	$144.7M	$302.7M
YoY Change	-52.2%	7.04%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$33.70M	$66.50M
YoY Change	-49.32%	1.06%
Total Short-Term Liabilities	$526.6M	$934.4M
YoY Change	-43.64%	-5.04%
LONG-TERM LIABILITIES
Long-Term Debt	$269.3M	$1.608B
YoY Change	-83.25%	-9.66%
Other Long-Term Liabilities	$76.70M	$109.3M
YoY Change	-29.83%	-22.87%
Total Long-Term Liabilities	$525.9M	$2.124B
YoY Change	-75.24%	-9.26%
TOTAL LIABILITIES
Total Short-Term Liabilities	$526.6M	$934.4M
Total Long-Term Liabilities	$525.9M	$2.124B
Total Liabilities	$1.053B	$3.058B
YoY Change	-65.58%	-8.01%
SHAREHOLDERS EQUITY
Retained Earnings	$386.3M	$478.5M
YoY Change	-19.27%	38.94%
Common Stock	$561.7M	$548.1M
YoY Change	2.48%	3.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$70.50M	$71.80M
YoY Change	-1.81%	-3.49%
Treasury Stock Shares	26.16M shares	27.03M shares
Shareholders Equity	$767.9M	$758.8M
YoY Change
Total Liabilities & Shareholders Equity	$1.820B	$3.817B
YoY Change	-52.31%	-7.33%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	-$195.9M	-$8.400M
YoY Change	2232.14%	71.43%
Depreciation, Depletion And Amortization	$12.20M	$11.80M
YoY Change	3.39%	-18.06%
Cash From Operating Activities	-$210.2M	-$135.7M
YoY Change	54.9%	-50.0%
INVESTING ACTIVITIES
Capital Expenditures	$10.90M	$8.500M
YoY Change	28.24%	-49.1%
Acquisitions
YoY Change
Other Investing Activities	$0.00	-$1.200M
YoY Change	-100.0%	-90.16%
Cash From Investing Activities	-$12.10M	-$9.700M
YoY Change	24.74%	-66.44%
FINANCING ACTIVITIES
Cash Dividend Paid		$0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net	$1.345B	$22.60M
YoY Change	5852.21%	-96.04%
Cash From Financing Activities	$244.5M	$151.0M
YoY Change	61.92%	-53.47%
NET CHANGE
Cash From Operating Activities	-$210.2M	-$135.7M
Cash From Investing Activities	-$12.10M	-$9.700M
Cash From Financing Activities	$244.5M	$151.0M
Net Change In Cash	$22.20M	$5.600M
YoY Change	296.43%	-76.86%
FREE CASH FLOW
Cash From Operating Activities	-$210.2M	-$135.7M
Capital Expenditures	$10.90M	$8.500M
Free Cash Flow	-$221.1M	-$144.2M
YoY Change	53.33%	-49.95%

