Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-41570 | |
Entity Registrant Name | CRANE COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-2846451 | |
Entity Address, Address Line One | 100 First Stamford Place | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 363-7300 | |
Title of 12(b) Security | Common Stock, par value $1.00 | |
Trading Symbol | CR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,729,142 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001944013 | |
Current Fiscal Year End Date | --12-31 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. As used in these notes, the terms "we," "us," "our," and the "Company" mean Crane Holdings, Co., which was renamed “Crane NXT, Co.” on April 3, 2023. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation. Separation On April 3, 2023, the Company, was separated into two independent, publicly-traded companies, in a transaction in which the Company retained its Payment & Merchandising Technologies segment and spun off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to the Company’s stockholders (the “Separation”). Recent Accounting Pronouncements The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows. The accompanying Unaudited Condensed Combined Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim Unaudited Condensed Combined Financial Statements should be read in conjunction with the Combined Financial Statements and Notes to Combined Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. Crane Company (“the Business”, “we”, “us”, or “our”) is a diversified manufacturer of highly engineered industrial products. We are a combination of three businesses of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” (“Crane” or the “Parent”), and consist of three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Business has historically operated as part of Crane; consequently, stand-alone financial statements have not historically been prepared for the Business. The accompanying Unaudited Condensed Combined Financial Statements have been prepared from the Parent’s historical accounting records and are presented on a stand-alone basis as if the Business’ operations had been conducted independently from the Parent. The Unaudited Condensed Combined Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Costs for certain functions and services performed by centralized Crane organizations are directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Crane (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Crane have been deemed settled in cash by the Business to Crane in the period in which the cost was recorded in the Unaudited Condensed Combined Statements of Operations. Current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Crane in certain jurisdictions, the Business’ actual tax balances may differ from that reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded. Crane uses a centralized approach to cash management and financing its operations. Accordingly, the cash of Crane and any legal entities that participate in Crane’s centralized approach to cash management has been included in the Unaudited Condensed Combined Financial Statements. The short-term third-party borrowings included in the Unaudited Condensed Combined Financial Statements have been specifically identified as a liability of the Business. Transactions between Crane and the Business are deemed to have been settled immediately through Crane net investment. The net effect of the deemed settled transactions is reflected in the Unaudited Condensed Combined Statements of Cash Flows as “Net transfers (to) from Parent” within financing activities and in the Unaudited Condensed Combined Balance Sheets as “Crane net investment.” Other transactions, which have historically been cash-settled, are reflected in the Unaudited Condensed Combined Balance Sheets within “Accounts receivable, net” and “Accounts payable.” All intracompany accounts and transactions within the Business have been eliminated in the preparation of the Unaudited Condensed Combined Financial Statements. The Unaudited Condensed Combined Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business. All allocations and estimates in the Unaudited Condensed Combined Financial Statements are based on assumptions that management believes are reasonable. However, the Unaudited Condensed Combined Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Separation On March 30, 2022, Crane announced that its Board of Directors approved a plan to pursue a separation into two independent, publicly-traded companies in a transaction in which Crane NXT would retain its Payment & Merchandising Technologies segment and spin-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane NXT’s stockholders (the “Separation”). On April 3, 2023, Crane completed the Separation through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of Crane Company to the stockholders of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” The Distribution was effective at 5:00 p.m., Eastern Time, on April 3, 2023. As a result of the Distribution, Crane Company became an independent public company and our common stock is listed under the symbol "CR" on the New York Stock Exchange. Due to Crane Company’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to Crane NXT, Co., among other factors, Crane Company will be treated as the “accounting spinnor” and therefore will be the “accounting successor” to Crane Holdings, Co. for accounting purposes, notwithstanding the legal form of the Separation. Therefore, following the Separation, the historical consolidated financial statements of Crane Company will reflect the historical consolidated financial statements of Crane Holdings, Co. with the Payment & Merchandising Technologies segment and other distributed assets and liabilities classified as discontinued operations. Recent Accounting Pronouncements The Business considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board and determined them to be either not applicable or are not expected to have a material impact on the Business’s Unaudited Condensed Combined Statements of Operations, Balance Sheets and Cash Flows. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 513.8 | $ 538.9 |
Operating costs and expenses: | ||
Cost of sales | 307 | 347 |
Selling, general and administrative | 120.5 | 121.7 |
Operating profit | 86.3 | 70.2 |
Other (expense) income: | ||
Interest income | 0.9 | 0.3 |
Interest expense | (6.6) | (0.7) |
Miscellaneous (expense) income, net | (3.8) | 2.8 |
Total other (expense) income | (7) | 6.1 |
Income before income taxes | 79.3 | 76.3 |
Provision for income taxes | 17.5 | 22.2 |
Net income | 61.8 | 54.1 |
Crane Holdings, Co. and Subsidiaries | ||
Net sales | 842.9 | 871.5 |
Operating costs and expenses: | ||
Cost of sales | 481.3 | 526.2 |
Selling, general and administrative | 209.4 | 198.3 |
Operating profit | 152.2 | 147 |
Other (expense) income: | ||
Interest income | 1 | 0.3 |
Interest expense | (17) | (11.1) |
Miscellaneous (expense) income, net | (2.4) | 3.5 |
Total other (expense) income | (18.4) | (7.3) |
Income before income taxes | 133.8 | 139.7 |
Provision for income taxes | 28.1 | 34.7 |
Net income | $ 105.7 | $ 105 |
Earnings per share: | ||
Earnings per basic share (in dollars per share) | $ 1.87 | $ 1.84 |
Earnings per diluted share (in dollars per share) | $ 1.84 | $ 1.81 |
Average shares outstanding: | ||
Weighted Average Number of Shares Outstanding, Basic | 56.5 | 57.1 |
Weighted Average Number of Shares Outstanding, Diluted | 57.3 | 57.9 |
Dividends per share (in dollars per share) | $ 0.47 | $ 0.47 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 61.8 | $ 54.1 |
Components of other comprehensive income (loss), net of tax | ||
Currency translation adjustment | 7.6 | (5.5) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 3.6 |
Other comprehensive income (loss), net of tax | 10.8 | (1.9) |
Comprehensive income before allocation to noncontrolling interests | 72.6 | 52.2 |
Less: Noncontrolling interests in comprehensive (loss) income | (0.1) | 0.1 |
Comprehensive income | 72.7 | 52.1 |
Crane Holdings, Co. and Subsidiaries | ||
Net income | 105.7 | 105 |
Components of other comprehensive income (loss), net of tax | ||
Currency translation adjustment | 12.7 | (21.6) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.7 | 3.3 |
Other comprehensive income (loss), net of tax | 15.4 | (18.3) |
Comprehensive income before allocation to noncontrolling interests | 121.1 | 86.7 |
Less: Noncontrolling interests in comprehensive (loss) income | (0.1) | 0.1 |
Comprehensive income | $ 121.2 | $ 86.6 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 292 | $ 426.9 |
Accounts receivable, net of allowance for doubtful accounts of $16.9 as of March 31, 2023 and $14.1 as of December 31, 2022 | 315.6 | 271.4 |
Inventories, net: | ||
Finished goods | 67.3 | 57.2 |
Finished parts and subassemblies | 50.2 | 47.7 |
Work in process | 33.7 | 27.2 |
Raw materials | 182.9 | 162.1 |
Inventories, net | 334.1 | 294.2 |
Other current assets | 146.1 | 137.9 |
Total current assets | 1,087.8 | 1,130.4 |
Property, plant and equipment: | ||
Cost | 740.1 | 729.2 |
Less: accumulated depreciation | 490 | 480.9 |
Property, plant and equipment, net | 250.1 | 248.3 |
Long-term deferred tax assets | 3.1 | 3.2 |
Other assets | 127 | 120.7 |
Intangible assets, net (excluding goodwill) | 70.6 | 71.7 |
Goodwill | 693.1 | 690.9 |
Total assets | 2,231.7 | 2,265.2 |
Current liabilities: | ||
Short-term debt | 0 | 399.6 |
Accounts payable | 152.7 | 179.5 |
Accrued liabilities | 215.6 | 259.9 |
U.S. and foreign taxes on income | 12.6 | 6.8 |
Total current liabilities | 380.9 | 845.8 |
Accrued pension and postretirement benefits | 133.8 | 132 |
Long-term deferred tax liability | 47.7 | 45.5 |
Other liabilities | 106.4 | 100.2 |
Total liabilities | 668.8 | 1,123.5 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Retained earnings | 1,920.4 | 1,510 |
Accumulated other comprehensive loss | (360) | (370.9) |
Total shareholders’ equity | 1,560.4 | 1,139.1 |
Noncontrolling interests | 2.5 | 2.6 |
Total equity | 1,562.9 | 1,141.7 |
Total liabilities and equity | 2,231.7 | 2,265.2 |
Crane Holdings, Co. and Subsidiaries | ||
Current assets: | ||
Cash and cash equivalents | 510.2 | 657.6 |
Accounts receivable, net of allowance for doubtful accounts of $16.9 as of March 31, 2023 and $14.1 as of December 31, 2022 | 499.5 | 474.7 |
Inventories, net: | ||
Finished goods | 106 | 83.3 |
Finished parts and subassemblies | 74.5 | 70.7 |
Work in process | 42.3 | 39.9 |
Raw materials | 270.1 | 245.9 |
Inventories, net | 492.9 | 439.8 |
Other current assets | 193.2 | 179.8 |
Total current assets | 1,695.8 | 1,751.9 |
Property, plant and equipment: | ||
Cost | 1,268.9 | 1,250.8 |
Less: accumulated depreciation | 760.9 | 740.9 |
Property, plant and equipment, net | 508 | 509.9 |
Long-term deferred tax assets | 9.9 | 8.3 |
Other assets | 184.9 | 176 |
Intangible assets, net (excluding goodwill) | 406.5 | 416.6 |
Goodwill | 1,530.9 | 1,527.5 |
Total assets | 4,336 | 4,390.2 |
Current liabilities: | ||
Short-term debt | 308.5 | 699.3 |
Accounts payable | 247.1 | 286.6 |
Accrued liabilities | 395.9 | 464.2 |
U.S. and foreign taxes on income | 23 | 38.1 |
Total current liabilities | 974.5 | 1,488.2 |
Long-term debt | 880.7 | 543.7 |
Accrued pension and postretirement benefits | 153.9 | 153.2 |
Long-term deferred tax liability | 161.1 | 162.4 |
Other liabilities | 148.1 | 138.7 |
Total liabilities | 2,318.3 | 2,486.2 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Preferred shares, par value $0.01; 5,000,000 shares authorized | 0 | 0 |
Common shares, par value $1.00; 200,000,000 shares authorized, 72,440,983 shares issued | 72.4 | 72.4 |
Capital surplus | 376.8 | 373.8 |
Retained earnings | 2,901.9 | 2,822.8 |
Accumulated other comprehensive loss | (487.8) | (503.3) |
Treasury stock | (848.1) | (864.3) |
Total shareholders’ equity | 2,015.2 | 1,901.4 |
Noncontrolling interests | 2.5 | 2.6 |
Total equity | 2,017.7 | 1,904 |
Total liabilities and equity | $ 4,336 | $ 4,390.2 |
Share data: | ||
Common shares issued (in shares) | 72,440,983 | 72,426,389 |
Less: Common shares held in treasury (in shares) | 15,715,676 | 16,101,007 |
Common shares outstanding (in shares) | 56,725,307 | 56,325,382 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 6.8 | $ 8 |
Crane Holdings, Co. and Subsidiaries | ||
Allowance for doubtful accounts | $ 16.9 | $ 14.1 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares issued (in shares) | 72,440,983 | 72,426,389 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income | $ 61.8 | $ 54.1 |
Depreciation and amortization | 9.6 | 8.7 |
Stock-based compensation expense | 4 | 3.8 |
Defined benefit plans and postretirement cost (credit) | 5.5 | (2.7) |
Deferred income taxes | 2.4 | 5.6 |
Cash used for operating working capital | (155.2) | (134.4) |
Defined benefit plans and postretirement contributions | (0.3) | (0.8) |
Environmental payments, net of reimbursements | (1.3) | (1.3) |
Asbestos related payments, net of insurance recoveries | 0 | (7.5) |
Other | 1.9 | 0.2 |
Total used for operating activities | (71.6) | (74.3) |
Investing activities: | ||
Proceeds from disposition of capital assets | 0.1 | 0 |
Capital expenditures | (8.9) | (10.5) |
Total used for investing activities | (8.8) | (10.5) |
Financing activities: | ||
Net borrowings from issuance of commercial paper with maturities of 90 days or less | 0 | 104 |
Repayment of term loan | (400) | 0 |
Total used for financing activities | (55.9) | (85.8) |
Effect of exchange rates on cash and cash equivalents | 1.4 | (2.8) |
Decrease in cash and cash equivalents | (134.9) | (173.4) |
Cash and cash equivalents at end of period | 292 | 203.9 |
Detail of cash (used for) provided by operating working capital: | ||
Accounts receivable | (43) | (58.2) |
Inventories | (38.2) | (33.9) |
Other current assets | (11.7) | 0.9 |
Accounts payable | (27.6) | 4.5 |
Accrued liabilities | (43.9) | (64.4) |
U.S. and foreign taxes on income | 9.2 | 16.7 |
Total | (155.2) | (134.4) |
Supplemental disclosure of cash flow information: | ||
Interest paid | 7 | 0 |
Income taxes paid | 36.2 | 9.2 |
Crane Holdings, Co. and Subsidiaries | ||
Operating activities: | ||
Net income | 105.7 | 105 |
Depreciation and amortization | 28.6 | 28.6 |
Stock-based compensation expense | 6.3 | 5.9 |
Defined benefit plans and postretirement cost (credit) | 5.3 | (2.7) |
Deferred income taxes | (0.1) | (0.9) |
Cash used for operating working capital | (215) | (183.7) |
Defined benefit plans and postretirement contributions | (1.8) | (2.8) |
Environmental payments, net of reimbursements | (1.3) | (1.3) |
Asbestos related payments, net of insurance recoveries | 0 | (7.5) |
Other | 1.5 | 3.9 |
Total used for operating activities | (70.8) | (55.5) |
Investing activities: | ||
Proceeds from disposition of capital assets | 0.1 | 0 |
Capital expenditures | (12.9) | (13) |
Total used for investing activities | (12.8) | (13) |
Financing activities: | ||
Dividends paid | (26.6) | (26.7) |
Reacquisition of shares on open market | 0 | (175.8) |
Stock options exercised, net of shares reacquired | 12.8 | 0.7 |
Debt issuance costs | (4) | 0 |
Net borrowings from issuance of commercial paper with maturities of 90 days or less | 0 | 104 |
Proceeds from term loan | 350 | 0 |
Repayment of term loan | (400) | 0 |
Total used for financing activities | (67.8) | (97.8) |
Effect of exchange rates on cash and cash equivalents | 4 | (5.1) |
Decrease in cash and cash equivalents | (147.4) | (171.4) |
Cash and cash equivalents at beginning of period | 657.6 | 478.6 |
Cash and cash equivalents at end of period | 510.2 | 307.2 |
Detail of cash (used for) provided by operating working capital: | ||
Accounts receivable | (22.4) | (52) |
Inventories | (50.3) | (35.2) |
Other current assets | (16.5) | (5.9) |
Accounts payable | (40.7) | (9.3) |
Accrued liabilities | (69.9) | (100.1) |
U.S. and foreign taxes on income | (15.2) | 18.8 |
Total | (215) | (183.7) |
Supplemental disclosure of cash flow information: | ||
Interest paid | 14.3 | 7.4 |
Income taxes paid | $ 42.3 | $ 13.7 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions | Total | Crane Holdings, Co. and Subsidiaries | Total Share- holders’ Equity | Total Share- holders’ Equity Crane Holdings, Co. and Subsidiaries | Common Shares Issued at Par Value Crane Holdings, Co. and Subsidiaries | Capital Surplus Crane Holdings, Co. and Subsidiaries | Retained Earnings Crane Holdings, Co. and Subsidiaries | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Crane Holdings, Co. and Subsidiaries | Treasury Stock Crane Holdings, Co. and Subsidiaries | Non-controlling Interest | Non-controlling Interest Crane Holdings, Co. and Subsidiaries |
Balance, beginning of period at Dec. 31, 2021 | $ 1,083.5 | $ 1,835.1 | $ 1,080.7 | $ 1,832.3 | $ 72.4 | $ 363.9 | $ 2,527.3 | $ (368.1) | $ (440.2) | $ (691.1) | $ 2.8 | $ 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 54.1 | 105 | 54.1 | 105 | 105 | |||||||
Cash dividends | (26.4) | (26.4) | (26.4) | |||||||||
Reacquisition on open market | (175.8) | (175.8) | (175.8) | |||||||||
Exercise of stock options, net of shares reacquired | 6.1 | 6.1 | 6.1 | |||||||||
Impact from settlement of share-based awards, net of shares acquired | (5.4) | (5.4) | (5.1) | (0.3) | ||||||||
Stock-based compensation expense | 3.8 | 5.9 | 3.8 | 5.9 | 5.9 | |||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.6 | 3.3 | 3.6 | 3.3 | 3.6 | 3.3 | ||||||
Currency translation adjustment | (5.5) | (21.6) | (5.6) | (21.7) | (5.6) | (21.7) | 0.1 | 0.1 | ||||
Balance, end of period at Mar. 31, 2022 | 949.7 | 1,726.2 | 946.8 | 1,723.3 | 72.4 | 364.7 | 2,605.9 | (370.1) | (458.6) | (861.1) | 2.9 | 2.9 |
Balance, beginning of period at Dec. 31, 2022 | 1,141.7 | 1,904 | 1,139.1 | 1,901.4 | 72.4 | 373.8 | 2,822.8 | (370.9) | (503.3) | (864.3) | 2.6 | 2.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 61.8 | 105.7 | 61.8 | 105.7 | 105.7 | |||||||
Cash dividends | (26.6) | (26.6) | (26.6) | |||||||||
Exercise of stock options, net of shares reacquired | 19.8 | 19.8 | 19.8 | |||||||||
Impact from settlement of share-based awards, net of shares acquired | (6.9) | (6.9) | (3.3) | (3.6) | ||||||||
Stock-based compensation expense | 4 | 6.3 | 4 | 6.3 | 6.3 | |||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 2.7 | 3.2 | 2.7 | 3.2 | 2.7 | ||||||
Currency translation adjustment | 7.6 | 12.7 | 7.7 | 12.8 | 7.7 | 12.8 | (0.1) | (0.1) | ||||
Balance, end of period at Mar. 31, 2023 | $ 1,562.9 | $ 2,017.7 | $ 1,560.4 | $ 2,015.2 | $ 72.4 | $ 376.8 | $ 2,901.9 | $ (360) | $ (487.8) | $ (848.1) | $ 2.5 | $ 2.5 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - Crane Holdings, Co. and Subsidiaries - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends per share (in dollars per share) | $ 0.47 | $ 0.47 |
Treasury stock shares acquired | 1,699,949 | |
Exercise of stock options, net of shares reacquired | 297,539 | 79,214 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 513.8 | $ 538.9 |
Operating costs and expenses: | ||
Cost of sales | 307 | 347 |
Selling, general and administrative | 120.5 | 121.7 |
Operating profit | 86.3 | 70.2 |
Other (expense) income: | ||
Interest income | 0.9 | 0.3 |
Interest expense | (6.6) | (0.7) |
Miscellaneous (expense) income, net | (3.8) | 2.8 |
Total other (expense) income | (7) | 6.1 |
Income before income taxes | 79.3 | 76.3 |
Provision for income taxes | 17.5 | 22.2 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 61.8 | 54.1 |
Affiliated Entity | ||
Other (expense) income: | ||
Related party interest income | $ 2.5 | $ 3.7 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 61.8 | $ 54.1 |
Components of other comprehensive income (loss), net of tax | ||
Currency translation adjustment | 7.6 | (5.5) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 3.6 |
Other comprehensive income (loss), net of tax | 10.8 | (1.9) |
Comprehensive income before allocation to noncontrolling interests | 72.6 | 52.2 |
Less: Noncontrolling interests in comprehensive (loss) income | (0.1) | 0.1 |
Comprehensive income | $ 72.7 | $ 52.1 |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||||
Cash and cash equivalents | $ 292 | $ 426.9 | $ 377.3 | |
Accounts receivable, net of allowance for credit losses of $6.8 as of March 31, 2023 and $8.0 as of December 31, 2022 | 315.6 | 271.4 | ||
Inventories, net: | ||||
Finished goods | 67.3 | 57.2 | ||
Finished parts and subassemblies | 50.2 | 47.7 | ||
Work in process | 33.7 | 27.2 | ||
Raw materials | 182.9 | 162.1 | ||
Inventories, net | 334.1 | 294.2 | ||
Other current assets | 146.1 | 137.9 | ||
Total current assets | 1,087.8 | 1,130.4 | ||
Property, plant and equipment: | ||||
Cost | 740.1 | 729.2 | ||
Less: accumulated depreciation | 490 | 480.9 | ||
Property, plant and equipment, net | 250.1 | 248.3 | ||
Long-term deferred tax assets | 3.1 | 3.2 | ||
Other assets | 127 | 120.7 | ||
Intangible assets, net | 70.6 | 71.7 | 78.5 | |
Goodwill | 693.1 | 690.9 | ||
Total assets | 2,231.7 | 2,265.2 | ||
Current liabilities: | ||||
Short-term borrowings | 0 | 399.6 | ||
Accounts payable | 152.7 | 179.5 | ||
Accrued liabilities | 215.6 | 259.9 | ||
U.S. and foreign taxes on income | 12.6 | 6.8 | ||
Total current liabilities | 380.9 | 845.8 | ||
Accrued pension and postretirement benefits | 133.8 | 132 | ||
Long-term deferred tax liability | 47.7 | 45.5 | ||
Other liabilities | 106.4 | 100.2 | ||
Total liabilities | 668.8 | 1,123.5 | ||
Commitments and contingencies (Note 10) | ||||
Crane net investment: | ||||
Crane net investment | 1,920.4 | 1,510 | ||
Accumulated other comprehensive loss | (360) | (370.9) | ||
Total shareholders’ equity | 1,560.4 | 1,139.1 | ||
Noncontrolling interests | 2.5 | 2.6 | ||
Total equity | 1,562.9 | 1,141.7 | $ 949.7 | $ 1,083.5 |
Total liabilities and equity | $ 2,231.7 | $ 2,265.2 |
CONDENSED CONSOLIDATED BALANC_4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6.8 | $ 8 |
CONDENSED COMBINED STATEMENTS O
CONDENSED COMBINED STATEMENTS OF CHANGES IN NET INVESTMENT (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, beginning of period | $ 1,141.7 | $ 1,083.5 |
Net income | 61.8 | 54.1 |
Stock-based compensation expense | 4 | 3.8 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 3.6 |
Currency translation adjustment | 7.6 | (5.5) |
Net transfers from (to) parent | 344.6 | (189.8) |
Balance, end of period | 1,562.9 | 949.7 |
Total Share- holders’ Equity | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, beginning of period | 1,139.1 | 1,080.7 |
Net income | 61.8 | 54.1 |
Stock-based compensation expense | 4 | 3.8 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 3.6 |
Currency translation adjustment | 7.7 | (5.6) |
Net transfers from (to) parent | 344.6 | (189.8) |
Balance, end of period | 1,560.4 | 946.8 |
Crane Net Investment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, beginning of period | 1,510 | 1,448.8 |
Net income | 61.8 | 54.1 |
Stock-based compensation expense | 4 | 3.8 |
Net transfers from (to) parent | 344.6 | (189.8) |
Balance, end of period | 1,920.4 | 1,316.9 |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, beginning of period | (370.9) | (368.1) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.2 | 3.6 |
Currency translation adjustment | 7.7 | (5.6) |
Balance, end of period | (360) | (370.1) |
Non-controlling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance, beginning of period | 2.6 | 2.8 |
Currency translation adjustment | (0.1) | 0.1 |
Balance, end of period | $ 2.5 | $ 2.9 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income | $ 61.8 | $ 54.1 |
Depreciation and amortization | 9.6 | 8.7 |
Stock-based compensation expense | 4 | 3.8 |
Defined benefit plans and postretirement cost (credit) | 5.5 | (2.7) |
Deferred income taxes | 2.4 | 5.6 |
