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Welbilt (WBT)

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions12 Months Ended
Dec. 31, 2017Feb. 22, 2018Jun. 30, 2017
Document and entity information
Entity Registrant NameWelbilt, Inc.
Entity Central Index Key1650962
Document Type10-K/A
Document Period End DateDec. 31,
2017
Amendment Flagtrue
Amendment DescriptionThe purpose of this Amendment is to restate the Company’s previously issued consolidated financial statements and related disclosures as of and for the year ended December 31, 2016 and revise the Company’s consolidated financial statements as of and for the years ended December 31, 2017 and December 31, 2015, in each case, to reflect the correction of prior period errors relating to the computation of income taxes as well as certain other adjustments, previously determined to be immaterial, individually and in the aggregate.
Current Fiscal Year End Date--12-31
Entity Well Known Seasoned IssuerYes
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Filer CategoryLarge Accelerated Filer
Entity Public Float $ 2.6
Entity Common Stock, Shares Outstanding139,801,878
Document Fiscal Year Focus2017
Document Fiscal Period FocusFY

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions3 Months Ended12 Months Ended
Dec. 31, 2017Sep. 30, 2017Jun. 30, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016Jun. 30, 2016Mar. 31, 2016Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Income Statement [Abstract]
Net sales $ 365.9 $ 380.4 $ 371.1 $ 328 $ 378.2 $ 384 $ 368.4 $ 325.5 $ 1,445.4 $ 1,456.1 $ 1,570.1
Cost of sales908.5 922.3 1,068.4
Gross profit $ 132.8 $ 143.9 $ 137.2 $ 123 $ 139.5 $ 142 $ 134.7 $ 117.6 536.9 533.8 501.7
Selling, general and administrative expenses278.2 291.1 291.6
Amortization expense31.2 31.2 31.4
Separation expense1.6 6.5 4.3
Restructuring expense10.8 2.5 4.6
(Gain) loss from impairment or disposal of assets — net(4)3.3 9.9
Earnings from operations219.1 199.2 159.9
Interest expense86.9 85.2 1.4
Interest expense (income) on notes with MTW — net0 0.1 (15.8)
Loss on early extinguishment of debt1.7 2.7 0
Other expense (income) — net9.1 9 (22.1)
Earnings before income taxes121.4 102.2 196.4
Income taxes(11.5)30.7 40.3
Net earnings $ 132.9 $ 71.5 $ 156.1
Per share data
Earnings per share - Basic (in dollars per share) $ 0.48 $ 0.22 $ 0.20 $ 0.05 $ 0.14 $ 0.17 $ 0.10 $ 0.11 $ 0.96 $ 0.52 $ 1.14
Earnings per share - Diluted (in dollars per share) $ 0.47 $ 0.22 $ 0.20 $ 0.05 $ 0.14 $ 0.17 $ 0.10 $ 0.11 $ 0.94 $ 0.51 $ 1.14
Weighted average shares outstanding - Basic (in shares)138,995,541 137,906,284 137,016,712
Weighted average shares outstanding - Diluted (in shares)140,707,092 139,714,120 137,016,712

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings $ 132.9 $ 71.5 $ 156.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments14.2 (1.9)(25.2)
Unrealized gain (loss) on derivatives2.8 2.6 (0.8)
Employee pension and post-retirement benefits(5.6)0.4 2.2
Total other comprehensive income (loss), net of tax11.4 1.1 (23.8)
Comprehensive income $ 144.3 $ 72.6 $ 132.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Current Assets:
Cash and cash equivalents $ 128.4 $ 53.8
Restricted cash0.3 6.4
Accounts receivable, less allowances of $4.0 and $5.3, respectively83.7 81.7
Inventories — net152.3 145.6
Prepaids and other current assets19 13.9
Current assets held for sale0 6.8
Total current assets383.7 308.2
Property, plant and equipment — net112.2 109.1
Goodwill846.1 845.3
Other intangible assets — net461.4 484.4
Other non-current assets37 22.1
Total assets1,840.4 1,769.1
Current liabilities:
Accounts payable103.6 108.4
Accrued expenses and other liabilities169.5 177.6
Current portion of capital leases0.7 1.6
Product warranties24.1 27.9
Current liabilities held for sale0 0.7
Total current liabilities297.9 316.2
Long-term debt and capital leases1,232.2 1,281.3
Deferred income taxes91.3 145
Pension and postretirement health obligations48.3 47.4
Other long-term liabilities67.1 35.6
Total non-current liabilities1,438.9 1,509.3
Commitments and contingencies (Note 17)
Total equity (deficit):
Common stock ($0.01 par value, 300,000,000 shares authorized, 139,491,860 shares and 138,601,327 shares issued and 139,440,470 shares and 138,562,016 shares outstanding, respectively)1.4 1.4
Additional paid-in capital (deficit)(54.7)(70.6)
Retained earnings189.1 56.2
Accumulated other comprehensive loss(32)(43.4)
Treasury Stock, at cost, 51,390 shares and zero shares, respectively(0.2)0
Total equity (deficit)103.6 (56.4)
Total liabilities and equity $ 1,840.4 $ 1,769.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts Receivable, allowances (in dollars) $ 83.7 $ 81.7
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized300,000,000 300,000,000
Common stock, shares issued139,491,860 138,601,327
Common stock, shares outstanding139,440,470 138,562,016
Treasury stock, shares51,390 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Cash flows from operating activities
Net earnings $ 132.9 $ 71.5 $ 156.1
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation16.7 17.3 19.6
Amortization of intangible assets31.2 31.2 31.4
Amortization of debt issuance costs5.5 4.7 0
Loss on early extinguishment of debt1.7 2.7 0
Deferred income taxes(64.3)(7.6)(29)
Stock-based compensation expense11.1 6.3 2.3
(Gain) loss from impairment or disposal of assets — net(4)3.3 9.9
Loss (gain) on divestitures and acquisitions0.2 0 (14.8)
Changes in operating assets and liabilities, excluding the effects of business acquisitions or dispositions:
Accounts receivable10.8 (8.3)(7.5)
Inventories(1.8)(3.6)4.7
Other assets(0.6)(11.5)1.4
Accounts payable(7.9)(11.1)(25.6)
Other current and long-term liabilities6.3 29.4 (5.5)
Net cash provided by operating activities137.8 124.3 143
Cash flows from investing activities
Capital expenditures(20.7)(16)(13.2)
Proceeds from sale of property, plant and equipment12.3 0.5 0
Changes in restricted cash6.2 (6)(0.6)
Acquisition of intangible assets(1.2)0 0
Business acquisitions, net of cash acquired0 0 (5.3)
Proceeds from dispositions0 1.1 78.2
Net cash (used in) provided by investing activities(3.4)(20.4)59.1
Cash flows from financing activities
Proceeds from long-term debt and capital leases155 1,501.1 0.5
Repayments on long-term debt and capital leases(204.1)(186.8)(0.7)
Proceeds from short-term borrowings4 0 0
Repayment of short-term borrowings(4)0 0
Debt issuance costs(2)(41.3)0
Dividend paid to MTW0 (1,362)0
Net transactions with MTW0 (4.6)(182.9)
Exercises of stock options4.8 16.2 0
Payments on tax withholdings for equity awards(5.4)(3.8)0
Net cash used in financing activities(51.7)(81.2)(183.1)
Effect of exchange rate changes on cash(8.1)(0.9)(3.5)
Net increase in cash and cash equivalents74.6 21.8 15.5
Balance at beginning of period53.8 32 16.5
Balance at end of period128.4 53.8 32
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds34.3 42.1 13.2
Cash paid for interest $ 94.7 $ 69.6 $ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in MillionsTotalCommon StockAdditional Paid-In Capital (Deficit)Retained EarningsNet Parent Company InvestmentAccumulated Other Comprehensive (Loss) IncomeTreasury Stock
Common stock, outstanding beginning of period (in shares) at Dec. 31, 20140
Beginning balance at Dec. 31, 2014 $ 1,255.3 $ 0 $ 0 $ 0 $ 1,276 $ (20.7) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings156.1 156.1
Other comprehensive income(23.8)(23.8)
Net decrease in parent company investment(176)(176)
Common stock, outstanding end of period (in shares) at Dec. 31, 20150
Ending balance at Dec. 31, 20151,211.6 $ 0 0 0 1,256.1 (44.5)0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings71.5 56.2 15.3
Other comprehensive income1.1 1.1
Net decrease in parent company investment(1,362)(1,362)
Separation related adjustments(1)(1)
Reclassification of net investment to additional paid-in capital (As Restated)0 (91.6)91.6
Issuance of common stock at Spin-Off (in shares)137,016,712
Issuance of common stock at Spin-Off0 $ 1.4 (1.4)
Issuance of common stock, equity-based compensation plans (in shares)1,584,615
Issuance of common stock, stock-based compensation plans16.2 16.2
Stock-based compensation expense6.3 6.3
Adjustments in connection with the Spin-Off (As Restated) $ (0.1)(0.1)0
Common stock, outstanding end of period (in shares) at Dec. 31, 2016138,562,016 138,601,327
Ending balance at Dec. 31, 2016 $ (56.4) $ 1.4 (70.6)56.2 0 (43.4)0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings132.9
Other comprehensive income11.4 11.4
Issuance of common stock, equity-based compensation plans (in shares)890,533
Issuance of common stock, stock-based compensation plans4.8 4.8
Stock-based compensation expense11.1 11.1
Value of shares in deferred compensation plan $ (0.2)(0.2)
Common stock, outstanding end of period (in shares) at Dec. 31, 2017139,440,470 139,491,860
Ending balance at Dec. 31, 2017 $ 103.6 $ 1.4 $ (54.7) $ 189.1 $ 0 $ (32) $ (0.2)

Business and Organization

Business and Organization12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and OrganizationBusiness and Organization The Spin-Off and Rebranding On January 29, 2015, the Company's former parent, The Manitowoc Company, Inc. ("MTW"), announced plans to create two independent, public companies to separately operate its two businesses: its crane business and its foodservice business. To effect the separation, MTW first undertook an internal reorganization, following which MTW held the crane business and Manitowoc Foodservice, Inc. ("MFS") held the foodservice business. Then on March 4, 2016, MTW distributed all the MFS common stock to MTW's shareholders on a pro rata basis, and MFS became an independent, publicly-traded company (the "Distribution"). In this Annual Report on Form 10-K/A, "Spin-Off" refers to both the above described internal reorganization and the Distribution, collectively. On March 3, 2017, MFS filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a change of the Company’s name from "Manitowoc Foodservice, Inc." to "Welbilt, Inc." effective March 3, 2017 (the "Name Change"). In connection with the Name Change, the Company also amended and restated its bylaws, by substituting “Welbilt, Inc.” for “Manitowoc Foodservice, Inc.” to launch the Company's rebranding of its logo and its brand identity to Welbilt. The change was the final part of the Company's strategic repositioning after the Spin-Off. To meet its future growth objectives, the Company will focus on further developing its portfolio of 12 award-winning brands under the new corporate name. On March 6, 2017, shares of the Company commenced trading under the Company's new name, Welbilt, Inc., and a new New York Stock Exchange ticker symbol, “WBT.” In these consolidated financial statements, unless the context otherwise requires: • "Welbilt" and the "Company" refer to Welbilt, Inc. and its consolidated subsidiaries, after giving effect to the Spin-Off, or, in the case of information as of dates or for periods prior to its separation from MTW, the combined entities of the Foodservice business, and certain other assets and liabilities that were historically held at the MTW corporate level, but were specifically identifiable and attributable to the Foodservice business; and • "MTW" refers to The Manitowoc Company, Inc. and its consolidated subsidiaries, other than, for all periods following the Spin-Off, Welbilt. Description of the Business The Company is one of the world’s leading commercial foodservice equipment companies. It designs and manufactures a complementary portfolio of hot and cold foodservice equipment products integrated under one operating company and is supported by a growing aftermarket parts and repair service business. Its capabilities span refrigeration, ice-making, cooking, holding, food-preparation and beverage-dispensing technologies, which allow it to equip entire commercial kitchens and serve the world’s growing demand for food prepared away from home. The Company's suite of products is used by commercial and institutional foodservice operators including full-service restaurants, quick-service restaurant chains, hotels, caterers, supermarkets, convenience stores, business and industrial customers, hospitals, schools and other institutions. The Company's products and aftermarket parts and service support are recognized by its customers and channel partners for their quality, reliability and durability that enable profitable growth for Welbilt end customers by improving their menus, enhancing operations and reducing costs. The Company operates in three regional segments, the Americas (includes U.S., Canada and Latin America), EMEA (markets in Europe, including Russia and the Commonwealth of Independent States, Middle East and Africa) and APAC (principally comprised of markets in China, Australia, Japan, Philippines, South Korea, Singapore, Indonesia, Taiwan, Hong Kong,Thailand, Malaysia, and New Zealand). Restatement of Previously Issued Consolidated Financial Statements During the third quarter of 2018, the Company identified errors in previously issued financial statements related to the tax basis of a foreign subsidiary and incorrect tax amortization of the intangible assets held by the same entity. These errors impacted the tax determinations of certain intercompany distributions between foreign subsidiaries, thereby resulting in an understatement of U.S. tax liabilities. In addition, the Company discovered certain intercompany transactions were not recorded on a timely basis. While these intercompany transactions had no impact to the Company’s consolidated earnings before income taxes, they did result in an incorrect recognition of income tax expense or benefit recognized in each applicable jurisdiction, thereby resulting in an understatement of U.S. tax liabilities. The impact of these income tax errors, along with other prior period income tax errors previously corrected for as out-of-period adjustments in the period of identification, resulted in a $5.4 million net understatement of the Company's previously recognized income tax expense in 2016. As a result of these income tax errors, which materially misstated the previously issued 2016 financial statements, the consolidated financial statements of the Company as of and for the year ended December 31, 2016 have been restated. In addition, there were certain other prior period errors, including but not limited to the following: • $2.7 million understatement of the loss incurred on early extinguishment of debt in 2016, which was initially identified and corrected for as an out-of-period correction in 2017; • $2.9 million of net tax errors that primarily originated prior to 2016 and would have increased net parent company investment prior to the Spin-Off, which were identified and initially corrected for as an out-of-period correction in 2016; and • In 2016, subsequent to the initial accounting for the Spin-Off, the Company incorrectly reduced the carrying value of deferred tax liabilities through a credit to retained earnings of $7.2 million . In 2017, the Company adjusted for this error through an out-of-period adjustment to additional paid-in capital, which then resulted in a misclassification between cumulative retained earnings and additional paid-in capital. Each of these errors were previously determined to be immaterial, individually and in the aggregate, and were corrected for and disclosed as out-of-period adjustments in the period of identification. These and other immaterial errors have been corrected for in this restatement. Revision of Previously Issued Consolidated Financial Statements The income tax and other prior period errors, including those noted above, also impacted the previously issued 2017 and 2015 financial statements but did not result in such financial statements being materially misstated. However, in order to correctly reflect the errors in the appropriate period, management has revised the 2017 and 2015 previously issued financial statements in this Form 10-K/A. The effects of correcting the errors in the 2017 revision and the 2016 restatement on the line items within the Company's consolidated balance sheets as of December 31, 2017 and 2016 are as follows: December 31, 2017 December 31, 2016 (in millions) As Reported Adjustment As Revised As Reported Adjustment As Restated Accrued expenses and other liabilities $ 161.7 $ 7.8 $ 169.5 $ 174.5 $ 3.1 $ 177.6 Total current liabilities 290.1 7.8 297.9 313.1 3.1 316.2 Long-term debt and capital leases 1,232.2 — 1,232.2 1,278.7 2.6 1,281.3 Deferred income taxes (1) 92.3 (1.0 ) 91.3 137.8 7.2 145.0 Total non-current liabilities 1,439.9 (1.0 ) 1,438.9 1,499.5 9.8 1,509.3 Additional paid-in capital (deficit) (63.3 ) 8.6 (54.7 ) (72.0 ) 1.4 (70.6 ) Retained earnings 204.5 (15.4 ) 189.1 70.5 (14.3 ) 56.2 Total equity (deficit) 110.4 (6.8 ) 103.6 (43.5 ) (12.9 ) (56.4 ) (1) In 2017, the income tax error related to a valuation allowance. The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Loss on early extinguishment of debt $ 4.4 $ (2.7 ) $ 1.7 Other expense (income) — net 9.0 0.1 9.1 Earnings before income taxes 118.8 2.6 121.4 Income taxes (15.2 ) 3.7 (11.5 ) Net earnings 134.0 (1.1 ) 132.9 Per share data Earnings per share — Basic $ 0.96 $ — $ 0.96 Earnings per share — Diluted $ 0.95 $ (0.01 ) $ 0.94 Year Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Restated Net sales $ 1,456.6 $ (0.5 ) $ 1,456.1 Cost of sales 923.8 (1.5 ) 922.3 Gross profit 532.8 1.0 533.8 Selling, general and administrative expenses 290.1 1.0 291.1 Loss on early extinguishment of debt — 2.7 2.7 Other expense (income) — net 9.1 (0.1 ) 9.0 Earnings before income taxes 104.8 (2.6 ) 102.2 Income taxes 25.3 5.4 30.7 Net earnings 79.5 (8.0 ) 71.5 Per share data Earnings per share — Basic $ 0.58 $ (0.06 ) $ 0.52 Earnings per share — Diluted $ 0.57 $ (0.06 ) $ 0.51 Year Ended December 31, 2015 (in millions, except per share data) As Reported Adjustment As Revised Income taxes $ 39.3 $ 1.0 $ 40.3 Net earnings 157.1 (1.0 ) 156.1 Per share data Earnings per share — Basic $ 1.15 $ (0.01 ) $ 1.14 Earnings per share — Diluted $ 1.15 $ (0.01 ) $ 1.14 The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of comprehensive income for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Comprehensive income 145.4 (1.1 ) 144.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Comprehensive income 80.6 (8.0 ) 72.6 Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Comprehensive income 133.3 (1.0 ) 132.3 The effects of correcting the errors in the restatement and revision on the respective line items within the Company’s consolidated statements of equity for the years ended December 31, 2017, 2016 and 2015 are as follows: (in millions) As Reported Adjustment As Revised Balance at December 31, 2014 Net Parent Company Investment $ 1,272.1 $ 3.9 $ 1,276.0 Total Equity 1,251.4 3.9 1,255.3 Net earnings 157.1 (1.0 ) 156.1 Total Equity balance at December 31, 2015 1,208.7 2.9 1,211.6 (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2015 Net Parent Company Investment (As Revised) $ 1,253.2 $ 2.9 $ 1,256.1 Total Equity (As Revised) 1,208.7 2.9 1,211.6 Net earnings (As Restated) 79.5 (8.0 ) 71.5 Adjustments in connection with the Spin-Off (As Restated) 7.7 (7.8 ) (0.1 ) Total Equity balance at December 31, 2016 (As Restated) (43.5 ) (12.9 ) (56.4 ) (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2016 Additional Paid-In Capital (Deficit) (As Restated) $ (72.0 ) $ 1.4 $ (70.6 ) Retained Earnings (As Restated) 70.5 (14.3 ) 56.2 Total Equity (Deficit) (As Restated) (43.5 ) (12.9 ) (56.4 ) Net earnings (As Revised) 134.0 (1.1 ) 132.9 Total Equity balance at December 31, 2017 (As Revised) 110.4 (6.8 ) 103.6 (in millions) As Reported Adjustment As Revised Balance at December 31, 2017 Additional Paid-In Capital (Deficit) $ (63.3 ) $ 8.6 $ (54.7 ) Retained Earnings 204.5 (15.4 ) 189.1 The effects of correcting the errors in the restatement and revision on the respective line items within the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Amortization of debt issuance costs 5.4 0.1 5.5 Loss on early extinguishment of debt 4.4 (2.7 ) 1.7 Deferred income taxes (63.3 ) (1.0 ) (64.3 ) Other current and long-term liabilities 1.6 4.7 6.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Amortization of debt issuance costs 4.8 (0.1 ) 4.7 Loss on early extinguishment of debt — 2.7 2.7 Deferred income taxes (9.9 ) 2.3 (7.6 ) Other current and long-term liabilities 27.8 1.6 29.4 Net cash provided by operating activities 125.8 (1.5 ) 124.3 Net transactions with MTW (6.1 ) 1.5 (4.6 ) Net cash used in financing activities (82.7 ) 1.5 (81.2 ) Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Deferred income taxes (30.0 ) 1.0 (29.0 ) All relevant footnotes to the consolidated financial statements in this Form 10-K/A have also been restated or revised to reflect the items discussed above. In addition, the impact of such errors on the 2017 and 2016 unaudited quarterly financial statements is included in Note 23, "Quarterly Financial Data (Unaudited)."

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation Summary of Significant Accounting Policies and Basis of Presentation Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany balances and transactions between the Company and its affiliates have been eliminated. During the periods presented prior to the Spin-Off on March 4, 2016, the Company's financial statements were prepared on a combined stand-alone basis derived from the consolidated financial statements and accounting records of MTW. The Company functioned as part of the larger group of companies controlled by MTW. Accordingly, MTW performed certain corporate overhead functions for the Company. Therefore, certain costs related to the Company have been allocated from MTW for the period of January 1, 2016 up to the Spin-Off on March 4, 2016 and for the entirety of the year ended December 31, 2015. These allocated costs were primarily related to: (1) corporate support functions that were provided on a centralized basis at a MTW enterprise level including, but not limited to, finance, audit, legal, information technology, human resources, tax, treasury, investor relations, and external reporting; (2) stock-based compensation; (3) employee compensation, pension and benefit costs; and (4) securitization financing costs. These expenses were allocated to Welbilt based on direct usage or direct identification where applicable, and where not applicable, such costs were allocated primarily based on net sales, headcount or based on existing allocation methods, specifically for those costs which were previously partially allocated to Welbilt or other methodologies deemed appropriate by management. Prior to the Spin-Off, cash was managed centrally and flowed through centralized bank accounts controlled and maintained by MTW. Accordingly, cash and cash equivalents held by MTW at the corporate level were not attributable to Welbilt for any of the periods presented prior to the Spin-Off. Only cash amounts specifically attributable to Welbilt are reflected in the accompanying consolidated financial statements. Transfers of cash, both to and from MTW's centralized cash management system, are reflected as a component of "Net parent company investment" as a financing activity in the consolidated statements of cash flows. Additionally, none of MTW’s debt has been allocated to the consolidated financial statements as Welbilt has no legal obligation for any of the debt agreements. Welbilt received or provided funding as part of MTW's centralized treasury program. Income tax expense in the consolidated statement of operations for the period prior to the Spin-Off is computed on a separate return basis, as if Welbilt was operating as a separate consolidated group and filed separate tax returns in the jurisdictions in which it operates. As a result of potential changes to the Company's business model and potential past and future tax planning, income tax expense included in the consolidated financial statements for the period prior to the Spin-Off may not be indicative of Welbilt's future expected tax rate. In addition, cash tax payments and items of current and deferred taxes may not be reflective of Welbilt's actual tax balances prior to or subsequent to the Spin-Off. Welbilt, as a stand-alone entity commencing with the Spin-Off, files U.S. federal and state tax returns on its own behalf. The responsibility for current income tax liabilities of U.S. federal and state combined tax filings were deemed to settle immediately with MTW paying entities effective with the Spin-Off in the respective jurisdictions, whereas state tax returns for certain separate Welbilt filing entities were filed by Welbilt for periods prior to and after the Spin-Off. Cash tax payments commencing with the Spin-Off for the estimated liability are the actual cash taxes paid to the respective tax authorities in the jurisdictions wherever applicable. Prior to the Spin-Off, the operations of Welbilt were generally included in the consolidated tax returns filed by the respective MTW entities, with the related income tax expense and deferred income taxes calculated on a separate return basis in the consolidated financial statements. As a result, the effective tax rate and deferred income taxes of Welbilt may differ from those in periods prior to or subsequent to the Spin-Off. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods including costs allocated prior to the Spin-Off. Significant items subject to such estimates and assumptions include inventory obsolescence costs, warranty costs, product liability costs, employee benefit programs and the measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates. In addition, the consolidated financial statements may not be indicative of the Company's future performance, and they do not necessarily include all of the actual expenses that would have been incurred by the Company and may not reflect the results of operations, financial position and cash flows had the Company been a stand-alone Company during the entirety of the period presented prior to the Spin-Off. Significant Accounting Policies Cash and Cash Equivalents All short-term investments purchased with an original maturity of three months or less are considered cash equivalents. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded separately on the consolidated balance sheets and generally, includes cash balances held as security under the Company's accounts receivable securitization program. Accounts Receivable Transactions under the Company's securitization programs are accounted for as sales. Sales of trade receivables to the purchaser are reflected as a reduction of accounts receivable in the consolidated balance sheets and the proceeds received, including collections on the deferred purchase price notes, are included in cash flows from operating activities in the consolidated statements of cash flows. The Company deems the interest rate risk related to the deferred purchase price notes to be de minimis, primarily due to the short average collection cycle of the related receivables (i.e., less than 60 days). Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Our estimate for the allowance for doubtful accounts related to trade receivables includes an evaluation of specific accounts where we have information that the customer may have an inability to meet its financial obligations together with a general provision for unknown but existing doubtful accounts based on historical experience, which are subject to change if experience improves or deteriorates. Inventories The majority of inventories are valued at the lower of cost or net realizable value. Approximately 92.3% and 91.2% of the Company's inventories were valued using the first-in, first-out ("FIFO") method at December 31, 2017 and 2016 , respectively. The remaining inventories were valued using the last-in, first-out ("LIFO") method. If the FIFO inventory valuation method had been used exclusively, inventories would have increased by $3.9 million and $3.5 million at December 31, 2017 and 2016 , respectively. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property, plant and equipment sold, retired, or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. 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. Property, plant and equipment are depreciated over the following estimated useful lives: Years Building and improvements 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7 Goodwill and Other Intangible Assets Goodwill is not amortized, but it is tested for impairment annually, or more frequently, as events dictate. See additional discussion of impairment testing under "Impairment of Long-Lived Assets," below. The Company's other intangible assets with indefinite lives, including trademarks, are not amortized, but are also tested for impairment annually, or more frequently, as events dictate. The Company's other intangible assets with finite lives are subject to amortization and are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Other intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Useful lives Patents 10-20 years Engineering drawings 15 years Customer relationships 10-20 years The Company performs annual impairment tests of goodwill and intangible assets with indefinite lives at June 30 of each fiscal year and whenever a triggering event occurs between annual impairment tests. The goodwill impairment test is performed for the Company's reporting units which have been determined to be: Americas, EMEA and APAC. When testing for impairment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of any reporting unit or indefinite lived intangible asset is less than its carrying amount. In conducting a qualitative assessment, the Company evaluates the totality of relevant events and circumstances that affect the fair value or carrying value of the reporting unit or asset. These events and circumstances include, but are not limited to, macroeconomic conditions, industry and competitive environment conditions, overall financial performance, reporting unit specific events and market considerations. In those instances where the Company concludes that it is not more likely than not that the fair value is less than the carrying amount, no impairment is indicated and no further impairment test is performed. When the Company chooses not to perform a qualitative assessment, or if, based on the qualitative assessment, the Company concludes it is more likely than not that the fair value is less than the carrying amount, a quantitative impairment test is performed at the reporting unit level utilizing the one-step approach. This one-step approach identifies both the existence of impairment and the amount of the impairment loss. In conducting the quantitative analysis, the Company compares the fair value of the reporting unit with goodwill or the indefinite lived intangible asset to its carrying value. The fair value is determined using the income approach based on the present value of expected future cash flows, including terminal value, and a weighted average cost of capital all of which involve management judgment and assumptions. When the carrying amount of the reporting or the intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to the excess; however,the impairment loss for goodwill is limited to the total amount of the goodwill allocated to the reporting unit. See Note 9, "Goodwill and Other Intangible Assets," for further details on the Company's impairment assessments. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. When reviewing its long-lived assets, other than goodwill and other intangible assets with indefinite lives, the Company groups its 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 evaluates the asset group against the sum of the undiscounted future cash flows to determine impairment. If an impairment is determined to exist, the impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. Impairment losses on assets held for sale are based on the estimated proceeds to be received, less costs to sell. Warranties Estimated warranty costs are recorded in cost of sales at the time of sale of the products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. See Note 18 "Product Warranties" for further details. Product Liabilities The Company records product liability reserves for its self-insured portion of any pending or threatened product liability actions. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding pending and threatened product liability cases to determine an appropriate case reserve for each based upon the Company's best judgment and the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the individual cases. Second, the Company determines the amount of additional reserve required to cover incurred but not reported product liability obligations and to account for possible adverse development of the established case reserves. This analysis is performed twice annually. Foreign Currency Translation and Transactions The financial statements of the Company's non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, are translated using the current exchange rate for assets and liabilities and the average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to "Accumulated other comprehensive loss" ("AOCI") as a component of equity. The Company records foreign currency transaction gains or losses as a component of "Other expense (income) - net". Derivative Financial Instruments and Hedging Activities The Company enters into derivative instruments to hedge foreign exchange, interest rate risk, and commodity exposure associated with aluminum, copper, steel and natural gas prices. The Company has adopted written policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in interest rates, commodities and foreign currency exchange rates. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or comprehensive income depending on whether the derivative is designated and qualifies as part of a hedge transaction and if so, the type of hedge transaction. The amount reported for derivative instrument fair market value adjustments for cash flow hedges and net investment hedges are reported in the statements of comprehensive income, net of taxes. Fair market value adjustments for fair value hedges, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings within the the same line item associated with the hedged item. Stock-Based Compensation Welbilt employees historically participated in MTW's stock-based compensation plans for the periods prior to the Spin-Off. Stock-based compensation expense for the period prior to the Spin-Off has been allocated to Welbilt based on the awards and terms previously granted to its employees. Until consummation of the Spin-Off, Welbilt continued to participate in MTW's stock-based compensation plans and record stock-based compensation expense based on the stock-based awards granted to the Welbilt employees. In conjunction with the Spin-Off, the Company adopted the 2016 Omnibus Incentive Plan (the "2016 Plan") that permits the granting of stock options, restricted stock awards, restricted stock units, performance share awards, and other types of stock-based and cash awards. In addition, the 2016 Plan permits the issuance of awards ("Replacement Awards") in partial substitution for awards relating to shares of common stock of MTW that were outstanding immediately prior to the Spin-Off. Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting periods. Stock based compensation is recognized only for those awards expected to vest. The expense, net of forfeitures, is recognized using the straight-line method. Stock-based compensation expense related to Welbilt employees of $11.1 million , $6.3 million and $2.3 million has been recorded in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 , respectively. Refer to Note 16, "Stock-Based Compensation," for additional discussion regarding details of the Company's stock-based compensation plan. Employee Benefit Plans - The Company provide a range of benefits to its employees and retired employees, including pensions and postretirement health care coverage. Plan assets and obligations are recorded annually based on our measurement date utilizing various actuarial assumptions such as discount rates, expected return on plan assets, compensation increases, retirement and mortality rates, and health care cost trend rates as of that date. The approaches used to determine the annual assumptions are as follows: • Discount Rate - The discount rate assumptions are based on the interest rate of non-callable high-quality corporate bonds, with appropriate consideration of our pension plans’ participants’ demographics and benefit payment terms. • Expected Return on Plan Assets - The expected return on plan assets assumptions are based on our expectation of the long-term average rate of return on assets in the pension funds, which is reflective of the current and projected asset mix of the funds and considers the historical returns earned on the funds. • Retirement and Mortality Rates - The retirement and mortality rate assumptions are based primarily on actual plan experience and mortality tables. • Health Care Cost Trend Rates - The health care cost trend rate assumptions are developed based on historical cost data, near-term outlook and an assessment of likely long-term trends. Measurements of net periodic benefit cost are based on the assumptions used for the previous year-end measurements of assets and obligations. We review our actuarial assumptions on an annual basis and make modifications to the assumptions when appropriate. As required by U.S. GAAP, the effects of the modifications are recorded currently or amortized over future periods. The Company has developed the assumptions with the assistance of its independent actuaries and other relevant sources, and believes that the assumptions used are reasonable; however, changes in these assumptions could impact the Company's financial position, results of operations or cash flows. See Note 20, "Employee Benefit Plans," for further details. Deferred Compensation Plan The Welbilt Deferred Compensation Plan is an unfunded, non-tax-qualified deferred compensation plan for highly compensated and key management employees and for directors that allows participants to defer a portion of their compensation. The Plan permits the Company, at its option, to make matching contributions to the participants accounts. The Company utilizes a rabbi trust to hold assets intended to satisfy the Company's obligations under the deferred compensation plan. The trust restricts the Company's use and access to the assets held but is subject to the claims of the Company's general creditors. Plan participants are able to direct deferrals and Company matching contributions into two separate investment programs, Program A and Program B. Program A invests solely in the Company’s stock; dividends paid on the Company’s stock are automatically reinvested, and all distributions must be made in Company stock. Program A is accounted for as a plan that does not permit diversification. The Company stock held by Program A is carried at cost, is included in "Treasury stock" in the consolidated balance sheets. The deferred compensation obligation for Program A is included in "Other long-term liabilities" in the consolidated balance sheets. Program B offers a variety of investment options but does not include Company stock as an investment option. All distributions from Program B must be made in cash. Participants cannot transfer assets between programs. Program B is accounted for as a plan that permits diversification. Changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is adjusted, with a charge or credit to compensation cost, to reflect changes in the fair value of the obligation. The assets are included in "Other non-current assets", and the related obligations are included in "Other long-term liabilities" in the consolidated balance sheets. Revenue Recognition Revenue is generally recognized and earned when all the following criteria are satisfied with regard to a specific transaction: persuasive evidence of a sales arrangement exists; the price is fixed or determinable; collectability of cash is reasonably assured; and delivery has occurred or services have been rendered. Shipping and handling fees are reflected in net sales and shipping and handling costs are reflected in "Cost of sales" in the consolidated statements of operations. Research and Development Research and development costs are charged to expense as incurred within "Selling, general and administrative expenses" in the consolidated statements of operations and amounted to $39.4 million , $35.2 million and $33.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. Restructuring Charges Restructuring charges for exit and disposal activities are recognized when the liability is incurred. The liability for the restructuring charge associated with an exit or disposal activity is measured initially at its fair value. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the accompanying consolidated financial statements. Deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority. Comprehensive Income Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to equity. Currently, these items are foreign currency translation adjustments, the change in fair value of certain derivative instruments and employee postretirement benefit adjustments. Concentration of Credit Risk Credit extended to customers through trade accounts receivable potentially subjects the Company to risk. This risk is limited due to the large number of customers and their dispersion across various industries and many geographical areas. However, a significant amount of the Company's receivables are with distributors, dealers and large companies in the foodservice and beverage industry. Management currently does not foresee a significant credit risk associated with these individual groups of receivables, but continues to monitor the exposure, if any. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Recently Adopted Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which removes the second step of the annual goodwill impairment test. ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, for annual impairment tests beginning after December 15, 2019. Early adoption is permitted in any interim or annual reporting period for impairment tests performed after January 1, 2017 and the amendments in this ASU should be applied prospectively. The Company early adopted this standard and applied the guidance from ASU 2017-04 in its annual goodwill assessment performed as of June 30, 2017. The adoption of this standard did not have an impact on the Company’s consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment award transactions. This ASU requires that all excess tax benefits and tax deficiencies be recognized as income tax expense or benefit on the income statement and that excess tax benefits be classified as an operating activity in the cash flow statement. While this new standard allows an entity to account for forfeitures as they occur, the Company elected to continue the current U.S. GAAP practice of estimating forfeitures when calculating stock-based compensation expense. This ASU became effective for the Company on January 1, 2017 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." This ASU changes the guidance on accounting for inventory accounted for on a first-in first-out ("FIFO") basis. 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 price 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 ("LIFO") basis. ASU 2015-11 became effective for the Company on January 1, 2017 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which clarifies the accounting guidance to assist entities in evaluating whether a transaction should be accounted for as acquisitions of assets or businesses. The Company adopted this in the fourth quarter of 2017 without material impact to the Company's financial statements. The ongoing impact on the Company's financial statements will be dependent on the nature of any future acquisitions. Recent Accounting Pronouncements Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," to provide guidance on the presentation of certain income statement effects from the Tax Cuts and Jobs Act’s reduction in the corporate statutory tax rate . The ASU provides the option of reclassifying what are called the “stranded” tax effects within accumulated other comprehensive income (loss) to retained earnings and requires increased disclosures describing the accounting policy used to release the income tax effects from accumulated other comprehensive income (loss), whether the amounts reclassified are the stranded income tax effects from the Tax Cuts and Jobs Act, and information about the other effects on taxes from the reclassification. ASU 2018-02 may be adopted using one of two transition methods: (1) retrospective to each period (or periods) in which the income tax effects of the Tax Cuts and Jobs Act related to items remaining in accumulated other comprehensive income (loss) are recognized, or (2) at the beginning of the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2018, and the quarterly and other interim periods in those years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities," which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of hedge accounting guidance in current GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting," which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting pursuant to Topic 718. ASU 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The amendments in this update are required to be applied prospectively to an award modified on or after the adoption date. This standard becomes effective for the Company as of January 1, 2018. The impact this standard will have on the Company's consolidated financial statements and related disclosures will be dependent on the terms and conditions of any modifications made to share-based awards after January 1, 2018. In March 2017, the FASB issued ASU 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires the employer to disaggregate the service cost component from the other components of net benefit cost. The ASU also provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allows only the service cost component of net benefit cost to be eligible for capita

Acquisitions

Acquisitions12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]
AcquisitionsAcquisitions On October 21, 2015 , the Company acquired the remaining 50.0% of outstanding shares of a joint venture in Thailand. Welbilt Thailand is a leading manufacturer of kitchen equipment in South East Asia and is a part of the Company's APAC reportable segment. The purchase price, net of cash acquired, was approximately $5.3 million . A gain of $4.9 million was recognized on the acquisition and is included as a component of "Other expense (income) — net" in the consolidated statement of operations for the year ended December 31, 2015. The gain related to the difference between the book value and the fair value of the Company's previously held passive 50.0% equity interest in the joint venture. Allocation of the purchase price resulted in $1.4 million of goodwill and $4.2 million of intangible assets, which related entirely to the APAC reportable segment. The results of Welbilt Thailand have been included in the consolidated financial statements since the date of the acquisition.

