Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,287,494,667 | ||
Entity Common Stock, Shares Outstanding | 57,032,401 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001944013 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Stamford, Connecticut |
Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,086.4 | $ 2,035 | $ 2,062.9 |
Operating costs and expenses: | |||
Cost of sales | 1,281.4 | 1,321.4 | 1,374.1 |
Selling, general and administrative | 521.2 | 513.3 | 467.1 |
Loss on divestiture of asbestos-related assets and liabilities | 0 | 162.4 | 0 |
Operating profit | 283.8 | 37.9 | 221.7 |
Other income (expense): | |||
Interest income | 5.1 | 3.2 | 1.3 |
Interest expense | (22.7) | (10.1) | (4.9) |
Gain on sale of business | 0 | 232.5 | 0 |
Miscellaneous income, net | 0.8 | 7.9 | 15.6 |
Total other (expense) income, net | (16.8) | 233.5 | 12 |
Income from continuing operations before income taxes | 267 | 271.4 | 233.7 |
Income Tax Expense (Benefit) | 63.2 | 99.8 | 36.3 |
Net income from continuing operations attributable to common shareholders | 203.8 | 171.6 | 197.4 |
Income from discontinued operations, net of tax (Note 3) | 52.1 | 229.5 | 238 |
Net income from continuing operations attributable to common shareholders | $ 255.9 | $ 401.1 | $ 435.4 |
Earnings Per Share | |||
Earnings per basic share from continuing operations (in dollars per share) | $ 3.59 | $ 3.04 | $ 3.38 |
Earnings per basic share from discontinued operations (in dollars per share) | 0.92 | 4.07 | 4.08 |
Basic earnings per share (in dollars per share) | 4.51 | 7.11 | 7.46 |
Earnings per diluted share from continuing operations (in dollars per share) | 3.54 | 3 | 3.34 |
Earnings per diluted share from discontinued operations (in dollars per share) | 0.91 | 4.01 | 4.02 |
Diluted earnings per share (in dollars per share) | $ 4.45 | $ 7.01 | $ 7.36 |
Average shares outstanding: | |||
Weighted average basic shares outstanding (in shares) | 56.7 | 56.4 | 58.4 |
Weighted average diluted shares outstanding (in shares) | 57.5 | 57.2 | 59.2 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before allocation to noncontrolling interests | $ 255.9 | $ 401.1 | $ 435.4 |
Components of other comprehensive income (loss), net of tax | |||
Currency translation adjustment | 20.7 | (93.3) | (69.2) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 10 | 30 | 96 |
Other comprehensive income (loss), net of tax | 30.7 | (63.3) | 26.8 |
Comprehensive income before allocation to noncontrolling interests | 286.6 | 337.8 | 462.2 |
Less: Noncontrolling interests in comprehensive income | (0.1) | (0.2) | 0.6 |
Comprehensive income attributable to common shareholders | $ 286.7 | $ 338 | $ 461.6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 329.6 | $ 427 |
Accounts receivable, net | 306.4 | 269.7 |
Inventories, net | 353.1 | 294.2 |
Other current assets | 101.7 | 135.1 |
Current assets of discontinued operations | 0 | 625.9 |
Total current assets | 1,090.8 | 1,751.9 |
Property, plant and equipment, net | 270.5 | 248.3 |
Long-term deferred tax assets | 2.7 | 3.1 |
Intangible assets, net | 87.9 | 71.7 |
Goodwill | 747.7 | 690.9 |
Other assets | 134 | 120.8 |
Long-term assets of discontinued operations | 0 | 1,504.9 |
Total assets | 2,333.6 | 4,391.6 |
Current liabilities: | ||
Short-term borrowings | 0 | 399.6 |
Accounts payable | 179.1 | 179.2 |
Accrued liabilities | 273.7 | 260.5 |
U.S. and foreign taxes on income | 14.3 | 34.2 |
Current liabilities of discontinued operations | 0 | 614.7 |
Total current liabilities | 467.1 | 1,488.2 |
Long-term debt | 248.5 | 0 |
Accrued pension and postretirement benefits | 115 | 132 |
Long-term deferred tax liability | 37.1 | 55.3 |
Other liabilities | 105.6 | 85.2 |
Long-term liabilities of discontinued operations | 0 | 726.9 |
Commitments and contingencies (Note 13) | ||
Equity: | ||
Common shares, par value $1.00; 66,475,307 and 200,000,000 shares authorized; 56,919,443 and 72,426,389 shares issued; 56,919,443 and 56,325,382 shares outstanding in 2023 and 2022, respectively | 56.9 | 72.4 |
Capital surplus | 398.2 | 373.8 |
Retained earnings | 960.7 | 2,822.8 |
Accumulated other comprehensive loss | (58) | (503.3) |
Treasury stock: 16,101,007 treasury shares in 2022. | 0 | (864.3) |
Total shareholders’ equity | 1,357.8 | 1,901.4 |
Noncontrolling interest | 2.5 | 2.6 |
Total equity | 1,360.3 | 1,904 |
Total liabilities and equity | $ 2,333.6 | $ 4,391.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 66,475,307 | 200,000,000 |
Common stock, shares issued (in shares) | 56,919,443 | 72,426,389 |
Common stock, shares, outstanding (in shares) | 56,919,443 | 56,325,382 |
Treasury stock, shares (in shares) | 16,101,007 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net income from continuing operations attributable to common shareholders | $ 203.8 | $ 171.6 | $ 197.4 |
Non-cash loss on divestiture of asbestos-related assets and liabilities | 0 | 148.9 | 0 |
Gain on sale of business | 0 | (232.5) | 0 |
Gain on sale of property | 0 | (2.8) | (18.5) |
Depreciation and amortization | 39.3 | 39.5 | 38.4 |
Stock-based compensation expense | 26.1 | 21.3 | 21.7 |
Defined benefit plans and postretirement cost (credit) | 9.3 | (1) | (6.7) |
Deferred income taxes | (21.5) | 0.8 | (4.9) |
Cash used for operating working capital | (49.5) | (30.3) | 30.1 |
Defined benefit plans and postretirement contributions | (18.3) | (19) | (26.9) |
Environmental payments, net of reimbursements | (3.9) | (5.8) | (5.8) |
Asbestos related payments, net of insurance recoveries | 0 | (29.3) | (44.9) |
Divestiture of asbestos-related assets and liabilities | 0 | (550) | 0 |
Other | 8.3 | 16.4 | 5.2 |
Total provided by (used for) operating activities from continuing operations | 193.6 | (472.2) | 185.1 |
Investing activities: | |||
Payments for acquisition - net of cash acquired | (90.5) | 0 | 0 |
Capital expenditures | (42.7) | (37.1) | (35.3) |
Proceeds from sale of business | 0 | 318.1 | 0 |
Purchase of marketable securities | 0 | 0 | (10) |
Proceeds from sale of marketable securities | 0 | 0 | 40 |
Other investing activities | 0.7 | 4.3 | 23.5 |
Total (used for) provided by investing activities from continuing operations | (132.5) | 285.3 | 18.2 |
Financing activities: | |||
Dividends paid | (57.3) | (105.9) | (100.6) |
Reacquisition of shares on open market | 0 | (203.7) | (96.3) |
Stock options exercised, net of shares reacquired | 21.8 | 16.2 | 14.2 |
Debt issuance costs | (9) | 0 | 0 |
Repayments of commercial paper with maturities greater than 90 days | 0 | 0 | (27.1) |
Proceeds from term loan | 300 | 0 | 0 |
Proceeds from term facility of discontinued operations | 350 | 399.4 | 0 |
Repayment of term loan | (450.6) | 0 | (348.1) |
Distribution of Crane NXT, Co. | (578.1) | 0 | 0 |
Total (used for) provided by financing activities from continuing and discontinued operations | (423.2) | 106 | (557.9) |
Discontinued Operations: | |||
Total provided by operating activities | 34.6 | 320.6 | 313.4 |
Total used for investing activities | (4.1) | (21.3) | (18.5) |
Increase in cash and cash equivalents from discontinued operations | 30.5 | 299.3 | 294.9 |
Effect of exchange rates on cash and cash equivalents | 3.6 | (39.4) | (12.7) |
(Decrease) increase in cash and cash equivalents | (328) | 179 | (72.4) |
Cash and cash equivalents at beginning of period | 657.6 | 478.6 | 551 |
Cash and cash equivalents at end of period | 329.6 | 657.6 | 478.6 |
Less: Cash and cash equivalents of discontinued operations | 0 | 230.6 | 100.7 |
Cash and cash equivalents of continuing operations at end of period | 329.6 | 427 | 377.9 |
Detail of cash used for operating working capital from continuing operations: | |||
Accounts receivable | (23.4) | (46.6) | (36.5) |
Inventories | (42) | (42.1) | (27.4) |
Other current assets | 38.1 | (8.7) | (7.8) |
Accounts payable | (3.3) | 43.1 | 32.3 |
Accrued liabilities | 7.9 | (6.8) | 57.8 |
U.S. and foreign taxes on income | (26.8) | 30.8 | 11.7 |
Total | (49.5) | (30.3) | 30.1 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 20.3 | 6.5 | 2.9 |
Income taxes paid | $ 110.5 | $ 61 | $ 33.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total Shareholders’ Equity | Common Shares Issued at Par Value | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2020 | $ 1,531.1 | $ 1,528.9 | $ 72.4 | $ 330.7 | $ 2,192.8 | $ (466.4) | $ (600.6) | $ 2.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 435.4 | 435.4 | 435.4 | |||||
Cash dividends | (100.9) | (100.9) | (100.9) | |||||
Reaquisition on open market | (96.3) | (96.3) | (96.3) | |||||
Exercise of stock options, net of shares reacquired | 16.5 | 16.5 | 16.5 | |||||
Stock-based compensation | 24.9 | 24.9 | 24.9 | |||||
Impact from settlement of share-based awards, net of shares acquired | (2.4) | (2.4) | 8.3 | (10.7) | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 96 | 96 | 96 | |||||
Currency translation adjustment | (69.2) | (69.8) | (69.8) | 0.6 | ||||
Balance, end 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 | 401.1 | 401.1 | 401.1 | |||||
Cash dividends | (105.6) | (105.6) | (105.6) | |||||
Reaquisition on open market | (203.7) | (203.7) | (203.7) | |||||
Exercise of stock options, net of shares reacquired | 21.9 | 21.9 | 21.9 | |||||
Stock-based compensation | 24.2 | 24.2 | 24.2 | |||||
Impact from settlement of share-based awards, net of shares acquired | (5.7) | (5.7) | (14.3) | 8.6 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 30 | 30 | 30 | |||||
Currency translation adjustment | (93.3) | (93.1) | (93.1) | (0.2) | ||||
Balance, end 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 | 255.9 | 255.9 | 255.9 | |||||
Cash dividends | (57.3) | (57.3) | (57.3) | |||||
Exercise of stock options, net of shares reacquired | 28.8 | 28.8 | 0.2 | 8.8 | 19.8 | |||
Stock-based compensation | 19 | 19 | 19 | |||||
Impact from settlement of share-based awards, net of shares acquired | (7) | (7) | (3.4) | (3.6) | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 10 | 10 | 10 | |||||
Currency translation adjustment | 20.7 | 20.8 | 20.8 | (0.1) | ||||
Capital effect of spin-off | (15.7) | (832.4) | 848.1 | |||||
Distribution of Crane NXT, Co. (Note 1) | (813.8) | (813.8) | (1,228.3) | 414.5 | ||||
Balance, end of period at Dec. 31, 2023 | $ 1,360.3 | $ 1,357.8 | $ 56.9 | $ 398.2 | $ 960.7 | $ (58) | $ 0 | $ 2.5 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 1.01 | $ 1.88 | $ 1.72 |
Reacquisition on open market, shares (in shares) | 1,959,069 | 943,048 | |
Exercise of stock options, net of shares reacquired (in shares) | 324,465 | 553,655 |
Nature of Operations and Signif
Nature of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Significant Accounting Policies | Nature of Operations and Significant Accounting Policies Nature of Operations We are a diversified manufacturer of highly engineered industrial products currently comprised of three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. Our primary end markets include commercial and military aerospace, defense and space, chemical production, pharmaceutical production, water and wastewater, non-residential and municipal construction, energy, along with a wide range of general industrial and certain consumer related end markets. See Note 4, “Segment Information” for the relative size of these segments in relation to the total company (both net sales and total assets). Holding Company Reorganization On May 16, 2022, Crane Co., a Delaware corporation (“Crane Co.”), completed its previously announced reorganization merger pursuant to the Agreement and Plan of Merger, dated as of February 28, 2022 (the “Reorganization Agreement”), by and among Crane Co., Crane Holdings, Co., a Delaware corporation (“Crane Holdings”), and Crane Transaction Company, LLC, a Delaware limited liability company and, as of immediately prior to the consummation of such merger, a wholly-owned subsidiary of Crane Holdings (“Merger Sub”). The Reorganization Agreement provided for the merger of Crane Co. and Merger Sub, with Crane Co. surviving the merger as a wholly-owned subsidiary of Crane Holdings (the “Reorganization Merger”). Following the Reorganization Merger, on May 16, 2022, Crane Co. converted from a Delaware corporation into a Delaware limited liability company named “Crane LLC” (such conversion, together with the Reorganization Merger, the “Reorganization”). Following the Reorganization, substantially all of the assets of Crane LLC were distributed, assigned, transferred, conveyed and delivered to, and certain non-asbestos related liabilities of Crane LLC were assumed by, Crane Holdings. On May 17, 2022, Crane LLC converted from a Delaware limited liability company to a Delaware corporation named “Crane Co.” Subsequently, on May 26, 2022, Crane Co. filed a Certificate of Amendment to its Certificate of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware, which became effective upon filing, pursuant to which the Crane Co. officially changed its name from “Crane Co.” to “Redco Corporation”. The “Crane Co.” name has been reserved for future use by Crane Holdings. Separation On March 30, 2022, the Company announced that its Board of Directors unanimously approved a plan to pursue a separation into two independent, publicly-traded companies (the “Separation”). The Separation is expected to occur through a tax-free distribution and is expected to be completed in April 2023, subject to the satisfaction of customary conditions and final approval by Crane Holdings, Co.’s Board of Directors. 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. The Company recorded $3.4 million of income within Miscellaneous income, ne t related to transactions under the transition services and tax matters agreements with Crane NXT, Co. As of December 31, 2023, the Company had a receivable of $2.2 million related to the transition services agreement and tax matters agreement. Additionally, as part of the Separation, to a limited extent, the Company has agreed to indemnify Crane NXT, Co. for uncertain tax benefits, which are attributable to the Company’s business. As of December 31, 2023, the total liability was $7.0 million and was included in other liabilities on our Consolidated Balance Sheets. 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. 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 3 for additional information. Divestiture of asbestos-related assets and liabilities On August 12, 2022, Crane Holdings, Co., Crane Company, a wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (“Redco”), then a 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 and 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”). In connection with the Redco Sale, Crane Holdings, Co., on behalf of Crane Company, contributed approximately $550 million in cash to Redco, which was funded by a combination of short-term borrowings and cash on hand. As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets have been removed from Crane Holdings, Co.’s consolidated balance sheets effective August 12, 2022. A loss on the divestiture of asbestos-related assets and liabilities of $162.4 million was recognized in the Consolidated Statements of Operations for the year ended December 31, 2022. Sale of Crane Supply On April 8, 2022, the Company entered into an agreement to sell the Crane Supply business for CAD 380 million on a cash-free and debt-free basis. Subsequent to net working capital and other closing adjustments, the sale closed on May 31, 2022 for CAD 402 million. In August 2022, the Company received CAD 5 million related to a final working capital adjustment. The Company recognized a total gain on sale of $232.5 million. Termination of Agreement to Sell Engineered Materials On May 16, 2021, we entered into an agreement to sell the Engineered Materials segment to Grupo Verzatec S.A. de C.V. (“Verzatec”) for $360 million on a cash-free and debt-free basis. In the second quarter of 2021, the assets and liabilities of the segment were classified as held for sale. On May 26, 2022, Verzatec terminated the sale agreement and paid $7.5 million to the Company in termination fees, which is presented within Miscellaneous income, net on the Consolidated Statements of Operations. Significant Accounting Policies Accounting Principles. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of Crane Company and our subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. As used in these notes, the terms "we," "us," "our," "Crane" and the "Company" mean Crane Company and our subsidiaries unless the context specifically states or implies otherwise. Basis of presentation. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year presentation. 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. Use of Estimates. Our accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, environmental liability and contingencies. Currency Translation. Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated on a monthly basis. In 2023, the Company recognized approximately $100.0 million in revenue over time related to contracts in progress as of December 31, 2023. When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer. Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period. Payment for products is due within a limited time period after shipment or delivery, and we generally do not offer extended payment terms. Payment is typically due within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit. When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time in order for payment from a customer to become due, we record a contract asset. 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 pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. See Note 5, “Revenue” for further details. Cost of Goods Sold. Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. Selling, General and Administrative Expenses. Selling, general and administrative expenses are recognized as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line of our Consolidated Statement of Operations, while accrued interest and penalties are included within the related tax liability line of our Consolidated Balance Sheets. Earnings Per Share. Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive 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 potential dilutive common shares outstanding during the year. (in millions, except per share data) For the year ended December 31, 2023 2022 2021 Net income from continuing operations attributable to common shareholders $ 203.8 $ 171.6 $ 197.4 Income from discontinued operations, net of tax (Note 3) 52.1 229.5 238.0 Net income attributable to common shareholders $ 255.9 $ 401.1 $ 435.4 Average basic shares outstanding 56.7 56.4 58.4 Effect of dilutive share-based awards 0.8 0.8 0.8 Average diluted shares outstanding 57.5 57.2 59.2 Earnings per basic share: Earnings per basic share from continuing operations $ 3.59 $ 3.04 $ 3.38 Earnings per basic share from discontinued operations 0.92 4.07 4.08 Earnings per basic share $ 4.51 $ 7.11 $ 7.46 Earnings per diluted share: Earnings per diluted share from continuing operations $ 3.54 $ 3.00 $ 3.34 Earnings per diluted share from discontinued operations 0.91 4.01 4.02 Earnings per diluted share $ 4.45 $ 7.01 $ 7.36 The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options. During 2023, 2022 and 2021, the number of stock options excluded from the computation was 0.4 million, 0.4 million and 1.2 million, respectively. Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. Accounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for doubtful accounts was $8.4 million and $8.0 million as of December 31, 2023 and 2022, respectively. The allowance for doubtful accounts activity was not material to our financial results for the years ended December 31, 2023 and 2022. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited. Inventories, net. Inventories consist of the following: (in millions) December 31, 2023 2022 Finished goods $ 67.0 $ 57.2 Finished parts and subassemblies 49.9 47.7 Work in process 40.6 27.2 Raw materials 195.6 162.1 Total inventories, net $ 353.1 $ 294.2 Inventories, net include the costs of material, labor and overhead and are stated at the lower of cost or net realizable value. Domestic inventories are stated at either the lower of cost or net realizable value using the last-in, first-out (“LIFO”) method or the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. Inventories held in foreign locations are primarily stated at the lower of cost or market using the FIFO method. The LIFO method is not being used at our foreign locations as such a method is not allowable for tax purposes. Changes in the levels of LIFO inventories have increased cost of sales by $4.4 million, $6.0 million and $2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The portion of inventories costed using the LIFO method was 50.9% and 49.8% of consolidated inventories as of December 31, 2023, and 2022, respectively. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $28.4 million and $24.0 million as of December 31, 2023 and 2022, respectively. The reserve for excess and obsolete inventory was $76.6 million and $70.3 million as of December 31, 2023, and 2022, respectively. Valuation of Long-Lived Assets. We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a loss is recognized based on the amount by which the carrying amount exceeds the estimated fair value. Judgments which impact these assessments relate to the expected useful lives of long-lived assets and our ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the recoverable amount of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods. Property, Plant and Equipment, net. Property, plant and equipment, net consists of the following: (in millions) December 31, 2023 2022 Land $ 47.1 $ 45.4 Buildings and improvements 175.3 167.2 Machinery and equipment 553.9 516.6 Gross property, plant and equipment 776.3 729.2 Less: accumulated depreciation 505.8 480.9 Property, plant and equipment, net $ 270.5 $ 248.3 Property, plant and equipment is stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and three Goodwill and Other 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” (“ASC 350”) as it relates to the accounting for goodwill in the 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 other events or circumstances which would more likely than not reduce the fair value of 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 December 31, 2023, we had four reporting units. When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, ranged between 9.5% and 10.0% (a weighted average of 9.9%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. No impairment charges have been required during the years ended December 31, 2023, 2022 or 2021. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies (a) (b) Engineered Materials Total Balance as of December 31, 2021 $ 202.5 $ 349.4 $ 171.3 $ 723.2 Disposal on sale of business — (22.3) — (22.3) Currency translation (0.2) (9.8) — (10.0) Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Acquisition — 49.9 — 49.9 Currency translation 0.1 6.8 — 6.9 Balance as of December 31, 2023 $ 202.4 $ 374.0 $ 171.3 $ 747.7 (a) For the year ended December 31, 2023, adjustments within the Process Flow Technologies segment of $49.9 million relate to the acquisition of BAUM, see Note 2 for further information. (b) For the year ended December 31, 2022, adjustments within the Process Flow Technologies segment |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”) for $93.5 million on a cash-free and debt-free basis, with $90.5 million paid in 2023 and $3.0 million to be paid in 2024, related to the final working capital adjustment. BAUM, is a German-based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM has been integrated into the Process Flow Technologies segment. The amount allocated to goodwill reflects the expected cost synergies. Goodwill from this acquisition is not deductible for tax purposes. The allocation of consideration transferred to net assets acquired is as follows: Net assets acquired (in millions) Total current assets $ 24.7 Property, plant and equipment 18.0 Other assets 9.5 Intangible assets 21.1 Goodwill 49.9 Total assets acquired $ 123.2 Total current liabilities $ 13.2 Other liabilities 16.5 Total assumed liabilities $ 29.7 Net assets acquired $ 93.5 The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following: Intangible Assets (dollars in millions) Intangible Fair Value Weighted Average Life Trade names $ 2.1 16.0 Customer relationships 17.9 12.0 Backlog 1.1 1.0 Total acquired intangible assets $ 21.1 The fair values of the trade name intangible assets were determined by using an income approach, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of BAUM’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to our ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 16 years. The fair values of the customer relationships and backlog intangible assets were determined by using an income approach which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship asset is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 12 years. Supplemental Pro Forma Data BAUM’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on October 4, 2023. Consolidated pro forma revenue and net income attributable to common shareholders have not been presented since the impact is not material to our financial results for the period. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 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: For the year ended December 31, (in millions) 2023 2022 2021 Net sales $ 329.1 $ 1,339.9 $ 1,345.1 Cost of sales 174.4 713.7 746.2 Selling, general and administrative 80.0 294.6 291.4 Operating profit 74.7 331.6 307.5 Other expense, net (11.2) (40.0) (38.4) Income from discontinued operations 63.5 291.6 269.1 Income tax provision 11.4 62.1 31.1 Income from discontinued operations, net of tax $ 52.1 $ 229.5 $ 238.0 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 Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to our legacy environmental liabilities, as such liabilities are not related to current business activities; or corporate organizational and functional expenses of a governance nature. “Corporate expenses-before environmental charges” consist of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices. Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We currently have three reporting segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. A brief description of each of our current segments is as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). Financial information by reportable segment is set forth below: (in millions) December 31, 2023 2022 2021 Net Sales: Aerospace & Electronics $ 789.3 $ 667.3 $ 638.3 Process Flow Technologies 1,072.8 1,109.4 1,196.6 Engineered Materials 224.3 258.3 228.0 TOTAL NET SALES $ 2,086.4 $ 2,035.0 $ 2,062.9 Operating profit: Aerospace & Electronics $ 159.0 $ 120.3 $ 110.0 Process Flow Technologies 208.5 168.2 182.5 Engineered Materials 33.4 32.6 26.9 Corporate (117.1) (283.2) (97.7) TOTAL OPERATING PROFIT (a) $ 283.8 $ 37.9 $ 221.7 Capital expenditures: Aerospace & Electronics $ 9.7 $ 9.3 $ 14.1 Process Flow Technologies 29.1 23.9 18.8 Engineered Materials 3.7 3.8 2.2 Corporate 0.2 0.1 0.2 TOTAL CAPITAL EXPENDITURES $ 42.7 $ 37.1 $ 35.3 Depreciation and amortization: Aerospace & Electronics $ 13.9 $ 14.1 $ 14.7 Process Flow Technologies 21.4 19.5 22.0 Engineered Materials 3.9 5.8 1.6 Corporate 0.1 0.1 0.1 TOTAL DEPRECIATION AND AMORTIZATION $ 39.3 $ 39.5 $ 38.4 (a) For the year ended December 31, 2023, operating profit includes $0.6 million restructuring charges. For the year ended December 31, 2022, operating profit includes a loss on divestiture of asbestos-related assets and liabilities of $162.4 million and net restructuring charges of $4.2 million. For the year ended December 31, 2021, operating profit included a restructuring gain of $13.2 million. See Note 16, “Restructuring Charges” for additional details. Net sales by geographic region: (in millions) December 31, 2023 2022 2021 Net sales (a) United States $ 1,260.7 $ 1,175.5 $ 1,074.4 Canada 74.3 171.4 286.0 United Kingdom 120.3 105.4 110.0 Continental Europe 329.7 279.7 267.8 Other international 301.4 303.0 324.7 TOTAL NET SALES $ 2,086.4 $ 2,035.0 $ 2,062.9 (a) Net sales by geographic region are based on the destination of the sale. Balance sheet items by reportable segment is set forth below: (in millions) December 31, 2023 2022 Goodwill: Aerospace & Electronics $ 202.4 $ 202.3 Process Flow Technologies 374.0 317.3 Engineered Materials 171.3 171.3 TOTAL GOODWILL $ 747.7 $ 690.9 Assets: Aerospace & Electronics $ 744.6 $ 663.3 Process Flow Technologies 1,164.5 1,064.7 Engineered Materials 191.8 218.6 Corporate 232.7 314.2 Assets Discontinued Operations — 2,130.8 TOTAL ASSETS $ 2,333.6 $ 4,391.6 Long-lived assets by geographic region: (in millions) December 31, 2023 2022 Long-lived assets (a) United States $ 174.7 $ 171.6 Europe 98.1 70.5 Other international 49.6 53.0 Corporate 12.1 11.6 TOTAL LONG-LIVED ASSETS $ 334.5 $ 306.7 (a) Long-lived assets, net by geographic region are based on the location of the business unit. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: (in millions) December 31, 2023 2022 2021 Aerospace & Electronics Commercial Original Equipment $ 291.4 $ 250.5 $ 229.4 Military Original Equipment 252.4 231.2 239.7 Commercial Aftermarket Products 180.2 129.3 104.5 Military Aftermarket Products 65.3 56.3 64.7 Total Aerospace & Electronics $ 789.3 $ 667.3 $ 638.3 Process Flow Technologies Process Valves and Related Products $ 811.3 $ 749.8 $ 717.1 Commercial Valves 116.4 232.2 374.2 Pumps and Systems 145.1 127.4 105.3 Total Process Flow Technologies $ 1,072.8 $ 1,109.4 $ 1,196.6 Engineered Materials FRP- Recreational Vehicles $ 73.0 $ 111.9 $ 102.5 FRP- Building Products 117.0 112.5 94.9 FRP- Transportation 34.3 33.9 30.6 Total Engineered Materials $ 224.3 $ 258.3 $ 228.0 Total Net Sales $ 2,086.4 $ 2,035.0 $ 2,062.9 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of December 31, 2023, backlog was $1,091.2 million. We expect to recognize approximately 85% of our remaining performance obligations as revenue in 2024, an additional 12% by 2025 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 Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our 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) December 31, 2023 2022 Contract assets $ 63.5 $ 56.8 Contract liabilities $ 56.2 $ 49.4 |
Research And Development
Research And Development | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Research and Development | Research and Development Research and development costs are expensed when incurred and are included in “Selling, general and administrative” in our Consolidated Statements of Operations. (in millions) December 31, 2023 2022 2021 Research and Development Costs $ 55.9 $ 49.2 $ 49.5 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Pension Plan In the United States, we sponsor a defined benefit pension plan that covers approximately 18% of all U.S. employees. Effective January 1, 2013, pension eligible non-union employees no longer earn future benefits in the domestic defined benefit pension plan. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. Additionally, a number of our non-U.S. subsidiaries sponsor defined benefit pension plans cover approximately 10% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. In December 2022, we settled the pension plan for the salaried non-bargaining employees of Crane Canada Co. and recognized a loss of $7.0 million, net of tax. In August 2023, the Company received a distribution of $45.3 million after distributions to plan participants. Postretirement Plans Postretirement health care and life insurance benefits are provided for certain employees hired before January 1, 1990, who meet minimum age and service requirements. A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 722.1 $ 1,052.8 $ 3.2 $ 4.7 Service cost 3.3 3.4 — — Interest cost 35.9 21.5 0.2 0.1 Amendments 1.9 0.7 — — Actuarial (gain) loss 28.8 (267.0) — (0.9) Settlements (0.1) (7.7) — — Curtailments — (1.0) — — Benefits paid (45.2) (45.8) (0.5) (0.7) Foreign currency exchange and other 11.6 (34.2) — — Curtailment and settlement loss from discontinued operations 1.9 — — — Administrative expenses paid and other (0.9) (0.6) 0.1 — Benefit obligation at end of year $ 759.3 $ 722.1 $ 3.0 $ 3.2 Change in plan assets: Fair value of plan assets at beginning of year $ 634.5 $ 976.1 $ — $ — Actual return on plan assets 72.8 (211.3) — — Employer contributions 18.1 17.8 0.5 0.7 Settlements (0.1) (63.2) — — Benefits paid (45.2) (45.8) (0.5) (0.7) Foreign currency exchange and other 12.8 (38.4) — — Administrative expenses paid (0.5) (0.7) — — Fair value of plan assets at end of year $ 692.4 $ 634.5 $ — $ — Funded status $ (66.9) $ (87.6) $ (3.0) $ (3.2) In the U.S., 2023 actuarial losses in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2023 actuarial losses in the projected benefit obligation were primarily the result of decrease in discount rates. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation, mortality table updates and minor adjustments to other actuarial assumptions generated combined losses of approximately 1% of expected year end obligations. In the U.S., 2022 actuarial gains in the projected benefit obligation were primarily the result of an increase in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2022 actuarial gains in the projected benefit obligation were primarily the result of increases in discount rates. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation, mortality table updates and minor adjustments to other actuarial assumptions generated combined losses of approximately 3% of expected year end obligations. Amounts recognized on our Consolidated Balance Sheets consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Other assets $ 45.5 $ 41.8 $ — $ — Current liabilities (1.4) (1.5) (0.4) (0.5) Accrued pension and postretirement benefits (111.0) (127.9) (2.6) (2.7) Funded status $ (66.9) $ (87.6) $ (3.0) $ (3.2) Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Net actuarial loss (gain) $ 352.2 $ 367.0 $ (2.6) $ (8.4) Prior service cost (credit) 6.9 (1.3) — (2.0) Total recognized in accumulated other comprehensive loss $ 359.1 $ 365.7 $ (2.6) $ (10.4) The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2023 2022 2023 2022 2023 2022 Projected benefit obligation $ 512.9 $ 499.6 $ 246.4 $ 222.5 $ 759.3 $ 722.1 Accumulated benefit obligation 512.9 499.6 242.6 218.7 755.5 718.3 Fair value of plan assets 437.6 401.6 254.8 232.9 692.4 634.5 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: (in millions) December 31, 2023 2022 Projected benefit obligation $ 552.7 $ 533.8 Accumulated benefit obligation $ 549.3 $ 530.3 Fair value of plan assets $ 440.3 $ 404.5 Components of net periodic cost (benefit) are as follows: Pension Benefits Postretirement Benefits (in millions) For the year ended December 31, 2023 2022 2021 2023 2022 2021 Net Periodic (Benefit) Cost: Service cost $ 3.3 $ 3.4 $ 3.4 $ — $ — $ — Interest cost 35.9 21.5 17.7 0.2 0.1 0.1 Expected return on plan assets (46.1) (53.5) (51.8) — — — Amortization of prior service cost 0.7 0.6 0.6 — — — Amortization of net loss (gain) 15.5 14.6 21.9 (0.2) — — Recognized curtailment (gain) loss — (1.0) 1.0 — — — Settlement loss — 12.1 1.3 — — — Curtailment and settlement loss from discontinued operations 1.9 — — — — — Net periodic cost (benefit) $ 11.2 $ (2.3) $ (5.9) $ — $ 0.1 $ 0.1 The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 U.S. Plans: Discount rate 5.07 % 5.43 % 2.89 % 5.00 % 5.40 % 2.70 % Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 4.02 % 3.62 % 1.47 % N/A N/A N/A Non-U.S. Plans: Discount rate 4.29 % 4.61 % 1.73 % N/A N/A N/A Rate of compensation increase 3.69 % 3.72 % 3.30 % N/A N/A N/A Interest credit rate N/A N/A N/A N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 U.S. Plans: Discount rate 5.43 % 2.89 % 2.62 % 5.40 % 2.70 % 2.30 % Expected rate of return on plan assets 8.25 % 6.50 % 6.50 % N/A N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 3.62 % 1.47 % 0.93 % N/A N/A N/A Non-U.S. Plans: Discount rate 4.61 % 1.73 % 1.17 % N/A N/A N/A Expected rate of return on plan assets 5.91 % 4.85 % 4.85 % N/A N/A N/A Rate of compensation increase 3.72 % 3.30 % 3.32 % N/A N/A N/A Interest credit rate N/A N/A N/A N/A N/A N/A The long-term expected rate of return on plan assets assumptions were determined with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by us for valuing pension liabilities are based on a review of high-quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations. In the U.S. plan, the 8.25% expected rate of return on assets assumption for 2023 reflected a long-term target comprised of an asset allocation range of 25%-75% equity securities, 15%-35% fixed income securities, 10%-35% alternative assets and 0%-10% cash and cash equivalents. As of December 31, 2023, the actual asset allocation for the U.S. plan was 50.0% equity securities, 37.8% fixed income securities, 10.8% alternative assets and 1.4% cash and cash equivalents. During 2023, the pension committee voted to reduce the funded status risk by increasing the allocation to liability matching fixed income investments. For the non-U.S. plans, the 5.91% expected rate of return on assets assumption for 2023 reflected a weighted average of the long-term asset allocation targets for our various non-U.S. plans. As of December 31, 2023, the actual weighted average asset allocation for the non-U.S. plans was 18.5% equity securities, 44.2% fixed income securities, 34.0% alternative assets/other and 3.4% cash and cash equivalents. The assumed health care cost trend rates are as follows: December 31, 2023 2022 Health care cost trend rate assumed for next year 7.25 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2035 2033 Assumed health care cost trend rates have a significant effect on the amounts reported for our health care plans. Plan Assets Our pension plan target allocations and weighted-average asset allocations by asset category are as follows: Target Allocation Actual Allocation Asset Category December 31, 2023 2022 Equity securities 15%-75% 38 % 47 % Fixed income securities 15%-75% 40 % 27 % Alternative assets/Other 0%-45% 20 % 22 % Cash and money market 0%-10% 2 % 4 % Independent investment consultants are retained to assist in executing the plans’ investment strategies. A number of factors are evaluated in determining if an investment strategy will be implemented in our pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. We periodically review investment managers and their performance in relation to our plans’ investment objectives. The primary investment objective of our various pension trusts is to maximize the value of plan assets, focusing on capital preservation, current income and long-term growth of capital and income. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, alternative assets and cash instruments. Equity securities include investments in large, mid, and small-capitalization companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, and mortgage-backed securities. Alternative assets include investments in real estate and hedge funds employing a wide variety of strategies. The fair value of our pension plan assets as of December 31, 2023, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 14.6 $ — $ — $ — $ 14.6 Common Stocks Actively Managed U.S. Equities 35.0 — — — 35.0 Commingled and Mutual Funds U.S. Equity Funds 115.1 — — — 115.1 Non-U.S. Equity Funds 68.8 — — 47.1 115.9 U.S. Fixed Income, Government and Corporate 165.2 — — — 165.2 Registered Investment Company 22.8 — — — 22.8 Non-U.S. Fixed Income, Government and Corporate — — — 112.7 112.7 Property Funds 24.6 — — — 24.6 Alternative Investments Insurance / Annuity Contract(s) — 2.0 — — 2.0 Hedge Funds and LDI — — — 59.2 59.2 International Property Funds — — — 25.3 25.3 Total Fair Value $ 446.1 $ 2.0 $ — $ 244.3 $ 692.4 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. The fair value of our pension plan assets as of December 31, 2022, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 26.8 $ — $ — $ — $ 26.8 Common Stocks Actively Managed U.S. Equities 31.8 — — — 31.8 Commingled and Mutual Funds U.S. Equity Funds 152.3 — — — 152.3 Non-U.S. Equity Funds 74.3 — — 37.8 112.1 U.S. Fixed Income, Government and Corporate 88.9 — — — 88.9 Registered Investment Company 23.3 — — — 23.3 Non-U.S. Fixed Income, Government and Corporate — — — 82.3 82.3 International Balanced Funds — — — 1.8 1.8 Property Funds 21.7 — — — 21.7 Alternative Investments Insurance / Annuity Contract(s) — 2.6 — — 2.6 Hedge Funds and LDI — — — 60.1 60.1 International Property Funds — — — 30.8 30.8 Total Fair Value $ 419.1 $ 2.6 $ — $ 212.8 $ 634.5 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. Cash Flows We expect, based on current actuarial calculations, to contribute cash of approximately $17.9 million to our defined benefit pension plans during 2024. Cash contributions in subsequent years will depend on a number of factors including the investment performance of plan assets. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Postretirement Benefits 2024 $ 49.9 $ 0.4 2025 51.1 0.4 2026 51.3 0.4 2027 52.6 0.4 2028 53.6 0.3 2029 to 2033 253.6 1.1 Total payments $ 512.1 $ 3.0 Defined Contribution Plans We sponsor savings and investment plans that are available to our eligible employees including employees of our subsidiaries. We made contributions to the plans of $9.2 million, $9.0 million and $8.0 million in 2023, 2022 and 2021, respectively. In addition to participant deferral contributions and company matching contributions on those deferrals, we provide a 3% non-matching contribution to eligible participants. We made non-matching contributions to these plans of $10.8 million, $10.4 million and $9.7 million in 2023, 2022 and 2021, respectively. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans At December 31, 2023, we had stock-based compensation awards outstanding under the Crane Company 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan was approved by the Board of Directors of the Company (the “Board”) on February 27, 2023, and by Crane Holdings, Co. as the sole shareholder of the Company on February 27, 2023. The 2023 Plan authorized the issuance of up to 9,750,000 shares of stock pursuant to awards under the plan. In accordance with the Employee Matters Agreement entered into between Crane Holdings, Co. and Crane Company, as further described in Note 1, “Basis of Presentation,” previously outstanding equity compensation awards granted under the historical Crane Holdings, Co. 2018 Amended and Restated Stock Incentive Plans prior to the Separation and held by certain executives and employees of Crane Holdings, Co. were adjusted to reflect the impact of the Separation on these awards. To preserve the aggregate intrinsic value of these equity compensation awards, as measured immediately before and immediately after the Separation, each Crane Holdings, Co. equity-based compensation award was adjusted using either the shareholder method or the replacement method. Any stock-based compensation award held by an Executive Officer or Non-Employee Director was adjusted using the shareholder method, in which each Crane Holdings, Co. equity compensation award outstanding prior to the Separation was adjusted into a Crane NXT, Co. Equity Compensation Award under one of the continuing Crane Holdings, Co. Stock Incentive Plans and a Crane Company equity compensation award under the Crane Company 2023 Stock Incentive Plan. All other stock based compensation awards were adjusted using the replacement method in which each Crane Holdings, Co. equity compensation award outstanding prior to the Separation was adjusted into either a Crane NXT, Co. equity compensation award under one of the continuing Crane Holdings, Co. Stock Incentive Plans or a Crane Company Equity Compensation Award under the Crane Company 2023 Stock Incentive Plan, based on whether the award holder is employed by Crane NXT, Co. or Crane Company immediately after the Separation. The stock incentive plans are used to provide long-term incentive compensation through stock options, restricted share units, performance-based restricted share units and deferred stock units. Stock Options Options are granted under the Stock Incentive Plan to officers and other key employees and directors at an exercise price equal to the closing price on the date of grant. Unless otherwise determined by the Compensation Committee which administers the plan, options become exercisable at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant. All options granted to directors and options granted to officers and employees after 2014 expire 10 years after the date of grant. We determine the fair value of each grant using the Black-Scholes option pricing model. The weighted-average assumptions for grants made during the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Dividend yield 1.57 % 2.05 % 3.06 % Volatility 32.33 % 33.96 % 36.28 % Risk-free interest rate 3.67 % 1.92 % 0.50 % Expected lives in years 7.7 7.2 5.2 Expected dividend yield is based on our dividend rate. Expected stock volatility was determined based upon the historical volatility for the four-year period preceding the date of grant. The risk-free interest rate was based on the yield curve in effect at the time the options were granted, using U.S. constant maturities over the expected life of the option. The expected lives of the awards represent the period of time that options granted are expected to be outstanding. Activity in our stock option plans for the year ended December 31, 2023, were as follows: Option Activity Number of Weighted Weighted Options outstanding as of January 1, 2023 1,692 $ 77.19 Granted 158 119.71 Exercised (337) 72.69 Canceled (22) 69.02 Outstanding on Distribution Date before Equitable Adjustment 1,491 $ 82.84 Outstanding on Distribution Date after Equitable Adjustment 1,580 $ 59.90 Exercised (201) 53.93 Canceled (4) 41.32 Options outstanding as of December 31, 2023 1,375 $ 55.97 5.5 Options exercisable as of December 31, 2023 1,026 $ 52.21 4.7 Included in our share-based compensation was expense recognized for our stock option awards of $4.5 million, $5.1 million and $6.2 million in 2023, 2022 and 2021, respectively. These amounts include expense related to discontinued operations of $0.2 million, $0.5 million and $0.5 million in 2023, 2022 and 2021, respectively. The weighted-average fair value of options granted during 2023, 2022 and 2021 was $42.47, $32.51 and $20.82, respectively. The total fair value of shares vested during 2023, 2022 and 2021 was $5.7 million, $5.6 million and $6.3 million, respectively. The total intrinsic value of options exercised during 2023, 2022 and 2021 was $24.3 million, $11.8 million and $36.4 million, respectively. The aggregate intrinsic value of exercisable options was $67.7 million, $26.5 million and $33.9 million as of December 31, 2023, 2022 and 2021, respectively. The total proceeds received from these option exercises during 2023, 2022 and 2021 were $30.3 million, $22.8 million and $26.4 million, respectively. The tax benefit realized for the tax deductions from these option exercises was $5.0 million, $1.8 million and $5.5 million as of December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $3.2 million of total future compensation cost related to unvested share-based awards to be recognized over a weighted-average period of 1.28 years. Restricted Share Units and Performance-Based Restricted Share Units Restricted share units vest at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant and are subject to forfeiture restrictions which lapse over time. The vesting of performance-based restricted share units is determined in three years based on relative total shareholder return for Crane Company compared to the S&P Midcap 400 Capital Goods Group, with payout potential ranging from 0% to 200% but capped at 100% if our three-year total shareholder return is negative. Included in our share-based compensation was expense recognized for our restricted share unit and performance-based restricted share unit awards of $14.5 million, $19.1 million and $18.7 million in 2023, 2022 and 2021, respectively. These amounts include expense related to discontinued operations of $0.6 million, $2.4 million and $2.7 million in 2023, 2022 and 2021, respectively. The tax benefit (detriment) for the vesting of the restricted share units was $2.0 million, $1.2 million and $(0.1) million as of December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $18.3 million of total future compensation cost related to restricted share unit and performance-based restricted share unit awards, to be recognized over a weighted-average period of 1.66 years. Changes in our restricted share units for the year ended December 31, 2023, were as follows: Restricted Share Unit Activity Restricted Weighted Restricted share units as of January 1, 2023 529 $ 92.96 Restricted share units granted 145 119.32 Restricted share units vested (129) 86.21 Restricted share units forfeited (7) 93.14 Performance-based restricted share units granted 54 141.55 Performance-based restricted share units forfeited (2) 97.31 Outstanding on Distribution Date before Equitable Adjustment 590 $ 104.77 Outstanding on Distribution Date after Equitable Adjustment 572 $ 66.79 Restricted share units granted 21 74.66 Restricted share units vested (22) 73.96 Restricted share units forfeited (8) 71.29 Performance-based restricted share units granted 4 57.13 Performance-based restricted share units vested (111) 48.38 Restricted share units as of December 31, 2023 456 $ 71.14 Liability Performance-Based Restricted Share Units As a result of Separation, certain executives hold performance-based restricted share units (“PRSUs”) that have undergone an equity-to-liability modification and are denominated in Crane NXT, Co. stock. As the PRSUs vest based on the performance of Crane NXT, Co.’s stock, the PRSUs are classified as a liability. The fair value of the PRSU liability was estimated based on a Monte Carlo simulation, which models multiple stock price paths of Crane NXT, Co.’s stock and that of its peer group to evaluate and determine its ultimate expected relative TSR. The awards are fair valued throughout the vesting period via the Monte Carlo simulation. During the year ended December 31, 2023, the Company recognized $7.9 million in share-based compensation expense related to the liability PRSUs. As of December 31, 2023, the total liability related to these awards was $10.0 million and was included in other liabilities on our Consolidated Balance Sheets. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Arrangements that explicitly or implicitly relate to property, plant and equipment are assessed at inception to determine if the arrangement is or contains a lease. Generally, we enter into operating leases as the lessee and recognize right-of-use assets and lease liabilities based on the present value of future lease payments over the lease term. We lease certain vehicles, equipment, manufacturing facilities, and non-manufacturing facilities. We have leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, we applied the practical expedient to account for each separate lease component and its associated non-lease component(s) as a single lease component. We identify variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum. Certain leases include options to renew for an additional term or company-controlled options to terminate. We generally determine it is not reasonably certain to assume the exercise of renewal options because there is no economic incentive to renew. As termination options often include penalties, we generally determine it is reasonably certain that termination options will not be exercised because there is an economic incentive not to terminate. Therefore, these options generally do not impact the lease term or the determination or classification of the right-of-use asset and lease liability. In the first quarter of 2023, we entered a five-year lease for a used airplane which includes a maximum residual value guarantee of $5.1 million in the event the aircraft is sold for less than the purchase price option of $10.6 million. We do not believe it is probable that any amount will be owed under this guarantee. Therefore, no amount related to the residual value guarantee is included in the lease payments used to measure the right-of-use asset and lease liability. We have not entered any other leases where a residual value guarantee is provided to the lessor. We do not enter arrangements where restrictions or covenants are imposed by the lessor that, for example, relate to incurring additional financial obligations. Furthermore, we also have not entered into any significant sublease arrangements. We use our collateralized incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The rate implicit in the lease is generally unknown, as we generally operate in the capacity of the lessee. Our Consolidated Balance Sheet includes the following related to leases: (in millions) December 31, Classification 2023 2022 Assets Operating right-of-use assets Other assets $ 64.0 $ 58.4 Liabilities Current lease liabilities Accrued liabilities $ 10.8 $ 11.6 Long-term lease liabilities Other liabilities 56.3 49.7 Total lease liabilities $ 67.1 $ 61.3 The components of lease cost were as follows: (in millions) December 31, 2023 2022 2021 Operating lease cost $ 16.9 $ 18.1 $ 19.7 Variable lease cost 5.2 4.6 4.6 Total lease cost $ 22.1 $ 22.7 $ 24.3 The weighted average remaining lease terms and discount rates for our operating leases were as follows: December 31, 2023 2022 Weighted-average remaining lease term - operating leases 7.6 7.7 Weighted-average discount rate - operating leases 4.2 % 3.4 % Supplemental cash flow information related to our operating leases were as follows: (in millions) December 31, 2023 2022 2021 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 14.5 $ 14.2 $ 17.0 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16.7 $ 16.2 $ 15.6 Future minimum operating lease payments are as follows: (in millions) December 31, 2023 2024 $ 14.9 2025 13.3 2026 11.3 2027 10.3 2028 7.4 Thereafter 24.0 Total future minimum operating lease payments $ 81.2 Imputed interest 14.1 Present value of lease liabilities reported $ 67.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes Our income before taxes is as follows: (in millions) For year ended December 31, 2023 2022 2021 U.S. operations $ 155.4 $ (82.2) $ 201.1 Non-U.S. operations 111.6 353.6 32.6 Total $ 267.0 $ 271.4 $ 233.7 Our provision (benefit) for income taxes consists of: (in millions) For the year ended December 31, 2023 2022 2021 Current: U.S. federal tax $ 43.0 $ 23.0 $ 20.1 U.S. state and local tax 5.6 1.1 (0.3) Non-U.S. tax 36.1 74.9 21.5 Total current 84.7 99.0 41.2 Deferred: U.S. federal tax (15.2) 22.7 (4.9) U.S. state and local tax (2.1) (10.3) (2.1) Non-U.S. tax (4.2) (11.6) 2.1 Total deferred (21.5) 0.8 (4.9) Total provision for income taxes * $ 63.2 $ 99.8 $ 36.3 * Included in the above amounts are excess tax benefits from share-based compensation of $6.0 million, $1.5 million and $3.7 million in 2023, 2022 and 2021, respectively, which were reflected as reductions in our provision for income taxes in 2023, 2022 and 2021. A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows: For the year ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) from: Income taxed at non-U.S. rates 3.1 % (3.6) % 6.1 % Non-U.S. income inclusion, net of tax credits (1.4) % 0.1 % 0.6 % State and local taxes, net of federal benefit 1.1 % (2.5) % (1.2) % U.S. research and development tax credit (0.7) % (0.7) % (0.7) % U.S. deduction for foreign - derived intangible income (1.6) % (0.8) % (1.1) % Deferred tax asset related to the sale of a subsidiary — % 7.6 % (8.8) % Nondeductible loss due to Asbestos Divestiture — % 14.3 % — % Other 2.2 % 1.3 % (0.3) % Effective tax rate 23.7 % 36.7 % 15.6 % As of December 31, 2023, we have made the following determinations with regard to our non-U.S. earnings: (in millions) Permanently reinvested Not permanently reinvested Amount of earnings $ 202.1 $ 847.4 Associated tax NA * $ 11.1 * Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $202.1 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs. Tax Related to Comprehensive Income During 2023, 2022 and 2021, tax provision of $3.2 million, $9.1 million and $26.7 million, respectively, related to changes in pension and post-retirement plan assets and benefit obligations, were recorded to accumulated other comprehensive loss. Deferred Taxes and Valuation Allowances The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows: (in millions) December 31, 2023 2022 Deferred tax assets: Tax loss and credit carryforwards $ 50.9 $ 51.0 Inventories 23.4 21.6 Capitalized Research and Development 22.8 10.2 Pension and Post Retirement Benefits 11.2 6.1 Accrued Bonuses and Stock Based Compensation 6.6 8.3 Other 13.7 13.5 Total $ 128.6 $ 110.7 Less: valuation allowance 51.8 52.7 Total deferred tax assets, net of valuation allowance $ 76.8 $ 58.0 Deferred tax liabilities: Basis difference in fixed assets $ (23.8) $ (18.6) Basis difference in intangible assets (76.3) (76.5) Deferred Tax on Non-U.S. unremitted Earnings (11.1) (15.1) Total deferred tax liabilities $ (111.2) $ (110.2) Net deferred tax asset (liability) $ (34.4) $ (52.2) Balance sheet classification: Long-term deferred tax assets 2.7 3.1 Long-term deferred tax liability (37.1) (55.3) Net deferred tax asset (liability) $ (34.4) $ (52.2) As of December 31, 2023, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- U.S. Total 2024-2028 $ — $ — $ 1.2 $ 56.8 $ 0.3 After 2028 1.0 — 0.6 155.8 0.7 Indefinite — — 21.3 58.3 79.0 Total tax carryforwards $ 1.0 $ — $ 23.1 $ 270.9 $ 80.0 Deferred tax asset on tax carryforwards $ 1.0 $ — $ 18.3 $ 10.5 $ 21.1 $ 50.9 Valuation allowance on tax carryforwards (1.0) — (18.1) (10.5) (21.1) (50.7) Net deferred tax asset on tax carryforwards $ — $ — $ 0.2 $ — $ — $ 0.2 As of December 31, 2023, and 2022, we determined that it was more likely than not that $50.7 million and $50.6 million, respectively, of our deferred tax assets related to tax loss and credit carryforwards will not be realized. As a result, we recorded a valuation allowance against these deferred tax assets. We also determined that it is more likely than not that a portion of the benefit related to U.S. state and non-U.S. deferred tax assets other than tax loss and credit carryforwards will not be realized. Accordingly, as of December 31, 2023, and 2022, a valuation allowance of $1.1 million and $2.1 million, respectively, was established against these U.S. state and non-U.S. deferred tax assets. Our total valuation allowance as of December 31, 2023, and 2022 was $51.8 million and $52.7 million, respectively. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2023 2022 2021 Balance of liability as of January 1, $ 6.9 $ 7.0 $ 7.9 Increase as a result of tax positions taken during a prior year 0.2 — 0.1 Decrease as a result of tax positions taken during a prior year (0.1) (0.4) (0.1) Increase as a result of tax positions taken during the current year 1.7 0.9 — Decrease as a result of settlements with taxing authorities — — — Reduction as a result of a lapse of the statute of limitations (0.8) (0.6) (0.9) Balance of liability as of December 31, $ 7.9 $ 6.9 $ 7.0 As of December 31, 2023, 2022 and 2021, the amount of our unrecognized tax benefits that, if recognized, would affect our effective tax rate was $9.3 million, $8.2 million and $8.3 million, respectively. The difference between these amounts and those reflected in the table above relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes and (3) unrecognized tax benefits whose reversals would be recorded to goodwill. We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. During the years ended December 31, 2023, 2022 and 2021, we recognized interest and penalty (income)/ expense of $0.3 million, $(0.1) million and $(2.6) million, respectively, in our Consolidated Statements of Operations. As of December 31, 2023 and 2022, we had accrued $2.2 million and $1.9 million, respectively, of interest and penalties related to unrecognized tax benefits on our Consolidated Balance Sheets. During the next twelve months, it is reasonably possible that our unrecognized tax benefits could change by $0.3 million due to settlements of income tax examinations, the expiration of statutes of limitations or other resolution of uncertainties. 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. Income Tax Examinations Our income tax returns are generally subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities. Prior to the separation, Crane Company was included in Crane NXT Co.’s consolidated federal income tax group and consolidated tax return. However, as a result of the separation, as described above in Note 1, Crane Company became an independent public company required to file its own corporate income tax returns. Subject to certain limitations and conditions, we have agreed to indemnify Crane NXT Co., for certain pre-separation tax liabilities. For these reasons, and with few exceptions, the years for which we filed returns that are open to examination are as follows: Jurisdiction Year U.S. state and local 2017 - 2022 Non-U.S. 2017 - 2022 Currently, we and our subsidiaries are under examination in various jurisdictions, including Germany (2016 through 2019), Canada (2013 through 2018) and Luxembourg (2017 through 2018). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) December 31, 2023 2022 Employee related expenses $ 115.3 $ 100.8 Warranty 4.1 3.0 Current lease liabilities 10.8 11.6 Contract liabilities 56.2 49.4 Other 87.3 95.7 Total $ 273.7 $ 260.5 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities [Abstract] | |
Other Liabilities | Other Liabilities A summary of the other liabilities is as follows: (in millions) December 31, 2023 2022 Environmental $ 12.9 $ 17.6 Long-term lease liabilities 56.3 49.7 Other 36.4 17.9 Total $ 105.6 $ 85.2 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Environmental Matters For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of December 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site. On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into 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 13 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 $20.7 million and $24.8 million as of December 31, 2023 and 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 December 31, 2023 and 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 December 31, 2023 and 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 in performing its obligations under the AOC, 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 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: (in millions) For the year ended December 31, 2022 2021 Settlement / indemnity costs incurred $ 29.4 $ 40.6 Defense costs incurred 6.4 14.6 Total costs incurred $ 35.8 $ 55.2 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: (in millions) For the year ended December 31, 2022 2021 Settlement / indemnity payments $ 33.8 $ 42.6 Defense payments 6.1 15.4 Insurance receipts (10.6) (13.1) Pre-tax cash payments, net $ 29.3 $ 44.9 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, including government contracting violations, 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 December 31, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. |
Financing
