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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Employee benefit plans  
Schedule of components of period benefit costs
The components of period benefit costs for the years ended December 31, 2015, 2014 and 2013 are as follows:
 
 
US Pension Plans
 
Non-US Pension Plans
 
Postretirement Health
and Other
(in millions)
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost - benefits earned during the year
 
$
—

 
$
—

 
$
—

 
$
2.6

 
$
2.4

 
$
2.4

 
$
0.4

 
$
0.4

 
$
0.6

Interest cost of projected benefit obligation
 
9.4

 
10.3

 
9.6

 
8.9

 
11.3

 
9.8

 
2.0

 
2.1

 
2.0

Expected return on assets
 
(9.0
)
 
(9.5
)
 
(10.2
)
 
(7.4
)
 
(9.4
)
 
(7.4
)
 
—

 
—

 
—

Amortization of prior service cost
 
—

 
—

 
—

 
0.1

 
0.1

 
0.1

 
—

 
(0.3
)
 
(0.1
)
Amortization of actuarial net loss (gain)
 
5.1

 
2.9

 
3.5

 
2.3

 
1.5

 
1.9

 
0.1

 
(0.1
)
 
—

Curtailment gain recognized
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.8
)
Net periodic benefit cost
 
$
5.5

 
$
3.7

 
$
2.9

 
$
6.5

 
$
5.9

 
$
6.8

 
$
2.5

 
$
2.1

 
$
1.7

Weighted average assumptions:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
 
4.1
%
 
4.9
%
 
4.1
%
 
3.3
%
 
4.3
%
 
4.0
%
 
3.7
%
 
4.5
%
 
3.5
%
Expected return on plan assets
 
5.8
%
 
6.0
%
 
5.8
%
 
3.6
%
 
4.5
%
 
3.9
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
3.9
%
 
4.3
%
 
3.8
%
 
1.5
%
 
1.5
%
 
3.0
%
Reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status
The following is a reconciliation of the changes in benefit obligation, the changes in plan assets, and the funded status as of December 31, 2015 and 2014:
 
 
US Pension Plans
 
Non-US Pension Plans
 
Postretirement
Health
and Other
(in millions)
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Change in Benefit Obligation
 
 

 
 

 
 

 
 

 
 

 
 

Benefit obligation, beginning of year
 
$
235.9

 
$
213.7

 
$
279.5

 
$
263.2

 
$
57.0

 
$
48.5

Service cost
 
—

 
—

 
2.6

 
2.4

 
0.4

 
0.4

Interest cost
 
9.4

 
10.3

 
8.9

 
11.3

 
2.0

 
2.1

Participant contributions
 
—

 
—

 
0.1

 
0.1

 
2.4

 
2.3

Medicare subsidies received
 
—

 
—

 
—

 
—

 
0.2

 
0.4

Plan settlements
 
—

 
1.7

 
—

 
—

 
—

 
—

Net transfer out
 
—

 
—

 
(0.3
)
 
(0.3
)
 
—

 
—

Actuarial (gain) loss
 
(15.2
)
 
30.2

 
(9.7
)
 
32.9

 
(2.0
)
 
10.3

Currency translation adjustment
 
—

 
—

 
(15.4
)
 
(17.4
)
 
(0.2
)
 
(0.1
)
Benefits paid
 
(11.6
)
 
(20.0
)
 
(13.2
)
 
(12.7
)
 
(8.0
)
 
(6.9
)
Benefit obligation, end of year
 
$
218.5

 
$
235.9

 
$
252.5

 
$
279.5

 
$
51.8

 
$
57.0

Change in Plan Assets
 
 

 
 

 
 

 
 

 
 

 
 

Fair value of plan assets, beginning of year
 
$
160.0

 
$
162.6

 
$
214.0

 
$
211.1

 
$
—

 
$
—

Actual return on plan assets
 
(5.8
)
 
16.1

 
1.5

 
22.4

 
—

 
—

Employer contributions
 
1.3

 
1.3

 
5.1

 
4.8

 
5.4

 
4.2

Participant contributions
 
—

 
—

 
0.1

 
0.1

 
2.4

 
2.3

Medicare subsidies received
 
—

 
—

 
—

 
—

 
0.2

 
0.4

Currency translation adjustment
 
—

 
—

 
(10.3
)
 
(11.7
)
 