Divestitures

Divestitures12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
DivestituresDivestitures In January 2017, the Company completed the sale of a certain parts and field service business in Shanghai, China for a net purchase price of $1.1 million , with cash proceeds received of $1.1 million in December 2016. This sale relates entirely to the APAC reportable segment and met the criteria to be classified as held for sale as of December 31, 2016 and thus, the related assets of $2.3 million and liabilities of $0.7 million are presented in "Current assets held for sale" and "Current liabilities held for sale" in the consolidated balance sheet for the year ended December 31, 2016, respectively. On December 7, 2015, the Company completed the sale of Kysor Panel Systems ("KPS"), a manufacturer of wood frame and high-density rail panel systems for walk-in freezers and coolers for the retail and convenience-store markets, to an affiliate of D Cubed Group LLC. The sale price for the transaction was $85.0 million , with cash proceeds received of $78.2 million . The Company recorded a $9.9 million gain on the sale, which is included in "Other expense (income) - net" in the consolidated statement of operations for the year ended December 31, 2015. The proceeds from the sale were used to reduce outstanding debt under MTW's then-outstanding credit facility. This divestiture did not qualify for discontinued operations; therefore the results of the business are included in the operating results from continuing operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments12 Months Ended
Dec. 31, 2017
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value of Financial InstrumentsFair Value of Financial Instruments In accordance with the Company's policy, fair value is defined 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. The policy 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 Company endeavors to utilize the best available information in measuring fair value. The Company estimates the fair value of its Senior Notes and Term Loan B Facility based on quoted market prices of the instruments. Because these markets are typically thinly traded, the assets and liabilities are classified as Level 2 of the fair value hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and deferred purchase price notes on receivables sold (see Note 11, "Accounts Receivable Securitization"), approximate fair value, without being discounted as of December 31, 2017 and 2016 due to the short-term nature of these instruments. The fair value of the Company's 9.50% Senior Notes due 2024 (the "Senior Notes") was approximately $483.8 million and $496.2 million as of December 31, 2017 and 2016 , respectively. The fair value of the Company's Term Loan B under its Senior Secured Credit Facilities was approximately $818.1 million and $838.4 million as of December 31, 2017 and 2016 , respectively. See Note 12, "Debt," for a description of the debt instruments and their related carrying values. Aside from the asset impairment charges discussed in Note 19, "Restructuring," no other non-recurring fair value adjustments were recorded during the years ended December 31, 2017 , 2016 and 2015 . The following tables set forth financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2017 and 2016 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 December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Current assets: Foreign currency exchange contracts $ — $ 1.1 $ — $ 1.1 Commodity contracts — 1.7 — 1.7 Interest rate swap contracts — 1.7 — 1.7 Total current assets at fair value — 4.5 — 4.5 Non-current assets: Commodity contracts — 0.6 — 0.6 Interest rate swap contracts — 2.3 — 2.3 Total non-current assets at fair value — 2.9 — 2.9 Total assets at fair value $ — $ 7.4 $ — $ 7.4 Current liabilities: Foreign currency exchange contracts $ — $ 1.1 $ — $ 1.1 Commodity contracts — 0.1 — 0.1 Total current liabilities at fair value — 1.2 — 1.2 Non-current liabilities: Interest rate swap contracts — 17.7 — 17.7 Total non-current liabilities at fair value — 17.7 — 17.7 Total liabilities at fair value $ — $ 18.9 $ — $ 18.9 Fair Value as of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Current assets: Foreign currency exchange contracts $ — $ 0.6 $ — $ 0.6 Commodity contracts — 0.9 — 0.9 Total current assets at fair value — 1.5 — 1.5 Non-current assets: Commodity contracts — 0.2 — 0.2 Total non-current assets at fair value — 0.2 — 0.2 Total assets at fair value $ — $ 1.7 $ — $ 1.7 Current liabilities: Foreign currency exchange contracts $ — $ 1.0 $ — $ 1.0 Commodity contracts — 0.1 — 0.1 Total current liabilities at fair value — 1.1 — 1.1 Total liabilities at fair value $ — $ 1.1 $ — $ 1.1 The foreign currency exchange, commodity and interest rate swap contracts are valued through an independent valuation source which 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 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial InstrumentsDerivative Financial Instruments The Company's risk management objective is to ensure that business exposures to risks that have been identified and measured and are capable of being controlled are minimized or managed using what it believes to be the most effective and efficient methods to eliminate, reduce or transfer such exposures. Operating decisions consider these associated risks and structure transactions to minimize or manage these risks whenever possible. The primary risks the Company manages using derivative instruments are interest rate risk, commodity price risk and foreign currency exchange risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s fixed and floating-rate borrowings. Cross-currency interest rate swaps are entered into to protect the value of the Company’s investments in its foreign subsidiaries. Swap contracts on various commodities are used to manage the price risk associated with forecasted purchases of materials used in the Company's manufacturing process. The Company also enters into various foreign currency derivative instruments to help manage foreign currency risk associated with its projected purchases and sales and foreign currency denominated receivable and payable balances. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheets. Commodity swaps and foreign currency exchange contracts are designated as cash flow hedges of forecasted purchases of commodities and currencies, certain interest rate swaps as cash flow hedges of floating-rate borrowings, and the remainder as fair value hedges of fixed-rate borrowings, and certain cross-currency interest rate swaps as hedges of net investments in its foreign subsidiaries. Cash flow hedging strategy For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of "Accumulated other comprehensive loss" and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. In the next twelve months, the Company estimates $1.6 million of unrealized gains , net of tax, related to currency rate and commodity price hedging will be reclassified from "Accumulated other comprehensive loss" into earnings. Foreign currency and commodity hedging is generally completed prospectively on a rolling basis for 15 and 36 months, respectively, depending on the type of risk being hedged. During the first quarter of 2017, the Company entered into two interest rate swap agreements with a total notional amount of $600.0 million to manage interest rate risk exposure by converting the Company’s floating-rate debt to a fixed-rate basis, thus reducing the impact from fluctuations in interest rates on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal and have termination dates of March 2019 for $175.0 million notional amount and March 2020 for the remaining $425.0 million notional amount. Approximately 47.4% of the Company’s outstanding long-term debt had its interest payments designated as cash flow hedges under these interest rate swap agreements as of December 31, 2017 . The Company did not enter into any interest rate swap agreements during the year ended December 31, 2016. As of December 31, 2017 , 2016 and 2015 , the Company had the following outstanding commodity and currency forward contracts that were entered into as hedges of forecasted transactions: Units Hedged Commodity 2017 2016 2015 Unit Aluminum 1,620 1,663 1,215 MT Copper 667 746 472 MT Natural gas — 56,416 49,396 MMBtu Steel 7,713 8,663 11,073 Short tons Units Hedged Currency 2017 2016 2015 Canadian Dollar 18,080,000 26,130,000 587,556 European Euro 8,545,000 11,261,848 231,810 British Pound 7,807,744 4,191,763 113,115 Mexican Peso 126,400,000 148,200,000 28,504,800 Thailand Baht — 23,231,639 — Singapore Dollar 1,765,000 4,375,000 — The effects of derivative instruments on the consolidated statements of comprehensive income and consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 for gains or losses initially recognized in AOCI in the consolidated balance sheets were as follows: Derivatives in cash flow hedging relationships (in millions) Pretax gain (loss) recognized in AOCI (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Pretax gain (loss) reclassified from AOCI into income (effective portion) 2017 2016 2015 2017 2016 2015 Foreign currency exchange contracts $ 3.8 $ (0.1 ) $ (0.8 ) Cost of sales $ 3.3 $ — $ (1.4 ) Commodity contracts 2.4 2.2 (5.3 ) Cost of sales 1.1 (1.5 ) (3.4 ) Interest rate swap contracts 2.8 — — Interest expense — — — Total $ 9.0 $ 2.1 $ (6.1 ) $ 4.4 $ (1.5 ) $ (4.8 ) Derivatives in cash flow hedging relationships (in millions) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) 2017 2016 2015 Commodity contracts $ 0.2 $ — $ 0.1 Cost of sales Total $ 0.2 $ — $ 0.1 Fair value hedging strategy For derivative instruments that are designated and qualify as a fair value hedge (i.e., hedging the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), the gain or loss on the derivative instrument as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in the same line item associated with the hedged item in current earnings. During the first quarter of 2017, the Company entered into an interest rate swap agreement with a total notional amount of $425.0 million to manage interest rate risk exposure by converting the Company’s fixed-rate debt to a floating-rate basis. This agreement involved the receipt of fixed rate amounts in exchange for floating rate interest payments over the life of the agreement without an exchange of the underlying principal. On June 14, 2017, this interest rate swap agreement was terminated and the Company received $7.7 million , the fair value of the swap including accrued interest. Accordingly, hedge accounting was discontinued and the hedge accounting adjustment to the Company's Senior Notes due 2024 of $0.3 million will be amortized to "Interest expense" in the consolidated statements of operations through February 2024. On October 3, 2017, the Company entered into an interest rate swap agreement with a total notional amount of $425.0 million to manage interest rate risk exposure by converting the Company’s fixed-rate debt to a floating-rate basis. This agreement involves the receipt of fixed rate amounts in exchange for floating rate interest payments over the life of the agreement without an exchange of the underlying principal and terminates in February 2024. Approximately 33.6% of the Company’s outstanding long-term debt had its interest payments designated as a fair value hedge under this interest rate swap agreement as of December 31, 2017. The gain or loss on the hedged items (that is, fixed-rate borrowing of 9.50% Senior Notes due 2024) attributable to the hedged benchmark interest rate risk (risk of changes in the applicable LIBOR swap rate) and the offsetting gain or loss on the related interest rate swap is as follows: Derivatives in fair value hedging relationships (in millions) Gain/(Loss) on Swap Income Statement Classification Gain/(Loss) on Borrowings 2017 2016 2015 2017 2016 2015 Interest rate swap contract $ (9.0 ) $ — $ — Interest Expense $ 8.7 $ — $ — Total $ (9.0 ) $ — $ — $ 8.7 $ — $ — The difference of $0.3 million represents hedge ineffectiveness. The net swap settlements that accrue each period are reported in "Interest expense" in the consolidated statements of operations. As of December 31, 2017, the total notional amount of the Company’s receive-fixed/pay-variable interest rate swap was $425.0 million . The Company did not enter into any interest rate swap agreements during the year ended December 31, 2016. Hedge of net investment in foreign operations strategy For derivative instruments that are designated and qualify as a hedge of a net investment in a foreign currency, the gain or loss is reported in "Accumulated other comprehensive loss" as part of the cumulative translation adjustment to the extent it is effective. Any ineffective portions of net investment hedges are recognized in earnings during the period of change. During the first quarter of 2017, the Company entered into a three year cross-currency interest rate swap contract for a notional value of € 50.0 million to protect the value of its net investment in Euros. The carrying value of the net investment in Euros that is designated as a hedging instrument is remeasured at each reporting date to reflect the changes in the foreign currency exchange spot rate, with changes since the last remeasurement date recorded in "Accumulated other comprehensive loss." The Company uses the forward-rate method of assessing hedge effectiveness when cross-currency swap contracts are designated as hedging instruments. The Company did not enter into any cross-currency interest rate swap contracts during the years ended December 31, 2016 or 2015. The effects of derivative instruments on the consolidated statements of comprehensive income and consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 for gains or losses initially recognized in AOCI in the consolidated balance sheets were as follows: Derivatives in net investments hedging relationships (in millions) Pretax gain (loss) recognized in AOCI (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) reclassified from AOCI into income (effective portion) 2017 2016 2015 2017 2016 2015 Interest rate swap contract $ (7.5 ) $ — $ — Selling, general and administrative expenses $ — $ — $ — Total $ (7.5 ) $ — $ — $ — $ — $ — As of December 31, 2017, there was no ineffectiveness on hedges designated as net investment hedges. Derivatives Not Designated as Hedging Instruments The Company enters into foreign currency exchange contracts that are not designated as hedge relationships to offset, in part, the impact of certain intercompany transactions and to further mitigate short-term currency impacts. These derivative instruments are not designated as hedging relationships; therefore, fair value gains and losses on these contracts are recorded in earnings. For derivative instruments that are not designated as hedging instruments, the gains or losses on the derivatives are recognized in current earnings within "Other expense (income) — net" in the consolidated statements of operations. As of December 31, 2017 , 2016 and 2015 , the Company had the following outstanding currency forward contracts that were not designated as hedging instruments: Units Hedged Commodity 2017 2016 2015 Unit Type Aluminum — 28 — MT Cash flow Steel — 340 — Short tons Cash flow Units Hedged Currency 2017 2016 2015 Recognized Location Purpose Canadian Dollar — — 1,117,850 Other expense (income) — net Accounts payable and receivable settlement European Euro 69,300,000 16,000,000 — Other expense (income) — net Accounts payable and receivable settlement Swiss Franc 4,800,000 3,150,000 — Other expense (income) — net Accounts payable and receivable settlement British Pound 14,912,019 8,192,692 — Other expense (income) — net Accounts payable and receivable settlement Singapore Dollar 28,127,000 — — Other expense (income) — net Accounts payable and receivable settlement Derivatives NOT designated as hedging instruments (in millions) Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income on derivative Year Ended 2017 2016 2015 Foreign currency exchange contracts $ (6.5 ) $ (0.2 ) $ 0.1 Other expense (income) — net Commodity contracts — short-term — 0.8 (0.7 ) Other expense (income) — net Commodity contracts — long-term — — (0.1 ) Other expense (income) — net Total $ (6.5 ) $ 0.6 $ (0.7 ) The fair value of outstanding derivative contracts recorded as assets in the consolidated balance sheets as of December 31, 2017 and 2016 was as follows: Asset Derivatives (in millions) Balance Sheet Location Fair Value 2017 2016 Derivatives designated as hedging instruments: Foreign currency exchange contracts Prepaids and other current assets $ 1.1 $ 0.6 Commodity contracts Prepaids and other current assets 1.7 0.9 Interest rate swap contracts Prepaids and other current assets 1.7 — Commodity contracts Other non-current assets 0.6 0.2 Interest rate swap contracts Other non-current assets 2.3 — Total derivatives designated as hedging instruments $ 7.4 $ 1.7 Total asset derivatives $ 7.4 $ 1.7 The fair value of outstanding derivative contracts recorded as liabilities in the consolidated balance sheets as of December 31, 2017 and 2016 was as follows: Liability Derivatives (in millions) Balance Sheet Location Fair Value 2017 2016 Derivatives designated as hedging instruments: Foreign currency exchange contracts Accrued expenses and other liabilities $ 0.6 $ 0.8 Commodity contracts Accrued expenses and other liabilities 0.1 0.1 Interest rate swap contracts Other long-term liabilities 17.7 — Total derivatives designated as hedging instruments $ 18.4 $ 0.9 Derivatives NOT designated as hedging instruments: Foreign currency exchange contracts Accrued expenses and other liabilities $ 0.5 $ 0.2 Total derivatives NOT designated as hedging instruments $ 0.5 $ 0.2 Total liability derivatives $ 18.9 $ 1.1

Inventories

Inventories12 Months Ended
Dec. 31, 2017
Inventory Disclosure [Abstract]
InventoriesInventories—Net The components of "Inventories—net" at December 31, 2017 and 2016 are summarized as follows: (in millions) 2017 2016 Inventories — gross: Raw materials $ 73.9 $ 68.2 Work-in-process 18.9 18.3 Finished goods 86.9 85.1 Total inventories — gross 179.7 171.6 Excess and obsolete inventory reserve (23.5 ) (22.5 ) Net inventories at FIFO cost 156.2 149.1 Excess of FIFO costs over LIFO value (3.9 ) (3.5 ) Inventories — net $ 152.3 $ 145.6

Property, Plant and Equipment -

Property, Plant and Equipment - Net12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment - NetProperty, Plant and Equipment—Net The components of "Property, plant and equipment — net" at December 31, 2017 and 2016 are summarized as follows: (in millions) 2017 2016 Land $ 9.5 $ 7.3 Building and improvements 88.9 91.3 Machinery, equipment and tooling 227.3 215.1 Furniture and fixtures 6.0 5.8 Computer hardware and software 55.1 52.9 Construction in progress 15.7 11.2 Total cost 402.5 383.6 Less accumulated depreciation (290.3 ) (274.5 ) Property, plant and equipment — net $ 112.2 $ 109.1

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets—Net The Company has three reportable segments: Americas, EMEA and APAC. The changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) Americas EMEA APAC Total Gross balance as of December 31, 2015 $ 1,144.8 $ 208.3 $ 8.4 $ 1,361.5 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2015 $ 832.6 $ 4.8 $ 8.4 $ 845.8 Foreign currency impact $ — $ (0.1 ) $ (0.4 ) $ (0.5 ) Gross balance as of December 31, 2016 1,144.8 208.2 8.0 1,361.0 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2016 $ 832.6 $ 4.7 $ 8.0 $ 845.3 Foreign currency impact $ — $ 0.2 $ 0.6 $ 0.8 Gross balance as of December 31, 2017 1,144.8 208.4 8.6 1,361.8 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2017 $ 832.6 $ 4.9 $ 8.6 $ 846.1 As of June 30, 2017 and 2016, the Company performed the annual impairment test for its reporting units, as well as its indefinite-lived intangible assets, and based on those results, the fair value of each of the Company's reporting units exceeded their respective carrying values and no impairment was indicated. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill are as follows as of December 31, 2017 and 2016 : 2017 2016 (in millions) Gross Accumulated Net Gross Accumulated Net Trademarks and tradenames $ 177.5 $ — $ 177.5 $ 172.4 $ — $ 172.4 Customer relationships 415.3 (192.3 ) 223.0 415.2 (171.4 ) 243.8 Patents 2.8 (1.7 ) 1.1 1.6 (1.6 ) — Other intangibles 144.9 (85.1 ) 59.8 140.7 (72.5 ) 68.2 Total $ 740.5 $ (279.1 ) $ 461.4 $ 729.9 $ (245.5 ) $ 484.4 Amortization expense for the years ended December 31, 2017 , 2016 and 2015 was $31.2 million , $31.2 million and $31.4 million , respectively. At December 31, 2017 , the weighted average remaining useful lives of the customer relationships, patents, and other intangibles were approximately 11 years, 13 years and 6 years, respectively. The total weighted average remaining useful life of the definite-lived intangible assets was approximately 10 years. As of December 31, 2017 , the estimated future amortization of intangible assets, other than goodwill, excluding the impact of any future acquisitions or divestitures is as follows: (in millions) Year ending December 31: 2018 $ 33.7 2019 33.4 2020 33.2 2021 28.8 2022 26.7 Thereafter 128.1 $ 283.9

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses and Other Liabilities12 Months Ended
Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses and Other Liabilities Accounts Payable and Accrued Expenses and Other Liabilities Accounts payable and accrued expenses and other liabilities at December 31, 2017 and 2016 are summarized as follows: 2017 2016 (in millions) (As Restated) Accounts payable: Trade accounts payable $ 103.6 $ 108.4 Total accounts payable $ 103.6 $ 108.4 Accrued expenses and other liabilities: Interest payable $ 7.8 $ 15.7 Income taxes payable 13.9 5.6 Employee related expenses 30.8 29.8 Restructuring expenses 5.0 3.3 Profit sharing and incentives 11.5 14.2 Accrued rebates 50.0 56.0 Deferred revenue - current 4.2 4.4 Customer advances 2.6 7.4 Product liability 1.4 2.3 Miscellaneous accrued expenses 42.3 38.9 Total accrued expenses and other liabilities $ 169.5 $ 177.6

Accounts Receivable Securitizat

Accounts Receivable Securitization12 Months Ended
Dec. 31, 2017
Transfers and Servicing [Abstract]
Accounts Receivable SecuritizationAccounts Receivable Securitization Prior to the Spin-Off, the Company sold accounts receivable through an accounts receivable securitization facility, ("the Prior Securitization Program"), comprised of two funding entities: Manitowoc Funding, LLC ("U.S. Seller") and Manitowoc Cayman Islands Funding Ltd. ("Cayman Seller"). The U.S. Seller historically serviced domestic entities of both the Foodservice and Crane segments of MTW and remitted all funds received directly to MTW. The Cayman Seller historically serviced solely Welbilt foreign entities and remitted all funds to Welbilt entities. The U.S. Seller remained with MTW subsequent to the Spin-Off, while the Cayman Seller was transferred to Welbilt subsequent to the Spin-Off. A portion of the U.S. Seller's historical expenses related to bond administration fees and settlement fees were allocated to the Company. As the Cayman Seller is directly attributable to Welbilt, the assets, liabilities, income and expenses of the Cayman Seller are included in the Company's consolidated balance sheets and statements of operations. The Company's cost of funds under the facility used a London interbank offered rate ("LIBOR") index rate plus a 1.25% fixed spread. On March 3, 2016, the Company entered into a new $110.0 million accounts receivable securitization program (as amended, restated, supplemented or otherwise modified from time to time the "2016 Securitization Facility") among the Cayman Seller, as seller, Welbilt, Inc., Garland Commercial Ranges Limited, Convotherm Elektrogeräte GmbH, Welbilt Deutschland GmbH, Welbilt UK Limited, Welbilt Asia Pacific Private Limited and the other persons who may be from time to time, a party thereto, as servicers, and Wells Fargo Bank, National Association, as purchaser and agent, whereby the Company will sell certain of its domestic trade accounts receivable and certain of its non-U.S. trade accounts receivable to a wholly-owned, bankruptcy-remote, foreign special purpose entity, which in turn, will sell, convey, transfer and assign to a third-party financial institution (the "Purchaser"), all of the rights, title and interest in and to its pool of receivables. The Purchaser receives ownership of the pool of receivables. The Company along with certain of its subsidiaries act as servicers of the receivables and as such administer, collect and otherwise enforce the receivables. The servicers are compensated for doing so on terms that are generally consistent with what would be charged by an unrelated servicer. As servicers, they initially receive payments made by obligors on the receivables but are required to remit those payments in accordance with a receivables purchase agreement. The Purchaser has no recourse for uncollectible receivables. The 2016 Securitization Facility also contains customary affirmative and negative covenants. Among other restrictions, these covenants require the Company to meet specified financial tests, which include a Consolidated Interest Coverage Ratio and a Consolidated Total Leverage Ratio that are the same as those required under the 2016 Credit Agreement as described in Note 12, "Debt." The 2016 Securitization Facility was amended on February 2, 2018 in conjunction with an amendment to the 2016 Credit Agreement to provide for certain conforming changes including amending the Consolidated Total Leverage Ratio required thereunder. See Note 12, "Debt" for additional details regarding the amendment to the 2016 Credit Agreement. Due to a short average collection cycle of less than 60 days for such accounts receivable as well as the Company's collection history, the fair value of the deferred purchase price notes approximated book value. The fair value of the deferred purchase price notes recorded at December 31, 2017 and 2016 was $62.9 million and $60.0 million , respectively, and is included in "Accounts receivable, less allowances" in the consolidated balance sheets. Trade accounts receivables sold to the Purchaser and being serviced by the Company totaled $99.5 million and $96.7 million at December 31, 2017 and 2016 , respectively.

Debt

Debt12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]
DebtDebt Outstanding debt at December 31, 2017 and 2016 is summarized as follows: 2017 2016 (in millions) (As Restated) Revolving credit facility $ 25.0 $ 63.5 Term Loan B 815.0 825.0 Senior Notes due 2024 425.0 425.0 Capital leases 2.7 3.3 Total debt and capital leases, including current portion 1,267.7 1,316.8 Less current portion of capital leases (0.7 ) (1.6 ) Less unamortized debt issuance costs (1) (26.4 ) (33.9 ) Less hedge accounting fair value adjustment (2) (8.4 ) — Total long-term debt and capital leases $ 1,232.2 $ 1,281.3 (1) Total outstanding debt issuance costs, net of amortization as of December 31, 2017 was $28.6 million of which $2.2 million was related to the revolving credit facility and recorded in "Other non-current assets" in the consolidated balance sheet. (2) Represents the change in fair value due to changes in benchmark interest rates related to our Senior Notes due 2024. Refer to Note 6, "Derivative Financial Instruments", for additional information on the Company's interest rate swap designated as a fair value hedge. As of December 31, 2017 , the Company had $25.0 million of borrowings outstanding under the revolving credit facility, $3.6 million outstanding stand-by letters of credit and $196.4 million available for future borrowings. During the year ended December 31, 2017 , the highest daily borrowing was $194.0 million and the average borrowing was $124.9 million , while the average interest rate was 4.41% . The interest rate fluctuates based upon LIBOR or a Prime rate plus a spread, which is based upon the Consolidated Total Leverage Ratio of the Company. As of December 31, 2017 , the spreads for LIBOR and Prime borrowings were 2.50% and 1.50% , respectively, given the Company's effective Consolidated Total Leverage Ratio for this period. The commitment fee on the unused portion of the revolving credit facility was 0.25% per year. The interest rate on the Term Loan B also fluctuates based on LIBOR or a Prime rate plus a spread as discussed below under Senior Secured Credit Facilities. The weighted average interest rate for the Term Loan B was 4.90% and the weighted average interest rate for the Senior Notes due 2024 was 9.72% for the year ending December 31, 2017 . Maturities of debt, excluding capital leases, are as follows as of December 31, 2017 : (in millions) Year ending December 31: 2018 $ — 2019 — 2020 — 2021 25.0 2022 — Thereafter 1,240.0 $ 1,265.0 As of December 31, 2017 , the Company had outstanding $2.7 million of other indebtedness that has a weighted-average interest rate for the year ended December 31, 2017 of approximately 4.17% . Senior Secured Credit Facilities On March 3, 2016, the Company entered into a credit agreement (the "2016 Credit Agreement") for a new senior secured revolving credit facility in an aggregate principal amount of $225.0 million (the "Revolving Facility") and a senior secured Term Loan B facility in an aggregate principal amount of $975.0 million (the "Term Loan B Facility" and, together with the Revolving Facility, the "Senior Secured Credit Facilities") with JPMorgan Chase Bank, N.A, as administrative agent and collateral agent, J.P. Morgan Securities LLC, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., and Citigroup Global Markets Inc., on behalf of certain of its affiliates, as joint lead arrangers and joint bookrunners, and certain lenders, as lenders. The Term Loan B Facility matures in March 2023. The Revolving Facility includes (i) a $20.0 million sublimit for the issuance of letters of credit on customary terms, and (ii) a $40.0 million sublimit for swingline loans on customary terms. The Revolving Facility matures in March 2021. The Company entered into security and other agreements relating to the 2016 Credit Agreement. At inception, borrowings under the Senior Secured Credit Facilities bore interest at a rate per annum equal to, at the option of the Company, (i) LIBOR plus the applicable margin of 4.75% for term loans subject to a 1.00% LIBOR floor and 1.50% - 2.75% for revolving loans, based on consolidated total leverage, or (ii) an alternate base rate plus the applicable margin, which will be 1.00% lower than for LIBOR loans. On March 6, 2017, the 2016 Credit Agreement was amended, providing for a decrease to the maximum applicable margin for LIBOR and Alternate Base Rate (“ABR”) loans by 1.75% on the Term Loan B Facility (the "Second Amendment"). The repricing was completed at par, and established for six months a 1.0% premium in the case of another repricing event. JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A. and Goldman Sachs Bank, USA were joint bookrunners on the repricing. In connection with the Second Amendment, the Company incurred costs of $1.4 million during the first quarter of 2017, which were recorded in "Long-term debt and capital leases" in the consolidated balance sheets and are being amortized over the remaining term of the Term Loan B Facility. Additionally, the Company recorded a loss on early extinguishment of debt of $0.5 million during the first quarter of 2017, related to unamortized debt issuance costs as a result of the Second Amendment. During the second, third and fourth quarters of 2016, the Company made voluntary prepayments of the outstanding principal on the Term Loan B Facility of $25.0 million , $45.0 million and $80.0 million , respectively, and incurred losses for the write-off of the related unamortized debt issuance costs of $0.5 million , $0.8 million and $1.4 million , respectively, totaling $2.7 million which is included in "Loss on early extinguishment of debt" in the consolidated statement of operations for the year ended December 31, 2016. During the second quarter of 2017, the Company made a voluntary prepayment of the outstanding principal on the Term Loan B Facility of $10.0 million and incurred a loss for the write-off of the related unamortized debt issuance costs of $0.2 million , which is included in "Loss on early extinguishment of debt" in the consolidated statement of operations for the year ended December 31, 2017. Subsequent to the Second Amendment, the borrowings under the Senior Secured Credit Facilities bore interest at a rate per annum equal to, at the option of the Company, (i) LIBOR plus an applicable margin of 3.00% for term loans subject to a 1.00% LIBOR floor and LIBOR plus 1.50% - 2.75% for revolving loans, based on consolidated total leverage, or (ii) an alternate base rate plus the applicable margin, which will be 1.00% lower than for LIBOR loans. On September 7, 2017, the 2016 Credit Agreement was again amended, providing a 25 basis-point decrease to the maximum applicable margin for LIBOR and ABR loans on the Term Loan B Facility (the "Third Amendment"). The repricing was completed at par, and establishes for six months a 1.0% premium in the case of another repricing event. JPMorgan Chase Bank, N.A., was the administrative agent on this repricing. In connection with the Third Amendment, the Company incurred costs of $0.6 million during the third quarter of 2017, which were recorded in "Long-term debt and capital leases" in the consolidated balance sheets and are being amortized over the remaining term of the Term Loan B Facility. Additionally, the Company recorded a loss on early extinguishment of debt of $1.0 million during the third quarter of 2017, related to unamortized debt issuance costs as a result of the Third Amendment. Subsequent to the Third Amendment, the borrowings under the Senior Secured Credit Facilities bore interest at a rate per annum equal to, at the option of the Company, (i) LIBOR plus an applicable margin of 2.75% for term loans subject to a 1.00% LIBOR floor and LIBOR plus 1.50% - 2.75% for revolving loans, based on consolidated total leverage, or (ii) an alternate base rate plus the applicable margin, which will be 1.00% lower than for LIBOR loans. The 2016 Credit Agreement contains financial covenants including, but not limited to (a) a Consolidated Interest Coverage Ratio, which measures the ratio of (i) Consolidated EBITDA, as defined in the 2016 Credit Agreement, to (ii) Consolidated Cash Interest Expense, and (b) a Consolidated Total Leverage Ratio, which measures the ratio of (i) Consolidated Indebtedness to (ii) Consolidated EBITDA for the most recent four fiscal quarters. The current levels of the financial ratio covenants under the Senior Secured Credit Facilities and the Company's actual ratios for each quarter ended during 2017 are set forth below: Fiscal Quarter Ending Consolidated Total Leverage Ratio Level (less than) Actual Consolidated Total Leverage Ratio Consolidated Interest Coverage Ratio Level (greater than) Actual Consolidated Interest Coverage Ratio March 31, 2017 5.50:1.00 5.20:1.00 2.50:1.00 2.71:1.00 June 30, 2017 5.25:1.00 5.06:1.00 2.50:1.00 2.87:1.00 September 30, 2017 5.00:1.00 4.82:1.00 2.75:1.00 3.06:1.00 December 31, 2017 (1) 4.75:1.00 4.53:1.00 3.00:1.00 3.25:1.00 (1) Consolidated Total Leverage Ratio level shown does not incorporate the increase to 5.25 :1.00 as discussed below for the amendment to the 2016 Credit Agreement entered into subsequent to December 31, 2017. The 2016 Credit Agreement also includes negative covenants that, among other things, limit the Company's ability to incur indebtedness; grant liens; engage in mergers, consolidations and liquidations; make asset dispositions, restricted payments including dividends and investments; enter into transactions with affiliates; and amend, modify or prepay certain indebtedness. On February 2, 2018, the Company entered into an amendment to the 2016 Credit Agreement (the "Fourth Amendment"), which increases the Consolidated Total Leverage Ratio for each of the fiscal quarters ended December 31, 2017, March 31, 2018 and June 30, 2018 to 5.25 :1.00. The required ratio level will then reduce 0.25 each subsequent fiscal quarter until the ratio reaches 4.00 :1.00 in the fiscal quarter ending September 30, 2019. Obligations of the Company under the Senior Secured Credit Facilities are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly-owned U.S. subsidiaries (but excluding (i) unrestricted subsidiaries, (ii) immaterial subsidiaries, and (iii) special purpose securitization vehicles). There is a first priority perfected lien on substantially all of the assets and property of the Company and guarantors and proceeds therefrom excluding certain excluded assets. The liens securing the obligations of the Company under the Senior Secured Credit Facilities are pari passu. Senior Notes On February 18, 2016, the Company issued 9.50% Senior Notes due 2024 in an aggregate principal amount of $425.0 million (the "Senior Notes") under an indenture with Wells Fargo Bank, National Association, as trustee (the "Trustee"). The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of the Company's domestic restricted subsidiaries that is a borrower or guarantor under the Senior Secured Credit Facilities. The Senior Notes and the subsidiary guarantees are unsecured, senior obligations. The Senior Notes were initially sold to qualified institutional buyers pursuant to Rule 144A (and outside the United States in reliance on Regulation S) under the Securities Act of 1933, as amended (the "Securities Act"). In September 2016, the Company completed an exchange offer pursuant to which all of the initial Senior Notes were exchanged for new Senior Notes, the issuance of which was registered under the Securities Act. The Senior Notes are redeemable, at the Company's option, in whole or in part from time to time, at any time prior to February 15, 2019, at a price equal to 100.0% of the principal amount thereof plus a "make-whole" premium and accrued but unpaid interest to the date of redemption. In addition, the Company may redeem the Senior Notes at its option, in whole or in part, at the following redemption prices (expressed as percentages of the principal amount thereof) if redeemed during the 12-month period commencing on February 15 of the years set forth below: Year Percentage 2019 107.125 % 2020 104.750 % 2021 102.375 % 2022 and thereafter 100.000 % At any time, or from time to time, on or prior to February 15, 2019, the Company may, at its option, use the net cash proceeds of one or more underwritten public equity offerings of qualified capital stock to redeem up to 35% of the principal amount of the Senior Notes at a redemption price of 109.500% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of redemption, upon the terms and subject to the conditions set forth in the indenture governing the Senior Notes. The Company must generally offer to repurchase all of the outstanding Senior Notes upon the occurrence of certain specific change of control events at a purchase price equal to 101.000% of the principal amount of Senior Notes purchased plus accrued and unpaid interest to the date of purchase. The indenture provides for customary events of default. Generally, if an event of default occurs (subject to certain exceptions), the Trustee or the holders of at least 25.0% in aggregate principal amount of the then-outstanding Senior Notes may declare all the Senior Notes to be due and payable immediately. The indenture governing the Senior Notes contains limitations on the Company's ability to effect mergers and change of control events as well as other limitations, including limitations on: the declaration and payment of dividends or other restricted payments; incurring additional indebtedness or issuing preferred stock; the creation or existence of certain liens; incurring restrictions on the ability of certain of the Company's subsidiaries to pay dividends or other payments; transactions with affiliates; and sale of assets. As of December 31, 2017 , the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the Senior Secured Credit Facilities and the Senior Notes. Based upon management's current plans and outlook as well as the covenant changes in the Fourth Amendment, management believes the Company will be able to comply with these covenants during the subsequent 12 months.

