Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 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 | 56,814,830 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0001944013 |
Current Fiscal Year End Date | --12-31 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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. 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 March 30, 2022, Crane Holdings, Co. 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 Holdings, Co. would retain its Payment & Merchandising Technologies segment and spin-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to its stockholders (the “Separation”). On April 3, 2023, Crane Holdings, Co. completed the Separation into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company, 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. 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 was treated as the “accounting spinnor” and therefore was 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 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. In connection with the Separation on April 3, 2023, 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. Transactions under the transition services agreement with Crane NXT, Co. did not have a material impact to the condensed consolidated balance sheets as of September 30, 2023, or the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2023. 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 Holdings, Co., its sole stockholder at that time, as part of establishing the capital structure at Crane NXT, Co. In connection with the Separation, we distributed net assets of $813.8 million through equity, including the cash dividend of $275 million and $303 million in cash balances. The net assets distributed includes an adjustment of $8.5 million recorded in the three months ended September 30, 2023, to correct the amount previously recognized at the time of the Distribution. As a result of the Separation, the Payment & Merchandising segment qualified as a discontinued operation and accordingly, the assets, liabilities and results of operations of this segment are reported as discontinued operations. See Note 2 for additional information. Recent Accounting Pronouncements The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 530.1 | $ 480 | $ 1,553.5 | $ 1,549.1 |
Operating costs and expenses: | ||||
Cost of sales | 326.9 | 310.7 | 942.3 | 1,010.6 |
Selling, general and administrative | 126.9 | 124.1 | 394.3 | 386.8 |
Loss on divestiture of asbestos-related assets and liabilities | 0 | 162.4 | 0 | 162.4 |
Operating profit (loss) | 76.3 | (117.2) | 216.9 | (10.7) |
Other income (expense): | ||||
Interest income | 1.5 | 1.4 | 3.2 | 2.3 |
Interest expense | (4.8) | (3) | (16.7) | (4.4) |
Gain on sale of business | 0 | 3.8 | 0 | 232.5 |
Miscellaneous income (expense), net | 1.3 | 4.5 | (0.5) | 20.6 |
Total other (expense) income, net | (2) | 6.7 | (14) | 251 |
Income (loss) from continuing operations before income taxes | 74.3 | (110.5) | 202.9 | 240.3 |
Provision for income taxes | 19.1 | 10.4 | 48.5 | 108.5 |
Net income from continuing operations attributable to common shareholders | 55.2 | (120.9) | 154.4 | 131.8 |
Income from discontinued operations, net of tax (Note 2) | 0 | 61.6 | 52.1 | 172.1 |
Net income (loss) attributable to common shareholders | $ 55.2 | $ (59.3) | $ 206.5 | $ 303.9 |
Earnings (loss) per basic share: | ||||
Earnings (loss) per basic share from continuing operations (in dollars per share) | $ 0.97 | $ (2.16) | $ 2.72 | $ 2.33 |
Earnings per basic share from discontinued operations (in dollars per share) | 0 | 1.10 | 0.92 | 3.05 |
Earnings (loss) per basic share (in dollars per share) | 0.97 | (1.06) | 3.64 | 5.38 |
Earnings (loss) per diluted share: | ||||
Earnings (loss) per diluted share from continuing operations (in dollars per share) | 0.96 | (2.16) | 2.69 | 2.30 |
Earnings per diluted share from discontinued operations (in dollars per share) | 0 | 1.10 | 0.91 | 3 |
Earnings (loss) per diluted share (in dollars per share) | $ 0.96 | $ (1.06) | $ 3.60 | $ 5.30 |
Average shares outstanding: | ||||
Average basic shares outstanding (in shares) | 56.8 | 56.1 | 56.7 | 56.5 |
Average diluted shares outstanding (in shares) | 57.5 | 56.1 | 57.4 | 57.3 |
Dividends per share (in dollars per share) | $ 0.18 | $ 0.47 | $ 0.36 | $ 1.41 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) attributable to common shareholders | $ 55.2 | $ (59.3) | $ 206.5 | $ 303.9 |
Components of other comprehensive income (loss), net of tax | ||||
Currency translation adjustment | (15.7) | (77.7) | (2.3) | (175.2) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.6 | 2.3 | 8.9 | 9.1 |
Other comprehensive (loss) income, net of tax | (12.1) | (75.4) | 6.6 | (166.1) |
Comprehensive income (loss) before allocation to noncontrolling interests | 43.1 | (134.7) | 213.1 | 137.8 |
Less: Noncontrolling interests in comprehensive income (loss) | 0 | (0.3) | (0.2) | (0.3) |
Comprehensive income (loss) attributable to common shareholders | $ 43.1 | $ (134.4) | $ 213.3 | $ 138.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 273.8 | $ 427 |
Accounts receivable, net of allowance for doubtful accounts of $10.0 as of September 30, 2023 and $8.0 as of December 31, 2022 | 323.5 | 269.7 |
Inventories, net: | ||
Finished goods | 64.5 | 57.2 |
Finished parts and subassemblies | 52.6 | 47.7 |
Work in process | 41.3 | 27.2 |
Raw materials | 192.5 | 162.1 |
Inventories, net | 350.9 | 294.2 |
Other current assets | 110.5 | 135.1 |
Current assets of discontinued operations | 0 | 625.9 |
Total current assets | 1,058.7 | 1,751.9 |
Property, plant and equipment: | ||
Cost | 751.4 | 729.2 |
Less: accumulated depreciation | 498 | 480.9 |
Property, plant and equipment, net | 253.4 | 248.3 |
Long-term deferred tax assets | 4.1 | 3.1 |
Other assets | 118.9 | 120.8 |
Intangible assets, net | 67.4 | 71.7 |
Goodwill | 689.4 | 690.9 |
Long-term assets of discontinued operations | 0 | 1,504.9 |
Total assets | 2,191.9 | 4,391.6 |
Current liabilities: | ||
Short-term borrowings | 0 | 399.6 |
Accounts payable | 150.5 | 179.2 |
Accrued liabilities | 238.4 | 260.5 |
U.S. and foreign taxes on income | 26.7 | 34.2 |
Current liabilities of discontinued operations | 0 | 614.7 |
Total current liabilities | 415.6 | 1,488.2 |
Long-term debt, net | 250.3 | 0 |
Accrued pension and postretirement benefits | 112 | 132 |
Long-term deferred tax liability | 29.8 | 55.3 |
Other liabilities | 97.7 | 85.2 |
Long-term liabilities of discontinued operations | 0 | 726.9 |
Total liabilities | 905.4 | 2,487.6 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Common shares, par value $1.00; 66,475,672 and 200,000,000 shares authorized, respectively | 56.8 | 72.4 |
Capital surplus | 387.7 | 373.8 |
Retained earnings | 921.6 | 2,822.8 |
Accumulated other comprehensive loss | (82) | (503.3) |
Treasury stock | 0 | (864.3) |
Total shareholders’ equity | 1,284.1 | 1,901.4 |
Noncontrolling interests | 2.4 | 2.6 |
Total equity | 1,286.5 | 1,904 |
Total liabilities and equity | $ 2,191.9 | $ 4,391.6 |
Share data: | ||
Common shares issued (in shares) | 56,798,744 | 72,426,389 |
Less: Common shares held in treasury (in shares) | 0 | 16,101,007 |
Common shares outstanding (in shares) | 56,798,744 | 56,325,382 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 10 | $ 8 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 66,475,672 | 200,000,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income from continuing operations attributable to common shareholders | $ 154.4 | $ 131.8 |
Non-cash loss on divestiture of asbestos-related assets and liabilities | 0 | 148.9 |
Gain on sale of business | 0 | (232.5) |
Depreciation and amortization, including deferred financing costs | 29 | 30.2 |
Stock-based compensation expense | 21.9 | 15.6 |
Defined benefit plans and postretirement cost (credit) | 7 | (8.8) |
Deferred income taxes | 2.5 | 1.5 |
Cash used for operating working capital | (165.4) | (113.8) |
Defined benefit plans and postretirement contributions | (16.1) | (16.7) |
Environmental payments, net of reimbursements | (3) | (5.4) |
Asbestos related payments, net of insurance recoveries | 0 | (29.3) |