Financing | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing | Financing Our debt as of December 31, 2023 and 2022 consisted of the following: (in millions) December 31, 2023 2022 364-Day Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Term Facility a $ 248.5 $ — Total long-term debt $ 248.5 $ — (a) Debt issuance costs totaled $0.8 million and $0.4 million as of December 31, 2023 and 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 $50.6 million on the Term Facility during the year ended December 31, 2023. 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 December 31, 2023. 364-Day Credit Agreement - On August 11, 2022, the Company entered a new 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 accrues 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 is 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 is 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. Other - As of December 31, 2023 and 2022, the Company had open standby letters of credit of $24.4 million and $9.9 million, respectively. The standby letters of credit were issued pursuant to Letter of Credit Reimbursement Agreements. As of December 31, 2023, our total debt to total capitalization ratio was 15.4%, computed as follows: (in millions) Total debt $ 248.5 Equity 1,360.3 Capitalization $ 1,608.8 Total indebtedness to capitalization 15.4 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable, commercial paper and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Overview 2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 160 employees, or about 2% of our global workforce. We expect to complete the program in the first quarter of 2024. We recorded a charge of $8.2 million for the year ended December 31, 2022. 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 first quarter of 2024. We recorded a restructuring gain of $4.0 million for the year ended December 31, 2022 and a charge of $0.1 million for the year ended December 31, 2021. Restructuring Charges (Gains), Net We recorded restructuring charges (gains) which are reflected in the Consolidated Statements of Operations, as follows: (in millions) For the year ended December 31, 2023 2022 2021 Aerospace & Electronics $ — $ 1.5 $ — Process Flow Technologies 0.9 2.3 (13.2) Engineering Materials (0.3) 0.4 — Total restructuring charges (gains), net $ 0.6 $ 4.2 $ (13.2) The following table summarizes our restructuring charges (gains) by program, cost type and segment for the years ended December 31, 2023, 2022 and 2021: December 31, 2023 December 31, 2022 December 31, 2021 (in millions) Severance Other Total Severance Other Total Severance Other Total Aerospace & Electronics $ — $ — $ — $ 1.5 $ — $ 1.5 $ — $ — $ — Process Flow Technologies (0.1) 1.0 0.9 6.3 — 6.3 — — — Engineered Materials (0.3) — (0.3) 0.4 — 0.4 — — — 2022 Repositioning (0.4) 1.0 0.6 8.2 — 8.2 — — — Process Flow Technologies $ — $ — $ — $ — $ — $ — $ (0.1) (a) $ — $ (0.1) 2020 Repositioning (c) — — — — — — (0.1) — (0.1) Process Flow Technologies $ — $ — $ — $ (1.2) (a) $ (2.8) (b) $ (4.0) $ 0.1 $ — $ 0.1 2019 Repositioning — — — (1.2) (2.8) (4.0) 0.1 — 0.1 Process Flow Technologies $ — $ — $ — $ — $ — $ — $ (0.4) (a) $ (12.8) (b) $ (13.2) 2017 Repositioning (c) — — — — — — (0.4) (12.8) (13.2) Total $ (0.4) $ 1.0 $ 0.6 $ 7.0 $ (2.8) $ 4.2 $ (0.4) $ (12.8) $ (13.2) (a) Reflects changes in estimates for increases and decreases in costs related to our restructuring programs. (b) Reflects a pre-tax gain related to the sale of real estate. (c) 2020 and 2017 programs are completed and we do not expect to incur additional restructuring charges. The following table summarizes the cumulative restructuring costs, net incurred through December 31, 2023. We do not expect to incur additional facility consolidation costs to complete these actions as of December 31, 2023. Cumulative Restructuring Costs (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.2 1.0 7.2 Engineered Materials 0.1 — 0.1 2022 Repositioning $ 7.8 $ 1.0 $ 8.8 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 these restructuring charges by program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (b) $ 8.2 $ 2.4 $ 10.6 Charges (Gain) (a) 0.6 — 0.6 Utilization (4.3) (2.2) (6.5) Balance as of December 31, 2023 (b) $ 4.5 $ 0.2 $ 4.7 (a) Included within “Restructuring charges (gains), net” in the Consolidated Statements of Operations. (b) Included within Accrued Liabilities in the Consolidated Balance Sheets. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”) for $103 million on a cash-free and debt-free basis, subject to a net working capital adjustment and potential additional payments of up to $7.5 million depending on the resolution of outstanding contingencies. The company borrowed $100 million under its existing revolving credit facility to fund the acquisition. Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms. Vian will be included in the Aerospace & Electronics segment. |
Nature of Operations and Sign_2
Nature of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Basis of Presentation | Significant Accounting Policies Accounting Principles. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of Crane Company and our subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. As used in these notes, the terms "we," "us," "our," "Crane" and the "Company" mean Crane Company and our subsidiaries unless the context specifically states or implies otherwise. Basis of presentation. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year presentation. 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. |
Use of Estimates | Use of Estimates. Our accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, environmental liability and contingencies. |
Currency Translation | Currency Translation. Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. |
Revenue Recognition | Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated on a monthly basis. In 2023, the Company recognized approximately $100.0 million in revenue over time related to contracts in progress as of December 31, 2023. When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer. Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period. Payment for products is due within a limited time period after shipment or delivery, and we generally do not offer extended payment terms. Payment is typically due within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit. When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time in order for payment from a customer to become due, we record a contract asset. 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 pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. See Note 5, “Revenue” for further details. |
Cost of Goods Sold | Cost of Goods Sold. Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses. Selling, general and administrative expenses are recognized as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. |
Income Taxes | Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
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 year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive 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 potential dilutive common shares outstanding during the year. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. |
Accounts Receivable, Net | Accounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for doubtful accounts was $8.4 million and $8.0 million as of December 31, 2023 and 2022, respectively. The allowance for doubtful accounts activity was not material to our financial results for the years ended December 31, 2023 and 2022. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited. |
Inventories, net | Inventories, net. Inventories consist of the following: (in millions) December 31, 2023 2022 Finished goods $ 67.0 $ 57.2 Finished parts and subassemblies 49.9 47.7 Work in process 40.6 27.2 Raw materials 195.6 162.1 Total inventories, net $ 353.1 $ 294.2 |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets. We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a loss is recognized based on the amount by which the carrying amount exceeds the estimated fair value. Judgments which impact these assessments relate to the expected useful lives of long-lived assets and our ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the recoverable amount of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net. Property, plant and equipment, net consists of the following: (in millions) December 31, 2023 2022 Land $ 47.1 $ 45.4 Buildings and improvements 175.3 167.2 Machinery and equipment 553.9 516.6 Gross property, plant and equipment 776.3 729.2 Less: accumulated depreciation 505.8 480.9 Property, plant and equipment, net $ 270.5 $ 248.3 three |
Goodwill and Intangible Assets | Goodwill and Other 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” (“ASC 350”) as it relates to the accounting for goodwill in the 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 other events or circumstances which would more likely than not reduce the fair value of 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 December 31, 2023, we had four reporting units. When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, ranged between 9.5% and 10.0% (a weighted average of 9.9%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. No impairment charges have been required during the years ended December 31, 2023, 2022 or 2021. Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies (a) (b) Engineered Materials Total Balance as of December 31, 2021 $ 202.5 $ 349.4 $ 171.3 $ 723.2 Disposal on sale of business — (22.3) — (22.3) Currency translation (0.2) (9.8) — (10.0) Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Acquisition — 49.9 — 49.9 Currency translation 0.1 6.8 — 6.9 Balance as of December 31, 2023 $ 202.4 $ 374.0 $ 171.3 $ 747.7 (a) For the year ended December 31, 2023, adjustments within the Process Flow Technologies segment of $49.9 million relate to the acquisition of BAUM, see Note 2 for further information. (b) For the year ended December 31, 2022, adjustments within the Process Flow Technologies segment of $22.3 million relate to the disposition of the Crane Supply business, see Note 1 for further information. Intangibles with indefinite useful lives 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amended guidance is required to be applied on a retrospective basis to all periods presented. We are currently evaluating this guidance to determine the impact on our disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this Update require that public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). The amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this Update should be applied on a prospective basis. We are currently evaluating this guidance to determine the impact on our disclosures. The Company considered the applicability and impact of all other 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 Consolidated Statement of Operations, Balance Sheets and Cash Flows. |
Leases | Arrangements that explicitly or implicitly relate to property, plant and equipment are assessed at inception to determine if the arrangement is or contains a lease. Generally, we enter into operating leases as the lessee and recognize right-of-use assets and lease liabilities based on the present value of future lease payments over the lease term. We lease certain vehicles, equipment, manufacturing facilities, and non-manufacturing facilities. We have leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, we applied the practical expedient to account for each separate lease component and its associated non-lease component(s) as a single lease component. We identify variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum. Certain leases include options to renew for an additional term or company-controlled options to terminate. We generally determine it is not reasonably certain to assume the exercise of renewal options because there is no economic incentive to renew. As termination options often include penalties, we generally determine it is reasonably certain that termination options will not be exercised because there is an economic incentive not to terminate. Therefore, these options generally do not impact the lease term or the determination or classification of the right-of-use asset and lease liability. In the first quarter of 2023, we entered a five-year lease for a used airplane which includes a maximum residual value guarantee of $5.1 million in the event the aircraft is sold for less than the purchase price option of $10.6 million. We do not believe it is probable that any amount will be owed under this guarantee. Therefore, no amount related to the residual value guarantee is included in the lease payments used to measure the right-of-use asset and lease liability. We have not entered any other leases where a residual value guarantee is provided to the lessor. We do not enter arrangements where restrictions or covenants are imposed by the lessor that, for example, relate to incurring additional financial obligations. Furthermore, we also have not entered into any significant sublease arrangements. We use our collateralized incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The rate implicit in the lease is generally unknown, as we generally operate in the capacity of the lessee. |
Nature of Operations and Sign_3
Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share | (in millions, except per share data) For the year ended December 31, 2023 2022 2021 Net income from continuing operations attributable to common shareholders $ 203.8 $ 171.6 $ 197.4 Income from discontinued operations, net of tax (Note 3) 52.1 229.5 238.0 Net income attributable to common shareholders $ 255.9 $ 401.1 $ 435.4 Average basic shares outstanding 56.7 56.4 58.4 Effect of dilutive share-based awards 0.8 0.8 0.8 Average diluted shares outstanding 57.5 57.2 59.2 Earnings per basic share: Earnings per basic share from continuing operations $ 3.59 $ 3.04 $ 3.38 Earnings per basic share from discontinued operations 0.92 4.07 4.08 Earnings per basic share $ 4.51 $ 7.11 $ 7.46 Earnings per diluted share: Earnings per diluted share from continuing operations $ 3.54 $ 3.00 $ 3.34 Earnings per diluted share from discontinued operations 0.91 4.01 4.02 Earnings per diluted share $ 4.45 $ 7.01 $ 7.36 |
Summary of Inventories | Inventories consist of the following: (in millions) December 31, 2023 2022 Finished goods $ 67.0 $ 57.2 Finished parts and subassemblies 49.9 47.7 Work in process 40.6 27.2 Raw materials 195.6 162.1 Total inventories, net $ 353.1 $ 294.2 |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: (in millions) December 31, 2023 2022 Land $ 47.1 $ 45.4 Buildings and improvements 175.3 167.2 Machinery and equipment 553.9 516.6 Gross property, plant and equipment 776.3 729.2 Less: accumulated depreciation 505.8 480.9 Property, plant and equipment, net $ 270.5 $ 248.3 |
Schedule of Changes to Goodwill | Changes to goodwill are as follows: (in millions) Aerospace & Electronics Process Flow Technologies (a) (b) Engineered Materials Total Balance as of December 31, 2021 $ 202.5 $ 349.4 $ 171.3 $ 723.2 Disposal on sale of business — (22.3) — (22.3) Currency translation (0.2) (9.8) — (10.0) Balance as of December 31, 2022 $ 202.3 $ 317.3 $ 171.3 $ 690.9 Acquisition — 49.9 — 49.9 Currency translation 0.1 6.8 — 6.9 Balance as of December 31, 2023 $ 202.4 $ 374.0 $ 171.3 $ 747.7 (a) For the year ended December 31, 2023, adjustments within the Process Flow Technologies segment of $49.9 million relate to the acquisition of BAUM, see Note 2 for further information. (b) For the year ended December 31, 2022, adjustments within the Process Flow Technologies segment of $22.3 million relate to the disposition of the Crane Supply business, see Note 1 for further information. |
Summary of Intangible Assets, Finite | Changes to intangible assets are as follows: (in millions) December 31, 2023 2022 2021 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 $ 86.9 Additions (a) 21.1 — — Amortization expense (6.3) (5.7) (7.4) Currency translation and other 1.4 (1.1) (1.0) Balance at end of period, net of accumulated amortization $ 87.9 $ 71.7 $ 78.5 (a) For the year ended December 31, 2023, additions of $21.1 million relate to the acquisition of BAUM, see Note 2 for further information. A summary of intangible assets follows: (in millions) Weighted Average December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 18.4 $ 72.6 $ 45.4 $ 27.2 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 13.7 152.9 93.9 59.0 132.6 87.8 44.8 Drawings 40.0 11.1 10.8 0.3 11.1 10.7 0.4 Other 21.1 42.7 41.3 1.4 42.4 40.8 1.6 Total 16.6 $ 279.3 $ 191.4 $ 87.9 $ 256.1 $ 184.4 $ 71.7 |
Summary of Intangible Assets, Indefinite | Changes to intangible assets are as follows: (in millions) December 31, 2023 2022 2021 Balance at beginning of period, net of accumulated amortization $ 71.7 $ 78.5 $ 86.9 Additions (a) 21.1 — — Amortization expense (6.3) (5.7) (7.4) Currency translation and other 1.4 (1.1) (1.0) Balance at end of period, net of accumulated amortization $ 87.9 $ 71.7 $ 78.5 (a) For the year ended December 31, 2023, additions of $21.1 million relate to the acquisition of BAUM, see Note 2 for further information. A summary of intangible assets follows: (in millions) Weighted Average December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 18.4 $ 72.6 $ 45.4 $ 27.2 $ 70.0 $ 45.1 $ 24.9 Customer relationships and backlog 13.7 152.9 93.9 59.0 132.6 87.8 44.8 Drawings 40.0 11.1 10.8 0.3 11.1 10.7 0.4 Other 21.1 42.7 41.3 1.4 42.4 40.8 1.6 Total 16.6 $ 279.3 $ 191.4 $ 87.9 $ 256.1 $ 184.4 $ 71.7 |
Summary of Future Amortization Expense of Intangibles | Future amortization expense associated with intangibles is expected to be: Year (in millions) 2024 $ 7.7 2025 $ 6.9 2026 $ 6.9 2027 $ 6.1 2028 $ 5.7 2029 and after $ 32.5 |
Schedule of Accumulated Other Comprehensive Loss | The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment Total (a) Balance as of December 31, 2020 $ (397.9) $ (68.5) $ (466.4) Other comprehensive income (loss) before reclassifications 78.0 (69.8) 8.2 Amounts reclassified from accumulated other comprehensive loss 18.0 — 18.0 Net period other comprehensive income (loss) 96.0 (69.8) 26.2 Balance as of December 31, 2021 (301.9) (138.3) (440.2) Other comprehensive income (loss) before reclassifications 19.5 (93.1) (73.6) Amounts reclassified from accumulated other comprehensive loss 10.5 — 10.5 Net period other comprehensive income (loss) 30.0 (93.1) (63.1) Balance as of December 31, 2022 (271.9) (231.4) (503.3) Other comprehensive (loss) income before reclassifications (1.6) 20.8 19.2 Amounts reclassified from accumulated other comprehensive loss 11.6 — 11.6 Net period other comprehensive income 10.0 20.8 30.8 Distribution of Crane NXT, Co. (8.9) 423.4 414.5 Balance as of December 31, 2023 $ (270.8) $ 212.8 $ (58.0) (a) Net of tax benefit of $103.0 million , $106.6 million and $117.9 million for 2023, 2022, and 2021, respectively. |
Amounts Reclassified out of Accumulated Other Comprehensive Loss | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 2021. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated Statements of Operations. (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss December 31, 2023 2022 2021 Amortization of pension items: Prior service costs (a) $ 0.7 $ (0.1) $ (0.1) Net loss (b) 15.5 15.2 23.4 Amortization of postretirement items: Prior service costs (c) (0.3) (1.1) (1.1) Net gain (d) (0.3) — — Total before tax $ 15.6 $ 14.0 $ 22.2 Tax impact 4.0 3.5 4.2 Total reclassifications for the period $ 11.6 $ 10.5 $ 18.0 (a) Includes (charges) credits from discontinued operations of $0.0 million, $0.7 million and $0.7 million in 2023, 2022 and 2021, respectively. (b) Includes net activity from discontinued operations of$0.0 million, $0.6 million and $1.5 million in 2023, 2022 and 2021, respectively. (c) Includes charges from discontinued operations of $0.3 million, $1.1 million and $1.1 million in 2023, 2022 and 2021, respectively. (d) Includes net activity from discontinued operations of $0.1 million in 2023. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The allocation of consideration transferred to net assets acquired is as follows: Net assets acquired (in millions) Total current assets $ 24.7 Property, plant and equipment 18.0 Other assets 9.5 Intangible assets 21.1 Goodwill 49.9 Total assets acquired $ 123.2 Total current liabilities $ 13.2 Other liabilities 16.5 Total assumed liabilities $ 29.7 Net assets acquired $ 93.5 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following: Intangible Assets (dollars in millions) Intangible Fair Value Weighted Average Life Trade names $ 2.1 16.0 Customer relationships 17.9 12.0 Backlog 1.1 1.0 Total acquired intangible assets $ 21.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Financial results from discontinued operations: For the year ended December 31, (in millions) 2023 2022 2021 Net sales $ 329.1 $ 1,339.9 $ 1,345.1 Cost of sales 174.4 713.7 746.2 Selling, general and administrative 80.0 294.6 291.4 Operating profit 74.7 331.6 307.5 Other expense, net (11.2) (40.0) (38.4) Income from discontinued operations 63.5 291.6 269.1 Income tax provision 11.4 62.1 31.1 Income from discontinued operations, net of tax $ 52.1 $ 229.5 $ 238.0 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 Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by reportable segment is set forth below: (in millions) December 31, 2023 2022 2021 Net Sales: Aerospace & Electronics $ 789.3 $ 667.3 $ 638.3 Process Flow Technologies 1,072.8 1,109.4 1,196.6 Engineered Materials 224.3 258.3 228.0 TOTAL NET SALES $ 2,086.4 $ 2,035.0 $ 2,062.9 Operating profit: Aerospace & Electronics $ 159.0 $ 120.3 $ 110.0 Process Flow Technologies 208.5 168.2 182.5 Engineered Materials 33.4 32.6 26.9 Corporate (117.1) (283.2) (97.7) TOTAL OPERATING PROFIT (a) $ 283.8 $ 37.9 $ 221.7 Capital expenditures: Aerospace & Electronics $ 9.7 $ 9.3 $ 14.1 Process Flow Technologies 29.1 23.9 18.8 Engineered Materials 3.7 3.8 2.2 Corporate 0.2 0.1 0.2 TOTAL CAPITAL EXPENDITURES $ 42.7 $ 37.1 $ 35.3 Depreciation and amortization: Aerospace & Electronics $ 13.9 $ 14.1 $ 14.7 Process Flow Technologies 21.4 19.5 22.0 Engineered Materials 3.9 5.8 1.6 Corporate 0.1 0.1 0.1 TOTAL DEPRECIATION AND AMORTIZATION $ 39.3 $ 39.5 $ 38.4 (a) For the year ended December 31, 2023, operating profit includes $0.6 million restructuring charges. For the year ended December 31, 2022, operating profit includes a loss on divestiture of asbestos-related assets and liabilities of $162.4 million and net restructuring charges of $4.2 million. For the year ended December 31, 2021, operating profit included a restructuring gain of $13.2 million. See Note 16, “Restructuring Charges” for additional details. Balance sheet items by reportable segment is set forth below: (in millions) December 31, 2023 2022 Goodwill: Aerospace & Electronics $ 202.4 $ 202.3 Process Flow Technologies 374.0 317.3 Engineered Materials 171.3 171.3 TOTAL GOODWILL $ 747.7 $ 690.9 Assets: Aerospace & Electronics $ 744.6 $ 663.3 Process Flow Technologies 1,164.5 1,064.7 Engineered Materials 191.8 218.6 Corporate 232.7 314.2 Assets Discontinued Operations — 2,130.8 TOTAL ASSETS $ 2,333.6 $ 4,391.6 |
