Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | CR |
Entity Registrant Name | Crane Co /DE/ |
Entity Central Index Key | 0000025445 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 59,888,100 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 831.7 | $ 799.1 |
Operating costs and expenses: | ||
Cost of sales | 526.6 | 521.2 |
Selling, general and administrative | 187.4 | 177.6 |
Acquisition-related and integration charges | 1.1 | 5.2 |
Restructuring charges | 2.9 | 0.8 |
Operating profit | 113.7 | 94.3 |
Other income (expense): | ||
Interest income | 0.6 | 0.8 |
Interest expense | (11.9) | (14.6) |
Miscellaneous income | 2 | 3.9 |
Nonoperating income (expense), total | (9.3) | (9.9) |
Income before income taxes | 104.4 | 84.4 |
Provision for income taxes | 21.9 | 15.7 |
Net income before allocation to noncontrolling interests | 82.5 | 68.7 |
Less: Noncontrolling interest in subsidiaries' earnings | 0.1 | 0 |
Net income attributable to common shareholders | $ 82.4 | $ 68.7 |
Earnings per share - basic: (a) | ||
Net income attributable to common shareholders | $ 1.38 | $ 1.15 |
Earnings per share - diluted: (a) | ||
Net income attributable to common shareholders | $ 1.36 | $ 1.13 |
Average basic shares outstanding | 59.8 | 59.7 |
Average diluted shares outstanding | 60.7 | 61 |
Dividends per share (in dollars per share) | $ 0.39 | $ 0.35 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income before allocation to noncontrolling interests | $ 82.5 | $ 68.7 |
Currency translation adjustment | (0.9) | 25.4 |
Currency translation adjustment | (0.8) | 25.4 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax benefit | 2.9 | 9.6 |
Other comprehensive income (loss) | 2.1 | 35 |
Comprehensive income before allocation to noncontrolling interests | 84.6 | 103.7 |
Less: Noncontrolling interests in comprehensive income (loss) | (0.6) | 0 |
Comprehensive income attributable to common shareholders | $ 85.2 | $ 103.7 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 256.8 | $ 343.4 |
Accounts receivable, net | 573.8 | 515.8 |
Current insurance receivable - asbestos | 16 | 16 |
Inventories, net: | ||
Finished goods | 140.6 | 116.2 |
Inventory, Parts and Components, Net of Reserves | 43 | 45.9 |
Work in process | 60.8 | 55.4 |
Raw materials | 196.2 | 194 |
Inventories, net | 440.6 | 411.5 |
Other current assets | 84.1 | 76.2 |
Total current assets | 1,371.3 | 1,362.9 |
Property, plant and equipment: | ||
Cost | 1,194.3 | 1,185.6 |
Less: accumulated depreciation | 598.5 | 586.5 |
Property, plant and equipment, net | 595.8 | 599.1 |
Long-term insurance receivable - asbestos | 71.9 | 75 |
Long-term deferred tax assets | 1.4 | 18.8 |
Other assets | 219.3 | 101.4 |
Intangible assets, net | 471 | 481.8 |
Goodwill | 1,411.6 | 1,403.7 |
Total assets | 4,142.3 | 4,042.7 |
Current liabilities: | ||
Short-term borrowings and current maturities of long-term debt | 63.1 | 6.9 |
Accounts payable | 263.2 | 329.2 |
Current asbestos liability | 66 | 66 |
Accrued liabilities | 310.3 | 337.1 |
U.S. and foreign taxes on income | 1.1 | 1 |
Total current liabilities | 703.7 | 740.2 |
Long-term debt | 940.2 | 942.3 |
Accrued pension and postretirement benefits | 234.4 | 244 |
Long-term deferred tax liability | 53.7 | 53.2 |
Long-term asbestos liability | 438.5 | 451.3 |
Other liabilities | 178.8 | 84.6 |
Total liabilities | 2,549.3 | 2,515.6 |
Commitments and contingencies (Note 8) | ||
Equity: | ||
Preferred shares, par value $.01; 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $1.00; 200,000,000 shares authorized, 72,426,139 shares issued | 72.4 | 72.4 |
Capital surplus | 299.2 | 303.5 |
Retained earnings | 2,131.1 | 2,072.1 |
Accumulated other comprehensive loss | (445.5) | (447.6) |
Treasury stock | (466.6) | (476.2) |
Total shareholders' equity | 1,590.6 | 1,524.2 |
Noncontrolling interests | 2.4 | 2.9 |
Total equity | 1,593 | 1,527.1 |
Total liabilities and equity | $ 4,142.3 | $ 4,042.7 |
Common stock issued | 72,426,139 | 72,426,139 |
Less: Common stock held in treasury | (12,538,039) | (12,917,713) |
Common stock outstanding | 59,888,100 | 59,508,426 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000,000 | 200,000,000,000 |
Common stock, shares issued | 72,426,139 | 72,426,139 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2016 | |
Statement of Cash Flows [Abstract] | |||
Proceeds received from issuance of long-term debt | $ 3 | $ 550 | |
Proceeds from Short-term Debt | 0 | 100 | |
Proceeds from (Repayments of) Commercial Paper | 55.5 | 272.7 | |
Repayment of long-term debt | (1.4) | (250) | |
Repayments of Short-term Debt | 0 | (100) | |
Acquisition-related and integration charges | 1.1 | 5.2 | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (672.3) | |
Operating activities: | |||
Net income attributable to common shareholders | 82.4 | 68.7 | |
Noncontrolling interests in subsidiaries' earnings | (0.1) | 0 | |
Net income before allocation to noncontrolling interests | 82.5 | 68.7 | |
Loss on deconsolidation of joint venture | 1.2 | $ 0 | |
Depreciation and amortization | 27.7 | 27.9 | |
Stock-based compensation expense | 5.5 | 5.6 | |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (2) | (3.9) | |
Deferred income taxes | 5.4 | 12.7 | |
Cash used for working capital | 203.4 | 29.5 | |
Defined benefit plans and postretirement contributions | (4.3) | (4.5) | |
Payments for Environmental Liabilities | (1.6) | (2.3) | |
Payments for asbestos-related fees and costs, net of insurance recoveries | 9.7 | 2.9 | |
Other | (1.7) | 2.4 | |
Total provided by operating activities | (100.4) | 74.2 | |
Investing activities: | |||
Capital expenditures | (19.8) | (27.5) | |
Proceeds from disposition of capital assets | 0 | 0.3 | |
Impact of deconsolidation of joint venture | (0.2) | 0 | |
Total used for investing activities | (20) | (699.5) | |
Financing activities: | |||
Dividends paid | (23.4) | (20.9) | |
Stock options exercised - net of shares reacquired | (0.4) | 4.5 | |
Proceeds received from credit facility | 0 | (5.4) | |
Total provided by financing activities | 33.3 | 550.9 | |
Effect of exchange rates on cash and cash equivalents | 0.5 | 10.5 | |
Increase (Decrease) in cash and cash equivalents | (86.6) | (63.9) | |
Cash and cash equivalents at beginning of period | 343.4 | 706.2 | |
Cash and cash equivalents at end of period | 256.8 | 642.3 | |
Detail of cash used for working capital: | |||
Accounts receivable | (65.4) | 50.1 | |
Inventories | (29.9) | (12.6) | |
Other current assets | (7.6) | (3.9) | |
Accounts payable | (65.9) | (53.6) | |
Accrued liabilities | (45.6) | (6.8) | |
U.S. and foreign taxes on income | 11 | (2.7) | |
Total | (203.4) | (29.5) | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 9.1 | 4.4 | |
Income taxes paid | $ 5.5 | $ 5.6 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018 . Recent Accounting Pronouncements - Not Yet Adopted Disclosure Requirements for Defined Benefit Plans In August 2018, the Financial Accounting Standards Board (“FASB”) issued amended guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amended guidance removes the requirements to disclose: amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year; the amount and timing of plan assets expected to be returned to the entity; and the effects of a one-percentage point change in assumed health care cost trend rates. The amended guidance requires disclosure of an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This guidance is effective for fiscal years ending after December 15, 2020, with early adoption 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued amended guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. This amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. We do not expect that the amended guidance will have a material effect on our consolidated financial statements and related disclosures. Recent Accounting Pronouncements - Adopted Leases In February 2016, the FASB issued amended guidance on accounting for leases. The amended guidance requires the recognition of a right-of-use asset and a lease liability for all leases by lessees with the exception of leases with an initial term of twelve months or less and amends disclosure requirements associated with leasing arrangements. On January 1, 2019, we adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“the new standard” or “ASC 842”) using the modified retrospective method. Under this method, we elected to apply the new standard as of the application date. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts continue to be reported under ASC 840, “Leases”. We elected to apply the package of practical expedients permitted within the new standard, which among other things, allows us to carryforward the historical lease classification. No other transition practical expedients were elected. We implemented a new system, processes, and controls to enable the preparation of financial information upon adoption. The adoption of the new standard primarily impacted our accounting for operating leases which resulted in the recognition of right-of-use assets and corresponding lease liabilities. The accounting for finance leases did not substantially change under the new standard and we do not have significant finance leases. Upon adoption, we established a right-of-use asset of $109.1 million (included in Other assets) and a lease liability of $110.4 million (included in Accrued Liabilities and Other liabilities) at January 1, 2019. The adoption did not result in a cumulative-effect adjustment to retained earnings. The new standard did not impact our consolidated statements of operations or consolidated statements of cash flows. |
Segment Results
Segment Results | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Results | Segment Results Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reportable segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs. A brief description of each of our segments are as follows: Fluid Handling The Fluid Handling segment is a provider of highly engineered fluid handling equipment for critical performance applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Other Products. 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. Other Products include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Payment & Merchandising Technologies The Payment & Merchandising Technologies segment consists of Crane Payment Innovations ("CPI"), Crane Merchandising Systems ("CMS") and Crane Currency. CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, including coin accepters and dispensers, coin hoppers, coin recyclers, bill validators and bill recyclers. CMS provides merchandising equipment, including include food, snack and beverage vending machines and vending machine software and online solutions. Crane Currency is a supplier of banknotes and highly engineered banknote security features. Aerospace & Electronics Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace and military aerospace and defense markets. Engineered Materials 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). For the three months ended March 31, 2019, operating profit includes acquisition-related and integration charges and restructuring charges. For the three months ended March 31, 2018, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization and restructuring charges. See Note 4, “Acquisitions” for discussion of the acquisition-related costs. See Note 15, “Restructuring” for discussion of the restructuring charges. Three Months Ended March 31, (in millions) 2019 2018 Net sales Fluid Handling $ 273.7 $ 266.6 Payment & Merchandising Technologies 303.8 292.4 Aerospace & Electronics 194.6 170.4 Engineered Materials 59.6 69.7 Total $ 831.7 $ 799.1 Operating profit (loss) Fluid Handling $ 34.1 $ 28.1 Payment & Merchandising Technologies 43.2 36.5 Aerospace & Electronics 44.8 34.2 Engineered Materials 9.4 12.4 Corporate (17.8 ) (16.9 ) Total 113.7 94.3 Interest income 0.6 0.8 Interest expense (11.9 ) (14.6 ) Miscellaneous income 2.0 3.9 Income before income taxes $ 104.4 $ 84.4 (in millions) March 31, 2019 