Income Taxes (As Restated)

Income Taxes (As Restated)12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes (As Restated)Income Taxes (As Restated) As further described in Note 1, "Business and Organization," the Company has restated for 2016, and revised for 2017 and 2015, its previously issued consolidated financial statements for the years ended December 31, 2017, 2016 and 2015. The Company, as a stand-alone entity commencing with the Spin-Off, files U.S. federal and state tax returns on its own behalf. The responsibility for current income tax liabilities of U.S. federal and state combined tax filings were deemed to settle immediately with MTW paying entities effective with the Spin-Off in the respective jurisdictions, whereas state tax returns for certain separate filing entities of the Company's were filed by the Company for periods prior to and after the Spin-Off. Net cash tax payments commencing with the Spin-Off for the estimated liability are the actual cash taxes paid to the respective tax authorities in the jurisdictions wherever applicable. Prior to the Spin-Off, the operations of the Company were generally included in the consolidated tax returns filed by the respective MTW entities, with the related income tax expense and deferred income taxes calculated on separate return bases in the consolidated financial statements. As a result, the effective tax rate and deferred income taxes in 2017 may differ from those in historical periods. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that does affect 2017, including, but not limited to, (1) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years, and (2) bonus depreciation that will allow for full expensing of qualified property. Effective in 2018, the Tax Act reduces the U.S. federal corporate statutory tax rate to 21%, and introduces a new provision designed to tax global intangible low-taxed income (“GILTI”). Refer to additional discussion of the impact of the Tax Act on the consolidated financial statements included below. "Earnings before income taxes" in the consolidated statements of operations is comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (in millions) (As Restated) Domestic $ 32.5 $ 31.5 $ 121.3 Foreign 88.9 70.7 75.1 Total $ 121.4 $ 102.2 $ 196.4 "Income taxes" in the consolidated statements of operations is comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (in millions) (As Restated) Current: Federal and state $ 28.2 $ 19.7 $ 51.1 Foreign 24.6 18.6 18.2 Total current expense 52.8 38.3 69.3 Deferred: Federal and state (56.6 ) (9.2 ) (26.9 ) Foreign (7.7 ) 1.6 (2.1 ) Total deferred benefit (64.3 ) (7.6 ) (29.0 ) Income taxes $ (11.5 ) $ 30.7 $ 40.3 A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (As Restated) Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income (benefit) provision (2.6 ) 0.9 1.9 Manufacturing and research incentives (1.7 ) (1.9 ) (1.7 ) Taxes on foreign income (3.5 ) (4.8 ) (9.6 ) Repatriation of foreign income - Tax Act 11.1 — — Change in federal income tax statutory rate - Tax Act (37.5 ) — — Adjustments for valuation allowances (11.2 ) 2.5 (13.8 ) Business divestitures — — 4.1 Other items 0.9 (1.7 ) 4.6 Effective tax rate (9.5 )% 30.0 % 20.5 % During 2017 , the Company's effective tax rate was (9.5)% , compared to the 2016 effective tax rate of 30.0% . The net decrease in the effective tax rate is primarily due to the benefit from the revaluation of the U.S. deferred tax assets and liabilities in conjunction with the Tax Act. In addition, a valuation allowance was released that was recorded against the deferred tax assets for certain entities in the United Kingdom ("U.K"). A $3.5 million net state tax benefit was recorded in 2017 primarily due to revised estimates of the Company's state tax liabilities. These benefits are partially offset by the Deemed Repatriation Transition Tax (“Transition Tax”) on previously untaxed accumulated and current earnings and profits ("E&P") of certain foreign subsidiaries. During 2016, the Company's effective tax rate was 30.0% , compared to the 2015 effective tax rate of 20.5% . The change was due to nonrecurring 2015 items and a change in the mix of earnings in jurisdictions without a valuation allowance. Domestic earnings before income taxes in 2017 represent 26.8% of total earnings and a favorable 3.5% effective tax rate impact for net lower taxes on foreign income due in part to changes in foreign tax laws, whereas 2016 domestic earnings represent 30.8% of total earnings and a favorable 4.8% effective tax rate impact for net lower taxes on foreign income. The 2017 and 2016 effective tax rates were favorably impacted by income earned in jurisdictions, primarily in Canada and China, where the statutory rates are approximately 25.0% . The 2015 domestic earnings represent 61.8% of total earnings and a 9.6% effective tax rate benefit for net lower taxes on foreign income. Deferred income taxes are provided for the effects of temporary differences between the assets and liabilities recognized for financial reporting and tax reporting. These temporary differences result in taxable or deductible amounts in future years. Significant components of the Company’s non-current deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: 2017 2016 (in millions) (As Restated) Non-current deferred tax assets (liabilities): Inventories $ 3.5 $ 7.2 Accounts receivable 0.9 1.7 Property, plant and equipment (2.4 ) (2.7 ) Intangible assets (118.0 ) (190.8 ) Deferred employee benefits 19.9 19.2 Product warranty reserves 7.5 13.3 Product liability reserves 2.2 0.9 Loss carryforwards 41.3 43.8 Deferred revenue — 1.3 Other 12.9 28.2 Non-current deferred tax liabilities (32.2 ) (77.9 ) Less valuation allowance (41.0 ) (59.9 ) Net non-current deferred tax liabilities $ (73.2 ) $ (137.8 ) Current and long-term tax assets and liabilities included in the consolidated balance sheets are comprised of the following as of December 31, 2017 and 2016 : 2017 2016 Financial Statement Line Item (in millions) (As Restated) Income taxes receivable $ 4.3 $ 2.9 Prepaids and other current assets Deferred tax assets 18.1 7.2 Other non-current assets Income taxes payable (13.9 ) (5.6 ) Accrued expenses and other liabilities Income taxes payable (12.5 ) — Other long-term liabilities Deferred tax liabilities (91.3 ) (145.0 ) Deferred income taxes The Securities and Exchange Commission staff issued Staff Accounting Bulletin (“SAB”) No. 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB No. 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date. To the extent that the accounting for certain income tax effects of the Tax Act is incomplete but a reasonable estimate can be determined, a provisional estimate must be recorded in the financial statements. If a provisional estimate cannot be determined for inclusion in the financial statements, existing accounting guidance continues to apply on the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company’s accounting for the following elements of the Tax Act is incomplete. However, management was able to make reasonable estimates of certain effects and, therefore, recorded provisional adjustments as follows: • Reduction of U.S. federal corporate tax rate : The Tax Act reduces the U.S. corporate statutory tax rate to 21%, effective January 1, 2018. For the U.S. related deferred tax assets and deferred tax liabilities, the Company has recorded a net provisional deferred tax benefit of $45.5 million for the year ended December 31, 2017. While management is able to make a reasonable estimate of the impact of the reduction in U.S. corporate tax rate, it may be affected by other analyses related to the Tax Act, including, but not limited to, the calculation of deemed repatriation of deferred foreign income and the state tax effect of adjustments made to federal temporary differences. • Deemed Repatriation Transition Tax : The Transition Tax is a tax on E&P of certain of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. Management was able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax obligation of $13.5 million as an element of our current income tax provision, which will be payable over a period of up to eight years. This provisional estimate may be impacted by a number of additional considerations, including but not limited to the issuance of final regulations, ongoing analysis of the Tax Act and gathering additional information to more precisely compute the amount of the Transition Tax. • Cost recovery : While management has not yet completed all of the computations necessary or completed an inventory of the Company’s 2017 U.S. expenditures that qualify for immediate expensing, the Company has recorded a provisional benefit of approximately $0.1 million , based on management’s current intent to fully expense all qualifying expenditures. The Company’s accounting for the following elements of the Tax Act is incomplete, and management was not able to make reasonable estimates of the effects. Therefore, no provisional adjustment was recorded. • GILTI : The Tax Act creates a new requirement that certain income earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFC's U.S. shareholder. Because of the complexity of the new GILTI tax rules, management is continuing to evaluate this provision of the Tax Act. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense, commencing in 2018 upon its effective date, when incurred (the “period cost method”) or (2) factoring such amounts into the measurement of deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing our global income to determine whether management expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Because whether management expects to have future U.S. inclusions in taxable income related to GILTI depends on not only the Company’s current structure and estimated future results of global operations but also management’s intent and ability to modify the structure and/or the business, management is not yet able to reasonably estimate the effect of this provision of the Tax Act. Therefore, the Company has not made any deferred tax adjustments related to potential GILTI tax in the consolidated financial statements for the year ended December 31, 2017 and has not made a policy decision regarding whether to record deferred taxes on GILTI. • Valuation allowances : The Company must determine whether assessments of valuation allowances are affected by various aspects of the Tax Act (e.g., GILTI inclusions, new categories of foreign tax credits). Since, as discussed above, the Company has recorded no deferred tax adjustments related to the GILTI element of the Tax Act, any corresponding determination of the need for or change in a valuation allowance has not been completed and no changes to valuation allowances as a result of the GILTI element of the Tax Act have been recorded. • Capital requirements : As of December 31, 2017, approximately $120.4 million of the $128.7 million of cash and cash equivalents, including restricted cash, on the consolidated balance sheet was held by foreign entities. Management’s intent is to reinvest the earnings of foreign subsidiaries indefinitely outside the U.S., irrespective of the Tax Act. The Tax Act includes the Transition Tax provision that imposes a tax on foreign earnings whether or not such earnings are repatriated to the U.S. As a result of the Transition Tax, management is reviewing the current position on the reinvestment of the earnings of foreign subsidiaries outside of the U.S. This review may be impacted by a number of additional considerations, including but not limited to the issuance of additional regulations, ongoing analysis of the Tax Act and gathering additional information to make a more informed decision for our intent to reinvest earnings of foreign subsidiaries indefinitely outside the U.S. As of December 31, 2017, the Company has approximately $191.3 million of foreign loss carryforwards, which are available to reduce future foreign tax liabilities. Substantially all of the foreign loss carryforwards are not subject to any time restrictions on their future use, and $144.9 million are offset by a valuation allowance. The Company also has approximately $63.3 million of pre-tax U.S. capital loss carryforwards which expire in 2019 and are offset by a valuation allowance and an unrecognized tax benefit. As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view regarding future realization of deferred tax assets. For the year ended December 31, 2017, the Company determined that sufficient positive evidence existed to conclude that it is more likely than not that additional deferred taxes of $8.6 million of the total $36.8 million recorded in the U.K. are realizable, and therefore, reduced the valuation allowance accordingly. The Company has additional valuation allowances recorded on some of the other deferred income tax assets in the United Kingdom, and certain entities in Singapore, Thailand and India as it remains more likely than not that they will not be utilized. The Company will continue to periodically evaluate its valuation allowance requirements in light of changing facts and circumstances, and may adjust its deferred tax asset valuation allowances accordingly. 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. A reconciliation of the Company's unrecognized tax benefits is as follows for the years ended December 31, 2017 , 2016 and 2015 : (in millions) 2017 2016 2015 Balance at beginning of year $ 12.5 $ 16.6 $ 16.6 Additions based on tax positions related to the current year — 0.8 0.2 Additions for tax positions of prior years 0.2 1.0 — Reductions for tax positions of prior years (0.4 ) — — Reductions for equity adjustment — (4.3 ) — Reductions for lapse of statute — (1.6 ) (0.2 ) Balance at end of year $ 12.3 $ 12.5 $ 16.6 The Company’s unrecognized tax benefits as of December 31, 2017, 2016 and 2015, if recognized, would not materially impact the effective tax rate due to the offset of the capital loss carryforward deferred tax asset. The Company recognizes interest and penalties related to tax liabilities as a part of income tax expense. As of December 31, 2017 and 2016, the Company has accrued interest and penalties of $0.2 million and $0.1 million , respectively. During the next twelve months, it is reasonably possible that federal, state and foreign tax resolutions could change unrecognized tax benefits and income tax expense in the range of $0.1 million to $0.3 million . MTW has filed tax returns on behalf of the Company in the U.S. and various state and foreign jurisdictions prior to the Spin-Off. The Company's separate federal and state tax returns for the 2013 through 2017 tax years generally remain subject to examination by U.S. and various state authorities. Tax years 2013 through 2017 remain subject to examination in Canada and Germany. Tax years 2008 through 2017 remain subject to audit in China. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of December 31, 2017, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates and/or from its historical income tax provisions and accruals and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments.

Other Expense (Income) - Net

Other Expense (Income) - Net12 Months Ended
Dec. 31, 2017
Other Income and Expenses [Abstract]
Other Expense (Income) - NetOther Expense (Income) — Net The components of "Other expense (income) — net" in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 are summarized as follows: 2017 2016 2015 (in millions) (As Restated) Gain on sale of Kysor Panel Systems (1) $ — $ — $ (9.9 ) Gain on sale of investment property — — (5.4 ) Gain on acquisition of Thailand joint venture (2) — — (4.9 ) Amortization of debt issuance costs 5.5 4.7 — Other 3.6 4.3 (1.9 ) Other expense (income) — net $ 9.1 $ 9.0 $ (22.1 ) (1) See Note 4, "Divestitures" for further discussion on the sale of Kysor Panel Systems. (2) See Note 3, "Acquisitions" for further discussion on the acquisition of the Thailand joint venture.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss12 Months Ended
Dec. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive LossAccumulated Other Comprehensive Loss The components of "Accumulated other comprehensive loss" as of December 31, 2017 and 2016 are as follows: (in millions) 2017 2016 Foreign currency translation, net of income tax benefit of $2.8 and zero, respectively $ 4.4 $ (9.8 ) Derivative instrument fair market value, net of income tax expense of $1.8 and zero, respectively 3.6 0.8 Employee pension and postretirement benefit adjustments, net of income tax benefit of $6.5 and $6.3, respectively (40.0 ) (34.4 ) $ (32.0 ) $ (43.4 ) A summary of the changes in "Accumulated other comprehensive loss," net of tax, by component for the years ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) Foreign Currency Translation (1) Gains and Losses on Cash Flow Hedges Pension & Postretirement Total Balance at December 31, 2014 $ 17.3 $ (1.0 ) $ (37.0 ) $ (20.7 ) Other comprehensive (loss) income before reclassifications (25.2 ) (6.1 ) 1.1 (30.2 ) Amounts reclassified out — 4.8 1.1 5.9 Tax effect — 0.5 — 0.5 Net current period other comprehensive (loss) income (25.2 ) (0.8 ) 2.2 (23.8 ) Balance at December 31, 2015 (7.9 ) (1.8 ) (34.8 ) (44.5 ) Other comprehensive (loss) income before reclassifications (1.9 ) 2.1 (1.5 ) (1.3 ) Amounts reclassified out — 1.5 2.5 4.0 Tax effect — (1.0 ) (0.6 ) (1.6 ) Net current period other comprehensive (loss) income (1.9 ) 2.6 0.4 1.1 Balance at December 31, 2016 (9.8 ) 0.8 (34.4 ) (43.4 ) Other comprehensive income (loss) before reclassifications 11.4 9.0 (7.8 ) 12.6 Amounts reclassified out — (4.4 ) 2.0 (2.4 ) Tax effect 2.8 (1.8 ) 0.2 1.2 Net current period other comprehensive income (loss) 14.2 2.8 (5.6 ) 11.4 Balance at December 31, 2017 $ 4.4 $ 3.6 $ (40.0 ) $ (32.0 ) (1) Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation does include the impact of the net investment hedge transaction. Reclassification adjustments are made to avoid double counting in comprehensive income items that are also recorded as part of net income. A reconciliation of the reclassifications out of "Accumulated other comprehensive loss," net of tax, for the years ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) 2017 2016 2015 Recognized Location Gains (losses) on cash flow hedges: Foreign currency exchange contracts $ 3.3 $ — $ (1.4 ) Cost of sales Commodity contracts 1.1 (1.5 ) (3.4 ) Cost of sales 4.4 (1.5 ) (4.8 ) Total before tax (1.6 ) 0.6 1.8 Tax (expense) benefit $ 2.8 $ (0.9 ) $ (3.0 ) Net of tax Amortization of pension and postretirement items: Actuarial losses $ (2.0 ) $ (2.5 ) $ (1.1 ) (a) (2.0 ) (2.5 ) (1.1 ) Total before tax 0.7 1.0 — Tax benefit $ (1.3 ) $ (1.5 ) $ (1.1 ) Net of tax Total reclassifications for the period $ 1.5 $ (2.4 ) $ (4.1 ) Net of tax (a) This other comprehensive income component is included in the periodic pension cost (see Note 20, "Employee Benefit Plans," for further details).

Stock-Based Compensation

Stock-Based Compensation12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based CompensationStock-Based Compensation Prior to the Spin-Off, the Company's employees historically participated in MTW's stock-based compensation plans. Stock-based compensation expense relating to awards under MTW's stock-based compensation plans have been allocated to the Company based on the awards and terms previously granted to its employees. Until consummation of the Spin-Off, the Company continued to participate in MTW's stock-based compensation plans and record stock-based compensation expense based on the stock-based awards granted to the Company's employees. The Company adopted the 2016 Omnibus Incentive Plan (the "2016 Plan") that permits the granting of stock options, restricted stock awards and units, performance share awards and units, and other types of stock-based and cash awards. In addition, the 2016 Plan allowed for the adjustment and replacement of certain awards of MTW common stock that were outstanding immediately prior to the Spin-Off through the issuance of replacement awards ("Replacement Awards"). As of December 31, 2017, the maximum number of shares of common stock available for issuance pursuant to the 2016 Plan was 13.7 million . The Company recognizes stock-based compensation expense based on the fair value of the award on the grant date over the requisite service period and estimates forfeitures when calculating compensation expense, which is generally recognized in "Selling, general and administrative expenses" in the consolidated statements of operations. The Company recognized stock-based compensation expense as a result of the modification of certain MTW performance share units to pay out at target upon consummation of the Spin-Off, which is reflected in "Separation expense" in the consolidated statements of operations. Additionally, the Company recognized stock-based compensation for the accelerated vesting of certain equity awards in connection with the retirement of two executives during the first half of 2017 and in connection with a company-wide reduction in force ("August 2017 RIF") during the third quarter of 2017. These events are described in Note 19, "Restructuring," and are reflected in "Restructuring expense" in the consolidated statements of operations. Stock-based compensation expense was recorded in the aforementioned financial statement line items for the years ended December 31, 2017 , 2016 and 2015 as follows: Years Ended December 31, (in millions) 2017 2016 2015 Stock-based compensation expense: Selling, general and administrative expenses $ 8.1 $ 4.7 $ 2.3 Separation expense 0.1 1.6 — Restructuring expense 2.9 — — Total stock-based compensation expense $ 11.1 $ 6.3 $ 2.3 Stock-based compensation expense by award type was as follows for the periods indicated: Years Ended December 31, (in millions) 2017 2016 2015 Stock-based compensation expense: Stock options $ 3.0 $ 1.2 $ 0.6 Restricted stock awards and units 3.6 3.0 1.3 Performance share units 4.5 2.1 0.4 Total stock-based compensation expense $ 11.1 $ 6.3 $ 2.3 Stock Options Prior to the Spin-Off, any stock option granted to directors of MTW was exercisable immediately upon grant and expires ten years subsequent to the grant date. For all outstanding grants made to officers and employees prior to 2011, stock options became exercisable in 25% increments annually over a four -year period beginning on the second anniversary of the grant date and expire ten years subsequent to the grant date. Beginning in 2011 for grants to officers and employees, such stock options became exercisable in 25% increments annually over a four -year period beginning on the first anniversary of the grant date and expire ten years subsequent to the grant date. A summary of the Company's stock option activity for all holders of Welbilt stock options is as follows: (in millions, except weighted average exercise price and contractual life) Options Weighted Weighted Average Remaining Contractual Life (Years) Aggregate Options outstanding as of January 1, 2017 3.6 $ 15.62 4.5 $ 20.0 Granted 0.3 18.67 Exercised (0.6 ) 8.19 Forfeited (0.1 ) 16.54 Canceled (0.5 ) 24.34 Options outstanding as of December 31, 2017 (1) 2.7 $ 15.95 4.9 $ 22.9 Options vested and expected to vest as of December 31, 2017 (2) 2.7 $ 15.94 4.8 $ 22.5 Options exercisable as of December 31, 2017 2.2 $ 15.81 4.0 $ 18.8 (1) The outstanding stock options at December 31, 2017 have a range of exercise prices from $3.51 to $31.14 per share. (2) Number of options expected to vest is total unvested options less estimated forfeitures. The Company uses the Black-Scholes valuation model to value stock options. The Company used historical stock prices for MTW shares of common stock as the basis for its volatility assumptions prior to the Spin-Off. Subsequent to the Spin-Off, the volatility assumption is based on the reported data of a peer group of publicly traded companies for which historical information is available. The assumed risk-free rates were based on ten -year U.S. Treasury rates in effect at the time of grant. The expected option life represents the period of time that the options granted are expected to be outstanding and is based on historical experience. The assumptions used in the Black-Scholes option pricing model and the weighted average fair value of option awards granted were as follows for the periods indicated: Years Ended December 31, 2017 2016 2015 Expected life (years) 6.0 6.0 6.0 Risk-free interest rate 2.3 % 1.6 % 1.8 % Expected volatility 39.0 % 39.0 % 56.0 % Expected dividend yield — % — % 0.3 % The following represents stock option compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per option granted) 2017 2016 2015 Weighted average grant date fair value per option granted $ 7.86 $ 5.97 $ 10.40 Fair value of options vested 3.0 2.8 6.8 Intrinsic value of options exercised 7.5 8.5 0.1 Excess tax benefit for tax deductions related to the exercise of stock options 1.2 — — Cash received from option exercises, net of tax withholding 1.9 12.9 — Tax benefits for stock-option compensation expense 0.7 0.5 0.2 As of December 31, 2017 , the Company had $2.4 million of unrecognized compensation expense before tax related to stock options, which will be recognized over a weighted average period of 2.5 years . Restricted Stock Awards and Units The fair value of restricted stock awards and units (collectively, "restricted stock") is based on the closing price of the Company’s common stock on the grant date. Restricted stock granted in 2017 to employees generally vests over three years in an equal number of shares each year beginning on the first anniversary of the date of grant and for directors generally cliff vests after two years from the date of grant, both assuming continued employment. Restricted stock granted in 2016 and 2015 for directors and employees generally cliff vest on either the second or third anniversary of the grant date, assuming continued employment. Additional restricted stock granted to the chairperson of the Board of Directors vests immediately. A summary of activity for all Welbilt restricted stock for the year ended December 31, 2017 is as follows: (in millions, except weighted average grant date fair value) Restricted Stock Weighted Unvested as of January 1, 2017 0.9 $ 16.86 Granted 0.1 21.39 Vested (0.2 ) 18.29 Forfeited (0.1 ) 16.56 Unvested as of December 31, 2017 0.7 $ 17.14 The following represents restricted stock compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2017 2016 2015 Weighted average grant date fair value per award granted $ 21.39 $ 15.25 $ 21.90 Fair value of awards vested 4.0 2.8 — Tax benefits for restricted stock compensation expense 0.8 1.2 0.5 As of December 31, 2017 , the Company had $3.4 million of unrecognized compensation expense before tax related to restricted stock, which will be recognized over a weighted average period of 2.0 years . Performance Share Units The Company granted performance share units ("PSUs") that cliff vest after three years. The number of units that vest is determined for each grant based on the achievement of certain Company performance criteria as set forth in the award agreement and may range from zero to 200% of the target shares granted. The PSUs are settled in shares of common stock, with holders receiving one share of common stock for each PSU that vests. The fair value of PSUs is based on the closing price of the Company’s common stock on the grant date. Compensation expense for PSUs is recognized over the vesting period when it is probable the performance criteria will be achieved. As of December 31, 2017 , the following PSU programs were in progress: Award Date PSUs Outstanding (in millions) Expected Vesting Threshold 2016 Program 0.3 125.0 % 2017 Program 0.2 100.0 % Total PSUs outstanding 0.5 A summary of activity for all Welbilt performance share units for the year ended December 31, 2017 is as follows: (in millions, except weighted average grant date fair value) Performance Share Units Weighted Unvested as of January 1, 2017 0.5 $ 16.88 Granted 0.3 18.67 Vested (0.2 ) 20.52 Forfeited (0.1 ) 16.60 Unvested as of December 31, 2017 0.5 $ 16.87 The following represents PSU compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2017 2016 2015 Weighted average grant date fair value per award granted $ 18.70 $ 14.97 $ — Fair value of awards vested 3.0 3.6 6.0 Tax benefits for PSU compensation expense 1.0 0.8 0.1 As of December 31, 2017 , the Company had $5.5 million of unrecognized compensation expense before tax related to PSUs, which will be recognized over a weighted average period of 1.8 years .

Contingencies and Significant E

Contingencies and Significant Estimates12 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Significant EstimatesContingencies and Significant Estimates As of December 31, 2017 and 2016 , the Company held reserves for environmental matters related to certain locations of approximately $0.8 million and $0.5 million , respectively. At certain of the Company's other facilities, it has identified potential contaminants in soil and groundwater. The ultimate cost of any remediation required will depend upon the results of future investigation. Based upon available information, the Company does not expect the ultimate costs at any of these locations will have a material adverse effect on its financial condition, results of operations or cash flows individually or in the aggregate. The Company believes that it has obtained and is in substantial compliance with those material environmental permits and approvals necessary to conduct its various businesses. Based on the facts presently known, the Company does not expect environmental compliance costs to have a material adverse effect on its financial condition, results of operations or cash flows. As of December 31, 2017 , various product-related lawsuits were pending. To the extent permitted under applicable law, all of these are insured with self-insurance retention levels. The Company's self-insurance retention levels vary by business, and have fluctuated over the last ten years. The current range of our self-insured retention levels is $0.1 million to $0.3 million per occurrence and $1.3 million in the aggregate. As of December 31, 2017 , the largest self-insured retention level for new occurrences currently maintained by the Company is $0.3 million per occurrence and applies to product liability claims for the hot category products manufactured in the United States. Product liability reserves are included in "Accrued expenses and other liabilities" in the consolidated balance sheets and were $1.4 million and $2.3 million at December 31, 2017 and 2016 , respectively; $0.4 million and $0.7 million , respectively, was reserved specifically for actual cases, and $1.0 million and $1.6 million , respectively, for claims incurred but not reported, which were estimated using actuarial methods. Based on our 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. At December 31, 2017 and 2016 , the Company had reserved $24.1 million and $27.9 million , respectively, for warranty claims expected to be paid out within a year or less, which are included in "Product warranties" in the consolidated balance sheets. At December 31, 2017 and 2016 , the Company had reserved $11.9 million and $8.4 million , respectively, for warranty claims expected to be paid out after a year, which are included in "Other long-term liabilities" in the consolidated balance sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiations, arbitration or litigation. See Note 18, "Product Warranties," for further information. It is reasonably possible that the estimates for environmental remediation, product liability and warranty costs may change in the near future 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. The Company is also subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. In the opinion of management, the ultimate resolution of all litigation matters is not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows.

Product Warranties

Product Warranties12 Months Ended
Dec. 31, 2017
Guarantees [Abstract]
Product WarrantiesProduct Warranties 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 warranty generally provides that products will be free from defects for periods typically ranging from 12 months to 60 months with certain equipment having longer-term warranties. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct certain defects 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 our 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 years ended December 31, 2017 and 2016 : (in millions) 2017 2016 Balance at the beginning of the period $ 36.3 $ 40.0 Accruals for warranties issued 33.3 22.1 Settlements made (in cash or in kind) (34.4 ) (25.1 ) Currency translation impact 0.8 (0.7 ) Balance at the end of the period (1) $ 36.0 $ 36.3 (1) Long-term warranty liabilities are included in "Other long-term liabilities" and totaled $11.9 million and $8.4 million at December 31, 2017 and 2016 , respectively. The Company also offers extended warranties, which are recorded as deferred revenue and are amortized to income on a straight-line basis over a period equal to that of the warranty period. Total deferred revenue on warranties included in "Accrued expenses and other current liabilities" and "Other long-term liabilities" in the consolidated balance sheets at December 31, 2017 and 2016 was $6.7 million and $6.1 million , respectively.

Restructuring

Restructuring12 Months Ended
Dec. 31, 2017
Restructuring and Related Activities [Abstract]
RestructuringRestructuring Certain restructuring activities have been undertaken to realize cost synergies and rationalize the cost structure of the Company. In 2016, the Company recorded restructuring costs primarily related to a company-wide reduction in force and the closing of its Cleveland, Singapore and Sellersburg facilities. In 2017, the Company recorded additional amounts related primarily to one-time expenses for severance and other related benefits upon the retirement of two executive officers during the first half of 2017, the August 2017 RIF during the third quarter of 2017 and the reduction in force in EMEA ("December 2017 RIF") during the fourth quarter of 2017. The following is a rollforward of all restructuring activities related to the Company for the year ended December 31, 2017 and 2016 : (in millions) 2017 2016 Balance at January 1 $ 14.4 $ 16.8 Restructuring charges 10.8 2.5 Use of reserve (6.2 ) (4.9 ) Non-cash adjustment (1) (2.9 ) — Balance at December 31 $ 16.1 $ 14.4 (1) This non-cash adjustment represents the non-cash stock-based compensation expense recognized during the year ended December 31, 2017 resulting from the accelerated vesting of certain stock options, restricted stock units and performance share units upon the retirement of two executive officers and in connection with the August 2017 RIF. As of December 31, 2017 and 2016, the short-term portion of the liability of $5.0 million and $3.3 million , respectively, was reflected in "Accrued expenses and other liabilities" in the consolidated balance sheets. As of December 31, 2017 and 2016, $11.1 million was reflected in "Other long-term liabilities" in the consolidated balance sheets and relates to the long-term portion of the pension withdrawal obligation incurred in connection with the reorganization and plant restructuring of the Company's former Lincoln Foodservice operations. See Note 20, "Employee Benefit Plans," for further details regarding this obligation. During the fourth quarter of 2015 and through the first half of 2016, the Company relocated its manufacturing, warehousing and distribution operations conducted at its Cleveland, Ohio plant and subsequently closed this facility. The Company sold the related building for a net sales price of $2.2 million in April 2017 and recognized a loss on the sale of the building of $0.4 million during the second quarter of 2017, which is included in "(Gain) loss from impairment or disposal of assets — net" in the consolidated statements of operations. These actions relate entirely to the Company's Americas reportable segment. In September 2016, the Company closed the Singapore plant and transferred the manufacturing to its plants in Prachinburi, Thailand and Foshan, China. In July 2017, the Company sold the related building for a net sales price of $6.2 million . The Company recognized a $3.8 million gain from the sale of the building during the third quarter of 2017, which is included in "(Gain) loss from impairment or disposal of assets — net" in the consolidated statements of operations. In the first quarter of 2017, the Company ceased the manufacturing at its Sellersburg Indiana plant and products manufactured were transferred to its plants in Tijuana and Monterrey, Mexico. The Company subsequently closed the Sellersburg plant and in June 2017, the Company sold the related building for a net sales price of $4.8 million and recognized a gain on the sale of the building of $1.1 million during the second quarter of 2017, which is included in "(Gain) loss from impairment or disposal of assets — net" in the consolidated statements of operations. The Company incurred total restructuring costs associated with the aforementioned plant closures of approximately $3.8 million . Of this amount, $0.8 million , $1.7 million and $1.3 million were recorded during the years ended December 31, 2017 , 2016 and 2015, respectively. These charges are presented separately in "Restructuring expense" in the consolidated statements of operations. Effective January 2, 2017, Maurice Jones, the Company's former Senior Vice President, General Counsel and Secretary, retired from the Company and pursuant to the terms of his employment agreement, the Company is required to provide severance and other related benefits over the subsequent 18 -month period. The Company incurred a total one-time cost of $2.2 million , including $1.1 million of additional stock-based compensation expense resulting from the accelerated vesting of certain stock options and restricted stock units, that was recorded during the first quarter of 2017 in "Restructuring expense" in the consolidated statements of operations. Mr. Jones will also receive the amount of vested benefits of $2.5 million plus interest at the rate of 9.0% from the Company’s Supplemental Executive Retirement Plan (“SERP”) that will be paid over five annual installments. Effective May 5, 2017, John Stewart, the Company's Senior Vice President and Chief Financial Officer, retired from the Company. Pursuant to the terms of his employment agreement, the Company is required to provide severance and other related benefits over the next 12 -month period. The Company incurred a total one-time cost of $2.5 million , including $1.5 million of additional stock-based compensation resulting from the accelerated vesting of certain stock options and restricted stock units. Of this amount, $1.5 million and $1.0 million were recognized during the first and second quarters of 2017, respectively, in "Restructuring expense" in the consolidated statements of operations. In August 2017, the Company completed the August 2017 RIF to optimize and enhance operational efficiency primarily in the Americas region. As a result, the Company incurred severance and related costs of $3.6 million , including $0.3 million of additional stock-based compensation expense resulting from the accelerated vesting of certain stock options, restricted stock units and performance share units. Of the total $3.6 million , $2.9 million was recognized during the third quarter of 2017 and the remaining $0.7 million was recognized in the fourth quarter of 2017 in "Restructuring expense" in the consolidated statements of operations. In December 2017, the Company completed the December 2017 RIF to optimize and enhance operational efficiency in the EMEA region. The Company incurred severance and related costs related to the December 2017 RIF of $1.7 million , which was recognized during the fourth quarter of 2017 in "Restructuring expense" in the consolidated statements of operations.