Divestiture of asbestos-related assets and liabilities | 0 | (550) |
Other | 3.6 | 20 |
Total provided by (used for) operating activities from continuing operations | 33.9 | (608.5) |
Investing activities: | ||
Capital expenditures | (29.7) | (24.5) |
Proceeds from sale of business | 0 | 318.1 |
Other investing activities | 0.6 | 0 |
Total (used for) provided by investing activities from continuing operations | (29.1) | 293.6 |
Financing activities: | ||
Dividends paid | (47) | (79.5) |
Reacquisition of shares on open market | 0 | (203.7) |
Stock options exercised, net of shares reacquired | 15.7 | 3.1 |
Debt issuance costs | (7.5) | 0 |
Proceeds from term facility | 300 | 0 |
Proceeds from term facility of discontinued operations | 350 | 399.4 |
Repayment of term loans | (448.8) | 0 |
Distribution of Crane NXT, Co. | 578.1 | 0 |
Total (used for) provided by financing activities from continuing and discontinued operations | (415.7) | 119.3 |
Discontinued Operations: | ||
Total provided by operating activities | 34.6 | 230.5 |
Total used for investing activities | (4.1) | (12.2) |
Increase in cash and cash equivalents from discontinued operations | 30.5 | 218.3 |
Effect of exchange rates on cash and cash equivalents | (3.4) | (62.7) |
Decrease in cash and cash equivalents | (383.8) | (40) |
Cash and cash equivalents at beginning of period including discontinued operations (Note 2) | 657.6 | 478.6 |
Cash and cash equivalents at end of period | 273.8 | 438.6 |
Less: Cash and cash equivalents of discontinued operations | 0 | 196.3 |
Cash and cash equivalents at end of period | 273.8 | 242.3 |
Detail of cash used for operating working capital from continuing operations: | ||
Accounts receivable | (2.8) | (61.9) |
Inventories | (58) | (55.6) |
Other current assets | (28.7) | (9.7) |
Accounts payable | (27.3) | 11.2 |
Accrued liabilities | (14.2) | (31.1) |
U.S. and foreign taxes on income | (34.4) | 33.3 |
Total | (165.4) | (113.8) |
Supplemental disclosure of cash flow information: | ||
Interest paid | 22.2 | 29.9 |
Income taxes paid | $ 88.1 | $ 118.1 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions | Total | Total Share- holders’ Equity | Common Shares Issued at Par Value | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interest |
Balance, beginning of period at Dec. 31, 2021 | $ 1,835.1 | $ 1,832.3 | $ 72.4 | $ 363.9 | $ 2,527.3 | $ (440.2) | $ (691.1) | $ 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 105 | 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 | 5.9 | 5.9 | 5.9 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.3 | 3.3 | 3.3 | |||||
Currency translation adjustment | (21.6) | (21.7) | (21.7) | 0.1 | ||||
Balance, end of period at Mar. 31, 2022 | 1,726.2 | 1,723.3 | 72.4 | 364.7 | 2,605.9 | (458.6) | (861.1) | 2.9 |
Balance, beginning of period at Dec. 31, 2021 | 1,835.1 | 1,832.3 | 72.4 | 363.9 | 2,527.3 | (440.2) | (691.1) | 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 9.1 | |||||||
Currency translation adjustment | (175.2) | |||||||
Balance, end of period at Sep. 30, 2022 | 1,710.8 | 1,708.3 | 72.4 | 368.2 | 2,752 | (606) | (878.3) | 2.5 |
Balance, beginning of period at Mar. 31, 2022 | 1,726.2 | 1,723.3 | 72.4 | 364.7 | 2,605.9 | (458.6) | (861.1) | 2.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 258.2 | 258.2 | 258.2 | |||||
Cash dividends | (26.4) | (26.4) | (26.4) | |||||
Reacquisition on open market | (27.9) | (27.9) | (27.9) | |||||
Exercise of stock options, net of shares reacquired | 1.1 | 1.1 | 1.1 | |||||
Impact from settlement of share-based awards, net of shares acquired | (0.1) | (0.1) | (1.3) | 1.2 | ||||
Stock-based compensation expense | 5.9 | 5.9 | 5.9 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.5 | 3.5 | 3.5 | |||||
Currency translation adjustment | (75.9) | (75.8) | (75.8) | (0.1) | ||||
Balance, end of period at Jun. 30, 2022 | 1,864.6 | 1,861.8 | 72.4 | 369.3 | 2,837.7 | (530.9) | (886.7) | 2.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (59.3) | (59.3) | (59.3) | |||||
Cash dividends | (26.4) | (26.4) | (26.4) | |||||
Exercise of stock options, net of shares reacquired | 1.5 | 1.5 | 1.5 | |||||
Impact from settlement of share-based awards, net of shares acquired | (0.1) | (0.1) | (7) | 6.9 | ||||
Stock-based compensation expense | 5.9 | 5.9 | 5.9 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.3 | 2.3 | 2.3 | |||||
Currency translation adjustment | (77.7) | (77.4) | (77.4) | (0.3) | ||||
Balance, end of period at Sep. 30, 2022 | 1,710.8 | 1,708.3 | 72.4 | 368.2 | 2,752 | (606) | (878.3) | 2.5 |
Balance, beginning of period at Dec. 31, 2022 | 1,904 | 1,901.4 | 72.4 | 373.8 | 2,822.8 | (503.3) | (864.3) | 2.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 105.7 | 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 | 6.3 | 6.3 | 6.3 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.7 | 2.7 | 2.7 | |||||
Currency translation adjustment | 12.7 | 12.8 | 12.8 | (0.1) | ||||
Balance, end of period at Mar. 31, 2023 | 2,017.7 | 2,015.2 | 72.4 | 376.8 | 2,901.9 | (487.8) | (848.1) | 2.5 |
Balance, beginning of period at Dec. 31, 2022 | 1,904 | 1,901.4 | 72.4 | 373.8 | 2,822.8 | (503.3) | (864.3) | 2.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 8.9 | |||||||
Currency translation adjustment | (2.3) | |||||||
Distribution of Crane NXT, Co. | (414.5) | |||||||
Balance, end of period at Sep. 30, 2023 | 1,286.5 | 1,284.1 | 56.8 | 387.7 | 921.6 | (82) | 0 | 2.4 |
Balance, beginning of period at Mar. 31, 2023 | 2,017.7 | 2,015.2 | 72.4 | 376.8 | 2,901.9 | (487.8) | (848.1) | 2.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 45.6 | 45.6 | 45.6 | |||||
Cash dividends | (10.2) | (10.2) | (10.2) | |||||
Exercise of stock options, net of shares reacquired | 1 | 1 | 1 | |||||
Stock-based compensation expense | 2.5 | 2.5 | 2.5 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.6 | 2.6 | 2.6 | |||||
Currency translation adjustment | 0.7 | 0.8 | 0.8 | (0.1) | ||||
Capital effect of spin-off | (15.7) | (832.4) | 848.1 | |||||
Distribution of Crane NXT, Co. | (822.3) | (822.3) | (1,236.8) | 414.5 | ||||
Balance, end of period at Jun. 30, 2023 | 1,237.6 | 1,235.2 | 56.7 | 380.3 | 868.1 | (69.9) | 0 | 2.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 55.2 | 55.2 | 55.2 | |||||
Cash dividends | (10.2) | (10.2) | (10.2) | |||||
Exercise of stock options, net of shares reacquired | 1.9 | 1.9 | 0.1 | 1.8 | ||||
Impact from settlement of share-based awards, net of shares acquired | (0.1) | (0.1) | (0.1) | |||||
Stock-based compensation expense | 5.7 | 5.7 | 5.7 | |||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 3.6 | 3.6 | 3.6 | |||||
Currency translation adjustment | (15.7) | (15.7) | (15.7) | |||||
Distribution of Crane NXT, Co. | 8.5 | 8.5 | 8.5 | |||||
Balance, end of period at Sep. 30, 2023 | $ 1,286.5 | $ 1,284.1 | $ 56.8 | $ 387.7 | $ 921.6 | $ (82) | $ 0 | $ 2.4 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share (in dollars per share) | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 |
Reacquisition on open market (in shares) | 1,959,069 | 1,699,949 | ||
Shares reacquired (in shares) | 297,539 | 81,642 | 94,774 | 79,214 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As discussed in Note 1, Crane Company has reflected 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. Financial results from discontinued operations: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Net sales $ — $ 335.1 $ 329.1 $ 1,001.7 Cost of sales — 174.9 174.4 536.8 Selling, general and administrative — 74.2 80.0 214.0 Operating profit — 86.0 74.7 250.9 Other expense, net — (10.5) (11.2) (29.4) Net income from discontinued operations before income taxes — 75.5 63.5 221.5 Provision for income taxes — 13.9 11.4 49.4 Income from discontinued operations, net of tax $ — $ 61.6 $ 52.1 $ 172.1 The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows: (in millions) December 31, 2022 Assets: Cash and Cash Equivalents $ 230.6 Accounts receivable, net 205.0 Inventories, net 145.6 Other current assets 44.7 Current assets of discontinued operations 625.9 Property, plant and equipment, net 261.6 Long-term deferred tax asset 5.1 Other assets 56.7 Intangible assets, net 344.9 Goodwill 836.6 Long-term assets of discontinued operations 1,504.9 Assets of discontinued operations $ 2,130.8 Liabilities: Short term borrowings $ 299.7 Accounts payable 107.4 Accrued liabilities 203.7 U.S. and foreign taxes on income 3.9 Current liabilities of discontinued operations 614.7 Long-term debt 545.1 Accrued pension and postretirement benefits 21.1 Long-term deferred tax liability 107.1 Other liabilities 53.6 Long-term liabilities of discontinued operations 726.9 Liabilities of discontinued operations $ 1,341.6 |