December 31, 2018 Assets Fluid Handling $ 936.9 $ 878.2 Payment & Merchandising Technologies 2,133.2 2,074.4 Aerospace & Electronics 632.7 603.9 Engineered Materials 232.2 222.1 Corporate 207.3 264.1 Total $ 4,142.3 $ 4,042.7 (in millions) March 31, 2019 December 31, 2018 Goodwill Fluid Handling $ 240.2 $ 240.8 Payment & Merchandising Technologies 797.7 789.2 Aerospace & Electronics 202.4 202.4 Engineered Materials 171.3 171.3 Total $ 1,411.6 $ 1,403.7 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2019 2018 Fluid Handling Process Valves and Related Products $ 168.0 $ 165.0 Commercial Valves 80.8 80.5 Other Products 24.9 21.1 Total Fluid Handling $ 273.7 $ 266.6 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 158.8 $ 145.4 Banknotes and Security Products 98.6 99.8 Merchandising Equipment 46.4 47.2 Total Payment & Merchandising Technologies $ 303.8 $ 292.4 Aerospace & Electronics Commercial Original Equipment $ 90.3 $ 84.7 Military and Other Original Equipment 51.5 42.1 Commercial Aftermarket Products 38.2 32.6 Military Aftermarket Products 14.6 11.0 Total Aerospace & Electronics $ 194.6 $ 170.4 Engineered Materials FRP - Recreational Vehicles $ 26.6 $ 37.4 FRP - Building Products 23.6 23.8 FRP - Transportation 9.4 8.5 Total Engineered Materials $ 59.6 $ 69.7 Total net sales $ 831.7 $ 799.1 Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2019, backlog was $1,106.5 million . We expect to recognize approximately 87% of our remaining performance obligations as revenue in 2019, an additional 10% by 2020 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2019 December 31, 2018 Contract assets $ 58.9 $ 54.9 Contract liabilities $ 40.8 $ 50.8 Revenue recognized in the three-month periods ended March 31, 2019 and 2018, that was included in the contract liability balance at the beginning of each year was $16.7 million and $10.8 million , respectively. |
Acquisitions (Notes)
Acquisitions (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, we are able to refine estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. Crane Currency Acquisition On January 10, 2018, we completed the acquisition of Crane & Co., Inc. (“Crane Currency”). The base purchase price of the acquisition was $800 million on a cash-free, debt-free basis, subject to a later adjustment reflecting Crane Currency’s net working capital, cash, the assumption of certain debt-like items, and Crane Currency’s transaction expenses. The amount paid, net of cash acquired, was $672.3 million . In July 2018, we received $24.3 million related to the final working capital adjustment of the Crane Currency acquisition, resulting in net cash paid of $648.0 million . To finance the acquisition, we issued commercial paper under our commercial paper program and utilized proceeds from term loans that we issued at the closing of the acquisition, as well as available cash on hand. At the closing, the transitory subsidiary of Crane Co. merged with and into Crane Currency, with Crane Currency surviving as a wholly owned subsidiary of Crane Co. Crane Currency is a supplier of banknotes and highly engineered banknote security features which complement the existing portfolio of currency and payment products within the Payment & Merchandising Technologies segment. As such, Crane Currency was integrated into our Payment & Merchandising Technologies segment. The amount allocated to goodwill reflects the benefits we expect to realize from the acquisition, as the acquisition is expected to strengthen and broaden our product offering within the currency and payment markets. Goodwill from this acquisition is not deductible for tax purposes. Crane Currency’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on January 10, 2018. The pro forma impact for the stub period (January 1, 2018 through January 9, 2018) is not material. Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of Crane Currency. The fair value of certain assets and liabilities has been completed as required by ASC 805. Net assets acquired (in millions) Total current assets $ 199.6 Property, plant and equipment 298.0 Other assets 5.3 Intangible assets 252.8 Goodwill 217.1 Total assets acquired $ 972.8 Total current liabilities $ 107.2 Long-term debt 97.3 Other liabilities 120.3 Total assumed liabilities $ 324.8 Net assets acquired $ 648.0 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 Trademarks/trade names $ 42.0 indefinite Customer relationships 135.8 23.1 Product technology 74.0 8.4 Backlog 1.0 1.0 Total acquired intangible assets $ 252.8 In order to allocate the consideration transferred for Crane Currency, the fair values of all identifiable assets and liabilities must be established. For accounting and financial reporting purposes, fair value is defined under ASC Topic 820, “Fair Value Measurement and Disclosure” as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results. The fair values of the trademark and 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 Crane Currency’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the firm’s ownership. The trademark and trade names, Crane Currency and Crane are assigned an indefinite life and therefore will not be amortized. The fair values of the product technology intangible assets were also determined by the relief-from-royalty approach. Similarly, 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 the technology. Therefore, a portion of Crane Currency’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the firm’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 7 to 11 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 a “wasting” asset and 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 is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 18 to 24 years. Acquisition-Related Costs Acquisition-related costs are being expensed as incurred. For the three months ended March 31, 2019 and 2018, we recorded $1.1 million and $5.2 million , respectively, of integration and transaction costs in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2018, we also recorded $6.6 million of inventory step-up and backlog amortization within “Cost of sales” in our Condensed Consolidated Statements of Operations. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period. Three Months Ended March 31, (in millions, except per share data) 2019 2018 Net income attributable to common shareholders $ 82.4 $ 68.7 Average basic shares outstanding 59.8 59.7 Effect of dilutive stock options 0.9 1.3 Average diluted shares outstanding 60.7 61.0 Earnings per basic share $ 1.38 $ 1.15 Earnings per diluted share $ 1.36 $ 1.13 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. For the three-month periods ended March 31, 2019 and 2018, the number of stock options excluded from the computation was 1.2 million and 0.3 million , respectively. |
Changes in Equity and Comprehen
Changes in Equity and Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Changes in Equity and Comprehensive Income | Changes in Equity and Accumulated Other Comprehensive Loss A summary of changes in equity for the three months ended March 31, 2019 and 2018 is provided below: (in millions, except share data) Common Capital Retained Accumulated Treasury Total Noncontrolling Total BALANCE DECEMBER 31, 2017 72.4 $ 291.7 $ 1,813.3 $ (380.1 ) $ (452.1 ) $ 1,345.2 $ 3.3 $ 1,348.5 Net income — — 68.7 — — 68.7 — 68.7 Cash dividends ($0.35 per share) — — (20.9 ) — — (20.9 ) — (20.9 ) Cumulative effect of adoption ASC 606 6.7 6.7 6.7 Impact from settlement of share-based awards, net of shares acquired — (9.7 ) — — 14.2 4.5 — 4.5 Stock-based compensation expense — 5.6 — — — 5.6 — 5.6 Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 9.6 — 9.6 — 9.6 Currency translation adjustment — — — 25.4 — 25.4 — 25.4 BALANCE MARCH 31, 2018 72.4 $ 287.6 $ 1,867.8 $ (345.1 ) $ (437.9 ) $ 1,444.8 $ 3.3 $ 1,448.1 BALANCE DECEMBER 31, 2018 72.4 $ 303.5 $ 2,072.1 $ (447.6 ) $ (476.2 ) $ 1,524.2 $ 2.9 $ 1,527.1 Net income — — 82.4 — — 82.4 0.1 82.5 Cash dividends ($0.39 per share) — — (23.4 ) — — (23.4 ) — (23.4 ) Impact from settlement of share-based awards, net of shares acquired — (9.8 ) — — 9.6 (0.2 ) (0.2 ) Stock-based compensation expense — 5.5 — — — 5.5 — 5.5 Deconsolidation of a joint venture — — — — — — (0.5 ) (0.5 ) Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.9 — 2.9 — 2.9 Currency translation adjustment — — — (0.8 ) — (0.8 ) (0.1 ) (0.9 ) BALANCE MARCH 31, 2019 72.4 $ 299.2 $ 2,131.1 $ (445.5 ) $ (466.6 ) $ 1,590.6 $ 2.4 $ 1,593.0 The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2018 $ (318.3 ) $ (129.3 ) $ (447.6 ) Other comprehensive income (loss) before reclassifications 0.7 (0.8 ) (0.1 ) Amounts reclassified from accumulated other comprehensive loss 2.2 — 2.2 Net current-period other comprehensive income (loss) 2.9 (0.8 ) 2.1 Balance as of March 31, 2019 $ (315.4 ) $ (130.1 ) $ (445.5 ) * Net of tax benefit of $123.0 million and $122.2 million as of March 31, 2019 and December 31, 2018 , respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-month periods ended March 31, 2019 and 2018. Amortization of pension and postretirement components have been recorded within “Miscellaneous income” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2019 2018 Amortization of pension items: Prior-service costs $ (0.2 ) $ (0.1 ) Net loss 3.3 3.6 Amortization of postretirement items: Net gain (0.1 ) (0.3 ) Total before tax $ 3.0 $ 3.2 Tax impact 0.8 0.6 Total reclassifications for the period $ 2.2 $ 2.6 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | and Postretirement Benefits For all plans, the components of net periodic (benefit) cost for the three months ended March 31, 2019 and 2018 are as follows: Pension Postretirement SERP (in millions) 2019 2018 2019 2018 2019 2018 Service cost $ 1.3 $ 1.5 $ — $ 0.1 $ — $ — Interest cost 7.7 7.5 0.1 0.3 0.1 0.1 Expected return on plan assets (14.1 ) (16.4 ) — — — — Amortization of prior service cost (0.2 ) (0.1 ) — — — — Amortization of net loss (gain) 3.3 3.6 (0.1 ) (0.3 ) — — Net periodic (benefit) cost $ (2.0 ) $ (3.9 ) $ — $ 0.1 $ 0.1 $ 0.1 Effective January 1, 2018, the components of net periodic (benefit) cost other than the service cost component are included in “Miscellaneous income” in our Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Condensed Consolidated Statements of Operations. We expect, based on current actuarial calculations, to contribute the following to our pension plans, postretirement plans and Supplemental Executive Retirement Plan (“SERP”): (in millions) Pension Postretirement SERP Expected contributions in 2019 $ 3.1 $ 0.7 $ 2.2 Amounts contributed during the three months ended March 31, 2019 $ 1.4 $ 0.8 $ 2.1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. Our effective tax rates are as follows: Three Months Ended March 31, 2019 2018 Effective Tax Rate 21.0% 18.6% Our tax rate for the three months ended March 31, 2019 is higher than the prior year’s comparable period primarily due to lower share-based compensation benefits and tax credit utilization, partially offset by lower U.S. taxation of non-U.S. earnings. Unrecognized Tax Benefits During the three months ended March 31, 2019, our gross unrecognized tax benefits, excluding interest and penalties, increased by $1.3 million primarily as a result of tax positions taken in both the current and prior periods. During the three months ended March 31, 2019, the total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate increased by $1.6 million . The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. During the three months ended March 31, 2019, we recognized $0.6 million of interest and penalty expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations. At March 31, 2019 and December 31, 2018, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $7.8 million and $7.2 million , respectively. During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $8.3 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