Employee Benefit Plans

Employee Benefit Plans12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit PlansEmployee Benefit Plans The Company maintains several different retirement plans for its operations in the Americas, EMEA and APAC. The current plans are based largely upon benefit plans that MTW maintained prior to the Spin-Off. The Company has established a Retirement Plan Committee to manage the operations and administration of all retirement plans and related trusts. Defined Benefit Plans Prior to December 31, 2015, MTW maintained two defined benefit pension plans for its eligible employees and retirees: (1) The Manitowoc Company, Inc. Pension Plan (the "MTW Pension Plan"); and (2) The Manitowoc Company, Inc. Supplemental Executive Retirement Plan (the "MTW SERP"). The MTW Pension Plan and the MTW SERP (together, the "MTW DB Plans") covered eligible employees of MTW, including MTW's crane business and foodservice business. The MTW Pension Plan is frozen to new participants and future benefit accruals. Effective January 1, 2016, a portion of each MTW DB Plan was spun off to create separate plans for MTW's foodservice business, for which "MFS" was substituted with "Welbilt" in the following plans due to the Name Change: (1) the Welbilt Pension Plan and (2) the Welbilt Supplemental Executive Retirement Plan (the "Welbilt SERP"). The Welbilt Pension Plan and the Welbilt SERP (together, the "Welbilt DB Plans") were initially sponsored by Manitowoc FSG U.S. Holding, LLC (name of the entity changed to Welbilt FSG U.S. Holdings, LLC effective April 19, 2017). The Company assumed sponsorship of the Welbilt DB Pension Plans on March 4, 2016. The Company no longer participates in the MTW DB Plans. The Welbilt DB Plans are substantially similar to the former MTW DB Plans. When comparing the current financial information to financial statements for prior years, it is important to distinguish between: (1) the defined benefit plans that also covered employees of MTW and other MTW subsidiaries (the "Shared Plans"); and (2) the defined benefit plans which are sponsored directly by the Company or its subsidiaries and offered only to the Company's employees or retirees (the "Direct Plans"). The Company accounted for the Shared Plans for the purpose of the consolidated financial statements as a multiemployer plan. Accordingly, the Company did not record an asset or liability to recognize the funded status of the Shared Plans. However, the costs associated with these Shared Plans of $0.9 million and $1.6 million for the years ended December 31, 2016 and 2015 , respectively, are reflected in the consolidated statements of operations. This expense reflects an approximation of the Company's portion of the costs of the Shared Plans, including costs attributable to MTW corporate employees, which have been allocated to the Company based on a methodology deemed reasonable by management. Because the Company no longer participated in the MTW DB Plans as of March 4, 2016, no such costs were recorded in the year ended December 31, 2017 . During the year ended December 31, 2016, Welbilt assumed certain pension obligations of $55.6 million and related plan assets of $34.1 million , and certain postretirement health obligations of $6.8 million , to newly-created single employer plans for the Company's employees and certain other Company-sponsored pension plans, as described above. This net transfer of approximately $28.3 million was treated as a non-cash transaction between the Company and MTW. The Company also assumed after-tax deferred gains of $6.1 million related to these plans, which were recorded in "Accumulated other comprehensive loss." Direct Plans The Direct Plans are accounted for as defined benefit plans. Accordingly, the funded and unfunded position of each Direct Plan is recorded in the consolidated balance sheets and the income and expenses are recorded in the consolidated statements of operations. Actuarial gains and losses that have not yet been recognized through income are recorded in "Accumulated other comprehensive loss" until they are amortized as a component of net periodic benefit cost. The determination of benefit obligations and the recognition of expenses related to the Direct Plans are dependent on various assumptions. The major assumptions primarily relate to discount rates, long-term expected rates of return on plan assets and future compensation increases. Management develops each assumption using relevant Company experience in conjunction with market-related data for each individual country in which such plans exist. The components of periodic benefit costs for the Direct Plans for the years ended December 31, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Health (in millions, except percentage data) 2017 2016 2015 2017 2016 2015 Service cost - benefits earned during the year $ — $ 0.2 $ 0.4 $ — $ — $ — Interest cost of projected benefit obligation 5.4 8.3 6.5 0.3 0.4 0.1 Expected return on assets (6.2 ) (6.2 ) (5.4 ) — — — Amortization of actuarial net loss (gain) 2.0 2.5 1.2 — — (0.1 ) Net periodic benefit cost $ 1.2 $ 4.8 $ 2.7 $ 0.3 $ 0.4 $ — Weighted average assumptions: Discount rate 3.1 % 3.9 % 3.5 % 3.5 % 3.9 % 3.7 % Expected return on plan assets 3.6 % 3.7 % 3.5 % N/A N/A N/A Rate of compensation increase — % 4.0 % 4.0 % 1.5 % 1.5 % 1.5 % Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. To develop the expected long-term rate of return on assets assumptions, the Company considered the historical returns and future expectations for returns in each asset class, as well as targeted asset allocation percentages within the pension portfolio. The following is a reconciliation of the changes in benefit obligation, the changes in plan assets and the funded status of the Direct Plans as of December 31, 2017 and 2016 : Pension Plans Postretirement (in millions, except percentage data) 2017 2016 2017 2016 Change in Benefit Obligation Benefit obligation, beginning of year $ 203.9 $ 177.2 $ 9.0 $ 3.2 Service cost — 0.2 — — Interest cost 5.4 8.3 0.3 0.4 Participant contributions — — 0.6 0.4 Plan combinations — 55.6 — 6.8 Actuarial loss 7.7 4.1 1.7 — Currency translation adjustment 13.8 (29.3 ) 0.1 — Benefits paid (14.0 ) (12.2 ) (1.6 ) (1.8 ) Benefit obligation, end of year $ 216.8 $ 203.9 $ 10.1 $ 9.0 Change in Plan Assets Fair value of plan assets, beginning of year $ 163.8 $ 147.9 $ — $ — Actual return on plan assets 9.2 14.1 — — Employer contributions 5.4 6.1 1.0 1.4 Participant contributions — — 0.6 0.4 Plan combinations — 34.1 — — Currency translation adjustment 12.3 (26.2 ) — — Benefits paid (14.0 ) (12.2 ) (1.6 ) (1.8 ) Fair value of plan assets, end of year $ 176.7 $ 163.8 $ — $ — Unfunded status (1) $ (40.1 ) $ (40.1 ) $ (10.1 ) $ (9.0 ) Weighted-Average Assumptions Discount rate 2.8 % 3.1 % 3.2 % 3.5 % Rate of compensation increase — % — % 1.5 % 1.5 % (1) As of December 31, 2017 and 2016, the short-term portion of the pension obligation totaled $0.7 million and $0.7 million , respectively and postretirement health and other benefit obligation totaled $1.2 million , and $1.0 million , respectively. These short-term obligations are included in "Accrued expenses and other liabilities." Amounts recognized in "Accumulated other comprehensive loss" as of December 31, 2017 and 2016 , consist of the following: Pension Plans Postretirement (in millions) 2017 2016 2017 2016 Net actuarial loss $ (44.3 ) $ (40.5 ) $ (2.2 ) $ (0.5 ) Total amount recognized $ (44.3 ) $ (40.5 ) $ (2.2 ) $ (0.5 ) The estimated portion of actuarial losses remaining in "Accumulated other comprehensive loss" that are expected to be amortized as a component of net periodic benefit cost in 2018 are $2.2 million and $0.2 million for the pension plan and postretirement health and other plans, respectively. For measurement purposes, a 6.3% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2017 . The rate was assumed to decrease gradually to 4.5% for 2037 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The following table summarizes the sensitivity of our December 31, 2017 retirement obligations and 2017 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): Change in assumption: Estimated increase Estimated increase Estimated increase Estimated increase 0.5% increase in discount rate $ (0.5 ) $ (14.6 ) $ — $ (0.3 ) 0.5% decrease in discount rate 0.5 16.0 — 0.3 0.5% increase in long-term return on assets (0.9 ) N/A N/A N/A 0.5% decrease in long-term return on assets 0.9 N/A N/A N/A 1% increase in medical trend rates N/A N/A 0.1 0.6 1% decrease in medical trend rates N/A N/A (0.1 ) (0.5 ) It is reasonably possible that the estimate for future retirement and health costs may change in the near future due to changes in the health care environment or changes in interest rates that may arise. Presently, there is no reliable means to estimate the amount of any such potential changes. The weighted-average asset allocations of the pension plans at December 31, 2017 and 2016 , by asset category are as follows: 2017 2016 Equity securities 17.6 % 20.8 % Debt securities 34.6 % 34.5 % Other 47.8 % 44.7 % 100.0 % 100.0 % Investment Strategy The overall objective of the Company's pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for the Company's long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. The Company reviews its long-term, strategic asset allocations annually. The Company uses various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. The Company identifies investment benchmarks for the asset classes in the strategic asset allocation that are market-based and investable where possible. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced on a monthly basis. The actual allocations for the pension assets at December 31, 2017 , and target allocations by asset class, are as follows: Target Allocations Weighted Average Asset Allocations Equity securities 20.4 % 17.6 % Debt securities 36.2 % 34.6 % Other 43.4 % 47.8 % Risk Management In managing the plan assets, the Company reviews and manages risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to the Company's risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly. Fair Value Measurements The following table presents the Company's plan assets using the fair value hierarchy as of December 31, 2017 and 2016 . 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, 2017 Assets (in millions) Quoted Prices in Significant Other Unobservable Total Cash and cash equivalents $ 2.4 $ — $ — $ 2.4 Insurance group annuity contracts — 74.6 74.6 Common/collective trust funds — Government, corporate and other non-government debt — 63.2 — 63.2 Common/collective trust funds — Corporate equity — 30.4 — 30.4 Common/collective trust funds — Customized strategy — 6.1 — 6.1 Total $ 2.4 $ 99.7 $ 74.6 $ 176.7 December 31, 2016 Assets (in millions) Quoted Prices in Significant Other Unobservable Total Cash and cash equivalents $ 1.0 $ — $ — $ 1.0 Insurance group annuity contracts — — 72.2 72.2 Common/collective trust funds — Government, corporate and other non-government debt — 51.6 — 51.6 Common/collective trust funds — Corporate equity — 34.1 — 34.1 Common/collective trust funds — Customized strategy — 4.9 — 4.9 Total $ 1.0 $ 90.6 $ 72.2 $ 163.8 Cash equivalents and other short-term investments, which are used to pay benefits, are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash equivalent and short-term investments are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments. Insurance group annuity contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. Common/collective funds are typically common or collective trusts valued at their net asset values that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. 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 (in millions) 2017 2016 Beginning Balance $ 72.2 $ 89.9 Actual return on assets — 2.5 Benefit payments (4.6 ) (4.8 ) Foreign currency impact 7.0 (15.4 ) Ending Balance $ 74.6 $ 72.2 The expected 2018 contributions for pension plans are as follows: the minimum contribution for 2018 is $8.4 million with no planned discretionary or non-cash contributions. Expected company paid claims for the postretirement health and life insurance plans are $1.3 million for 2018 . Projected benefit payments from the plans as of December 31, 2017 are estimated as follows: (in millions) Pension Plans Postretirement 2018 $ 10.9 $ 1.3 2019 11.0 1.3 2020 11.2 1.2 2021 11.2 1.2 2022 11.2 1.2 2023-2027 54.7 3.4 The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2017 and 2016 is as follows: Pension Plans (in millions) 2017 2016 Projected benefit obligation $ 216.8 $ 203.9 Accumulated benefit obligation 216.8 203.9 Fair value of plan assets 176.7 163.8 The measurement date for all plans is December 31, 2017 . The Company, through its Lincoln Foodservice operation, participated in a multiemployer defined benefit pension plan under a collective bargaining agreement that covered certain of its union-represented employees. In 2013, with the finalization of the reorganization and plant restructuring that affected the Lincoln Foodservice operation, the Company was deemed to have effectively withdrawn its participation in the multiemployer defined benefit pension plan. This withdrawal obligation is part of the restructuring accrual in the consolidated balance sheets as described in Note 19, "Restructuring." The withdrawal obligation totaled $17.5 million , of which $12.2 million and $13.1 million were outstanding as of December 31, 2017 and 2016 , respectively, and is payable in quarterly installments of $0.5 million through April 2026, which includes both principal and accrued interest. As the Company was deemed to have effectively withdrawn its participation in this plan in 2013, no further contributions were made to the plan. Defined Contribution Plans Prior to December 31, 2015, MTW maintained three defined contribution retirement plans for its eligible employees and retirees: (1) The Manitowoc Company, Inc. 401(k) Retirement Plan (the "MTW 401(k) Retirement Plan"); (2) The Manitowoc Company, Inc. Retirement Savings Plan (the "MTW Retirement Savings Plan"); and (3) The Manitowoc Company, Inc. Deferred Compensation Plan (the "MTW Deferred Compensation Plan"). The MTW 401(k) Retirement Plan, the MTW Retirement Savings Plan and the MTW Deferred Compensation Plan (together, the "MTW DC Plans") covered eligible employees of MTW, including MTW's crane business and foodservice business. Effective January 1, 2016, a portion of each MTW DC Plan was spun off to create separate plans for MTW's Foodservice business: for which "MFS" was substituted with "Welbilt" in the following plans due to the Name Change (1) the Manitowoc Foodservice 401(k) Retirement Plan (the "Welbilt 401(k) Retirement Plan"); (2) the Welbilt Retirement Savings Plan, and (3) the Welbilt Foodservice Deferred Compensation Plan (the "Welbilt Deferred Compensation Plan"). The Welbilt 401(k) Retirement Plan, the Welbilt Retirement Savings Plan and the Welbilt Deferred Compensation Plan (together, the "Welbilt DC Plans") were initially sponsored by Manitowoc FSG U.S. Holding, LLC. Welbilt assumed sponsorship of the Welbilt DC Pension Plans on March 4, 2016. Welbilt no longer participates in the MTW DC Plans. The Welbilt DC Plans are substantially similar to the former MTW DC Plans. Welbilt 401(k) Retirement Plan The Welbilt 401(k) Retirement Plan is a tax-qualified retirement plan that is available to substantially all non-union U.S. employees of Welbilt, its subsidiaries and related entities. Welbilt Retirement Savings Plan The Welbilt Retirement Savings Plan is a tax-qualified retirement plan that is available to certain collectively bargained U.S. employees of Welbilt, its subsidiaries and related entities. For both plans mentioned above, the Company's portion of total costs incurred under these plans were $2.8 million $2.0 million , and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Welbilt Deferred Compensation Plan The Welbilt Deferred Compensation Plan is an unfunded, non-tax-qualified supplemental deferred compensation plan for highly compensated and key management employees and for directors that allows participants to defer a portion of their compensation. The Company utilizes a rabbi trust to hold assets intended to satisfy the Company's obligations under the deferred compensation plan. The trust restricts the Company's use and access to the assets held but is subject to the claims of the Company's general creditors. As of December 31, 2017 , the fair value of the investments held in trust was $5.1 million , Company stock held in trust was $0.2 million , at cost, and the related liability was $5.3 million . As of December 31, 2016 , the fair value of the investments held in trust was $5.5 million and the related liability was $5.5 million .

Leases

Leases12 Months Ended
Dec. 31, 2017
Leases [Abstract]
LeasesLeases The Company leases various property, plant and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses. Terms of the leases vary, but generally require the Company to pay property taxes, insurance premiums and maintenance costs associated with the leased property. Rental expense attributable to operating leases was $17.1 million , $12.8 million and $11.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Future minimum rental obligations under non-cancelable operating leases as of December 31, 2017 are payable as follows: (in millions) Year ending December 31: 2018 $ 13.3 2019 11.2 2020 7.6 2021 5.1 2022 3.4 Thereafter 2.9 $ 43.5

Business Segments

Business Segments12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]
Business SegmentsBusiness Segments The Company identifies its segments using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of the Company's reportable segments. Management organizes the business based on geography, and has designated the regions Americas, EMEA, and APAC as reportable segments. The accounting policies of the Company's reportable segments are the same as those described in the summary of accounting policies in Note 2, "Summary of Significant Accounting Policies and Basis of Presentation," except that certain corporate-level expenses are not allocated to the segments. These unallocated expenses include corporate overhead, stock-based compensation expense, amortization expense of intangible assets with definite lives, separation expense, restructuring expense and other non-operating expenses. For the period prior to the Spin-Off, certain additional MTW corporate overhead expenses that were allocated to the Company were also not allocated to the segments. The Company evaluates segment performance based upon earnings before interest, taxes, other expense (income) - net, depreciation and amortization expense and is adjusted for certain other non-cash or non-recurring items, including gain or loss from impairment or disposal of assets, restructuring, separation charges and loss on early extinguishment of debt ("Adjusted Operating EBITDA"). Adjusted Operating EBITDA is a non-GAAP measure, and the Company's presentation of Adjusted Operating EBITDA may not be comparable to similar measures used by other companies. Beginning in January 2017, the Company updated its performance measure and definition of Adjusted Operating EBITDA (previously titled "Operating EBITA") to additionally exclude at the segment level depreciation expense, gain or loss from impairment or disposal of assets, restructuring, separation charges and loss on early extinguishment of debt. All prior segment information has been recast to reflect these changes for consistency of presentation. Financial information relating to the Company's reportable segments as of and for the years ended December 31, 2017 , 2016 and 2015 respectively is as follows: Years Ended December 31, 2017 2016 2015 (in millions, except percentage data) (As Restated) Net sales: Americas $ 1,166.8 $ 1,186.1 $ 1,323.7 EMEA 296.5 287.6 281.6 APAC 190.2 190.9 191.1 Elimination of intersegment sales (208.1 ) (208.5 ) (226.3 ) Total net sales $ 1,445.4 $ 1,456.1 $ 1,570.1 Segment Adjusted Operating EBITDA: Americas $ 240.7 $ 233.6 $ 215.6 EMEA 55.2 44.3 27.0 APAC 22.7 24.7 25.3 Total Segment Adjusted Operating EBITDA 318.6 302.6 267.9 Corporate and unallocated (43.2 ) (42.6 ) (38.2 ) Amortization expense (31.2 ) (31.2 ) (31.4 ) Depreciation expense (16.7 ) (17.3 ) (19.6 ) Separation expense (1.6 ) (6.5 ) (4.3 ) Restructuring expense (10.8 ) (2.5 ) (4.6 ) Gain (loss) from impairment or disposal of assets — net 4.0 (3.3 ) (9.9 ) Earnings from operations 219.1 199.2 159.9 Interest expense (86.9 ) (85.2 ) (1.4 ) Interest (expense) income on notes with MTW — net — (0.1 ) 15.8 Loss on early extinguishment of debt (1.7 ) (2.7 ) — Other (expense) income — net (9.1 ) (9.0 ) 22.1 Earnings before income taxes $ 121.4 $ 102.2 $ 196.4 Adjusted Operating EBITDA % by segment (1) : Americas 20.6 % 19.7 % 16.3 % EMEA 18.6 % 15.4 % 9.6 % APAC 11.9 % 12.9 % 13.2 % (1) Adjusted Operating EBITDA % in the section above is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales for each respective segment. Capital expenditures: Americas $ 17.2 $ 12.4 $ 8.4 EMEA 2.0 0.9 1.5 APAC 1.0 1.8 1.4 Corporate 0.5 0.9 1.9 Total capital expenditures $ 20.7 $ 16.0 $ 13.2 Depreciation: Americas $ 11.5 $ 12.1 $ 14.3 EMEA 2.4 2.5 2.6 APAC 1.9 2.0 2.1 Corporate 0.9 0.7 0.6 Total depreciation $ 16.7 $ 17.3 $ 19.6 As of December 31, 2017 and December 31, 2016 , total assets by reportable segment are as follows: (in millions) 2017 2016 Total assets by segment: Americas $ 1,445.6 $ 1,463.7 EMEA 112.1 102.6 APAC 128.7 110.8 Corporate 154.0 92.0 Total assets $ 1,840.4 $ 1,769.1 Net sales by product class are categorized into commercial foodservice whole goods and aftermarket parts and service. Net sales by product class for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 (in millions) (As Restated) Commercial foodservice whole goods $ 1,173.3 $ 1,191.0 $ 1,277.2 Aftermarket parts and support 272.1 265.1 292.9 Total net sales $ 1,445.4 $ 1,456.1 $ 1,570.1 Net sales information by geographic area for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 (in millions) (As Restated) Net sales by geographic area (1) : United States $ 945.6 $ 945.2 $ 1,066.7 Other Americas 95.0 104.3 106.6 EMEA 239.2 242.0 237.2 APAC 165.6 164.6 159.6 Total net sales by geographic area $ 1,445.4 $ 1,456.1 $ 1,570.1 (1) Net sales in the section above are attributed to geographic regions based on location of customer. The Company sells primarily through distributors and dealers ("direct customers"), who ultimately sell to end customers. No single direct customer represented 10.0% or greater of the Company's net sales for the years ended December 31, 2017 , 2016 or 2015 . As of December 31, 2017 and December 31, 2016 , "Property, plant and equipment - net" information by geographic area is as follows: (in millions) 2017 2016 Property, plant and equipment - net by geographic area: United States $ 68.1 $ 68.1 Other Americas 19.5 17.1 EMEA 11.6 10.8 APAC 13.0 13.1 Total property, plant, equipment - net by geographic area $ 112.2 $ 109.1

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)Quarterly Financial Data (Unaudited) The following table presents financial data for each quarter in 2017 and 2016 : 2017 (in millions, except per share data) First Second Third Fourth Net sales $ 328.0 $ 371.1 $ 380.4 $ 365.9 Gross profit 123.0 137.2 143.9 132.8 Net earnings 6.9 28.4 30.7 66.9 Per share data Earnings per share — Basic $ 0.05 $ 0.20 $ 0.22 $ 0.48 Earnings per share — Diluted $ 0.05 $ 0.20 $ 0.22 $ 0.47 2016 (in millions, except per share data) First Second Third Fourth Net sales $ 325.5 $ 368.4 $ 384.0 $ 378.2 Gross profit 117.6 134.7 142.0 139.5 Net earnings 14.6 14.2 23.1 19.6 Per share data (1) Earnings per share — Basic $ 0.11 $ 0.10 $ 0.17 $ 0.14 Earnings per share — Diluted $ 0.11 $ 0.10 $ 0.17 $ 0.14 (1) On March 4, 2016, MTW distributed 137.0 million shares of the Company's common stock to MTW shareholders in connection with the Spin-Off. See Note 25, "Earnings Per Share," for more information. Basic and diluted earnings per share and the average number of common shares outstanding were retrospectively restated for the number of the Company's shares outstanding immediately following this transaction. The effect of the restatement and revision discussed within Note 1, "Business and Organization" on the 2017 and 2016 unaudited quarterly financial data is as follows: Three Months Ended March 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 5.0 $ 1.9 $ 6.9 Per share data Earnings per share — Basic $ 0.04 $ 0.01 $ 0.05 Earnings per share — Diluted $ 0.04 $ 0.01 $ 0.05 Three Months Ended June 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 30.1 $ (1.7 ) $ 28.4 Per share data Earnings per share — Basic $ 0.22 $ (0.02 ) $ 0.20 Earnings per share — Diluted $ 0.21 $ (0.01 ) $ 0.20 Three Months Ended September 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 33.1 $ (2.4 ) $ 30.7 Per share data Earnings per share — Basic $ 0.24 $ (0.02 ) $ 0.22 Earnings per share — Diluted $ 0.24 $ (0.02 ) $ 0.22 Three Months Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 65.8 $ 1.1 $ 66.9 Per share data Earnings per share — Basic $ 0.47 $ 0.01 $ 0.48 Earnings per share — Diluted $ 0.47 $ — $ 0.47 Three Months Ended March 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 18.1 $ (3.5 ) $ 14.6 Per share data Earnings per share — Basic $ 0.13 $ (0.02 ) $ 0.11 Earnings per share — Diluted $ 0.13 $ (0.02 ) $ 0.11 Three Months Ended June 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 15.1 $ (0.9 ) $ 14.2 Per share data Earnings per share — Basic $ 0.11 $ (0.01 ) $ 0.10 Earnings per share — Diluted $ 0.11 $ (0.01 ) $ 0.10 Three Months Ended September 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 24.9 $ (1.8 ) $ 23.1 Per share data Earnings per share — Basic $ 0.18 $ (0.01 ) $ 0.17 Earnings per share — Diluted $ 0.18 $ (0.01 ) $ 0.17 Three Months Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net sales $ 378.7 $ (0.5 ) $ 378.2 Gross profit 138.5 1.0 139.5 Net earnings 21.4 (1.8 ) 19.6 Per share data Earnings per share — Basic $ 0.15 $ (0.01 ) $ 0.14 Earnings per share — Diluted $ 0.15 $ (0.01 ) $ 0.14

Net Parent Company Investment a

Net Parent Company Investment and Related Party Transactions12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]
Net Parent Company Investment and Related Party TransactionsNet Parent Company Investment and Related Party Transactions Related Party Transactions and Cash Management Prior to the Spin-Off The Company does not enter into transactions with related parties to purchase and/or sell goods or services in the ordinary course of business. Transactions between the Company and MTW are reflected in the consolidated statements of cash flows as a financing activity in "Net transactions with MTW." Prior to the Spin-Off, the Company participated in MTW's centralized cash management program in which cash was swept each day and held in a centralized account at the corporate level. Net Parent Company Investment and Corporate Cost Allocations Prior to the Spin-Off Prior to the Spin-Off, MTW performed certain general and corporate functions on the Company's behalf. The combined financial statements for the periods prior to the Spin-Off include expense allocations for (1) corporate support functions that were provided on a centralized basis at a MTW enterprise level including, but not limited to, finance, audit, legal, information technology, human resources, tax, treasury, investor relations, and external reporting; (2) stock-based compensation; (3) employee compensation, pension and benefit costs; and (4) securitization financing costs. These expenses were allocated to Welbilt based on direct usage or direct identification where applicable, and where not applicable, such costs were allocated primarily based on net sales, headcount or based on existing allocation methods, specifically for those costs which were previously partially allocated to Welbilt or other methodologies deemed appropriate by management. These allocated costs are included within "Selling, general and administrative", "interest expense", and "Net parent company investment" in the consolidated financial statements. Management believes the assumptions associated with allocating these costs are reasonable. Nevertheless, the combined financial statements may not include all of the actual expense that would have been incurred and may not represent the Company's' results of operations, financial position or cash flows had it been a stand-alone company during the periods prior to the Spin-Off. Actual costs that would have been incurred if the Company had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. General corporate expenses allocated to the Company during the years ended, December 31, 2016 and 2015 were $5.2 million and $24.6 million , respectively. The total effect of the settlement of these intercompany transactions is reflected as a financing activity in the consolidated statements of cash flows. However, the interest income and expense related to the notes with MTW is presented on a net basis in the consolidated statements of operations. Interest income on the notes with MTW for the years ended December 31, 2016, and 2015 is net of interest expense on the notes with MTW of $0.1 million , $0.6 million , respectively. Guarantees Prior to the Spin-Off Certain of MTW's subsidiaries, which includes selected entities that are part of the Company, entered into guarantee agreements with MTW's lenders whereby these subsidiaries guaranteed the obligations under, and/or pledged their assets as collateral, with respect to such MTW debt. However, none of these Company subsidiaries were named as obligors in the debt agreements held in the name of MTW. For that reason, MTW did not historically allocate debt balances and/or charge out third-party debt-related expenses to the Company. Post Spin-Off Activity In connection with the Spin-Off, the Company entered into a series of agreements with MTW, which are intended to govern the relationship between the Company and MTW and to facilitate an orderly separation of the Company from MTW. These agreements include a Master Separation and Distribution Agreement ("Separation Agreement"), Transition Services Agreement ("TSA"), Employee Matters Agreement, Intellectual Property Matters Agreement and Tax Matters Agreement. In accordance with the Separation Agreement, at the time of the Spin-Off, MTW contributed its net investment in the Company and certain assets and liabilities in exchange for a $1,362.0 million cash distribution that was funded through the long-term debt incurred by the Company. In addition, separation related adjustments are included in "Additional paid-in capital (deficit)" in the consolidated balance sheet as of December 31, 2016 consisting of net liabilities assumed by the Company related to the pension plans of $21.5 million , post-retirement medical obligations of $6.8 million and income taxes payable of $0.6 million . The Separation Agreement included provisions on the allocation of assets and liabilities between legal entities that were being split into a separate MTW and Welbilt legal entity as part of the Spin-Off. The Separation Agreement also included provisions on the split of joint administrative costs that were incurred post Spin-Off. Under the TSA, the Company and MTW provided each other certain specified services on a transitional basis, including, among others, payroll and other human resource services, information systems, insurance, legal, finance and other corporate services, as well as procurement and sourcing support. The charges for the transition services were generally intended to allow the providing company to fully recover the allocated direct costs of providing the services, plus all out-of-pocket costs and expenses, generally without profit except where required by local law. The Company had completed its use of these transition services by the end of the second quarter of 2017 and the TSA is no longer in effect.

Earnings Per Share

Earnings Per Share12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share The Company computes basic earnings per share based on the weighted average number of common shares that were outstanding during the period. Diluted earnings per share includes the dilutive effect of common stock equivalents consisting of stock options, restricted stock awards, restricted stock units and performance share units, using the treasury stock method. Performance share units are considered dilutive when the related performance criterion has been met. On March 4, 2016, MTW distributed 137.0 million shares of the Company's common stock to MTW shareholders, thereby completing the Spin-Off. Basic and diluted earnings per share and the average number of common shares outstanding for periods prior to the Spin-Off were retrospectively restated for the number of the Company's shares outstanding immediately following this transaction. The same number of shares were used to calculate basic and diluted earnings per share, for each year presented, since no equity awards were outstanding prior to the Spin-Off. The following is a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share for the periods presented: Year Ended December 31, 2017 2016 2015 (in millions, except share and per share data) (As Restated) Net earnings $ 132.9 $ 71.5 $ 156.1 Basic weighted average common shares outstanding 138,995,541 137,906,284 137,016,712 Effect of dilutive securities: Stock options 840,820 945,140 — Unvested restricted stock 610,148 626,144 — Unvested performance share units 260,583 236,552 — Effect of dilutive securities 1,711,551 1,807,836 — Diluted weighted average common shares outstanding 140,707,092 139,714,120 137,016,712 Basic earnings per share $ 0.96 $ 0.52 $ 1.14 Diluted earnings per share $ 0.94 $ 0.51 $ 1.14 Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive for the years ended December 31, 2017 and 2016 , totaled 0.8 million and 3.6 million , respectively. On March 3, 2016, prior to the completion of the Spin-Off, the Company paid a one-time cash dividend to MTW of $1,362.0 million . The Company did not declare or pay any other dividends to its stockholders during the years ended December 31, 2017 , 2016 and 2015 .

Subsidiary Guarantors of Senior

Subsidiary Guarantors of Senior Notes due 202412 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Subsidiary Guarantors of Senior Notes due 2024Subsidiary Guarantors of Senior Notes due 2024 The following tables present consolidating financial information for (a) Welbilt; (b) the guarantors of the Senior Notes, which include substantially all of the domestic, 100% owned subsidiaries of Welbilt ("Subsidiary Guarantors"); and (c) the wholly owned foreign subsidiaries of Welbilt, which do not guarantee the Senior Notes ("Non-Guarantor Subsidiaries"). The information includes elimination entries necessary to consolidate the Subsidiary Guarantors and the Non-Guarantor Subsidiaries. Investments in subsidiaries are accounted for using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries, equity and intercompany balances and transactions. Separate financial statements of the Subsidiary Guarantors are not presented because the guarantors are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions. The Company identified errors as described in Note 1, “Business and Organization,” and has restated the consolidated financial statements for the year ended December 31, 2016 and revised the Company's consolidated financial statements for the years ended December 31, 2017 and 2015 each within this footnote to correct the identified errors. Additionally, it was determined that there were classification errors within the operating and investing sections of the statement of cash flows for Subsidiary Guarantors and Non-Guarantor Subsidiaries. Specifically, operating cash flows for Subsidiary Guarantors decreased offset by an increase in investing cash flows while operating cash flows for Non-Guarantor Subsidiaries increased offset by a decrease in investing cash flows. The misclassification was $27.5 million for the year ended December 31, 2016. This error is eliminated in consolidation and therefore has no impact on the Company’s consolidated financial condition, results of operations or cash flows. The Company has restated the consolidating statements of cash flows for the Subsidiary Guarantors and Non-Guarantor Subsidiaries for the year ended December 31, 2016 to correct for this and one additional immaterial classification error. Consolidating Statement of Operations For the year ended December 31, 2016 (As Restated) (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Net sales $ — $ 1,069.5 $ 782.2 $ (395.6 ) $ 1,456.1 Cost of sales 3.4 774.4 540.1 (395.6 ) 922.3 Gross profit (3.4 ) 295.1 242.1 — 533.8 Selling, general and administrative expenses 35.5 153.9 101.7 — 291.1 Amortization expense — 28.4 2.8 — 31.2 Separation expense 6.3 — 0.2 — 6.5 Restructuring expense — 1.6 0.9 — 2.5 Loss from impairment or disposal of assets — net — 2.9 0.4 — 3.3 (Loss) earnings from operations (45.2 ) 108.3 136.1 — 199.2 Interest expense 82.2 1.2 1.8 — 85.2 Interest expense on notes with MTW — net — — 0.1 — 0.1 Loss on early extinguishment of debt 2.7 — — — 2.7 Other (income) expense — net (5.7 ) 16.0 (1.3 ) — 9.0 Equity in earnings (loss) of subsidiaries 194.1 115.4 — (309.5 ) — Earnings (loss) before income taxes 69.7 206.5 135.5 (309.5 ) 102.2 Income taxes (1.8 ) 12.4 20.1 — 30.7 Net earnings (loss) $ 71.5 $ 194.1 $ 115.4 $ (309.5 ) $ 71.5 Total other comprehensive income (loss), net of tax 1.1 3.0 7.3 (10.3 ) 1.1 Comprehensive income (loss) $ 72.6 $ 197.1 $ 122.7 $ (319.8 ) $ 72.6 WELBILT, INC. Consolidating Statement of Operations For the year ended December 31, 2015 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Net sales $ — $ 1,109.8 $ 809.9 $ (349.6 ) $ 1,570.1 Cost of sales 0.1 803.6 614.3 (349.6 ) 1,068.4 Gross profit (0.1 ) 306.2 195.6 — 501.7 Selling, general and administrative expenses 32.2 144.6 114.8 — 291.6 Amortization expense — 28.5 2.9 — 31.4 Separation expense (income) 4.4 0.1 (0.2 ) — 4.3 Restructuring expense — 1.9 2.7 — 4.6 Loss from impairment or disposal of assets — net — 8.4 1.5 9.9 (Loss) earnings from operations (36.7 ) 122.7 73.9 — 159.9 Interest expense — 1.2 0.2 — 1.4 Interest income on notes with MTW — net — (14.9 ) (0.9 ) — (15.8 ) Other (income) expense — net (78.6 ) 77.8 (21.3 ) — (22.1 ) Equity in earnings (loss) of subsidiaries 122.2 77.9 — (200.1 ) — Earnings (loss) before income taxes 164.1 136.5 95.9 (200.1 ) 196.4 Income taxes 8.0 14.3 18.0 — 40.3 Net earnings (loss) $ 156.1 $ 122.2 $ 77.9 $ (200.1 ) $ 156.1 Total other comprehensive (loss) income, net of tax (23.8 ) (27.7 ) (26.9 ) 54.6 (23.8 ) Comprehensive income (loss) $ 132.3 $ 94.5 $ 51.0 $ (145.5 ) $ 132.3 Consolidating Balance Sheet As of December 31, 2017 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ 8.8 $ — $ 120.4 $ (0.8 ) $ 128.4 Restricted cash — — 0.3 — 0.3 Accounts receivable — net — — 84.7 (1.0 ) 83.7 Inventories — net — 69.8 82.5 — 152.3 Prepaids and other current assets 5.3 5.9 7.8 — 19.0 Total current assets 14.1 75.7 295.7 (1.8 ) 383.7 Property, plant and equipment — net 0.5 68.7 43.0 — 112.2 Goodwill — 832.4 13.7 — 846.1 Other intangible assets — net — 396.3 65.1 — 461.4 Intercompany long-term note receivable — 20.0 — (20.0 ) — Due from affiliates — 3,252.8 — (3,252.8 ) — Investment in subsidiaries 4,009.4 — — (4,009.4 ) — Other non-current assets 10.8 5.2 28.7 (7.7 ) 37.0 Total assets $ 4,034.8 $ 4,651.1 $ 446.2 $ (7,291.7 ) $ 1,840.4 Liabilities and equity Current liabilities: Accounts payable $ 0.2 $ 58.2 $ 47.0 $ (1.8 ) $ 103.6 Accrued expenses and other liabilities 20.7 95.9 52.9 — 169.5 Current portion of capital leases — 0.5 0.2 — 0.7 Product warranties — 16.2 7.9 — 24.1 Total current liabilities 20.9 170.8 108.0 (1.8 ) 297.9 Long-term debt and capital leases 1,230.2 1.2 0.8 — 1,232.2 Deferred income taxes 73.7 — 17.6 — 91.3 Pension and postretirement health obligations 51.3 4.7 — (7.7 ) 48.3 Intercompany long-term note payable 15.7 — 4.3 (20.0 ) — Due to affiliates 2,501.4 — 751.4 (3,252.8 ) — Investment in subsidiaries — 440.2 — (440.2 ) — Other long-term liabilities 38.0 24.8 4.3 — 67.1 Total non-current liabilities 3,910.3 470.9 778.4 (3,720.7 ) 1,438.9 Total equity (deficit): Total equity (deficit) 103.6 4,009.4 (440.2 ) (3,569.2 ) 103.6 Total liabilities and equity $ 4,034.8 $ 4,651.1 $ 446.2 $ (7,291.7 ) $ 1,840.4 WELBILT, INC. Consolidating Balance Sheet As of December 31, 2016 (As Restated) (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ 0.4 $ 2.3 $ 51.1 $ — $ 53.8 Restricted cash — — 6.4 — 6.4 Accounts receivable — net 0.5 — 86.1 (4.9 ) 81.7 Inventories — net — 74.3 71.3 — 145.6 Prepaids and other current assets 0.9 4.5 8.5 — 13.9 Current assets held for sale — 2.3 4.5 — 6.8 Total current assets 1.8 83.4 227.9 (4.9 ) 308.2 Property, plant and equipment — net 1.2 67.9 40.0 — 109.1 Goodwill — 832.4 12.9 — 845.3 Other intangible assets — net — 423.5 60.9 — 484.4 Intercompany long-term note receivable — 20.0 — (20.0 ) — Due from affiliates — 3,089.4 — (3,089.4 ) — Investment in subsidiaries 3,776.8 — — (3,776.8 ) — Other non-current assets 2.7 5.1 19.7 (5.4 ) 22.1 Total assets $ 3,782.5 $ 4,521.7 $ 361.4 $ (6,896.5 ) $ 1,769.1 Liabilities and equity Current liabilities: Accounts payable $ 0.1 $ 64.6 $ 48.6 $ (4.9 ) $ 108.4 Accrued expenses and other liabilities 13.7 102.9 61.0 — 177.6 Current portion of capital leases — 0.5 1.1 — 1.6 Product warranties — 18.4 9.5 — 27.9 Current liabilities held for sale — — 0.7 — 0.7 Total current liabilities 13.8 186.4 120.9 (4.9 ) 316.2 Long-term debt and capital leases 1,279.6 1.7 — — 1,281.3 Deferred income taxes 127.7 — 17.3 — 145.0 Pension and postretirement health obligations 47.9 4.9 — (5.4 ) 47.4 Intercompany long-term note payable 15.7 — 4.3 (20.0 ) — Due to affiliates 2,344.8 — 744.6 (3,089.4 ) — Investment in subsidiaries — 526.3 — (526.3 ) — Other long-term liabilities 9.4 25.6 0.6 — 35.6 Total non-current liabilities 3,825.1 558.5 766.8 (3,641.1 ) 1,509.3 Total (deficit) equity: Total (deficit) equity (56.4 ) 3,776.8 (526.3 ) (3,250.5 ) (56.4 ) Total liabilities and equity $ 3,782.5 $ 4,521.7 $ 361.4 $ (6,896.5 ) $ 1,769.1 Consolidating Statement of Cash Flows For the year ended December 31, 2017 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash (used in) provided by operating activities $ (96.7 ) $ 169.3 $ 66.0 $ (0.8 ) $ 137.8 Cash flows from investing activities Capital expenditures (0.5 ) (12.5 ) (7.7 ) — (20.7 ) Proceeds from sale of property, plant and equipment — 6.0 6.3 — 12.3 Changes in restricted cash — — 6.2 — 6.2 Acquisition of intangible assets — (1.2 ) — — (1.2 ) Intercompany investment — (163.4 ) 6.8 156.6 — Net cash (used in) provided by investing activities (0.5 ) (171.1 ) 11.6 156.6 (3.4 ) Cash flows from financing activities Proceeds from long-term debt and capital leases 155.0 — — — 155.0 Repayments on long-term debt and capital leases (203.4 ) (0.5 ) (0.2 ) — (204.1 ) Proceeds from short-term borrowings — — 4.0 — 4.0 Repayment of short-term borrowings — — (4.0 ) — (4.0 ) Debt issuance costs (2.0 ) — — — (2.0 ) Exercises of stock options 4.8 — — — 4.8 Payments on tax withholdings for equity awards (5.4 ) — — — (5.4 ) Intercompany financing 156.6 — (156.6 ) — Net cash provided by (used in) financing activities 105.6 (0.5 ) (0.2 ) (156.6 ) (51.7 ) Effect of exchange rate changes on cash — — (8.1 ) — (8.1 ) Net increase in cash and cash equivalents 8.4 (2.3 ) 69.3 (0.8 ) 74.6 Balance at beginning of period 0.4 2.3 51.1 — 53.8 Balance at end of period $ 8.8 $ — $ 120.4 $ (0.8 ) $ 128.4 WELBILT, INC. Consolidating (Condensed) Statement of Cash Flows For the year ended December 31, 2016 (As Restated) (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash (used in) provided by operating activities $ (100.4 ) $ 84.0 $ 140.7 $ — $ 124.3 Cash flows from investing activities Capital expenditures (1.0 ) (8.0 ) (7.0 ) — (16.0 ) Changes in restricted cash — — (6.0 ) — (6.0 ) Proceeds from sale of property, plant and equipment — — 0.5 0.5 Proceeds from dispositions — — 1.1 — 1.1 Intercompany investment — (76.9 ) (106.9 ) 183.8 — Net cash (used in) provided by investing activities (1.0 ) (84.9 ) (118.3 ) 183.8 (20.4 ) Cash flows from financing activities Proceeds from long-term debt and capital leases 1,499.5 0.2 1.4 — 1,501.1 Repayments on long-term debt and capital leases (186.0 ) (0.5 ) (0.3 ) — (186.8 ) Debt issuance costs (41.3 ) — — — (41.3 ) Dividends Paid to MTW (1,362.0 ) — — — (1,362.0 ) Net Transactions with MTW (4.6 ) — — — (4.6 ) Exercises of Stock Options 16.2 — — — 16.2 Payments on tax withholdings for equity awards (3.8 ) — — — (3.8 ) Intercompany financing 183.8 — — (183.8 ) — Net cash provided by (used in) financing activities 101.8 (0.3 ) 1.1 (183.8 ) (81.2 ) Effect of exchange rate changes on cash — — (0.9 ) — (0.9 ) Net increase in cash and cash equivalents 0.4 (1.2 ) 22.6 — 21.8 Balance at beginning of period — 3.5 28.5 — 32.0 Balance at end of period $ 0.4 $ 2.3 $ 51.1 $ — $ 53.8 WELBILT, INC. Consolidating (Condensed) Statement of Cash Flows For the year ended December 31, 2015 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ 376.9 $ (137.6 ) $ (96.3 ) $ — $ 143.0 Cash flows from investing activities Capital expenditures (0.8 ) (6.5 ) (5.9 ) — (13.2 ) Changes in restricted cash — — (0.6 ) — (0.6 ) Business acquisitions, net of cash acquired — — (5.3 ) — (5.3 ) Proceeds from dispositions — 78.2 — — 78.2 Intercompany investment (193.2 ) — — 193.2 — Net cash (used in) provided by investing activities (194.0 ) 71.7 (11.8 ) 193.2 59.1 Cash flows from financing activities Proceeds from long-term debt and capital leases — 0.5 — — 0.5 Repayments on long-term debt and capital leases — (0.7 ) — — (0.7 ) Net transactions with MTW (182.9 ) — — — (182.9 ) Intercompany financing — 66.9 126.3 (193.2 ) — Net cash (used in) provided by financing activities (182.9 ) 66.7 126.3 (193.2 ) (183.1 ) Effect of exchange rate changes on cash — — (3.5 ) — (3.5 ) Net increase in cash and cash equivalents — 0.8 14.7 — 15.5 Balance at beginning of period — 2.7 13.8 — 16.5 Balance at end of period $ — $ 3.5 $ 28.5 $ — $ 32.0