Revenue from External Customers by Geographic Areas | Net sales by geographic region: (in millions) December 31, 2023 2022 2021 Net sales (a) United States $ 1,260.7 $ 1,175.5 $ 1,074.4 Canada 74.3 171.4 286.0 United Kingdom 120.3 105.4 110.0 Continental Europe 329.7 279.7 267.8 Other international 301.4 303.0 324.7 TOTAL NET SALES $ 2,086.4 $ 2,035.0 $ 2,062.9 (a) Net sales by geographic region are based on the destination of the sale. Long-lived assets by geographic region: (in millions) December 31, 2023 2022 Long-lived assets (a) United States $ 174.7 $ 171.6 Europe 98.1 70.5 Other international 49.6 53.0 Corporate 12.1 11.6 TOTAL LONG-LIVED ASSETS $ 334.5 $ 306.7 (a) Long-lived assets, net by geographic region are based on the location of the business unit. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents net sales disaggregated by product line for each segment: (in millions) December 31, 2023 2022 2021 Aerospace & Electronics Commercial Original Equipment $ 291.4 $ 250.5 $ 229.4 Military Original Equipment 252.4 231.2 239.7 Commercial Aftermarket Products 180.2 129.3 104.5 Military Aftermarket Products 65.3 56.3 64.7 Total Aerospace & Electronics $ 789.3 $ 667.3 $ 638.3 Process Flow Technologies Process Valves and Related Products $ 811.3 $ 749.8 $ 717.1 Commercial Valves 116.4 232.2 374.2 Pumps and Systems 145.1 127.4 105.3 Total Process Flow Technologies $ 1,072.8 $ 1,109.4 $ 1,196.6 Engineered Materials FRP- Recreational Vehicles $ 73.0 $ 111.9 $ 102.5 FRP- Building Products 117.0 112.5 94.9 FRP- Transportation 34.3 33.9 30.6 Total Engineered Materials $ 224.3 $ 258.3 $ 228.0 Total Net Sales $ 2,086.4 $ 2,035.0 $ 2,062.9 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) December 31, 2023 2022 Contract assets $ 63.5 $ 56.8 Contract liabilities $ 56.2 $ 49.4 |
Research and Development (Table
Research and Development (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Research and Development Arrangement, Contract to Perform for Others | Research and development costs are expensed when incurred and are included in “Selling, general and administrative” in our Consolidated Statements of Operations. (in millions) December 31, 2023 2022 2021 Research and Development Costs $ 55.9 $ 49.2 $ 49.5 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status | A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 722.1 $ 1,052.8 $ 3.2 $ 4.7 Service cost 3.3 3.4 — — Interest cost 35.9 21.5 0.2 0.1 Amendments 1.9 0.7 — — Actuarial (gain) loss 28.8 (267.0) — (0.9) Settlements (0.1) (7.7) — — Curtailments — (1.0) — — Benefits paid (45.2) (45.8) (0.5) (0.7) Foreign currency exchange and other 11.6 (34.2) — — Curtailment and settlement loss from discontinued operations 1.9 — — — Administrative expenses paid and other (0.9) (0.6) 0.1 — Benefit obligation at end of year $ 759.3 $ 722.1 $ 3.0 $ 3.2 Change in plan assets: Fair value of plan assets at beginning of year $ 634.5 $ 976.1 $ — $ — Actual return on plan assets 72.8 (211.3) — — Employer contributions 18.1 17.8 0.5 0.7 Settlements (0.1) (63.2) — — Benefits paid (45.2) (45.8) (0.5) (0.7) Foreign currency exchange and other 12.8 (38.4) — — Administrative expenses paid (0.5) (0.7) — — Fair value of plan assets at end of year $ 692.4 $ 634.5 $ — $ — Funded status $ (66.9) $ (87.6) $ (3.0) $ (3.2) |
Schedule Of Amounts Recognized In Consolidated Balance Sheets | Amounts recognized on our Consolidated Balance Sheets consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Other assets $ 45.5 $ 41.8 $ — $ — Current liabilities (1.4) (1.5) (0.4) (0.5) Accrued pension and postretirement benefits (111.0) (127.9) (2.6) (2.7) Funded status $ (66.9) $ (87.6) $ (3.0) $ (3.2) |
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss | Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2023 2022 2023 2022 Net actuarial loss (gain) $ 352.2 $ 367.0 $ (2.6) $ (8.4) Prior service cost (credit) 6.9 (1.3) — (2.0) Total recognized in accumulated other comprehensive loss $ 359.1 $ 365.7 $ (2.6) $ (10.4) |
Schedule Of Accumulated And Projected Benefit Obligations | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2023 2022 2023 2022 2023 2022 Projected benefit obligation $ 512.9 $ 499.6 $ 246.4 $ 222.5 $ 759.3 $ 722.1 Accumulated benefit obligation 512.9 499.6 242.6 218.7 755.5 718.3 Fair value of plan assets 437.6 401.6 254.8 232.9 692.4 634.5 |
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: (in millions) December 31, 2023 2022 Projected benefit obligation $ 552.7 $ 533.8 Accumulated benefit obligation $ 549.3 $ 530.3 Fair value of plan assets $ 440.3 $ 404.5 |
Components Of Net Periodic Cost | Components of net periodic cost (benefit) are as follows: Pension Benefits Postretirement Benefits (in millions) For the year ended December 31, 2023 2022 2021 2023 2022 2021 Net Periodic (Benefit) Cost: Service cost $ 3.3 $ 3.4 $ 3.4 $ — $ — $ — Interest cost 35.9 21.5 17.7 0.2 0.1 0.1 Expected return on plan assets (46.1) (53.5) (51.8) — — — Amortization of prior service cost 0.7 0.6 0.6 — — — Amortization of net loss (gain) 15.5 14.6 21.9 (0.2) — — Recognized curtailment (gain) loss — (1.0) 1.0 — — — Settlement loss — 12.1 1.3 — — — Curtailment and settlement loss from discontinued operations 1.9 — — — — — Net periodic cost (benefit) $ 11.2 $ (2.3) $ (5.9) $ — $ 0.1 $ 0.1 |
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost | The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 U.S. Plans: Discount rate 5.07 % 5.43 % 2.89 % 5.00 % 5.40 % 2.70 % Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 4.02 % 3.62 % 1.47 % N/A N/A N/A Non-U.S. Plans: Discount rate 4.29 % 4.61 % 1.73 % N/A N/A N/A Rate of compensation increase 3.69 % 3.72 % 3.30 % N/A N/A N/A Interest credit rate N/A N/A N/A N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 U.S. Plans: Discount rate 5.43 % 2.89 % 2.62 % 5.40 % 2.70 % 2.30 % Expected rate of return on plan assets 8.25 % 6.50 % 6.50 % N/A N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 3.62 % 1.47 % 0.93 % N/A N/A N/A Non-U.S. Plans: Discount rate 4.61 % 1.73 % 1.17 % N/A N/A N/A Expected rate of return on plan assets 5.91 % 4.85 % 4.85 % N/A N/A N/A Rate of compensation increase 3.72 % 3.30 % 3.32 % N/A N/A N/A Interest credit rate N/A N/A N/A N/A N/A N/A |
Schedule Of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: December 31, 2023 2022 Health care cost trend rate assumed for next year 7.25 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2035 2033 |
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations | Our pension plan target allocations and weighted-average asset allocations by asset category are as follows: Target Allocation Actual Allocation Asset Category December 31, 2023 2022 Equity securities 15%-75% 38 % 47 % Fixed income securities 15%-75% 40 % 27 % Alternative assets/Other 0%-45% 20 % 22 % Cash and money market 0%-10% 2 % 4 % |
Schedule Of Fair Value Of Company Pension Plan Assets | The fair value of our pension plan assets as of December 31, 2023, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 14.6 $ — $ — $ — $ 14.6 Common Stocks Actively Managed U.S. Equities 35.0 — — — 35.0 Commingled and Mutual Funds U.S. Equity Funds 115.1 — — — 115.1 Non-U.S. Equity Funds 68.8 — — 47.1 115.9 U.S. Fixed Income, Government and Corporate 165.2 — — — 165.2 Registered Investment Company 22.8 — — — 22.8 Non-U.S. Fixed Income, Government and Corporate — — — 112.7 112.7 Property Funds 24.6 — — — 24.6 Alternative Investments Insurance / Annuity Contract(s) — 2.0 — — 2.0 Hedge Funds and LDI — — — 59.2 59.2 International Property Funds — — — 25.3 25.3 Total Fair Value $ 446.1 $ 2.0 $ — $ 244.3 $ 692.4 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. The fair value of our pension plan assets as of December 31, 2022, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 26.8 $ — $ — $ — $ 26.8 Common Stocks Actively Managed U.S. Equities 31.8 — — — 31.8 Commingled and Mutual Funds U.S. Equity Funds 152.3 — — — 152.3 Non-U.S. Equity Funds 74.3 — — 37.8 112.1 U.S. Fixed Income, Government and Corporate 88.9 — — — 88.9 Registered Investment Company 23.3 — — — 23.3 Non-U.S. Fixed Income, Government and Corporate — — — 82.3 82.3 International Balanced Funds — — — 1.8 1.8 Property Funds 21.7 — — — 21.7 Alternative Investments Insurance / Annuity Contract(s) — 2.6 — — 2.6 Hedge Funds and LDI — — — 60.1 60.1 International Property Funds — — — 30.8 30.8 Total Fair Value $ 419.1 $ 2.6 $ — $ 212.8 $ 634.5 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. |
Summary Of Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Postretirement Benefits 2024 $ 49.9 $ 0.4 2025 51.1 0.4 2026 51.3 0.4 2027 52.6 0.4 2028 53.6 0.3 2029 to 2033 253.6 1.1 Total payments $ 512.1 $ 3.0 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Of Weighted-Average Assumptions For Grants Made | The weighted-average assumptions for grants made during the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Dividend yield 1.57 % 2.05 % 3.06 % Volatility 32.33 % 33.96 % 36.28 % Risk-free interest rate 3.67 % 1.92 % 0.50 % Expected lives in years 7.7 7.2 5.2 |
Schedule Of Company's Stock Option Plans | Activity in our stock option plans for the year ended December 31, 2023, were as follows: Option Activity Number of Weighted Weighted Options outstanding as of January 1, 2023 1,692 $ 77.19 Granted 158 119.71 Exercised (337) 72.69 Canceled (22) 69.02 Outstanding on Distribution Date before Equitable Adjustment 1,491 $ 82.84 Outstanding on Distribution Date after Equitable Adjustment 1,580 $ 59.90 Exercised (201) 53.93 Canceled (4) 41.32 Options outstanding as of December 31, 2023 1,375 $ 55.97 5.5 Options exercisable as of December 31, 2023 1,026 $ 52.21 4.7 |
Schedule Of Changes Of Restricted Stock | Changes in our restricted share units for the year ended December 31, 2023, were as follows: Restricted Share Unit Activity Restricted Weighted Restricted share units as of January 1, 2023 529 $ 92.96 Restricted share units granted 145 119.32 Restricted share units vested (129) 86.21 Restricted share units forfeited (7) 93.14 Performance-based restricted share units granted 54 141.55 Performance-based restricted share units forfeited (2) 97.31 Outstanding on Distribution Date before Equitable Adjustment 590 $ 104.77 Outstanding on Distribution Date after Equitable Adjustment 572 $ 66.79 Restricted share units granted 21 74.66 Restricted share units vested (22) 73.96 Restricted share units forfeited (8) 71.29 Performance-based restricted share units granted 4 57.13 Performance-based restricted share units vested (111) 48.38 Restricted share units as of December 31, 2023 456 $ 71.14 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Lease Assets and Liabilities | Our Consolidated Balance Sheet includes the following related to leases: (in millions) December 31, Classification 2023 2022 Assets Operating right-of-use assets Other assets $ 64.0 $ 58.4 Liabilities Current lease liabilities Accrued liabilities $ 10.8 $ 11.6 Long-term lease liabilities Other liabilities 56.3 49.7 Total lease liabilities $ 67.1 $ 61.3 |
Summary of Operating Leases | The components of lease cost were as follows: (in millions) December 31, 2023 2022 2021 Operating lease cost $ 16.9 $ 18.1 $ 19.7 Variable lease cost 5.2 4.6 4.6 Total lease cost $ 22.1 $ 22.7 $ 24.3 The weighted average remaining lease terms and discount rates for our operating leases were as follows: December 31, 2023 2022 Weighted-average remaining lease term - operating leases 7.6 7.7 Weighted-average discount rate - operating leases 4.2 % 3.4 % Supplemental cash flow information related to our operating leases were as follows: (in millions) December 31, 2023 2022 2021 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 14.5 $ 14.2 $ 17.0 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16.7 $ 16.2 $ 15.6 |
Future Minimum Operating Lease Payments | Future minimum operating lease payments are as follows: (in millions) December 31, 2023 2024 $ 14.9 2025 13.3 2026 11.3 2027 10.3 2028 7.4 Thereafter 24.0 Total future minimum operating lease payments $ 81.2 Imputed interest 14.1 Present value of lease liabilities reported $ 67.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes | Our income before taxes is as follows: (in millions) For year ended December 31, 2023 2022 2021 U.S. operations $ 155.4 $ (82.2) $ 201.1 Non-U.S. operations 111.6 353.6 32.6 Total $ 267.0 $ 271.4 $ 233.7 As of December 31, 2023, we have made the following determinations with regard to our non-U.S. earnings: (in millions) Permanently reinvested Not permanently reinvested Amount of earnings $ 202.1 $ 847.4 Associated tax NA * $ 11.1 * Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $202.1 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs. |
Schedule Of Provision For Income Taxes | Our provision (benefit) for income taxes consists of: (in millions) For the year ended December 31, 2023 2022 2021 Current: U.S. federal tax $ 43.0 $ 23.0 $ 20.1 U.S. state and local tax 5.6 1.1 (0.3) Non-U.S. tax 36.1 74.9 21.5 Total current 84.7 99.0 41.2 Deferred: U.S. federal tax (15.2) 22.7 (4.9) U.S. state and local tax (2.1) (10.3) (2.1) Non-U.S. tax (4.2) (11.6) 2.1 Total deferred (21.5) 0.8 (4.9) Total provision for income taxes * $ 63.2 $ 99.8 $ 36.3 |
Schedule Of Deferred Tax Assets And Liabilities | A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows: For the year ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) from: Income taxed at non-U.S. rates 3.1 % (3.6) % 6.1 % Non-U.S. income inclusion, net of tax credits (1.4) % 0.1 % 0.6 % State and local taxes, net of federal benefit 1.1 % (2.5) % (1.2) % U.S. research and development tax credit (0.7) % (0.7) % (0.7) % U.S. deduction for foreign - derived intangible income (1.6) % (0.8) % (1.1) % Deferred tax asset related to the sale of a subsidiary — % 7.6 % (8.8) % Nondeductible loss due to Asbestos Divestiture — % 14.3 % — % Other 2.2 % 1.3 % (0.3) % Effective tax rate 23.7 % 36.7 % 15.6 % |
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate | The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows: (in millions) December 31, 2023 2022 Deferred tax assets: Tax loss and credit carryforwards $ 50.9 $ 51.0 Inventories 23.4 21.6 Capitalized Research and Development 22.8 10.2 Pension and Post Retirement Benefits 11.2 6.1 Accrued Bonuses and Stock Based Compensation 6.6 8.3 Other 13.7 13.5 Total $ 128.6 $ 110.7 Less: valuation allowance 51.8 52.7 Total deferred tax assets, net of valuation allowance $ 76.8 $ 58.0 Deferred tax liabilities: Basis difference in fixed assets $ (23.8) $ (18.6) Basis difference in intangible assets (76.3) (76.5) Deferred Tax on Non-U.S. unremitted Earnings (11.1) (15.1) Total deferred tax liabilities $ (111.2) $ (110.2) Net deferred tax asset (liability) $ (34.4) $ (52.2) Balance sheet classification: Long-term deferred tax assets 2.7 3.1 Long-term deferred tax liability (37.1) (55.3) Net deferred tax asset (liability) $ (34.4) $ (52.2) |
Summary Of Tax Loss And Tax Credit Carryforwards | As of December 31, 2023, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- U.S. Total 2024-2028 $ — $ — $ 1.2 $ 56.8 $ 0.3 After 2028 1.0 — 0.6 155.8 0.7 Indefinite — — 21.3 58.3 79.0 Total tax carryforwards $ 1.0 $ — $ 23.1 $ 270.9 $ 80.0 Deferred tax asset on tax carryforwards $ 1.0 $ — $ 18.3 $ 10.5 $ 21.1 $ 50.9 Valuation allowance on tax carryforwards (1.0) — (18.1) (10.5) (21.1) (50.7) Net deferred tax asset on tax carryforwards $ — $ — $ 0.2 $ — $ — $ 0.2 |
Schedule Of Gross Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2023 2022 2021 Balance of liability as of January 1, $ 6.9 $ 7.0 $ 7.9 Increase as a result of tax positions taken during a prior year 0.2 — 0.1 Decrease as a result of tax positions taken during a prior year (0.1) (0.4) (0.1) Increase as a result of tax positions taken during the current year 1.7 0.9 — Decrease as a result of settlements with taxing authorities — — — Reduction as a result of a lapse of the statute of limitations (0.8) (0.6) (0.9) Balance of liability as of December 31, $ 7.9 $ 6.9 $ 7.0 |
Summary of Income Tax Examinations | For these reasons, and with few exceptions, the years for which we filed returns that are open to examination are as follows: Jurisdiction Year U.S. state and local 2017 - 2022 Non-U.S. 2017 - 2022 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) December 31, 2023 2022 Employee related expenses $ 115.3 $ 100.8 Warranty 4.1 3.0 Current lease liabilities 10.8 11.6 Contract liabilities 56.2 49.4 Other 87.3 95.7 Total $ 273.7 $ 260.5 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities [Abstract] | |
Schedule Of Other Liabilities | A summary of the other liabilities is as follows: (in millions) December 31, 2023 2022 Environmental $ 12.9 $ 17.6 Long-term lease liabilities 56.3 49.7 Other 36.4 17.9 Total $ 105.6 $ 85.2 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Gross Settlement And Defense Costs | The gross settlement and defense costs incurred for the periods presented was as follows: (in millions) For the year ended December 31, 2022 2021 Settlement / indemnity costs incurred $ 29.4 $ 40.6 Defense costs incurred 6.4 14.6 Total costs incurred $ 35.8 $ 55.2 The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows: (in millions) For the year ended December 31, 2022 2021 Settlement / indemnity payments $ 33.8 $ 42.6 Defense payments 6.1 15.4 Insurance receipts (10.6) (13.1) Pre-tax cash payments, net $ 29.3 $ 44.9 |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Debt | Our debt as of December 31, 2023 and 2022 consisted of the following: (in millions) December 31, 2023 2022 364-Day Credit Agreement $ — $ 399.6 Total short-term borrowings $ — $ 399.6 Term Facility a $ 248.5 $ — Total long-term debt $ 248.5 $ — (a) Debt issuance costs totaled $0.8 million and $0.4 million as of December 31, 2023 and 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. |
Capitalization of Long-Term Debt | As of December 31, 2023, our total debt to total capitalization ratio was 15.4%, computed as follows: (in millions) Total debt $ 248.5 Equity 1,360.3 Capitalization $ 1,608.8 Total indebtedness to capitalization 15.4 % |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | We recorded restructuring charges (gains) which are reflected in the Consolidated Statements of Operations, as follows: (in millions) For the year ended December 31, 2023 2022 2021 Aerospace & Electronics $ — $ 1.5 $ — Process Flow Technologies 0.9 2.3 (13.2) Engineering Materials (0.3) 0.4 — Total restructuring charges (gains), net $ 0.6 $ 4.2 $ (13.2) The following table summarizes our restructuring charges (gains) by program, cost type and segment for the years ended December 31, 2023, 2022 and 2021: December 31, 2023 December 31, 2022 December 31, 2021 (in millions) Severance Other Total Severance Other Total Severance Other Total Aerospace & Electronics $ — $ — $ — $ 1.5 $ — $ 1.5 $ — $ — $ — Process Flow Technologies (0.1) 1.0 0.9 6.3 — 6.3 — — — Engineered Materials (0.3) — (0.3) 0.4 — 0.4 — — — 2022 Repositioning (0.4) 1.0 0.6 8.2 — 8.2 — — — Process Flow Technologies $ — $ — $ — $ — $ — $ — $ (0.1) (a) $ — $ (0.1) 2020 Repositioning (c) — — — — — — (0.1) — (0.1) Process Flow Technologies $ — $ — $ — $ (1.2) (a) $ (2.8) (b) $ (4.0) $ 0.1 $ — $ 0.1 2019 Repositioning — — — (1.2) (2.8) (4.0) 0.1 — 0.1 Process Flow Technologies $ — $ — $ — $ — $ — $ — $ (0.4) (a) $ (12.8) (b) $ (13.2) 2017 Repositioning (c) — — — — — — (0.4) (12.8) (13.2) Total $ (0.4) $ 1.0 $ 0.6 $ 7.0 $ (2.8) $ 4.2 $ (0.4) $ (12.8) $ (13.2) (a) Reflects changes in estimates for increases and decreases in costs related to our restructuring programs. (b) Reflects a pre-tax gain related to the sale of real estate. (c) 2020 and 2017 programs are completed and we do not expect to incur additional restructuring charges. The following table summarizes the cumulative restructuring costs, net incurred through December 31, 2023. We do not expect to incur additional facility consolidation costs to complete these actions as of December 31, 2023. Cumulative Restructuring Costs (in millions) Severance Other Total Aerospace & Electronics $ 1.5 $ — $ 1.5 Process Flow Technologies 6.2 1.0 7.2 Engineered Materials 0.1 — 0.1 2022 Repositioning $ 7.8 $ 1.0 $ 8.8 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 these restructuring charges by program: (in millions) 2022 Repositioning 2019 Repositioning Total Severance: Balance as of December 31, 2022 (b) $ 8.2 $ 2.4 $ 10.6 Charges (Gain) (a) 0.6 — 0.6 Utilization (4.3) (2.2) (6.5) Balance as of December 31, 2023 (b) $ 4.5 $ 0.2 $ 4.7 (a) Included within “Restructuring charges (gains), net” in the Consolidated Statements of Operations. (b) Included within Accrued Liabilities in the Consolidated Balance Sheets. |