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. As renewal options are typically priced at fair market value, we generally determine it is not reasonably certain to exercise 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 third quarter of 2017, we entered into a seven-year lease for a used airplane which includes a maximum residual value guarantee of $11.1 million if the fair value of the airplane is less than $14.4 million at the end of the lease term. 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 into any other leases where a residual value guarantee is provided to the lessor. We do not enter into 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 Condensed Consolidated Balance Sheet include the following related to leases: (in millions) Classification March 31, 2019 Assets Operating right-of-use assets Other assets $ 112.7 Liabilities Current lease liabilities Accrued liabilities $ 20.0 Long-term lease liabilities Other liabilities 94.6 Total lease liabilities $ 114.6 The components of lease cost were as follows: (in millions) Three Months Ended March 31, 2019 Operating lease cost $ 7.4 Variable lease cost $ 1.5 Other information related to leases was as follows: (dollars in millions) March 31, 2019 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 6.4 Right-of-use assets obtained in exchange for new operating lease liabilities $ 9.4 Weighted-average remaining lease term - operating leases 10.25 Weighted-average discount rate - operating leases 4.03 % Future minimum operating lease payments were as follows: (in millions) March 31, 2019 Remainder of 2019 $ 17.7 2020 21.3 2021 18.5 2022 15.9 2023 13.7 2024 11.4 Thereafter 53.4 Total future minimum operating lease payments $ 151.9 Imputed interest 37.3 Present value of lease liabilities reported $ 114.6 Future minimum operating lease payments for leases with initial or remaining terms of one year or more consisted of the following as of December 31, 2018 under ASC 840, the predecessor to ASC 842. (in millions) December 31, 2018 2019 $ 23.4 2020 19.6 2021 17.0 2022 14.2 2023 12.4 Thereafter 60.7 Total minimum lease payments $ 147.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2019, we had eight reporting units. When performing our annual impairment assessment, we compared the fair value of each of our reporting units to its 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 10.0% and 13.0% (a weighted average of 10.9% ), 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 its 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. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2018, we applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in the fair value calculation exceeding the carrying value for each reporting unit. Changes to goodwill are as follows: (in millions) Fluid Handling Payment & Merchandising Technologies Aerospace & Electronics Engineered Materials Total Balance as of December 31, 2017 $ 245.4 $ 587.7 $ 202.4 $ 171.4 $ 1,206.9 Additions — 208.4 — — 208.4 Currency translation (4.6 ) (6.9 ) — (0.1 ) (11.6 ) Balance at December 31, 2018 $ 240.8 $ 789.2 $ 202.4 $ 171.3 $ 1,403.7 Additions — 8.7 — — 8.7 Currency translation (0.6 ) (0.2 ) — — (0.8 ) March 31, 2019 $ 240.2 $ 797.7 $ 202.4 $ 171.3 $ 1,411.6 For the three months ended March 31, 2019 and for the year ended December 31, 2018, additions to goodwill represent the purchase price allocation related to the January 2018 acquisition of Crane Currency. See discussion in Note 4, “Acquisitions” for further details. As of March 31, 2019 , we had $471.0 million of net intangible assets, of which $69.8 million were intangibles with indefinite useful lives, consisting of trade names. 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. In addition to annual testing for impairment of indefinite-lived intangible assets, we review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. 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 definite-lived intangible 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 and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are 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 our best estimates based on current and forecasted market conditions, and the profit margin assumptions are 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’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the definite-lived intangible asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that we make which impact these assessments relate to the expected useful lives of definite-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 definite-lived intangible assets, there is risk that the carrying value of our definite-lived intangible assets may require adjustment in future periods. Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level. We believe there have been no events or circumstances which would more likely than not reduce the fair value of our indefinite-lived or definite-lived intangible assets below their carrying value. Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2018 Balance at beginning of period, net of accumulated amortization $ 481.8 $ 276.8 Additions — 252.8 Amortization expense (10.3 ) (44.5 ) Currency translation and other (0.5 ) (3.3 ) Balance at end of period, net of accumulated amortization $ 471.0 $ 481.8 For the year ended December 31, 2018, additions to intangible assets represent the purchase price allocation related to the January 2018 acquisition of Crane Currency. See discussion in Note 4, “Acquisitions” for further details. A summary of intangible assets follows: Weighted Average Amortization Period of Finite Lived Assets (in years) March 31, 2019 December 31, 2018 (in millions) Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 17.3 $ 130.7 $ 55.9 $ 74.8 $ 130.7 $ 55.6 $ 75.1 Customer relationships and backlog 18.4 546.7 218.2 328.5 546.8 210.7 336.1 Drawings 37.9 11.1 10.5 0.6 11.1 10.5 0.6 Other 10.2 135.1 68.0 67.1 135.0 65.0 70.0 Total 17.7 $ 823.6 $ 352.6 $ 471.0 $ 823.6 $ 341.8 $ 481.8 Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2019 $ 31.1 2020 40.8 2021 34.5 2022 34.3 2023 and thereafter 260.5 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | Accrued Liabilities Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 89.5 $ 124.7 Warranty 16.8 18.2 Contract liabilities 40.8 50.8 Other 163.2 143.4 Total $ 310.3 $ 337.1 We accrue warranty liabilities when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Warranty provision is included within “Cost of sales” in our Condensed Consolidated Statements of Operations. A summary of the warranty liabilities is as follows: (in millions) Three Months Ended March 31, 2019 Year Ended December 31, 2018 Balance at beginning of period $ 18.2 $ 14.6 Expense 2.2 14.6 Changes due to acquisitions — 1.1 Payments / deductions (3.5 ) (12.0 ) Currency translation (0.1 ) (0.1 ) Balance at end of period $ 16.8 $ 18.2 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos Liability Information Regarding Claims and Costs in the Tort System As of March 31, 2019 , we were a defendant in cases filed in numerous state and federal courts alleging injury or death as a result of exposure to asbestos. Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended Year Ended March 31, December 31, 2019 2018 2018 Beginning claims 29,089 32,234 32,234 New claims 675 608 2,434 Settlements (408 ) (273 ) (1,011 ) Dismissals (858 ) (1,579 ) (4,568 ) Ending claims 28,498 30,990 29,089 Of the 28,498 pending claims as of March 31, 2019, approximately 18,000 claims were pending in New York, approximately 100 claims were pending in Texas, approximately 300 claims were pending in Mississippi, and approximately 200 claims were pending in Ohio, all jurisdictions in which legislation or judicial orders restrict the types of claims that can proceed to trial on the merits. We have tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court. We further have pursued appeals of certain adverse jury verdicts that have resulted in reversals in favor of the defense. On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found us responsible for a 1/11th share of a $14.5 million verdict in the James Nelson claim. On February 23, 2011, the court entered judgment on the verdict in the amount of $4.0 million , jointly, against us and two other defendants, with additional interest in the amount of $0.01 million being assessed against us, only. All defendants, including us, and the plaintiffs took timely appeals of certain aspects of those judgments. On September 5, 2013, a panel of the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs requested a rehearing in the Superior Court and by order dated November 18, 2013, the Superior Court vacated the panel opinion, and granted en banc reargument. On December 23, 2014, the Superior Court issued a second opinion reversing the jury verdict. Plaintiffs sought leave to appeal to the Pennsylvania Supreme Court, which defendants opposed. By order dated June 21, 2017, the Supreme Court of Pennsylvania denied plaintiffs’ petition for leave to appeal. The case was set for a new trial in April 2018. We settled the matter. The settlement was reflected in the second quarter 2018 indemnity amount. On February 25, 2013, a Philadelphia, Pennsylvania, state court jury found us responsible for a 1/10th share of a $2.5 million verdict in the Thomas Amato claim and a 1/5th share of a $2.3 million verdict in the Frank Vinciguerra claim, which were consolidated for trial. We filed post-trial motions requesting judgments in our favor notwithstanding the jury’s verdicts or new trials, and also requesting that settlement offsets be applied to reduce the judgment in accordance with Pennsylvania law. These motions were denied. We appealed, and on April 17, 2015, a panel of the Superior Court of Pennsylvania affirmed the trial court’s ruling. The Supreme Court of Pennsylvania accepted our petition for review and heard oral arguments on September 13, 2016. On November 22, 2016, the Court dismissed our appeal as improvidently granted. We paid the Vinciguerra judgment in the amount of $0.6 million in the fourth quarter 2016. We paid the Amato judgment, with interest, in the amount of $0.3 million in the second quarter of 2017. On March 1, 2013, a New York City state court jury entered a $35 million verdict against us in the Ivo Peraica claim. We filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which we argue was excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. After the trial court remitted the verdict to $18 million , but otherwise denied our post-trial motion, judgment was entered against us in the amount of $10.6 million (including interest). We appealed. We took a separate appeal of the trial court’s denial of our summary judgment motion. The Court consolidated the appeals, which were heard in the fourth quarter of 2014. In July 2016, we supplemented our briefing based on the New York Court of Appeals Dummitt/Suttner decision. On October 6, 2016, a panel of the Appellate Division, First Department, affirmed the rulings of the trial court on liability issues but further reduced the damages award to $4.25 million , which after settlement offsets was calculated to be $1.94 million . Plaintiff had the option of accepting the reduced amount or having a new trial on damages. We filed a motion with the Appellate Division requesting a rehearing on liability issues. The motion was denied. The New York Court of Appeals also denied review. We paid the Peraica judgment in the amount of $2.7 million in the first quarter of 2017. On September 17, 2013, a Fort Lauderdale, Florida state court jury in the Richard DeLisle claim found us responsible for 16% of an $8 million verdict. The trial court denied all parties’ post-trial motions, and entered judgment against us in the amount of $1.3 million . We appealed and oral argument on the appeal took place on February 16, 2016. On September 14, 2016, a panel of the Florida Court of Appeals reversed and entered judgment in favor of us. Plaintiff filed with the Court of Appeals a motion for rehearing and/or certification of an appeal to the Florida Supreme Court, which the Court denied on November 9, 2016. Plaintiffs subsequently requested