Segment Results
Segment Results | 9 Months Ended |
Sep. 30, 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 September 30, 2023, we had three reportable segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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 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 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 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, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). Financial information by reportable segment is set forth below. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Net sales: Aerospace & Electronics $ 207.2 $ 167.2 $ 576.5 $ 485.8 Process Flow Technologies 266.7 250.0 801.3 857.4 Engineered Materials 56.2 62.8 175.7 205.9 Total $ 530.1 $ 480.0 $ 1,553.5 $ 1,549.1 Operating profit: Aerospace & Electronics $ 40.2 $ 28.2 $ 116.1 $ 84.4 Process Flow Technologies 51.2 41.3 165.1 130.9 Engineered Materials 7.7 6.7 28.9 26.9 Corporate (22.8) (193.4) (93.2) (252.9) Total $ 76.3 $ (117.2) $ 216.9 $ (10.7) Interest income 1.5 1.4 3.2 2.3 Interest expense (4.8) (3.0) (16.7) (4.4) Gain on sale of business — 3.8 — 232.5 Miscellaneous income (expense), net 1.3 4.5 (0.5) 20.6 Income (Loss) from continuing operations before income taxes $ 74.3 $ (110.5) $ 202.9 $ 240.3 (in millions) September 30, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 747.2 $ 663.3 Process Flow Technologies 1,023.8 1,064.7 Engineered Materials 227.0 218.6 Corporate 193.9 314.2 Assets Discontinued Operations — 2,130.8 Total $ 2,191.9 $ 4,391.6 (in millions) September 30, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 315.8 317.3 Engineered Materials 171.3 171.3 Total $ 689.4 $ 690.9 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 75.8 $ 63.7 $ 214.1 $ 182.9 Military and Other Original Equipment 64.4 57.1 189.1 171.5 Commercial Aftermarket Products 48.5 34.8 127.2 92.5 Military Aftermarket Products 18.5 11.6 46.1 38.9 Total Aerospace & Electronics $ 207.2 $ 167.2 $ 576.5 $ 485.8 Process Flow Technologies Process Valves and Related Products $ 197.3 $ 186.2 $ 597.6 $ 555.8 Commercial Valves 31.2 30.4 90.5 205.8 Pumps and Systems 38.2 33.4 113.2 95.8 Total Process Flow Technologies $ 266.7 $ 250.0 $ 801.3 $ 857.4 Engineered Materials FRP - Recreational Vehicles $ 19.6 $ 24.9 $ 57.1 $ 92.8 FRP - Building Products 27.5 29.0 91.1 88.2 FRP - Transportation 9.1 8.9 27.5 24.9 Total Engineered Materials $ 56.2 $ 62.8 $ 175.7 $ 205.9 Net sales $ 530.1 $ 480.0 $ 1,553.5 $ 1,549.1 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 September 30, 2023, total backlog was $1,045.4 million. We expect to recognize approximately 39% of our remaining performance obligations as revenue in 2023, an additional 52% 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) September 30, 2023 December 31, 2022 Contract assets $ 73.6 $ 56.8 Contract liabilities $ 51.8 $ 49.4 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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. Potentially dilutive common shares are excluded from the computations of diluted earnings per share if their effect would be anti-dilutive. For the three months ended September 30, 2022, the Company had a net loss attributable to common shareholders which causes all potentially dilutive securities to be anti-dilutive and are therefore not included in the calculation of earnings (loss) per share. Three Months Ended Nine Months Ended September 30, September 30, (in millions, except per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations attributable to common shareholders $ 55.2 $ (120.9) $ 154.4 $ 131.8 Income from discontinued operations, net of tax (Note 2) — 61.6 52.1 172.1 Net income (loss) attributable to common shareholders $ 55.2 $ (59.3) $ 206.5 $ 303.9 Average basic shares outstanding 56.8 56.1 56.7 56.5 Effect of dilutive share-based awards 0.7 — 0.7 0.8 Average diluted shares outstanding 57.5 56.1 57.4 57.3 Earnings (loss) per basic share: Earnings (loss) per basic share from continuing operations $ 0.97 $ (2.16) $ 2.72 $ 2.33 Earnings per basic share from discontinued operations — 1.10 0.92 3.05 Earnings (loss) per basic share $ 0.97 $ (1.06) $ 3.64 $ 5.38 Earnings (loss) per diluted share: Earnings (loss) per diluted share from continuing operations $ 0.96 $ (2.16) $ 2.69 $ 2.30 Earnings per diluted share from discontinued operations — 1.10 0.91 3.00 Earnings (loss) per diluted share $ 0.96 $ (1.06) $ 3.60 $ 5.30 Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive was 0.5 million and 1.2 million for the three months ended September 30, 2023, and 2022, respectively, and 0.4 million for the nine months ended September 30, 2023, and 2022, respectively. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in 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 before reclassifications — (2.1) (2.1) Amounts reclassified from accumulated other comprehensive loss 8.9 — 8.9 Net period other comprehensive income 8.9 (2.1) 6.8 Distribution of Crane NXT, Co. (8.9) 423.4 414.5 Balance as of September 30, 2023 $ (271.9) $ 189.9 $ (82.0) a Net of tax benefit of $109.3 million and $106.6 million as of September 30, 2023 and December 31, 2022, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous income (expense), net” on our Condensed Consolidated Statements of Operations. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Amortization of pension items: Prior service costs (benefit) $ 0.5 $ — $ 0.5 $ (0.1) Net loss $ 3.9 $ 3.3 $ 11.5 $ 12.9 Amortization of postretirement items: Prior service costs (benefit) 0.2 (0.3) (0.3) (0.8) Net loss (benefit) 0.2 — (0.2) — Total before tax $ 4.8 $ 3.0 $ 11.5 $ 12.0 Tax impact 1.2 0.8 2.6 2.9 Total reclassifications for the period $ 3.6 $ 2.2 $ 8.9 $ 9.1 |
Defined Benefit and Postretirem
Defined Benefit and Postretirement Benefits | 9 Months Ended |
Sep. 30, 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 September 30, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ (0.2) $ 1.7 $ — $ — Interest cost 7.8 6.9 (0.2) 0.2 Expected return on plan assets (9.8) (15.7) — — Amortization of prior service cost (benefit) 0.5 — 0.2 (0.3) Amortization of net loss 3.9 3.3 0.2 — Net periodic loss (benefit) $ 2.2 $ (3.8) $ 0.2 $ (0.1) For all plans, the components of net periodic benefit for the nine months ended September 30, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 a 2022 2023 b 2022 Service cost $ 2.4 $ 4.3 $ — $ 0.1 Interest cost 26.7 17.4 0.3 0.5 Expected return on plan assets (34.2) (43.6) — — Amortization of prior service cost (benefit) 0.5 (0.1) (0.3) (0.8) Amortization of net loss (benefit) 11.5 12.9 (0.2) — Curtailment and Settlement loss from discontinued operations 1.9 — — — Net periodic loss (benefit) $ 8.8 $ (9.1) $ (0.2) $ (0.2) a Includes $1.9 million of pension net periodic loss related to discontinued operations for nine months ended September 30, 2023. b Includes $0.2 million of net periodic benefit related to discontinued operations for the nine months ended September 30, 2023. The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income (expense), 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 $ 18.1 $ 0.5 Amounts contributed during the nine months ended September 30, 2023 $ 16.1 $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effective Tax Rate 25.7% (9.4)% 23.9% 45.2% For the three months ended September 30, 2023, our effective tax rate is impacted by earnings in jurisdictions with statutory rates higher than the U.S. and expenses statutorily non-deductible for income tax purposes in the current period, this is partially offset by the statutory U.S. deduction related to our non-U.S. subsidiaries’ income. In the prior year’s three month period ended September 30, 2022, the Company reported a loss on the asbestos related transaction with no correlative income tax benefit, which resulted in the prior year’s negative effective tax rate. Our effective tax rate attributable to continuing operations for the nine months ended September 30, 2023, is lower than the prior year’s comparable period primarily due to the prior year effect of a reversal of a deferred tax asset established that related to the planned sale of a subsidiary in a prior period and a prior year loss on the asbestos-related transaction and the lack of a related tax benefit. This is partially offset by earnings in jurisdictions with statutory tax rates higher than the United States and expenses statutorily non-deductible for income tax purposes in current period. Our effective tax rate attributable to continuing operations for the three and nine months ended September 30, 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 share-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 and nine months ended September 30, 2023, our gross unrecognized tax benefits, excluding interest and penalties, increased by $0.7 million and $1.1 million, respectively, primarily due to increases in tax positions taken in the current and prior periods, and in the nine months ended September 30, 2023 these items were partially offset by reductions from expiration of statutes of limitations. During the three and nine months ended September 30, 2023, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $0.8 million and $1.2 million, respectively. 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 and nine months ended September 30, 2023, we recognized $0.1 million and $0.2 million, respectively, of interest expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations. As of September 30, 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 $2.0 million and $2.0 million, respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $0.5 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 — (1.5) — (1.5) Balance as of September 30, 2023 $ 202.3 $ 315.8 $ 171.3 $ 689.4 As of September 30, 2023, we had $67.4 million of net intangible assets, of which $21.6 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. Changes to intangible assets are as follows: (in millions) Nine Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (4.2) (5.7) Currency translation and other (0.1) (1.1) Balance at end of period, net of accumulated amortization $ 67.4 $ 71.7 A summary of intangible assets are as follows: September 30, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.0 $ 69.9 $ 45.4 $ 24.5 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.2 132.5 91.4 41.1 132.6 87.8 44.8 Drawings 40.0 11.1 10.8 0.3 11.1 10.7 0.4 Other 21.0 42.6 41.1 1.5 42.4 40.8 1.6 Total 17.5 $ 256.1 $ 188.7 $ 67.4 $ 256.1 $ 184.4 $ 71.7 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2023 $ 1.3 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.7 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) September 30, December 31, Employee related expenses $ 90.2 $ 100.8 Warranty 2.6 3.0 Current lease liabilities 10.5 11.6 Contract liabilities 51.8 49.4 Other 83.3 95.7 Total $ 238.4 $ 260.5 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 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 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 has agreed to indemnify Redco and Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities. Thus, references below in this Note 11 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 $21.7 million and $24.8 million as of September 30, 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 September 30, 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 September 30, 2023 and December 31, 2022, we recorded a receivable of $3.8 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 portions of the Crab Orchard Site (the “AUS-OU”), which include areas 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 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 since 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 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. Further, we have reached a preliminary agreement in principle with GD-OTS on our contribution to the United States’ claimed past response costs, for an immaterial amount, also conditioned on consummation of the consent decree, and further conditioned on a separate agreement to memorialize the parties’ agreement with respect to the United States’ response costs. At present, we cannot predict whether or when these negotiations will result in definitive agreements. Negotiations remain 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 share of GD-OTS 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, the Company contributed approximately $550 million in cash, and 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 Nine Months Ended September 30, September 30, (in millions) 2022 2022 Settlement / indemnity costs incurred $ 6.3 $ 29.4 Defense costs incurred 1.0 6.4 Total costs incurred $ 7.3 $ 35.8 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 Nine Months Ended September 30, September 30, (in millions) 2022 2022 Settlement / indemnity payments $ 6.6 $ 33.8 Defense payments 1.1 6.1 Insurance receipts (1.8) (10.6) Pre-tax cash payments, net $ 5.9 $ 29.3 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 September 30, 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 | May 03, 2023 |
Debt Disclosure [Abstract] | |
Financing | Financing Our debt consisted of the following: (in millions) September 30, December 31, 364-Day Credit Agreement a $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Term Facility a $ 250.3 $ — Total long-term debt $ 250.3 $ — (a) Debt issuance costs totaled $0.9 million and $0.4 million as of September 30, 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 senior secured credit agreement (the “Credit Agreement”), which provided 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 of which became available in connection with the Separation. On April 3, 2023, the Company borrowed the full amount of the Term Facility. The Company made principal prepayments of $48.8 million on the Term Facility during the nine months ended September 30, 2023. As of September 30, 2023, there were no outstanding borrowings under the Revolving Facility. On October 2, 2023, the Company borrowed $100 million under the revolving credit facility and on October 3, 2023, the Company exercised a portion of the accordion feature under its existing revolving credit facility to increase the available borrowing capacity from $500 million, to $800 million. The corresponding amendment established incremental revolving commitments in an aggregate amount of $300 million and refreshed the incremental capacity under the Company’s existing credit agreement. 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 Company was in compliance with all such covenants as of September 30, 2023. 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 $10.8 million and $4.1 million as of September 30, 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 was $0.1 million as of December 31, 2022. The Company had no such derivative receivable as of September 30, 2023. Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and was $0.2 million as of September 30, 2023. The Company had no such derivative liability as of December 31, 2022. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 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 160 employees, or about 2% 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 about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2023. The Company recorded a restructuring gain of $0.3 million during the nine months ended September 30, 2023. The following table summarizes the cumulative restructuring costs, net incurred through September 30, 2023. As of September 30, 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 Engineered Materials 0.1 — 0.1 2022 Repositioning $ 7.9 $ — $ 7.9 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 (3.4) (1.5) $ (4.9) Balance as of September 30, 2023 (a) $ 4.8 $ 0.9 $ 5.7 (a) Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events On October 2, 2023, the Company borrowed $100 million under its existing revolving credit facility to complete the $91 million, cash-free, and debt-free, acquisition of Baum lined piping GmbH (“BAUM”), which closed on October 4, 2023. BAUM is German-based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM will be included in our Process Flow Technologies segment. On October 3, 2023, the Company exercised a portion of the accordion feature under its existing revolving credit facility to increase available borrowing capacity from $500 million to $800 million |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Financial results from discontinued operations: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Net sales $ — $ 335.1 $ 329.1 $ 1,001.7 Cost of sales — 174.9 174.4 536.8 Selling, general and administrative — 74.2 80.0 214.0 Operating profit — 86.0 74.7 250.9 Other expense, net — (10.5) (11.2) (29.4) Net income from discontinued operations before income taxes — 75.5 63.5 221.5 Provision for income taxes — 13.9 11.4 49.4 Income from discontinued operations, net of tax $ — $ 61.6 $ 52.1 $ 172.1 The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows: (in millions) December 31, 2022 Assets: Cash and Cash Equivalents $ 230.6 Accounts receivable, net 205.0 Inventories, net 145.6 Other current assets 44.7 Current assets of discontinued operations 625.9 Property, plant and equipment, net 261.6 Long-term deferred tax asset 5.1 Other assets 56.7 Intangible assets, net 344.9 Goodwill 836.6 Long-term assets of discontinued operations 1,504.9 Assets of discontinued operations $ 2,130.8 Liabilities: Short term borrowings $ 299.7 Accounts payable 107.4 Accrued liabilities 203.7 U.S. and foreign taxes on income 3.9 Current liabilities of discontinued operations 614.7 Long-term debt 545.1 Accrued pension and postretirement benefits 21.1 Long-term deferred tax liability 107.1 Other liabilities 53.6 Long-term liabilities of discontinued operations 726.9 Liabilities of discontinued operations $ 1,341.6 |
Segment Results (Tables)
Segment Results (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Reportable Segment | Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Net sales: Aerospace & Electronics $ 207.2 $ 167.2 $ 576.5 $ 485.8 Process Flow Technologies 266.7 250.0 801.3 857.4 Engineered Materials 56.2 62.8 175.7 205.9 Total $ 530.1 $ 480.0 $ 1,553.5 $ 1,549.1 Operating profit: Aerospace & Electronics $ 40.2 $ 28.2 $ 116.1 $ 84.4 Process Flow Technologies 51.2 41.3 165.1 130.9 Engineered Materials 7.7 6.7 28.9 26.9 Corporate (22.8) (193.4) (93.2) (252.9) Total $ 76.3 $ (117.2) $ 216.9 $ (10.7) Interest income 1.5 1.4 3.2 2.3 Interest expense (4.8) (3.0) (16.7) (4.4) Gain on sale of business — 3.8 — 232.5 Miscellaneous income (expense), net 1.3 4.5 (0.5) 20.6 Income (Loss) from continuing operations before income taxes $ 74.3 $ (110.5) $ 202.9 $ 240.3 |
Schedule Of Assets By Segment | (in millions) September 30, 2023 December 31, 2022 Assets: Aerospace & Electronics $ 747.2 $ 663.3 Process Flow Technologies 1,023.8 1,064.7 Engineered Materials 227.0 218.6 Corporate 193.9 314.2 Assets Discontinued Operations — 2,130.8 Total $ 2,191.9 $ 4,391.6 |
Schedule Of Goodwill By Segment | (in millions) September 30, 2023 December 31, 2022 Goodwill: Aerospace & Electronics $ 202.3 $ 202.3 Process Flow Technologies 315.8 317.3 Engineered Materials 171.3 171.3 Total $ 689.4 $ 690.9 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (in millions) 2023 2022 2023 2022 Aerospace & Electronics Commercial Original Equipment $ 75.8 $ 63.7 $ 214.1 $ 182.9 Military and Other Original Equipment 64.4 57.1 189.1 171.5 Commercial Aftermarket Products 48.5 34.8 127.2 92.5 Military Aftermarket Products 18.5 11.6 46.1 38.9 Total Aerospace & Electronics $ 207.2 $ 167.2 $ 576.5 $ 485.8 Process Flow Technologies Process Valves and Related Products $ 197.3 $ 186.2 $ 597.6 $ 555.8 Commercial Valves 31.2 30.4 90.5 205.8 Pumps and Systems 38.2 33.4 113.2 95.8 Total Process Flow Technologies $ 266.7 $ 250.0 $ 801.3 $ 857.4 Engineered Materials FRP - Recreational Vehicles $ 19.6 $ 24.9 $ 57.1 $ 92.8 FRP - Building Products 27.5 29.0 91.1 88.2 FRP - Transportation 9.1 8.9 27.5 24.9 Total Engineered Materials $ 56.2 $ 62.8 $ 175.7 $ 205.9 Net sales $ 530.1 $ 480.0 $ 1,553.5 $ 1,549.1 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) September 30, 2023 December 31, 2022 Contract assets $ 73.6 $ 56.8 Contract liabilities $ 51.8 $ 49.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | Three Months Ended Nine Months Ended September 30, September 30, (in millions, except per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations attributable to common shareholders $ 55.2 $ (120.9) $ 154.4 $ 131.8 Income from discontinued operations, net of tax (Note 2) — 61.6 52.1 172.1 Net income (loss) attributable to common shareholders $ 55.2 $ (59.3) $ 206.5 $ 303.9 Average basic shares outstanding 56.8 56.1 56.7 56.5 Effect of dilutive share-based awards 0.7 — 0.7 0.8 Average diluted shares outstanding 57.5 56.1 57.4 57.3 Earnings (loss) per basic share: Earnings (loss) per basic share from continuing operations $ 0.97 $ (2.16) $ 2.72 $ 2.33 Earnings per basic share from discontinued operations — 1.10 0.92 3.05 Earnings (loss) per basic share $ 0.97 $ (1.06) $ 3.64 $ 5.38 Earnings (loss) per diluted share: Earnings (loss) per diluted share from continuing operations $ 0.96 $ (2.16) $ 2.69 $ 2.30 Earnings per diluted share from discontinued operations — 1.10 0.91 3.00 Earnings (loss) per diluted share $ 0.96 $ (1.06) $ 3.60 $ 5.30 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 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 before reclassifications — (2.1) (2.1) Amounts reclassified from accumulated other comprehensive loss 8.9 — 8.9 Net period other comprehensive income 8.9 (2.1) 6.8 Distribution of Crane NXT, Co. (8.9) 423.4 414.5 Balance as of September 30, 2023 $ (271.9) $ 189.9 $ (82.0) a Net of tax benefit of $109.3 million and $106.6 million as of September 30, 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 income (loss) for the three and nine months ended September 30, 2023 and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous income (expense), net” on our Condensed Consolidated Statements of Operations. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Amortization of pension items: Prior service costs (benefit) $ 0.5 $ — $ 0.5 $ (0.1) Net loss $ 3.9 $ 3.3 $ 11.5 $ 12.9 Amortization of postretirement items: Prior service costs (benefit) 0.2 (0.3) (0.3) (0.8) Net loss (benefit) 0.2 — (0.2) — Total before tax $ 4.8 $ 3.0 $ 11.5 $ 12.0 Tax impact 1.2 0.8 2.6 2.9 Total reclassifications for the period $ 3.6 $ 2.2 $ 8.9 $ 9.1 |
Defined Benefit and Postretir_2
Defined Benefit and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | For all plans, the components of net periodic benefit for the three months ended September 30, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 2022 2023 2022 Service cost $ (0.2) $ 1.7 $ — $ — Interest cost 7.8 6.9 (0.2) 0.2 Expected return on plan assets (9.8) (15.7) — — Amortization of prior service cost (benefit) 0.5 — 0.2 (0.3) Amortization of net loss 3.9 3.3 0.2 — Net periodic loss (benefit) $ 2.2 $ (3.8) $ 0.2 $ (0.1) For all plans, the components of net periodic benefit for the nine months ended September 30, 2023, and 2022 are as follows: Pension Postretirement (in millions) 2023 a 2022 2023 b 2022 Service cost $ 2.4 $ 4.3 $ — $ 0.1 Interest cost 26.7 17.4 0.3 0.5 Expected return on plan assets (34.2) (43.6) — — Amortization of prior service cost (benefit) 0.5 (0.1) (0.3) (0.8) Amortization of net loss (benefit) 11.5 12.9 (0.2) — Curtailment and Settlement loss from discontinued operations 1.9 — — — Net periodic loss (benefit) $ 8.8 $ (9.1) $ (0.2) $ (0.2) a Includes $1.9 million of pension net periodic loss related to discontinued operations for nine months ended September 30, 2023. b Includes $0.2 million of net periodic benefit related to discontinued operations for the nine months ended September 30, 2023. |