Cash used for operating working capital | (155.2) | (134.4) |
Defined benefit plans and postretirement contributions | (0.3) | (0.8) |
Environmental payments, net of reimbursements | (1.3) | (1.3) |
Asbestos related payments, net of insurance recoveries | 0 | (7.5) |
Other | 1.9 | 0.2 |
Total used for operating activities | (71.6) | (74.3) |
Investing activities: | ||
Proceeds from disposition of capital assets | 0.1 | 0 |
Capital expenditures | (8.9) | (10.5) |
Total used for investing activities | (8.8) | (10.5) |
Financing activities: | ||
Net borrowings from issuance of commercial paper with maturities of 90 days or less | 0 | 104 |
Repayment of term loan | (400) | 0 |
Net transfers from (to) parent | 344.1 | (189.8) |
Total used for financing activities | (55.9) | (85.8) |
Effect of exchange rates on cash and cash equivalents | 1.4 | (2.8) |
Decrease in cash and cash equivalents | (134.9) | (173.4) |
Cash and cash equivalents at end of period | 292 | 203.9 |
Detail of cash (used for) provided by operating working capital: | ||
Accounts receivable | (43) | (58.2) |
Inventories | (38.2) | (33.9) |
Other current assets | (11.7) | 0.9 |
Accounts payable | (27.6) | 4.5 |
Accrued liabilities | (43.9) | (64.4) |
U.S. and foreign taxes on income | 9.2 | 16.7 |
Total | (155.2) | (134.4) |
Supplemental disclosure of cash flow information: | ||
Interest paid | 7 | 0 |
Income taxes paid | $ 36.2 | $ 9.2 |
Basis of Presentation_2
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. As used in these notes, the terms "we," "us," "our," and the "Company" mean Crane Holdings, Co., which was renamed “Crane NXT, Co.” on April 3, 2023. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation. Separation On April 3, 2023, the Company, was separated into two independent, publicly-traded companies, in a transaction in which the Company retained its Payment & Merchandising Technologies segment and spun off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to the Company’s stockholders (the “Separation”). Recent Accounting Pronouncements The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows. The accompanying Unaudited Condensed Combined Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim Unaudited Condensed Combined Financial Statements should be read in conjunction with the Combined Financial Statements and Notes to Combined Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. Crane Company (“the Business”, “we”, “us”, or “our”) is a diversified manufacturer of highly engineered industrial products. We are a combination of three businesses of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” (“Crane” or the “Parent”), and consist of three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Business has historically operated as part of Crane; consequently, stand-alone financial statements have not historically been prepared for the Business. The accompanying Unaudited Condensed Combined Financial Statements have been prepared from the Parent’s historical accounting records and are presented on a stand-alone basis as if the Business’ operations had been conducted independently from the Parent. The Unaudited Condensed Combined Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Costs for certain functions and services performed by centralized Crane organizations are directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Crane (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Crane have been deemed settled in cash by the Business to Crane in the period in which the cost was recorded in the Unaudited Condensed Combined Statements of Operations. Current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Crane in certain jurisdictions, the Business’ actual tax balances may differ from that reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded. Crane uses a centralized approach to cash management and financing its operations. Accordingly, the cash of Crane and any legal entities that participate in Crane’s centralized approach to cash management has been included in the Unaudited Condensed Combined Financial Statements. The short-term third-party borrowings included in the Unaudited Condensed Combined Financial Statements have been specifically identified as a liability of the Business. Transactions between Crane and the Business are deemed to have been settled immediately through Crane net investment. The net effect of the deemed settled transactions is reflected in the Unaudited Condensed Combined Statements of Cash Flows as “Net transfers (to) from Parent” within financing activities and in the Unaudited Condensed Combined Balance Sheets as “Crane net investment.” Other transactions, which have historically been cash-settled, are reflected in the Unaudited Condensed Combined Balance Sheets within “Accounts receivable, net” and “Accounts payable.” All intracompany accounts and transactions within the Business have been eliminated in the preparation of the Unaudited Condensed Combined Financial Statements. The Unaudited Condensed Combined Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business. All allocations and estimates in the Unaudited Condensed Combined Financial Statements are based on assumptions that management believes are reasonable. However, the Unaudited Condensed Combined Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Separation On March 30, 2022, Crane announced that its Board of Directors approved a plan to pursue a separation into two independent, publicly-traded companies in a transaction in which Crane NXT would retain its Payment & Merchandising Technologies segment and spin-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane NXT’s stockholders (the “Separation”). On April 3, 2023, Crane completed the Separation through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of Crane Company to the stockholders of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” The Distribution was effective at 5:00 p.m., Eastern Time, on April 3, 2023. As a result of the Distribution, Crane Company became an independent public company and our common stock is listed under the symbol "CR" on the New York Stock Exchange. Due to Crane Company’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to Crane NXT, Co., among other factors, Crane Company will be treated as the “accounting spinnor” and therefore will be the “accounting successor” to Crane Holdings, Co. for accounting purposes, notwithstanding the legal form of the Separation. Therefore, following the Separation, the historical consolidated financial statements of Crane Company will reflect the historical consolidated financial statements of Crane Holdings, Co. with the Payment & Merchandising Technologies segment and other distributed assets and liabilities classified as discontinued operations. Recent Accounting Pronouncements The Business considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board and determined them to be either not applicable or are not expected to have a material impact on the Business’s Unaudited Condensed Combined Statements of Operations, Balance Sheets and Cash Flows. |
Segment Results
Segment Results | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Results | Segment Results Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of March 31, 2023, we had four reportable segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs. A brief description of each of our segments as of March 31, 2023 are as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Payment & Merchandising Technologies The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency. CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Crane Currency provides advance security solutions based on proprietary micro-optic technology for the global banknote industry. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). In the second quarter of 2022, Engineered Materials segment was no longer classified as held for sale and as such, the results of Engineered Materials segment are presented as continuing operations from second quarter of 2022. This change was applied on retroactive basis. Financial information by reportable segment is set forth below. Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Payment & Merchandising Technologies 329.1 332.6 Engineered Materials 62.3 70.4 Total $ 842.9 $ 871.5 Operating profit: Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Payment & Merchandising Technologies 79.4 84.2 Engineered Materials 11.4 13.4 Corporate (39.6) (27.7) Total $ 152.2 $ 147.0 Interest income 1.0 0.3 Interest expense (17.0) (11.1) Miscellaneous (expense) income, net (2.4) 3.5 Income before income taxes $ 133.8 $ 139.7 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,064.7 Payment & Merchandising Technologies 2,103.5 2,125.9 Engineered Materials 231.2 218.6 Corporate 229.1 317.7 Total $ 4,336.0 $ 4,390.2 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Payment & Merchandising Technologies 837.8 836.6 Engineered Materials 171.3 171.3 Total $ 1,530.9 $ 1,527.5 In accordance with ASC 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a nonoperating nature, or corporate organizational and functional expenses of a governance nature. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were made to third parties at current market prices. Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs. A brief description of each of our segments are as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), and in commercial and industrial buildings applications, with some additional applications including trailers and other transportation-related products. Engineered Materials sells the majority of its products directly to RV, trailer, and truck manufacturers, and it uses distributors and retailers to serve the commercial and industrial construction markets. Financial information by reportable segment is set forth below. Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Engineered Materials 62.3 70.4 Total $ 513.8 $ 538.9 Operating profit (loss): Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Engineered Materials 11.4 13.4 Corporate (26.1) (20.3) Total $ 86.3 $ 70.2 Interest income 0.9 0.3 Interest expense (6.6) (0.7) Related party interest income 2.5 3.7 Miscellaneous (expense) income, net (3.8) 2.8 Income before income taxes $ 79.3 $ 76.3 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,065.3 Engineered Materials 231.2 218.6 Corporate 228.3 318.0 Total $ 2,231.7 $ 2,265.2 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Engineered Materials 171.3 171.3 Total $ 693.1 $ 690.9 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 223.8 $ 211.0 Banknotes and Security Products 105.3 121.6 Total Payment & Merchandising Technologies $ 329.1 $ 332.6 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 842.9 $ 871.5 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2023, total backlog was $1,580.5 million. We expect to recognize approximately 84% of our remaining performance obligations as revenue in 2023, an additional 14% in 2024 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 97.0 $ 88.6 Contract liabilities $ 150.4 $ 142.9 Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 513.8 $ 538.9 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2023, total backlog was $1,024.4 million. We expect to recognize approximately 79% of our remaining performance obligations as revenue in 2023, an additional 18% in 2024 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Unaudited Condensed Combined Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Unaudited Condensed Combined Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 62.6 $ 56.8 Contract liabilities $ 51.0 $ 49.4 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period. Three Months Ended March 31, (in millions, except per share data) 2023 2022 Net income attributable to common shareholders $ 105.7 $ 105.0 Average basic shares outstanding 56.5 57.1 Effect of dilutive share-based awards 0.8 0.8 Average diluted shares outstanding 57.3 57.9 Earnings per basic share $ 1.87 $ 1.84 Earnings per diluted share $ 1.84 $ 1.81 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (271.9) $ (231.4) $ (503.3) Other comprehensive income (loss) before reclassifications — 12.8 12.8 Amounts reclassified from accumulated other comprehensive loss 2.7 — 2.7 Net period other comprehensive income (loss) 2.7 12.8 15.5 Balance as of March 31, 2023 $ (269.2) $ (218.6) $ (487.8) a Net of tax benefit of $107.3 million and $106.6 million as of March 31, 2023 and December 31, 2022, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month ended March 31, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Net loss 3.8 4.8 Amortization of postretirement items: Prior service costs (0.2) (0.3) Net gain (0.2) — Total before tax $ 3.4 $ 4.5 Tax impact 0.7 1.2 Total reclassifications for the period $ 2.7 $ 3.3 The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Unaudited Condensed Combined Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (279.9) $ (91.0) $ (370.9) Other comprehensive income before reclassifications — 7.7 7.7 Amounts reclassified from accumulated other comprehensive loss 3.2 — 3.2 Net period other comprehensive income 3.2 7.7 10.9 Balance as of March 31, 2023 $ (276.7) $ (83.3) $ (360.0) a Net of tax benefit of $96.4 million and $95.7 million as of March 31, 2023 and December 31, 2022, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2023 and 2022. Amortization of pension components have been recorded within “Miscellaneous (expense) income, net” on our Unaudited Condensed Combined Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Prior service costs $ 0.2 $ 0.2 Net loss 3.8 4.6 Total before tax $ 4.0 $ 4.8 Tax impact 0.8 1.2 Total reclassifications for the period $ 3.2 $ 3.6 |
Defined Benefit and Postretirem
Defined Benefit and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit and Postretirement Benefits | Defined Benefit and Postretirement Benefits For all plans, the components of net periodic benefit for the three months ended March 31, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ 1.3 $ 1.3 $ — $ 0.1 Interest cost 9.5 5.2 0.2 0.2 Expected return on plan assets (12.2) (13.9) — — Amortization of prior service cost — — (0.2) (0.3) Amortization of net (gain) loss 3.8 4.8 (0.2) — Settlement loss 1.8 — — — Curtailment loss 1.1 — — — Net periodic loss (benefit) $ 5.3 $ (2.6) $ (0.2) $ — The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous (expense) income, net” in our Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Condensed Consolidated Statements of Operations. We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 20.0 $ 2.3 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ 1.5 The Business sponsors numerous single-employer international employee benefit plans. In addition, certain of our employees participate in employee benefit plans sponsored by Crane which include participants of other Crane businesses (the “Shared Plans”). We account for our participation in the Shared Plans as multiple employer benefit plans. The components of net periodic cost (benefit) for the three months ended March 31, 2023, and 2022 are as follows: Pension (in millions) 2023 2022 Service cost $ 0.9 $ 0.8 Interest cost 8.9 5.0 Expected return on plan assets (11.4) (13.2) Amortization of prior service cost 0.2 0.2 Amortization of net loss 3.8 4.6 Settlement costs 1.8 — Curtailment loss 1.1 — Net periodic cost (benefit) $ 5.3 $ (2.6) The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Unaudited Condensed Combined Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Condensed Combined Statements of Operations. We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 18.1 $ 0.5 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 21.0% 25.0% Our effective tax rate for the three months ended March 31, 2023 is lower than the prior year’s comparable period primarily due to the greater benefit related to share-based compensation partially offset by higher non-U.S. taxes. Our effective tax rate attributable to continuing operations for the three months ended March 31, 2023 is equal to the statutory U.S. federal tax rate of 21%. The effective tax rate is the result of permanent increases and decreases that net against each other and offset. Unrecognized Tax Benefits During the three months ended March 31, 2023, our gross unrecognized tax benefits, excluding interest and penalties, increased by $0.5 million, primarily due to increases in tax positions taken in the current periods, partially offset by reductions as a result of positions taken during prior period. During the three months ended March 31, 2023, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $0.8 million . The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. During the three months ended March 31, 2023, we recognized $0.5 million of interest expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations. As of March 31, 2023 and December 31, 2022, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $5.3 million and $4.8 million, respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $13.4 million Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 22.1% 29.0% Our effective tax rate for the three months ended March 31, 2023 is lower than the prior year’s comparable period primarily due to a large discrete benefit for the current year vesting of stock based compensation in Q1 2023 and a one time discrete expense in Q1 2022 to accrue taxes on a capital gain, offset by higher non-US taxes and higher tax credit utilization. Our effective tax rate for the three months ended March 31, 2023 is higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and U.S. state taxes, partially offset by excess shared-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income. Unrecognized Tax Benefits During the three months ended March 31, 2023, our gross unrecognized tax benefits, excluding interest and penalties, increased by $0.4 million, primarily due to increases in tax positions taken in the current period, partially offset by decrease in tax positions taken in the prior period. During the three months ended March 31, 2023, the total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate increased by $0.6 million. The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. During the three months ended March 31, 2023, we recognized $0.3 million of interest expense related to unrecognized tax benefits in our Unaudited Condensed Combined Statement of Operations. As of March 31, 2023, and December 31, 2022, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Unaudited Condensed Combined Balance Sheets was $4.0 million and $3.7 million, respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $8.4 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2023, we had six reporting units. Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Payment & Merchandising Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 836.6 $ 171.3 $ 1,527.5 Currency translation — 2.2 1.2 — 3.4 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 837.8 $ 171.3 $ 1,530.9 As of March 31, 2023, we had $406.5 million of net intangible assets, of which $67.4 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $416.6 million of net intangible assets, of which $67.3 million were intangibles with indefinite useful lives. Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 416.6 $ 467.1 Amortization expense (10.4) (41.7) Currency translation and other 0.3 (8.8) Balance at end of period, net of accumulated amortization $ 406.5 $ 416.6 A summary of intangible assets are as follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.1 $ 132.4 $ 59.5 $ 72.9 $ 132.1 $ 59.1 $ 73.0 Customer relationships and backlog 18.4 636.2 338.3 297.9 635.5 329.8 305.7 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 11.7 141.8 106.5 35.3 141.3 103.8 37.5 Total 18.0 $ 921.5 $ 515.0 $ 406.5 $ 920.0 $ 503.4 $ 416.6 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 31.4 2024 41.1 2025 35.7 2026 35.5 2027 34.9 2028 and after 160.5 Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our Unaudited Condensed Combined Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2023, we had four reporting units. Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Currency translation — 2.2 — 2.2 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 171.3 $ 693.1 As of March 31, 2023, we had $70.6 million of net intangible assets, of which $21.9 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $71.7 million of net intangible assets, of which $21.8 million were intangibles with indefinite useful lives. Our indefinite useful lives intangibles consist of trade names and are included within intellectual property rights. Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (1.4) (5.7) Currency translation and other 0.3 (1.1) Balance at end of period, net of accumulated amortization $ 70.6 $ 71.7 A summary of intangible assets follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.1 $ 70.3 $ 45.3 $ 25.0 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.5 132.8 89.4 43.4 132.6 87.8 44.8 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 20.9 42.8 41.0 1.8 42.4 40.8 1.6 Total 17.6 $ 257.0 $ 186.4 $ 70.6 $ 256.1 $ 184.4 $ 71.7 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 4.1 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.8 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 86.3 $ 156.6 Warranty 8.7 7.4 Current lease liabilities 16.2 19.0 Contract liabilities 150.4 142.9 Other 134.3 138.3 Total $ 395.9 $ 464.2 Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 57.5 $ 100.3 Warranty 2.7 3.0 Current lease liabilities 9.6 11.6 Contract liabilities 51.1 49.4 Other 94.7 95.6 Total $ 215.6 $ 259.9 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters For environmental matters , we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site. On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into the a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”). Pursuant to the terms of the Redco Purchase Agreement, Crane Company and Redco Buyer will each indemnify the other for breaches of representations and warranties, breaches of covenants and obligations and certain liabilities, subject to the terms of the Redco Purchase Agreement. Such covenants and obligations include obligations of Crane Company to indemnify Redco and its affiliates for all other historical liabilities of Redco, which include certain potential environmental liabilities. Crane Holdings, Co. guaranteed the full payment and performance of Crane Company’s indemnification obligations under the Redco Purchase Agreement. On April 3, 2023, Crane Holdings, Co. completed the Separation, pursuant to which, among other things, all outstanding shares of Crane Company were distributed to Crane Holdings, Co.’s stockholders. Upon completion of the Separation, pursuant to the terms of the Redco Purchase Agreement, Crane Holdings, Co was released from its guarantee of Crane Company’s indemnification obligations under the Redco Purchase Agreement. Prior to the effective date of the Redco Sale, the U.S. Department of Justice agreed that Crane Holdings, Co. and, following completion of the Separation, Crane Company will be primarily liable for the Goodyear Site. The New Jersey Department of Environmental Protection agreed to transfer the liability of the Roseland Site to Crane Holdings, Co., and to further transfer this environmental liability to Crane Company upon effectiveness of the Separation. The potential liability for the Crab Orchard Site referenced below remains a direct obligation of Redco. As noted above, however, Crane Company, and Crane Holdings, Co. (as guarantor until the completion of the Separation), agreed to indemnify Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities. Thus, references below to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to the Redco Buyer on the Crab Orchard Site. Goodyear Site The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired UPI’s parent company, UniDynamics Corporation. UPI was an indirect subsidiary of Crane Holdings, Co. pre-Separation and became an indirect subsidiary of Crane Company following completion of the Separation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. Government at the Goodyear Site from 1962 to 1993, under contracts with the U.S. Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and conduct certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, we entered a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $23.7 million and $24.8 million as of March 31, 2023 and December 31, 2022, respectively and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $7.8 million and $7.7 million as of March 31, 2023 and December 31, 2022, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2023 and December 31, 2022, we recorded a receivable of $4.7 million and $4.8 million, respectively, for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. Other Environmental Matters Roseland, NJ Site The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. We undertook an extensive soil remediation effort at the Roseland Site following our closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, in 2014 we began to conduct further site characterization and delineation studies at the Site. We are in the late stages of our remediation activities at the Site, which include a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, all in accordance with the New Jersey Department of Environmental Protection guidelines and directives. Marion, IL Site Crane Co. (n/k/a Redco) has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. Unidynamics Corporation formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study (“RI-FS”) for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent (the “AOC”). A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision (“ROD”) may be issued. As noted above, we have agreed to indemnify Redco Buyer against the Crab Orchard environmental liabilities, and accordingly we act as Redco’s agent with respect to such liabilities. GD-OTS asked Crane Co. (n/k/a Redco) to participate in a voluntary, multi-party mediation exercise with respect to response costs that GD-OTS has incurred or will incur with respect to the AUS-OU, and Crane Co. (n/k/a Redco), the U.S. Government, and other PRPs entered into a non-binding mediation agreement in 2015. We have stepped into Redco’s position as a participant in the mediation. The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, Redco entered discussions directly with GD-OTS and reached an agreement, as of July 13, 2021, to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for an immaterial amount. We, as indemnitor, have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that has proven to be and we expect to continue to be, in the aggregate, an immaterial amount. We understand that GD-OTS has also reached agreements with the U.S. Government and the other participating PRPs related to the first-phase areas of concern. Negotiations between GD-OTS, the U.S. Government and remaining participants are underway with respect to resolution of the U.S. Government’s liability for, and contribution claims with respect to, RI/FS costs associated with the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities. The participants have reached agreement in principle on a framework for resolving the U.S. Government’s share of RI/FS costs, subject to consummation of a mutually-agreeable consent decree, but we at present cannot predict whether or when these negotiations will result in a definitive agreement. Further, negotiations are ongoing between us and GD-OTS regarding a potential resolution of GD-OTS’ claim for costs that it has incurred in performing its obligations under the AOC. We at present cannot predict when any determination of the ultimate allocable shares of GD-OTS and U.S. Government response costs for which we may be liable is likely to be completed. None of these discussions address responsibility for the performance of, or payment of costs incurred in connection with, any remedial design or remedial action that may be required pursuant to the ROD (when it is ultimately issued). It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing coverage, subject to reservations of rights. Asbestos Liability As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets of Redco were removed from the Company’s condensed consolidated balance sheets effective August 12, 2022 and the Company no longer has any obligation with respect to pending and future asbestos claims. The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 Other Proceedings We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of March 31, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. Environmental Matters For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site. On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into the a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”). Pursuant to the terms of the Redco Purchase Agreement, Crane Company and Redco Buyer will each indemnify the other for breaches of representations and warranties, breaches of covenants and obligations and certain liabilities, subject to the terms of the Redco Purchase Agreement. Such covenants and obligations include obligations of Crane Company to indemnify Redco and its affiliates for all other historical liabilities of Redco, which include certain potential environmental liabilities. Crane Holdings, Co. guaranteed the full payment and performance of Crane Company’s indemnification obligations under the Redco Purchase Agreement. On April 3, 2023, Crane Holdings, Co. completed the Separation, pursuant to which, among other things, all outstanding shares of Crane Company were distributed to Crane Holdings, Co.’s stockholders. Upon completion of the Separation, pursuant to the terms of the Redco Purchase Agreement, Crane Holdings, Co was released from its guarantee of Crane Company’s indemnification obligations under the Redco Purchase Agreement. Prior to the effective date of the Redco Sale, the U.S. Department of Justice agreed that Crane Holdings, Co. and, following completion of the Separation, Crane Company will be primarily liable for the Goodyear Site. The New Jersey Department of Environmental Protection agreed to transfer the liability of the Roseland Site to Crane Holdings, Co., and to further transfer this environmental liability to Crane Company upon effectiveness of the Separation. The potential liability for the Crab Orchard Site referenced below remains a direct obligation of Redco. As noted above, however, Crane Company, and Crane Holdings, Co. (as guarantor until the completion of the Separation), agreed to indemnify Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities. Thus, references below to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to the Redco Buyer on the Crab Orchard Site. Goodyear Site The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired UPI’s parent company, UniDynamics Corporation. UPI is now an indirect subsidiary of Crane Holdings, Co. and became an indirect subsidiary of Crane Company following completion of the Separation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. Government at the Goodyear Site from 1962 to 1993, under contracts with the U.S. Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and conduct certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, we entered a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $23.7 million and $24.8 million as of March 31, 2023 and December 31, 2022, respectively and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $7.8 million and $7.7 million as of March 31, 2023 and December 31, 2022, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2023 and December 31, 2022, we recorded a receivable of $4.7 million and $4.8 million, respectively, for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. Other Environmental Matters Roseland, NJ Site The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. We undertook an extensive soil remediation effort at the Roseland Site following our closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, in 2014 we began to conduct further site characterization and delineation studies at the Site. We are in the late stages of our remediation activities at the Site, which include a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, all in accordance with the New Jersey Department of Environmental Protection guidelines and directives. Marion, IL Site Crane Co. (n/k/a Redco) has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. Unidynamics Corporation formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study (“RI-FS”) for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent (the “AOC”). A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision (“ROD”) may be issued. As noted above, we have agreed to indemnify Redco Buyer against the Crab Orchard environmental liabilities, and accordingly we act as Redco’s agent with respect to such liabilities. GD-OTS asked Crane Co. (n/k/a Redco) to participate in a voluntary, multi-party mediation exercise with respect to response costs that GD-OTS has incurred or will incur with respect to the AUS-OU, and Crane Co. (n/k/a Redco), the U.S. Government, and other PRPs entered into a non-binding mediation agreement in 2015. We have stepped into Redco’s position as a participant in the mediation. The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, Redco entered discussions directly with GD-OTS and reached an agreement, as of July 13, 2021, to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for an immaterial amount. We, as indemnitor, have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that has proven to be and we expect to continue to be, in the aggregate, an immaterial amount. We understand that GD-OTS has also reached agreements with the U.S. Government and the other participating PRPs related to the first-phase areas of concern. Negotiations between GD-OTS, the U.S. Government and remaining participants are underway with respect to resolution of the U.S. Government’s liability for, and contribution claims with respect to, the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities. We at present cannot predict whether these further negotiations will result in a definitive agreement, or when any determination of the ultimate allocable shares of GD-OTS and U.S. Government response costs for which we may be liable is likely to be completed. It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing defense and indemnity coverage, subject to reservations of rights. Asbestos Liability As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets of Redco were removed from Crane Company’s Unaudited Condensed Combined Balance Sheets effective August 12, 2022 and Crane Company no longer has any obligation with respect to pending and future asbestos claims. The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 Other Proceedings We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of March 31, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing | Financing Our debt consisted of the following: (in millions) March 31, December 31, 4.45% notes due December 2023 a $ 299.8 $ 299.7 Term Facility 8.7 — 364 -Day Credit Agreement — 399.6 Total short-term borrowings $ 308.5 $ 699.3 Term Facility a $ 339.3 $ — 6.55% notes due November 2036 a 198.6 198.6 4.20% notes due March 2048 a 346.5 346.5 Other deferred financing costs associated with credit facilities (3.7) (1.4) Total long-term debt $ 880.7 $ 543.7 (a) Debt discounts and debt issuance costs totaled $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. Credit Facilities – On March 17, 2023, the Company entered into a new senior secured credit agreement (the “Credit Agreement”), which provides for (i) a $500 million, 5 -year revolving credit facility (the “Revolving Facility”) and (ii) a $350 million, 3-year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type. On March 31, 2023, the Company borrowed the full amount of the Term Facility. The Revolving Facility allows us to borrow, repay and re-borrow funds from time to time prior to the maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term SOFR plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on the lower of the ratings of our senior, unsecured long-term debt (the “Ratings”) and our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary. The $650 million revolving credit facility and commercial paper program disclosed below were replaced by commitments under the new $500 million, 5-year Revolving Credit Agreement, with funding available upon Separation, subject to customary conditions precedent for facilities of this type. The commercial paper program will no longer be available upon Separation. 364-Day Credit Agreement - On August 11, 2022, the Company entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”) under which it borrowed term loans denominated in U.S. dollars (the “Term Loans”) in an aggregate principal amount of $400 million. Interest on the Term Loans accrued at a rate per annum equal to, at the Company’s option, (a) a base rate (determined in a customary manner), plus a margin of 0.25% or 0.50% that was determined based upon the ratings by S&P and Moody’s of the Company’s senior unsecured long-term debt (the “Index Debt Rating”) or (b) an adjusted Term SOFR (determined in a customary manner) for an interest period to be selected by the Company, plus a margin of 1.25% or 1.50% that was determined based upon the Index Debt Rating. During the first quarter of 2023, the Company repaid the remaining principal of $400 million under the 364-Day Credit Agreement. Commercial paper program - On July 28, 2021, we increased the size of the commercial paper program (“CP Program”) to permit the issuance of short-term, unsecured commercial paper notes in an aggregate principal amount not to exceed $650 million at any time outstanding. Prior to this increase, the CP Program permitted us to issue commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. The notes ranked at least pari passu with all of our other unsecured and unsubordinated indebtedness. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the commercial paper program. R evolving Credit Facility - On July 28, 2021, we entered into a $650 million, 5-year Revolving Credit Agreement (the “2021 Facility”). The 2021 Facility allowed us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. Interest on loans made under the 2021 Facility accrued, at our option, at a rate per annum equal to (1) a base rate, plus a margin ranging from 0.00% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBO rate or the applicable replacement rate (determined based on “hardwired” LIBOR transition provisions consistent with those published by the Alternative References Rates Committee) for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2021 Facility contained customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We also were required to maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2021 Facility also provided for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control of us. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the 2021 Facility. Our debt, which was centrally managed as part of Crane’s centralized treasury function, as of March 31, 2023 and December 31, 2022 consisted of the following: (in millions) March 31, December 31, P364DDay Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Credit Facilities - On March 17, 2023, Crane Company entered into a new senior unsecured credit agreement (the “Credit Agreement”), which provides for (i) a $500 million, 5-year Revolving Credit Facility (the “Revolving Facility”) and (ii) a $300 million, 3-year term loan facility (the “Term Facility”), funding under each became available substantially concurrently with the consummation of the Separation, subject to the satisfaction of customary conditions of facilities of this type. The Revolving Facility allows us to borrow, repay and re-borrow funds from time to time prior to maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term SOFR plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, depending on our total net leverage ratio. Our obligations under the Credit Agreement are guaranteed by certain of our domestic, wholly-owned subsidiaries. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. As of the last day of each quarter, we must also maintain a total net leverage ratio cannot exceed 3.50 to 1.00 (which, at Crane Company’s election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and a minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary. The $650 million revolving credit facility and commercial paper program disclosed below were replaced by commitments under the new $500 million, 5-year Revolving Credit Agreement, with funding available upon Separation, subject to customary conditions precedent for facilities of this type. The commercial paper program was no longer be available upon Separation. 364-Day Credit Agreement - On August 11, 2022, Crane entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”) under which it borrowed term loans denominated in U.S. dollars (the “Term Loans”) in an aggregate principal amount of $400 million. Interest on the Term Loans accrued at a rate per annum equal to, at Crane’s option, (a) a base rate (determined in a customary manner), plus a margin of 0.25% or 0.50% that was determined based upon the ratings by S&P and Moody’s of Crane’s senior unsecured long-term debt (the “Index Debt Rating”) or (b) an adjusted Term SOFR (determined in a customary manner) for an interest period to be selected by Crane, plus a margin of 1.25% or 1.50% that was determined based upon the Index Debt Rating. During the first quarter of 2023, Crane repaid the remaining principal of $400 million under the 364-Day Credit Agreement. Commercial paper program - On July 28, 2021, Crane increased the size of the commercial paper program (“CP Program”) to permit the issuance of short-term, unsecured commercial paper notes in an aggregate principal amount not to exceed $650 million at any time outstanding. Prior to this increase, the CP Program permitted Crane to issue commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. The notes rank at least pari passu with all of Crane’s other unsecured and unsubordinated indebtedness. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the commercial paper program. R evolving Credit Facility - On July 28, 2021, Crane entered into a $650 million, 5-year Revolving Credit Agreement (the “2021 Facility”). The 2021 Facility allowed us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. Interest on loans made under the 2021 Facility accrued, at our option, at a rate per annum equal to (1) a base rate, plus a margin ranging from 0.00% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBO rate or the applicable replacement rate (determined based on “hardwired” LIBOR transition provisions consistent with those published by the Alternative References Rates Committee) for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2021 Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We also were required to maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2021 Facility also provided for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control of us. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value of $4.9 million and $89.7 million as of March 31, 2023 and December 31, 2022, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $0.1 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and there were no derivative liabilities as of March 31, 2023 and December 31, 2022, respectively. Available-for-sale securities consist of rabbi trust investments that hold marketable securities for the benefit of participants in our Supplemental Executive Retirement Plan. These investments are measured at fair value using quoted market prices in an active market and are therefore classified within Level 1 of the valuation hierarchy. The fair value of available-for-sale securities was $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on our Condensed Consolidated Balance Sheets. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value of $4.9 million and $4.1 million as of March 31, 2023 and December 31, 2022, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Unaudited Condensed Combined Balance Sheets and were $0.1 million and $0.1 million as of March 31, 2023 and December 31, 2022, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Unaudited Condensed Combined Balance Sheets and there were no derivative liabilities as of March 31, 2023 and December 31, 2022, respectively. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Overview 2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 300 employees, or about 3% of our global workforce. We expect to complete the program in the first quarter of 2024. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. We expect to complete the program in the fourth quarter of 2023. The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. As of March 31, 2023, we do not expect to incur additional facility consolidation costs to complete these actions. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Payment & Merchandising Technologies 5.7 0.5 6.2 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 13.9 $ 0.5 $ 14.4 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 14.2 $ 2.4 $ 16.6 Utilization (4.1) (1.0) (5.1) Balance as of March 31, 2023 (a) $ 10.1 $ 1.4 $ 11.5 (a) Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets. Overview 2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 160 employees, or about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2023. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2023. The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 8.2 $ — $ 8.2 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 8.2 $ 2.4 $ 10.6 Utilization (1.6) (1.0) (2.6) Balance as of March 31, 2023 (a) $ 6.6 $ 1.4 $ 8.0 (a) Included within Accrued Liabilities in the Unaudited Condensed Combined Balance Sheets. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Dividend from Crane Company Prior to the consummation of the Separation, the Board of Directors of Crane Company declared a one-time cash dividend in the amount of $275 million to Crane Holdings, Co., its sole stockholder at that time, and paid such dividend on April 3, 2023, prior to the consummation of the Separation. The Separation and Distribution On April 3, 2023, the Separation was completed. In connection with the Separation, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation. 4.45% Senior Notes due 2023 On April 4, 2023, the Company redeemed all of its outstanding 4.45% senior notes due 2023, of which $300 million aggregate principal amount was outstanding upon redemption. The Business evaluated events and transactions occurring subsequent to March 31, 2023 through May 10, 2023, the date the Unaudited Condensed Combined Financial Statements were available to be issued. Dividend from Crane Company On April 3, 2023, prior to the consummation of the Separation, the Board of Directors of Crane Company declared and paid a one-time cash dividend in the amount of $275 million to Crane, its sole stockholder at that time. The Separation and Distribution On April 3, 2023, the Separation was completed. In connection with the Separation, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation. Term Facility On April 3, 2023, Crane Company borrowed the full amount of the new $300 million, 3-year term loan facility. See Note 11 for additional details. On May 3, 2023, Crane Company made a prepayment of $35.0 million on the Term Facility. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Historically, the Business has been managed and operated in the normal course of business with other affiliates of Crane. Accordingly, certain shared costs have been allocated to the Business and reflected as expenses in the Unaudited Condensed Combined Financial Statements. Allocated Centralized Costs. The Unaudited Condensed Combined Financial Statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Crane. Crane incurred corporate costs for services provided to the Business as well as other Crane businesses. These services include treasury, tax, accounting, human resources, audit, legal, purchasing, information technology and other such services. The costs associated with these services generally include all payroll and benefit costs, as well as overhead costs related to the support functions. Crane also allocated costs associated with corporate insurance coverage and medical, pension, post-retirement and other health plan costs for employees participating in Crane sponsored plans. Allocations are based on several utilization measures including headcount, proportionate usage and relative net sales. All such amounts have been deemed to have been incurred and settled by the Business in the period in which the costs were recorded. The allocated functional service expenses and general corporate expenses for the three months ended March 31, 2023 and 2022 were $25.8 million and $19.6 million, respectively, and are included in “Selling, general and administrative” in the Unaudited Condensed Combined Statements of Operations. Included within “Selling, general and administrative” in the Unaudited Condensed Combined Statement of Operations were $10.9 million and $1.8 million of Separation-related costs for the three months ended March 31, 2023 and 2022, respectively. In the opinion of management of the Parent and the Business, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Business during 2023 and 2022. The amounts that would have been, or will be incurred, on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Business operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein. Cash Management and Financing. The Business participated in Crane’s centralized cash management and daily cash sweeps. Disbursements are made through centralized accounts payable systems which were operated by Crane. Cash receipts are transferred to centralized accounts, which were also maintained by Crane. As cash is received and disbursed by Crane, it is accounted for by the Business through Crane net investment. Historically, Crane has centrally managed and swept cash for most domestic and certain European entities. As such, the Business’ cash balance includes all cash on hand for all Crane entities that participate in the centralized cash management program, as well as those Crane Company legal entities that do not participate in the centralized cash management program. Accounts Receivable and Payable. Certain related party transactions between the Business and Parent have been included within “Crane net investment” in the Unaudited Condensed Combined Balance Sheets in the historical periods presented when the related party transactions are not settled in cash. Crane net investment includes related party loans receivable due from Crane and its affiliates of $242.9 million and $232.1 million as of March 31, 2023 and December 31, 2022, respectively. Crane net investment includes related party loans payable due to Crane and its affiliates of $0.0 million and $27.2 million as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, we recorded related party interest income related to the loan activity with Crane and its affiliates of $2.5 million and $3.7 million, respectively, which is included in the Business’ results as “Related party interest income” in the Unaudited Condensed Combined Statements of Operations. The total effect of the settlement of these related party transactions is reflected with Net transfers to Parent as a financing activity in the Unaudited Condensed Combined Statements of Cash Flows. Additionally, certain transactions between the Business and other Crane affiliates are cash-settled on a current basis and, therefore, are reflected in the Unaudited Condensed Combined Balance Sheets. Accounts receivable, net includes $1.2 million and $1.7 million as of March 31, 2023 and December 31, 2022, respectively, and Accounts payable includes $0.1 million and $0.1 million as of March 31, 2023 and December 31, 2022, respectively, related to such transactions. |
Segment Results_2
Segment Results | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Results | Segment Results Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of March 31, 2023, we had four reportable segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs. A brief description of each of our segments as of March 31, 2023 are as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Payment & Merchandising Technologies The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency. CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Crane Currency provides advance security solutions based on proprietary micro-optic technology for the global banknote industry. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). In the second quarter of 2022, Engineered Materials segment was no longer classified as held for sale and as such, the results of Engineered Materials segment are presented as continuing operations from second quarter of 2022. This change was applied on retroactive basis. Financial information by reportable segment is set forth below. Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Payment & Merchandising Technologies 329.1 332.6 Engineered Materials 62.3 70.4 Total $ 842.9 $ 871.5 Operating profit: Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Payment & Merchandising Technologies 79.4 84.2 Engineered Materials 11.4 13.4 Corporate (39.6) (27.7) Total $ 152.2 $ 147.0 Interest income 1.0 0.3 Interest expense (17.0) (11.1) Miscellaneous (expense) income, net (2.4) 3.5 Income before income taxes $ 133.8 $ 139.7 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,064.7 Payment & Merchandising Technologies 2,103.5 2,125.9 Engineered Materials 231.2 218.6 Corporate 229.1 317.7 Total $ 4,336.0 $ 4,390.2 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Payment & Merchandising Technologies 837.8 836.6 Engineered Materials 171.3 171.3 Total $ 1,530.9 $ 1,527.5 In accordance with ASC 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a nonoperating nature, or corporate organizational and functional expenses of a governance nature. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were made to third parties at current market prices. Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs. A brief description of each of our segments are as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), and in commercial and industrial buildings applications, with some additional applications including trailers and other transportation-related products. Engineered Materials sells the majority of its products directly to RV, trailer, and truck manufacturers, and it uses distributors and retailers to serve the commercial and industrial construction markets. Financial information by reportable segment is set forth below. Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Engineered Materials 62.3 70.4 Total $ 513.8 $ 538.9 Operating profit (loss): Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Engineered Materials 11.4 13.4 Corporate (26.1) (20.3) Total $ 86.3 $ 70.2 Interest income 0.9 0.3 Interest expense (6.6) (0.7) Related party interest income 2.5 3.7 Miscellaneous (expense) income, net (3.8) 2.8 Income before income taxes $ 79.3 $ 76.3 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,065.3 Engineered Materials 231.2 218.6 Corporate 228.3 318.0 Total $ 2,231.7 $ 2,265.2 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Engineered Materials 171.3 171.3 Total $ 693.1 $ 690.9 |
Revenue_2
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 223.8 $ 211.0 Banknotes and Security Products 105.3 121.6 Total Payment & Merchandising Technologies $ 329.1 $ 332.6 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 842.9 $ 871.5 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2023, total backlog was $1,580.5 million. We expect to recognize approximately 84% of our remaining performance obligations as revenue in 2023, an additional 14% in 2024 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 97.0 $ 88.6 Contract liabilities $ 150.4 $ 142.9 Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 513.8 $ 538.9 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2023, total backlog was $1,024.4 million. We expect to recognize approximately 79% of our remaining performance obligations as revenue in 2023, an additional 18% in 2024 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Unaudited Condensed Combined Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Unaudited Condensed Combined Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 62.6 $ 56.8 Contract liabilities $ 51.0 $ 49.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (271.9) $ (231.4) $ (503.3) Other comprehensive income (loss) before reclassifications — 12.8 12.8 Amounts reclassified from accumulated other comprehensive loss 2.7 — 2.7 Net period other comprehensive income (loss) 2.7 12.8 15.5 Balance as of March 31, 2023 $ (269.2) $ (218.6) $ (487.8) a Net of tax benefit of $107.3 million and $106.6 million as of March 31, 2023 and December 31, 2022, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month ended March 31, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Net loss 3.8 4.8 Amortization of postretirement items: Prior service costs (0.2) (0.3) Net gain (0.2) — Total before tax $ 3.4 $ 4.5 Tax impact 0.7 1.2 Total reclassifications for the period $ 2.7 $ 3.3 The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Unaudited Condensed Combined Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (279.9) $ (91.0) $ (370.9) Other comprehensive income before reclassifications — 7.7 7.7 Amounts reclassified from accumulated other comprehensive loss 3.2 — 3.2 Net period other comprehensive income 3.2 7.7 10.9 Balance as of March 31, 2023 $ (276.7) $ (83.3) $ (360.0) a Net of tax benefit of $96.4 million and $95.7 million as of March 31, 2023 and December 31, 2022, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2023 and 2022. Amortization of pension components have been recorded within “Miscellaneous (expense) income, net” on our Unaudited Condensed Combined Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Prior service costs $ 0.2 $ 0.2 Net loss 3.8 4.6 Total before tax $ 4.0 $ 4.8 Tax impact 0.8 1.2 Total reclassifications for the period $ 3.2 $ 3.6 |
Defined Benefit and Postretir_2
Defined Benefit and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit and Postretirement Benefits | Defined Benefit and Postretirement Benefits For all plans, the components of net periodic benefit for the three months ended March 31, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ 1.3 $ 1.3 $ — $ 0.1 Interest cost 9.5 5.2 0.2 0.2 Expected return on plan assets (12.2) (13.9) — — Amortization of prior service cost — — (0.2) (0.3) Amortization of net (gain) loss 3.8 4.8 (0.2) — Settlement loss 1.8 — — — Curtailment loss 1.1 — — — Net periodic loss (benefit) $ 5.3 $ (2.6) $ (0.2) $ — The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous (expense) income, net” in our Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Condensed Consolidated Statements of Operations. We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 20.0 $ 2.3 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ 1.5 The Business sponsors numerous single-employer international employee benefit plans. In addition, certain of our employees participate in employee benefit plans sponsored by Crane which include participants of other Crane businesses (the “Shared Plans”). We account for our participation in the Shared Plans as multiple employer benefit plans. The components of net periodic cost (benefit) for the three months ended March 31, 2023, and 2022 are as follows: Pension (in millions) 2023 2022 Service cost $ 0.9 $ 0.8 Interest cost 8.9 5.0 Expected return on plan assets (11.4) (13.2) Amortization of prior service cost 0.2 0.2 Amortization of net loss 3.8 4.6 Settlement costs 1.8 — Curtailment loss 1.1 — Net periodic cost (benefit) $ 5.3 $ (2.6) The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Unaudited Condensed Combined Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Condensed Combined Statements of Operations. We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 18.1 $ 0.5 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ — |
Income Taxes_2
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 21.0% 25.0% Our effective tax rate for the three months ended March 31, 2023 is lower than the prior year’s comparable period primarily due to the greater benefit related to share-based compensation partially offset by higher non-U.S. taxes. Our effective tax rate attributable to continuing operations for the three months ended March 31, 2023 is equal to the statutory U.S. federal tax rate of 21%. The effective tax rate is the result of permanent increases and decreases that net against each other and offset. Unrecognized Tax Benefits During the three months ended March 31, 2023, our gross unrecognized tax benefits, excluding interest and penalties, increased by $0.5 million, primarily due to increases in tax positions taken in the current periods, partially offset by reductions as a result of positions taken during prior period. During the three months ended March 31, 2023, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $0.8 million . The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. During the three months ended March 31, 2023, we recognized $0.5 million of interest expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations. As of March 31, 2023 and December 31, 2022, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $5.3 million and $4.8 million, respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $13.4 million Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 22.1% 29.0% Our effective tax rate for the three months ended March 31, 2023 is lower than the prior year’s comparable period primarily due to a large discrete benefit for the current year vesting of stock based compensation in Q1 2023 and a one time discrete expense in Q1 2022 to accrue taxes on a capital gain, offset by higher non-US taxes and higher tax credit utilization. Our effective tax rate for the three months ended March 31, 2023 is higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and U.S. state taxes, partially offset by excess shared-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income. Unrecognized Tax Benefits During the three months ended March 31, 2023, our gross unrecognized tax benefits, excluding interest and penalties, increased by $0.4 million, primarily due to increases in tax positions taken in the current period, partially offset by decrease in tax positions taken in the prior period. During the three months ended March 31, 2023, the total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate increased by $0.6 million. The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. During the three months ended March 31, 2023, we recognized $0.3 million of interest expense related to unrecognized tax benefits in our Unaudited Condensed Combined Statement of Operations. As of March 31, 2023, and December 31, 2022, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Unaudited Condensed Combined Balance Sheets was $4.0 million and $3.7 million, respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $8.4 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2023, we had six reporting units. Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Payment & Merchandising Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 836.6 $ 171.3 $ 1,527.5 Currency translation — 2.2 1.2 — 3.4 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 837.8 $ 171.3 $ 1,530.9 As of March 31, 2023, we had $406.5 million of net intangible assets, of which $67.4 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $416.6 million of net intangible assets, of which $67.3 million were intangibles with indefinite useful lives. Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 416.6 $ 467.1 Amortization expense (10.4) (41.7) Currency translation and other 0.3 (8.8) Balance at end of period, net of accumulated amortization $ 406.5 $ 416.6 A summary of intangible assets are as follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.1 $ 132.4 $ 59.5 $ 72.9 $ 132.1 $ 59.1 $ 73.0 Customer relationships and backlog 18.4 636.2 338.3 297.9 635.5 329.8 305.7 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 11.7 141.8 106.5 35.3 141.3 103.8 37.5 Total 18.0 $ 921.5 $ 515.0 $ 406.5 $ 920.0 $ 503.4 $ 416.6 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 31.4 2024 41.1 2025 35.7 2026 35.5 2027 34.9 2028 and after 160.5 Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our Unaudited Condensed Combined Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2023, we had four reporting units. Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Currency translation — 2.2 — 2.2 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 171.3 $ 693.1 As of March 31, 2023, we had $70.6 million of net intangible assets, of which $21.9 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $71.7 million of net intangible assets, of which $21.8 million were intangibles with indefinite useful lives. Our indefinite useful lives intangibles consist of trade names and are included within intellectual property rights. Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (1.4) (5.7) Currency translation and other 0.3 (1.1) Balance at end of period, net of accumulated amortization $ 70.6 $ 71.7 A summary of intangible assets follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.1 $ 70.3 $ 45.3 $ 25.0 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.5 132.8 89.4 43.4 132.6 87.8 44.8 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 20.9 42.8 41.0 1.8 42.4 40.8 1.6 Total 17.6 $ 257.0 $ 186.4 $ 70.6 $ 256.1 $ 184.4 $ 71.7 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 4.1 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.8 |
Accrued Liabilities_2
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 86.3 $ 156.6 Warranty 8.7 7.4 Current lease liabilities 16.2 19.0 Contract liabilities 150.4 142.9 Other 134.3 138.3 Total $ 395.9 $ 464.2 Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 57.5 $ 100.3 Warranty 2.7 3.0 Current lease liabilities 9.6 11.6 Contract liabilities 51.1 49.4 Other 94.7 95.6 Total $ 215.6 $ 259.9 |
Commitments and Contingencies_2
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters For environmental matters , we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site. On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into the a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”). Pursuant to the terms of the Redco Purchase Agreement, Crane Company and Redco Buyer will each indemnify the other for breaches of representations and warranties, breaches of covenants and obligations and certain liabilities, subject to the terms of the Redco Purchase Agreement. Such covenants and obligations include obligations of Crane Company to indemnify Redco and its affiliates for all other historical liabilities of Redco, which include certain potential environmental liabilities. Crane Holdings, Co. guaranteed the full payment and performance of Crane Company’s indemnification obligations under the Redco Purchase Agreement. On April 3, 2023, Crane Holdings, Co. completed the Separation, pursuant to which, among other things, all outstanding shares of Crane Company were distributed to Crane Holdings, Co.’s stockholders. Upon completion of the Separation, pursuant to the terms of the Redco Purchase Agreement, Crane Holdings, Co was released from its guarantee of Crane Company’s indemnification obligations under the Redco Purchase Agreement. Prior to the effective date of the Redco Sale, the U.S. Department of Justice agreed that Crane Holdings, Co. and, following completion of the Separation, Crane Company will be primarily liable for the Goodyear Site. The New Jersey Department of Environmental Protection agreed to transfer the liability of the Roseland Site to Crane Holdings, Co., and to further transfer this environmental liability to Crane Company upon effectiveness of the Separation. The potential liability for the Crab Orchard Site referenced below remains a direct obligation of Redco. As noted above, however, Crane Company, and Crane Holdings, Co. (as guarantor until the completion of the Separation), agreed to indemnify Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities. Thus, references below to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to the Redco Buyer on the Crab Orchard Site. Goodyear Site The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired UPI’s parent company, UniDynamics Corporation. UPI was an indirect subsidiary of Crane Holdings, Co. pre-Separation and became an indirect subsidiary of Crane Company following completion of the Separation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. Government at the Goodyear Site from 1962 to 1993, under contracts with the U.S. Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and conduct certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, we entered a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $23.7 million and $24.8 million as of March 31, 2023 and December 31, 2022, respectively and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $7.8 million and $7.7 million as of March 31, 2023 and December 31, 2022, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2023 and December 31, 2022, we recorded a receivable of $4.7 million and $4.8 million, respectively, for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. Other Environmental Matters Roseland, NJ Site The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. We undertook an extensive soil remediation effort at the Roseland Site following our closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, in 2014 we began to conduct further site characterization and delineation studies at the Site. We are in the late stages of our remediation activities at the Site, which include a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, all in accordance with the New Jersey Department of Environmental Protection guidelines and directives. Marion, IL Site Crane Co. (n/k/a Redco) has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. Unidynamics Corporation formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study (“RI-FS”) for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent (the “AOC”). A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision (“ROD”) may be issued. As noted above, we have agreed to indemnify Redco Buyer against the Crab Orchard environmental liabilities, and accordingly we act as Redco’s agent with respect to such liabilities. GD-OTS asked Crane Co. (n/k/a Redco) to participate in a voluntary, multi-party mediation exercise with respect to response costs that GD-OTS has incurred or will incur with respect to the AUS-OU, and Crane Co. (n/k/a Redco), the U.S. Government, and other PRPs entered into a non-binding mediation agreement in 2015. We have stepped into Redco’s position as a participant in the mediation. The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, Redco entered discussions directly with GD-OTS and reached an agreement, as of July 13, 2021, to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for an immaterial amount. We, as indemnitor, have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that has proven to be and we expect to continue to be, in the aggregate, an immaterial amount. We understand that GD-OTS has also reached agreements with the U.S. Government and the other participating PRPs related to the first-phase areas of concern. Negotiations between GD-OTS, the U.S. Government and remaining participants are underway with respect to resolution of the U.S. Government’s liability for, and contribution claims with respect to, RI/FS costs associated with the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities. The participants have reached agreement in principle on a framework for resolving the U.S. Government’s share of RI/FS costs, subject to consummation of a mutually-agreeable consent decree, but we at present cannot predict whether or when these negotiations will result in a definitive agreement. Further, negotiations are ongoing between us and GD-OTS regarding a potential resolution of GD-OTS’ claim for costs that it has incurred in performing its obligations under the AOC. We at present cannot predict when any determination of the ultimate allocable shares of GD-OTS and U.S. Government response costs for which we may be liable is likely to be completed. None of these discussions address responsibility for the performance of, or payment of costs incurred in connection with, any remedial design or remedial action that may be required pursuant to the ROD (when it is ultimately issued). It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing coverage, subject to reservations of rights. Asbestos Liability As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets of Redco were removed from the Company’s condensed consolidated balance sheets effective August 12, 2022 and the Company no longer has any obligation with respect to pending and future asbestos claims. The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 Other Proceedings We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of March 31, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. Environmental Matters For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site. On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into the a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”). Pursuant to the terms of the Redco Purchase Agreement, Crane Company and Redco Buyer will each indemnify the other for breaches of representations and warranties, breaches of covenants and obligations and certain liabilities, subject to the terms of the Redco Purchase Agreement. Such covenants and obligations include obligations of Crane Company to indemnify Redco and its affiliates for all other historical liabilities of Redco, which include certain potential environmental liabilities. Crane Holdings, Co. guaranteed the full payment and performance of Crane Company’s indemnification obligations under the Redco Purchase Agreement. On April 3, 2023, Crane Holdings, Co. completed the Separation, pursuant to which, among other things, all outstanding shares of Crane Company were distributed to Crane Holdings, Co.’s stockholders. Upon completion of the Separation, pursuant to the terms of the Redco Purchase Agreement, Crane Holdings, Co was released from its guarantee of Crane Company’s indemnification obligations under the Redco Purchase Agreement. Prior to the effective date of the Redco Sale, the U.S. Department of Justice agreed that Crane Holdings, Co. and, following completion of the Separation, Crane Company will be primarily liable for the Goodyear Site. The New Jersey Department of Environmental Protection agreed to transfer the liability of the Roseland Site to Crane Holdings, Co., and to further transfer this environmental liability to Crane Company upon effectiveness of the Separation. The potential liability for the Crab Orchard Site referenced below remains a direct obligation of Redco. As noted above, however, Crane Company, and Crane Holdings, Co. (as guarantor until the completion of the Separation), agreed to indemnify Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities. Thus, references below to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to the Redco Buyer on the Crab Orchard Site. Goodyear Site The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired UPI’s parent company, UniDynamics Corporation. UPI is now an indirect subsidiary of Crane Holdings, Co. and became an indirect subsidiary of Crane Company following completion of the Separation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. Government at the Goodyear Site from 1962 to 1993, under contracts with the U.S. Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and conduct certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, we entered a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $23.7 million and $24.8 million as of March 31, 2023 and December 31, 2022, respectively and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $7.8 million and $7.7 million as of March 31, 2023 and December 31, 2022, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2023 and December 31, 2022, we recorded a receivable of $4.7 million and $4.8 million, respectively, for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. Other Environmental Matters Roseland, NJ Site The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. We undertook an extensive soil remediation effort at the Roseland Site following our closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, in 2014 we began to conduct further site characterization and delineation studies at the Site. We are in the late stages of our remediation activities at the Site, which include a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, all in accordance with the New Jersey Department of Environmental Protection guidelines and directives. Marion, IL Site Crane Co. (n/k/a Redco) has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. Unidynamics Corporation formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study (“RI-FS”) for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent (the “AOC”). A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision (“ROD”) may be issued. As noted above, we have agreed to indemnify Redco Buyer against the Crab Orchard environmental liabilities, and accordingly we act as Redco’s agent with respect to such liabilities. GD-OTS asked Crane Co. (n/k/a Redco) to participate in a voluntary, multi-party mediation exercise with respect to response costs that GD-OTS has incurred or will incur with respect to the AUS-OU, and Crane Co. (n/k/a Redco), the U.S. Government, and other PRPs entered into a non-binding mediation agreement in 2015. We have stepped into Redco’s position as a participant in the mediation. The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, Redco entered discussions directly with GD-OTS and reached an agreement, as of July 13, 2021, to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for an immaterial amount. We, as indemnitor, have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that has proven to be and we expect to continue to be, in the aggregate, an immaterial amount. We understand that GD-OTS has also reached agreements with the U.S. Government and the other participating PRPs related to the first-phase areas of concern. Negotiations between GD-OTS, the U.S. Government and remaining participants are underway with respect to resolution of the U.S. Government’s liability for, and contribution claims with respect to, the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities. We at present cannot predict whether these further negotiations will result in a definitive agreement, or when any determination of the ultimate allocable shares of GD-OTS and U.S. Government response costs for which we may be liable is likely to be completed. It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing defense and indemnity coverage, subject to reservations of rights. Asbestos Liability As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets of Redco were removed from Crane Company’s Unaudited Condensed Combined Balance Sheets effective August 12, 2022 and Crane Company no longer has any obligation with respect to pending and future asbestos claims. The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 Other Proceedings We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of March 31, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. |
Financing_2
Financing | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing | Financing Our debt consisted of the following: (in millions) March 31, December 31, 4.45% notes due December 2023 a $ 299.8 $ 299.7 Term Facility 8.7 — 364 -Day Credit Agreement — 399.6 Total short-term borrowings $ 308.5 $ 699.3 Term Facility a $ 339.3 $ — 6.55% notes due November 2036 a 198.6 198.6 4.20% notes due March 2048 a 346.5 346.5 Other deferred financing costs associated with credit facilities (3.7) (1.4) Total long-term debt $ 880.7 $ 543.7 (a) Debt discounts and debt issuance costs totaled $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. Credit Facilities – On March 17, 2023, the Company entered into a new senior secured credit agreement (the “Credit Agreement”), which provides for (i) a $500 million, 5 -year revolving credit facility (the “Revolving Facility”) and (ii) a $350 million, 3-year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type. On March 31, 2023, the Company borrowed the full amount of the Term Facility. The Revolving Facility allows us to borrow, repay and re-borrow funds from time to time prior to the maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term SOFR plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on the lower of the ratings of our senior, unsecured long-term debt (the “Ratings”) and our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary. The $650 million revolving credit facility and commercial paper program disclosed below were replaced by commitments under the new $500 million, 5-year Revolving Credit Agreement, with funding available upon Separation, subject to customary conditions precedent for facilities of this type. The commercial paper program will no longer be available upon Separation. 364-Day Credit Agreement - On August 11, 2022, the Company entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”) under which it borrowed term loans denominated in U.S. dollars (the “Term Loans”) in an aggregate principal amount of $400 million. Interest on the Term Loans accrued at a rate per annum equal to, at the Company’s option, (a) a base rate (determined in a customary manner), plus a margin of 0.25% or 0.50% that was determined based upon the ratings by S&P and Moody’s of the Company’s senior unsecured long-term debt (the “Index Debt Rating”) or (b) an adjusted Term SOFR (determined in a customary manner) for an interest period to be selected by the Company, plus a margin of 1.25% or 1.50% that was determined based upon the Index Debt Rating. During the first quarter of 2023, the Company repaid the remaining principal of $400 million under the 364-Day Credit Agreement. Commercial paper program - On July 28, 2021, we increased the size of the commercial paper program (“CP Program”) to permit the issuance of short-term, unsecured commercial paper notes in an aggregate principal amount not to exceed $650 million at any time outstanding. Prior to this increase, the CP Program permitted us to issue commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. The notes ranked at least pari passu with all of our other unsecured and unsubordinated indebtedness. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the commercial paper program. R evolving Credit Facility - On July 28, 2021, we entered into a $650 million, 5-year Revolving Credit Agreement (the “2021 Facility”). The 2021 Facility allowed us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. Interest on loans made under the 2021 Facility accrued, at our option, at a rate per annum equal to (1) a base rate, plus a margin ranging from 0.00% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBO rate or the applicable replacement rate (determined based on “hardwired” LIBOR transition provisions consistent with those published by the Alternative References Rates Committee) for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2021 Facility contained customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We also were required to maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2021 Facility also provided for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control of us. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the 2021 Facility. Our debt, which was centrally managed as part of Crane’s centralized treasury function, as of March 31, 2023 and December 31, 2022 consisted of the following: (in millions) March 31, December 31, P364DDay Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Credit Facilities - On March 17, 2023, Crane Company entered into a new senior unsecured credit agreement (the “Credit Agreement”), which provides for (i) a $500 million, 5-year Revolving Credit Facility (the “Revolving Facility”) and (ii) a $300 million, 3-year term loan facility (the “Term Facility”), funding under each became available substantially concurrently with the consummation of the Separation, subject to the satisfaction of customary conditions of facilities of this type. The Revolving Facility allows us to borrow, repay and re-borrow funds from time to time prior to maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term SOFR plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, depending on our total net leverage ratio. Our obligations under the Credit Agreement are guaranteed by certain of our domestic, wholly-owned subsidiaries. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. As of the last day of each quarter, we must also maintain a total net leverage ratio cannot exceed 3.50 to 1.00 (which, at Crane Company’s election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and a minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary. The $650 million revolving credit facility and commercial paper program disclosed below were replaced by commitments under the new $500 million, 5-year Revolving Credit Agreement, with funding available upon Separation, subject to customary conditions precedent for facilities of this type. The commercial paper program was no longer be available upon Separation. 364-Day Credit Agreement - On August 11, 2022, Crane entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”) under which it borrowed term loans denominated in U.S. dollars (the “Term Loans”) in an aggregate principal amount of $400 million. Interest on the Term Loans accrued at a rate per annum equal to, at Crane’s option, (a) a base rate (determined in a customary manner), plus a margin of 0.25% or 0.50% that was determined based upon the ratings by S&P and Moody’s of Crane’s senior unsecured long-term debt (the “Index Debt Rating”) or (b) an adjusted Term SOFR (determined in a customary manner) for an interest period to be selected by Crane, plus a margin of 1.25% or 1.50% that was determined based upon the Index Debt Rating. During the first quarter of 2023, Crane repaid the remaining principal of $400 million under the 364-Day Credit Agreement. Commercial paper program - On July 28, 2021, Crane increased the size of the commercial paper program (“CP Program”) to permit the issuance of short-term, unsecured commercial paper notes in an aggregate principal amount not to exceed $650 million at any time outstanding. Prior to this increase, the CP Program permitted Crane to issue commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. The notes rank at least pari passu with all of Crane’s other unsecured and unsubordinated indebtedness. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the commercial paper program. R evolving Credit Facility - On July 28, 2021, Crane entered into a $650 million, 5-year Revolving Credit Agreement (the “2021 Facility”). The 2021 Facility allowed us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. Interest on loans made under the 2021 Facility accrued, at our option, at a rate per annum equal to (1) a base rate, plus a margin ranging from 0.00% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBO rate or the applicable replacement rate (determined based on “hardwired” LIBOR transition provisions consistent with those published by the Alternative References Rates Committee) for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2021 Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We also were required to maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2021 Facility also provided for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control of us. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings. |
Fair Value Measurements_2
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value of $4.9 million and $89.7 million as of March 31, 2023 and December 31, 2022, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $0.1 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and there were no derivative liabilities as of March 31, 2023 and December 31, 2022, respectively. Available-for-sale securities consist of rabbi trust investments that hold marketable securities for the benefit of participants in our Supplemental Executive Retirement Plan. These investments are measured at fair value using quoted market prices in an active market and are therefore classified within Level 1 of the valuation hierarchy. The fair value of available-for-sale securities was $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on our Condensed Consolidated Balance Sheets. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value of $4.9 million and $4.1 million as of March 31, 2023 and December 31, 2022, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Unaudited Condensed Combined Balance Sheets and were $0.1 million and $0.1 million as of March 31, 2023 and December 31, 2022, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Unaudited Condensed Combined Balance Sheets and there were no derivative liabilities as of March 31, 2023 and December 31, 2022, respectively. |
Restructuring_2
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Overview 2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 300 employees, or about 3% of our global workforce. We expect to complete the program in the first quarter of 2024. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. We expect to complete the program in the fourth quarter of 2023. The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. As of March 31, 2023, we do not expect to incur additional facility consolidation costs to complete these actions. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Payment & Merchandising Technologies 5.7 0.5 6.2 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 13.9 $ 0.5 $ 14.4 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 14.2 $ 2.4 $ 16.6 Utilization (4.1) (1.0) (5.1) Balance as of March 31, 2023 (a) $ 10.1 $ 1.4 $ 11.5 (a) Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets. Overview 2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 160 employees, or about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2023. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2023. The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 8.2 $ — $ 8.2 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 8.2 $ 2.4 $ 10.6 Utilization (1.6) (1.0) (2.6) Balance as of March 31, 2023 (a) $ 6.6 $ 1.4 $ 8.0 (a) Included within Accrued Liabilities in the Unaudited Condensed Combined Balance Sheets. |
Subsequent Event_2
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Dividend from Crane Company Prior to the consummation of the Separation, the Board of Directors of Crane Company declared a one-time cash dividend in the amount of $275 million to Crane Holdings, Co., its sole stockholder at that time, and paid such dividend on April 3, 2023, prior to the consummation of the Separation. The Separation and Distribution On April 3, 2023, the Separation was completed. In connection with the Separation, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation. 4.45% Senior Notes due 2023 On April 4, 2023, the Company redeemed all of its outstanding 4.45% senior notes due 2023, of which $300 million aggregate principal amount was outstanding upon redemption. The Business evaluated events and transactions occurring subsequent to March 31, 2023 through May 10, 2023, the date the Unaudited Condensed Combined Financial Statements were available to be issued. Dividend from Crane Company On April 3, 2023, prior to the consummation of the Separation, the Board of Directors of Crane Company declared and paid a one-time cash dividend in the amount of $275 million to Crane, its sole stockholder at that time. The Separation and Distribution On April 3, 2023, the Separation was completed. In connection with the Separation, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation. Term Facility On April 3, 2023, Crane Company borrowed the full amount of the new $300 million, 3-year term loan facility. See Note 11 for additional details. On May 3, 2023, Crane Company made a prepayment of $35.0 million on the Term Facility. |
Basis of Presentation_2_3
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows. Recent Accounting Pronouncements The Business considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board and determined them to be either not applicable or are not expected to have a material impact on the Business’s Unaudited Condensed Combined Statements of Operations, Balance Sheets and Cash Flows. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows. Recent Accounting Pronouncements The Business considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board and determined them to be either not applicable or are not expected to have a material impact on the Business’s Unaudited Condensed Combined Statements of Operations, Balance Sheets and Cash Flows. |
Segment Results (Tables)
Segment Results (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Reportable Segment | Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Payment & Merchandising Technologies 329.1 332.6 Engineered Materials 62.3 70.4 Total $ 842.9 $ 871.5 Operating profit: Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Payment & Merchandising Technologies 79.4 84.2 Engineered Materials 11.4 13.4 Corporate (39.6) (27.7) Total $ 152.2 $ 147.0 Interest income 1.0 0.3 Interest expense (17.0) (11.1) Miscellaneous (expense) income, net (2.4) 3.5 Income before income taxes $ 133.8 $ 139.7 Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Engineered Materials 62.3 70.4 Total $ 513.8 $ 538.9 Operating profit (loss): Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Engineered Materials 11.4 13.4 Corporate (26.1) (20.3) Total $ 86.3 $ 70.2 Interest income 0.9 0.3 Interest expense (6.6) (0.7) Related party interest income 2.5 3.7 Miscellaneous (expense) income, net (3.8) 2.8 Income before income taxes $ 79.3 $ 76.3 |
Schedule Of Assets By Segment | (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,064.7 Payment & Merchandising Technologies 2,103.5 2,125.9 Engineered Materials 231.2 218.6 Corporate 229.1 317.7 Total $ 4,336.0 $ 4,390.2 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,065.3 Engineered Materials 231.2 218.6 Corporate 228.3 318.0 Total $ 2,231.7 $ 2,265.2 |