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events Subsequent Events On February 23, 2018, the Company, through its wholly-owned subsidiary Manitowoc FSG UK Limited, entered into a Share Sale and Purchase Agreement (the “Purchase Agreement”) with various persons and legal entities (the “Sellers”) representing 100% of the share capital of Avaj International Holding AB (“Avaj”). Subject to the terms and conditions set forth in the Purchase Agreement, the Company has agreed to purchase all of the outstanding share capital of Avaj from the Sellers (the “Acquisition”) for aggregate consideration of approximately 1,800.0 million Swedish Krona (“SEK”) or $224.0 million , comprised of (1) SEK 1,314.2 million (or approximately $162.0 million ) in cash, plus 5.0% interest on such amount for the period from December 31, 2017 to the closing date of the Acquisition, and (2) the repayment of certain indebtedness owed under third-party borrowings and shareholder loans of approximately SEK 485.8 million (or $62.0 million ) in the aggregate. The Acquisition will be funded through cash on hand and additional borrowings under existing credit lines and is expected to close in the second quarter of 2018, subject to certain closing conditions and the receipt of necessary clearances and approvals, if applicable, from the Spanish National Markets and Competition Commission (the “Competition Approval Condition”). Crem International Holding AB (“Crem”), a wholly-owned subsidiary of Avaj, is a global manufacturer of professional coffee machines headquartered in Solna, Sweden. Crem develops, manufactures and markets a full suite of coffee machines under three brands: Coffee Queen ® , Expobar ® and Spengler for use in offices, restaurants, cafes and coffee shops, catering and convenience stores. Following completion of the Acquisition, the Company will have an established presence in hot beverage equipment, a complementary product category, and expects to realize operational synergies and cross-selling benefits. In addition, the Acquisition supports the Company's strategic objective of increasing its Europe and Asia presence. The Purchase Agreement contains certain customary warranties and covenants, including, among other things, (1) covenants with respect to the conduct of the business in the ordinary course between the execution of the Purchase Agreement and the completion of the Acquisition, and (2) covenants with respect to the Company taking all commercially reasonable measures to satisfy the Competition Approval Condition. The Purchase Agreement also provides for indemnification rights for the Company with respect to breaches by Sellers of warranties, covenants or other agreements under the Purchase Agreement, and for the Company to purchase warranty and indemnity insurance with respect to such rights. The Purchase Agreement provides that in the event that the Competition Approval Condition has not been fulfilled within 60 business days (as determined under general Swedish banking practices) or it is clear that the Competition Approval Condition will not be fulfilled on or before such date, then the Sellers shall be entitled to terminate the Purchase Agreement. Events Subsequent to Original Issuance of Financial Statements (Unaudited) Acquisition of Crem On April 19, 2018, the Company completed the acquisition of Crem under substantially similar terms to those described above. Amendments to 2016 Credit Facility In April 2018, the Company entered into an Incremental Revolving Facility Amendment to the 2016 Credit Agreement whereby the aggregate revolving commitments were increased by $50.0 million to $275.0 million . On October 23, 2018 (the “Amendment Effective Date”), the Company entered into Amendment No. 6 (the “Amendment”) to the 2016 Credit Agreement (as amended, amended and restated, modified or supplemented from time to time, the “Credit Agreement”), among the Company, the subsidiary borrowers party thereto, the lenders and other financial parties from time to time party thereto and JPMorgan Chase Bank, N.A., individually and as administrative agent. The Amendment (i) replaced and refinanced all amounts outstanding and committed under the 2016 Credit Agreement such that, as of the Amendment Effective Date, the aggregate amount of term B loans outstanding was $900.0 million and the aggregate amount of revolving commitments was $400.0 million , of which $90.0 million was drawn, (ii) extended the maturity of the new term B loans to October 2025 and the new revolving commitments to October 2023 and (iii) made certain other changes to the Credit Agreement as set forth therein. Following the Amendment, borrowings under the Credit Agreement bear interest at a rate per annum equal to, at the Company’s option, either (i) LIBOR plus an applicable margin of, for term loans, 2.50% and, for revolving loans, from 1.50% to 2.50% (depending on the Company’s consolidated total leverage ratio) or (ii) an alternate base rate, plus applicable margins of 1.00% less than in the case of LIBOR-based borrowings. The Amendment revised the financial covenants under the Credit Agreement to (a) a maximum consolidated total leverage ratio of 5.75 to 1.00, with decreases of 0.25 every fourth fiscal quarter beginning with the fiscal quarter ending December 31, 2019, and decreases of 0.50 every fourth fiscal quarter beginning with the fiscal quarter ending December 31, 2021 until the ratio reaches 4.25 to 1.00 in the fiscal quarter ending December 31, 2022, and (b) a minimum consolidated interest coverage ratio of 2.50 to 1.00, with increases of 0.25 every fourth fiscal quarter beginning with the fiscal quarter ending December 31, 2019 until the ratio reaches 3.00 to 1.00 in the fiscal quarter ending December 31, 2020; provided, however, that during a covenant holiday acquisition transition period, the consolidated total leverage ratio may exceed the applicable maximum by up to and including 0.50 (but in no event shall exceed 5.50 to 1.00). The Amendment also increased (i) the sublimit for the issuance of letters of credit under the new revolving commitments to $30.0 million and (ii) the aggregate principal amount of allowed incremental revolving or term loan facilities under the Credit Agreement to an amount not to exceed the sum of (a) $275.0 million plus (b) an additional amount, so long as, giving effect to the incurrence of such additional amount, the resulting pro forma senior secured leverage ratio does not exceed 3.75 :1.00. In connection with this Amendment, the Company incurred debt issuance costs, including original issue discount, of approximately $13.0 million . The Company is currently evaluating the accounting treatment for these debt issuance costs as well as the existing unamortized debt issuance costs, which were $19.8 million as of September 30, 2018. If the Amendment constitutes a significant modification to the 2016 Credit Agreement, the Company may be required to expense all or a portion of the existing unamortized debt issuance costs in the fourth quarter of 2018. Amendments to Accounts Receivable Securitization Agreement The accounts receivable securitization facility was amended on October 26, 2018 in conjunction with the Amendment to the Credit Agreement to provide for certain conforming changes including amending the maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio required thereunder. Pension Settlement In October 2018, the Company completed the purchase of a group annuity contract using assets from the U.S. pension plan. Under the group annuity contract, accrued pension obligations of approximately $8.0 million for certain participants that were receiving payments from the U.S. pension plan were transferred to an insurer. This agreement is an irrevocable action that unconditionally transfers the legal obligation to provide these payments to the insurer, as well as the risks attributable to that obligation. As a result, the Company expects to record a non-cash settlement loss estimated to be approximately $2.0 million , based on current market conditions, related to the accelerated recognition of unamortized losses in the fourth quarter of 2018, which will be recorded in "Other expense — net" in the consolidated statement of operations. Misappropriation of Funds On November 14, 2018, management learned of an incident that occurred in early November 2018, which resulted in the diversion of approximately €4.0 million from a subsidiary of the Company’s recently acquired Crem business. The Company is currently investigating this matter, including the potential likelihood of recovery, if any. Based on its preliminary review as of the date of this report, management believes the loss, net of recoveries, to be approximately €1.0 million to €3.0 million , although this amount may change as the Company continues with its investigation. The Company also has disclosed the matter to local authorities and is cooperating with them in their investigation. The Company does not currently expect the impact of this incident to be material to its business, results of operations or financial condition.

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts12 Months Ended
Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Schedule II: Valuation and Qualifying AccountsSchedule II: Valuation and Qualifying Accounts For the years ended December 31, 2017 , 2016 and 2015 (in millions) Balance at Charged to Utilization of Other (1) Balance at end of period Year End December 31, 2015 Allowance for doubtful accounts $ 3.9 2.5 (2.2 ) (0.2 ) $ 4.0 Deferred tax valuation allowance $ 113.1 (0.5 ) (28.2 ) (4.3 ) $ 80.1 Year End December 31, 2016 Allowance for doubtful accounts $ 4.0 1.7 (0.3 ) (0.1 ) $ 5.3 Deferred tax valuation allowance $ 80.1 2.7 (18.2 ) (4.7 ) $ 59.9 Year End December 31, 2017 Allowance for doubtful accounts $ 5.3 (0.9 ) (0.7 ) 0.3 $ 4.0 Deferred tax valuation allowance (2) $ 59.9 4.8 (18.9 ) (4.8 ) $ 41.0 (1) Other changes to the balances for allowance for doubtful accounts and deferred tax valuation allowance are primarily the impact of foreign exchange rates in all periods presented except for the year ended December 31, 2017 where the deferred tax valuation allowance is primarily reflective of the impact of the change in the United States corporate statutory tax rate on capital loss carryforwards. (2) The Company revised the valuation allowance for 2017 as described in Note 1, “Business and Organization,” in the Form 10-K/A.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentation (Policies)12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation and Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany balances and transactions between the Company and its affiliates have been eliminated. During the periods presented prior to the Spin-Off on March 4, 2016, the Company's financial statements were prepared on a combined stand-alone basis derived from the consolidated financial statements and accounting records of MTW. The Company functioned as part of the larger group of companies controlled by MTW. Accordingly, MTW performed certain corporate overhead functions for the Company. Therefore, certain costs related to the Company have been allocated from MTW for the period of January 1, 2016 up to the Spin-Off on March 4, 2016 and for the entirety of the year ended December 31, 2015. These allocated costs were primarily related to: (1) corporate support functions that were provided on a centralized basis at a MTW enterprise level including, but not limited to, finance, audit, legal, information technology, human resources, tax, treasury, investor relations, and external reporting; (2) stock-based compensation; (3) employee compensation, pension and benefit costs; and (4) securitization financing costs. These expenses were allocated to Welbilt based on direct usage or direct identification where applicable, and where not applicable, such costs were allocated primarily based on net sales, headcount or based on existing allocation methods, specifically for those costs which were previously partially allocated to Welbilt or other methodologies deemed appropriate by management. Prior to the Spin-Off, cash was managed centrally and flowed through centralized bank accounts controlled and maintained by MTW. Accordingly, cash and cash equivalents held by MTW at the corporate level were not attributable to Welbilt for any of the periods presented prior to the Spin-Off. Only cash amounts specifically attributable to Welbilt are reflected in the accompanying consolidated financial statements. Transfers of cash, both to and from MTW's centralized cash management system, are reflected as a component of "Net parent company investment" as a financing activity in the consolidated statements of cash flows. Additionally, none of MTW’s debt has been allocated to the consolidated financial statements as Welbilt has no legal obligation for any of the debt agreements. Welbilt received or provided funding as part of MTW's centralized treasury program. Income tax expense in the consolidated statement of operations for the period prior to the Spin-Off is computed on a separate return basis, as if Welbilt was operating as a separate consolidated group and filed separate tax returns in the jurisdictions in which it operates. As a result of potential changes to the Company's business model and potential past and future tax planning, income tax expense included in the consolidated financial statements for the period prior to the Spin-Off may not be indicative of Welbilt's future expected tax rate. In addition, cash tax payments and items of current and deferred taxes may not be reflective of Welbilt's actual tax balances prior to or subsequent to the Spin-Off. Welbilt, as a stand-alone entity commencing with the Spin-Off, files U.S. federal and state tax returns on its own behalf. The responsibility for current income tax liabilities of U.S. federal and state combined tax filings were deemed to settle immediately with MTW paying entities effective with the Spin-Off in the respective jurisdictions, whereas state tax returns for certain separate Welbilt filing entities were filed by Welbilt for periods prior to and after the Spin-Off. Cash tax payments commencing with the Spin-Off for the estimated liability are the actual cash taxes paid to the respective tax authorities in the jurisdictions wherever applicable. Prior to the Spin-Off, the operations of Welbilt were generally included in the consolidated tax returns filed by the respective MTW entities, with the related income tax expense and deferred income taxes calculated on a separate return basis in the consolidated financial statements. As a result, the effective tax rate and deferred income taxes of Welbilt may differ from those in periods prior to or subsequent to the Spin-Off.
Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods including costs allocated prior to the Spin-Off. Significant items subject to such estimates and assumptions include inventory obsolescence costs, warranty costs, product liability costs, employee benefit programs and the measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates. In addition, the consolidated financial statements may not be indicative of the Company's future performance, and they do not necessarily include all of the actual expenses that would have been incurred by the Company and may not reflect the results of operations, financial position and cash flows had the Company been a stand-alone Company during the entirety of the period presented prior to the Spin-Off.
Cash, Cash Equivalents, and Restricted CashAll short-term investments purchased with an original maturity of three months or less are considered cash equivalents. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded separately on the consolidated balance sheets and generally, includes cash balances held as security under the Company's accounts receivable securitization program.
Accounts Receivable Transactions under the Company's securitization programs are accounted for as sales. Sales of trade receivables to the purchaser are reflected as a reduction of accounts receivable in the consolidated balance sheets and the proceeds received, including collections on the deferred purchase price notes, are included in cash flows from operating activities in the consolidated statements of cash flows. The Company deems the interest rate risk related to the deferred purchase price notes to be de minimis, primarily due to the short average collection cycle of the related receivables (i.e., less than 60 days). Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Our estimate for the allowance for doubtful accounts related to trade receivables includes an evaluation of specific accounts where we have information that the customer may have an inability to meet its financial obligations together with a general provision for unknown but existing doubtful accounts based on historical experience, which are subject to change if experience improves or deteriorates.
Inventoriesnventories are valued at the lower of cost or net realizable value. Approximately 92.3% and 91.2% of the Company's inventories were valued using the first-in, first-out ("FIFO") method at December 31, 2017 and 2016 , respectively. The remaining inventories were valued using the last-in, first-out ("LIFO") method. If the FIFO inventory valuation method had been used exclusively, inventories would have increased by $3.9 million and $3.5 million at December 31, 2017 and 2016 , respectively. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs.
Property, Plant and EquipmentProperty, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property, plant and equipment sold, retired, or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. 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. Property, plant and equipment are depreciated over the following estimated useful lives: Years Building and improvements 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7
Goodwill and Other Intangible Assetsoodwill is not amortized, but it is tested for impairment annually, or more frequently, as events dictate. See additional discussion of impairment testing under "Impairment of Long-Lived Assets," below. The Company's other intangible assets with indefinite lives, including trademarks, are not amortized, but are also tested for impairment annually, or more frequently, as events dictate. The Company's other intangible assets with finite lives are subject to amortization and are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Other intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Useful lives Patents 10-20 years Engineering drawings 15 years Customer relationships 10-20 years
Impairment of Long-Lived AssetsThe Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. When reviewing its long-lived assets, other than goodwill and other intangible assets with indefinite lives, the Company groups its 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 evaluates the asset group against the sum of the undiscounted future cash flows to determine impairment. If an impairment is determined to exist, the impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. Impairment losses on assets held for sale are based on the estimated proceeds to be received, less costs to sell.
WarrantiesEstimated warranty costs are recorded in cost of sales at the time of sale of the products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. See Note 18 "Product Warranties" for further details.
Product LiabilitiesThe Company records product liability reserves for its self-insured portion of any pending or threatened product liability actions. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding pending and threatened product liability cases to determine an appropriate case reserve for each based upon the Company's best judgment and the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the individual cases. Second, the Company determines the amount of additional reserve required to cover incurred but not reported product liability obligations and to account for possible adverse development of the established case reserves. This analysis is performed twice annually.
Foreign Currency Translation and TransactionsThe financial statements of the Company's non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, are translated using the current exchange rate for assets and liabilities and the average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to "Accumulated other comprehensive loss" ("AOCI") as a component of equity.
Derivative Financial Instruments and Hedging ActivitiesThe Company enters into derivative instruments to hedge foreign exchange, interest rate risk, and commodity exposure associated with aluminum, copper, steel and natural gas prices. The Company has adopted written policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in interest rates, commodities and foreign currency exchange rates. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or comprehensive income depending on whether the derivative is designated and qualifies as part of a hedge transaction and if so, the type of hedge transaction. The amount reported for derivative instrument fair market value adjustments for cash flow hedges and net investment hedges are reported in the statements of comprehensive income, net of taxes. Fair market value adjustments for fair value hedges, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings within the the same line item associated with the hedged item.
Stock-Based CompensationWelbilt employees historically participated in MTW's stock-based compensation plans for the periods prior to the Spin-Off. Stock-based compensation expense for the period prior to the Spin-Off has been allocated to Welbilt based on the awards and terms previously granted to its employees. Until consummation of the Spin-Off, Welbilt continued to participate in MTW's stock-based compensation plans and record stock-based compensation expense based on the stock-based awards granted to the Welbilt employees. In conjunction with the Spin-Off, the Company adopted the 2016 Omnibus Incentive Plan (the "2016 Plan") that permits the granting of stock options, restricted stock awards, restricted stock units, performance share awards, and other types of stock-based and cash awards. In addition, the 2016 Plan permits the issuance of awards ("Replacement Awards") in partial substitution for awards relating to shares of common stock of MTW that were outstanding immediately prior to the Spin-Off. Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting periods. Stock based compensation is recognized only for those awards expected to vest. The expense, net of forfeitures, is recognized using the straight-line method. Stock-based compensation expense related to Welbilt employees of $11.1 million , $6.3 million and $2.3 million has been recorded in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 , respectively. Refer to Note 16, "Stock-Based Compensation," for additional discussion regarding details of the Company's stock-based compensation plan.
Employee Benefit PlansThe Company provide a range of benefits to its employees and retired employees, including pensions and postretirement health care coverage. Plan assets and obligations are recorded annually based on our measurement date utilizing various actuarial assumptions such as discount rates, expected return on plan assets, compensation increases, retirement and mortality rates, and health care cost trend rates as of that date. The approaches used to determine the annual assumptions are as follows: • Discount Rate - The discount rate assumptions are based on the interest rate of non-callable high-quality corporate bonds, with appropriate consideration of our pension plans’ participants’ demographics and benefit payment terms. • Expected Return on Plan Assets - The expected return on plan assets assumptions are based on our expectation of the long-term average rate of return on assets in the pension funds, which is reflective of the current and projected asset mix of the funds and considers the historical returns earned on the funds. • Retirement and Mortality Rates - The retirement and mortality rate assumptions are based primarily on actual plan experience and mortality tables. • Health Care Cost Trend Rates - The health care cost trend rate assumptions are developed based on historical cost data, near-term outlook and an assessment of likely long-term trends. Measurements of net periodic benefit cost are based on the assumptions used for the previous year-end measurements of assets and obligations. We review our actuarial assumptions on an annual basis and make modifications to the assumptions when appropriate. As required by U.S. GAAP, the effects of the modifications are recorded currently or amortized over future periods. The Company has developed the assumptions with the assistance of its independent actuaries and other relevant sources, and believes that the assumptions used are reasonable; however, changes in these assumptions could impact the Company's financial position, results of operations or cash flows. See Note 20, "Employee Benefit Plans," for further details.
Deferred Compensation PlansThe Welbilt Deferred Compensation Plan is an unfunded, non-tax-qualified deferred compensation plan for highly compensated and key management employees and for directors that allows participants to defer a portion of their compensation. The Plan permits the Company, at its option, to make matching contributions to the participants accounts. The Company utilizes a rabbi trust to hold assets intended to satisfy the Company's obligations under the deferred compensation plan. The trust restricts the Company's use and access to the assets held but is subject to the claims of the Company's general creditors. Plan participants are able to direct deferrals and Company matching contributions into two separate investment programs, Program A and Program B. Program A invests solely in the Company’s stock; dividends paid on the Company’s stock are automatically reinvested, and all distributions must be made in Company stock. Program A is accounted for as a plan that does not permit diversification. The Company stock held by Program A is carried at cost, is included in "Treasury stock" in the consolidated balance sheets. The deferred compensation obligation for Program A is included in "Other long-term liabilities" in the consolidated balance sheets. Program B offers a variety of investment options but does not include Company stock as an investment option. All distributions from Program B must be made in cash. Participants cannot transfer assets between programs. Program B is accounted for as a plan that permits diversification. Changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is adjusted, with a charge or credit to compensation cost, to reflect changes in the fair value of the obligation. The assets are included in "Other non-current assets", and the related obligations are included in "Other long-term liabilities" in the consolidated balance sheets.
Revenue RecognitionRevenue is generally recognized and earned when all the following criteria are satisfied with regard to a specific transaction: persuasive evidence of a sales arrangement exists; the price is fixed or determinable; collectability of cash is reasonably assured; and delivery has occurred or services have been rendered. Shipping and handling fees are reflected in net sales and shipping and handling costs are reflected in "Cost of sales" in the consolidated statements of operations.
Research and DevelopmentResearch and development costs are charged to expense as incurred within "Selling, general and administrative expenses" in the consolidated statements of operations and amounted to $39.4 million , $35.2 million and $33.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs.
Restructuring ChargesRestructuring charges for exit and disposal activities are recognized when the liability is incurred. The liability for the restructuring charge associated with an exit or disposal activity is measured initially at its fair value.
Income TaxesThe Company recognizes deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the accompanying consolidated financial statements. Deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority.
Comprehensive Income (Loss)Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to equity. Currently, these items are foreign currency translation adjustments, the change in fair value of certain derivative instruments and employee postretirement benefit adjustments.
Concentration of Credit RiskCredit extended to customers through trade accounts receivable potentially subjects the Company to risk. This risk is limited due to the large number of customers and their dispersion across various industries and many geographical areas. However, a significant amount of the Company's receivables are with distributors, dealers and large companies in the foodservice and beverage industry. Management currently does not foresee a significant credit risk associated with these individual groups of receivables, but continues to monitor the exposure, if any.
ReclassificationsCertain prior period amounts have been reclassified to conform to the current period presentation.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet AdoptedIn January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which removes the second step of the annual goodwill impairment test. ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, for annual impairment tests beginning after December 15, 2019. Early adoption is permitted in any interim or annual reporting period for impairment tests performed after January 1, 2017 and the amendments in this ASU should be applied prospectively. The Company early adopted this standard and applied the guidance from ASU 2017-04 in its annual goodwill assessment performed as of June 30, 2017. The adoption of this standard did not have an impact on the Company’s consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment award transactions. This ASU requires that all excess tax benefits and tax deficiencies be recognized as income tax expense or benefit on the income statement and that excess tax benefits be classified as an operating activity in the cash flow statement. While this new standard allows an entity to account for forfeitures as they occur, the Company elected to continue the current U.S. GAAP practice of estimating forfeitures when calculating stock-based compensation expense. This ASU became effective for the Company on January 1, 2017 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." This ASU changes the guidance on accounting for inventory accounted for on a first-in first-out ("FIFO") basis. 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 price 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 ("LIFO") basis. ASU 2015-11 became effective for the Company on January 1, 2017 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which clarifies the accounting guidance to assist entities in evaluating whether a transaction should be accounted for as acquisitions of assets or businesses. The Company adopted this in the fourth quarter of 2017 without material impact to the Company's financial statements. The ongoing impact on the Company's financial statements will be dependent on the nature of any future acquisitions. Recent Accounting Pronouncements Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," to provide guidance on the presentation of certain income statement effects from the Tax Cuts and Jobs Act’s reduction in the corporate statutory tax rate . The ASU provides the option of reclassifying what are called the “stranded” tax effects within accumulated other comprehensive income (loss) to retained earnings and requires increased disclosures describing the accounting policy used to release the income tax effects from accumulated other comprehensive income (loss), whether the amounts reclassified are the stranded income tax effects from the Tax Cuts and Jobs Act, and information about the other effects on taxes from the reclassification. ASU 2018-02 may be adopted using one of two transition methods: (1) retrospective to each period (or periods) in which the income tax effects of the Tax Cuts and Jobs Act related to items remaining in accumulated other comprehensive income (loss) are recognized, or (2) at the beginning of the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2018, and the quarterly and other interim periods in those years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities," which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of hedge accounting guidance in current GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting," which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting pursuant to Topic 718. ASU 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The amendments in this update are required to be applied prospectively to an award modified on or after the adoption date. This standard becomes effective for the Company as of January 1, 2018. The impact this standard will have on the Company's consolidated financial statements and related disclosures will be dependent on the terms and conditions of any modifications made to share-based awards after January 1, 2018. In March 2017, the FASB issued ASU 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires the employer to disaggregate the service cost component from the other components of net benefit cost. The ASU also provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allows only the service cost component of net benefit cost to be eligible for capitalization. This standard becomes effective for the Company as of January 1, 2018. The adoption of this ASU will only have an impact on classification within its consolidated statements of operations. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which requires an entity to reconcile the changes in restricted cash as part of total cash and cash equivalents in its statements of cash flows. This standard becomes effective for the Company as of January 1, 2018. The adoption of this standard will be applied retrospectively. Other than the change in presentation of restricted cash within the statement of cash flows, the adoption of this ASU is not expected to have an impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 becomes effective for the Company on January 1, 2018. Adoption of this ASU is not currently expected to have a material impact to the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which clarifies the accounting guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This standard became effective for the Company as of January 1, 2018. The adoption of this standard will impact the presentation of collections of the deferred purchase price from its sales of trade accounts receivables in the Company’s consolidated statements of cash flows. Subsequent to adoption, collection of these balances will be reported in cash flows from investing activities rather than cash flows from operating activities with all retrospective periods reclassified to conform for comparability. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires lessees to recognize right-of-use assets and lease liability, initially measured at present value of the lease payments, on its balance sheet for leases with terms longer than 12 months and classified as either financing or operating leases. ASU 2016-02 requires a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and provides certain practical expedients that companies may elect including those contained in ASU 2018-01, "Leases (Topic 842): Lease Easement Practical Expedient for Transition to Topic 842". This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU creates a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or service). Revenue will be recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer and enhanced disclosures will be required regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. Either a retrospective or cumulative effect transition method, referred to as the modified retrospective method, is permitted. The Company will adopt ASU 2014-09 on January 1, 2018 using the modified retrospective method by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings. The impact from the cumulative effect adjustment is expected to be immaterial and the Company anticipates the impact will be immaterial to the consolidated financial statements for the full fiscal year 2018. The impact to the Company’s future results is not expected to be material based on the analysis of revenue streams and contracts under the new revenue recognition guidance which supports revenue recognition at a point in time for the majority of the Company’s revenue. This is consistent with the Company’s existing revenue recognition model whereby the majority of revenue is recognized when products are shipped from the Company’s manufacturing facilities. The impacts from the adoption of ASU 2014-09 primarily relate to the timing of revenue recognition for variable consideration received and recording right of return assets in the Americas segment. The Company’s variable consideration is predominantly comprised of annual customer rebate programs, which will be determined under ASU 2014-09 using the expected value method as prescribed in the guidance. The resulting impact will be a timing shift between quarters within annual periods which could be material to the interim consolidated financial statements. However, as the programs are typically based on calendar-year purchases, these timing shifts will not have an impact on the annual consolidated financial statements, and thus will not result in a cumulative effect adjustment upon adoption of ASU 2014-09. Recording right of return assets for the right to recover products from customers upon settling refund liabilities resulted in a cumulative effect adjustment. Product returns are generally limited to standard products, still crated and within 90 days from the date invoiced. Due to these limited rights of return and the Company’s commercial customer base, the asset value to be recorded on January 1, 2018 as a cumulative effect adjustment is not expected to be material. Recognition of right of return assets is not expected to have a material impact on the consolidated financial statements for the full fiscal year 2018.