Nature of Operations and Sign_4
Nature of Operations and Significant Accounting Policies (Narrative) (Details) shares in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Apr. 03, 2023 USD ($) | Aug. 12, 2022 USD ($) | Aug. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) segment shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Aug. 31, 2022 CAD ($) | May 31, 2022 CAD ($) | May 26, 2022 USD ($) | Apr. 08, 2022 CAD ($) | May 16, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of reporting segments | segment | 3 | |||||||||||
Miscellaneous income, net | $ 0.8 | $ 7.9 | $ 15.6 | |||||||||
Other liabilities | 105.6 | 85.2 | ||||||||||
Payments of Dividends | 57.3 | 105.9 | 100.6 | |||||||||
Retained Earnings (Accumulated Deficit) | (960.7) | (2,822.8) | ||||||||||
Payments for Disposal of Asbestos-Related Assets and Liabilities | 0 | 550 | 0 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (162.4) | 0 | |||||||||
Gain on sale of business | 0 | $ 232.5 | $ 0 | |||||||||
Revenue recognized related to government contracts in progress | $ 100 | |||||||||||
Number of stock options excluded from computation of earnings per share (in shares) | shares | 0.4 | 0.4 | 1.2 | |||||||||
Allowance for doubtful accounts receivable | $ 8.4 | $ 8 | ||||||||||
Increase (decrease) in cost of sales by changes in level of LIFO inventories | $ 4.4 | $ 6 | $ 2.6 | |||||||||
Percentage of inventories cost, LIFO method | 50.90% | 49.80% | ||||||||||
Higher value of LIFO inventories if valued under FIFO | $ 28.4 | $ 24 | ||||||||||
Reserve for excess and obsolete inventory | 76.6 | 70.3 | ||||||||||
Depreciation expense | $ 33 | 33.9 | 31 | |||||||||
Number of reporting units | segment | 4 | |||||||||||
Estimated cost of capital, minimum | 9.50% | |||||||||||
Estimated cost of capital, maximum | 10% | |||||||||||
Estimated cost of capital, weighted | 9.90% | |||||||||||
Goodwill, Impairment Loss | $ 0 | 0 | 0 | |||||||||
Intangible assets, net | 87.9 | 71.7 | $ 78.5 | $ 86.9 | ||||||||
Intangibles with indefinite useful lives | $ 22.1 | 21.8 | ||||||||||
Minimum | Buildings and improvements | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
Minimum | Machinery and equipment | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Maximum | Buildings and improvements | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||||||
Maximum | Machinery and equipment | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
Discontinued Operations, Disposed of by Sale | Asbestos-Related Assets and Liabilities | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Payments for Disposal of Asbestos-Related Assets and Liabilities | $ 550 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 162.4 | |||||||||||
Discontinued Operations, Disposed of by Sale | Crane Supply | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Working capital adjustment | $ 5 | |||||||||||
Gain on sale of business | $ 232.5 | |||||||||||
Discontinued Operations, Held-for-sale | Crane Supply | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Consideration from sale of discontinued operation | $ 402 | $ 380 | ||||||||||
Discontinued Operations, Held-for-sale | Engineered Materials | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Consideration from sale of discontinued operation | $ 360 | |||||||||||
Disposal Group, Including Discontinued Operation, Contract Termination Fees | $ 7.5 | |||||||||||
Crane NXT, Co. (Crane Holdings, Co.) | Related Party | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Miscellaneous income, net | $ 3.4 | |||||||||||
Transition services and tax matters agreement receivable | $ 2.2 | |||||||||||
Other liabilities | $ 7 | |||||||||||
Payments of Dividends | 275 | |||||||||||
Retained Earnings (Accumulated Deficit) | 813.8 | |||||||||||
Payments of Cash Due to Separation | $ 303 |
Nature of Operations and Sign_5
Nature of Operations and Significant Accounting Policies (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income from continuing operations attributable to common shareholders | $ 203.8 | $ 171.6 | $ 197.4 |
Income from discontinued operations, net of tax (Note 3) | 52.1 | 229.5 | 238 |
Net income attributable to common shareholders | $ 255.9 | $ 401.1 | $ 435.4 |
Average basic shares outstanding (in shares) | 56.7 | 56.4 | 58.4 |
Effect of dilutive share-based awards (in shares) | 0.8 | 0.8 | 0.8 |
Average diluted shares outstanding (in shares) | 57.5 | 57.2 | 59.2 |
Earnings per basic share from continuing operations (in dollars per share) | $ 3.59 | $ 3.04 | $ 3.38 |
Earnings per basic share from discontinued operations (in dollars per share) | 0.92 | 4.07 | 4.08 |
Basic earnings per share (in dollars per share) | 4.51 | 7.11 | 7.46 |
Earnings per diluted share from continuing operations (in dollars per share) | 3.54 | 3 | 3.34 |
Earnings per diluted share from discontinued operations (in dollars per share) | 0.91 | 4.01 | 4.02 |
Diluted earnings per share (in dollars per share) | $ 4.45 | $ 7.01 | $ 7.36 |
Nature of Operations and Sign_6
Nature of Operations and Significant Accounting Policies (Summary of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Finished goods | $ 67 | $ 57.2 |
Finished parts and subassemblies | 49.9 | 47.7 |
Work in process | 40.6 | 27.2 |
Raw materials | 195.6 | 162.1 |
Total inventories, net | $ 353.1 | $ 294.2 |
Nature of Operations and Sign_7
Nature of Operations and Significant Accounting Policies (Summary of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 776.3 | $ 729.2 |
Less: accumulated depreciation | 505.8 | 480.9 |
Property, plant and equipment, net | 270.5 | 248.3 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 47.1 | 45.4 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 175.3 | 167.2 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 553.9 | $ 516.6 |
Nature of Operations and Sign_8
Nature of Operations and Significant Accounting Policies (Schedule of Changes to Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 690.9 | $ 723.2 |
Disposal on sale of business | (22.3) | |
Currency translation | 6.9 | (10) |
Acquisition | 49.9 | |
Balance at end of period | 747.7 | 690.9 |
Aerospace & Electronics | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 202.3 | 202.5 |
Disposal on sale of business | 0 | |
Currency translation | 0.1 | (0.2) |
Acquisition | 0 | |
Balance at end of period | 202.4 | 202.3 |
Process Flow Technologies | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 317.3 | 349.4 |
Disposal on sale of business | (22.3) | |
Currency translation | 6.8 | (9.8) |
Acquisition | 49.9 | |
Balance at end of period | 374 | 317.3 |
Engineered Materials | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 171.3 | 171.3 |
Disposal on sale of business | 0 | |
Currency translation | 0 | 0 |
Acquisition | 0 | |
Balance at end of period | $ 171.3 | $ 171.3 |
Nature of Operations and Sign_9
Nature of Operations and Significant Accounting Policies (Schedule of Changes to Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Roll Forward] | |||
Balance at beginning of period, net of accumulated amortization | $ 71.7 | $ 78.5 | $ 86.9 |
Additions | 21.1 | 0 | 0 |
Amortization expense | (6.3) | (5.7) | (7.4) |
Currency translation and other | 1.4 | (1.1) | (1) |
Balance at end of period, net of accumulated amortization | $ 87.9 | $ 71.7 | $ 78.5 |
Nature of Operations and Sig_10
Nature of Operations and Significant Accounting Policies (Summary of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items] | ||||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 16 years 7 months 6 days | |||
Gross Asset | $ 279.3 | $ 256.1 | ||
Accumulated Amortization | 191.4 | 184.4 | ||
Net | $ 87.9 | 71.7 | $ 78.5 | $ 86.9 |
Intellectual property rights | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items] | ||||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 18 years 4 months 24 days | |||
Gross Asset | $ 72.6 | 70 | ||
Accumulated Amortization | 45.4 | 45.1 | ||
Net | $ 27.2 | 24.9 | ||
Customer relationships and backlog | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items] | ||||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 13 years 8 months 12 days | |||
Gross Asset | $ 152.9 | 132.6 | ||
Accumulated Amortization | 93.9 | 87.8 | ||
Net | $ 59 | 44.8 | ||
Drawings | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items] | ||||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 40 years | |||
Gross Asset | $ 11.1 | 11.1 | ||
Accumulated Amortization | 10.8 | 10.7 | ||
Net | $ 0.3 | 0.4 | ||
Other | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items] | ||||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 21 years 1 month 6 days | |||
Gross Asset | $ 42.7 | 42.4 | ||
Accumulated Amortization | 41.3 | 40.8 | ||
Net | $ 1.4 | $ 1.6 |
Nature of Operations and Sig_11
Nature of Operations and Significant Accounting Policies (Summary of Future Amortization Expense of Intangibles) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Accounting Policies [Abstract] | |
2024 | $ 7.7 |
2025 | 6.9 |
2026 | 6.9 |
2027 | 6.1 |
2028 | 5.7 |
2029 and after | $ 32.5 |
Nature of Operations and Sig_12
Nature of Operations and Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,901.4 | ||
Distribution of Crane NXT, Co. | (813.8) | ||
Ending balance | 1,357.8 | $ 1,901.4 | |
Tax benefit | (103) | (106.6) | $ (117.9) |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (503.3) | (440.2) | (466.4) |
Other comprehensive income (loss) before reclassifications | 19.2 | (73.6) | 8.2 |
Amounts reclassified from accumulated other comprehensive loss | 11.6 | 10.5 | 18 |
Net period other comprehensive income (loss) | 30.8 | (63.1) | 26.2 |
Distribution of Crane NXT, Co. | 414.5 | ||
Ending balance | (58) | (503.3) | (440.2) |
Defined Benefit Pension and Other Postretirement Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (271.9) | (301.9) | (397.9) |
Other comprehensive income (loss) before reclassifications | (1.6) | 19.5 | 78 |
Amounts reclassified from accumulated other comprehensive loss | 11.6 | 10.5 | 18 |
Net period other comprehensive income (loss) | 10 | 30 | 96 |
Distribution of Crane NXT, Co. | (8.9) | ||
Ending balance | (270.8) | (271.9) | (301.9) |
Currency Translation Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (231.4) | (138.3) | (68.5) |
Other comprehensive income (loss) before reclassifications | 20.8 | (93.1) | (69.8) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net period other comprehensive income (loss) | 20.8 | (93.1) | (69.8) |
Distribution of Crane NXT, Co. | 423.4 | ||
Ending balance | $ 212.8 | $ (231.4) | $ (138.3) |
Nature of Operations and Sig_13
Nature of Operations and Significant Accounting Policies (Amounts Reclassified out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | $ 0.8 | $ 7.9 | $ 15.6 |
Income from continuing operations before income taxes | 267 | 271.4 | 233.7 |
Tax impact | 63.2 | 99.8 | 36.3 |
Net income attributable to common shareholders | 255.9 | 401.1 | 435.4 |
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Postretirement | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income from continuing operations before income taxes | 15.6 | 14 | 22.2 |
Tax impact | 4 | 3.5 | 4.2 |
Net income attributable to common shareholders | 11.6 | 10.5 | 18 |
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | 0.7 | (0.1) | (0.1) |
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs | Discontinued Operations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | 0 | 0.7 | 0.7 |
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | 15.5 | 15.2 | 23.4 |
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss) | Discontinued Operations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | 0 | 0.6 | 1.5 |
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | (0.3) | (1.1) | (1.1) |
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs | Discontinued Operations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | 0.3 | 1.1 | 1.1 |
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | (0.3) | $ 0 | $ 0 |
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss) | Discontinued Operations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of pension and postretirement items | $ 0.1 |
Acquisitions - (Narrative) (Det
Acquisitions - (Narrative) (Details) - BAUM - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 04, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||
Acquisition consideration | $ 93.5 | ||
Payments for acquisition | $ 90.5 | ||
Forecast | |||
Business Acquisition [Line Items] | |||
Payments for acquisition | $ 3 | ||
Trade names | |||
Business Acquisition [Line Items] | |||
Weighted Average Life | 16 years | ||
Customer relationships and backlog | |||
Business Acquisition [Line Items] | |||
Weighted Average Life | 12 years |
Acquisitions - (Fair Value of I
Acquisitions - (Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - BAUM $ in Millions | Oct. 04, 2023 USD ($) |
Assets Acquired | |
Total current assets | $ 24.7 |
Property, plant and equipment | 18 |
Other assets | 9.5 |
Intangible assets | 21.1 |
Goodwill | 49.9 |
Total assets acquired | 123.2 |
Liabilities Assumed | |
Total current liabilities | 13.2 |
Other liabilities | 16.5 |
Total assumed liabilities | 29.7 |
Net assets acquired | $ 93.5 |
Acquisitions - (Amounts Allocat
Acquisitions - (Amounts Allocated to Acquired Intangible Assets and Weighted-Average Useful Lives) (Details) - BAUM $ in Millions | Oct. 04, 2023 USD ($) |
Business Acquisition [Line Items] | |
Intangible Fair Value | $ 21.1 |
Trade names | |
Business Acquisition [Line Items] | |
Intangible Fair Value | $ 2.1 |
Weighted Average Life | 16 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible Fair Value | $ 17.9 |
Weighted Average Life | 12 years |
Backlog | |
Business Acquisition [Line Items] | |
Intangible Fair Value | $ 1.1 |
Weighted Average Life | 1 year |
Discontinued Operations (Financ
Discontinued Operations (Financial Results) (Details) - Payment and Merchandising Technologies - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 329.1 | $ 1,339.9 | $ 1,345.1 |
Cost of sales | 174.4 | 713.7 | 746.2 |
Selling, general and administrative | 80 | 294.6 | 291.4 |
Operating profit | 74.7 | 331.6 | 307.5 |
Other expense, net | (11.2) | (40) | (38.4) |
Income from discontinued operations | 63.5 | 291.6 | 269.1 |
Income tax provision | 11.4 | 62.1 | 31.1 |
Income from discontinued operations, net of tax | $ 52.1 | $ 229.5 | $ 238 |
Discontinued Operations (Major
Discontinued Operations (Major Classes) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | |||
Cash and Cash Equivalents | $ 0 | $ 230.6 | $ 100.7 |
Current assets of discontinued operations | 0 | 625.9 | |
Long-term assets of discontinued operations | 0 | 1,504.9 | |
Current liabilities: | |||
Current liabilities of discontinued operations | 0 | 614.7 | |
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 | ||
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 | ||
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 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 Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 3 |
Segment Information (Financial
Segment Information (Financial Information By Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | $ 2,086.4 | $ 2,035 | $ 2,062.9 |
TOTAL OPERATING PROFIT | 283.8 | 37.9 | 221.7 |
TOTAL CAPITAL EXPENDITURES | 42.7 | 37.1 | 35.3 |
TOTAL DEPRECIATION AND AMORTIZATION | 39.3 | 39.5 | 38.4 |
Total restructuring charges (gains), net | 0.6 | 4.2 | (13.2) |
Loss on divestiture of asbestos-related assets and liabilities | 0 | 162.4 | 0 |
TOTAL GOODWILL | 747.7 | 690.9 | 723.2 |
TOTAL ASSETS | 2,333.6 | 4,391.6 | |
Corporate | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL OPERATING PROFIT | (117.1) | (283.2) | (97.7) |
TOTAL CAPITAL EXPENDITURES | 0.2 | 0.1 | 0.2 |
TOTAL DEPRECIATION AND AMORTIZATION | 0.1 | 0.1 | 0.1 |
TOTAL ASSETS | 232.7 | 314.2 | |
Segment Reconciling Items | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL ASSETS | 0 | 2,130.8 | |
Aerospace & Electronics | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 789.3 | 667.3 | 638.3 |
Total restructuring charges (gains), net | 0 | 1.5 | 0 |
TOTAL GOODWILL | 202.4 | 202.3 | 202.5 |
Aerospace & Electronics | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL OPERATING PROFIT | 159 | 120.3 | 110 |
TOTAL CAPITAL EXPENDITURES | 9.7 | 9.3 | 14.1 |
TOTAL DEPRECIATION AND AMORTIZATION | 13.9 | 14.1 | 14.7 |
TOTAL ASSETS | 744.6 | 663.3 | |
Process Flow Technologies | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 1,072.8 | 1,109.4 | 1,196.6 |
Total restructuring charges (gains), net | 0.9 | 2.3 | (13.2) |
TOTAL GOODWILL | 374 | 317.3 | 349.4 |
Process Flow Technologies | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL OPERATING PROFIT | 208.5 | 168.2 | 182.5 |
TOTAL CAPITAL EXPENDITURES | 29.1 | 23.9 | 18.8 |
TOTAL DEPRECIATION AND AMORTIZATION | 21.4 | 19.5 | 22 |
TOTAL ASSETS | 1,164.5 | 1,064.7 | |
Engineered Materials | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 224.3 | 258.3 | 228 |
Total restructuring charges (gains), net | (0.3) | 0.4 | 0 |
TOTAL GOODWILL | 171.3 | 171.3 | 171.3 |
Engineered Materials | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL OPERATING PROFIT | 33.4 | 32.6 | 26.9 |
TOTAL CAPITAL EXPENDITURES | 3.7 | 3.8 | 2.2 |
TOTAL DEPRECIATION AND AMORTIZATION | 3.9 | 5.8 | $ 1.6 |
TOTAL ASSETS | $ 191.8 | $ 218.6 |
Segment Information (Schedule O
Segment Information (Schedule Of Net Sales And Assets By Geographic Region) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | $ 2,086.4 | $ 2,035 | $ 2,062.9 |
Long-lived assets | 334.5 | 306.7 | |
Corporate | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 12.1 | 11.6 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 1,260.7 | 1,175.5 | 1,074.4 |
Long-lived assets | 174.7 | 171.6 | |
Continental Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 329.7 | 279.7 | 267.8 |
Long-lived assets | 98.1 | 70.5 | |
Other international | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 301.4 | 303 | 324.7 |
Long-lived assets | 49.6 | 53 | |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | 74.3 | 171.4 | 286 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
TOTAL NET SALES | $ 120.3 | $ 105.4 | $ 110 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 2,086.4 | $ 2,035 | $ 2,062.9 |
Aerospace & Electronics | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 789.3 | 667.3 | 638.3 |
Aerospace & Electronics | Commercial Original Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 291.4 | 250.5 | 229.4 |
Aerospace & Electronics | Military Original Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 252.4 | 231.2 | 239.7 |
Aerospace & Electronics | Commercial Aftermarket Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 180.2 | 129.3 | 104.5 |
Aerospace & Electronics | Military Aftermarket Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 65.3 | 56.3 | 64.7 |
Process Flow Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,072.8 | 1,109.4 | 1,196.6 |
Process Flow Technologies | Process Valves and Related Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 811.3 | 749.8 | 717.1 |
Process Flow Technologies | Commercial Valves | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 116.4 | 232.2 | 374.2 |
Process Flow Technologies | Pumps and Systems | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 145.1 | 127.4 | 105.3 |
Engineered Materials | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 224.3 | 258.3 | 228 |
Engineered Materials | FRP- Recreational Vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 73 | 111.9 | 102.5 |
Engineered Materials | FRP- Building Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 117 | 112.5 | 94.9 |
Engineered Materials | FRP- Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 34.3 | $ 33.9 | $ 30.6 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,091.2 |
Contract with customer, revenue recognized | $ 33.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 85% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, percentage | 12% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue (Contract Assets and Co
Revenue (Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 63.5 | $ 56.8 |
Contract liabilities | $ 56.2 | $ 49.4 |