Schedule Of Goodwill By Segment | (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Payment & Merchandising Technologies 837.8 836.6 Engineered Materials 171.3 171.3 Total $ 1,530.9 $ 1,527.5 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Engineered Materials 171.3 171.3 Total $ 693.1 $ 690.9 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 223.8 $ 211.0 Banknotes and Security Products 105.3 121.6 Total Payment & Merchandising Technologies $ 329.1 $ 332.6 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 842.9 $ 871.5 The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 513.8 $ 538.9 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 97.0 $ 88.6 Contract liabilities $ 150.4 $ 142.9 (in millions) March 31, 2023 December 31, 2022 Contract assets $ 62.6 $ 56.8 Contract liabilities $ 51.0 $ 49.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | Three Months Ended March 31, (in millions, except per share data) 2023 2022 Net income attributable to common shareholders $ 105.7 $ 105.0 Average basic shares outstanding 56.5 57.1 Effect of dilutive share-based awards 0.8 0.8 Average diluted shares outstanding 57.3 57.9 Earnings per basic share $ 1.87 $ 1.84 Earnings per diluted share $ 1.84 $ 1.81 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (271.9) $ (231.4) $ (503.3) Other comprehensive income (loss) before reclassifications — 12.8 12.8 Amounts reclassified from accumulated other comprehensive loss 2.7 — 2.7 Net period other comprehensive income (loss) 2.7 12.8 15.5 Balance as of March 31, 2023 $ (269.2) $ (218.6) $ (487.8) a Net of tax benefit of $107.3 million and $106.6 million as of March 31, 2023 and December 31, 2022, respectively. The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Unaudited Condensed Combined Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (279.9) $ (91.0) $ (370.9) Other comprehensive income before reclassifications — 7.7 7.7 Amounts reclassified from accumulated other comprehensive loss 3.2 — 3.2 Net period other comprehensive income 3.2 7.7 10.9 Balance as of March 31, 2023 $ (276.7) $ (83.3) $ (360.0) a Net of tax benefit of $96.4 million and $95.7 million as of March 31, 2023 and December 31, 2022, respectively. |
Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month ended March 31, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Net loss 3.8 4.8 Amortization of postretirement items: Prior service costs (0.2) (0.3) Net gain (0.2) — Total before tax $ 3.4 $ 4.5 Tax impact 0.7 1.2 Total reclassifications for the period $ 2.7 $ 3.3 The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2023 and 2022. Amortization of pension components have been recorded within “Miscellaneous (expense) income, net” on our Unaudited Condensed Combined Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Prior service costs $ 0.2 $ 0.2 Net loss 3.8 4.6 Total before tax $ 4.0 $ 4.8 Tax impact 0.8 1.2 Total reclassifications for the period $ 3.2 $ 3.6 |
Defined Benefit and Postretir_3
Defined Benefit and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | For all plans, the components of net periodic benefit for the three months ended March 31, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ 1.3 $ 1.3 $ — $ 0.1 Interest cost 9.5 5.2 0.2 0.2 Expected return on plan assets (12.2) (13.9) — — Amortization of prior service cost — — (0.2) (0.3) Amortization of net (gain) loss 3.8 4.8 (0.2) — Settlement loss 1.8 — — — Curtailment loss 1.1 — — — Net periodic loss (benefit) $ 5.3 $ (2.6) $ (0.2) $ — The components of net periodic cost (benefit) for the three months ended March 31, 2023, and 2022 are as follows: Pension (in millions) 2023 2022 Service cost $ 0.9 $ 0.8 Interest cost 8.9 5.0 Expected return on plan assets (11.4) (13.2) Amortization of prior service cost 0.2 0.2 Amortization of net loss 3.8 4.6 Settlement costs 1.8 — Curtailment loss 1.1 — Net periodic cost (benefit) $ 5.3 $ (2.6) |
Schedule of Contributions By Benefit Plan Type | We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 20.0 $ 2.3 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ 1.5 We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 18.1 $ 0.5 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 21.0% 25.0% Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 22.1% 29.0% |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes To Goodwill | Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Payment & Merchandising Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 836.6 $ 171.3 $ 1,527.5 Currency translation — 2.2 1.2 — 3.4 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 837.8 $ 171.3 $ 1,530.9 Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Currency translation — 2.2 — 2.2 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 171.3 $ 693.1 |
Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 416.6 $ 467.1 Amortization expense (10.4) (41.7) Currency translation and other 0.3 (8.8) Balance at end of period, net of accumulated amortization $ 406.5 $ 416.6 Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (1.4) (5.7) Currency translation and other 0.3 (1.1) Balance at end of period, net of accumulated amortization $ 70.6 $ 71.7 |
Summary Of Intangible Assets | A summary of intangible assets are as follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.1 $ 132.4 $ 59.5 $ 72.9 $ 132.1 $ 59.1 $ 73.0 Customer relationships and backlog 18.4 636.2 338.3 297.9 635.5 329.8 305.7 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 11.7 141.8 106.5 35.3 141.3 103.8 37.5 Total 18.0 $ 921.5 $ 515.0 $ 406.5 $ 920.0 $ 503.4 $ 416.6 March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.1 $ 70.3 $ 45.3 $ 25.0 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.5 132.8 89.4 43.4 132.6 87.8 44.8 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 20.9 42.8 41.0 1.8 42.4 40.8 1.6 Total 17.6 $ 257.0 $ 186.4 $ 70.6 $ 256.1 $ 184.4 $ 71.7 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 31.4 2024 41.1 2025 35.7 2026 35.5 2027 34.9 2028 and after 160.5 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 4.1 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.8 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 86.3 $ 156.6 Warranty 8.7 7.4 Current lease liabilities 16.2 19.0 Contract liabilities 150.4 142.9 Other 134.3 138.3 Total $ 395.9 $ 464.2 Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 57.5 $ 100.3 Warranty 2.7 3.0 Current lease liabilities 9.6 11.6 Contract liabilities 51.1 49.4 Other 94.7 95.6 Total $ 215.6 $ 259.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Settlement And Defense Costs | The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components Of Debt | Our debt consisted of the following: (in millions) March 31, December 31, 4.45% notes due December 2023 a $ 299.8 $ 299.7 Term Facility 8.7 — 364 -Day Credit Agreement — 399.6 Total short-term borrowings $ 308.5 $ 699.3 Term Facility a $ 339.3 $ — 6.55% notes due November 2036 a 198.6 198.6 4.20% notes due March 2048 a 346.5 346.5 Other deferred financing costs associated with credit facilities (3.7) (1.4) Total long-term debt $ 880.7 $ 543.7 (a) Debt discounts and debt issuance costs totaled $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. Our debt, which was centrally managed as part of Crane’s centralized treasury function, as of March 31, 2023 and December 31, 2022 consisted of the following: (in millions) March 31, December 31, P364DDay Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. As of March 31, 2023, we do not expect to incur additional facility consolidation costs to complete these actions. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Payment & Merchandising Technologies 5.7 0.5 6.2 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 13.9 $ 0.5 $ 14.4 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 14.2 $ 2.4 $ 16.6 Utilization (4.1) (1.0) (5.1) Balance as of March 31, 2023 (a) $ 10.1 $ 1.4 $ 11.5 The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 8.2 $ — $ 8.2 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 8.2 $ 2.4 $ 10.6 Utilization (1.6) (1.0) (2.6) Balance as of March 31, 2023 (a) $ 6.6 $ 1.4 $ 8.0 (a) Included within Accrued Liabilities in the Unaudited Condensed Combined Balance Sheets. |
Segment Results (Tables)_2
Segment Results (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Reportable Segment | Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Payment & Merchandising Technologies 329.1 332.6 Engineered Materials 62.3 70.4 Total $ 842.9 $ 871.5 Operating profit: Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Payment & Merchandising Technologies 79.4 84.2 Engineered Materials 11.4 13.4 Corporate (39.6) (27.7) Total $ 152.2 $ 147.0 Interest income 1.0 0.3 Interest expense (17.0) (11.1) Miscellaneous (expense) income, net (2.4) 3.5 Income before income taxes $ 133.8 $ 139.7 Three Months Ended March 31, (in millions) 2023 2022 Net sales: Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies 271.4 311.3 Engineered Materials 62.3 70.4 Total $ 513.8 $ 538.9 Operating profit (loss): Aerospace & Electronics $ 37.7 $ 28.1 Process Flow Technologies 63.3 49.0 Engineered Materials 11.4 13.4 Corporate (26.1) (20.3) Total $ 86.3 $ 70.2 Interest income 0.9 0.3 Interest expense (6.6) (0.7) Related party interest income 2.5 3.7 Miscellaneous (expense) income, net (3.8) 2.8 Income before income taxes $ 79.3 $ 76.3 |
Schedule Of Assets By Segment | (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,064.7 Payment & Merchandising Technologies 2,103.5 2,125.9 Engineered Materials 231.2 218.6 Corporate 229.1 317.7 Total $ 4,336.0 $ 4,390.2 (in millions) March 31, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 698.9 $ 663.3 Process Flow Technologies 1,073.3 1,065.3 Engineered Materials 231.2 218.6 Corporate 228.3 318.0 Total $ 2,231.7 $ 2,265.2 |
Schedule Of Goodwill By Segment | (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Payment & Merchandising Technologies 837.8 836.6 Engineered Materials 171.3 171.3 Total $ 1,530.9 $ 1,527.5 (in millions) March 31, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 319.5 317.3 Engineered Materials 171.3 171.3 Total $ 693.1 $ 690.9 |
Revenue (Tables)_2
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 223.8 $ 211.0 Banknotes and Security Products 105.3 121.6 Total Payment & Merchandising Technologies $ 329.1 $ 332.6 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 842.9 $ 871.5 The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 68.4 $ 58.7 Military and Other Original Equipment 61.9 57.4 Commercial Aftermarket Products 37.9 28.6 Military Aftermarket Products 11.9 12.5 Total Aerospace & Electronics $ 180.1 $ 157.2 Process Flow Technologies Process Valves and Related Products $ 202.9 $ 182.9 Commercial Valves 30.6 98.2 Pumps and Systems 37.9 30.2 Total Process Flow Technologies $ 271.4 $ 311.3 Engineered Materials FRP - Recreational Vehicles $ 20.3 $ 35.7 FRP - Building Products 32.3 27.4 FRP - Transportation 9.7 7.3 Total Engineered Materials $ 62.3 $ 70.4 Net sales $ 513.8 $ 538.9 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Contract assets $ 97.0 $ 88.6 Contract liabilities $ 150.4 $ 142.9 (in millions) March 31, 2023 December 31, 2022 Contract assets $ 62.6 $ 56.8 Contract liabilities $ 51.0 $ 49.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (271.9) $ (231.4) $ (503.3) Other comprehensive income (loss) before reclassifications — 12.8 12.8 Amounts reclassified from accumulated other comprehensive loss 2.7 — 2.7 Net period other comprehensive income (loss) 2.7 12.8 15.5 Balance as of March 31, 2023 $ (269.2) $ (218.6) $ (487.8) a Net of tax benefit of $107.3 million and $106.6 million as of March 31, 2023 and December 31, 2022, respectively. The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Unaudited Condensed Combined Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total a Balance as of December 31, 2022 $ (279.9) $ (91.0) $ (370.9) Other comprehensive income before reclassifications — 7.7 7.7 Amounts reclassified from accumulated other comprehensive loss 3.2 — 3.2 Net period other comprehensive income 3.2 7.7 10.9 Balance as of March 31, 2023 $ (276.7) $ (83.3) $ (360.0) a Net of tax benefit of $96.4 million and $95.7 million as of March 31, 2023 and December 31, 2022, respectively. |
Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month ended March 31, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Net loss 3.8 4.8 Amortization of postretirement items: Prior service costs (0.2) (0.3) Net gain (0.2) — Total before tax $ 3.4 $ 4.5 Tax impact 0.7 1.2 Total reclassifications for the period $ 2.7 $ 3.3 The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2023 and 2022. Amortization of pension components have been recorded within “Miscellaneous (expense) income, net” on our Unaudited Condensed Combined Statements of Operations. Three Months Ended March 31, (in millions) 2023 2022 Amortization of pension items: Prior service costs $ 0.2 $ 0.2 Net loss 3.8 4.6 Total before tax $ 4.0 $ 4.8 Tax impact 0.8 1.2 Total reclassifications for the period $ 3.2 $ 3.6 |
Defined Benefit and Postretir_4
Defined Benefit and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | For all plans, the components of net periodic benefit for the three months ended March 31, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ 1.3 $ 1.3 $ — $ 0.1 Interest cost 9.5 5.2 0.2 0.2 Expected return on plan assets (12.2) (13.9) — — Amortization of prior service cost — — (0.2) (0.3) Amortization of net (gain) loss 3.8 4.8 (0.2) — Settlement loss 1.8 — — — Curtailment loss 1.1 — — — Net periodic loss (benefit) $ 5.3 $ (2.6) $ (0.2) $ — The components of net periodic cost (benefit) for the three months ended March 31, 2023, and 2022 are as follows: Pension (in millions) 2023 2022 Service cost $ 0.9 $ 0.8 Interest cost 8.9 5.0 Expected return on plan assets (11.4) (13.2) Amortization of prior service cost 0.2 0.2 Amortization of net loss 3.8 4.6 Settlement costs 1.8 — Curtailment loss 1.1 — Net periodic cost (benefit) $ 5.3 $ (2.6) |
Schedule of Contributions By Benefit Plan Type | We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 20.0 $ 2.3 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ 1.5 We expect to contribute the following to our pension and postretirement plans: (in millions) Pension Postretirement Expected contributions in 2023 $ 18.1 $ 0.5 Amounts contributed during the three months ended March 31, 2023 $ 0.3 $ — |
Income Taxes (Tables)_2
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 21.0% 25.0% Our effective tax rates are as follows: Three Months Ended March 31, 2023 2022 Effective Tax Rate 22.1% 29.0% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes To Goodwill | Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Payment & Merchandising Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 836.6 $ 171.3 $ 1,527.5 Currency translation — 2.2 1.2 — 3.4 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 837.8 $ 171.3 $ 1,530.9 Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies Engineered Materials Total Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Currency translation — 2.2 — 2.2 Balance as of March 31, 2023 $ 202.3 $ 319.5 $ 171.3 $ 693.1 |
Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 416.6 $ 467.1 Amortization expense (10.4) (41.7) Currency translation and other 0.3 (8.8) Balance at end of period, net of accumulated amortization $ 406.5 $ 416.6 Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (1.4) (5.7) Currency translation and other 0.3 (1.1) Balance at end of period, net of accumulated amortization $ 70.6 $ 71.7 |
Summary Of Intangible Assets | A summary of intangible assets are as follows: March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.1 $ 132.4 $ 59.5 $ 72.9 $ 132.1 $ 59.1 $ 73.0 Customer relationships and backlog 18.4 636.2 338.3 297.9 635.5 329.8 305.7 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 11.7 141.8 106.5 35.3 141.3 103.8 37.5 Total 18.0 $ 921.5 $ 515.0 $ 406.5 $ 920.0 $ 503.4 $ 416.6 March 31, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.1 $ 70.3 $ 45.3 $ 25.0 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.5 132.8 89.4 43.4 132.6 87.8 44.8 Drawings 40.0 11.1 10.7 0.4 11.1 10.7 0.4 Other 20.9 42.8 41.0 1.8 42.4 40.8 1.6 Total 17.6 $ 257.0 $ 186.4 $ 70.6 $ 256.1 $ 184.4 $ 71.7 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 31.4 2024 41.1 2025 35.7 2026 35.5 2027 34.9 2028 and after 160.5 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 4.1 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.8 |
Accrued Liabilities (Tables)_2
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 86.3 $ 156.6 Warranty 8.7 7.4 Current lease liabilities 16.2 19.0 Contract liabilities 150.4 142.9 Other 134.3 138.3 Total $ 395.9 $ 464.2 Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 57.5 $ 100.3 Warranty 2.7 3.0 Current lease liabilities 9.6 11.6 Contract liabilities 51.1 49.4 Other 94.7 95.6 Total $ 215.6 $ 259.9 |
Commitments and Contingencies_3
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Settlement And Defense Costs | The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 The gross settlement and defense costs incurred for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity costs incurred $ — $ 10.5 Defense costs incurred — 2.5 Total costs incurred $ — $ 13.0 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: Three Months Ended March 31, (in millions) 2023 2022 Settlement / indemnity payments $ — $ 9.6 Defense payments — 2.1 Insurance receipts — (4.2) Pre-tax cash payments, net $ — $ 7.5 |
Financing (Tables)_2
Financing (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components Of Debt | Our debt consisted of the following: (in millions) March 31, December 31, 4.45% notes due December 2023 a $ 299.8 $ 299.7 Term Facility 8.7 — 364 -Day Credit Agreement — 399.6 Total short-term borrowings $ 308.5 $ 699.3 Term Facility a $ 339.3 $ — 6.55% notes due November 2036 a 198.6 198.6 4.20% notes due March 2048 a 346.5 346.5 Other deferred financing costs associated with credit facilities (3.7) (1.4) Total long-term debt $ 880.7 $ 543.7 (a) Debt discounts and debt issuance costs totaled $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. Our debt, which was centrally managed as part of Crane’s centralized treasury function, as of March 31, 2023 and December 31, 2022 consisted of the following: (in millions) March 31, December 31, P364DDay Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 |
Restructuring (Tables)_2
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. As of March 31, 2023, we do not expect to incur additional facility consolidation costs to complete these actions. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Payment & Merchandising Technologies 5.7 0.5 6.2 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 13.9 $ 0.5 $ 14.4 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 14.2 $ 2.4 $ 16.6 Utilization (4.1) (1.0) (5.1) Balance as of March 31, 2023 (a) $ 10.1 $ 1.4 $ 11.5 The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. Cumulative Restructuring Costs, Net (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.3 — 6.3 Engineered Materials 0.4 — 0.4 2022 Repositioning $ 8.2 $ — $ 8.2 Process Flow Technologies $ 14.9 $ (2.8) $ 12.1 2019 Repositioning $ 14.9 $ (2.8) $ 12.1 Restructuring Liability The following table summarizes the accrual balances related to each restructuring program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (a) $ 8.2 $ 2.4 $ 10.6 Utilization (1.6) (1.0) (2.6) Balance as of March 31, 2023 (a) $ 6.6 $ 1.4 $ 8.0 (a) Included within Accrued Liabilities in the Unaudited Condensed Combined Balance Sheets. |
Segment Results (Narrative) (De
Segment Results (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Crane Holdings, Co. and Subsidiaries | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Segment Results (Schedule Of Fi
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 513.8 | $ 538.9 |
Operating profit (loss) | 86.3 | 70.2 |
Interest income | 0.9 | 0.3 |
Interest expense | (6.6) | (0.7) |
Miscellaneous (expense) income, net | (3.8) | 2.8 |
Income before income taxes | 79.3 | 76.3 |
Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net sales | 842.9 | 871.5 |
Operating profit (loss) | 152.2 | 147 |
Interest income | 1 | 0.3 |
Interest expense | (17) | (11.1) |
Miscellaneous (expense) income, net | (2.4) | 3.5 |
Income before income taxes | 133.8 | 139.7 |
Aerospace & Electronics | ||
Segment Reporting Information [Line Items] | ||
Net sales | 180.1 | 157.2 |
Operating profit (loss) | 37.7 | 28.1 |
Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net sales | 180.1 | 157.2 |
Operating profit (loss) | 37.7 | 28.1 |
Process Flow Technologies | ||
Segment Reporting Information [Line Items] | ||
Net sales | 271.4 | 311.3 |
Operating profit (loss) | 63.3 | 49 |
Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net sales | 271.4 | 311.3 |
Operating profit (loss) | 63.3 | 49 |
Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net sales | 329.1 | 332.6 |
Operating profit (loss) | 79.4 | 84.2 |
Engineered Materials | ||
Segment Reporting Information [Line Items] | ||
Net sales | 62.3 | 70.4 |
Operating profit (loss) | 11.4 | 13.4 |
Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net sales | 62.3 | 70.4 |
Operating profit (loss) | 11.4 | 13.4 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | (26.1) | (20.3) |
Corporate | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | $ (39.6) | $ (27.7) |
Segment Results (Schedule Of As
Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,231.7 | $ 2,265.2 |
Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,336 | 4,390.2 |
Aerospace & Electronics | ||
Segment Reporting Information [Line Items] | ||
Assets | 698.9 | 663.3 |
Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | 698.9 | 663.3 |
Process Flow Technologies | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,073.3 | 1,065.3 |
Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,073.3 | 1,064.7 |
Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,103.5 | 2,125.9 |
Engineered Materials | ||
Segment Reporting Information [Line Items] | ||
Assets | 231.2 | 218.6 |
Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | 231.2 | 218.6 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | 228.3 | 318 |
Corporate | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 229.1 | $ 317.7 |
Segment Results (Schedule Of Go
Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 693.1 | $ 690.9 |
Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 1,530.9 | 1,527.5 |
Aerospace & Electronics | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 202.3 | 202.3 |
Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 202.3 | 202.3 |
Process Flow Technologies | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 319.5 | 317.3 |
Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 319.5 | 317.3 |
Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 837.8 | 836.6 |
Engineered Materials | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 171.3 | 171.3 |
Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 171.3 | $ 171.3 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 513.8 | $ 538.9 |
Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 842.9 | 871.5 |
Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 180.1 | 157.2 |
Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 180.1 | 157.2 |
Process Flow Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 271.4 | 311.3 |
Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 271.4 | 311.3 |
Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 329.1 | 332.6 |
Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 62.3 | 70.4 |
Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 62.3 | 70.4 |
Commercial Original Equipment | Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 68.4 | 58.7 |
Commercial Original Equipment | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 68.4 | 58.7 |
Military and Other Original Equipment | Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 61.9 | 57.4 |
Military and Other Original Equipment | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 61.9 | 57.4 |
Commercial Aftermarket Products | Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 28.6 |