Facts In Submission

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CY2016Q1	us-gaap	Inventory Lifo Reserve InventoryLIFOReserve	34500000	USD
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CY2016Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-81500000	USD
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CY2016Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	3000000	USD
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CY2016Q1	us-gaap	Other Assets Current OtherAssetsCurrent	110100000	USD
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CY2016Q1	us-gaap	Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax	0	USD
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CY2016Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	49200000	USD
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CY2016Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	49500000	USD
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CY2016Q1	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-1200000	USD
CY2015Q1	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	-500000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax	0	USD
CY2015Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	0	USD
CY2016Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	1400000	USD
CY2015Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	87300000	USD
CY2016Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	76700000	USD
CY2015Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-3400000	USD
CY2016Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	9800000	USD
CY2015Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-200000	USD
CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	1100000	USD
CY2015Q4	us-gaap	Other Postretirement Defined Benefit Plan Liabilities Noncurrent OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent	44400000	USD
CY2016Q1	us-gaap	Other Postretirement Defined Benefit Plan Liabilities Noncurrent OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent	37600000	USD
CY2015Q1	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	0	USD
CY2016Q1	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	7900000	USD
CY2015Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	8500000	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	10900000	USD
CY2016Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2016Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	3500000.0	shares
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CY2016Q1	us-gaap	Proceeds From Accounts Receivable Securitization ProceedsFromAccountsReceivableSecuritization	47000000	USD
CY2015Q1	us-gaap	Proceeds From Contributions From Affiliates ProceedsFromContributionsFromAffiliates	0	USD
CY2016Q1	us-gaap	Proceeds From Contributions From Affiliates ProceedsFromContributionsFromAffiliates	1361700000	USD
CY2015Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	700000	USD
CY2016Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	255200000	USD
CY2015Q1	us-gaap	Proceeds From Repayments Of Debt ProceedsFromRepaymentsOfDebt	175000000	USD
CY2016Q1	us-gaap	Proceeds From Repayments Of Debt ProceedsFromRepaymentsOfDebt	0	USD
CY2015Q1	us-gaap	Proceeds From Repayments Of Notes Payable ProceedsFromRepaymentsOfNotesPayable	-5500000	USD
CY2016Q1	us-gaap	Proceeds From Repayments Of Notes Payable ProceedsFromRepaymentsOfNotesPayable	-3700000	USD
CY2015Q1	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	2000000	USD
CY2016Q1	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	1200000	USD
CY2015Q4	us-gaap	Product Liability Contingency Accrual Present Value ProductLiabilityContingencyAccrualPresentValue	21900000	USD
CY2016Q1	us-gaap	Product Liability Contingency Accrual Present Value ProductLiabilityContingencyAccrualPresentValue	22000000	USD
CY2015Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	35900000	USD
CY2016Q1	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	36300000	USD
CY2016Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	386300000	USD
CY2015Q1	us-gaap	Sales Revenue Net SalesRevenueNet	406700000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	410700000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	416900000	USD
CY2015Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	22600000	USD
CY2016Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	1345200000	USD
CY2015Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	16900000	USD
CY2016Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	17200000	USD
CY2015Q1	us-gaap	Restructuring Charges RestructuringCharges	200000	USD
CY2016Q1	us-gaap	Restructuring Charges RestructuringCharges	4400000	USD
CY2015Q4	us-gaap	Restructuring Reserve Current RestructuringReserveCurrent	6500000	USD
CY2016Q1	us-gaap	Restructuring Reserve Current RestructuringReserveCurrent	8900000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	539500000	USD
CY2016Q1	us-gaap	Sales Revenue Net SalesRevenueNet	427400000	USD
CY2014Q4	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	50200000	USD
CY2015Q4	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	43900000	USD
CY2016Q1	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	43900000	USD
CY2015	us-gaap	Standard Product Warranty Accrual Currency Translation Increase Decrease StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease	-3400000	USD
CY2016Q1	us-gaap	Standard Product Warranty Accrual Currency Translation Increase Decrease StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease	1100000	USD
CY2015	us-gaap	Standard Product Warranty Accrual Payments StandardProductWarrantyAccrualPayments	52700000	USD
CY2016Q1	us-gaap	Standard Product Warranty Accrual Payments StandardProductWarrantyAccrualPayments	15300000	USD
CY2015	us-gaap	Standard Product Warranty Accrual Warranties Issued StandardProductWarrantyAccrualWarrantiesIssued	49800000	USD
CY2016Q1	us-gaap	Standard Product Warranty Accrual Warranties Issued StandardProductWarrantyAccrualWarrantiesIssued	14200000	USD
CY2016Q1	us-gaap	Stock Repurchase Program Number Of Shares Authorized To Be Repurchased StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased	10000000	shares
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	819500000	USD
CY2016Q1	us-gaap	Stockholders Equity StockholdersEquity	767900000	USD
CY2015Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	26558767	shares
CY2016Q1	us-gaap	Treasury Stock Shares TreasuryStockShares	26159216	shares
CY2016Q1	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	7600000	shares
CY2015Q4	us-gaap	Treasury Stock Value TreasuryStockValue	71600000	USD
CY2016Q1	us-gaap	Treasury Stock Value TreasuryStockValue	70500000	USD
CY2016Q1	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	49800000	USD
CY2015Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	19400000	USD
CY2016Q1	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	16100000	USD
CY2016Q1	us-gaap	Valuation Allowance Deferred Tax Asset Change In Amount ValuationAllowanceDeferredTaxAssetChangeInAmount	121100000	USD
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	135641914	shares
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	136599912	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	135641914	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	136599912	shares
CY2016Q1	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recent Accounting Changes and Pronouncements</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-10 - "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing." The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, which is discussed below and is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-08—"Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” This update affects the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This update provided a principles-based approach to revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. The revenue standard is effective for the first interim period within fiscal years beginning after December 15, 2017 (as finalized by the FASB in August 2015 in ASU 2015-14), and can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application along with additional disclosures. Early adoption is permitted as of the original effective date—the first interim period within fiscal years beginning after December 15, 2016. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09 - "Compensation-Stock Compensation" (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update is part of the Simplification Initiative, and its objective is to identify, evaluate and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving usefulness of the information provided to users of financial statements. The update involves several aspect of the accounting for share-based payment transaction, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The effective date for this ASU if for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-06, "Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments." The amendments clarify the steps required to assess whether a call or put option meets the criteria for bifurcation as an embedded derivative. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases", which is intended to improve financial reporting on leasing transactions. 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. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01: "Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. Most significantly, ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This update clarifies the guidance related to accounting for debt issuance costs related to line-of-credit arrangements. In April 2015, the FASB issued ASU 2015-03 which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability; see further discussion of ASU 2015-03 below. The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update changes the guidance on accounting for inventory accounted for on a first-in first-out basis (FIFO). Under the revised standard, an entity should measure FIFO inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured on a last-in, first-out basis (LIFO). The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This update provides guidance on accounting for a software license in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. Further, all software licenses are within the scope of Accounting Standards Codification Subtopic 350-40 and will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, this update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 820)—Amendments to the Consolidation Analysis.” This update amends the current consolidation guidance for both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items.” This update eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for the first interim period within fiscal years beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements.</font></div></div>

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$MTW
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2016 Q1 Form 10-Q Financial Statement

#000006198616000094 Filed on May 10, 2016

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$MTW MANITOWOC CO INC Stock $mtw

2016 Q1 Form 10-Q Financial Statement

#000006198616000094 Filed on May 10, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MTW
MANITOWOC CO INC Stock $mtw