Business and Organization Busin

Business and Organization Business and Organization (Tables)12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Revision of Previously Issued Consolidated Financial StatementsThe effects of correcting the errors in the 2017 revision and the 2016 restatement on the line items within the Company's consolidated balance sheets as of December 31, 2017 and 2016 are as follows: December 31, 2017 December 31, 2016 (in millions) As Reported Adjustment As Revised As Reported Adjustment As Restated Accrued expenses and other liabilities $ 161.7 $ 7.8 $ 169.5 $ 174.5 $ 3.1 $ 177.6 Total current liabilities 290.1 7.8 297.9 313.1 3.1 316.2 Long-term debt and capital leases 1,232.2 — 1,232.2 1,278.7 2.6 1,281.3 Deferred income taxes (1) 92.3 (1.0 ) 91.3 137.8 7.2 145.0 Total non-current liabilities 1,439.9 (1.0 ) 1,438.9 1,499.5 9.8 1,509.3 Additional paid-in capital (deficit) (63.3 ) 8.6 (54.7 ) (72.0 ) 1.4 (70.6 ) Retained earnings 204.5 (15.4 ) 189.1 70.5 (14.3 ) 56.2 Total equity (deficit) 110.4 (6.8 ) 103.6 (43.5 ) (12.9 ) (56.4 ) (1) In 2017, the income tax error related to a valuation allowance. The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Loss on early extinguishment of debt $ 4.4 $ (2.7 ) $ 1.7 Other expense (income) — net 9.0 0.1 9.1 Earnings before income taxes 118.8 2.6 121.4 Income taxes (15.2 ) 3.7 (11.5 ) Net earnings 134.0 (1.1 ) 132.9 Per share data Earnings per share — Basic $ 0.96 $ — $ 0.96 Earnings per share — Diluted $ 0.95 $ (0.01 ) $ 0.94 Year Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Restated Net sales $ 1,456.6 $ (0.5 ) $ 1,456.1 Cost of sales 923.8 (1.5 ) 922.3 Gross profit 532.8 1.0 533.8 Selling, general and administrative expenses 290.1 1.0 291.1 Loss on early extinguishment of debt — 2.7 2.7 Other expense (income) — net 9.1 (0.1 ) 9.0 Earnings before income taxes 104.8 (2.6 ) 102.2 Income taxes 25.3 5.4 30.7 Net earnings 79.5 (8.0 ) 71.5 Per share data Earnings per share — Basic $ 0.58 $ (0.06 ) $ 0.52 Earnings per share — Diluted $ 0.57 $ (0.06 ) $ 0.51 Year Ended December 31, 2015 (in millions, except per share data) As Reported Adjustment As Revised Income taxes $ 39.3 $ 1.0 $ 40.3 Net earnings 157.1 (1.0 ) 156.1 Per share data Earnings per share — Basic $ 1.15 $ (0.01 ) $ 1.14 Earnings per share — Diluted $ 1.15 $ (0.01 ) $ 1.14 The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of comprehensive income for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Comprehensive income 145.4 (1.1 ) 144.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Comprehensive income 80.6 (8.0 ) 72.6 Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Comprehensive income 133.3 (1.0 ) 132.3 The effects of correcting the errors in the restatement and revision on the respective line items within the Company’s consolidated statements of equity for the years ended December 31, 2017, 2016 and 2015 are as follows: (in millions) As Reported Adjustment As Revised Balance at December 31, 2014 Net Parent Company Investment $ 1,272.1 $ 3.9 $ 1,276.0 Total Equity 1,251.4 3.9 1,255.3 Net earnings 157.1 (1.0 ) 156.1 Total Equity balance at December 31, 2015 1,208.7 2.9 1,211.6 (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2015 Net Parent Company Investment (As Revised) $ 1,253.2 $ 2.9 $ 1,256.1 Total Equity (As Revised) 1,208.7 2.9 1,211.6 Net earnings (As Restated) 79.5 (8.0 ) 71.5 Adjustments in connection with the Spin-Off (As Restated) 7.7 (7.8 ) (0.1 ) Total Equity balance at December 31, 2016 (As Restated) (43.5 ) (12.9 ) (56.4 ) (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2016 Additional Paid-In Capital (Deficit) (As Restated) $ (72.0 ) $ 1.4 $ (70.6 ) Retained Earnings (As Restated) 70.5 (14.3 ) 56.2 Total Equity (Deficit) (As Restated) (43.5 ) (12.9 ) (56.4 ) Net earnings (As Revised) 134.0 (1.1 ) 132.9 Total Equity balance at December 31, 2017 (As Revised) 110.4 (6.8 ) 103.6 (in millions) As Reported Adjustment As Revised Balance at December 31, 2017 Additional Paid-In Capital (Deficit) $ (63.3 ) $ 8.6 $ (54.7 ) Retained Earnings 204.5 (15.4 ) 189.1 The effects of correcting the errors in the restatement and revision on the respective line items within the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Amortization of debt issuance costs 5.4 0.1 5.5 Loss on early extinguishment of debt 4.4 (2.7 ) 1.7 Deferred income taxes (63.3 ) (1.0 ) (64.3 ) Other current and long-term liabilities 1.6 4.7 6.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Amortization of debt issuance costs 4.8 (0.1 ) 4.7 Loss on early extinguishment of debt — 2.7 2.7 Deferred income taxes (9.9 ) 2.3 (7.6 ) Other current and long-term liabilities 27.8 1.6 29.4 Net cash provided by operating activities 125.8 (1.5 ) 124.3 Net transactions with MTW (6.1 ) 1.5 (4.6 ) Net cash used in financing activities (82.7 ) 1.5 (81.2 ) Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Deferred income taxes (30.0 ) 1.0 (29.0 ) The effect of the restatement and revision discussed within Note 1, "Business and Organization" on the 2017 and 2016 unaudited quarterly financial data is as follows: Three Months Ended March 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 5.0 $ 1.9 $ 6.9 Per share data Earnings per share — Basic $ 0.04 $ 0.01 $ 0.05 Earnings per share — Diluted $ 0.04 $ 0.01 $ 0.05 Three Months Ended June 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 30.1 $ (1.7 ) $ 28.4 Per share data Earnings per share — Basic $ 0.22 $ (0.02 ) $ 0.20 Earnings per share — Diluted $ 0.21 $ (0.01 ) $ 0.20 Three Months Ended September 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 33.1 $ (2.4 ) $ 30.7 Per share data Earnings per share — Basic $ 0.24 $ (0.02 ) $ 0.22 Earnings per share — Diluted $ 0.24 $ (0.02 ) $ 0.22 Three Months Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 65.8 $ 1.1 $ 66.9 Per share data Earnings per share — Basic $ 0.47 $ 0.01 $ 0.48 Earnings per share — Diluted $ 0.47 $ — $ 0.47 Three Months Ended March 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 18.1 $ (3.5 ) $ 14.6 Per share data Earnings per share — Basic $ 0.13 $ (0.02 ) $ 0.11 Earnings per share — Diluted $ 0.13 $ (0.02 ) $ 0.11 Three Months Ended June 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 15.1 $ (0.9 ) $ 14.2 Per share data Earnings per share — Basic $ 0.11 $ (0.01 ) $ 0.10 Earnings per share — Diluted $ 0.11 $ (0.01 ) $ 0.10 Three Months Ended September 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 24.9 $ (1.8 ) $ 23.1 Per share data Earnings per share — Basic $ 0.18 $ (0.01 ) $ 0.17 Earnings per share — Diluted $ 0.18 $ (0.01 ) $ 0.17 Three Months Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net sales $ 378.7 $ (0.5 ) $ 378.2 Gross profit 138.5 1.0 139.5 Net earnings 21.4 (1.8 ) 19.6 Per share data Earnings per share — Basic $ 0.15 $ (0.01 ) $ 0.14 Earnings per share — Diluted $ 0.15 $ (0.01 ) $ 0.14

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Basis of Presentation (Tables)12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Property, Plant and EquipmentProperty, plant and equipment are depreciated over the following estimated useful lives: Years Building and improvements 2 - 40 Machinery, equipment and tooling 2 - 20 Furniture and fixtures 3 - 15 Computer hardware and software 2 - 7
Schedule of Estimated Useful Lives of Other Intangible AssetsOther intangible assets with finite lives are amortized on a straight-line basis over the following estimated useful lives: Useful lives Patents 10-20 years Engineering drawings 15 years Customer relationships 10-20 years

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)12 Months Ended
Dec. 31, 2017
Financial Instruments, Owned, at Fair Value [Abstract]
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis by Level within the Fair Value HierarchyThe following tables set forth financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2017 and 2016 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 December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Current assets: Foreign currency exchange contracts $ — $ 1.1 $ — $ 1.1 Commodity contracts — 1.7 — 1.7 Interest rate swap contracts — 1.7 — 1.7 Total current assets at fair value — 4.5 — 4.5 Non-current assets: Commodity contracts — 0.6 — 0.6 Interest rate swap contracts — 2.3 — 2.3 Total non-current assets at fair value — 2.9 — 2.9 Total assets at fair value $ — $ 7.4 $ — $ 7.4 Current liabilities: Foreign currency exchange contracts $ — $ 1.1 $ — $ 1.1 Commodity contracts — 0.1 — 0.1 Total current liabilities at fair value — 1.2 — 1.2 Non-current liabilities: Interest rate swap contracts — 17.7 — 17.7 Total non-current liabilities at fair value — 17.7 — 17.7 Total liabilities at fair value $ — $ 18.9 $ — $ 18.9 Fair Value as of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Current assets: Foreign currency exchange contracts $ — $ 0.6 $ — $ 0.6 Commodity contracts — 0.9 — 0.9 Total current assets at fair value — 1.5 — 1.5 Non-current assets: Commodity contracts — 0.2 — 0.2 Total non-current assets at fair value — 0.2 — 0.2 Total assets at fair value $ — $ 1.7 $ — $ 1.7 Current liabilities: Foreign currency exchange contracts $ — $ 1.0 $ — $ 1.0 Commodity contracts — 0.1 — 0.1 Total current liabilities at fair value — 1.1 — 1.1 Total liabilities at fair value $ — $ 1.1 $ — $ 1.1

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)12 Months Ended
Dec. 31, 2017
Derivative [Line Items]
Schedule of Outstanding Commodity and Currency Forward ContractsAs of December 31, 2017 , 2016 and 2015 , the Company had the following outstanding currency forward contracts that were not designated as hedging instruments: Units Hedged Commodity 2017 2016 2015 Unit Type Aluminum — 28 — MT Cash flow Steel — 340 — Short tons Cash flow Units Hedged Currency 2017 2016 2015 Recognized Location Purpose Canadian Dollar — — 1,117,850 Other expense (income) — net Accounts payable and receivable settlement European Euro 69,300,000 16,000,000 — Other expense (income) — net Accounts payable and receivable settlement Swiss Franc 4,800,000 3,150,000 — Other expense (income) — net Accounts payable and receivable settlement British Pound 14,912,019 8,192,692 — Other expense (income) — net Accounts payable and receivable settlement Singapore Dollar 28,127,000 — — Other expense (income) — net Accounts payable and receivable settlement Derivatives NOT designated as hedging instruments (in millions) Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income on derivative Year Ended 2017 2016 2015 Foreign currency exchange contracts $ (6.5 ) $ (0.2 ) $ 0.1 Other expense (income) — net Commodity contracts — short-term — 0.8 (0.7 ) Other expense (income) — net Commodity contracts — long-term — — (0.1 ) Other expense (income) — net Total $ (6.5 ) $ 0.6 $ (0.7 )
Schedule of the Effect of Derivative Instruments on the Consolidated Statement of Operations for Gains or Losses Initially Recognized in Other Comprehensive Income (OCI) in the Consolidated Balance SheetThe effects of derivative instruments on the consolidated statements of comprehensive income and consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 for gains or losses initially recognized in AOCI in the consolidated balance sheets were as follows: Derivatives in cash flow hedging relationships (in millions) Pretax gain (loss) recognized in AOCI (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Pretax gain (loss) reclassified from AOCI into income (effective portion) 2017 2016 2015 2017 2016 2015 Foreign currency exchange contracts $ 3.8 $ (0.1 ) $ (0.8 ) Cost of sales $ 3.3 $ — $ (1.4 ) Commodity contracts 2.4 2.2 (5.3 ) Cost of sales 1.1 (1.5 ) (3.4 ) Interest rate swap contracts 2.8 — — Interest expense — — — Total $ 9.0 $ 2.1 $ (6.1 ) $ 4.4 $ (1.5 ) $ (4.8 ) Derivatives in cash flow hedging relationships (in millions) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) 2017 2016 2015 Commodity contracts $ 0.2 $ — $ 0.1 Cost of sales Total $ 0.2 $ — $ 0.1 The effects of derivative instruments on the consolidated statements of comprehensive income and consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 for gains or losses initially recognized in AOCI in the consolidated balance sheets were as follows: Derivatives in net investments hedging relationships (in millions) Pretax gain (loss) recognized in AOCI (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) reclassified from AOCI into income (effective portion) 2017 2016 2015 2017 2016 2015 Interest rate swap contract $ (7.5 ) $ — $ — Selling, general and administrative expenses $ — $ — $ — Total $ (7.5 ) $ — $ — $ — $ — $ —
Schedule of Gain or Loss on the Hedged ItemsThe gain or loss on the hedged items (that is, fixed-rate borrowing of 9.50% Senior Notes due 2024) attributable to the hedged benchmark interest rate risk (risk of changes in the applicable LIBOR swap rate) and the offsetting gain or loss on the related interest rate swap is as follows: Derivatives in fair value hedging relationships (in millions) Gain/(Loss) on Swap Income Statement Classification Gain/(Loss) on Borrowings 2017 2016 2015 2017 2016 2015 Interest rate swap contract $ (9.0 ) $ — $ — Interest Expense $ 8.7 $ — $ — Total $ (9.0 ) $ — $ — $ 8.7 $ — $ —
Schedule of the Fair Value of Outstanding Derivative Contracts Recorded as Assets in the Accompanying Consolidated Balance SheetThe fair value of outstanding derivative contracts recorded as assets in the consolidated balance sheets as of December 31, 2017 and 2016 was as follows: Asset Derivatives (in millions) Balance Sheet Location Fair Value 2017 2016 Derivatives designated as hedging instruments: Foreign currency exchange contracts Prepaids and other current assets $ 1.1 $ 0.6 Commodity contracts Prepaids and other current assets 1.7 0.9 Interest rate swap contracts Prepaids and other current assets 1.7 — Commodity contracts Other non-current assets 0.6 0.2 Interest rate swap contracts Other non-current assets 2.3 — Total derivatives designated as hedging instruments $ 7.4 $ 1.7 Total asset derivatives $ 7.4 $ 1.7
Schedule of the Fair Value of Outstanding Derivative Contracts Recorded as Liabilities in the Accompanying Consolidated Balance SheetThe fair value of outstanding derivative contracts recorded as liabilities in the consolidated balance sheets as of December 31, 2017 and 2016 was as follows: Liability Derivatives (in millions) Balance Sheet Location Fair Value 2017 2016 Derivatives designated as hedging instruments: Foreign currency exchange contracts Accrued expenses and other liabilities $ 0.6 $ 0.8 Commodity contracts Accrued expenses and other liabilities 0.1 0.1 Interest rate swap contracts Other long-term liabilities 17.7 — Total derivatives designated as hedging instruments $ 18.4 $ 0.9 Derivatives NOT designated as hedging instruments: Foreign currency exchange contracts Accrued expenses and other liabilities $ 0.5 $ 0.2 Total derivatives NOT designated as hedging instruments $ 0.5 $ 0.2 Total liability derivatives $ 18.9 $ 1.1
Designated as Hedging Instrument
Derivative [Line Items]
Schedule of Outstanding Commodity and Currency Forward ContractsAs of December 31, 2017 , 2016 and 2015 , the Company had the following outstanding commodity and currency forward contracts that were entered into as hedges of forecasted transactions: Units Hedged Commodity 2017 2016 2015 Unit Aluminum 1,620 1,663 1,215 MT Copper 667 746 472 MT Natural gas — 56,416 49,396 MMBtu Steel 7,713 8,663 11,073 Short tons Units Hedged Currency 2017 2016 2015 Canadian Dollar 18,080,000 26,130,000 587,556 European Euro 8,545,000 11,261,848 231,810 British Pound 7,807,744 4,191,763 113,115 Mexican Peso 126,400,000 148,200,000 28,504,800 Thailand Baht — 23,231,639 — Singapore Dollar 1,765,000 4,375,000 —

Inventories (Tables)

Inventories (Tables)12 Months Ended
Dec. 31, 2017
Inventory Disclosure [Abstract]
Schedule of the Components of InventoriesThe components of "Inventories—net" at December 31, 2017 and 2016 are summarized as follows: (in millions) 2017 2016 Inventories — gross: Raw materials $ 73.9 $ 68.2 Work-in-process 18.9 18.3 Finished goods 86.9 85.1 Total inventories — gross 179.7 171.6 Excess and obsolete inventory reserve (23.5 ) (22.5 ) Net inventories at FIFO cost 156.2 149.1 Excess of FIFO costs over LIFO value (3.9 ) (3.5 ) Inventories — net $ 152.3 $ 145.6

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Components of Property, Plant and EquipmentThe components of "Property, plant and equipment — net" at December 31, 2017 and 2016 are summarized as follows: (in millions) 2017 2016 Land $ 9.5 $ 7.3 Building and improvements 88.9 91.3 Machinery, equipment and tooling 227.3 215.1 Furniture and fixtures 6.0 5.8 Computer hardware and software 55.1 52.9 Construction in progress 15.7 11.2 Total cost 402.5 383.6 Less accumulated depreciation (290.3 ) (274.5 ) Property, plant and equipment — net $ 112.2 $ 109.1

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill by Reportable SegmentThe changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) Americas EMEA APAC Total Gross balance as of December 31, 2015 $ 1,144.8 $ 208.3 $ 8.4 $ 1,361.5 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2015 $ 832.6 $ 4.8 $ 8.4 $ 845.8 Foreign currency impact $ — $ (0.1 ) $ (0.4 ) $ (0.5 ) Gross balance as of December 31, 2016 1,144.8 208.2 8.0 1,361.0 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2016 $ 832.6 $ 4.7 $ 8.0 $ 845.3 Foreign currency impact $ — $ 0.2 $ 0.6 $ 0.8 Gross balance as of December 31, 2017 1,144.8 208.4 8.6 1,361.8 Accumulated asset impairments (312.2 ) (203.5 ) — (515.7 ) Net balance as of December 31, 2017 $ 832.6 $ 4.9 $ 8.6 $ 846.1
Gross Carrying Amount and Accumulated Amortization of Intangible Assets other than GoodwillThe gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill are as follows as of December 31, 2017 and 2016 : 2017 2016 (in millions) Gross Accumulated Net Gross Accumulated Net Trademarks and tradenames $ 177.5 $ — $ 177.5 $ 172.4 $ — $ 172.4 Customer relationships 415.3 (192.3 ) 223.0 415.2 (171.4 ) 243.8 Patents 2.8 (1.7 ) 1.1 1.6 (1.6 ) — Other intangibles 144.9 (85.1 ) 59.8 140.7 (72.5 ) 68.2 Total $ 740.5 $ (279.1 ) $ 461.4 $ 729.9 $ (245.5 ) $ 484.4
Schedule of Estimated Amortization of Intangible AssetsAs of December 31, 2017 , the estimated future amortization of intangible assets, other than goodwill, excluding the impact of any future acquisitions or divestitures is as follows: (in millions) Year ending December 31: 2018 $ 33.7 2019 33.4 2020 33.2 2021 28.8 2022 26.7 Thereafter 128.1 $ 283.9

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)12 Months Ended
Dec. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued ExpensesAccounts payable and accrued expenses and other liabilities at December 31, 2017 and 2016 are summarized as follows: 2017 2016 (in millions) (As Restated) Accounts payable: Trade accounts payable $ 103.6 $ 108.4 Total accounts payable $ 103.6 $ 108.4 Accrued expenses and other liabilities: Interest payable $ 7.8 $ 15.7 Income taxes payable 13.9 5.6 Employee related expenses 30.8 29.8 Restructuring expenses 5.0 3.3 Profit sharing and incentives 11.5 14.2 Accrued rebates 50.0 56.0 Deferred revenue - current 4.2 4.4 Customer advances 2.6 7.4 Product liability 1.4 2.3 Miscellaneous accrued expenses 42.3 38.9 Total accrued expenses and other liabilities $ 169.5 $ 177.6

Debt (Tables)

Debt (Tables)12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Outstanding DebtOutstanding debt at December 31, 2017 and 2016 is summarized as follows: 2017 2016 (in millions) (As Restated) Revolving credit facility $ 25.0 $ 63.5 Term Loan B 815.0 825.0 Senior Notes due 2024 425.0 425.0 Capital leases 2.7 3.3 Total debt and capital leases, including current portion 1,267.7 1,316.8 Less current portion of capital leases (0.7 ) (1.6 ) Less unamortized debt issuance costs (1) (26.4 ) (33.9 ) Less hedge accounting fair value adjustment (2) (8.4 ) — Total long-term debt and capital leases $ 1,232.2 $ 1,281.3
Maturities of DebtMaturities of debt, excluding capital leases, are as follows as of December 31, 2017 : (in millions) Year ending December 31: 2018 $ — 2019 — 2020 — 2021 25.0 2022 — Thereafter 1,240.0 $ 1,265.0
Current Covenant Levels of the Financial Covenants Under the Senior Credit FacilityThe current levels of the financial ratio covenants under the Senior Secured Credit Facilities and the Company's actual ratios for each quarter ended during 2017 are set forth below: Fiscal Quarter Ending Consolidated Total Leverage Ratio Level (less than) Actual Consolidated Total Leverage Ratio Consolidated Interest Coverage Ratio Level (greater than) Actual Consolidated Interest Coverage Ratio March 31, 2017 5.50:1.00 5.20:1.00 2.50:1.00 2.71:1.00 June 30, 2017 5.25:1.00 5.06:1.00 2.50:1.00 2.87:1.00 September 30, 2017 5.00:1.00 4.82:1.00 2.75:1.00 3.06:1.00 December 31, 2017 (1) 4.75:1.00 4.53:1.00 3.00:1.00 3.25:1.00 (1) Consolidated Total Leverage Ratio level shown does not incorporate the increase to 5.25 :1.00 as discussed below for the amendment to the 2016 Credit Agreement entered into subsequent to December 31, 2017.
Schedule of Debt Redemption PricesIn addition, the Company may redeem the Senior Notes at its option, in whole or in part, at the following redemption prices (expressed as percentages of the principal amount thereof) if redeemed during the 12-month period commencing on February 15 of the years set forth below: Year Percentage 2019 107.125 % 2020 104.750 % 2021 102.375 % 2022 and thereafter 100.000 %

Income Taxes (As Restated) (Tab

Income Taxes (As Restated) (Tables)12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of Earnings before Income Taxes"Earnings before income taxes" in the consolidated statements of operations is comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (in millions) (As Restated) Domestic $ 32.5 $ 31.5 $ 121.3 Foreign 88.9 70.7 75.1 Total $ 121.4 $ 102.2 $ 196.4
Schedule of the Components of Income Taxes"Income taxes" in the consolidated statements of operations is comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (in millions) (As Restated) Current: Federal and state $ 28.2 $ 19.7 $ 51.1 Foreign 24.6 18.6 18.2 Total current expense 52.8 38.3 69.3 Deferred: Federal and state (56.6 ) (9.2 ) (26.9 ) Foreign (7.7 ) 1.6 (2.1 ) Total deferred benefit (64.3 ) (7.6 ) (29.0 ) Income taxes $ (11.5 ) $ 30.7 $ 40.3
Reconciliation of the U.S. Federal Statutory Income Tax RateA reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 (As Restated) Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State income (benefit) provision (2.6 ) 0.9 1.9 Manufacturing and research incentives (1.7 ) (1.9 ) (1.7 ) Taxes on foreign income (3.5 ) (4.8 ) (9.6 ) Repatriation of foreign income - Tax Act 11.1 — — Change in federal income tax statutory rate - Tax Act (37.5 ) — — Adjustments for valuation allowances (11.2 ) 2.5 (13.8 ) Business divestitures — — 4.1 Other items 0.9 (1.7 ) 4.6 Effective tax rate (9.5 )% 30.0 % 20.5 %
Schedules of Significant Deferred Tax Assets and LiabilitiesSignificant components of the Company’s non-current deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: 2017 2016 (in millions) (As Restated) Non-current deferred tax assets (liabilities): Inventories $ 3.5 $ 7.2 Accounts receivable 0.9 1.7 Property, plant and equipment (2.4 ) (2.7 ) Intangible assets (118.0 ) (190.8 ) Deferred employee benefits 19.9 19.2 Product warranty reserves 7.5 13.3 Product liability reserves 2.2 0.9 Loss carryforwards 41.3 43.8 Deferred revenue — 1.3 Other 12.9 28.2 Non-current deferred tax liabilities (32.2 ) (77.9 ) Less valuation allowance (41.0 ) (59.9 ) Net non-current deferred tax liabilities $ (73.2 ) $ (137.8 ) Current and long-term tax assets and liabilities included in the consolidated balance sheets are comprised of the following as of December 31, 2017 and 2016 : 2017 2016 Financial Statement Line Item (in millions) (As Restated) Income taxes receivable $ 4.3 $ 2.9 Prepaids and other current assets Deferred tax assets 18.1 7.2 Other non-current assets Income taxes payable (13.9 ) (5.6 ) Accrued expenses and other liabilities Income taxes payable (12.5 ) — Other long-term liabilities Deferred tax liabilities (91.3 ) (145.0 ) Deferred income taxes
Reconciliation of Unrecognized Tax BenefitsA reconciliation of the Company's unrecognized tax benefits is as follows for the years ended December 31, 2017 , 2016 and 2015 : (in millions) 2017 2016 2015 Balance at beginning of year $ 12.5 $ 16.6 $ 16.6 Additions based on tax positions related to the current year — 0.8 0.2 Additions for tax positions of prior years 0.2 1.0 — Reductions for tax positions of prior years (0.4 ) — — Reductions for equity adjustment — (4.3 ) — Reductions for lapse of statute — (1.6 ) (0.2 ) Balance at end of year $ 12.3 $ 12.5 $ 16.6

Other Expense (Income) - Net (T

Other Expense (Income) - Net (Tables)12 Months Ended
Dec. 31, 2017
Other Income and Expenses [Abstract]
Summary of the Components of Other Operating Income (Expense)The components of "Other expense (income) — net" in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 are summarized as follows: 2017 2016 2015 (in millions) (As Restated) Gain on sale of Kysor Panel Systems (1) $ — $ — $ (9.9 ) Gain on sale of investment property — — (5.4 ) Gain on acquisition of Thailand joint venture (2) — — (4.9 ) Amortization of debt issuance costs 5.5 4.7 — Other 3.6 4.3 (1.9 ) Other expense (income) — net $ 9.1 $ 9.0 $ (22.1 ) (1) See Note 4, "Divestitures" for further discussion on the sale of Kysor Panel Systems. (2) See Note 3, "Acquisitions" for further discussion on the acquisition of the Thailand joint venture.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)12 Months Ended
Dec. 31, 2017
Equity [Abstract]
Schedule of Components Accumulated Other Comprehensive Income (Loss)The components of "Accumulated other comprehensive loss" as of December 31, 2017 and 2016 are as follows: (in millions) 2017 2016 Foreign currency translation, net of income tax benefit of $2.8 and zero, respectively $ 4.4 $ (9.8 ) Derivative instrument fair market value, net of income tax expense of $1.8 and zero, respectively 3.6 0.8 Employee pension and postretirement benefit adjustments, net of income tax benefit of $6.5 and $6.3, respectively (40.0 ) (34.4 ) $ (32.0 ) $ (43.4 ) A summary of the changes in "Accumulated other comprehensive loss," net of tax, by component for the years ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) Foreign Currency Translation (1) Gains and Losses on Cash Flow Hedges Pension & Postretirement Total Balance at December 31, 2014 $ 17.3 $ (1.0 ) $ (37.0 ) $ (20.7 ) Other comprehensive (loss) income before reclassifications (25.2 ) (6.1 ) 1.1 (30.2 ) Amounts reclassified out — 4.8 1.1 5.9 Tax effect — 0.5 — 0.5 Net current period other comprehensive (loss) income (25.2 ) (0.8 ) 2.2 (23.8 ) Balance at December 31, 2015 (7.9 ) (1.8 ) (34.8 ) (44.5 ) Other comprehensive (loss) income before reclassifications (1.9 ) 2.1 (1.5 ) (1.3 ) Amounts reclassified out — 1.5 2.5 4.0 Tax effect — (1.0 ) (0.6 ) (1.6 ) Net current period other comprehensive (loss) income (1.9 ) 2.6 0.4 1.1 Balance at December 31, 2016 (9.8 ) 0.8 (34.4 ) (43.4 ) Other comprehensive income (loss) before reclassifications 11.4 9.0 (7.8 ) 12.6 Amounts reclassified out — (4.4 ) 2.0 (2.4 ) Tax effect 2.8 (1.8 ) 0.2 1.2 Net current period other comprehensive income (loss) 14.2 2.8 (5.6 ) 11.4 Balance at December 31, 2017 $ 4.4 $ 3.6 $ (40.0 ) $ (32.0 ) (1) Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within cumulative translation does include the impact of the net investment hedge transaction. Reclassification adjustments are made to avoid double counting in comprehensive income items that are also recorded as part of net income.
Reclassification out of Accumulated Other Comprehensive IncomeA reconciliation of the reclassifications out of "Accumulated other comprehensive loss," net of tax, for the years ended December 31, 2017 , 2016 and 2015 are as follows: (in millions) 2017 2016 2015 Recognized Location Gains (losses) on cash flow hedges: Foreign currency exchange contracts $ 3.3 $ — $ (1.4 ) Cost of sales Commodity contracts 1.1 (1.5 ) (3.4 ) Cost of sales 4.4 (1.5 ) (4.8 ) Total before tax (1.6 ) 0.6 1.8 Tax (expense) benefit $ 2.8 $ (0.9 ) $ (3.0 ) Net of tax Amortization of pension and postretirement items: Actuarial losses $ (2.0 ) $ (2.5 ) $ (1.1 ) (a) (2.0 ) (2.5 ) (1.1 ) Total before tax 0.7 1.0 — Tax benefit $ (1.3 ) $ (1.5 ) $ (1.1 ) Net of tax Total reclassifications for the period $ 1.5 $ (2.4 ) $ (4.1 ) Net of tax (a) This other comprehensive income component is included in the periodic pension cost (see Note 20, "Employee Benefit Plans," for further details).

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period CostsStock-based compensation expense was recorded in the aforementioned financial statement line items for the years ended December 31, 2017 , 2016 and 2015 as follows: Years Ended December 31, (in millions) 2017 2016 2015 Stock-based compensation expense: Selling, general and administrative expenses $ 8.1 $ 4.7 $ 2.3 Separation expense 0.1 1.6 — Restructuring expense 2.9 — — Total stock-based compensation expense $ 11.1 $ 6.3 $ 2.3 Stock-based compensation expense by award type was as follows for the periods indicated: Years Ended December 31, (in millions) 2017 2016 2015 Stock-based compensation expense: Stock options $ 3.0 $ 1.2 $ 0.6 Restricted stock awards and units 3.6 3.0 1.3 Performance share units 4.5 2.1 0.4 Total stock-based compensation expense $ 11.1 $ 6.3 $ 2.3
Summary of the Company's Stock Option ActivityThe following represents stock option compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per option granted) 2017 2016 2015 Weighted average grant date fair value per option granted $ 7.86 $ 5.97 $ 10.40 Fair value of options vested 3.0 2.8 6.8 Intrinsic value of options exercised 7.5 8.5 0.1 Excess tax benefit for tax deductions related to the exercise of stock options 1.2 — — Cash received from option exercises, net of tax withholding 1.9 12.9 — Tax benefits for stock-option compensation expense 0.7 0.5 0.2 A summary of the Company's stock option activity for all holders of Welbilt stock options is as follows: (in millions, except weighted average exercise price and contractual life) Options Weighted Weighted Average Remaining Contractual Life (Years) Aggregate Options outstanding as of January 1, 2017 3.6 $ 15.62 4.5 $ 20.0 Granted 0.3 18.67 Exercised (0.6 ) 8.19 Forfeited (0.1 ) 16.54 Canceled (0.5 ) 24.34 Options outstanding as of December 31, 2017 (1) 2.7 $ 15.95 4.9 $ 22.9 Options vested and expected to vest as of December 31, 2017 (2) 2.7 $ 15.94 4.8 $ 22.5 Options exercisable as of December 31, 2017 2.2 $ 15.81 4.0 $ 18.8 (1) The outstanding stock options at December 31, 2017 have a range of exercise prices from $3.51 to $31.14 per share. (2) Number of options expected to vest is total unvested options less estimated forfeitures.
Schedule of the Assumptions Used to Estimate the Fair Value of Options GrantedThe assumptions used in the Black-Scholes option pricing model and the weighted average fair value of option awards granted were as follows for the periods indicated: Years Ended December 31, 2017 2016 2015 Expected life (years) 6.0 6.0 6.0 Risk-free interest rate 2.3 % 1.6 % 1.8 % Expected volatility 39.0 % 39.0 % 56.0 % Expected dividend yield — % — % 0.3 %
Summary of Activity for Restricted Stock Units and Performance SharesA summary of activity for all Welbilt performance share units for the year ended December 31, 2017 is as follows: (in millions, except weighted average grant date fair value) Performance Share Units Weighted Unvested as of January 1, 2017 0.5 $ 16.88 Granted 0.3 18.67 Vested (0.2 ) 20.52 Forfeited (0.1 ) 16.60 Unvested as of December 31, 2017 0.5 $ 16.87
Schedule of Restricted Stock Units CompensationThe following represents restricted stock compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2017 2016 2015 Weighted average grant date fair value per award granted $ 21.39 $ 15.25 $ 21.90 Fair value of awards vested 4.0 2.8 — Tax benefits for restricted stock compensation expense 0.8 1.2 0.5
Schedule of Performance Based Unit ProgramsAs of December 31, 2017 , the following PSU programs were in progress: Award Date PSUs Outstanding (in millions) Expected Vesting Threshold 2016 Program 0.3 125.0 % 2017 Program 0.2 100.0 % Total PSUs outstanding 0.5
Schedule of Performance Share Unit CompensationThe following represents PSU compensation information for the periods indicated: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2017 2016 2015 Weighted average grant date fair value per award granted $ 18.70 $ 14.97 $ — Fair value of awards vested 3.0 3.6 6.0 Tax benefits for PSU compensation expense 1.0 0.8 0.1

Product Warranties (Tables)

Product Warranties (Tables)12 Months Ended
Dec. 31, 2017
Guarantees [Abstract]
Summary of Warranty ActivityBelow is a table summarizing the warranty activity for the years ended December 31, 2017 and 2016 : (in millions) 2017 2016 Balance at the beginning of the period $ 36.3 $ 40.0 Accruals for warranties issued 33.3 22.1 Settlements made (in cash or in kind) (34.4 ) (25.1 ) Currency translation impact 0.8 (0.7 ) Balance at the end of the period (1) $ 36.0 $ 36.3 (1) Long-term warranty liabilities are included in "Other long-term liabilities" and totaled $11.9 million and $8.4 million at December 31, 2017 and 2016 , respectively.