Commercial Aftermarket Products | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 28.6 |
Military Aftermarket Products | Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11.9 | 12.5 |
Military Aftermarket Products | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11.9 | 12.5 |
Process Valves and Related Products | Process Flow Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 202.9 | 182.9 |
Process Valves and Related Products | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 202.9 | 182.9 |
Commercial Valves | Process Flow Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30.6 | 98.2 |
Commercial Valves | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30.6 | 98.2 |
Pumps and Systems | Process Flow Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 30.2 |
Pumps and Systems | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 30.2 |
Payment Acceptance and Dispensing Products | Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 223.8 | 211 |
Banknotes and Security Products | Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 105.3 | 121.6 |
FRP - Recreational Vehicles | Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 20.3 | 35.7 |
FRP - Recreational Vehicles | Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 20.3 | 35.7 |
FRP - Building Products | Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 32.3 | 27.4 |
FRP - Building Products | Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 32.3 | 27.4 |
FRP - Transportation | Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 9.7 | 7.3 |
FRP - Transportation | Engineered Materials | Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 9.7 | $ 7.3 |
Revenue Revenue - Narrative (De
Revenue Revenue - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,024.4 |
Increase in contract liability opening balance for revenue recognized | 10.8 |
Crane Holdings, Co. and Subsidiaries | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | 1,580.5 |
Increase in contract liability opening balance for revenue recognized | $ 38.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 79% |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Crane Holdings, Co. and Subsidiaries | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 84% |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 18% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Crane Holdings, Co. and Subsidiaries | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 14% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Crane Holdings, Co. and Subsidiaries | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 62.6 | $ 56.8 |
Contract liabilities | 51 | 49.4 |
Crane Holdings, Co. and Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 97 | 88.6 |
Contract liabilities | $ 150.4 | $ 142.9 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 61.8 | $ 54.1 |
Crane Holdings, Co. and Subsidiaries | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 105.7 | $ 105 |
Weighted Average Number of Shares Outstanding, Basic | 56.5 | 57.1 |
Effect of dilutive stock options (in shares) | 0.8 | 0.8 |
Average diluted shares outstanding (in shares) | 57.3 | 57.9 |
Earnings per basic share (in dollars per share) | $ 1.87 | $ 1.84 |
Earnings per diluted share (in dollars per share) | $ 1.84 | $ 1.81 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Crane Holdings, Co. and Subsidiaries | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average options excluded from computation of diluted earnings per share | 0.4 | 0.3 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | $ (370.9) | ||
Other comprehensive income before reclassifications | 7.7 | ||
Amounts reclassified from accumulated other comprehensive loss | 3.2 | ||
Net period other comprehensive income | 10.9 | ||
Accumulated other comprehensive loss, ending balance | (360) | ||
Deferred tax assets, other comprehensive loss | 96.4 | $ 95.7 | |
Crane Holdings, Co. and Subsidiaries | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (503.3) | ||
Other comprehensive income before reclassifications | 12.8 | ||
Amounts reclassified from accumulated other comprehensive loss | 2.7 | ||
Net period other comprehensive income | 15.5 | ||
Accumulated other comprehensive loss, ending balance | (487.8) | ||
Deferred tax assets, other comprehensive loss | 106.6 | $ 107.3 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 3.2 | $ 3.6 | |
Reclassification out of Accumulated Other Comprehensive Income | Crane Holdings, Co. and Subsidiaries | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 2.7 | $ 3.3 | |
Defined Benefit Pension and Postretirement Items | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (279.9) | ||
Net period other comprehensive income | 3.2 | ||
Accumulated other comprehensive loss, ending balance | (276.7) | ||
Defined Benefit Pension and Postretirement Items | Crane Holdings, Co. and Subsidiaries | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (271.9) | ||
Net period other comprehensive income | 2.7 | ||
Accumulated other comprehensive loss, ending balance | (269.2) | ||
Currency Translation Adjustment | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (91) | ||
Other comprehensive income before reclassifications | 7.7 | ||
Net period other comprehensive income | 7.7 | ||
Accumulated other comprehensive loss, ending balance | (83.3) | ||
Currency Translation Adjustment | Crane Holdings, Co. and Subsidiaries | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (231.4) | ||
Other comprehensive income before reclassifications | 12.8 | ||
Net period other comprehensive income | 12.8 | ||
Accumulated other comprehensive loss, ending balance | $ (218.6) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax impact | $ 17.5 | $ 22.2 |
Amounts reclassified from accumulated other comprehensive loss | 3.2 | |
Crane Holdings, Co. and Subsidiaries | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax impact | 28.1 | 34.7 |
Amounts reclassified from accumulated other comprehensive loss | 2.7 | |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 4 | 4.8 |
Tax impact | 0.8 | 1.2 |
Amounts reclassified from accumulated other comprehensive loss | 3.2 | 3.6 |
Reclassification out of Accumulated Other Comprehensive Income | Crane Holdings, Co. and Subsidiaries | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 3.4 | 4.5 |
Tax impact | 0.7 | 1.2 |
Amounts reclassified from accumulated other comprehensive loss | 2.7 | 3.3 |
Pension | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net loss | 3.8 | 4.6 |
Prior service costs | 0.2 | 0.2 |
Pension | Crane Holdings, Co. and Subsidiaries | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net loss | 3.8 | 4.8 |
Prior service costs | 0 | 0 |
Postretirement | Crane Holdings, Co. and Subsidiaries | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net loss | (0.2) | 0 |
Prior service costs | $ (0.2) | $ (0.3) |
Defined Benefit and Postretir_5
Defined Benefit and Postretirement Benefits (Components Of Net Periodic Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.9 | $ 0.8 |
Interest cost | 8.9 | 5 |
Expected return on plan assets | (11.4) | (13.2) |
Prior service costs | 0.2 | 0.2 |
Net loss | 3.8 | 4.6 |
Settlement costs | 1.8 | |
Curtailment loss | 1.1 | |
Net periodic cost | 5.3 | (2.6) |
Pension | Crane Holdings, Co. and Subsidiaries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1.3 | 1.3 |
Interest cost | 9.5 | 5.2 |
Expected return on plan assets | (12.2) | (13.9) |
Prior service costs | 0 | 0 |
Net loss | 3.8 | 4.8 |
Settlement costs | 1.8 | |
Curtailment loss | 1.1 | |
Net periodic cost | 5.3 | (2.6) |
Postretirement | Crane Holdings, Co. and Subsidiaries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0.1 |
Interest cost | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 |
Prior service costs | (0.2) | (0.3) |
Net loss | (0.2) | 0 |
Net periodic cost | $ (0.2) | $ 0 |
Defined Benefit and Postretir_6
Defined Benefit and Postretirement Benefits Contributions by Plan Type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions in 2023 | $ 18.1 | |
Amounts contributed during the three months ended March 31, 2023 | 0.3 | |
Pension | Crane Holdings, Co. and Subsidiaries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions in 2023 | 20 | |
Amounts contributed during the three months ended March 31, 2023 | 0.3 | |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions in 2023 | 0.5 | |
Amounts contributed during the three months ended March 31, 2023 | $ 0 | |
Postretirement | Crane Holdings, Co. and Subsidiaries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions in 2023 | $ 2.3 | |
Amounts contributed during the three months ended March 31, 2023 | $ 1.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Company's effective tax rate | 22.10% | 29% | |
Increase in unrecognized tax benefits | $ (0.4) | ||
Increase in unrecognized tax benefits that would impact effective tax rate | 0.6 | ||
Unrecognized tax benefits, interest expense | 0.3 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 4 | $ 3.7 | |
Reasonable possible decrease in unrecognized tax benefits during the next twelve months | $ 8.4 | ||
Crane Holdings, Co. and Subsidiaries | |||
Income Tax Contingency [Line Items] | |||
Company's effective tax rate | 21% | 25% | |
Increase in unrecognized tax benefits | $ 0.5 | ||
Increase in unrecognized tax benefits that would impact effective tax rate | 0.8 | ||
Unrecognized tax benefits, interest expense | 0.5 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 5.3 | $ 4.8 | |
Reasonable possible decrease in unrecognized tax benefits during the next twelve months | $ 13.4 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) report | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | |||
Number of reporting units | report | 4 | ||
Intangible assets, net (excluding goodwill) | $ 70.6 | $ 71.7 | $ 78.5 |
Intangibles with indefinite useful lives | $ 21.9 | 21.8 | |
Crane Holdings, Co. and Subsidiaries | |||
Goodwill [Line Items] | |||
Number of reporting units | report | 6 | ||
Intangible assets, net (excluding goodwill) | $ 406.5 | 416.6 | $ 467.1 |
Intangibles with indefinite useful lives | $ 67.4 | $ 67.3 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 690.9 |
Currency translation | 2.2 |
Balance at end of period | 693.1 |
Crane Holdings, Co. and Subsidiaries | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 1,527.5 |
Currency translation | 3.4 |
Balance at end of period | 1,530.9 |
Aerospace & Electronics | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 202.3 |
Currency translation | 0 |
Balance at end of period | 202.3 |
Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 202.3 |
Currency translation | 0 |
Balance at end of period | 202.3 |
Process Flow Technologies | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 317.3 |
Currency translation | 2.2 |
Balance at end of period | 319.5 |
Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 317.3 |
Currency translation | 2.2 |
Balance at end of period | 319.5 |
Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 836.6 |
Currency translation | 1.2 |
Balance at end of period | 837.8 |
Engineered Materials | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 171.3 |
Currency translation | 0 |
Balance at end of period | 171.3 |
Engineered Materials | Crane Holdings, Co. and Subsidiaries | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 171.3 |
Currency translation | 0 |
Balance at end of period | $ 171.3 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period, net of accumulated amortization | $ 71.7 | $ 78.5 |
Amortization of Intangible Assets | (1.4) | (5.7) |
Currency translation and other | 0.3 | (1.1) |
Balance at end of period, net of accumulated amortization | 70.6 | 71.7 |
Crane Holdings, Co. and Subsidiaries | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period, net of accumulated amortization | 416.6 | 467.1 |
Amortization of Intangible Assets | (10.4) | (41.7) |
Currency translation and other | 0.3 | (8.8) |
Balance at end of period, net of accumulated amortization | $ 406.5 | $ 416.6 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 17 years 7 months 6 days | ||
Gross Asset | $ 257 | $ 256.1 | |
Accumulated Amortization | 186.4 | 184.4 | |
Intangible assets, net (excluding goodwill) | $ 70.6 | 71.7 | $ 78.5 |
Crane Holdings, Co. and Subsidiaries | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 18 years | ||
Gross Asset | $ 921.5 | 920 | |
Accumulated Amortization | 515 | 503.4 | |
Intangible assets, net (excluding goodwill) | $ 406.5 | 416.6 | $ 467.1 |
Intellectual property rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 19 years 1 month 6 days | ||
Gross Asset | $ 70.3 | 70 | |
Accumulated Amortization | 45.3 | 45.1 | |
Intangible assets, net (excluding goodwill) | $ 25 | 24.9 | |
Intellectual property rights | Crane Holdings, Co. and Subsidiaries | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 15 years 1 month 6 days | ||
Gross Asset | $ 132.4 | 132.1 | |
Accumulated Amortization | 59.5 | 59.1 | |
Intangible assets, net (excluding goodwill) | $ 72.9 | 73 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 14 years 6 months | ||
Gross Asset | $ 132.8 | 132.6 | |
Accumulated Amortization | 89.4 | 87.8 | |
Intangible assets, net (excluding goodwill) | $ 43.4 | 44.8 | |
Customer Relationships [Member] | Crane Holdings, Co. and Subsidiaries | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 18 years 4 months 24 days | ||
Gross Asset | $ 636.2 | 635.5 | |
Accumulated Amortization | 338.3 | 329.8 | |
Intangible assets, net (excluding goodwill) | $ 297.9 | 305.7 | |
Drawings | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 40 years | ||
Gross Asset | $ 11.1 | 11.1 | |
Accumulated Amortization | 10.7 | 10.7 | |
Intangible assets, net (excluding goodwill) | $ 0.4 | 0.4 | |
Drawings | Crane Holdings, Co. and Subsidiaries | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 40 years | ||
Gross Asset | $ 11.1 | 11.1 | |
Accumulated Amortization | 10.7 | 10.7 | |
Intangible assets, net (excluding goodwill) | $ 0.4 | 0.4 | |
Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 20 years 10 months 24 days | ||
Gross Asset | $ 42.8 | 42.4 | |
Accumulated Amortization | 41 | 40.8 | |
Intangible assets, net (excluding goodwill) | $ 1.8 | 1.6 | |
Other | Crane Holdings, Co. and Subsidiaries | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 11 years 8 months 12 days | ||
Gross Asset | $ 141.8 | 141.3 | |
Accumulated Amortization | 106.5 | 103.8 | |
Intangible assets, net (excluding goodwill) | $ 35.3 | $ 37.5 |
Goodwill And Intangible Asset_8
Goodwill And Intangible Assets (Future Amortization Expense) (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Goodwill [Line Items] | |
Remainder of 2023 | $ 4.1 |
2024 | 5.2 |
2025 | 5.2 |
2026 | 5.2 |
2027 | 5.2 |
2028 and after | 23.8 |
Crane Holdings, Co. and Subsidiaries | |
Goodwill [Line Items] | |
Remainder of 2023 | 31.4 |
2024 | 41.1 |
2025 | 35.7 |
2026 | 35.5 |
2027 | 34.9 |
2028 and after | $ 160.5 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities [Line Items] | ||
Employee related expenses | $ 57.5 | $ 100.3 |
Warranty | 2.7 | 3 |
Current lease liabilities | 9.6 | 11.6 |
Contract liabilities | 51.1 | 49.4 |
Other | 94.7 | 95.6 |
Total | 215.6 | 259.9 |
Crane Holdings, Co. and Subsidiaries | ||
Accrued Liabilities [Line Items] | ||
Employee related expenses | 86.3 | 156.6 |
Warranty | 8.7 | 7.4 |
Current lease liabilities | 16.2 | 19 |
Contract liabilities | 150.4 | 142.9 |
Other | 134.3 | 138.3 |
Total | $ 395.9 | $ 464.2 |
Commitments and Contingencies_4
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 21, 2021 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2014 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2013 a | |
Environmental Claims For A Site In Goodyear Arizona | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual for environmental loss contingencies, revision in estimates | $ 23.7 | $ 49 | $ 24.8 | $ 18.9 | ||
Accrued environmental loss contingencies current | $ 7.8 | 7.7 | ||||
Loss contingency reimbursement rate | 2,100% | |||||
Other receivables | $ 4.7 | 4.8 | ||||
Environmental Claims For A Site In Goodyear Arizona | Crane Holdings, Co. and Subsidiaries | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual for environmental loss contingencies, revision in estimates | $ 49 | $ 18.9 | ||||
Estimated liability | 23.7 | 24.8 | ||||
Accrued environmental loss contingencies current | $ 7.8 | 7.7 | ||||
Loss contingency reimbursement rate | 21% | |||||
Other receivables | $ 4.7 | $ 4.8 | ||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | ||||||
Loss Contingencies [Line Items] | ||||||
Approximate size of referenced site | a | 55,000 | |||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | Crane Holdings, Co. and Subsidiaries | ||||||
Loss Contingencies [Line Items] | ||||||
Approximate size of referenced site | a | 55,000 | |||||
Goodyear Site | ||||||
Loss Contingencies [Line Items] | ||||||
Proceeds from sale of property | $ 8.7 | |||||
Goodyear Site | Crane Holdings, Co. and Subsidiaries | ||||||
Loss Contingencies [Line Items] | ||||||
Proceeds from sale of property | $ 8.7 |
Commitments and Contingencies_5
Commitments and Contingencies (Schedule Of Settlement And Defense Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Pre-tax cash payments, net | $ 0 | $ 7.5 |
Crane Holdings, Co. and Subsidiaries | ||
Loss Contingencies [Line Items] | ||
Pre-tax cash payments, net | 0 | 7.5 |
Asbestos Commitments and Contingencies | ||
Loss Contingencies [Line Items] | ||
Settlement / indemnity costs incurred | 0 | 10.5 |
Defense costs incurred | 0 | 2.5 |
Total costs incurred | 0 | 13 |
Settlement / indemnity payments | 0 | 9.6 |
Payments For Asbestos Related Defense And Related Fees Costs | 0 | 2.1 |
Insurance Inflow | 0 | (4.2) |
Pre-tax cash payments, net | 0 | 7.5 |
Asbestos Commitments and Contingencies | Crane Holdings, Co. and Subsidiaries | ||
Loss Contingencies [Line Items] | ||
Settlement / indemnity costs incurred | 0 | 10.5 |
Defense costs incurred | 0 | 2.5 |
Total costs incurred | 0 | 13 |
Settlement / indemnity payments | 0 | 9.6 |
Payments For Asbestos Related Defense And Related Fees Costs | 0 | 2.1 |
Insurance Inflow | 0 | (4.2) |
Pre-tax cash payments, net | $ 0 | $ 7.5 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Detail) - USD ($) $ in Millions | Aug. 11, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 0 | $ 399.6 | |
Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Short-term debt | 308.5 | 699.3 | |
Long-term debt | 880.7 | 543.7 | |
Debt discounts and debt issuance costs | $ 7.1 | $ 5.6 | |
Line of Credit | Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Debt instrument, term (in days) | 364 days | ||
Line of Credit | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Debt instrument, term (in days) | 364 days | ||
4.45% Senior Notes Due 2023 | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.45% | 4.45% | |
Short-term debt | $ 299.8 | $ 299.7 | |
6.55% notes due November 2036 | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 6.55% | 6.55% | |
Long-term debt | $ 198.6 | $ 198.6 | |
4.20% notes due March 2048 | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.20% | 4.20% | |
Long-term debt | $ 346.5 | $ 346.5 | |
Three Year Term Loan Facility | Revolving Credit Facility | Line of Credit | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Short-term debt | 8.7 | 0 | |
Three Hundred Sixty Four Day Credit Agreement | Line of Credit | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Short-term debt | 0 | 399.6 | |
Five Year Term Loan Facility | Revolving Credit Facility | Line of Credit | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 339.3 | 0 | |
Other deferred financing costs associated with credit facilities | Crane Holdings, Co. and Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3.7 | $ 1.4 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) | Mar. 17, 2023 USD ($) | Aug. 11, 2022 USD ($) | Jul. 28, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 27, 2021 USD ($) |
P364DDay Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 650,000,000 | $ 550,000,000 | ||||
P364DDay Credit Agreement | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 650,000,000 | $ 550,000,000 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 650,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Debt To Capitalization Ratio Not To Exceed | 0.65 | |||||
Long-term debt | $ 0 | $ 0 | ||||
Revolving Credit Facility | Line of Credit | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 650,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Debt To Capitalization Ratio Not To Exceed | 0.65 | |||||
Long-term debt | $ 0 | |||||
Revolving Credit Facility | Line of Credit | Minimum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0% | |||||
Revolving Credit Facility | Line of Credit | Minimum | LIBOR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0% | |||||
Revolving Credit Facility | Line of Credit | Minimum | Index Debt Rating | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.805% | |||||
Revolving Credit Facility | Line of Credit | Minimum | Index Debt Rating | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.805% | |||||
Revolving Credit Facility | Line of Credit | Maximum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Maximum | LIBOR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Maximum | Index Debt Rating | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Line of Credit | Maximum | Index Debt Rating | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum | 3.50 | |||||
Debt Instrument, Covenant, Net Leverage Ratio Adjustment, Maximum | 4 | |||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 3 | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum | 3.50 | |||||
Debt Instrument, Covenant, Net Leverage Ratio Adjustment, Maximum | 4 | |||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 3 | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Minimum | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Maximum | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Minimum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate, Adjustment | 0.10% | |||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Minimum | SOFR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate, Adjustment | 0.10% | |||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Maximum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 2.25% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Maximum | SOFR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 2.25% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Minimum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Minimum | SOFR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Maximum | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.25% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Maximum | SOFR | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.25% | |||||
Line of Credit | Notes Payable to Banks | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term (in days) | 364 days | |||||
Debt instrument, maximum borrowing capacity | $ 400,000,000 | |||||
Line of Credit | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term (in days) | 364 days | |||||
Debt instrument, maximum borrowing capacity | $ 400,000,000 | |||||
Line of Credit | Minimum | SOFR | Notes Payable to Banks | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.25% | |||||
Line of Credit | Minimum | SOFR | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.25% | |||||
Line of Credit | Minimum | LIBOR | Notes Payable to Banks | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.25% | |||||
Line of Credit | Minimum | LIBOR | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.25% | |||||
Line of Credit | Maximum | SOFR | Notes Payable to Banks | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.50% | |||||