Research and Development (Detai
Research and Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development [Abstract] | |||
Research and Development Costs | $ 55.9 | $ 49.2 | $ 49.5 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of non-matching contribution to participants | 3% | |||
Savings And Investment Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 9.2 | $ 9 | $ 8 | |
2% Non-Matching Contribution | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 10.8 | $ 10.4 | $ 9.7 | |
Actively Managed U.S. Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 47% | 38% | 47% | |
Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 27% | 40% | 27% | |
Alternative assets/Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 22% | 20% | 22% | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Distributions receivable | $ 45.3 | |||
Loss from plan settlement | $ 7 | |||
Expected future employer cash contributions | 17.9 | |||
Employer contributions | $ 18.1 | $ 17.8 | ||
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan employees, percentage | 18% | |||
Percentage of combined expected actuarial losses | 1% | 1% | 1% | |
United States | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 8.25% | 6.50% | 6.50% | |
United States | Pension Plan | Actively Managed U.S. Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 50% | |||
United States | Pension Plan | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 37.80% | |||
United States | Pension Plan | Alternative assets/Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 10.80% | |||
United States | Pension Plan | Cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 1.40% | |||
United States | Pension Plan | Minimum | Actively Managed U.S. Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 25% | |||
United States | Pension Plan | Minimum | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 15% | |||
United States | Pension Plan | Minimum | Alternative assets/Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 10% | |||
United States | Pension Plan | Minimum | Cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 0% | |||
United States | Pension Plan | Maximum | Actively Managed U.S. Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 75% | |||
United States | Pension Plan | Maximum | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 35% | |||
United States | Pension Plan | Maximum | Alternative assets/Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 35% | |||
United States | Pension Plan | Maximum | Cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 10% | |||
Foreign Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan employees, percentage | 10% | |||
Percentage of combined expected actuarial losses | 1% | |||
Percentage of combined expected actuarial gains | 3% | 3% | ||
Foreign Plan | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on plan assets | 5.91% | 4.85% | 4.85% | |
Foreign Plan | Pension Plan | Actively Managed U.S. Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 18.50% | |||
Foreign Plan | Pension Plan | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 44.20% | |||
Foreign Plan | Pension Plan | Alternative assets/Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 34% | |||
Foreign Plan | Pension Plan | Cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual Allocation | 3.40% |
Pension and Postretirement Be_4
Pension and Postretirement Benefits (Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 722.1 | ||
Benefit obligation at end of year | 759.3 | $ 722.1 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 634.5 | ||
Fair value of plan assets at end of year | 692.4 | 634.5 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 722.1 | 1,052.8 | |
Service cost | 3.3 | 3.4 | $ 3.4 |
Interest cost | 35.9 | 21.5 | 17.7 |
Amendments | 1.9 | 0.7 | |
Actuarial (gain) loss | 28.8 | (267) | |
Settlements | (0.1) | (7.7) | |
Curtailments | 0 | (1) | |
Benefits paid | (45.2) | (45.8) | |
Foreign currency exchange and other | 11.6 | (34.2) | |
Curtailment and settlement loss from discontinued operations | 1.9 | 0 | |
Administrative expenses paid and other | (0.9) | (0.6) | |
Benefit obligation at end of year | 759.3 | 722.1 | 1,052.8 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 634.5 | 976.1 | |
Actual return on plan assets | 72.8 | (211.3) | |
Employer contributions | 18.1 | 17.8 | |
Settlements | (0.1) | (63.2) | |
Benefits paid | (45.2) | (45.8) | |
Foreign currency exchange and other | 12.8 | (38.4) | |
Administrative expenses paid | (0.5) | (0.7) | |
Fair value of plan assets at end of year | 692.4 | 634.5 | 976.1 |
Funded status | (66.9) | (87.6) | |
Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 3.2 | 4.7 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0.2 | 0.1 | 0.1 |
Amendments | 0 | 0 | |
Actuarial (gain) loss | 0 | (0.9) | |
Settlements | 0 | 0 | |
Curtailments | 0 | 0 | |
Benefits paid | (0.5) | (0.7) | |
Foreign currency exchange and other | 0 | 0 | |
Curtailment and settlement loss from discontinued operations | 0 | 0 | |
Administrative expenses paid and other | 0.1 | 0 | |
Benefit obligation at end of year | 3 | 3.2 | 4.7 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.5 | 0.7 | |
Settlements | 0 | 0 | |
Benefits paid | (0.5) | (0.7) | |
Foreign currency exchange and other | 0 | 0 | |
Administrative expenses paid | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | $ (3) | $ (3.2) |
Pension and Postretirement Be_5
Pension and Postretirement Benefits (Schedule Of Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and postretirement benefits | $ (115) | $ (132) |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 45.5 | 41.8 |
Current liabilities | (1.4) | (1.5) |
Accrued pension and postretirement benefits | (111) | (127.9) |
Funded status | (66.9) | (87.6) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Current liabilities | (0.4) | (0.5) |
Accrued pension and postretirement benefits | (2.6) | (2.7) |
Funded status | $ (3) | $ (3.2) |
Pension and Postretirement Be_6
Pension and Postretirement Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 352.2 | $ 367 |
Prior service cost (credit) | 6.9 | (1.3) |
Total recognized in accumulated other comprehensive loss | 359.1 | 365.7 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (2.6) | (8.4) |
Prior service cost (credit) | 0 | (2) |
Total recognized in accumulated other comprehensive loss | $ (2.6) | $ (10.4) |
Pension and Postretirement Be_7
Pension and Postretirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 759.3 | $ 722.1 |
Accumulated benefit obligation | 755.5 | 718.3 |
Fair value of plan assets | 692.4 | 634.5 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 512.9 | 499.6 |
Accumulated benefit obligation | 512.9 | 499.6 |
Fair value of plan assets | 437.6 | 401.6 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 246.4 | 222.5 |
Accumulated benefit obligation | 242.6 | 218.7 |
Fair value of plan assets | $ 254.8 | $ 232.9 |
Pension and Postretirement Be_8
Pension and Postretirement Benefits (Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 552.7 | $ 533.8 |
Accumulated benefit obligation | 549.3 | 530.3 |
Fair value of plan assets | $ 440.3 | $ 404.5 |
Pension and Postretirement Be_9
Pension and Postretirement Benefits (Components Of Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3.3 | $ 3.4 | $ 3.4 |
Interest cost | 35.9 | 21.5 | 17.7 |
Expected return on plan assets | (46.1) | (53.5) | (51.8) |
Amortization of prior service cost | 0.7 | 0.6 | 0.6 |
Amortization of net loss (gain) | 15.5 | 14.6 | 21.9 |
Recognized curtailment (gain) loss | 0 | (1) | 1 |
Settlement loss | 0 | 12.1 | 1.3 |
Curtailment and settlement loss from discontinued operations | 1.9 | 0 | 0 |
Net periodic cost (benefit) | 11.2 | (2.3) | (5.9) |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.2 | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss (gain) | (0.2) | 0 | 0 |
Recognized curtailment (gain) loss | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Curtailment and settlement loss from discontinued operations | 0 | 0 | 0 |
Net periodic cost (benefit) | $ 0 | $ 0.1 | $ 0.1 |
Pension and Postretirement B_10
Pension and Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
United States | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.07% | 5.43% | 2.89% |
Interest credit rate | 4.02% | 3.62% | 1.47% |
United States | Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5% | 5.40% | 2.70% |
Foreign Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.29% | 4.61% | 1.73% |
Rate of compensation increase | 3.69% | 3.72% | 3.30% |
Pension and Postretirement B_11
Pension and Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.43% | 2.89% | 2.62% |
Expected rate of return on plan assets | 8.25% | 6.50% | 6.50% |
Interest credit rate | 3.62% | 1.47% | 0.93% |
United States | Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.40% | 2.70% | 2.30% |
Foreign Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.61% | 1.73% | 1.17% |
Expected rate of return on plan assets | 5.91% | 4.85% | 4.85% |
Rate of compensation increase | 3.72% | 3.30% | 3.32% |
Pension And Postretirement B_12
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.25% | 7% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Pension And Postretirement B_13
Pension And Postretirement Benefits (Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations By Asset Category) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 38% | 47% |
Equity securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15% | 15% |
Equity securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 75% | 75% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 40% | 27% |
Fixed income securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15% | 15% |
Fixed income securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 75% | 75% |
Alternative assets/Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 20% | 22% |
Alternative assets/Other | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% | 0% |
Alternative assets/Other | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45% | 45% |
Cash and money market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 2% | 4% |
Cash and money market | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% | 0% |
Cash and money market | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10% | 10% |
Pension And Postretirement B_14
Pension And Postretirement Benefits (Schedule Of Fair Value Of Company Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 692.4 | $ 634.5 |
Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 446.1 | 419.1 |
Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 2 | 2.6 |
Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 244.3 | 212.8 |
Cash Equivalents and Money Markets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 14.6 | 26.8 |
Cash Equivalents and Money Markets | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 14.6 | 26.8 |
Cash Equivalents and Money Markets | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Cash Equivalents and Money Markets | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Actively Managed U.S. Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 35 | 31.8 |
Actively Managed U.S. Equities | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 35 | 31.8 |
Actively Managed U.S. Equities | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Actively Managed U.S. Equities | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
U.S. Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 115.1 | 152.3 |
U.S. Equity Funds | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 115.1 | 152.3 |
U.S. Equity Funds | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
U.S. Equity Funds | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Non-U.S. Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 115.9 | 112.1 |
Non-U.S. Equity Funds | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 68.8 | 74.3 |
Non-U.S. Equity Funds | Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 47.1 | 37.8 |
U.S. Fixed Income, Government and Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 165.2 | 88.9 |
U.S. Fixed Income, Government and Corporate | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 165.2 | 88.9 |
U.S. Fixed Income, Government and Corporate | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
U.S. Fixed Income, Government and Corporate | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Registered Investment Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 22.8 | 23.3 |
Registered Investment Company | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 22.8 | 23.3 |
Registered Investment Company | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Registered Investment Company | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Non-U.S. Fixed Income, Government and Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 112.7 | 82.3 |
Non-U.S. Fixed Income, Government and Corporate | Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 112.7 | 82.3 |
International Balanced Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.8 | |
International Balanced Funds | Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.8 | |
Property Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 24.6 | 21.7 |
Property Funds | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 24.6 | 21.7 |
Property Funds | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Property Funds | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Insurance / Annuity Contract(s) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 2 | 2.6 |
Insurance / Annuity Contract(s) | Active Markets for Identical Assets Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Insurance / Annuity Contract(s) | Other Observable Inputs Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 2 | 2.6 |
Insurance / Annuity Contract(s) | Unobservable Inputs Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0 | 0 |
Hedge Funds and LDI | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 59.2 | 60.1 |
Hedge Funds and LDI | Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 59.2 | 60.1 |
International Property Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 25.3 | 30.8 |
International Property Funds | Net Asset Value ("NAV") Practical Expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 25.3 | $ 30.8 |
Pension And Postretirement B_15
Pension And Postretirement Benefits (Summary Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 49.9 |
2025 | 51.1 |
2026 | 51.3 |
2027 | 52.6 |
2028 | 53.6 |
2029 to 2033 | 253.6 |
Total payments | 512.1 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 0.4 |
2025 | 0.4 |
2026 | 0.4 |
2027 | 0.4 |
2028 | 0.3 |
2029 to 2033 | 1.1 |
Total payments | $ 3 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Other liabilities | $ 105.6 | $ 85.2 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expense | $ 4.5 | $ 5.1 | $ 6.2 |
Weighted-average fair value of options granted during period | $ 42.47 | $ 32.51 | $ 20.82 |
Fair value of shares vested | $ 5.7 | $ 5.6 | $ 6.3 |
Total intrinsic value of options exercised | 24.3 | 11.8 | 36.4 |
Aggregate intrinsic value of exercisable options | 67.7 | 26.5 | 33.9 |
Cash received from options exercised | 30.3 | 22.8 | 26.4 |
Tax benefit realized for tax deductions from exercise of options | 5 | 1.8 | 5.5 |
Total future compensation costs related to unvested share-based awards | $ 3.2 | ||
Weighted average of shares for total future compensation cost related to unvested share-based awards | 1 year 3 months 10 days | ||
Stock Options | Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expense | $ 0.2 | 0.5 | 0.5 |
Restricted Share Units and Performance Based Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expense | 14.5 | 19.1 | 18.7 |
Total future compensation costs related to restricted share units and performance-based restricted share unit awards | $ 18.3 | ||
Weighted average period for unvested share-based RSUs to be recognized | 1 year 7 months 28 days | ||
Restricted Share Units and Performance Based Restricted Share Units | Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expense | $ 0.6 | 2.4 | 2.7 |
Performance Based Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expense | $ 7.9 | ||
Vesting payout cap | 100% | ||
Period of time to measure Company total shareholder return and apply vesting payout cap (in years) | 3 years | ||
Other liabilities | $ 10 | ||
Performance Based Restricted Share Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 0% | ||
Performance Based Restricted Share Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 200% | ||
Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax (detriment) benefit for vesting of restricted share units | $ 2 | $ 1.2 | $ (0.1) |
Options Exercisable After First Year | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25% | ||
Options Exercisable After First Year | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25% | ||
Options Exercisable After Second Year | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50% | ||
Options Exercisable After Second Year | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50% | ||
Options Exercisable After Third Year | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75% | ||
Options Exercisable After Third Year | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75% | ||
Options Exercisable After Fourth Year | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100% | ||
Options Exercisable After Fourth Year | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100% | ||
2023 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 9,750,000 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For Grants Made) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Dividend yield | 1.57% | 2.05% | 3.06% |
Volatility | 32.33% | 33.96% | 36.28% |
Risk-free interest rate | 3.67% | 1.92% | 0.50% |
Expected lives in years | 7 years 8 months 12 days | 7 years 2 months 12 days | 5 years 2 months 12 days |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule Of Company's Stock Option Plans) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Shares (in 000’s) | |
Options outstanding Beginning Balance (in shares) | shares | 1,692,000 |
Options outstanding Ending Balance (in shares) | shares | 1,375,000 |
Options exercisable (in shares) | shares | 1,026,000 |
Weighted Average Exercise Price | |
Options outstanding Beginning Balance (in dollars per share) | $ / shares | $ 77.19 |
Options outstanding Ending Balance (in dollars per share) | $ / shares | 55.97 |
Options exercisable (in dollars per share) | $ / shares | $ 52.21 |
Weighted Average Remaining Life (Years), Options outstanding | 5 years 6 months |
Weighted Average Remaining Life (Years), Options exercisable | 4 years 8 months 12 days |
Before Equitable Adjustment | |
Number of Shares (in 000’s) | |
Granted (in shares) | shares | 158,000 |
Exercised (in shares) | shares | 337,000 |
Canceled (in shares) | shares | 22,000 |
Outstanding on Distribution Date before Equitable Adjustment (in shares) | shares | 1,491,000 |
Weighted Average Exercise Price | |
Granted (in dollars per share) | $ / shares | $ 119.71 |
Exercised (in dollars per share) | $ / shares | 72.69 |
Canceled (in dollars per share) | $ / shares | 69.02 |
Outstanding on Distribution Date before Equitable Adjustment (in dollars per share) | $ / shares | $ 82.84 |
After Equitable Adjustment | |
Number of Shares (in 000’s) | |
Exercised (in shares) | shares | 201,000 |
Canceled (in shares) | shares | 4,000 |
Outstanding on Distribution Date after Equitable Adjustment (in shares) | shares | 1,580,000 |
Weighted Average Exercise Price | |
Exercised (in dollars per share) | $ / shares | $ 53.93 |
Canceled (in dollars per share) | $ / shares | 41.32 |
Outstanding on Distribution Date after Equitable Adjustment (in dollars per share) | $ / shares | $ 59.90 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Schedule Of Changes Of Restricted Stock) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted Share Units | Before Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 145,000 |
Vested (in shares) | shares | (129,000) |
Forfeited (in shares) | shares | (7,000) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 119.32 |
Vested (in dollars per share) | $ / shares | 86.21 |
Forfeited (in dollars per share) | $ / shares | $ 93.14 |
Restricted Share Units | After Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 21,000 |
Vested (in shares) | shares | (22,000) |
Forfeited (in shares) | shares | (8,000) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 74.66 |
Vested (in dollars per share) | $ / shares | 73.96 |
Forfeited (in dollars per share) | $ / shares | $ 71.29 |
Performance Based Restricted Share Units | Before Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 54,000 |
Forfeited (in shares) | shares | (2,000) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 141.55 |
Forfeited (in dollars per share) | $ / shares | $ 97.31 |
Performance Based Restricted Share Units | After Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 4,000 |
Vested (in shares) | shares | (111,000) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 57.13 |
Vested (in dollars per share) | $ / shares | $ 48.38 |
Restricted Share Units and Performance Based Restricted Share Units | |