Restructuring (Tables)

Restructuring (Tables)12 Months Ended
Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Rollforward of all Restructuring ActivitiesThe following is a rollforward of all restructuring activities related to the Company for the year ended December 31, 2017 and 2016 : (in millions) 2017 2016 Balance at January 1 $ 14.4 $ 16.8 Restructuring charges 10.8 2.5 Use of reserve (6.2 ) (4.9 ) Non-cash adjustment (1) (2.9 ) — Balance at December 31 $ 16.1 $ 14.4 (1) This non-cash adjustment represents the non-cash stock-based compensation expense recognized during the year ended December 31, 2017 resulting from the accelerated vesting of certain stock options, restricted stock units and performance share units upon the retirement of two executive officers and in connection with the August 2017 RIF.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]
Schedule of Components of Period Benefit CostsThe components of periodic benefit costs for the Direct Plans for the years ended December 31, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Health (in millions, except percentage data) 2017 2016 2015 2017 2016 2015 Service cost - benefits earned during the year $ — $ 0.2 $ 0.4 $ — $ — $ — Interest cost of projected benefit obligation 5.4 8.3 6.5 0.3 0.4 0.1 Expected return on assets (6.2 ) (6.2 ) (5.4 ) — — — Amortization of actuarial net loss (gain) 2.0 2.5 1.2 — — (0.1 ) Net periodic benefit cost $ 1.2 $ 4.8 $ 2.7 $ 0.3 $ 0.4 $ — Weighted average assumptions: Discount rate 3.1 % 3.9 % 3.5 % 3.5 % 3.9 % 3.7 % Expected return on plan assets 3.6 % 3.7 % 3.5 % N/A N/A N/A Rate of compensation increase — % 4.0 % 4.0 % 1.5 % 1.5 % 1.5 %
Reconciliation of the Changes in Benefit Obligation, the Changes in Plan Assets, and the Funded StatusThe following is a reconciliation of the changes in benefit obligation, the changes in plan assets and the funded status of the Direct Plans as of December 31, 2017 and 2016 : Pension Plans Postretirement (in millions, except percentage data) 2017 2016 2017 2016 Change in Benefit Obligation Benefit obligation, beginning of year $ 203.9 $ 177.2 $ 9.0 $ 3.2 Service cost — 0.2 — — Interest cost 5.4 8.3 0.3 0.4 Participant contributions — — 0.6 0.4 Plan combinations — 55.6 — 6.8 Actuarial loss 7.7 4.1 1.7 — Currency translation adjustment 13.8 (29.3 ) 0.1 — Benefits paid (14.0 ) (12.2 ) (1.6 ) (1.8 ) Benefit obligation, end of year $ 216.8 $ 203.9 $ 10.1 $ 9.0 Change in Plan Assets Fair value of plan assets, beginning of year $ 163.8 $ 147.9 $ — $ — Actual return on plan assets 9.2 14.1 — — Employer contributions 5.4 6.1 1.0 1.4 Participant contributions — — 0.6 0.4 Plan combinations — 34.1 — — Currency translation adjustment 12.3 (26.2 ) — — Benefits paid (14.0 ) (12.2 ) (1.6 ) (1.8 ) Fair value of plan assets, end of year $ 176.7 $ 163.8 $ — $ — Unfunded status (1) $ (40.1 ) $ (40.1 ) $ (10.1 ) $ (9.0 ) Weighted-Average Assumptions Discount rate 2.8 % 3.1 % 3.2 % 3.5 % Rate of compensation increase — % — % 1.5 % 1.5 % (1) As of December 31, 2017 and 2016, the short-term portion of the pension obligation totaled $0.7 million and $0.7 million , respectively and postretirement health and other benefit obligation totaled $1.2 million , and $1.0 million , respectively. These short-term obligations are included in "Accrued expenses and other liabilities."
Amounts Recognized in Accumulated Other Comprehensive IncomeAmounts recognized in "Accumulated other comprehensive loss" as of December 31, 2017 and 2016 , consist of the following: Pension Plans Postretirement (in millions) 2017 2016 2017 2016 Net actuarial loss $ (44.3 ) $ (40.5 ) $ (2.2 ) $ (0.5 ) Total amount recognized $ (44.3 ) $ (40.5 ) $ (2.2 ) $ (0.5 )
Summary of the Sensitivity of Retirement Obligations and Retirement Benefit Costs of Plans to Changes in the Key AssumptionsThe following table summarizes the sensitivity of our December 31, 2017 retirement obligations and 2017 retirement benefit costs of our plans to changes in the key assumptions used to determine those results (in millions): Change in assumption: Estimated increase Estimated increase Estimated increase Estimated increase 0.5% increase in discount rate $ (0.5 ) $ (14.6 ) $ — $ (0.3 ) 0.5% decrease in discount rate 0.5 16.0 — 0.3 0.5% increase in long-term return on assets (0.9 ) N/A N/A N/A 0.5% decrease in long-term return on assets 0.9 N/A N/A N/A 1% increase in medical trend rates N/A N/A 0.1 0.6 1% decrease in medical trend rates N/A N/A (0.1 ) (0.5 )
Schedule of the Weighted-Average Asset Allocations of the Pension PlansThe weighted-average asset allocations of the pension plans at December 31, 2017 and 2016 , by asset category are as follows: 2017 2016 Equity securities 17.6 % 20.8 % Debt securities 34.6 % 34.5 % Other 47.8 % 44.7 % 100.0 % 100.0 %
Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset ClassThe actual allocations for the pension assets at December 31, 2017 , and target allocations by asset class, are as follows: Target Allocations Weighted Average Asset Allocations Equity securities 20.4 % 17.6 % Debt securities 36.2 % 34.6 % Other 43.4 % 47.8 %
Schedule of Plan Assets Using the Fair Value HierarchyThe following table presents the Company's plan assets using the fair value hierarchy as of December 31, 2017 and 2016 . 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, 2017 Assets (in millions) Quoted Prices in Significant Other Unobservable Total Cash and cash equivalents $ 2.4 $ — $ — $ 2.4 Insurance group annuity contracts — 74.6 74.6 Common/collective trust funds — Government, corporate and other non-government debt — 63.2 — 63.2 Common/collective trust funds — Corporate equity — 30.4 — 30.4 Common/collective trust funds — Customized strategy — 6.1 — 6.1 Total $ 2.4 $ 99.7 $ 74.6 $ 176.7 December 31, 2016 Assets (in millions) Quoted Prices in Significant Other Unobservable Total Cash and cash equivalents $ 1.0 $ — $ — $ 1.0 Insurance group annuity contracts — — 72.2 72.2 Common/collective trust funds — Government, corporate and other non-government debt — 51.6 — 51.6 Common/collective trust funds — Corporate equity — 34.1 — 34.1 Common/collective trust funds — Customized strategy — 4.9 — 4.9 Total $ 1.0 $ 90.6 $ 72.2 $ 163.8
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 YearA 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 (in millions) 2017 2016 Beginning Balance $ 72.2 $ 89.9 Actual return on assets — 2.5 Benefit payments (4.6 ) (4.8 ) Foreign currency impact 7.0 (15.4 ) Ending Balance $ 74.6 $ 72.2
Schedule of Projected Benefit Payments from the PlansProjected benefit payments from the plans as of December 31, 2017 are estimated as follows: (in millions) Pension Plans Postretirement 2018 $ 10.9 $ 1.3 2019 11.0 1.3 2020 11.2 1.2 2021 11.2 1.2 2022 11.2 1.2 2023-2027 54.7 3.4
Fair Value of Plan Assets for Which the Accumulated Benefit Obligation is in Excess of the Plan AssetsThe fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2017 and 2016 is as follows: Pension Plans (in millions) 2017 2016 Projected benefit obligation $ 216.8 $ 203.9 Accumulated benefit obligation 216.8 203.9 Fair value of plan assets 176.7 163.8

Leases (Tables)

Leases (Tables)12 Months Ended
Dec. 31, 2017
Leases [Abstract]
Future Minimum Rental Obligations Under Non-Cancelable Operating LeasesFuture minimum rental obligations under non-cancelable operating leases as of December 31, 2017 are payable as follows: (in millions) Year ending December 31: 2018 $ 13.3 2019 11.2 2020 7.6 2021 5.1 2022 3.4 Thereafter 2.9 $ 43.5

Business Segments (Tables)

Business Segments (Tables)12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Financial Information Relating to the Company's Reportable SegmentsFinancial information relating to the Company's reportable segments as of and for the years ended December 31, 2017 , 2016 and 2015 respectively is as follows: Years Ended December 31, 2017 2016 2015 (in millions, except percentage data) (As Restated) Net sales: Americas $ 1,166.8 $ 1,186.1 $ 1,323.7 EMEA 296.5 287.6 281.6 APAC 190.2 190.9 191.1 Elimination of intersegment sales (208.1 ) (208.5 ) (226.3 ) Total net sales $ 1,445.4 $ 1,456.1 $ 1,570.1 Segment Adjusted Operating EBITDA: Americas $ 240.7 $ 233.6 $ 215.6 EMEA 55.2 44.3 27.0 APAC 22.7 24.7 25.3 Total Segment Adjusted Operating EBITDA 318.6 302.6 267.9 Corporate and unallocated (43.2 ) (42.6 ) (38.2 ) Amortization expense (31.2 ) (31.2 ) (31.4 ) Depreciation expense (16.7 ) (17.3 ) (19.6 ) Separation expense (1.6 ) (6.5 ) (4.3 ) Restructuring expense (10.8 ) (2.5 ) (4.6 ) Gain (loss) from impairment or disposal of assets — net 4.0 (3.3 ) (9.9 ) Earnings from operations 219.1 199.2 159.9 Interest expense (86.9 ) (85.2 ) (1.4 ) Interest (expense) income on notes with MTW — net — (0.1 ) 15.8 Loss on early extinguishment of debt (1.7 ) (2.7 ) — Other (expense) income — net (9.1 ) (9.0 ) 22.1 Earnings before income taxes $ 121.4 $ 102.2 $ 196.4 Adjusted Operating EBITDA % by segment (1) : Americas 20.6 % 19.7 % 16.3 % EMEA 18.6 % 15.4 % 9.6 % APAC 11.9 % 12.9 % 13.2 % (1) Adjusted Operating EBITDA % in the section above is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales for each respective segment. Capital expenditures: Americas $ 17.2 $ 12.4 $ 8.4 EMEA 2.0 0.9 1.5 APAC 1.0 1.8 1.4 Corporate 0.5 0.9 1.9 Total capital expenditures $ 20.7 $ 16.0 $ 13.2 Depreciation: Americas $ 11.5 $ 12.1 $ 14.3 EMEA 2.4 2.5 2.6 APAC 1.9 2.0 2.1 Corporate 0.9 0.7 0.6 Total depreciation $ 16.7 $ 17.3 $ 19.6 As of December 31, 2017 and December 31, 2016 , total assets by reportable segment are as follows: (in millions) 2017 2016 Total assets by segment: Americas $ 1,445.6 $ 1,463.7 EMEA 112.1 102.6 APAC 128.7 110.8 Corporate 154.0 92.0 Total assets $ 1,840.4 $ 1,769.1
Net Sales by Product ClassNet sales by product class for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 (in millions) (As Restated) Commercial foodservice whole goods $ 1,173.3 $ 1,191.0 $ 1,277.2 Aftermarket parts and support 272.1 265.1 292.9 Total net sales $ 1,445.4 $ 1,456.1 $ 1,570.1
Schedule of Net Sales from Continuing Operations and Long-Lived Asset Information by Geographic AreaNet sales information by geographic area for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 (in millions) (As Restated) Net sales by geographic area (1) : United States $ 945.6 $ 945.2 $ 1,066.7 Other Americas 95.0 104.3 106.6 EMEA 239.2 242.0 237.2 APAC 165.6 164.6 159.6 Total net sales by geographic area $ 1,445.4 $ 1,456.1 $ 1,570.1 (1) Net sales in the section above are attributed to geographic regions based on location of customer. As of December 31, 2017 and December 31, 2016 , "Property, plant and equipment - net" information by geographic area is as follows: (in millions) 2017 2016 Property, plant and equipment - net by geographic area: United States $ 68.1 $ 68.1 Other Americas 19.5 17.1 EMEA 11.6 10.8 APAC 13.0 13.1 Total property, plant, equipment - net by geographic area $ 112.2 $ 109.1

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial DataThe following table presents financial data for each quarter in 2017 and 2016 : 2017 (in millions, except per share data) First Second Third Fourth Net sales $ 328.0 $ 371.1 $ 380.4 $ 365.9 Gross profit 123.0 137.2 143.9 132.8 Net earnings 6.9 28.4 30.7 66.9 Per share data Earnings per share — Basic $ 0.05 $ 0.20 $ 0.22 $ 0.48 Earnings per share — Diluted $ 0.05 $ 0.20 $ 0.22 $ 0.47 2016 (in millions, except per share data) First Second Third Fourth Net sales $ 325.5 $ 368.4 $ 384.0 $ 378.2 Gross profit 117.6 134.7 142.0 139.5 Net earnings 14.6 14.2 23.1 19.6 Per share data (1) Earnings per share — Basic $ 0.11 $ 0.10 $ 0.17 $ 0.14 Earnings per share — Diluted $ 0.11 $ 0.10 $ 0.17 $ 0.14 (1) On March 4, 2016, MTW distributed 137.0 million shares of the Company's common stock to MTW shareholders in connection with the Spin-Off. See Note 25, "Earnings Per Share," for more information. Basic and diluted earnings per share and the average number of common shares outstanding were retrospectively restated for the number of the Company's shares outstanding immediately following this transaction.
Schedule of Revision of Previously Issued Consolidated Financial StatementsThe effects of correcting the errors in the 2017 revision and the 2016 restatement on the line items within the Company's consolidated balance sheets as of December 31, 2017 and 2016 are as follows: December 31, 2017 December 31, 2016 (in millions) As Reported Adjustment As Revised As Reported Adjustment As Restated Accrued expenses and other liabilities $ 161.7 $ 7.8 $ 169.5 $ 174.5 $ 3.1 $ 177.6 Total current liabilities 290.1 7.8 297.9 313.1 3.1 316.2 Long-term debt and capital leases 1,232.2 — 1,232.2 1,278.7 2.6 1,281.3 Deferred income taxes (1) 92.3 (1.0 ) 91.3 137.8 7.2 145.0 Total non-current liabilities 1,439.9 (1.0 ) 1,438.9 1,499.5 9.8 1,509.3 Additional paid-in capital (deficit) (63.3 ) 8.6 (54.7 ) (72.0 ) 1.4 (70.6 ) Retained earnings 204.5 (15.4 ) 189.1 70.5 (14.3 ) 56.2 Total equity (deficit) 110.4 (6.8 ) 103.6 (43.5 ) (12.9 ) (56.4 ) (1) In 2017, the income tax error related to a valuation allowance. The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Loss on early extinguishment of debt $ 4.4 $ (2.7 ) $ 1.7 Other expense (income) — net 9.0 0.1 9.1 Earnings before income taxes 118.8 2.6 121.4 Income taxes (15.2 ) 3.7 (11.5 ) Net earnings 134.0 (1.1 ) 132.9 Per share data Earnings per share — Basic $ 0.96 $ — $ 0.96 Earnings per share — Diluted $ 0.95 $ (0.01 ) $ 0.94 Year Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Restated Net sales $ 1,456.6 $ (0.5 ) $ 1,456.1 Cost of sales 923.8 (1.5 ) 922.3 Gross profit 532.8 1.0 533.8 Selling, general and administrative expenses 290.1 1.0 291.1 Loss on early extinguishment of debt — 2.7 2.7 Other expense (income) — net 9.1 (0.1 ) 9.0 Earnings before income taxes 104.8 (2.6 ) 102.2 Income taxes 25.3 5.4 30.7 Net earnings 79.5 (8.0 ) 71.5 Per share data Earnings per share — Basic $ 0.58 $ (0.06 ) $ 0.52 Earnings per share — Diluted $ 0.57 $ (0.06 ) $ 0.51 Year Ended December 31, 2015 (in millions, except per share data) As Reported Adjustment As Revised Income taxes $ 39.3 $ 1.0 $ 40.3 Net earnings 157.1 (1.0 ) 156.1 Per share data Earnings per share — Basic $ 1.15 $ (0.01 ) $ 1.14 Earnings per share — Diluted $ 1.15 $ (0.01 ) $ 1.14 The effects of correcting the errors in the restatement and revision on the respective line items within the Company's consolidated statements of comprehensive income for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Comprehensive income 145.4 (1.1 ) 144.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Comprehensive income 80.6 (8.0 ) 72.6 Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Comprehensive income 133.3 (1.0 ) 132.3 The effects of correcting the errors in the restatement and revision on the respective line items within the Company’s consolidated statements of equity for the years ended December 31, 2017, 2016 and 2015 are as follows: (in millions) As Reported Adjustment As Revised Balance at December 31, 2014 Net Parent Company Investment $ 1,272.1 $ 3.9 $ 1,276.0 Total Equity 1,251.4 3.9 1,255.3 Net earnings 157.1 (1.0 ) 156.1 Total Equity balance at December 31, 2015 1,208.7 2.9 1,211.6 (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2015 Net Parent Company Investment (As Revised) $ 1,253.2 $ 2.9 $ 1,256.1 Total Equity (As Revised) 1,208.7 2.9 1,211.6 Net earnings (As Restated) 79.5 (8.0 ) 71.5 Adjustments in connection with the Spin-Off (As Restated) 7.7 (7.8 ) (0.1 ) Total Equity balance at December 31, 2016 (As Restated) (43.5 ) (12.9 ) (56.4 ) (in millions) As Reported Adjustment As Restated / Revised Balance at December 31, 2016 Additional Paid-In Capital (Deficit) (As Restated) $ (72.0 ) $ 1.4 $ (70.6 ) Retained Earnings (As Restated) 70.5 (14.3 ) 56.2 Total Equity (Deficit) (As Restated) (43.5 ) (12.9 ) (56.4 ) Net earnings (As Revised) 134.0 (1.1 ) 132.9 Total Equity balance at December 31, 2017 (As Revised) 110.4 (6.8 ) 103.6 (in millions) As Reported Adjustment As Revised Balance at December 31, 2017 Additional Paid-In Capital (Deficit) $ (63.3 ) $ 8.6 $ (54.7 ) Retained Earnings 204.5 (15.4 ) 189.1 The effects of correcting the errors in the restatement and revision on the respective line items within the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 are as follows: Year Ended December 31, 2017 (in millions) As Reported Adjustment As Revised Net earnings $ 134.0 $ (1.1 ) $ 132.9 Amortization of debt issuance costs 5.4 0.1 5.5 Loss on early extinguishment of debt 4.4 (2.7 ) 1.7 Deferred income taxes (63.3 ) (1.0 ) (64.3 ) Other current and long-term liabilities 1.6 4.7 6.3 Year Ended December 31, 2016 (in millions) As Reported Adjustment As Restated Net earnings $ 79.5 $ (8.0 ) $ 71.5 Amortization of debt issuance costs 4.8 (0.1 ) 4.7 Loss on early extinguishment of debt — 2.7 2.7 Deferred income taxes (9.9 ) 2.3 (7.6 ) Other current and long-term liabilities 27.8 1.6 29.4 Net cash provided by operating activities 125.8 (1.5 ) 124.3 Net transactions with MTW (6.1 ) 1.5 (4.6 ) Net cash used in financing activities (82.7 ) 1.5 (81.2 ) Year Ended December 31, 2015 (in millions) As Reported Adjustment As Revised Net earnings $ 157.1 $ (1.0 ) $ 156.1 Deferred income taxes (30.0 ) 1.0 (29.0 ) The effect of the restatement and revision discussed within Note 1, "Business and Organization" on the 2017 and 2016 unaudited quarterly financial data is as follows: Three Months Ended March 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 5.0 $ 1.9 $ 6.9 Per share data Earnings per share — Basic $ 0.04 $ 0.01 $ 0.05 Earnings per share — Diluted $ 0.04 $ 0.01 $ 0.05 Three Months Ended June 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 30.1 $ (1.7 ) $ 28.4 Per share data Earnings per share — Basic $ 0.22 $ (0.02 ) $ 0.20 Earnings per share — Diluted $ 0.21 $ (0.01 ) $ 0.20 Three Months Ended September 30, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 33.1 $ (2.4 ) $ 30.7 Per share data Earnings per share — Basic $ 0.24 $ (0.02 ) $ 0.22 Earnings per share — Diluted $ 0.24 $ (0.02 ) $ 0.22 Three Months Ended December 31, 2017 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 65.8 $ 1.1 $ 66.9 Per share data Earnings per share — Basic $ 0.47 $ 0.01 $ 0.48 Earnings per share — Diluted $ 0.47 $ — $ 0.47 Three Months Ended March 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 18.1 $ (3.5 ) $ 14.6 Per share data Earnings per share — Basic $ 0.13 $ (0.02 ) $ 0.11 Earnings per share — Diluted $ 0.13 $ (0.02 ) $ 0.11 Three Months Ended June 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 15.1 $ (0.9 ) $ 14.2 Per share data Earnings per share — Basic $ 0.11 $ (0.01 ) $ 0.10 Earnings per share — Diluted $ 0.11 $ (0.01 ) $ 0.10 Three Months Ended September 30, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net earnings $ 24.9 $ (1.8 ) $ 23.1 Per share data Earnings per share — Basic $ 0.18 $ (0.01 ) $ 0.17 Earnings per share — Diluted $ 0.18 $ (0.01 ) $ 0.17 Three Months Ended December 31, 2016 (in millions, except per share data) As Reported Adjustment As Revised Net sales $ 378.7 $ (0.5 ) $ 378.2 Gross profit 138.5 1.0 139.5 Net earnings 21.4 (1.8 ) 19.6 Per share data Earnings per share — Basic $ 0.15 $ (0.01 ) $ 0.14 Earnings per share — Diluted $ 0.15 $ (0.01 ) $ 0.14

Earnings Per Share (Tables)

Earnings Per Share (Tables)12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator used to Compute Basic and Diluted EPSThe following is a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share for the periods presented: Year Ended December 31, 2017 2016 2015 (in millions, except share and per share data) (As Restated) Net earnings $ 132.9 $ 71.5 $ 156.1 Basic weighted average common shares outstanding 138,995,541 137,906,284 137,016,712 Effect of dilutive securities: Stock options 840,820 945,140 — Unvested restricted stock 610,148 626,144 — Unvested performance share units 260,583 236,552 — Effect of dilutive securities 1,711,551 1,807,836 — Diluted weighted average common shares outstanding 140,707,092 139,714,120 137,016,712 Basic earnings per share $ 0.96 $ 0.52 $ 1.14 Diluted earnings per share $ 0.94 $ 0.51 $ 1.14

Subsidiary Guarantors of Seni_2

Subsidiary Guarantors of Senior Notes due 2024 (Tables)12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Statement of Operations(in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Net sales $ — $ 1,069.5 $ 782.2 $ (395.6 ) $ 1,456.1 Cost of sales 3.4 774.4 540.1 (395.6 ) 922.3 Gross profit (3.4 ) 295.1 242.1 — 533.8 Selling, general and administrative expenses 35.5 153.9 101.7 — 291.1 Amortization expense — 28.4 2.8 — 31.2 Separation expense 6.3 — 0.2 — 6.5 Restructuring expense — 1.6 0.9 — 2.5 Loss from impairment or disposal of assets — net — 2.9 0.4 — 3.3 (Loss) earnings from operations (45.2 ) 108.3 136.1 — 199.2 Interest expense 82.2 1.2 1.8 — 85.2 Interest expense on notes with MTW — net — — 0.1 — 0.1 Loss on early extinguishment of debt 2.7 — — — 2.7 Other (income) expense — net (5.7 ) 16.0 (1.3 ) — 9.0 Equity in earnings (loss) of subsidiaries 194.1 115.4 — (309.5 ) — Earnings (loss) before income taxes 69.7 206.5 135.5 (309.5 ) 102.2 Income taxes (1.8 ) 12.4 20.1 — 30.7 Net earnings (loss) $ 71.5 $ 194.1 $ 115.4 $ (309.5 ) $ 71.5 Total other comprehensive income (loss), net of tax 1.1 3.0 7.3 (10.3 ) 1.1 Comprehensive income (loss) $ 72.6 $ 197.1 $ 122.7 $ (319.8 ) $ 72.6 WELBILT, INC. Consolidating Statement of Operations For the year ended December 31, 2015 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Net sales $ — $ 1,109.8 $ 809.9 $ (349.6 ) $ 1,570.1 Cost of sales 0.1 803.6 614.3 (349.6 ) 1,068.4 Gross profit (0.1 ) 306.2 195.6 — 501.7 Selling, general and administrative expenses 32.2 144.6 114.8 — 291.6 Amortization expense — 28.5 2.9 — 31.4 Separation expense (income) 4.4 0.1 (0.2 ) — 4.3 Restructuring expense — 1.9 2.7 — 4.6 Loss from impairment or disposal of assets — net — 8.4 1.5 9.9 (Loss) earnings from operations (36.7 ) 122.7 73.9 — 159.9 Interest expense — 1.2 0.2 — 1.4 Interest income on notes with MTW — net — (14.9 ) (0.9 ) — (15.8 ) Other (income) expense — net (78.6 ) 77.8 (21.3 ) — (22.1 ) Equity in earnings (loss) of subsidiaries 122.2 77.9 — (200.1 ) — Earnings (loss) before income taxes 164.1 136.5 95.9 (200.1 ) 196.4 Income taxes 8.0 14.3 18.0 — 40.3 Net earnings (loss) $ 156.1 $ 122.2 $ 77.9 $ (200.1 ) $ 156.1 Total other comprehensive (loss) income, net of tax (23.8 ) (27.7 ) (26.9 ) 54.6 (23.8 ) Comprehensive income (loss) $ 132.3 $ 94.5 $ 51.0 $ (145.5 ) $ 132.3
Condensed Consolidating Balance Sheet(in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ 0.4 $ 2.3 $ 51.1 $ — $ 53.8 Restricted cash — — 6.4 — 6.4 Accounts receivable — net 0.5 — 86.1 (4.9 ) 81.7 Inventories — net — 74.3 71.3 — 145.6 Prepaids and other current assets 0.9 4.5 8.5 — 13.9 Current assets held for sale — 2.3 4.5 — 6.8 Total current assets 1.8 83.4 227.9 (4.9 ) 308.2 Property, plant and equipment — net 1.2 67.9 40.0 — 109.1 Goodwill — 832.4 12.9 — 845.3 Other intangible assets — net — 423.5 60.9 — 484.4 Intercompany long-term note receivable — 20.0 — (20.0 ) — Due from affiliates — 3,089.4 — (3,089.4 ) — Investment in subsidiaries 3,776.8 — — (3,776.8 ) — Other non-current assets 2.7 5.1 19.7 (5.4 ) 22.1 Total assets $ 3,782.5 $ 4,521.7 $ 361.4 $ (6,896.5 ) $ 1,769.1 Liabilities and equity Current liabilities: Accounts payable $ 0.1 $ 64.6 $ 48.6 $ (4.9 ) $ 108.4 Accrued expenses and other liabilities 13.7 102.9 61.0 — 177.6 Current portion of capital leases — 0.5 1.1 — 1.6 Product warranties — 18.4 9.5 — 27.9 Current liabilities held for sale — — 0.7 — 0.7 Total current liabilities 13.8 186.4 120.9 (4.9 ) 316.2 Long-term debt and capital leases 1,279.6 1.7 — — 1,281.3 Deferred income taxes 127.7 — 17.3 — 145.0 Pension and postretirement health obligations 47.9 4.9 — (5.4 ) 47.4 Intercompany long-term note payable 15.7 — 4.3 (20.0 ) — Due to affiliates 2,344.8 — 744.6 (3,089.4 ) — Investment in subsidiaries — 526.3 — (526.3 ) — Other long-term liabilities 9.4 25.6 0.6 — 35.6 Total non-current liabilities 3,825.1 558.5 766.8 (3,641.1 ) 1,509.3 Total (deficit) equity: Total (deficit) equity (56.4 ) 3,776.8 (526.3 ) (3,250.5 ) (56.4 ) Total liabilities and equity $ 3,782.5 $ 4,521.7 $ 361.4 $ (6,896.5 ) $ 1,769.1
Condensed Consolidating Statement of Cash FlowsWELBILT, INC. Consolidating Statement of Cash Flows For the year ended December 31, 2017 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash (used in) provided by operating activities $ (96.7 ) $ 169.3 $ 66.0 $ (0.8 ) $ 137.8 Cash flows from investing activities Capital expenditures (0.5 ) (12.5 ) (7.7 ) — (20.7 ) Proceeds from sale of property, plant and equipment — 6.0 6.3 — 12.3 Changes in restricted cash — — 6.2 — 6.2 Acquisition of intangible assets — (1.2 ) — — (1.2 ) Intercompany investment — (163.4 ) 6.8 156.6 — Net cash (used in) provided by investing activities (0.5 ) (171.1 ) 11.6 156.6 (3.4 ) Cash flows from financing activities Proceeds from long-term debt and capital leases 155.0 — — — 155.0 Repayments on long-term debt and capital leases (203.4 ) (0.5 ) (0.2 ) — (204.1 ) Proceeds from short-term borrowings — — 4.0 — 4.0 Repayment of short-term borrowings — — (4.0 ) — (4.0 ) Debt issuance costs (2.0 ) — — — (2.0 ) Exercises of stock options 4.8 — — — 4.8 Payments on tax withholdings for equity awards (5.4 ) — — — (5.4 ) Intercompany financing 156.6 — (156.6 ) — Net cash provided by (used in) financing activities 105.6 (0.5 ) (0.2 ) (156.6 ) (51.7 ) Effect of exchange rate changes on cash — — (8.1 ) — (8.1 ) Net increase in cash and cash equivalents 8.4 (2.3 ) 69.3 (0.8 ) 74.6 Balance at beginning of period 0.4 2.3 51.1 — 53.8 Balance at end of period $ 8.8 $ — $ 120.4 $ (0.8 ) $ 128.4 WELBILT, INC. Consolidating (Condensed) Statement of Cash Flows For the year ended December 31, 2016 (As Restated) (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash (used in) provided by operating activities $ (100.4 ) $ 84.0 $ 140.7 $ — $ 124.3 Cash flows from investing activities Capital expenditures (1.0 ) (8.0 ) (7.0 ) — (16.0 ) Changes in restricted cash — — (6.0 ) — (6.0 ) Proceeds from sale of property, plant and equipment — — 0.5 0.5 Proceeds from dispositions — — 1.1 — 1.1 Intercompany investment — (76.9 ) (106.9 ) 183.8 — Net cash (used in) provided by investing activities (1.0 ) (84.9 ) (118.3 ) 183.8 (20.4 ) Cash flows from financing activities Proceeds from long-term debt and capital leases 1,499.5 0.2 1.4 — 1,501.1 Repayments on long-term debt and capital leases (186.0 ) (0.5 ) (0.3 ) — (186.8 ) Debt issuance costs (41.3 ) — — — (41.3 ) Dividends Paid to MTW (1,362.0 ) — — — (1,362.0 ) Net Transactions with MTW (4.6 ) — — — (4.6 ) Exercises of Stock Options 16.2 — — — 16.2 Payments on tax withholdings for equity awards (3.8 ) — — — (3.8 ) Intercompany financing 183.8 — — (183.8 ) — Net cash provided by (used in) financing activities 101.8 (0.3 ) 1.1 (183.8 ) (81.2 ) Effect of exchange rate changes on cash — — (0.9 ) — (0.9 ) Net increase in cash and cash equivalents 0.4 (1.2 ) 22.6 — 21.8 Balance at beginning of period — 3.5 28.5 — 32.0 Balance at end of period $ 0.4 $ 2.3 $ 51.1 $ — $ 53.8 WELBILT, INC. Consolidating (Condensed) Statement of Cash Flows For the year ended December 31, 2015 (in millions) Parent Guarantor Non- Consolidating Adjustments Consolidated Cash flows from operating activities Net cash provided by (used in) operating activities $ 376.9 $ (137.6 ) $ (96.3 ) $ — $ 143.0 Cash flows from investing activities Capital expenditures (0.8 ) (6.5 ) (5.9 ) — (13.2 ) Changes in restricted cash — — (0.6 ) — (0.6 ) Business acquisitions, net of cash acquired — — (5.3 ) — (5.3 ) Proceeds from dispositions — 78.2 — — 78.2 Intercompany investment (193.2 ) — — 193.2 — Net cash (used in) provided by investing activities (194.0 ) 71.7 (11.8 ) 193.2 59.1 Cash flows from financing activities Proceeds from long-term debt and capital leases — 0.5 — — 0.5 Repayments on long-term debt and capital leases — (0.7 ) — — (0.7 ) Net transactions with MTW (182.9 ) — — — (182.9 ) Intercompany financing — 66.9 126.3 (193.2 ) — Net cash (used in) provided by financing activities (182.9 ) 66.7 126.3 (193.2 ) (183.1 ) Effect of exchange rate changes on cash — — (3.5 ) — (3.5 ) Net increase in cash and cash equivalents — 0.8 14.7 — 15.5 Balance at beginning of period — 2.7 13.8 — 16.5 Balance at end of period $ — $ 3.5 $ 28.5 $ — $ 32.0

Business and Organization (Deta

Business and Organization (Details)12 Months Ended
Dec. 31, 2017Dec. 31, 2017segmentJan. 29, 2015CompanyBusiness
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of independent public companies | Company2
Number of independent operating businesses | Business2
Number of regional segments3 3

Business and Organization - Rev

Business and Organization - Revisions to Previously Issued Consolidated Financial Statements (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income taxes $ (11.5) $ 30.7 $ 40.3
Loss on early extinguishment of debt(1.7)(2.7)0
Net parent company investment1,256.1 $ 1,276
Deferred income taxes91.3 145
Adjustment | Computation of Income Tax Expense
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income taxes3.7 5.4 1
Loss on early extinguishment of debt2.7 (2.7)
Net parent company investment $ 2.9 $ 3.9
Deferred income taxes $ (1) $ 7.2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Accounting Policies [Abstract]
Average collection cycle for accounts receivable (in days)60 days
Percentage of FIFO inventory92.30%91.20%
Inventory, LIFO Reserve $ 3.9 $ 3.5
Stock-based compensation expense11.1 6.3 $ 2.3
Research and development costs39.4 35.2 $ 33.2
Deferred financing fees $ 26.4 $ 33.9

Business and Organization - R_2

Business and Organization - Revisions to Balance Sheets (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016Dec. 31, 2015Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities $ 169.5 $ 177.6
Total current liabilities297.9 316.2
Long-term debt and capital leases1,232.2 1,281.3
Deferred income taxes91.3 145
Total non-current liabilities1,438.9 1,509.3
Additional paid-in capital (deficit)(54.7)(70.6)
Retained earnings189.1 56.2
Total equity (deficit)103.6 (56.4) $ 1,211.6 $ 1,255.3
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities161.7 174.5
Total current liabilities290.1 313.1
Long-term debt and capital leases1,232.2 1,278.7
Deferred income taxes92.3 137.8
Total non-current liabilities1,439.9 1,499.5
Additional paid-in capital (deficit)(63.3)(72)
Retained earnings204.5 70.5
Total equity (deficit)110.4 (43.5)1,208.7 1,251.4
Computation of Income Tax Expense | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities7.8 3.1
Total current liabilities7.8 3.1
Long-term debt and capital leases0 2.6
Deferred income taxes(1)7.2
Total non-current liabilities(1)9.8
Additional paid-in capital (deficit)8.6 1.4
Retained earnings(15.4)(14.3)
Total equity (deficit) $ (6.8) $ (12.9) $ 2.9 $ 3.9

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Details)12 Months Ended
Dec. 31, 2017
Minimum | Building and improvements
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment2 years
Minimum | Machinery, equipment and tooling
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment2 years
Minimum | Furniture and fixtures
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment3 years
Minimum | Computer hardware and software
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment2 years
Maximum | Building and improvements
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment40 years
Maximum | Machinery, equipment and tooling
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment20 years
Maximum | Furniture and fixtures
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment15 years
Maximum | Computer hardware and software
Estimated useful lives of property, plant and equipment
Useful lives property, plant and equipment7 years

Business and Organization - R_3

Business and Organization - Revisions to Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended12 Months Ended
Dec. 31, 2017Sep. 30, 2017Jun. 30, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016Jun. 30, 2016Mar. 31, 2016Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales $ 365.9 $ 380.4 $ 371.1 $ 328 $ 378.2 $ 384 $ 368.4 $ 325.5 $ 1,445.4 $ 1,456.1 $ 1,570.1
Cost of sales908.5 922.3 1,068.4
Gross profit $ 132.8 $ 143.9 $ 137.2 $ 123 $ 139.5 $ 142 $ 134.7 $ 117.6 536.9 533.8 501.7
Selling, general and administrative expenses278.2 291.1 291.6
Loss on early extinguishment of debt1.7 2.7 0
Other expense (income) — net9.1 9 (22.1)
Earnings before income taxes121.4 102.2 196.4
Income taxes(11.5)30.7 40.3
Net earnings $ 132.9 $ 71.5 $ 156.1
Earnings per share - Basic (in dollars per share) $ 0.48 $ 0.22 $ 0.20 $ 0.05 $ 0.14 $ 0.17 $ 0.10 $ 0.11 $ 0.96 $ 0.52 $ 1.14
Earnings per share - Diluted (in dollars per share)0.470.220.200.05 $ 0.14 0.170.100.11 $ 0.94 $ 0.51 $ 1.14
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales $ 378.7 $ 1,456.6
Cost of sales923.8
Gross profit $ 138.5 532.8
Selling, general and administrative expenses290.1
Loss on early extinguishment of debt $ 4.4 0
Other expense (income) — net9 (9.1)
Earnings before income taxes118.8 104.8
Income taxes(15.2)25.3 $ 39.3
Net earnings $ 134 $ 79.5 $ 157.1
Earnings per share - Basic (in dollars per share)0.470.240.220.04 $ 0.15 0.180.110.13 $ 0.96 $ 0.58 $ 1.15
Earnings per share - Diluted (in dollars per share)0.470.240.210.04 $ 0.15 0.180.110.13 $ 0.95 $ 0.57 $ 1.15
Computation of Income Tax Expense | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales $ (0.5) $ (0.5)
Cost of sales(1.5)
Gross profit $ 1 1
Selling, general and administrative expenses1
Loss on early extinguishment of debt $ (2.7)2.7
Other expense (income) — net0.1 (0.1)
Earnings before income taxes2.6 (2.6)
Income taxes3.7 5.4 $ 1
Net earnings $ (1.1) $ (8) $ (1)
Earnings per share - Basic (in dollars per share)0.01(0.02)(0.02) $ (0.01)(0.01)(0.01)(0.02) $ 0 $ (0.06) $ (0.01)
Earnings per share - Diluted (in dollars per share) $ 0 $ (0.02) $ (0.01) $ 0.01 $ (0.01) $ (0.01) $ (0.01) $ (0.02) $ (0.01) $ (0.06) $ (0.01)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Estimated Useful Lives of Other Intangible Assets (Details)12 Months Ended
Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)13 years
Engineering drawings
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)11 years
Minimum | Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)10 years
Minimum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)10 years
Maximum | Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)20 years
Maximum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)20 years

Business and Organization - R_4

Business and Organization - Revisions to Comprehensive Income Statements (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings $ 132.9 $ 71.5 $ 156.1
Comprehensive income144.3 72.6 132.3
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings134 79.5 157.1
Comprehensive income145.4 80.6 133.3
Computation of Income Tax Expense | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings(1.1)(8)(1)
Comprehensive income $ (1.1) $ (8) $ (1)