review by the Supreme Court of Florida. Plaintiffs' motion was granted on July 11, 2017. Oral argument took place on March 6, 2018. On October 15, 2018, the Supreme Court of Florida reversed and remanded with instructions to reinstate the trial court’s judgment. We paid the judgment on December 28, 2018. That payment is reflected in the fourth quarter 2018 indemnity amount. On June 16, 2014, a New York City state court jury entered a $15 million verdict against us in the Ivan Sweberg claim and a $10 million verdict against us in the Selwyn Hackshaw claim. The two claims were consolidated for trial. We filed post-trial motions seeking to overturn the verdicts, to grant new trials, or to reduce the damages, which were denied, except that the Court reduced the Sweberg award to $10 million , and reduced the Hackshaw award to $6 million . Judgments were entered in the amount of $5.3 million in Sweberg and $3.1 million in Hackshaw . We appealed. Oral argument on Sweberg took place on February 16, 2016, and oral argument on Hackshaw took place on March 9, 2016. On October 6, 2016, two panels of the Appellate Division, First Department, affirmed the rulings of the trial court on liability issues but further reduced the Sweberg damages award to $9.5 million and further reduced the Hackshaw damages award to $3 million , which after settlement offsets are calculated to be $4.73 million in Sweberg and $0 in Hackshaw . Plaintiffs were given the option of accepting the reduced awards or having new trials on damages. Plaintiffs subsequently brought an appeal in Hackshaw before the New York Court of Appeals, which the Court denied. We filed a motion with the Appellate Division requesting a rehearing on liability issues in Sweberg . That motion was denied. The New York Court of Appeals also denied review. We paid in the first quarter of 2017 the Sweberg plaintiffs $5.7 million , which was the amount owed under this judgment. No damages were owed in Hackshaw . On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered a $1.5 million verdict for compensatory damages against us. The jury also awarded exemplary damages against us in the amount of $10 million . We filed a motion seeking to reduce the verdict to account for the verdict set-offs. That motion was denied, and judgment was entered against us in the amount of $10.8 million . We initiated an appeal. Oral argument was held on December 13, 2016. In an opinion dated May 2, 2017, a Missouri Court of Appeals panel affirmed the judgment in all respects. The Court of Appeals denied our motion to transfer the case to the Supreme Court of Missouri. We sought leave to appeal before the Supreme Court of Missouri, which denied that request. The Supreme Court of the United States denied further review on March 26, 2018. We settled the matter. The settlement was reflected in the second quarter 2018 indemnity amount. On February 9, 2016, a Philadelphia, Pennsylvania, federal court jury found us responsible for a 30% share of a $1.085 million verdict in the Valent Rabovsky claim. The court ordered briefing on the amount of the judgment. We argued, among other things, that settlement offsets reduce the award to plaintiff under Pennsylvania law. A further hearing was held April 26, 2016, after which the court denied our request and entered judgment in the amount of $0.4 million . We filed post-trial motions, which were denied in two decisions issued on August 26, 2016 and September 28, 2016. We pursued an appeal to the Third Circuit Court of Appeals, which was argued on June 12, 2017. On September 27, 2017, the Court entered an order asking the Supreme Court of Pennsylvania to decide one of the issues raised in our appeal. The Supreme Court of Pennsylvania accepted the request, and we settled the matter. The settlement was reflected in the fourth quarter 2017 indemnity amount. On April 22, 2016, a Phoenix, Arizona federal court jury found us responsible for a 20% share of a $9 million verdict in the George Coulbourn claim, and further awarded exemplary damages against us in the amount of $5 million . The jury also awarded compensatory and exemplary damages against the other defendant present at trial. The court entered judgment against us in the amount of $6.8 million . We filed post-trial motions, which were denied on September 20, 2016. We pursued an appeal to the Ninth Circuit Court of Appeals which affirmed the judgment on March 29, 2018. We settled the matter. The settlement was reflected in the second quarter 2018 indemnity amount. On June 30, 2017, a New York City state court jury entered a $20 million verdict against us in the Geoffrey Anisansel claim. We settled the matter in August 2017. The settlement was reflected in the third quarter 2017 indemnity amount. Such judgment amounts were not included in our incurred costs until all available appeals are exhausted and the final payment amount is determined. The gross settlement and defense costs incurred (before insurance recoveries and tax effects) by us for the three-month periods ended March 31, 2019 and 2018 totaled $26.5 million and $14.8 million , respectively. In contrast to the recognition of settlement and defense costs, which reflect the current level of activity in the tort system, cash payments and receipts generally lag the tort system activity by several months or more, and may show some fluctuation from period to period. Cash payments of settlement amounts are not made until all releases and other required documentation are received by us, and reimbursements of both settlement amounts and defense costs by insurers may be uneven due to insurer payment practices, transitions from one insurance layer to the next excess layer and the payment terms of certain reimbursement agreements. Our total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the three-month periods ended March 31, 2019 and 2018 totaled $9.7 million and $2.9 million , respectively. Detailed below are the comparable amounts for the periods indicated. Three Months Ended Year Ended (in millions) March 31, December 31, 2019 2018 2018 Settlement / indemnity costs incurred (1) $ 21.4 $ 8.3 $ 63.0 Defense costs incurred (1) 5.1 6.5 25.8 Total costs incurred $ 26.5 $ 14.8 $ 88.8 Settlement / indemnity payments $ 8.8 $ 4.6 $ 61.5 Defense payments 4.0 5.0 26.5 Insurance receipts (3.1 ) (6.7 ) (24.1 ) Pre-tax cash payments $ 9.7 $ 2.9 $ 63.9 (1) Before insurance recoveries and tax effects. The amounts shown for settlement and defense costs incurred, and cash payments, are not necessarily indicative of future period amounts, which may be higher or lower than those reported. Cumulatively through March 31, 2019, we have resolved (by settlement or dismissal) approximately 137,000 claims. The related settlement cost incurred by us and our insurance carriers is approximately $620 million , for an average settlement cost per resolved claim of approximately $4,500 . The average settlement cost per claim resolved during the years ended December 31, 2018, 2017 and 2016 was $11,300 , $7,800 , and $3,900 , respectively. Because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. In addition to large group dismissals, the nature of the disease and corresponding settlement amounts for each claim resolved will also drive changes from period to period in the average settlement cost per claim. Accordingly, the average cost per resolved claim is not considered in our periodic review of our estimated asbestos liability. For a discussion regarding the four most significant factors affecting the liability estimate, see “Effects on the Condensed Consolidated Financial Statements”. Effects on the Condensed Consolidated Financial Statements We have retained an independent actuarial firm to assist management in estimating our asbestos liability in the tort system. The actuarial consultants review information provided by us concerning claims filed, settled and dismissed, amounts paid in settlements and relevant claim information such as the nature of the asbestos-related disease asserted by the claimant, the jurisdiction where filed and the time lag from filing to disposition of the claim. The methodology used by the actuarial consultants to project future asbestos costs is based on our recent historical experience for claims filed, settled and dismissed during a base reference period. Our experience is then compared to estimates of the number of individuals likely to develop asbestos-related diseases determined based on widely used previously conducted epidemiological studies augmented with current data inputs. Those studies were undertaken in connection with national analyses of the population of workers believed to have been exposed to asbestos. Using that information, the actuarial consultants estimate the number of future claims that would be filed against us and estimates the aggregate settlement or indemnity costs that would be incurred to resolve both pending and future claims based upon the average settlement costs by disease during the reference period. This methodology has been accepted by numerous courts. After discussions with us, the actuarial consultants augment our liability estimate for the costs of defending asbestos claims in the tort system using a forecast from us which is based upon discussions with our defense counsel. Based on this information, the actuarial consultants compile an estimate of our asbestos liability for pending and future claims using a range of reference periods based on claim experience and covering claims expected to be filed through the indicated forecast period. The most significant factors affecting the liability estimate are (1) the number of new mesothelioma claims filed against us, (2) the average settlement costs for mesothelioma claims, (3) the percentage of mesothelioma claims dismissed against us and (4) the aggregate defense costs incurred by us. These factors are interdependent, and no one factor predominates in determining the liability estimate. In our view, the forecast period used to provide the best estimate for asbestos claims and related liabilities and costs is a judgment based upon a number of trend factors, including the number and type of claims being filed each year; the jurisdictions where such claims are filed, and the effect of any legislation or judicial orders in such jurisdictions restricting the types of claims that can proceed to trial on the merits; and the likelihood of any comprehensive asbestos legislation at the federal level. In addition, the dynamics of asbestos litigation in the tort system have been significantly affected by the substantial number of companies that have filed for bankruptcy protection, thereby staying any asbestos claims against them until the conclusion of such proceedings, and the establishment of a number of post-bankruptcy trusts for asbestos claimants, which have been estimated to provide $36 billion for payments to current and future claimants. These trend factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and the related best estimate of our asbestos liability, and these effects do not move in a linear fashion but rather change over multi-year periods. Accordingly, management continues to monitor these trend factors over time and periodically assesses whether an alternative forecast period is appropriate. Each quarter, the actuarial consultants compile an update based upon our experience in claims filed, settled and dismissed as well as average settlement costs by disease category (mesothelioma, lung cancer, other cancer, and non-malignant conditions including asbestosis). In addition to this claims experience, we also consider additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. As part of this process, we also take into account trends in the tort system such as those enumerated above. Management considers all these factors in conjunction with the liability estimate of the actuarial consultants and determines whether a change in the estimate is warranted. Liability Estimate. Effective as of December 31, 2016, we extended our estimate of the asbestos liability, including