—

 
—

Net transfer out
 
—

 
—

 
(0.3
)
 
—

 
—

 
—

Benefits paid
 
(11.6
)
 
(20.0
)
 
(13.2
)
 
(12.7
)
 
(8.0
)
 
(6.9
)
Fair value of plan assets, end of year
 
143.9

 
160.0

 
196.9

 
214.0

 
—

 
—

Funded status
 
$
(74.6
)
 
$
(75.9
)
 
$
(55.6
)
 
$
(65.5
)
 
$
(51.8
)
 
$
(57.0
)
Amounts recognized in the Consolidated Balance sheet at December 31
 
 

 
 

 
 

 
 

 
 

 
 

Pension asset
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Pension obligation
 
(74.6
)
 
(75.9
)
 
(55.6
)
 
(65.5
)
 
—

 
—

Postretirement health and other benefit obligations
 
—

 
—

 
—

 
—

 
(51.8
)
 
(57.0
)
Net amount recognized
 
$
(74.6
)
 
$
(75.9
)
 
$
(55.6
)
 
$
(65.5
)
 
$
(51.8
)
 
$
(57.0
)
Weighted-Average Assumptions
 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
 
4.5
%
 
4.1
%
 
3.5
%
 
3.3
%
 
4.1
%
 
3.7
%
Expected return on plan assets
 
5.8
%
 
6.0
%
 
3.6
%
 
4.5
%
 
N/A

 
N/A

Rate of compensation increase
 
N/A

 
N/A

 
3.9
%
 
3.9
%
 
1.5
%
 
1.5
%
Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income as of December 31, 2015 and 2014, consist of the following: 
 
 
Pensions
 
Postretirement
Health and Other
(in millions)
 
2015
 
2014
 
2015
 
2014
Net actuarial gain (loss)
 
$
(113.5
)
 
$
(128.5
)
 
$
(3.8
)
 
$
(5.8
)
Prior service credit
 
(0.7
)
 
(0.8
)
 
—

 
—

Total amount recognized
 
$
(114.2
)
 
$
(129.3
)
 
$
(3.8
)
 
$
(5.8
)
Summary of the sensitivity of retirement obligations and retirement benefit costs of plans to changes in the key assumptions
The following table summarizes the sensitivity of our December 31, 2015 retirement obligations and 2015 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions):
Change in assumption:
 
Estimated increase
(decrease) in 2016 pension
cost
 
Estimated increase
(decrease) in Projected
Benefit Obligation for the
year ended December 31,
2015
 
Estimated increase
(decrease) in 2016 Other
Postretirement Benefit
costs
 
Estimated increase
(decrease) in Other
Postretirement Benefit
Obligation for the year
ended December 31, 2015
0.50% increase in discount rate
 
$
(1.7
)
 
$
(28.8
)
 
$
0.1

 
$
(2.1
)
0.50% decrease in discount rate
 
1.7

 
31.4

 
—

 
2.2

0.50% increase in long-term return on assets
 
(1.7
)
 
N/A

 
N/A

 
N/A

0.50% decrease in long-term return on assets
 
1.7

 
N/A

 
N/A

 
N/A

1% increase in medical trend rates
 
N/A

 
N/A

 
0.6

 
4.2

1% decrease in medical trend rates
 
N/A

 
N/A

 
(0.2
)
 
(3.7
)
Schedule of the actual allocations for the pension assets and target allocations by asset class
The actual allocations for the pension assets at December 31, 2015, and target allocations by asset class, are as follows:
 
Target Allocations
 
Weighted Average Asset Allocations
 
U.S. Plans
 
International Plans
 
U.S. Plans
 
International Plans
Equity Securities
25
%
 
0 - 25%
 
24.5
%
 
16.2
%
Debt Securities
75
%
 
0 - 100%
 
74.8
%
 
29.2
%
Other
—
%
 
0 - 100%
 
0.7
%
 
54.6
%
Schedule of plan assets using the fair value hierarchy
The following table presents our plan assets using the fair value hierarchy as of December 31, 2015 and 2014.  The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs.
 
