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Restructuring and Asset Impairments
 12 Months Ended
Dec. 31, 2015
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairments
Separation Costs and Activities
On January 29, 2015, the company announced that its Board of Directors approved a plan to pursue a separation of the company’s Crane and Foodservice businesses into two independent, publicly-traded companies (the “separation”). The company currently anticipates effecting the separation through a tax-free spin-off of the Foodservice business and expects the separation to be completed on March 4, 2016.
In April 2015, the company issued a total of 0.4 million restricted stock awards to employees as retention awards to provide additional incentive for the employees to continue in employment and contribute toward the successful completion of the separation. Under the retention agreements, each employee was granted restricted shares of common stock of the company that will vest on the second anniversary of the separation if the employee has been continuously employed with the company or an affiliate through that second anniversary; if the separation has not occurred by April 8, 2017, the awards will be forfeited.
During the twelve months ended December 31, 2015, the company recorded $39.4 million of separation costs consisting primarily of professional and consulting fees. There were no separation costs in 2014.
Restructuring and Asset Impairments
Cranes During the fourth quarter of 2015, the company committed to a restructuring plan to reduce the cost structure of its Crane operations through site closings, consolidations, and reductions in workforce across the globe. This is further to a restructuring plan committed to in the fourth quarter of 2014 to reductions in workforce across the globe. These restructuring plans are designed to better align the company’s resources given global economic conditions.
The following is a rollforward of all restructuring activities relating to the Crane segment for the twelve-month period ended December 31, 2015 (in millions):
Restructuring
Reserve Balance as
of
December 31, 2014
 
Restructuring
Charges
 
Use of Reserve
 
Restructuring
Reserve Balance as
of
December 31, 2015
$
4.7

 
$
5.6

 
$
(6.6
)
 
$
3.7


In conjunction with this restructuring plan, the company also recorded impairment expense of $15.4 million on Cranes facilities in Brazil, which are currently shut down indefinitely, and Slovakia, which is now classified as held for sale.
Foodservice In conjunction with the acquisition of Enodis in October 2008, certain restructuring activities were undertaken to recognize cost synergies and rationalize the new cost structure of the Foodservice segment. The company recorded additional amounts in 2015 primarily related to a reduction in force across the globe and the closing of the Cleveland facility.
The following is a rollforward of all restructuring activities relating to the Foodservice segment for the twelve-month period ended December 31, 2015 (in millions):
Restructuring
Reserve Balance as
of
December 31, 2014
 
Restructuring
Charges
 
Use of Reserve
 
Restructuring
Reserve Balance as
of
December 31, 2015
$
15.6

 
$
4.6

 
$
(3.4
)
 
$
16.8


In conjunction with this restructuring plan, the company recorded impairment expense of $9.0 million related to the Foodservice facility in Cleveland that is in the process of being shuttered.
Corporate In conjunction with the Spin-Off, in 2015, the company recognized restructuring cost in its Corporate segment to rationalize the enterprise cost structure through headcount reductions.
The following is a rollforward of all restructuring activities relating to the Corporate segment for the twelve-month period ended December 31, 2015 (in millions):
Restructuring
Reserve Balance as
of
December 31, 2014
 
Restructuring
Charges
 
Use of Reserve
 
Restructuring
Reserve Balance as
of
December 31, 2015
$
—

 
$
3.8

 
$
(1.0
)
 
$
2.8