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 $ 18.1 $ 0.5 Amounts contributed during the nine months ended September 30, 2023 $ 16.1 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rates are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effective Tax Rate 25.7% (9.4)% 23.9% 45.2% |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes To Goodwill | 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 — (1.5) — (1.5) Balance as of September 30, 2023 $ 202.3 $ 315.8 $ 171.3 $ 689.4 |
Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) Nine Months Ended Year Ended December 31, 2022 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 Amortization expense (4.2) (5.7) Currency translation and other (0.1) (1.1) Balance at end of period, net of accumulated amortization $ 67.4 $ 71.7 |
Summary Of Intangible Assets | A summary of intangible assets are as follows: September 30, 2023 December 31, 2022 (in millions) Weighted Average Gross Accumulated Net Gross Accumulated Net Intellectual property rights 19.0 $ 69.9 $ 45.4 $ 24.5 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 14.2 132.5 91.4 41.1 132.6 87.8 44.8 Drawings 40.0 11.1 10.8 0.3 11.1 10.7 0.4 Other 21.0 42.6 41.1 1.5 42.4 40.8 1.6 Total 17.5 $ 256.1 $ 188.7 $ 67.4 $ 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 $ 1.3 2024 5.2 2025 5.2 2026 5.2 2027 5.2 2028 and after 23.7 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) September 30, December 31, Employee related expenses $ 90.2 $ 100.8 Warranty 2.6 3.0 Current lease liabilities 10.5 11.6 Contract liabilities 51.8 49.4 Other 83.3 95.7 Total $ 238.4 $ 260.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (in millions) 2022 2022 Settlement / indemnity costs incurred $ 6.3 $ 29.4 Defense costs incurred 1.0 6.4 Total costs incurred $ 7.3 $ 35.8 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 Nine Months Ended September 30, September 30, (in millions) 2022 2022 Settlement / indemnity payments $ 6.6 $ 33.8 Defense payments 1.1 6.1 Insurance receipts (1.8) (10.6) Pre-tax cash payments, net $ 5.9 $ 29.3 |
Financing (Tables)
Financing (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Components Of Debt | Our debt consisted of the following: (in millions) September 30, December 31, 364-Day Credit Agreement a $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Term Facility a $ 250.3 $ — Total long-term debt $ 250.3 $ — (a) Debt issuance costs totaled $0.9 million and $0.4 million as of September 30, 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. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the cumulative restructuring costs, net incurred through September 30, 2023. As of September 30, 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 Engineered Materials 0.1 — 0.1 2022 Repositioning $ 7.9 $ — $ 7.9 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 (3.4) (1.5) $ (4.9) Balance as of September 30, 2023 (a) $ 4.8 $ 0.9 $ 5.7 (a) Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets. |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 03, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
One-time cash dividend paid | $ 47 | $ 79.5 | |||
Net assets distributed through equity due to Separation | $ (921.6) | $ (921.6) | $ (2,822.8) | ||
Crane NXT, Co. (Crane Holdings, Co.) | Related Party | |||||
Related Party Transaction [Line Items] | |||||
One-time cash dividend paid | $ 275 | ||||
Net assets distributed through equity due to Separation | 813.8 | ||||
Cash paid | $ 303 | ||||
Adjustment to net assets distributed through equity due to Separation | $ 8.5 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Financial Results from Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 0 | $ 61.6 | $ 52.1 | $ 172.1 |
Payment and Merchandising Technologies | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 335.1 | 329.1 | 1,001.7 |
Cost of sales | 0 | 174.9 | 174.4 | 536.8 |
Selling, general and administrative | 0 | 74.2 | 80 | 214 |
Operating profit | 0 | 86 | 74.7 | 250.9 |
Other expense, net | 0 | (10.5) | (11.2) | (29.4) |
Net income from discontinued operations before income taxes | 0 | 75.5 | 63.5 | 221.5 |
Provision for income taxes | 0 | 13.9 | 11.4 | 49.4 |
Income from discontinued operations, net of tax | $ 0 | $ 61.6 | $ 52.1 | $ 172.1 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Major Classes of Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Current assets | |||
Cash and Cash Equivalents | $ 0 | $ 196.3 | |
Current assets of discontinued operations | 0 | $ 625.9 | |
Long-term assets | |||
Long-term assets held for sale | 0 | 1,504.9 | |
Current liabilities | |||
Current liabilities of discontinued operations | 0 | 614.7 | |
Long-term liabilities | |||
Long-term liabilities of discontinued operations | $ 0 | 726.9 | |
Payment and Merchandising Technologies | |||
Current assets | |||
Cash and Cash Equivalents | 230.6 | ||
Accounts receivable, net | 205 | ||
Inventories, net | 145.6 | ||
Other current assets | 44.7 | ||
Current assets of discontinued operations | 625.9 | ||
Long-term assets | |||
Property, plant and equipment, net | 261.6 | ||
Long-term deferred tax asset | 5.1 | ||
Other assets | 56.7 | ||
Intangible assets, net | 344.9 | ||
Goodwill | 836.6 | ||
Long-term assets held for sale | 1,504.9 | ||
Assets of discontinued operations | 2,130.8 | ||
Current liabilities | |||
Short term borrowings | 299.7 | ||
Accounts payable | 107.4 | ||
Accrued liabilities | 203.7 | ||
U.S. and foreign taxes on income | 3.9 | ||
Current liabilities of discontinued operations | 614.7 | ||
Long-term liabilities | |||
Long-term debt | 545.1 | ||
Accrued pension and postretirement benefits | 21.1 | ||
Long-term deferred tax liability | 107.1 | ||
Other liabilities | 53.6 | ||
Long-term liabilities of discontinued operations | 726.9 | ||
Liabilities of discontinued operations | $ 1,341.6 |
Segment Results (Narrative) (De
Segment Results (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Results (Schedule Of Fi
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating profit (loss) from continuing operations | ||||
Revenues | $ 530.1 | $ 480 | $ 1,553.5 | $ 1,549.1 |
Operating profit (loss) | 76.3 | (117.2) | 216.9 | (10.7) |
Interest income | 1.5 | 1.4 | 3.2 | 2.3 |
Interest expense | (4.8) | (3) | (16.7) | (4.4) |
Miscellaneous income (expense), net | 1.3 | 4.5 | (0.5) | 20.6 |
Income (loss) from continuing operations before income taxes | 74.3 | (110.5) | 202.9 | 240.3 |
Gain on sale of business | 0 | 3.8 | 0 | 232.5 |
Aerospace & Electronics | ||||
Operating profit (loss) from continuing operations | ||||
Revenues | 207.2 | 167.2 | 576.5 | 485.8 |
Operating profit (loss) | 40.2 | 28.2 | 116.1 | 84.4 |
Process Flow Technologies | ||||
Operating profit (loss) from continuing operations | ||||
Revenues | 266.7 | 250 | 801.3 | 857.4 |
Operating profit (loss) | 51.2 | 41.3 | 165.1 | 130.9 |
Engineered Materials | ||||
Operating profit (loss) from continuing operations | ||||
Revenues | 56.2 | 62.8 | 175.7 | 205.9 |
Operating profit (loss) | 7.7 | 6.7 | 28.9 | 26.9 |
Corporate | ||||
Operating profit (loss) from continuing operations | ||||
Operating profit (loss) | $ (22.8) | $ (193.4) | $ (93.2) | $ (252.9) |
Segment Results (Schedule Of As
Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,191.9 | $ 4,391.6 |
Assets Discontinued Operations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 0 | 2,130.8 |
Aerospace & Electronics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 747.2 | 663.3 |
Process Flow Technologies | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,023.8 | 1,064.7 |
Engineered Materials | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 227 | 218.6 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 193.9 | $ 314.2 |
Segment Results (Schedule Of Go
Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 689.4 | $ 690.9 |
Aerospace & Electronics | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 202.3 | 202.3 |
Process Flow Technologies | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 315.8 | 317.3 |
Engineered Materials | ||
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 530.1 | $ 480 | $ 1,553.5 | $ 1,549.1 |
Aerospace & Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 207.2 | 167.2 | 576.5 | 485.8 |