 
December 31, 2015
Assets (in millions)
 
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Unobservable Inputs
(Level 3)
 
Total
Cash
 
$
2.0

 
$
—

 
$
—

 
$
2.0

Insurance group annuity contracts
 
—

 
—

 
106.5

 
106.5

Common/collective trust funds — Government debt
 
—

 
—

 
—

 
—

Common/collective trust funds — Corporate and other non-government debt
 
—

 
60.6

 
—

 
60.6

Common/collective trust funds — Government, corporate and other non-government debt
 
—

 
98.7

 
—

 
98.7

Common/collective trust funds — Corporate equity
 
—

 
67.1

 
—

 
67.1

Common/collective trust funds — Customized strategy
 
—

 
5.9

 
—

 
5.9

Total
 
$
2.0

 
$
232.3

 
$
106.5

 
$
340.8

 
 
December 31, 2014
Assets (in millions)
 
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Unobservable Inputs
(Level 3)
 
Total
Cash
 
$
1.7

 
$
—

 
$
—

 
$
1.7

Insurance group annuity contracts
 
—

 
—

 
117.7

 
117.7

Common/collective trust funds — Government debt
 
—

 
—

 
—

 
—

Common/collective trust funds — Corporate and other non-government debt
 
—

 
47.5

 
—

 
47.5

Common/collective trust funds — Government, corporate and other non-government debt
 
—

 
109.9

 
—

 
109.9

Common/collective trust funds — Corporate equity
 
—

 
92.9

 
—

 
92.9

Common/collective trust funds — Customized strategy
 
—

 
4.3

 
—

 
4.3

Total
 
$
1.7

 
$
254.6

 
$
117.7

 
$
374.0
Reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year
A reconciliation of the fair values measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:
 
 
Insurance Contracts
Year Ended December 31,
(in millions)
 
2015
 
2014
Beginning Balance
 
$
117.7

 
$
118.3

Actual return on assets
 
1.0

 
12.7

Benefit payments
 
(6.7
)
 
(7.1
)
Foreign currency impact
 
(5.5
)
 
(6.2
)
Ending Balance
 
$
106.5

 
$
117.7
Schedule of projected benefit payments from the plans
Projected benefit payments from the plans as of December 31, 2015 are estimated as follows:
(in millions)
 
U.S Pension Plans
 
Non-U.S. Pension
Plans
 
Postretirement
Health and Other
2016
 
$
12.8

 
$
12.8

 
$
4.4

2017
 
13.1

 
13.8

 
4.5

2018
 
13.4

 
14.1

 
4.8

2019
 
13.7

 
14.9

 
4.8

2020
 
14.0

 
15.9

 
4.6

2021 — 2025
 
69.7

 
88.5

 
19.8
Fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets
The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2015 and 2014 is as follows:
 
 
U.S Pension Plans
 
Non U.S. Pension Plans
(in millions)
 
2015
 
2014
 
2015
 
2014
Projected benefit obligation
 
$
218.5

 
$
235.9

 
$
252.5

 
$
274.8

Accumulated benefit obligation
 
218.5

 
235.9

 
244.9

 
269.9

Fair value of plan assets
 
143.9

 
160.0

 
196.9

 
210.1
Schedule of contributions by the company to the multiemployer plan
The contributions by the company to the multiemployer plan for the years ended December 31, 2015, 2014 and 2013 are as follows:
 (in millions)
 
 
 
 
 
Contributions by Manitowoc
Pension Fund
 
EIN / Pension Plan
Number
 
 
 
2015
 
2014
 
2013
Sheet Metal Workers’ National Pension Fund
 
52-6112463 / 001
 
 
 
$
—

 
$
—

 
$
0.3

 
 
 
 
Total Contributions
 
$
—

 
$
—

 
$
0.3
US Pension Plans  
Employee benefit plans  
Schedule of the weighted-average asset allocations of the pension plans
The weighted-average asset allocations of the U.S. pension plans at December 31, 2015 and 2014, by asset category are as follows:
 
 
2015
 
2014
Equity
 
24.5
%
 
24.5
%
Fixed income
 
74.8
%
 
74.9
%
Other
 
0.7
%
 
0.6
%
 
 
100.0
%
 
100.0
%
Non-US Pension Plans  
Employee benefit plans  
Schedule of the weighted-average asset allocations of the pension plans
The weighted-average asset allocations of the Non U.S. pension plans at December 31, 2015 and 2014, by asset category are as follows:
 
 
2015
 
2014
Equity
 
16.2
%
 
25.0
%
Fixed income
 
29.2
%
 
19.6
%
Other
 
54.6
%
 
55.4
%
 
 
100.0
%
 
100.0
%