Line of Credit | Maximum | SOFR | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 1.50% | |||||
Line of Credit | Maximum | LIBOR | Notes Payable to Banks | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Line of Credit | Maximum | LIBOR | Notes Payable to Banks | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Margin rate | 0.50% | |||||
Line of Credit | Three Year Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 300,000,000 | |||||
Line of credit facility, term (in years) | 3 years | |||||
Line of Credit | Three Year Term Loan Facility | Crane Holdings, Co. and Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 350,000,000 | |||||
Line of credit facility, term (in years) | 3 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, notional amount | $ 4.9 | $ 4.1 |
Derivative asset | 0.1 | 0.1 |
Crane Holdings, Co. and Subsidiaries | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, notional amount | 4.9 | 89.7 |
Derivative asset | 0.1 | 5.9 |
Other assets, fair value disclosure | 0.4 | 0.4 |
Long-term debt, fair value | $ 779 | $ 753.1 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - employee | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2019 | |
2022 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 160 | ||
Restructuring and related cost, number of positions eliminated, period percent | 2% | ||
2022 Repositioning | Crane Holdings, Co. and Subsidiaries | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 300 | ||
Restructuring and related cost, number of positions eliminated, period percent | 3% | ||
2019 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 180 | ||
Restructuring and related cost, number of positions eliminated, period percent | 2% | ||
2019 Repositioning | Crane Holdings, Co. and Subsidiaries | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 180 | ||
Restructuring and related cost, number of positions eliminated, period percent | 1% |
Restructuring (Cumulative Restr
Restructuring (Cumulative Restructuring and Remaining Costs) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ 8.2 |
2022 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.4 |
2022 Repositioning | Aerospace & Electronics | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
2022 Repositioning | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
2022 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
2022 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
2022 Repositioning | Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.2 |
2022 Repositioning | Engineered Materials | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
2022 Repositioning | Engineered Materials | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
2019 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
2019 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
2019 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 8.2 |
Severance | 2022 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 13.9 |
Severance | 2022 Repositioning | Aerospace & Electronics | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
Severance | 2022 Repositioning | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
Severance | 2022 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
Severance | 2022 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
Severance | 2022 Repositioning | Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 5.7 |
Severance | 2022 Repositioning | Engineered Materials | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
Severance | 2022 Repositioning | Engineered Materials | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
Severance | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Severance | 2019 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Severance | 2019 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Severance | 2019 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.5 |
Other | 2022 Repositioning | Aerospace & Electronics | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Aerospace & Electronics | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Payment & Merchandising Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.5 |
Other | 2022 Repositioning | Engineered Materials | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2022 Repositioning | Engineered Materials | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | (2.8) |
Other | 2019 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | (2.8) |
Other | 2019 Repositioning | Process Flow Technologies | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | (2.8) |
Other | 2019 Repositioning | Process Flow Technologies | Crane Holdings, Co. and Subsidiaries | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ (2.8) |
Restructuring (Restructuring Li
Restructuring (Restructuring Liability) (Details) - Severance $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 10.6 |
Utilization | (2.6) |
Ending balance | 8 |
Crane Holdings, Co. and Subsidiaries | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 16.6 |
Utilization | (5.1) |
Ending balance | 11.5 |
2022 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 8.2 |
Utilization | (1.6) |
Ending balance | 6.6 |
2022 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 14.2 |
Utilization | (4.1) |
Ending balance | 10.1 |
2019 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2.4 |
Utilization | (1) |
Ending balance | 1.4 |
2019 Repositioning | Crane Holdings, Co. and Subsidiaries | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2.4 |
Utilization | (1) |
Ending balance | $ 1.4 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Apr. 03, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 04, 2023 | Dec. 31, 2022 | |
Crane Holdings, Co. and Subsidiaries | |||||
Subsequent Event [Line Items] | |||||
Cash dividends | $ 26.6 | $ 26.4 | |||
4.45% Senior Notes Due 2023 | Crane Holdings, Co. and Subsidiaries | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, interest rate | 4.45% | 4.45% | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends | $ 275 | ||||
Subsequent Event | Crane Holdings, Co. and Subsidiaries | |||||
Subsequent Event [Line Items] | |||||
Cash dividends | $ 275 | ||||
Subsequent Event | 4.45% Senior Notes Due 2023 | Crane Holdings, Co. and Subsidiaries | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, interest rate | 4.45% | ||||
Debt instrument, face amount | $ 300 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Accounts receivable, net | $ 315.6 | $ 271.4 | |
Accounts payable | 152.7 | 179.5 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Functional service expenses and general corporate expenses | 25.8 | $ 19.6 | |
Separation-related costs | 10.9 | 1.8 | |
Loans receivable | 242.9 | 232.1 | |
Loans payable | 0 | 27.2 | |
Related party interest income | 2.5 | $ 3.7 | |
Accounts receivable, net | 1.2 | 1.7 | |
Accounts payable | $ 0.1 | $ 0.1 |
Segment Results (Narrative) (_2
Segment Results (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Results (Schedule Of _2
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating profit (loss) from continuing operations | ||
Net sales | $ 513.8 | $ 538.9 |
Operating profit (loss) | 86.3 | 70.2 |
Interest income | 0.9 | 0.3 |
Interest expense | (6.6) | (0.7) |
Miscellaneous (expense) income, net | (3.8) | 2.8 |
Income before income taxes | 79.3 | 76.3 |
Affiliated Entity | ||
Operating profit (loss) from continuing operations | ||
Interest income | 2.5 | 3.7 |
Aerospace & Electronics | ||
Operating profit (loss) from continuing operations | ||
Net sales | 180.1 | 157.2 |
Operating profit (loss) | 37.7 | 28.1 |
Process Flow Technologies | ||
Operating profit (loss) from continuing operations | ||
Net sales | 271.4 | 311.3 |
Operating profit (loss) | 63.3 | 49 |
Engineered Materials | ||
Operating profit (loss) from continuing operations | ||
Net sales | 62.3 | 70.4 |
Operating profit (loss) | 11.4 | 13.4 |
Corporate | ||
Operating profit (loss) from continuing operations | ||
Operating profit (loss) | $ (26.1) | $ (20.3) |
Segment Results (Schedule Of _3
Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,231.7 | $ 2,265.2 |
Aerospace & Electronics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 698.9 | 663.3 |
Process Flow Technologies | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,073.3 | 1,065.3 |
Engineered Materials | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 231.2 | 218.6 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 228.3 | $ 318 |
Segment Results (Schedule Of _4
Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 693.1 | $ 690.9 |
Aerospace & Electronics | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 202.3 | 202.3 |
Process Flow Technologies | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 319.5 | 317.3 |
Engineered Materials | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 171.3 | $ 171.3 |
Revenue - Disaggregation of R_2
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 513.8 | $ 538.9 |
Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 180.1 | 157.2 |
Aerospace & Electronics | Commercial Original Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 68.4 | 58.7 |
Aerospace & Electronics | Military and Other Original Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 61.9 | 57.4 |
Aerospace & Electronics | Commercial Aftermarket Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 28.6 |
Aerospace & Electronics | Military Aftermarket Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11.9 | 12.5 |
Process Flow Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 271.4 | 311.3 |
Process Flow Technologies | Process Valves and Related Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 202.9 | 182.9 |
Process Flow Technologies | Commercial Valves | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 30.6 | 98.2 |
Process Flow Technologies | Pumps and Systems | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 37.9 | 30.2 |
Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 62.3 | 70.4 |
Engineered Materials | FRP - Recreational Vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 20.3 | 35.7 |
Engineered Materials | FRP - Building Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 32.3 | 27.4 |
Engineered Materials | FRP - Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 9.7 | $ 7.3 |
Revenue Revenue - Narrative (_2
Revenue Revenue - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1,024.4 |
Increase in contract liability opening balance for revenue recognized | $ 10.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 79% |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 18% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue - Contract Assets and_2
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 62.6 | $ 56.8 |
Contract liabilities | $ 51 | $ 49.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | $ (370.9) | ||
Other comprehensive income before reclassifications | 7.7 | ||
Amounts reclassified from accumulated other comprehensive loss | 3.2 | ||
Net period other comprehensive income | 10.9 | ||
Accumulated other comprehensive loss, ending balance | (360) | ||
Deferred tax assets, other comprehensive loss | 96.4 | $ 95.7 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 3.2 | $ 3.6 | |
Defined Benefit Pension and Postretirement Items | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (279.9) | ||
Net period other comprehensive income | 3.2 | ||
Accumulated other comprehensive loss, ending balance | (276.7) | ||
Currency Translation Adjustment | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (91) | ||
Other comprehensive income before reclassifications | 7.7 | ||
Net period other comprehensive income | 7.7 | ||
Accumulated other comprehensive loss, ending balance | $ (83.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Tax impact | $ 17.5 | $ 22.2 |
Total reclassifications for the period | 3.2 | |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total before tax | 4 | 4.8 |
Tax impact | 0.8 | 1.2 |
Total reclassifications for the period | 3.2 | 3.6 |
Pension | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Prior service costs | 0.2 | 0.2 |
Net loss | $ 3.8 | $ 4.6 |
Defined Benefit and Postretir_7
Defined Benefit and Postretirement Benefits (Components Of Net Periodic Cost) (Detail) - Pension - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.9 | $ 0.8 |
Interest cost | 8.9 | 5 |
Expected return on plan assets | (11.4) | (13.2) |
Amortization of prior service cost | 0.2 | 0.2 |
Amortization of net loss | 3.8 | 4.6 |
Settlement costs | 1.8 | |
Curtailment loss | 1.1 | |
Net periodic cost | $ 5.3 | $ (2.6) |
Defined Benefit and Postretir_8
Defined Benefit and Postretirement Benefits Contributions by Plan Type (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions in 2023 | $ 18.1 |
Amounts contributed during the three months ended March 31, 2023 | 0.3 |
Postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions in 2023 | 0.5 |
Amounts contributed during the three months ended March 31, 2023 | $ 0 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Company's effective tax rate | 22.10% | 29% | |
Increase in unrecognized tax benefits | $ (0.4) | ||
Increase in unrecognized tax benefits that would impact effective tax rate | 0.6 | ||
Unrecognized tax benefits, interest expense | 0.3 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 4 | $ 3.7 | |
Reasonable possible decrease in unrecognized tax benefits during the next twelve months | $ 8.4 |
Goodwill and Intangible Asset_9
Goodwill and Intangible Assets (Narrative) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) report | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of reporting units | report | 4 | ||
Intangible assets, net (excluding goodwill) | $ 70.6 | $ 71.7 | $ 78.5 |
Intangibles with indefinite useful lives | $ 21.9 | $ 21.8 |
Goodwill And Intangible Asse_10
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 690.9 |
Currency translation | 2.2 |
Balance at end of period | 693.1 |
Aerospace & Electronics | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 202.3 |
Currency translation | 0 |
Balance at end of period | 202.3 |
Process Flow Technologies | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 317.3 |
Currency translation | 2.2 |
Balance at end of period | 319.5 |
Engineered Materials | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 171.3 |
Currency translation | 0 |
Balance at end of period | $ 171.3 |
Goodwill And Intangible Asse_11
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period, net of accumulated amortization | $ 71.7 | $ 78.5 |
Amortization expense | (1.4) | (5.7) |
Currency translation and other | 0.3 | (1.1) |
Balance at end of period, net of accumulated amortization | $ 70.6 | $ 71.7 |
Goodwill And Intangible Asse_12
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 17 years 7 months 6 days | ||
Gross Asset | $ 257 | $ 256.1 | |
Accumulated Amortization | 186.4 | 184.4 | |
Intangible assets, net | $ 70.6 | 71.7 | $ 78.5 |
Intellectual property rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 19 years 1 month 6 days | ||
Gross Asset | $ 70.3 | 70 | |
Accumulated Amortization | 45.3 | 45.1 | |
Intangible assets, net | $ 25 | 24.9 | |
Customer relationships and backlog | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 14 years 6 months | ||
Gross Asset | $ 132.8 | 132.6 | |
Accumulated Amortization | 89.4 | 87.8 | |
Intangible assets, net | $ 43.4 | 44.8 | |
Drawings | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 40 years | ||
Gross Asset | $ 11.1 | 11.1 | |
Accumulated Amortization | 10.7 | 10.7 | |
Intangible assets, net | $ 0.4 | 0.4 | |
Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 20 years 10 months 24 days | ||
Gross Asset | $ 42.8 | 42.4 | |
Accumulated Amortization | 41 | 40.8 | |
Intangible assets, net | $ 1.8 | $ 1.6 |
Goodwill And Intangible Asse_13
Goodwill And Intangible Assets (Future Amortization Expense) (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 4.1 |
2024 | 5.2 |
2025 | 5.2 |
2026 | 5.2 |
2027 | 5.2 |
2028 and after | $ 23.8 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Accrued Liabilities Summary Of Warranty Liabilities [Abstract] | ||
Employee related expenses | $ 57.5 | $ 100.3 |
Warranty | 2.7 | 3 |
Current lease liabilities | 9.6 | 11.6 |
Contract liabilities | 51.1 | 49.4 |
Other | 94.7 | 95.6 |
Total | $ 215.6 | $ 259.9 |
Commitments and Contingencies_6
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 21, 2021 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2014 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2013 a | |
Environmental Claims For A Site In Goodyear Arizona | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual for environmental loss contingencies, revision in estimates | $ 23.7 | $ 49 | $ 24.8 | $ 18.9 | ||
Accrued environmental loss contingencies current | $ 7.8 | 7.7 | ||||
Loss contingency reimbursement rate | 2,100% | |||||
Other receivables | $ 4.7 | $ 4.8 | ||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | ||||||
Loss Contingencies [Line Items] | ||||||
Approximate size of referenced site | a | 55,000 | |||||
Goodyear Site | ||||||
Loss Contingencies [Line Items] | ||||||
Proceeds from sale of property | $ 8.7 |
Commitments and Contingencies_7
Commitments and Contingencies (Schedule Of Settlement And Defense Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Pre-tax cash payments, net | $ 0 | $ 7.5 |
Asbestos Commitments and Contingencies | ||
Loss Contingencies [Line Items] | ||
Settlement / indemnity costs incurred | 0 | 10.5 |
Defense costs incurred | 0 | 2.5 |
Total costs incurred | 0 | 13 |
Settlement / indemnity payments | 0 | 9.6 |
Defense payments | 0 | 2.1 |
Insurance receipts | 0 | (4.2) |
Pre-tax cash payments, net | $ 0 | $ 7.5 |
Financing (Components Of Debt_2
Financing (Components Of Debt) (Detail) - USD ($) $ in Millions | Aug. 11, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | |||
Short-term debt | $ 0 | $ 399.6 | |
P364DDay Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Short-term debt | $ 0 | $ 399.6 | |
Line of Credit | Notes Payable to Banks | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, term (in days) | 364 days |
Financing - Narrative (Details)
Financing - Narrative (Details) | Mar. 17, 2023 USD ($) | Aug. 11, 2022 USD ($) | Jul. 28, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 27, 2021 USD ($) |
P364DDay Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 650,000,000 | $ 550,000,000 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 650,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Debt To Capitalization Ratio Not To Exceed | 0.65 | |||||
Long-term debt | $ 0 | $ 0 | ||||
Revolving Credit Facility | Line of Credit | Minimum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0% | |||||
Revolving Credit Facility | Line of Credit | Minimum | Index Debt Rating | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.805% | |||||
Revolving Credit Facility | Line of Credit | Maximum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Line of Credit | Maximum | Index Debt Rating | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Line of credit facility, term (in years) | 5 years | |||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum | 3.50 | |||||
Debt Instrument, Covenant, Net Leverage Ratio Adjustment, Maximum | 4 | |||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 3 | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Minimum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate, Adjustment | 0.10% | |||||
Margin rate | 1.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Maximum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 2.25% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Minimum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.50% | |||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Maximum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 1.25% | |||||
Line of Credit | Notes Payable to Banks | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term (in days) | 364 days | |||||
Debt instrument, maximum borrowing capacity | $ 400,000,000 | |||||
Line of Credit | Minimum | SOFR | Notes Payable to Banks | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 1.25% | |||||
Line of Credit | Minimum | LIBOR | Notes Payable to Banks | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.25% | |||||
Line of Credit | Maximum | SOFR | Notes Payable to Banks | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 1.50% | |||||
Line of Credit | Maximum | LIBOR | Notes Payable to Banks | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.50% | |||||
Line of Credit | Three Year Term Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 300,000,000 | |||||
Line of credit facility, term (in years) | 3 years |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Derivative, notional amount | $ 4.9 | $ 4.1 |
Derivative asset | $ 0.1 | $ 0.1 |
Restructuring (Narrative) (De_2
Restructuring (Narrative) (Details) - employee | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2019 | |
2022 Repositioning | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of positions eliminated | 160 | |
Restructuring and related cost, number of positions eliminated, period percent | 2% | |
2019 Repositioning | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of positions eliminated | 180 | |
Restructuring and related cost, number of positions eliminated, period percent | 2% |
Restructuring (Cumulative Res_2
Restructuring (Cumulative Restructuring and Remaining Costs) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ 8.2 |
2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 8.2 |
Severance | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Other | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | (2.8) |
Aerospace & Electronics | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
Aerospace & Electronics | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 1.5 |
Aerospace & Electronics | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Process Flow Technologies | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
Process Flow Technologies | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 12.1 |
Process Flow Technologies | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 6.3 |
Process Flow Technologies | Severance | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 14.9 |
Process Flow Technologies | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0 |
Process Flow Technologies | Other | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | (2.8) |
Engineered Materials | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
Engineered Materials | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.4 |
Engineered Materials | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ 0 |
Restructuring (Restructuring _2
Restructuring (Restructuring Liability) (Details) - Severance $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 10.6 |
Utilization | (2.6) |
Ending balance | 8 |
2022 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 8.2 |
Utilization | (1.6) |
Ending balance | 6.6 |
2019 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2.4 |
Utilization | (1) |
Ending balance | $ 1.4 |
Subsequent Event (Details)_2
Subsequent Event (Details) - USD ($) | 3 Months Ended | ||||
May 03, 2023 | Apr. 03, 2023 | Mar. 17, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||||
Repayment of term loan | $ 400,000,000 | $ 0 | |||
Line of Credit | Three Year Term Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Line of credit facility, term (in years) | 3 years | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends | $ 275,000,000 | ||||
Subsequent Event | Line of Credit | Three Year Term Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Line of credit facility, term (in years) | 3 years | ||||
Repayment of term loan | $ 35,000,000 |