the costs of settlement or indemnity payments and defense costs relating to currently pending claims and future claims projected to be filed against us through the generally accepted end point of such claims in 2059. Our previous estimate was for asbestos claims filed or projected to be filed through 2021. Our estimate of the asbestos liability for pending and future claims through 2059 is based on the projected future asbestos costs resulting from our experience using a range of reference periods for claims filed, settled and dismissed. Based on this estimate, we recorded an additional liability of $227 million as of December 31, 2016. This action was based on several factors which contribute to our ability to reasonably estimate this liability through 2059. First, the number of mesothelioma claims (which, although constituting approximately 10% of our total pending asbestos claims, have consistently accounted for approximately 90% of our aggregate settlement and defense costs) being filed against us and associated settlement costs have stabilized. Second, there have been generally favorable developments in the trend of case law, which has been a contributing factor in stabilizing the asbestos claims activity and related settlement costs. Third, there have been significant actions taken by certain state legislatures and courts that have reduced the number and types of claims that can proceed to trial, which has been a significant factor in stabilizing the asbestos claims activity. Fourth, recent court decisions in certain jurisdictions have provided additional clarity regarding the nature of claims that may proceed to trial in those jurisdictions and greater predictability regarding future claim activity. Fifth, we have coverage-in-place agreements with almost all of our excess insurers, which enables us to project a stable relationship between settlement and defense costs paid by us and reimbursements from our insurers. Sixth, annual settlements with respect to groups of cases with certain plaintiff firms have helped to stabilize indemnity payments and defense costs. Taking these factors into account, we believe that we can reasonably estimate the asbestos liability for pending claims and future claims to be filed through 2059. Management has made its best estimate of the costs through 2059. Through March 31, 2019, our actual experience during the updated reference period for mesothelioma claims filed and dismissed generally approximated the assumptions in our liability estimate. In addition to this claims experience, we considered additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. Based on this evaluation, we determined that no change in the estimate was warranted for the period ended March 31, 2019. A liability of $696 million was recorded as of December 31, 2016 to cover the estimated cost of asbestos claims now pending or subsequently asserted through 2059, of which approximately 80% is attributable to settlement and defense costs for future claims projected to be filed through 2059. The liability is reduced when cash payments are made in respect of settled claims and defense costs. The liability was $504 million as of March 31, 2019. It is not possible to forecast when cash payments related to the asbestos liability will be fully expended; however, it is expected such cash payments will continue for a number of years past 2059, due to the significant proportion of future claims included in the estimated asbestos liability and the lag time between the date a claim is filed and when it is resolved. None of these estimated costs have been discounted to present value due to the inability to reliably forecast the timing of payments. The current portion of the total estimated liability at March 31, 2019 was $66 million and represents our best estimate of total asbestos costs expected to be paid during the twelve-month period. Such amount is based upon the actuarial model together with our prior year payment experience for both settlement and defense costs. Insurance Coverage and Receivables. Prior to 2005, a significant portion of our settlement and defense costs were paid by our primary insurers. With the exhaustion of that primary coverage, we began negotiations with our excess insurers to reimburse us for a portion of our settlement and/or defense costs as incurred. To date, we have entered into agreements providing for such reimbursements, known as “coverage-in-place”, with eleven of our excess insurer groups. Under such coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for our present and future asbestos claims on specified terms and conditions that address, among other things, the share of asbestos claims costs to be paid by the insurer, payment terms, claims handling procedures and the expiration of the insurer’s obligations. Similarly, under a variant of coverage-in-place, we have entered into an agreement with a group of insurers confirming the aggregate amount of available coverage under the subject policies and setting forth a schedule for future reimbursement payments to us based on aggregate indemnity and defense payments made. In addition, with ten of our excess insurer groups, we entered into agreements settling all asbestos and other coverage obligations for an agreed sum, totaling $82.5 million in aggregate. Reimbursements from insurers for past and ongoing settlement and defense costs allocable to their policies have been made in accordance with these coverage-in-place and other agreements. All of these agreements include provisions for mutual releases, indemnification of the insurer and, for coverage-in-place, claims handling procedures. With the agreements referenced above, we have concluded settlements with all but one of our solvent excess insurers whose policies are expected to respond to the aggregate costs included in the liability estimate. That insurer, which issued a single applicable policy, has been paying the shares of defense and indemnity costs we have allocated to it, subject to a reservation of rights. There are no pending legal proceedings between us and any insurer contesting our asbestos claims under our insurance policies. In conjunction with developing the aggregate liability estimate referenced above, we also developed an estimate of probable insurance recoveries for our asbestos liabilities. In developing this estimate, we considered our coverage-in-place and other settlement agreements described above, as well as a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, the timing and amount of reimbursements will vary because our insurance coverage for asbestos claims involves multiple insurers, with different policy terms and certain gaps in coverage. In addition to consulting with legal counsel on these insurance matters, we retained insurance consultants to assist management in the estimation of probable insurance recoveries based upon the aggregate liability estimate described above and assuming the continued viability of all solvent insurance carriers. Based upon the analysis of policy terms and other factors noted above by our legal counsel, and incorporating risk mitigation judgments by us where policy terms or other factors were not certain, our insurance consultants compiled a model indicating how our historical insurance policies would respond to varying levels of asbestos settlement and defense costs and the allocation of such costs between such insurers and us. Using the estimated liability as of December 31, 2016 (for claims filed or expected to be filed through 2059), the insurance consultant’s model forecasted that approximately 21% of the liability would be reimbursed by our insurers. While there are overall limits on the aggregate amount of insurance available to us with respect to asbestos claims, those overall limits were not reached by the total estimated liability currently recorded by us, and such overall limits did not influence us in our determination of the asset amount to record. The proportion of the asbestos liability that is allocated to certain insurance coverage years, however, exceeds the limits of available insurance in those years. We allocate to ourselves the amount of the asbestos liability (for claims filed or expected to be filed through 2059) that is in excess of available insurance coverage allocated to such years. An asset of $143 million was recorded as of December 31, 2016 representing the probable insurance reimbursement for such claims expected through 2059. The asset is reduced as reimbursements and other payments from insurers are received. The asset was $88 million as of March 31, 2019. We review the aforementioned estimated reimbursement rate with our insurance consultants on a periodic basis in order to confirm overall consistency with our established reserves. The reviews encompass consideration of the performance of the insurers under coverage-in-place agreements and the effect of any additional lump-sum payments under other insurer agreements. Actual insurance reimbursements vary from period to period, and will decline over time, for the reasons cited above. Uncertainties. Estimation of our ultimate exposure for asbestos-related claims is subject to significant uncertainties, as there are multiple variables that can affect the timing, severity and quantity of claims and the manner of their resolution. We caution that our estimated liability is based on assumptions with respect to future claims, settlement and defense costs based on past experience that may not prove reliable as predictors; the assumptions are interdependent and no single factor predominates in determining the liability estimate. A significant upward or downward trend in the number of claims filed, depending on the nature of the alleged injury, the jurisdiction where filed and the quality of the product identification, or a significant upward or downward trend in the costs of defending claims, could change the estimated liability, as would substantial adverse verdicts at trial that withstand appeal. A legislative solution, structured settlement transaction, or significant change in relevant case law could also change the estimated liability. The same factors that affect developing estimates of probable settlement and defense costs for asbestos-related liabilities also affect estimates of the probable insurance reimbursements, as do a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, due to the uncertainties inherent in litigation matters, no assurances can be given regarding the outcome of any litigation, if necessary, to enforce our rights under our insurance policies or settlement agreements. Many uncertainties exist surrounding asbestos litigation, and we will continue to evaluate our estimated asbestos-related liability and corresponding estimated insurance reimbursement as well as the underlying assumptions and process used to derive these amounts. These uncertainties may result in our incurring future charges or increases to income to adjust the carrying value of recorded liabilities and assets, particularly if the number of claims and settlement and defense costs change significantly, or if there are significant developments in the trend of case law or court procedures, or if legislation or another alternative solution is implemented. Although the resolution of these claims will likely take many years, the effect on the results of operations, financial position and cash flow in any given period from a revision to these estimates could be material. Other Contingencies Environmental Matters For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2019 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. Goodyear Site The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when we acquired UPI’s parent company, Unidynamics Corporation. 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 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 carry out 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 into 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 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. The total estimated gross liability was $30.9 million as of March 31, 2019 , and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $10.9 million as of March 31, 2019 and represents our |