Aerospace & Electronics | Commercial Original Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 75.8 | 63.7 | 214.1 | 182.9 |
Aerospace & Electronics | Military and Other Original Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 64.4 | 57.1 | 189.1 | 171.5 |
Aerospace & Electronics | Commercial Aftermarket Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 48.5 | 34.8 | 127.2 | 92.5 |
Aerospace & Electronics | Military Aftermarket Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 18.5 | 11.6 | 46.1 | 38.9 |
Process Flow Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 266.7 | 250 | 801.3 | 857.4 |
Process Flow Technologies | Process Valves and Related Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 197.3 | 186.2 | 597.6 | 555.8 |
Process Flow Technologies | Commercial Valves | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 31.2 | 30.4 | 90.5 | 205.8 |
Process Flow Technologies | Pumps and Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 38.2 | 33.4 | 113.2 | 95.8 |
Engineered Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 56.2 | 62.8 | 175.7 | 205.9 |
Engineered Materials | FRP - Recreational Vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 19.6 | 24.9 | 57.1 | 92.8 |
Engineered Materials | FRP - Building Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 27.5 | 29 | 91.1 | 88.2 |
Engineered Materials | FRP - Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 9.1 | $ 8.9 | $ 27.5 | $ 24.9 |
Revenue Revenue - Narrative (De
Revenue Revenue - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 1,045.4 | $ 1,045.4 |
Increase in contract liability opening balance for revenue recognized | $ 7.6 | $ 26.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, percentage | 39% | 39% |
Remaining performance obligation, expected timing of satisfaction, period | 3 months | 3 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 | 52% | 52% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 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 C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 73.6 | $ 56.8 |
Contract liabilities | $ 51.8 | $ 49.4 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations attributable to common shareholders | $ 55.2 | $ (120.9) | $ 154.4 | $ 131.8 |
Income from discontinued operations, net of tax (Note 2) | 0 | 61.6 | 52.1 | 172.1 |
Net income (loss) attributable to common shareholders | $ 55.2 | $ (59.3) | $ 206.5 | $ 303.9 |
Average basic shares outstanding (in shares) | 56.8 | 56.1 | 56.7 | 56.5 |
Effect of dilutive stock options (in shares) | 0.7 | 0 | 0.7 | 0.8 |
Average diluted shares outstanding (in shares) | 57.5 | 56.1 | 57.4 | 57.3 |
Earnings (loss) per basic share from continuing operations (in dollars per share) | $ 0.97 | $ (2.16) | $ 2.72 | $ 2.33 |
Earnings per basic share from discontinued operations (in dollars per share) | 0 | 1.10 | 0.92 | 3.05 |
Earnings per basic share (in dollars per share) | 0.97 | (1.06) | 3.64 | 5.38 |
Earnings (loss) per diluted share from continuing operations (in dollars per share) | 0.96 | (2.16) | 2.69 | 2.30 |
Earnings per diluted share from discontinued operations (in dollars per share) | 0 | 1.10 | 0.91 | 3 |
Earnings per diluted share (in dollars per share) | $ 0.96 | $ (1.06) | $ 3.60 | $ 5.30 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Average options excluded from computation of diluted earnings per share | 0.5 | 1.2 | 0.4 | 0.4 |
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 | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss, beginning balance | $ (503.3) | |||||
Other comprehensive income before reclassifications | (2.1) | |||||
Net period other comprehensive income | 6.8 | |||||
Distribution of Crane NXT, Co. | $ (8.5) | $ 822.3 | 414.5 | |||
Accumulated other comprehensive loss, ending balance | (82) | (82) | ||||
Deferred tax assets, other comprehensive loss | 109.3 | 109.3 | $ 106.6 | |||
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amounts reclassified from accumulated other comprehensive loss | 3.6 | $ 2.2 | 8.9 | $ 9.1 | ||
Defined Benefit Pension and Postretirement Items | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss, beginning balance | (271.9) | |||||
Other comprehensive income before reclassifications | 0 | |||||
Net period other comprehensive income | 8.9 | |||||
Distribution of Crane NXT, Co. | (8.9) | |||||
Accumulated other comprehensive loss, ending balance | (271.9) | (271.9) | ||||
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amounts reclassified from accumulated other comprehensive loss | 8.9 | |||||
Currency Translation Adjustment | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accumulated other comprehensive loss, beginning balance | (231.4) | |||||
Other comprehensive income before reclassifications | (2.1) | |||||
Net period other comprehensive income | (2.1) | |||||
Distribution of Crane NXT, Co. | 423.4 | |||||
Accumulated other comprehensive loss, ending balance | $ 189.9 | 189.9 | ||||
Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amounts reclassified from accumulated other comprehensive loss | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Tax impact | $ 19.1 | $ 10.4 | $ 48.5 | $ 108.5 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Total before tax | 4.8 | 3 | 11.5 | 12 |
Tax impact | 1.2 | 0.8 | 2.6 | 2.9 |
Total reclassifications for the period | 3.6 | 2.2 | 8.9 | 9.1 |
Pension | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Prior service costs (benefit) | (0.5) | 0 | (0.5) | 0.1 |
Net gain (loss) | 3.9 | 3.3 | 11.5 | 12.9 |
Postretirement | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Prior service costs (benefit) | (0.2) | 0.3 | 0.3 | 0.8 |
Net gain (loss) | $ 0.2 | $ 0 | $ (0.2) | $ 0 |
Defined Benefit and Postretir_3
Defined Benefit and Postretirement Benefits (Components Of Net Periodic Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ (0.2) | $ 1.7 | $ 2.4 | $ 4.3 |
Interest cost | 7.8 | 6.9 | 26.7 | 17.4 |
Expected return on plan assets | (9.8) | (15.7) | (34.2) | (43.6) |
Amortization of prior service cost (benefit) | 0.5 | 0 | 0.5 | (0.1) |
Amortization of net loss (benefit) | 3.9 | 3.3 | 11.5 | 12.9 |
Curtailment and Settlement loss from discontinued operations | 1.9 | 0 | ||
Net periodic cost | 2.2 | (3.8) | 8.8 | (9.1) |
Pension | Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic cost | 1.9 | |||
Postretirement | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0.1 |
Interest cost | (0.2) | 0.2 | 0.3 | 0.5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (benefit) | 0.2 | (0.3) | (0.3) | (0.8) |
Amortization of net loss (benefit) | 0.2 | 0 | (0.2) | 0 |
Curtailment and Settlement loss from discontinued operations | 0 | 0 | ||
Net periodic cost | $ 0.2 | $ (0.1) | (0.2) | $ (0.2) |
Postretirement | Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic cost | $ 0.2 |
Defined Benefit and Postretir_4
Defined Benefit and Postretirement Benefits Contributions by Plan Type (Details) $ in Millions | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2023 | 16.1 |
Postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions in 2023 | 0.5 |
Amounts contributed during the nine months ended September 30, 2023 | $ 0 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Company's effective tax rate | 25.70% | (9.40%) | 23.90% | 45.20% | |
Increase in unrecognized tax benefits | $ (0.7) | $ (1.1) | |||
Increase in unrecognized tax benefits that would impact effective tax rate | 0.8 | 1.2 | |||
Unrecognized tax benefits, interest expense | 0.1 | 0.2 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 2 | 2 | $ 2 | ||
Reasonable possible decrease in unrecognized tax benefits during the next twelve months | 0.5 | 0.5 | |||
Indemnification liability for uncertain tax benefits | $ 8.5 | $ 8.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Detail) $ in Millions | 9 Months Ended | ||
Sep. 30, 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) | $ 67.4 | $ 71.7 | $ 78.5 |
Intangibles with indefinite useful lives | $ 21.6 | $ 21.8 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 690.9 |
Currency translation | (1.5) |
Balance at end of period | 689.4 |