Restricted Share Units (in 000’s) | |
Beginning Balance (in shares) | shares | 529,000 |
Ending Balance (in shares) | shares | 456,000 |
Weighted Average Grant-Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 92.96 |
Ending Balance (in dollars per share) | $ / shares | $ 71.14 |
Restricted Share Units and Performance Based Restricted Share Units | Before Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Outstanding on Distribution Date before Equitable Adjustment (in shares) | shares | 590,000 |
Weighted Average Grant-Date Fair Value | |
Outstanding on Distribution Date before Equitable Adjustment (in dollars per share) | $ / shares | $ 104.77 |
Restricted Share Units and Performance Based Restricted Share Units | After Equitable Adjustment | |
Restricted Share Units (in 000’s) | |
Outstanding on Distribution Date after Equitable Adjustment (in shares) | shares | 572,000 |
Weighted Average Grant-Date Fair Value | |
Outstanding on Distribution Date after Equitable Adjustment (in dollars per share) | $ / shares | $ 66.79 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Leases [Abstract] | |
Airplane operating lease period | 5 years |
Maximum residual value guarantee | $ 5.1 |
Fair value of residual value guarantee, fair value of operating lease asset, threshold | $ 10.6 |
Leases (Summary of Lease Assets
Leases (Summary of Lease Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Operating right-of-use assets | $ 64 | $ 58.4 |
Liabilities | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Current lease liabilities | $ 10.8 | $ 11.6 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Long-term lease liabilities | $ 56.3 | $ 49.7 |
Total lease liabilities | $ 67.1 | $ 61.3 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 16.9 | $ 18.1 | $ 19.7 |
Variable lease cost | 5.2 | 4.6 | 4.6 |
Total lease cost | $ 22.1 | $ 22.7 | $ 24.3 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Terms and Discount Rates) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases | 7 years 7 months 6 days | 7 years 8 months 12 days |
Weighted-average discount rate - operating leases | 4.20% | 3.40% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows | $ 14.5 | $ 14.2 | $ 17 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 16.7 | $ 16.2 | $ 15.6 |
Leases (Future Minimum Operatin
Leases (Future Minimum Operating Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 14.9 | |
2025 | 13.3 | |
2026 | 11.3 | |
2027 | 10.3 | |
2028 | 7.4 | |
Thereafter | 24 | |
Total future minimum operating lease payments | 81.2 | |
Imputed interest | 14.1 | |
Present value of lease liabilities reported | $ 67.1 | $ 61.3 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ 155.4 | $ (82.2) | $ 201.1 |
Non-U.S. operations | 111.6 | 353.6 | 32.6 |
Income from continuing operations before income taxes | $ 267 | $ 271.4 | $ 233.7 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current, U.S. federal tax | $ 43 | $ 23 | $ 20.1 |
Current, state and local tax | 5.6 | 1.1 | (0.3) |
Current, Non-U.S. tax | 36.1 | 74.9 | 21.5 |
Total current | 84.7 | 99 | 41.2 |
Deferred, U.S. federal tax | (15.2) | 22.7 | (4.9) |
Deferred, U.S. state and local tax | (2.1) | (10.3) | (2.1) |
Deferred, Non-U.S. tax | (4.2) | (11.6) | 2.1 |
Total deferred | (21.5) | 0.8 | (4.9) |
Total provision for income taxes | 63.2 | 99.8 | 36.3 |
Excess tax benefits from share-based compensation | $ 6 | $ 1.5 | $ 3.7 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 21% | 21% | 21% |
Income taxed at non-U.S. rates | 3.10% | (3.60%) | 6.10% |
Non-U.S. income inclusion, net of tax credits | (1.40%) | 0.10% | 0.60% |
State and local taxes, net of federal benefit | 1.10% | (2.50%) | (1.20%) |
U.S. research and development tax credit | (0.70%) | (0.70%) | (0.70%) |
U.S. deduction for foreign - derived intangible income | (1.60%) | (0.80%) | (1.10%) |
Deferred tax asset related to the sale of a subsidiary | 0% | 7.60% | (8.80%) |
Nondeductible loss due to Asbestos Divestiture | 0% | 14.30% | 0% |
Other | 2.20% | 1.30% | (0.30%) |
Effective tax rate | 23.70% | 36.70% | 15.60% |
Income Taxes (Reinvestment of E
Income Taxes (Reinvestment of Earnings) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Amount of earnings, permanently reinvested | $ 202.1 |
Amount of earnings, not permanently reinvested | 847.4 |
Associated tax, not permanently reinvested | $ 11.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | |||
Tax provision from changes in benefit obligations | $ 3.2 | $ 9.1 | $ 26.7 |
Valuation allowance | 51.8 | 52.7 | |
Increase in total amount of unrecognized tax benefits that would impact effective tax rate | 9.3 | 8.2 | 8.3 |
Interest expense and penalties, related to unrecognized tax benefits | 0.3 | (0.1) | $ (2.6) |
Unrecognized tax benefits, income tax penalties and interest accrued | 2.2 | 1.9 | |
Change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 0.3 | ||
Total | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 50.7 | 50.6 | |
U.S. State and Non-U.S. | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 1.1 | $ 2.1 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Tax loss and credit carryforwards | $ 50.9 | $ 51 |
Inventories | 23.4 | 21.6 |
Capitalized Research and Development | 22.8 | 10.2 |
Pension and Post Retirement Benefits | 11.2 | 6.1 |
Accrued Bonuses and Stock Based Compensation | 6.6 | 8.3 |
Other | 13.7 | 13.5 |
Total | 128.6 | 110.7 |
Less: valuation allowance | 51.8 | 52.7 |
Total deferred tax assets, net of valuation allowance | 76.8 | 58 |
Deferred tax liabilities: | ||
Basis difference in fixed assets | (23.8) | (18.6) |
Basis difference in intangible assets | (76.3) | (76.5) |
Deferred Tax on Non-U.S. unremitted Earnings | (11.1) | (15.1) |
Total deferred tax liabilities | (111.2) | (110.2) |
Net deferred tax asset (liability) | (34.4) | (52.2) |
Long-term deferred tax assets | 2.7 | 3.1 |
Long-term deferred tax liability | $ (37.1) | $ (55.3) |
Income Taxes (Summary Of Tax Lo
Income Taxes (Summary Of Tax Loss And Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | $ 50.9 | $ 51 |
Valuation allowance on tax carryforwards | (51.8) | (52.7) |
Total | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | 50.9 | |
Valuation allowance on tax carryforwards | (50.7) | (50.6) |
Net deferred tax asset on tax carryforwards | 0.2 | |
U.S. Federal Tax Credits | ||
Tax Credit Carryforward [Line Items] | ||
2024-2028 | 0 | |
After 2028 | 1 | |
Indefinite | 0 | |
Total tax carryforwards | 1 | |
Deferred tax asset on tax carryforwards | 1 | |
Valuation allowance on tax carryforwards | (1) | |
Net deferred tax asset on tax carryforwards | 0 | |
U.S. Federal Tax Losses | ||
Tax Credit Carryforward [Line Items] | ||
2024-2028 | 0 | |
After 2028 | 0 | |
Indefinite | 0 | |
Total tax carryforwards | 0 | |
Deferred tax asset on tax carryforwards | 0 | |
Valuation allowance on tax carryforwards | 0 | |
Net deferred tax asset on tax carryforwards | 0 | |
U.S. State Tax Credits | ||
Tax Credit Carryforward [Line Items] | ||
2024-2028 | 1.2 | |
After 2028 | 0.6 | |
Indefinite | 21.3 | |
Total tax carryforwards | 23.1 | |
Deferred tax asset on tax carryforwards | 18.3 | |
Valuation allowance on tax carryforwards | (18.1) | |
Net deferred tax asset on tax carryforwards | 0.2 | |
U.S. State Tax Losses | ||
Tax Credit Carryforward [Line Items] | ||
2024-2028 | 56.8 | |
After 2028 | 155.8 | |
Indefinite | 58.3 | |
Total tax carryforwards | 270.9 | |
Deferred tax asset on tax carryforwards | 10.5 | |
Valuation allowance on tax carryforwards | (10.5) | |
Net deferred tax asset on tax carryforwards | 0 | |
Non- U.S. Tax Losses | ||
Tax Credit Carryforward [Line Items] | ||
2024-2028 | 0.3 | |
After 2028 | 0.7 | |
Indefinite | 79 | |
Total tax carryforwards | 80 | |
Deferred tax asset on tax carryforwards | 21.1 | |
Valuation allowance on tax carryforwards | (21.1) | |
Net deferred tax asset on tax carryforwards | 0 | |
U.S. State and Non-U.S. | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance on tax carryforwards | $ (1.1) | $ (2.1) |
Income Taxes (Schedule Of Gross
Income Taxes (Schedule Of Gross Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance of liability as of January 1, | $ 7.9 | $ 6.9 | $ 7 | $ 7.9 |
Increase as a result of tax positions taken during a prior year | 0.2 | 0 | 0.1 | |
Decrease as a result of tax positions taken during a prior year | (0.1) | (0.4) | (0.1) | |
Increase as a result of tax positions taken during the current year | 1.7 | 0.9 | 0 | |
Decrease as a result of settlements with taxing authorities | 0 | 0 | 0 | |
Reduction as a result of a lapse of the statute of limitations | (0.8) | (0.6) | (0.9) | |
Balance of liability as of December 31, | $ 7.9 | $ 6.9 | $ 7 | $ 7.9 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities [Abstract] | ||
Employee related expenses | $ 115.3 | $ 100.8 |
Warranty | 4.1 | 3 |
Current lease liabilities | 10.8 | 11.6 |
Contract liabilities | 56.2 | 49.4 |
Other | 87.3 | 95.7 |
Total | $ 273.7 | $ 260.5 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities [Abstract] | ||
Environmental | $ 12.9 | $ 17.6 |
Long-term lease liabilities | 56.3 | 49.7 |
Other | 36.4 | 17.9 |
Total | $ 105.6 | $ 85.2 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Aug. 12, 2022 USD ($) | Jun. 21, 2021 USD ($) | Sep. 30, 2014 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2012 a | |
Other Commitments [Line Items] | |||||||
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | gross liability | gross liability | |||||
Environmental Loss Contingency, Current, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag | current portion of the total estimated liability | current portion of the total estimated liability | |||||
Environmental Claims For Site In Goodyear Arizona | |||||||
Other Commitments [Line Items] | |||||||
Accrual for environmental loss contingencies, revision in estimates | $ 49 | $ 18.9 | |||||
Accrual for environmental loss contingencies | $ 20.7 | $ 24.8 | |||||
Accrued environmental loss contingencies, current | $ 7.8 | 7.7 | |||||
Loss contingency reimbursement rate | 2,100% | ||||||
Recorded third-party environmental recoveries receivable | $ 3.8 | $ 4.8 | |||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | |||||||
Other Commitments [Line Items] | |||||||
Approximate size of referenced site | a | 55,000 | ||||||
Asbestos Commitments And Contingencies | |||||||
Other Commitments [Line Items] | |||||||
Payments for Restructuring | $ 550 | ||||||
Goodyear Site | |||||||
Other Commitments [Line Items] | |||||||
Proceeds from sale of other real estate | $ 8.7 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Gross Settlement And Defense Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 0 | $ 29.3 | $ 44.9 |
Asbestos Commitments And Contingencies | |||
Loss Contingencies [Line Items] | |||
Settlement / indemnity costs incurred | 29.4 | 40.6 | |
Defense costs incurred | 6.4 | 14.6 | |
Gross Settlement And Defense Incurred Costs | 35.8 | 55.2 | |
Payments For Asbestos Related Settlement And Indemnity | 33.8 | 42.6 | |
Payments For Asbestos Related Defense And Related Fees Costs | 6.1 | 15.4 | |
Insurance Inflow | (10.6) | (13.1) | |
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 29.3 | $ 44.9 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 399.6 | $ 0 |
Term Facility | 0 | 248.5 |
Total long-term debt | 0 | 248.5 |
Debt discounts and debt issuance costs | 0.4 | 0.8 |
Three year term loan facility | ||
Debt Instrument [Line Items] | ||
Term Facility | $ 0 | 248.5 |
Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 364 days | |
Line of Credit | 364-Day Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 399.6 | $ 0 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||
Oct. 03, 2023 USD ($) | Mar. 17, 2023 USD ($) | Aug. 11, 2022 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 02, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 450,600,000 | $ 0 | $ 348,100,000 | |||||
Total indebtedness to capitalization | 0.154 | |||||||
Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, term | 364 days | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 800,000,000 | $ 500,000,000 | $ 500,000,000 | |||||
Line of credit facility, expiration period | 5 years | |||||||
Line of Credit Facility, Increase (Decrease), Net | $ 300,000,000 | |||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum | 3.50 | |||||||
Debt Instrument, Covenant, Net Leverage Ratio Adjustment, Maximum | 4 | |||||||
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | 3 | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 35% | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Minimum | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate, Adjustment | 10% | |||||||
Debt instrument, basis spread on variable rate | 150% | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component One | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Minimum | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | Variable Rate Component Two | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||
Line of Credit | Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 400,000,000 | |||||||
Debt instrument, term | 364 days | |||||||
Debt instrument, maximum borrowing capacity | $ 400,000,000 | |||||||
Line of Credit | Minimum | Base Rate | Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||
Line of Credit | Maximum | Base Rate | Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
Line of Credit | Three year term loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||
Line of credit facility, expiration period | 3 years | |||||||
Repayments of Debt | $ 50,600,000 | |||||||
Standby Letters of Credit | Letter of Credit Reimbursement Agreement | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of Credit Outstanding, Amount | $ 24,400,000 | $ 9,900,000 |
Financing (Capitalization Of Lo
Financing (Capitalization Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Debt Disclosure [Abstract] | ||||
Total debt | $ 248.5 | |||
Equity | 1,360.3 | $ 1,904 | $ 1,835.1 | $ 1,531.1 |
Capitalization | $ 1,608.8 | |||
Total indebtedness to capitalization | 0.154 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Derivative, notional amount | $ 11.3 | $ 4.1 |
Derivative receivable | 0.1 | 0.1 |
Derivative liability | $ 0.1 | $ 0 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 employee | Dec. 31, 2019 property employee | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges (gains), net | $ 0.6 | $ 4.2 | $ (13.2) | ||
2022 Repositioning | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Workforce reductions, number of employees | employee | 160 | ||||
Restructuring and related cost, number of positions eliminated, period percent | 2% | ||||
Total restructuring charges (gains), net | 0.6 | 8.2 | 0 | ||
2019 Repositioning | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Workforce reductions, number of employees | employee | 180 | ||||
Restructuring and related cost, number of positions eliminated, period percent | 2% | ||||
Total restructuring charges (gains), net | $ 0 | $ (4) | $ 0.1 | ||
Number of manufacturing operations | property | 2 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | $ 0.6 | $ 4.2 | $ (13.2) |
Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 1.5 | 0 |
Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0.9 | 2.3 | (13.2) |
Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | $ (0.3) | $ 0.4 | $ 0 |
Restructuring (Summary of Restr
Restructuring (Summary of Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | $ 0.6 | $ 4.2 | $ (13.2) |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.4) | 7 | (0.4) |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 1 | (2.8) | (12.8) |
Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 1.5 | 0 |
Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0.9 | 2.3 | (13.2) |
Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.3) | 0.4 | 0 |
2022 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0.6 | 8.2 | 0 |
2022 Repositioning | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.4) | 8.2 | 0 |
2022 Repositioning | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 1 | 0 | 0 |
2022 Repositioning | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 1.5 | 0 |
2022 Repositioning | Aerospace & Electronics | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 1.5 | 0 |
2022 Repositioning | Aerospace & Electronics | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | 0 |
2022 Repositioning | Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0.9 | 6.3 | 0 |
2022 Repositioning | Process Flow Technologies | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.1) | 6.3 | 0 |
2022 Repositioning | Process Flow Technologies | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 1 | 0 | 0 |
2022 Repositioning | Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.3) | 0.4 | 0 |
2022 Repositioning | Engineered Materials | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | (0.3) | 0.4 | 0 |
2022 Repositioning | Engineered Materials | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | 0 |
2020 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.1) |
2020 Repositioning | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.1) |
2020 Repositioning | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | 0 |
2020 Repositioning | Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.1) |
2020 Repositioning | Process Flow Technologies | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.1) |
2020 Repositioning | Process Flow Technologies | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | 0 |
2019 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (4) | 0.1 |
2019 Repositioning | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (1.2) | 0.1 |
2019 Repositioning | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (2.8) | 0 |
2019 Repositioning | Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (4) | 0.1 |
2019 Repositioning | Process Flow Technologies | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (1.2) | 0.1 |
2019 Repositioning | Process Flow Technologies | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | (2.8) | 0 |
2017 Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (13.2) |
2017 Repositioning | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.4) |
2017 Repositioning | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (12.8) |
2017 Repositioning | Process Flow Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (13.2) |
2017 Repositioning | Process Flow Technologies | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | 0 | 0 | (0.4) |
2017 Repositioning | Process Flow Technologies | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges (gains), net | $ 0 | $ 0 | $ (12.8) |
Restructuring (Cumulative Restr
Restructuring (Cumulative Restructuring and Remaining Costs) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | $ 8.8 |
2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 12.1 |
Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 7.8 |
Severance | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 14.9 |
Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 1 |
Other | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | (2.8) |
Aerospace & Electronics | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 1.5 |
Aerospace & Electronics | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 1.5 |
Aerospace & Electronics | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 0 |
Process Flow Technologies | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 7.2 |
Process Flow Technologies | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 12.1 |
Process Flow Technologies | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 6.2 |
Process Flow Technologies | Severance | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 14.9 |
Process Flow Technologies | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 1 |
Process Flow Technologies | Other | 2019 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | (2.8) |
Engineered Materials | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 0.1 |
Engineered Materials | Severance | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | 0.1 |
Engineered Materials | Other | 2022 Repositioning | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative Restructuring Costs | $ 0 |
Restructuring (Restructuring Li
Restructuring (Restructuring Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Liability [Roll Forward] | |||
Beginning balance | $ 10.6 | ||
Charges (Gain) | 0.6 | $ 4.2 | $ (13.2) |
Utilization | (6.5) | ||
Ending balance | 4.7 | 10.6 | |
2022 Repositioning | |||
Restructuring Liability [Roll Forward] | |||
Beginning balance | 8.2 | ||
Charges (Gain) | 0.6 | 8.2 | 0 |
Utilization | (4.3) | ||
Ending balance | 4.5 | 8.2 | |
2019 Repositioning | |||
Restructuring Liability [Roll Forward] | |||
Beginning balance | 2.4 | ||
Charges (Gain) | 0 | (4) | $ 0.1 |
Utilization | (2.2) | ||
Ending balance | $ 0.2 | $ 2.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Vian - Subsequent Event $ in Millions | Jan. 02, 2024 USD ($) |
Subsequent Event [Line Items] | |
Acquisition consideration | $ 103 |
Potential additional payments for acquisition | 7.5 |
Revolving Credit Facility | Five Year Term Loan Facility | Line of Credit | |
Subsequent Event [Line Items] | |
Proceeds from revolving credit facility to fund acquisition | $ 100 |