Financing
Financing | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing | Financing The following table summarizes our short-term debt and current maturities of long-term debt as of March 31, 2019 and December 31, 2018: (in millions) March 31, December 31, Commercial paper $ 55.5 $ — Syndicated loan facility 5.9 5.3 Building loan facility 1.7 1.6 Total short-term borrowings and current maturities of long-term debt $ 63.1 $ 6.9 As of March 31, 2019, there were $55.5 million of outstanding borrowings under the commercial paper program. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $550 million . At December 31, 2018, there were no borrowings outstanding under the commercial paper program. As of March 31, 2019, the Company had a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. As of March 31, 2019, there were no borrowings under this revolving credit agreement. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of commercial paper. The following table summarizes our long-term debt as of March 31, 2019 and December 31, 2018: (in millions) March 31, December 31, 4.45% notes due December 2023 $ 298.7 $ 298.6 6.55% notes due November 2036 198.2 198.2 4.20% notes due March 2048 346.0 345.9 Syndicated loan facility 72.0 76.1 Building loan facility 26.9 25.1 Other deferred financing costs associated with credit facilities (1.6 ) (1.6 ) Total long-term debt (a) $ 940.2 $ 942.3 (a) Debt discounts and debt issuance costs totaled $7.5 and $6.7 as of March 31, 2019 and December 31, 2018, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value of $38.1 million and $2.1 million as of March 31, 2019 and December 31, 2018, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Consolidated Balance Sheets and were less than $0.1 million as of March 31, 2019 and December 31, 2018. Such derivative liability amounts are recorded within “Accrued liabilities” on our Consolidated Balance Sheets and $0.6 million as of March 31, 2019 and less than $0.1 million as of December 31, 2018. The available-for-sale securities, which are included in “Other assets” on our Consolidated Balance Sheets, consist of two rabbi trusts that hold marketable securities for the benefit of participants in the SERP. Available-for-sale securities are measured at fair value using quoted market prices in an active market, and are therefore classified within Level 1 of the valuation hierarchy. The fair value of available-for-sale securities was $3.3 million and $3.4 million as of March 31, 2019 and December 31, 2018, respectively. The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term loans payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. Long-term debt rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of total debt is measured using Level 2 inputs and was $990.1 million and $977.6 million as of March 31, 2019 and December 31, 2018, respectively. |
Restructuring (Notes)
Restructuring (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2018, we recorded restructuring charges of $7.2 million related to the acquisition of Crane Currency and the 2017 repositioning actions described below. In the first three months of 2019, we recorded additional restructuring charges of $2.9 million related to these actions. Acquisition-Related Restructuring In 2018, we initiated actions within our Payment & Merchandising Technologies segment related to the closure of Crane Currency’s printing operations in Sweden, which will be transitioned to a new print facility in Malta. We expect these actions to result in workforce reductions of approximately 170 employees, or less than 2% of our global workforce. We recorded pre-tax restructuring charges of $1.6 million , all of which were severance-related cash costs, in 2018. In the first three months of 2019, we recorded pre-tax restructuring charges $2.2 million , of which $0.2 million were severance-related cash costs and $2.0 million were other restructuring related costs. There was no liability remaining associated with these actions as of March 31, 2019 . We expect to incur additional restructuring and related charges of $2.4 million in 2019 to complete these actions. We expect recurring pre-tax savings subsequent to initiating all actions to approximate $23 million annually. 2017 Repositioning During the fourth quarter of 2017, we initiated broad-based repositioning actions designed to improve profitability. These actions include headcount reductions of approximately 300 employees, or about 3% of our global workforce, and select facility consolidations in North America and Europe. Restructuring charges included severance and other costs related to the consolidation of certain manufacturing operations, all of which are cash costs. The following table summarizes the restructuring charges by business segment in 2019 and cumulatively through March 31, 2019: Severance Other Total (in millions) 2019 Cumulative 2019 Cumulative 2019 Cumulative Fluid Handling $ 0.6 $ 17.3 $ — $ — $ 0.6 $ 17.3 Payment & Merchandising Technologies — 12.3 0.2 0.6 0.2 12.9 Aerospace & Electronics — 1.3 (0.1 ) (1.1 ) (0.1 ) 0.2 $ 0.6 $ 30.9 $ 0.1 $ (0.5 ) $ 0.7 $ 30.4 Related to the 2017 repositioning actions, we recorded $2.1 million and $7.5 million of additional costs associated with facility consolidations in 2019 and 2018, respectively. To complete these actions, we expect to incur a total of $8.9 million of restructuring and facility consolidation related charges in 2019 and 2020 in each of the segments as follows: (in millions) 2019 2020 Total Fluid Handling $ 3.5 $ 1.6 $ 5.1 Payment & Merchandising Technologies 1.1 — 1.1 Aerospace & Electronics 2.7 — 2.7 $ 7.3 $ 1.6 $ 8.9 The following table summarizes the expected costs by nature of costs and year: (in millions) 2019 2020 Total Restructuring $ 1.0 $ — $ 1.0 Facility consolidation 6.3 1.6 7.9 $ 7.3 $ 1.6 $ 8.9 We expect recurring pre-tax savings subsequent to initiating all actions to approximate $30 million annually. The following table summarizes the accrual balances related to these restructuring charges: (in millions) Balance at December 31, 2018 Expense (Gain) (1) Utilization Balance at Fluid Handling Severance $ 12.9 $ 0.6 $ (1.4 ) $ 12.1 Other — — — — Total Fluid Handling $ 12.9 $ 0.6 $ (1.4 ) $ 12.1 Payment & Merchandising Technologies Severance $ 9.4 $ — $ (6.3 ) $ 3.1 Other — 0.2 (0.2 ) — Total Payment & Merchandising Technologies $ 9.4 $ 0.2 $ (6.5 ) $ 3.1 Aerospace & Electronics Severance $ 0.9 $ — $ (0.2 ) $ 0.7 Other — (0.1 ) 0.1 — Total Aerospace & Electronics $ 0.9 $ (0.1 ) $ (0.1 ) $ 0.7 Total Restructuring $ 23.2 $ 0.7 $ (8.0 ) $ 15.9 (1) Reflected in our Condensed Consolidated Statements of Operations as “Restructuring charges” |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - Not Yet Adopted Disclosure Requirements for Defined Benefit Plans In August 2018, the Financial Accounting Standards Board (“FASB”) issued amended guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amended guidance removes the requirements to disclose: amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year; the amount and timing of plan assets expected to be returned to the entity; and the effects of a one-percentage point change in assumed health care cost trend rates. The amended guidance requires disclosure of an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This guidance is effective for fiscal years ending after December 15, 2020, with early adoption 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued amended guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. This amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. We do not expect that the amended guidance will have a material effect on our consolidated financial statements and related disclosures. Recent Accounting Pronouncements - Adopted Leases In February 2016, the FASB issued amended guidance on accounting for leases. The amended guidance requires the recognition of a right-of-use asset and a lease liability for all leases by lessees with the exception of leases with an initial term of twelve months or less and amends disclosure requirements associated with leasing arrangements. On January 1, 2019, we adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“the new standard” or “ASC 842”) using the modified retrospective method. Under this method, we elected to apply the new standard as of the application date. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts continue to be reported under ASC 840, “Leases”. We elected to apply the package of practical expedients permitted within the new standard, which among other things, allows us to carryforward the historical lease classification. No other transition practical expedients were elected. We implemented a new system, processes, and controls to enable the preparation of financial information upon adoption. The adoption of the new standard primarily impacted our accounting for operating leases which resulted in the recognition of right-of-use assets and corresponding lease liabilities. The accounting for finance leases did not substantially change under the new standard and we do not have significant finance leases. Upon adoption, we established a right-of-use asset of $109.1 million (included in Other assets) and a lease liability of $110.4 million (included in Accrued Liabilities and Other liabilities) at January 1, 2019. The adoption did not result in a cumulative-effect adjustment to retained earnings. The new standard did not impact our consolidated statements of operations or consolidated statements of cash flows. |
Segment Results (Tables)
Segment Results (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule Of Financial Information By Reportable Segment | Three Months Ended March 31, (in millions) 2019 2018 Net sales Fluid Handling $ 273.7 $ 266.6 Payment & Merchandising Technologies 303.8 292.4 Aerospace & Electronics 194.6 170.4 Engineered Materials 59.6 69.7 Total $ 831.7 $ 799.1 Operating profit (loss) Fluid Handling $ 34.1 $ 28.1 Payment & Merchandising Technologies 43.2 36.5 Aerospace & Electronics 44.8 34.2 Engineered Materials 9.4 12.4 Corporate (17.8 ) (16.9 ) Total 113.7 94.3 Interest income 0.6 0.8 Interest expense (11.9 ) (14.6 ) Miscellaneous income 2.0 3.9 Income before income taxes $ 104.4 $ 84.4 (in millions) March 31, 2019 December 31, 2018 Assets Fluid Handling $ 936.9 $ 878.2 Payment & Merchandising Technologies 2,133.2 2,074.4 Aerospace & Electronics 632.7 603.9 Engineered Materials 232.2 222.1 Corporate 207.3 264.1 Total $ 4,142.3 $ 4,042.7 |
Schedule Of Assets By Segment | (in millions) March 31, 2019 December 31, 2018 Assets Fluid Handling $ 936.9 $ 878.2 Payment & Merchandising Technologies 2,133.2 2,074.4 Aerospace & Electronics 632.7 603.9 Engineered Materials 232.2 222.1 Corporate 207.3 264.1 Total $ 4,142.3 $ 4,042.7 |
Schedule Of Goodwill By Segment | (in millions) March 31, 2019 December 31, 2018 Goodwill Fluid Handling $ 240.2 $ 240.8 Payment & Merchandising Technologies 797.7 789.2 Aerospace & Electronics 202.4 202.4 Engineered Materials 171.3 171.3 Total $ 1,411.6 $ 1,403.7 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents net sales disaggregated by product line for each segment: Three Months Ended March 31, (in millions) 2019 2018 Fluid Handling Process Valves and Related Products $ 168.0 $ 165.0 Commercial Valves 80.8 80.5 Other Products 24.9 21.1 Total Fluid Handling $ 273.7 $ 266.6 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products $ 158.8 $ 145.4 Banknotes and Security Products 98.6 99.8 Merchandising Equipment 46.4 47.2 Total Payment & Merchandising Technologies $ 303.8 $ 292.4 Aerospace & Electronics Commercial Original Equipment $ 90.3 $ 84.7 Military and Other Original Equipment 51.5 42.1 Commercial Aftermarket Products 38.2 32.6 Military Aftermarket Products 14.6 11.0 Total Aerospace & Electronics $ 194.6 $ 170.4 Engineered Materials FRP - Recreational Vehicles $ 26.6 $ 37.4 FRP - Building Products 23.6 23.8 FRP - Transportation 9.4 8.5 Total Engineered Materials $ 59.6 $ 69.7 Total net sales $ 831.7 $ 799.1 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) March 31, 2019 December 31, 2018 Contract assets $ 58.9 $ 54.9 Contract liabilities $ 40.8 $ 50.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | 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 Trademarks/trade names $ 42.0 indefinite Customer relationships 135.8 23.1 Product technology 74.0 8.4 Backlog 1.0 1.0 Total acquired intangible assets $ 252.8 |