Business and Organization - R_5

Business and Organization - Revisions to Statements of Equity (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Parent Company Investment $ 1,256.1 $ 1,276
Additional Paid-In Capital (Deficit) (As Restated) $ (54.7) $ (70.6)
Retained Earnings (As Restated)189.1 56.2
Beginning balance(56.4)1,211.6 1,255.3
Net earnings132.9 71.5 156.1
Adjustments in connection with the Spin-Off (As Restated)(0.1)
Ending balance103.6 (56.4)1,211.6
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Parent Company Investment1,253.2 1,272.1
Additional Paid-In Capital (Deficit) (As Restated)(63.3)(72)
Retained Earnings (As Restated)204.5 70.5
Beginning balance(43.5)1,208.7 1,251.4
Net earnings134 79.5 157.1
Adjustments in connection with the Spin-Off (As Restated)7.7
Ending balance110.4 (43.5)1,208.7
Computation of Income Tax Expense | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Parent Company Investment2.9 $ 3.9
Additional Paid-In Capital (Deficit) (As Restated)8.6 1.4
Retained Earnings (As Restated)(15.4)(14.3)
Beginning balance(12.9)2.9 3.9
Net earnings(1.1)(8)(1)
Adjustments in connection with the Spin-Off (As Restated)(7.8)
Ending balance $ (6.8) $ (12.9) $ 2.9

Business and Organization - R_6

Business and Organization - Revisions to Statements of Cash Flows (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings $ 132.9 $ 71.5 $ 156.1
Amortization of debt issuance costs5.5 4.7 0
Loss on early extinguishment of debt1.7 2.7 0
Deferred income taxes(64.3)(7.6)(29)
Other current and long-term liabilities6.3 29.4 (5.5)
Net cash provided by operating activities137.8 124.3 143
Net transactions with MTW0 (4.6)(182.9)
Net cash used in financing activities(51.7)(81.2)(183.1)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings134 79.5 157.1
Amortization of debt issuance costs5.4 4.8
Loss on early extinguishment of debt4.4 0
Deferred income taxes(63.3)(9.9)(30)
Other current and long-term liabilities1.6 27.8
Net cash provided by operating activities125.8
Net transactions with MTW(6.1)
Net cash used in financing activities(82.7)
Computation of Income Tax Expense | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings(1.1)(8)(1)
Amortization of debt issuance costs0.1 (0.1)
Loss on early extinguishment of debt(2.7)2.7
Deferred income taxes(1)2.3 $ 1
Other current and long-term liabilities $ 4.7 1.6
Net cash provided by operating activities(1.5)
Net transactions with MTW1.5
Net cash used in financing activities $ 1.5

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in MillionsOct. 21, 2015Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Acquisitions
Business acquisitions, net of cash acquired $ 0 $ 0 $ 5.3
Gain on acquisition of Thailand joint venture (2)0 0 4.9
Goodwill846.1 845.3 $ 845.8
Purchase price allocated to intangible assets $ 461.4 $ 484.4
Wellbilt Thailand
Acquisitions
Previously held passive interest (as a percent)50.00%
Business acquisitions, net of cash acquired $ 5.3
Gain on acquisition of Thailand joint venture (2)4.9
Goodwill1.4
Purchase price allocated to intangible assets $ 4.2

Divestitures - Narrative (Detai

Divestitures - Narrative (Details) - USD ($) $ in MillionsDec. 07, 2015Jan. 31, 2017Dec. 31, 2016Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Discontinued operations
Sale price of discontinued operations $ 1.1 $ 78.2
Proceeds from dispositions $ 0 1.1 $ 78.2
Current assets held for sale $ 6.8 $ 0 6.8
Shanghai Business
Discontinued operations
Sale price of discontinued operations $ 1.1
Proceeds from dispositions1.1
Current assets held for sale2.3 2.3
Current liabilities held for sale $ 0.7 $ 0.7
Kysor Panel Systems
Discontinued operations
Sale price of discontinued operations $ 85
Proceeds from dispositions78.2
Gain on sale of business $ 9.9

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Senior Notes | Senior Notes 9.50% due 2024
Financial assets and liabilities accounted for at fair value on a recurring basis
Interest rate, stated percentage (as a percent)9.50%
Debt instrument at fair value $ 483.8 $ 496.2
Secured Debt | Term Loan B Facility
Financial assets and liabilities accounted for at fair value on a recurring basis
Debt instrument at fair value $ 818.1 $ 838.4

Fair Value of Financial Instr_4

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) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Financial assets and liabilities accounted for at fair value on a recurring basis
Total assets at fair value $ 7.4 $ 1.7
Total non-current liabilities at fair value18.9 1.1
Fair Value Measurement on Recurring Basis
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value4.5 1.5
Total non-current assets at fair value2.9 0.2
Total assets at fair value7.4 1.7
Total current liabilities at fair value1.2 1.1
Total non-current liabilities at fair value17.7
Total liabilities at fair value18.9 1.1
Fair Value Measurement on Recurring Basis | Foreign currency exchange contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.1 0.6
Total current liabilities at fair value1.1 1
Fair Value Measurement on Recurring Basis | Commodity contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.7 0.9
Total non-current assets at fair value0.6 0.2
Total current liabilities at fair value0.1 0.1
Fair Value Measurement on Recurring Basis | Interest rate swap contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.7
Total non-current assets at fair value2.3
Total non-current liabilities at fair value17.7
Fair Value Measurement on Recurring Basis | Level 1
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total non-current assets at fair value0 0
Total assets at fair value0 0
Total current liabilities at fair value0 0
Total non-current liabilities at fair value0
Total liabilities at fair value0 0
Fair Value Measurement on Recurring Basis | Level 1 | Foreign currency exchange contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total current liabilities at fair value0 0
Fair Value Measurement on Recurring Basis | Level 1 | Commodity contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total non-current assets at fair value0 0
Total current liabilities at fair value0 0
Fair Value Measurement on Recurring Basis | Level 1 | Interest rate swap contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0
Total non-current assets at fair value0
Total non-current liabilities at fair value0
Fair Value Measurement on Recurring Basis | Level 2
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value4.5 1.5
Total non-current assets at fair value2.9 0.2
Total assets at fair value7.4 1.7
Total current liabilities at fair value1.2 1.1
Total non-current liabilities at fair value17.7
Total liabilities at fair value18.9 1.1
Fair Value Measurement on Recurring Basis | Level 2 | Foreign currency exchange contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.1 0.6
Total current liabilities at fair value1.1 1
Fair Value Measurement on Recurring Basis | Level 2 | Commodity contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.7 0.9
Total non-current assets at fair value0.6 0.2
Total current liabilities at fair value0.1 0.1
Fair Value Measurement on Recurring Basis | Level 2 | Interest rate swap contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value1.7
Total non-current assets at fair value2.3
Total non-current liabilities at fair value17.7
Fair Value Measurement on Recurring Basis | Level 3
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total non-current assets at fair value0 0
Total assets at fair value0 0
Total current liabilities at fair value0 0
Total non-current liabilities at fair value0
Total liabilities at fair value0 0
Fair Value Measurement on Recurring Basis | Level 3 | Foreign currency exchange contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total current liabilities at fair value0 0
Fair Value Measurement on Recurring Basis | Level 3 | Commodity contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0 0
Total non-current assets at fair value0 0
Total current liabilities at fair value0 $ 0
Fair Value Measurement on Recurring Basis | Level 3 | Interest rate swap contracts
Financial assets and liabilities accounted for at fair value on a recurring basis
Total current assets at fair value0
Total non-current assets at fair value0
Total non-current liabilities at fair value $ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) € in MillionsOct. 03, 2017USD ($)Jun. 14, 2017USD ($)Mar. 31, 2017USD ($)swapDec. 31, 2017USD ($)Dec. 31, 2016USD ($)Dec. 31, 2015USD ($)Mar. 31, 2017EUR (€)swap
Derivative [Line Items]
Cash hedge gain to be reclassified in twelve months $ 1,600,000
Minimum length of time hedged in cash flow hedge15 months
Maximum length of time hedged in cash flow hedge36 months
Interest expense $ 86,900,000 $ 85,200,000 $ 1,400,000
Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative notional amount | € € 50
Derivative, Term of Contract3 years
Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Number of derivative instruments | swap2 2
Derivative notional amount $ 600,000,000
Company long term debt in hedge (as a percent)47.40%
Interest expense $ 300,000
Senior Notes 9.50% due 2024 | Senior Notes
Derivative [Line Items]
Interest rate, stated percentage (as a percent)9.50%
Interest Rate Swap, March 2019 | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Derivative notional amount175,000,000
Interest Rate Swap, March 2020 | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Derivative notional amount $ 425,000,000
Cash received on hedge $ 7,700,000
Interest Rate Swap, February 2024 | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Derivative notional amount $ 425,000,000 $ 425,000,000
Company long term debt in hedge (as a percent)33.60%
Hedge ineffectiveness $ 300,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Outstanding Commodity Contracts (Details)12 Months Ended
Dec. 31, 2017MMBTUTDec. 31, 2016MMBTUTDec. 31, 2015MMBTUT
Designated as Hedging Instrument | Aluminum
Derivative [Line Items]
Commodity units hedged, mass1,620 1,663 1,215
Designated as Hedging Instrument | Copper
Derivative [Line Items]
Commodity units hedged, mass667 746 472
Designated as Hedging Instrument | Natural gas
Derivative [Line Items]
Commodity units hedged, energy | MMBTU0 56,416 49,396
Designated as Hedging Instrument | Steel
Derivative [Line Items]
Commodity units hedged, mass7,713 8,663 11,073
Not Designated as Hedging Instrument | Aluminum
Derivative [Line Items]
Commodity units hedged, mass0 28 0
Not Designated as Hedging Instrument | Steel
Derivative [Line Items]
Commodity units hedged, mass0 340 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Currency Forward Contracts CAD, EUR, GBP and SGD (Details) - Designated as Hedging Instrument - Foreign currency exchange contractsDec. 31, 2017CAD ($)Dec. 31, 2017EUR (€)Dec. 31, 2017GBP (£)Dec. 31, 2017SGD ($)Dec. 31, 2016CAD ($)Dec. 31, 2016EUR (€)Dec. 31, 2016GBP (£)Dec. 31, 2016SGD ($)Dec. 31, 2015CAD ($)Dec. 31, 2015EUR (€)Dec. 31, 2015GBP (£)Dec. 31, 2015SGD ($)
Canadian Dollar
Derivative [Line Items]
Derivative notional amount $ 18,080,000 $ 26,130,000 $ 587,556
European Euro
Derivative [Line Items]
Derivative notional amount | € € 8,545,000 € 11,261,848 € 231,810
British Pound
Derivative [Line Items]
Derivative notional amount | £ £ 7,807,744 £ 4,191,763 £ 113,115
Singapore Dollar
Derivative [Line Items]
Derivative notional amount $ 1,765,000 $ 4,375,000 $ 0
Other expense — net | Canadian Dollar
Derivative [Line Items]
Derivative notional amount $ 0 $ 0 $ 1,117,850
Other expense — net | European Euro
Derivative [Line Items]
Derivative notional amount | € € 69,300,000 € 16,000,000 € 0
Other expense — net | British Pound
Derivative [Line Items]
Derivative notional amount | £ £ 14,912,019 £ 8,192,692 £ 0
Other expense — net | Singapore Dollar
Derivative [Line Items]
Derivative notional amount $ 28,127,000 $ 0 $ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Currency Forward Contracts MXN, THB and CHF (Details) - Designated as Hedging Instrument - Foreign currency exchange contractsDec. 31, 2017MXN ($)Dec. 31, 2017THB (฿)Dec. 31, 2017CHF (SFr)Dec. 31, 2016MXN ($)Dec. 31, 2016THB (฿)Dec. 31, 2016CHF (SFr)Dec. 31, 2015MXN ($)Dec. 31, 2015THB (฿)Dec. 31, 2015CHF (SFr)
Mexican Peso
Derivative [Line Items]
Derivative notional amount | $ $ 126,400,000 $ 148,200,000 $ 28,504,800
Thailand Baht
Derivative [Line Items]
Derivative notional amount | ฿ ฿ 0 ฿ 23,231,639 ฿ 0
Other expense — net | Swiss Franc
Derivative [Line Items]
Derivative notional amount | SFr SFr 4,800,000 SFr 3,150,000 SFr 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of the Effect of Derivative Instruments on the Consolidated Statement of Operations (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Derivative [Line Items]
Cost of sales $ 908.5 $ 922.3 $ 1,068.4
Interest expense86.9 85.2 1.4
Selling, general and administrative expenses278.2 291.1 291.6
Gains and Losses on Cash Flow Hedges | Net Investment Hedging
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)(7.5)0 0
Selling, general and administrative expenses0 0 0
Gains and Losses on Cash Flow Hedges | Net Investment Hedging | Interest rate swap contracts
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)(7.5)0 0
Selling, general and administrative expenses0 0 0
Gains and Losses on Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)9 2.1 (6.1)
Gains and Losses on Cash Flow Hedges | Cash Flow Hedging | Foreign currency exchange contracts
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)3.8 (0.1)(0.8)
Gains and Losses on Cash Flow Hedges | Cash Flow Hedging | Commodity contracts
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)2.4 2.2 (5.3)
Gains and Losses on Cash Flow Hedges | Cash Flow Hedging | Interest rate swap contracts
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative (effective portion, net of tax)2.8 0 0
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges
Derivative [Line Items]
Cost of sales4.4 (1.5)(4.8)
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | Foreign currency exchange contracts
Derivative [Line Items]
Cost of sales3.3 0 (1.4)
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | Commodity contracts
Derivative [Line Items]
Cost of sales1.1 (1.5)(3.4)
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | Interest rate swap contracts
Derivative [Line Items]
Interest expense0 0 0
Cost of sales | Cash Flow Hedging
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)0.2 0 0.1
Cost of sales | Cash Flow Hedging | Commodity contracts
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)0.2 0 0.1
Not Designated as Hedging Instrument
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative(6.5)0.6 (0.7)
Not Designated as Hedging Instrument | Gains and Losses on Cash Flow Hedges | Foreign currency exchange contracts
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative(6.5)(0.2)0.1
Not Designated as Hedging Instrument | Gains and Losses on Cash Flow Hedges | Commodity contracts — short-term
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative0 0.8 (0.7)
Not Designated as Hedging Instrument | Gains and Losses on Cash Flow Hedges | Commodity contracts — long-term
Derivative [Line Items]
Amount of gain (loss) recognized in income on derivative $ 0 $ 0 $ (0.1)

Derivative Financial Instrume_8

Derivative Financial Instruments - Schedule of Gain or Loss on the Hedged Items (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on hedged items $ (9) $ 0 $ 0
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on hedged items8.7 0 0
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on hedged items(9)0 0
Interest rate swap contracts | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on hedged items $ 8.7 $ 0 $ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Schedule of the Fair Value of Outstanding Derivative Contracts Recorded as Assets in the Accompanying Consolidated Balance Sheet (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Derivative [Line Items]
Total assets at fair value $ 7.4 $ 1.7
Designated as Hedging Instrument
Derivative [Line Items]
Total assets at fair value7.4 1.7
Prepaids and other current assets | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Total assets at fair value1.1 0.6
Prepaids and other current assets | Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Total assets at fair value1.7 0.9
Prepaids and other current assets | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Total assets at fair value1.7 0
Other non-current assets | Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Total assets at fair value0.6 0.2
Other non-current assets | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Total assets at fair value $ 2.3 $ 0

Derivative Financial Instrum_10

Derivative Financial Instruments - Schedule of the Fair Value of Outstanding Derivative Contracts Recorded as Liabilities in the Accompanying Consolidated Balance Sheet (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Derivative [Line Items]
Total non-current liabilities at fair value $ 18.9 $ 1.1
Designated as Hedging Instrument
Derivative [Line Items]
Total non-current liabilities at fair value18.4 0.9
Not Designated as Hedging Instrument
Derivative [Line Items]
Total non-current liabilities at fair value0.5 0.2
Accrued expenses and other liabilities | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Total non-current liabilities at fair value0.6 0.8
Accrued expenses and other liabilities | Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Total non-current liabilities at fair value0.1 0.1
Accrued expenses and other liabilities | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Total non-current liabilities at fair value0.5 0.2
Other long-term liabilities | Not Designated as Hedging Instrument | Commodity contracts
Derivative [Line Items]
Total non-current liabilities at fair value $ 17.7 $ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Inventories — gross:
Raw materials $ 73.9 $ 68.2
Work-in-process18.9 18.3
Finished goods86.9 85.1
Total inventories — gross179.7 171.6
Excess and obsolete inventory reserve(23.5)(22.5)
Net inventories at FIFO cost156.2 149.1
Excess of FIFO costs over LIFO value(3.9)(3.5)
Inventories — net $ 152.3 $ 145.6

Property, Plant and Equipment_2

Property, Plant and Equipment - Net (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Property, Plant and Equipment
Total cost $ 402.5 $ 383.6
Less accumulated depreciation(290.3)(274.5)
Property, plant and equipment — net112.2 109.1
Land
Property, Plant and Equipment
Total cost9.5 7.3
Building and improvements
Property, Plant and Equipment
Total cost88.9 91.3
Machinery, equipment and tooling
Property, Plant and Equipment
Total cost227.3 215.1
Furniture and fixtures
Property, Plant and Equipment
Total cost6 5.8
Computer hardware and software
Property, Plant and Equipment
Total cost55.1 52.9
Construction in progress
Property, Plant and Equipment
Total cost $ 15.7 $ 11.2

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Goodwill
Goodwill gross balance $ 1,361.8 $ 1,361 $ 1,361.5
Accumulated asset impairments(515.7)(515.7)(515.7)
Foreign currency impact0.8 (0.5)
Goodwill846.1 845.3 845.8
Americas
Goodwill
Goodwill gross balance1,144.8 1,144.8 1,144.8
Accumulated asset impairments(312.2)(312.2)(312.2)
Foreign currency impact0 0
Goodwill832.6 832.6 832.6
EMEA
Goodwill
Goodwill gross balance208.4 208.2 208.3
Accumulated asset impairments(203.5)(203.5)(203.5)
Foreign currency impact0.2 (0.1)
Goodwill4.9 4.7 4.8
APAC
Goodwill
Goodwill gross balance8.6 8 8.4
Accumulated asset impairments0 0 0
Foreign currency impact0.6 (0.4)
Goodwill $ 8.6 $ 8 $ 8.4

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets other than Goodwill (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Intangible asset balances by major asset class
Gross Carrying Amount $ 740.5 $ 729.9
Accumulated Amortization Amount(279.1)(245.5)
Net Book Value283.9
Net Book Value461.4 484.4
Customer relationships
Intangible asset balances by major asset class
Gross Carrying Amount415.3 415.2
Accumulated Amortization Amount(192.3)(171.4)
Net Book Value223 243.8
Patents
Intangible asset balances by major asset class
Gross Carrying Amount2.8 1.6
Accumulated Amortization Amount(1.7)(1.6)
Net Book Value1.1 0
Other intangibles
Intangible asset balances by major asset class
Gross Carrying Amount144.9 140.7
Accumulated Amortization Amount(85.1)(72.5)
Net Book Value59.8 68.2
Trademarks and tradenames
Intangible asset balances by major asset class
Net book value, indefinite intangibles $ 177.5 $ 172.4

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2017USD ($)Dec. 31, 2017Dec. 31, 2017segmentDec. 31, 2016USD ($)Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of regional segments3 3
Amortization expense $ 31.2 $ 31.2 $ 31.4
Estimated useful lives (in years)10 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)11 years
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)13 years
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)6 years

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) $ in MillionsDec. 31, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018 $ 33.7
2,019 33.4
2,020 33.2
2,021 28.8
2,022 26.7
Thereafter128.1
Net Book Value $ 283.9

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Accounts Payable [Abstract]
Trade accounts payable $ 103.6 $ 108.4
Total accounts payable103.6 108.4
Accrued Liabilities, Current [Abstract]
Interest payable7.8 15.7
Income taxes payable13.9 5.6
Employee related expenses30.8 29.8
Restructuring expenses5 3.3
Profit sharing and incentives11.5 14.2
Accrued rebates50 56
Deferred revenue - current4.2 4.4
Customer advances2.6 7.4
Product liability1.4 2.3
Miscellaneous accrued expenses42.3 38.9
Total accrued expenses and other liabilities $ 169.5 $ 177.6

Accounts Receivable Securitiz_2

Accounts Receivable Securitization (Details) $ in Millions12 Months Ended
Dec. 31, 2017USD ($)entityDec. 31, 2016USD ($)Mar. 03, 2016USD ($)
Accounts Receivable Securitization
Number of funding entities | entity2
Capacity of securitization program $ 110
Average collection cycle for accounts receivable (in days)60 days
Fair value of deferred purchase price notes $ 62.9 $ 60
Trade accounts receivable balance sold $ 99.5 $ 96.7
LIBOR
Accounts Receivable Securitization
Fixed spread (as a percent)1.25%

Debt - Narrative (Details)

Debt - Narrative (Details)Oct. 23, 2018Sep. 07, 2017USD ($)Mar. 06, 2017Mar. 03, 2016USD ($)Sep. 30, 2017USD ($)Jun. 30, 2017USD ($)Mar. 31, 2017USD ($)Dec. 31, 2016USD ($)Sep. 30, 2016USD ($)Jun. 30, 2016USD ($)Dec. 31, 2017USD ($)Dec. 31, 2016USD ($)Sep. 30, 2019Apr. 30, 2018USD ($)Feb. 02, 2018Feb. 18, 2016USD ($)
Debt Instrument [Line Items]
Other indebtedness $ 2,700,000
Loss on early extinguishment of debt $ 1,000,000 $ 500,000
Required debt repurchase price (as a percent)101.00%
Aggregate principal amount outstanding (as a percent)25.00%
Scenario, Forecast
Debt Instrument [Line Items]
Consolidated Total Leverage Ratio (less than)4
2016 Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate floor (as a percent)1.00%1.00%
2016 Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis point spread (as a percent)2.75%4.75%3.00%
2016 Credit Agreement | Alternate base rate
Debt Instrument [Line Items]
Alternate base rate (as a percent)1.00%1.00%
Senior Notes and 2016 Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount $ 975,000,000
Term loan B
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)4.90%
Debt issuance costs $ 600,000 $ 1,400,000
Loss on early extinguishment of debt $ 200,000 $ 1,400,000 $ 800,000 $ 500,000 $ 2,700,000
Repayments of debt $ 10,000,000 $ 80,000,000 $ 45,000,000 $ 25,000,000
Senior Notes 9.50% due 2024
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)9.72%
Other
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)4.17%
Senior Notes | Senior Notes 9.50% due 2024
Debt Instrument [Line Items]
Aggregate principal amount $ 425,000,000
Interest rate, stated percentage (as a percent)9.50%
Debt redemption price (as a percent)109.50%
Maximum principal amount redeemed (as a percent)35.00%
Senior Notes | Senior Notes 9.50% due 2024 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt redemption price (as a percent)100.00%
Revolving credit facility | 2016 Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis point spread (as a percent)1.50%1.50%
Revolving credit facility | 2016 Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Basis point spread (as a percent)2.75%2.75%
Revolving credit facility | Line of Credit | 2016 Credit Agreement
Debt Instrument [Line Items]
Borrowings outstanding $ 25,000,000
Remaining borrowing capacity196,400,000
Highest daily borrowings194,000,000
Average borrowing $ 124,900,000
Weighted average interest rate (as a percent)4.41%
Commitment fee (as a percent)0.25%
Maximum borrowing capacity $ 225,000,000
Increase (decrease) to interest rate (as a percent)(2500.00%)(1.75%)
Repricing premium (as a percent)1.00%
Revolving credit facility | Line of Credit | 2016 Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis point spread (as a percent)2.50%
Revolving credit facility | Line of Credit | 2016 Credit Agreement | Prime Rate
Debt Instrument [Line Items]
Basis point spread (as a percent)1.50%
Letter of Credit | Line of Credit | 2016 Credit Agreement
Debt Instrument [Line Items]
Borrowings outstanding $ 3,600,000
Maximum borrowing capacity20,000,000
Bridge Loan | Line of Credit | 2016 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity $ 40,000,000
Subsequent Event
Debt Instrument [Line Items]
Consolidated Total Leverage Ratio (less than)5.25
Quarterly decrease to consolidated leverage ratio0.25
Subsequent Event | 2016 Credit Agreement | Alternate base rate
Debt Instrument [Line Items]
Alternate base rate (as a percent)1.00%
Subsequent Event | Revolving credit facility | Line of Credit | 2016 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity $ 275,000,000

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Debt Instrument [Line Items]
Debt outstanding $ 1,267.7 $ 1,316.8
Current portion of capital leases(0.7)(1.6)
Less unamortized debt issuance costs(26.4)(33.9)
Less hedge accounting fair value adjustment(8.4)0
Long-term debt and capital leases1,232.2 1,281.3
Total outstanding debt issuance cost28.6
Debt issuance cost revolving credit facility2.2
Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding25 63.5
Term loan B
Debt Instrument [Line Items]
Debt outstanding815 825
Senior Notes 9.50% due 2024
Debt Instrument [Line Items]
Debt outstanding425 425
Capital leases
Debt Instrument [Line Items]
Debt outstanding $ 2.7 $ 3.3

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in MillionsDec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018 $ 0
2,019 0
2,020 0
2,021 25
2,022 0
Thereafter1,240
Long-term Debt $ 1,265

Debt - Current Covenant Levels

Debt - Current Covenant Levels of the Financial Covenants Under the Senior Credit Facility (Details)Feb. 02, 2018Dec. 31, 2017
March 31, 2017
Financial Covenants
Consolidated Total Leverage Ratio (less than)5.5
Actual Consolidated Total Leverage Ratio5.20
Actual Consolidated Interest Coverage Ratio2.71
March 31, 2017 | Minimum
Financial Covenants
Consolidated Interest Coverage Ratio (greater than)2.50
June 30, 2017
Financial Covenants
Consolidated Total Leverage Ratio (less than)5.25
Actual Consolidated Total Leverage Ratio5.06
Actual Consolidated Interest Coverage Ratio2.87
June 30, 2017 | Minimum
Financial Covenants
Consolidated Interest Coverage Ratio (greater than)2.50
September 30, 2017
Financial Covenants
Consolidated Total Leverage Ratio (less than)5
Actual Consolidated Total Leverage Ratio4.82
Actual Consolidated Interest Coverage Ratio3.06
September 30, 2017 | Minimum
Financial Covenants
Consolidated Interest Coverage Ratio (greater than)2.75
December 31, 2017
Financial Covenants
Consolidated Total Leverage Ratio (less than)4.75
Actual Consolidated Total Leverage Ratio4.53
Actual Consolidated Interest Coverage Ratio3.25
December 31, 2017 | Minimum
Financial Covenants
Consolidated Interest Coverage Ratio (greater than)3
Subsequent Event
Financial Covenants
Consolidated Total Leverage Ratio (less than)5.25

Debt - Schedule of Debt Redempt

Debt - Schedule of Debt Redemption Prices (Details) - Senior Notes - Senior Notes 9.50% due 202412 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]
Debt redemption price (as a percent)109.50%
2,019
Debt Instrument [Line Items]
Debt redemption price (as a percent)107.125%
2,020
Debt Instrument [Line Items]
Debt redemption price (as a percent)104.75%
2,021
Debt Instrument [Line Items]
Debt redemption price (as a percent)102.375%
2022 and thereafter
Debt Instrument [Line Items]
Debt redemption price (as a percent)100.00%

Income Taxes (As Restated) - Su

Income Taxes (As Restated) - Summary of Earnings before Income Taxes (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Income Tax Disclosure [Abstract]
Domestic $ 32.5 $ 31.5 $ 121.3
Foreign88.9 70.7 75.1
Earnings before income taxes $ 121.4 $ 102.2 $ 196.4

Income Taxes (As Restated) - Sc

Income Taxes (As Restated) - Schedule of the Components of Income Taxes (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Current:
Federal and state $ 28.2 $ 19.7 $ 51.1
Foreign24.6 18.6 18.2
Total current expense52.8 38.3 69.3
Deferred:
Federal and state(56.6)(9.2)(26.9)
Foreign(7.7)1.6 (2.1)
Total deferred benefit(64.3)(7.6)(29)
Income taxes $ (11.5) $ 30.7 $ 40.3

Income Taxes (As Restated) - Re

Income Taxes (As Restated) - Reconciliation of the U.S. Federal Statutory Income Tax Rate (Details)12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal income tax at statutory rate35.00%35.00%35.00%
State income (benefit) provision(2.60%)0.90%1.90%
Manufacturing and research incentives(1.70%)(1.90%)(1.70%)
Taxes on foreign income(3.50%)(4.80%)(9.60%)
Repatriation of foreign income - Tax Act11.10%0.00%0.00%
Change in federal income tax statutory rate - Tax Act(37.50%)0.00%0.00%
Adjustments for valuation allowances(11.20%)2.50%(13.80%)
Business divestitures0.00%0.00%4.10%
Other items0.90%(1.70%)4.60%
Effective tax rate(9.50%)30.00%20.50%

Income Taxes (As Restated) - Na

Income Taxes (As Restated) - Narrative (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Effective tax rate benefit (as a percent)(9.50%)30.00%20.50%
Income tax expense (benefit) $ (11.5) $ 30.7 $ 40.3
Domestic earnings before income taxes (as a percent)26.80%30.80%61.80%
Taxes on foreign income(3.50%)(4.80%)(9.60%)
Foreign tax rate (as a percent)25.00%
Write off of unamortized deferred tax liability $ 73.2 $ 137.8
Provisional tax benefit change in enacted rate45.5
Provisional Transition Tax obligation13.5
Provisional benefit recorded0.1
Cash and cash equivalents including restricted cash and cash equivalents of foreign entities120.4
Cash and cash equivalents and restricted cash and cash equivalents128.7
Accrued interest and penalties0.2 $ 0.1
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)(3.5)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards191.3
Operating loss carryforwards valuation allowance144.9
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards63.3
Minimum
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits that would impact the effective rate0.1
Maximum
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits that would impact the effective rate0.3
Her Majesty's Revenue and Customs (HMRC) | Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Additional deferred taxes8.6
Valuation allowance $ 36.8

Income Taxes (As Restated) - _2

Income Taxes (As Restated) - Schedule of Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Non-current deferred tax assets (liabilities):
Inventories $ 3.5 $ 7.2
Accounts receivable0.9 1.7
Property, plant and equipment(2.4)(2.7)
Intangible assets(118)(190.8)
Deferred employee benefits19.9 19.2
Product warranty reserves7.5 13.3
Product liability reserves2.2 0.9
Loss carryforwards41.3 43.8
Deferred revenue0 1.3
Other12.9 28.2
Non-current deferred tax liabilities(32.2)(77.9)
Less valuation allowance(41)(59.9)
Net non-current deferred tax liabilities(73.2)(137.8)
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred tax liabilities(91.3)(145)
Prepaids and other current assets
Components of Deferred Tax Assets and Liabilities [Abstract]
Income taxes receivable4.3 2.9
Other non-current assets
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred tax assets18.1 7.2
Accrued expenses and other liabilities
Components of Deferred Tax Assets and Liabilities [Abstract]
Income taxes payable(13.9)(5.6)
Other long-term liabilities
Components of Deferred Tax Assets and Liabilities [Abstract]
Income taxes payable(12.5)0
Deferred income taxes
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred tax liabilities $ (91.3) $ (145)

Income Taxes (As Restated) - _3

Income Taxes (As Restated) - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2014Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015Dec. 31, 2012
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year $ 12.5 $ 16.6 $ 16.6
Additions based on tax positions related to the current year0 0.8 0.2
Additions for tax positions of prior years $ 1 0.2 $ 0
Reductions for tax positions of prior years(0.4)0 $ 0
Reductions for equity adjustment $ (4.3)0 0
Reductions for lapse of statute0 (1.6)(0.2)
Balance at end of year $ 12.3 $ 12.5 $ 16.6

Other Expense (Income) - Net -

Other Expense (Income) - Net - Summary of the Components of Other Operating Income (Expense) (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Other Income and Expenses [Abstract]
Gain on sale of Kysor Panel Systems $ 0 $ 0 $ (9.9)
Gain on sale of investment property0 0 (5.4)
Gain on acquisition of Thailand joint venture0 0 (4.9)
Amortization of debt issuance costs5.5 4.7 0
Other3.6 4.3 (1.9)
Other expense (income) — net $ 9.1 $ 9 $ (22.1)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in MillionsDec. 31, 2017Dec. 31, 2016
Equity [Abstract]
Foreign currency translation, net of income tax benefit of $2.8 and zero, respectively $ 4.4 $ (9.8)
Derivative instrument fair market value, net of income tax expense of $1.8 and zero, respectively3.6 0.8
Employee pension and postretirement benefit adjustments, net of income tax benefit of $6.5 and $6.3, respectively(40)(34.4)
Accumulated other comprehensive loss(32)(43.4)
Taxes on foreign currency translation2.8 0
Taxes on derivative instruments1.8 0
Income taxes pension and postretirement benefit adjustments $ (6.5) $ (6.3)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance $ (56.4) $ 1,211.6 $ 1,255.3
Other comprehensive (loss) income before reclassifications12.6 (1.3)(30.2)
Amounts reclassified out(2.4)4 5.9
Tax effect1.2 (1.6)0.5
Total other comprehensive income (loss), net of tax11.4 1.1 (23.8)
Ending balance103.6 (56.4)1,211.6
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(9.8)(7.9)17.3
Other comprehensive (loss) income before reclassifications11.4 (1.9)(25.2)
Amounts reclassified out0 0 0
Tax effect2.8 0 0
Total other comprehensive income (loss), net of tax14.2 (1.9)(25.2)
Ending balance4.4 (9.8)(7.9)
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance0.8 (1.8)(1)
Other comprehensive (loss) income before reclassifications9 2.1 (6.1)
Amounts reclassified out(4.4)1.5 4.8
Tax effect(1.8)(1)0.5
Total other comprehensive income (loss), net of tax2.8 2.6 (0.8)
Ending balance3.6 0.8 (1.8)
Pension & Postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(34.4)(34.8)(37)
Other comprehensive (loss) income before reclassifications(7.8)(1.5)1.1
Amounts reclassified out2 2.5 1.1
Tax effect0.2 (0.6)0
Total other comprehensive income (loss), net of tax(5.6)0.4 2.2
Ending balance(40)(34.4)(34.8)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(43.4)(44.5)(20.7)
Total other comprehensive income (loss), net of tax11.4 1.1 (23.8)
Ending balance $ (32) $ (43.4) $ (44.5)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit $ 11.5 $ (30.7) $ (40.3)
Earnings from operations219.1 199.2 159.9
Total before tax2.4 (4)(5.9)
Net of tax1.5 (2.4)(4.1)
Gains and losses on cash flow hedges:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax4.4 (1.5)(4.8)
Pension & Postretirement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax(2)(2.5)(1.1)
Tax benefit0.7 1 0
Net of tax(1.3)(1.5)(1.1)
Amount Reclassified from Accumulated Other Comprehensive Income | Gains and losses on cash flow hedges:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax4.4 (1.5)(4.8)
Tax (expense) benefit(1.6)0.6 1.8
Earnings from operations2.8 (0.9)(3)
Amount Reclassified from Accumulated Other Comprehensive Income | Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax(2)(2.5)(1.1)
Foreign currency exchange contracts | Amount Reclassified from Accumulated Other Comprehensive Income | Gains and losses on cash flow hedges:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales3.3 0 (1.4)
Commodity contracts | Amount Reclassified from Accumulated Other Comprehensive Income | Gains and losses on cash flow hedges:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales $ 1.1 $ (1.5) $ (3.4)

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense $ 11.1 $ 6.3 $ 2.3
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense3 1.2 0.6
Restricted stock awards and units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense3.6 3 1.3
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense4.5 2.1 0.4
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense8.1 4.7 2.3
Separation expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense0.1 1.6 0
Restructuring expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense $ 2.9 $ 0 $ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions12 Months Ended
Dec. 31, 2017USD ($)shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense (in dollars) $ 2.4
Recognition period for unrecognized compensation expense (in years)2 years 6 months
Restricted stock awards and units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense (in dollars) $ 3.4
Recognition period for unrecognized compensation expense (in years)2 years
Unvested performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)3 years
Unrecognized compensation expense (in dollars) $ 5.5
Recognition period for unrecognized compensation expense (in years)1 year 9 months 18 days
MFS 2016 Omnibus Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under share based compensation plans (in shares) | shares13,700,000
Directors | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)10 years
Directors | Plans Prior to 2011 | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)10 years
Vesting period (in years)4 years
Aggregate grant value (as a percent)25.00%
Directors | Plans Subsequent to 2011 | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)10 years
Vesting period (in years)4 years
Aggregate grant value (as a percent)25.00%
Minimum | Unvested performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant value (as a percent)0.00%
Maximum | Unvested performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant value (as a percent)200.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Company's Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions12 Months Ended
Dec. 31, 2017Dec. 31, 2016
Options