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 | (1.5) |
Balance at end of period | 315.8 |
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 Asset_4
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period, net of accumulated amortization | $ 71.7 | $ 78.5 |
Amortization expense | (4.2) | (5.7) |
Currency translation and other | (0.1) | (1.1) |
Balance at end of period, net of accumulated amortization | $ 67.4 | $ 71.7 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Definite Lived Assets (in years) | 17 years 6 months | ||
Gross Asset | $ 256.1 | $ 256.1 | |
Accumulated Amortization | 188.7 | 184.4 | |
Intangible assets, net | $ 67.4 | 71.7 | $ 78.5 |
Intellectual property rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Definite Lived Assets (in years) | 19 years | ||
Gross Asset | $ 69.9 | 70 | |
Accumulated Amortization | 45.4 | 45.1 | |
Intangible assets, net | $ 24.5 | 24.9 | |
Customer relationships and backlog | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Definite Lived Assets (in years) | 14 years 2 months 12 days | ||
Gross Asset | $ 132.5 | 132.6 | |
Accumulated Amortization | 91.4 | 87.8 | |
Intangible assets, net | $ 41.1 | 44.8 | |
Drawings | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Definite Lived Assets (in years) | 40 years | ||
Gross Asset | $ 11.1 | 11.1 | |
Accumulated Amortization | 10.8 | 10.7 | |
Intangible assets, net | $ 0.3 | 0.4 | |
Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Definite Lived Assets (in years) | 21 years | ||
Gross Asset | $ 42.6 | 42.4 | |
Accumulated Amortization | 41.1 | 40.8 | |
Intangible assets, net | $ 1.5 | $ 1.6 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Future Amortization Expense) (Detail) $ in Millions | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 1.3 |
2024 | 5.2 |
2025 | 5.2 |
2026 | 5.2 |
2027 | 5.2 |
2028 and after | $ 23.7 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Accrued Liabilities Summary Of Warranty Liabilities [Abstract] | ||
Employee related expenses | $ 90.2 | $ 100.8 |
Warranty | 2.6 | 3 |
Current lease liabilities | 10.5 | 11.6 |
Contract liabilities | 51.8 | 49.4 |
Other | 83.3 | 95.7 |
Total | $ 238.4 | $ 260.5 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Aug. 12, 2022 USD ($) | Jun. 21, 2021 USD ($) | Sep. 30, 2014 USD ($) | Dec. 31, 2019 USD ($) | Sep. 30, 2023 USD ($) a | Dec. 31, 2022 USD ($) | |
Environmental Claims For A Site In Goodyear Arizona | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual for environmental loss contingencies, revision in estimates | $ 49 | $ 18.9 | ||||
Estimated liability | $ 21.7 | $ 24.8 | ||||
Accrued environmental loss contingencies current | $ 7.8 | 7.7 | ||||
Loss contingency reimbursement rate | 21% | |||||
Other receivables | $ 3.8 | $ 4.8 | ||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | ||||||
Loss Contingencies [Line Items] | ||||||
Approximate size of referenced site | a | 55,000 | |||||
Asbestos Commitments and Contingencies | ||||||
Loss Contingencies [Line Items] | ||||||
Cash contributed in sale | $ 550 | |||||
Goodyear Site | ||||||
Loss Contingencies [Line Items] | ||||||
Proceeds from sale of property | $ 8.7 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Settlement And Defense Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | |||
Pre-tax cash payments, net | $ 0 | $ 29.3 | |
Asbestos Commitments and Contingencies | |||
Loss Contingencies [Line Items] | |||
Settlement / indemnity costs incurred | $ 6.3 | 29.4 | |
Defense costs incurred | 1 | 6.4 | |
Total costs incurred | 7.3 | 35.8 | |
Settlement / indemnity payments | 6.6 | 33.8 | |
Defense payments | 1.1 | 6.1 | |
Insurance receipts | (1.8) | (10.6) | |
Pre-tax cash payments, net | $ 5.9 | $ 29.3 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 0 | $ 399.6 |
Total long-term debt | 250.3 | 0 |
Debt discounts and debt issuance costs | 0.9 | 0.4 |
Three Year Term Loan Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250.3 | 0 |
Line of Credit | 364-Day Credit Agreementa | ||
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 0 | $ 399.6 |
Financing - Narrative (Details)
Financing - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||
Oct. 03, 2023 USD ($) | Oct. 02, 2023 USD ($) | Mar. 17, 2023 USD ($) | Aug. 11, 2022 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Principal prepayments | $ 448,800,000 | $ 0 | |||||
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 | ||||||
Outstanding borrowings | 0 | ||||||
Net leverage ratio | 3.50 | ||||||
Maximum ratio | 4 | ||||||
Minimum interest coverage ratio | 3 | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Incremental revolving commitment | $ 300,000,000 | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Subsequent Event | BAUM | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 800,000,000 | $ 500,000,000 | |||||
Proceeds from borrowings | $ 100,000,000 | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate per annum on undrawn commitments | 0.20% | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate per annum on undrawn commitments | 0.35% | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Minimum | Secured Overnight Financing Rate (SOFR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit spread adjustment rate | 0.10% | ||||||
Margin rate | 1.50% | ||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Maximum | Secured Overnight Financing Rate (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 | Secured Overnight Financing Rate (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 | Secured Overnight Financing Rate (SOFR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate | 1.25% | ||||||
Line of Credit | Notes Payable to Banks | |||||||
Line of Credit Facility [Line Items] | |||||||
Principal prepayments | $ 400,000,000 | ||||||
Debt instrument, term (in days) | 364 days | ||||||
Debt instrument, maximum borrowing capacity | $ 400,000,000 | ||||||
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Notes Payable to Banks | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate | 1.25% | ||||||
Line of Credit | Minimum | Base Rate | Notes Payable to Banks | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate | 0.25% | ||||||
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Notes Payable to Banks | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate | 1.50% | ||||||
Line of Credit | Maximum | Base Rate | 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 | ||||||
Principal prepayments | $ 48,800,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Derivative, notional amount | $ 10.8 | $ 4.1 |
Derivative asset | 0 | 0.1 |
Derivative liability | $ 0.2 | $ 0 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2022 employee | Dec. 31, 2019 employee | Sep. 30, 2023 USD ($) | |
Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring gain | $ | $ 0.3 | ||
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 Restr
Restructuring (Cumulative Restructuring and Remaining Costs) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ 7.9 |
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 | 7.9 |
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 | 0.1 |
Engineered Materials | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | 0.1 |
Engineered Materials | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs, Net | $ 0 |
Restructuring (Restructuring Li
Restructuring (Restructuring Liability) (Details) - Severance $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 10.6 |
Utilization | (4.9) |
Ending balance | 5.7 |
2022 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 8.2 |
Utilization | (3.4) |
Ending balance | 4.8 |
2019 Repositioning | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2.4 |
Utilization | (1.5) |
Ending balance | $ 0.9 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Oct. 04, 2023 | Oct. 02, 2023 | Oct. 03, 2023 | Mar. 17, 2023 |
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 500,000,000 | |||
BAUM | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Acquisition consideration | $ 91,000,000 | |||
BAUM | Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from borrowings | $ 100,000,000 | |||
Maximum borrowing capacity | $ 500,000,000 | $ 800,000,000 |