Business Combination Disclosure [Text Block] | Acquisitions Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, we are able to refine estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. Crane Currency Acquisition On January 10, 2018, we completed the acquisition of Crane & Co., Inc. (“Crane Currency”). The base purchase price of the acquisition was $800 million on a cash-free, debt-free basis, subject to a later adjustment reflecting Crane Currency’s net working capital, cash, the assumption of certain debt-like items, and Crane Currency’s transaction expenses. The amount paid, net of cash acquired, was $672.3 million . In July 2018, we received $24.3 million related to the final working capital adjustment of the Crane Currency acquisition, resulting in net cash paid of $648.0 million . To finance the acquisition, we issued commercial paper under our commercial paper program and utilized proceeds from term loans that we issued at the closing of the acquisition, as well as available cash on hand. At the closing, the transitory subsidiary of Crane Co. merged with and into Crane Currency, with Crane Currency surviving as a wholly owned subsidiary of Crane Co. Crane Currency is a supplier of banknotes and highly engineered banknote security features which complement the existing portfolio of currency and payment products within the Payment & Merchandising Technologies segment. As such, Crane Currency was integrated into our Payment & Merchandising Technologies segment. The amount allocated to goodwill reflects the benefits we expect to realize from the acquisition, as the acquisition is expected to strengthen and broaden our product offering within the currency and payment markets. Goodwill from this acquisition is not deductible for tax purposes. Crane Currency’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on January 10, 2018. The pro forma impact for the stub period (January 1, 2018 through January 9, 2018) is not material. Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of Crane Currency. The fair value of certain assets and liabilities has been completed as required by ASC 805. Net assets acquired (in millions) Total current assets $ 199.6 Property, plant and equipment 298.0 Other assets 5.3 Intangible assets 252.8 Goodwill 217.1 Total assets acquired $ 972.8 Total current liabilities $ 107.2 Long-term debt 97.3 Other liabilities 120.3 Total assumed liabilities $ 324.8 Net assets acquired $ 648.0 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 Trademarks/trade names $ 42.0 indefinite Customer relationships 135.8 23.1 Product technology 74.0 8.4 Backlog 1.0 1.0 Total acquired intangible assets $ 252.8 In order to allocate the consideration transferred for Crane Currency, the fair values of all identifiable assets and liabilities must be established. For accounting and financial reporting purposes, fair value is defined under ASC Topic 820, “Fair Value Measurement and Disclosure” as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results. The fair values of the trademark and 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 Crane Currency’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the firm’s ownership. The trademark and trade names, Crane Currency and Crane are assigned an indefinite life and therefore will not be amortized. The fair values of the product technology intangible assets were also determined by the relief-from-royalty approach. Similarly, 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 the technology. Therefore, a portion of Crane Currency’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the firm’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 7 to 11 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 a “wasting” asset and 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 is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 18 to 24 years. Acquisition-Related Costs Acquisition-related costs are being expensed as incurred. For the three months ended March 31, 2019 and 2018, we recorded $1.1 million and $5.2 million , respectively, of integration and transaction costs in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2018, we also recorded $6.6 million of inventory step-up and backlog amortization within “Cost of sales” in our Condensed Consolidated Statements of Operations. |
Acquisitions Summary of Assets
Acquisitions Summary of Assets Acquired (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of Crane Currency. The fair value of certain assets and liabilities has been completed as required by ASC 805. Net assets acquired (in millions) Total current assets $ 199.6 Property, plant and equipment 298.0 Other assets 5.3 Intangible assets 252.8 Goodwill 217.1 Total assets acquired $ 972.8 Total current liabilities $ 107.2 Long-term debt 97.3 Other liabilities 120.3 Total assumed liabilities $ 324.8 Net assets acquired $ 648.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | Three Months Ended March 31, (in millions, except per share data) 2019 2018 Net income attributable to common shareholders $ 82.4 $ 68.7 Average basic shares outstanding 59.8 59.7 Effect of dilutive stock options 0.9 1.3 Average diluted shares outstanding 60.7 61.0 Earnings per basic share $ 1.38 $ 1.15 Earnings per diluted share $ 1.36 $ 1.13 |
Changes in Equity and Compreh_2
Changes in Equity and Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary Of Changes In Equity | A summary of changes in equity for the three months ended March 31, 2019 and 2018 is provided below: (in millions, except share data) Common Capital Retained Accumulated Treasury Total Noncontrolling Total BALANCE DECEMBER 31, 2017 72.4 $ 291.7 $ 1,813.3 $ (380.1 ) $ (452.1 ) $ 1,345.2 $ 3.3 $ 1,348.5 Net income — — 68.7 — — 68.7 — 68.7 Cash dividends ($0.35 per share) — — (20.9 ) — — (20.9 ) — (20.9 ) Cumulative effect of adoption ASC 606 6.7 6.7 6.7 Impact from settlement of share-based awards, net of shares acquired — (9.7 ) — — 14.2 4.5 — 4.5 Stock-based compensation expense — 5.6 — — — 5.6 — 5.6 Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 9.6 — 9.6 — 9.6 Currency translation adjustment — — — 25.4 — 25.4 — 25.4 BALANCE MARCH 31, 2018 72.4 $ 287.6 $ 1,867.8 $ (345.1 ) $ (437.9 ) $ 1,444.8 $ 3.3 $ 1,448.1 BALANCE DECEMBER 31, 2018 72.4 $ 303.5 $ 2,072.1 $ (447.6 ) $ (476.2 ) $ 1,524.2 $ 2.9 $ 1,527.1 Net income — — 82.4 — — 82.4 0.1 82.5 Cash dividends ($0.39 per share) — — (23.4 ) — — (23.4 ) — (23.4 ) Impact from settlement of share-based awards, net of shares acquired — (9.8 ) — — 9.6 (0.2 ) (0.2 ) Stock-based compensation expense — 5.5 — — — 5.5 — 5.5 Deconsolidation of a joint venture — — — — — — (0.5 ) (0.5 ) Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.9 — 2.9 — 2.9 Currency translation adjustment — — — (0.8 ) — (0.8 ) (0.1 ) (0.9 ) BALANCE MARCH 31, 2019 72.4 $ 299.2 $ 2,131.1 $ (445.5 ) $ (466.6 ) $ 1,590.6 $ 2.4 $ 1,593.0 |
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Condensed Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Postretirement Items* Currency Translation Adjustment Total Balance as of December 31, 2018 $ (318.3 ) $ (129.3 ) $ (447.6 ) Other comprehensive income (loss) before reclassifications 0.7 (0.8 ) (0.1 ) Amounts reclassified from accumulated other comprehensive loss 2.2 — 2.2 Net current-period other comprehensive income (loss) 2.9 (0.8 ) 2.1 Balance as of March 31, 2019 $ (315.4 ) $ (130.1 ) $ (445.5 ) * Net of tax benefit of $123.0 million and $122.2 million as of March 31, 2019 and December 31, 2018 , respectively. |
Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-month periods ended March 31, 2019 and 2018. Amortization of pension and postretirement components have been recorded within “Miscellaneous income” on our Condensed Consolidated Statements of Operations. Three Months Ended March 31, (in millions) 2019 2018 Amortization of pension items: Prior-service costs $ (0.2 ) $ (0.1 ) Net loss 3.3 3.6 Amortization of postretirement items: Net gain (0.1 ) (0.3 ) Total before tax $ 3.0 $ 3.2 Tax impact 0.8 0.6 Total reclassifications for the period $ 2.2 $ 2.6 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
schedule of contributions by benefitplantype [Table Text Block] | , based on current actuarial calculations, to contribute the following to our pension plans, postretirement plans and Supplemental Executive Retirement Plan (“SERP”): (in millions) Pension Postretirement SERP Expected contributions in 2019 $ 3.1 $ 0.7 $ 2.2 Amounts contributed during the three months ended March 31, 2019 $ 1.4 $ 0.8 $ 2.1 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | effective tax rates are as follows: Three Months Ended March 31, 2019 2018 Effective Tax Rate 21.0% 18.6% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Our Condensed Consolidated Balance Sheet include the following related to leases: (in millions) Classification March 31, 2019 Assets Operating right-of-use assets Other assets $ 112.7 Liabilities Current lease liabilities Accrued liabilities $ 20.0 Long-term lease liabilities Other liabilities 94.6 Total lease liabilities $ 114.6 |
Lease, Cost | The components of lease cost were as follows: (in millions) Three Months Ended March 31, 2019 Operating lease cost $ 7.4 Variable lease cost $ 1.5 Other information related to leases was as follows: (dollars in millions) March 31, 2019 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 6.4 Right-of-use assets obtained in exchange for new operating lease liabilities $ 9.4 Weighted-average remaining lease term - operating leases 10.25 Weighted-average discount rate - operating leases 4.03 % |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating lease payments were as follows: (in millions) March 31, 2019 Remainder of 2019 $ 17.7 2020 21.3 2021 18.5 2022 15.9 2023 13.7 2024 11.4 Thereafter 53.4 Total future minimum operating lease payments $ 151.9 Imputed interest 37.3 Present value of lease liabilities reported $ 114.6 |
Lessee, Operating Lease, Disclosure | Future minimum operating lease payments for leases with initial or remaining terms of one year or more consisted of the following as of December 31, 2018 under ASC 840, the predecessor to ASC 842. (in millions) December 31, 2018 2019 $ 23.4 2020 19.6 2021 17.0 2022 14.2 2023 12.4 Thereafter 60.7 Total minimum lease payments $ 147.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes To Goodwill | Changes to goodwill are as follows: (in millions) Fluid Handling Payment & Merchandising Technologies Aerospace & Electronics Engineered Materials Total Balance as of December 31, 2017 $ 245.4 $ 587.7 $ 202.4 $ 171.4 $ 1,206.9 Additions — 208.4 — — 208.4 Currency translation (4.6 ) (6.9 ) — (0.1 ) (11.6 ) Balance at December 31, 2018 $ 240.8 $ 789.2 $ 202.4 $ 171.3 $ 1,403.7 Additions — 8.7 — — 8.7 Currency translation (0.6 ) (0.2 ) — — (0.8 ) March 31, 2019 $ 240.2 $ 797.7 $ 202.4 $ 171.3 $ 1,411.6 |
Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) Three Months Ended Year Ended December 31, 2018 Balance at beginning of period, net of accumulated amortization $ 481.8 $ 276.8 Additions — 252.8 Amortization expense (10.3 ) (44.5 ) Currency translation and other (0.5 ) (3.3 ) Balance at end of period, net of accumulated amortization $ 471.0 $ 481.8 |
Summary Of Intangible Assets | A summary of intangible assets follows: Weighted Average Amortization Period of Finite Lived Assets (in years) March 31, 2019 December 31, 2018 (in millions) Gross Asset Accumulated Amortization Net Gross Asset Accumulated Amortization Net Intellectual property rights 17.3 $ 130.7 $ 55.9 $ 74.8 $ 130.7 $ 55.6 $ 75.1 Customer relationships and backlog 18.4 546.7 218.2 328.5 546.8 210.7 336.1 Drawings 37.9 11.1 10.5 0.6 11.1 10.5 0.6 Other 10.2 135.1 68.0 67.1 135.0 65.0 70.0 Total 17.7 $ 823.6 $ 352.6 $ 471.0 $ 823.6 $ 341.8 $ 481.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization expense associated with intangible assets is expected to be: (in millions) Remainder of 2019 $ 31.1 2020 40.8 2021 34.5 2022 34.3 2023 and thereafter 260.5 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) March 31, December 31, Employee related expenses $ 89.5 $ 124.7 Warranty 16.8 18.2 Contract liabilities 40.8 50.8 Other 163.2 143.4 Total $ 310.3 $ 337.1 |
Summary Of Warranty Liabilities | A summary of the warranty liabilities is as follows: (in millions) Three Months Ended March 31, 2019 Year Ended December 31, 2018 Balance at beginning of period $ 18.2 $ 14.6 Expense 2.2 14.6 Changes due to acquisitions — 1.1 Payments / deductions (3.5 ) (12.0 ) Currency translation (0.1 ) (0.1 ) Balance at end of period $ 16.8 $ 18.2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Activity Related To Asbestos Claims | Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended Year Ended March 31, December 31, 2019 2018 2018 Beginning claims 29,089 32,234 32,234 New claims 675 608 2,434 Settlements (408 ) (273 ) (1,011 ) Dismissals (858 ) (1,579 ) (4,568 ) Ending claims 28,498 30,990 29,089 |
Schedule Of Settlement And Defense Costs | Three Months Ended Year Ended (in millions) March 31, December 31, 2019 2018 2018 Settlement / indemnity costs incurred (1) $ 21.4 $ 8.3 $ 63.0 Defense costs incurred (1) 5.1 6.5 25.8 Total costs incurred $ 26.5 $ 14.8 $ 88.8 Settlement / indemnity payments $ 8.8 $ 4.6 $ 61.5 Defense payments 4.0 5.0 26.5 Insurance receipts (3.1 ) (6.7 ) (24.1 ) Pre-tax cash payments $ 9.7 $ 2.9 $ 63.9 (1) Before insurance recoveries and tax effects. |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components Of Debt | The following table summarizes our short-term debt and current maturities of long-term debt as of March 31, 2019 and December 31, 2018: (in millions) March 31, December 31, Commercial paper $ 55.5 $ — Syndicated loan facility 5.9 5.3 Building loan facility 1.7 1.6 Total short-term borrowings and current maturities of long-term debt $ 63.1 $ 6.9 The following table summarizes our long-term debt as of March 31, 2019 and December 31, 2018: (in millions) March 31, December 31, 4.45% notes due December 2023 $ 298.7 $ 298.6 6.55% notes due November 2036 198.2 198.2 4.20% notes due March 2048 346.0 345.9 Syndicated loan facility 72.0 76.1 Building loan facility 26.9 25.1 Other deferred financing costs associated with credit facilities (1.6 ) (1.6 ) Total long-term debt (a) $ 940.2 $ 942.3 (a) Debt discounts and debt issuance costs totaled $7.5 and $6.7 as of March 31, 2019 and December 31, 2018, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the restructuring charges by business segment in 2019 and cumulatively through March 31, 2019: Severance Other Total (in millions) 2019 Cumulative 2019 Cumulative 2019 Cumulative Fluid Handling $ 0.6 $ 17.3 $ — $ — $ 0.6 $ 17.3 Payment & Merchandising Technologies — 12.3 0.2 0.6 0.2 12.9 Aerospace & Electronics — 1.3 (0.1 ) (1.1 ) (0.1 ) 0.2 $ 0.6 $ 30.9 $ 0.1 $ (0.5 ) $ 0.7 $ 30.4 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | To complete these actions, we expect to incur a total of $8.9 million of restructuring and facility consolidation related charges in 2019 and 2020 in each of the segments as follows: (in millions) 2019 2020 Total Fluid Handling $ 3.5 $ 1.6 $ 5.1 Payment & Merchandising Technologies 1.1 — 1.1 Aerospace & Electronics 2.7 — 2.7 $ 7.3 $ 1.6 $ 8.9 The following table summarizes the expected costs by nature of costs and year: (in millions) 2019 2020 Total Restructuring $ 1.0 $ — $ 1.0 Facility consolidation 6.3 1.6 7.9 $ 7.3 $ 1.6 $ 8.9 We expect recurring pre-tax savings subsequent to initiating all actions to approximate $30 million annually. The following table summarizes the accrual balances related to these restructuring charges: (in millions) Balance at December 31, 2018 Expense (Gain) (1) Utilization Balance at Fluid Handling Severance $ 12.9 $ 0.6 $ (1.4 ) $ 12.1 Other — — — — Total Fluid Handling $ 12.9 $ 0.6 $ (1.4 ) $ 12.1 Payment & Merchandising Technologies Severance $ 9.4 $ — $ (6.3 ) $ 3.1 Other — 0.2 (0.2 ) — Total Payment & Merchandising Technologies $ 9.4 $ 0.2 $ (6.5 ) $ 3.1 Aerospace & Electronics Severance $ 0.9 $ — $ (0.2 ) $ 0.7 Other — (0.1 ) 0.1 — Total Aerospace & Electronics $ 0.9 $ (0.1 ) $ (0.1 ) $ 0.7 Total Restructuring $ 23.2 $ 0.7 $ (8.0 ) $ 15.9 (1) Reflected in our Condensed Consolidated Statements of Operations as “Restructuring charges” |
Basis of Presentation Basis o_2
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, right-of-use assets | $ 112.7 | |
Operating lease liabilities | $ 114.6 | |
ASC 842 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, right-of-use assets | $ 109.1 | |
Operating lease liabilities | $ 110.4 |
Segment Results (Narrative) (De
Segment Results (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Results (Schedule Of Fi
Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Document Period End Date | Mar. 31, 2019 | |
Operating profit (loss) from continuing operations | ||
Revenues | $ 831.7 | $ 799.1 |
Operating profit (loss) | 113.7 | 94.3 |
Interest income | 0.6 | 0.8 |
Interest expense | (11.9) | (14.6) |
Miscellaneous - net | 2 | 3.9 |
Income before income taxes | 104.4 | 84.4 |
Fluid Handling | ||
Operating profit (loss) from continuing operations | ||
Revenues | 273.7 | 266.6 |
Operating profit (loss) | 34.1 | 28.1 |
Payment & Merchandising Technologies | ||
Operating profit (loss) from continuing operations | ||
Revenues | 303.8 | 292.4 |
Operating profit (loss) | 43.2 | 36.5 |
Engineered Materials | ||
Operating profit (loss) from continuing operations | ||
Revenues | 59.6 | 69.7 |
Operating profit (loss) | 9.4 | 12.4 |
Aerospace & Electronics | ||
Operating profit (loss) from continuing operations | ||
Revenues | 194.6 | 170.4 |
Operating profit (loss) | 44.8 | 34.2 |
Corporate | ||
Operating profit (loss) from continuing operations | ||
Operating profit (loss) | $ (17.8) | $ (16.9) |
Segment Results (Schedule Of As
Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 4,142.3 | $ 4,042.7 |
Fluid Handling | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 936.9 | 878.2 |
Payment & Merchandising Technologies | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,133.2 | 2,074.4 |
Aerospace & Electronics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 632.7 | 603.9 |
Engineered Materials | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 232.2 | 222.1 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 207.3 | $ 264.1 |
Segment Results (Schedule Of Go
Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 1,411.6 | $ 1,403.7 | $ 1,206.9 |
Fluid Handling | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 240.2 | 240.8 | 245.4 |
Payment & Merchandising Technologies | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 797.7 | 789.2 | 587.7 |
Aerospace & Electronics | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 202.4 | 202.4 | 202.4 |
Engineered Materials | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 171.3 | $ 171.3 | $ 171.4 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Document Period End Date | Mar. 31, 2019 | |
Revenues | $ 831.7 | $ 799.1 |
Fluid Handling | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 273.7 | 266.6 |
Fluid Handling | Process Valves and Related Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 168 | 165 |
Fluid Handling | Commercial Valves | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 80.8 | 80.5 |
Fluid Handling | Other Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24.9 | 21.1 |
Payment & Merchandising Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 303.8 | 292.4 |
Payment & Merchandising Technologies | Payment Acceptance and Dispensing Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 158.8 | 145.4 |
Payment & Merchandising Technologies | Banknotes and Security Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 98.6 | 99.8 |
Payment & Merchandising Technologies | Merchandising Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 46.4 | 47.2 |
Aerospace & Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 194.6 | 170.4 |
Aerospace & Electronics | Commercial Original Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 90.3 | 84.7 |
Aerospace & Electronics | Military and Other Original Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 51.5 | 42.1 |
Aerospace & Electronics | Commercial Aftermarket Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 38.2 | 32.6 |
Aerospace & Electronics | Military Aftermarket Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 14.6 | 11 |
Engineered Materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 59.6 | 69.7 |
Engineered Materials | FRP - Recreational Vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 26.6 | 37.4 |
Engineered Materials | FRP - Building Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 23.6 | 23.8 |
Engineered Materials | FRP - Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 9.4 | $ 8.5 |
Revenue Revenue - Remaining Per
Revenue Revenue - Remaining Performance Obligation Narrative (Details) | Mar. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 87.00% |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 10.00% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 58.9 | $ 54.9 |
Contract liabilities | $ 40.8 | $ 50.8 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 1,106.5 | |
Increase in contract liability opening balance for revenue recognized | $ 16.7 | $ 10.8 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
inventory step-up and backlog amortization | $ 6.6 | ||
Acquisition-related and integration charges | $ 1.1 | $ 5.2 | |
Goodwill, Acquired During Period | 8.7 | $ 208.4 | |
Westlock [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | $ 0 | 0 | |
Microtronic [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | $ 208.4 |
Acquisitions Crane Currency (De
Acquisitions Crane Currency (Details) - USD ($) $ in Millions | Jan. 10, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Acquisition-related and integration charges | $ 1.1 | $ 5.2 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 672.3 | ||
working capital adjustment | 24.3 | |||
inventory step-up and backlog amortization | $ 6.6 | |||
Goodwill, Acquired During Period | 8.7 | $ 208.4 | ||
Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 800 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 672.3 | 648 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 199.6 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 298 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 252.8 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 217.1 | |||
Business Combination, Separately Recognized Transactions, Assets Recognized | 972.8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 324.8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 648 | |||
Goodwill, Acquired During Period | 8.7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 107.2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 97.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 120.3 | |||
Intellectual Property Rights | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 42 | |||
Customer Relationships [Member] | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 135.8 | |||
Finite-Lived Intangible Asset, Useful Life | 23 years 1 month 18 days | |||
Technology-Based Intangible Assets [Member] | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 74 | |||
Developed Technology Rights [Member] | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years 4 months 24 days | |||
Other Intangible Assets [Member] | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1 | |||
Order or Production Backlog [Member] | Crane Currency [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income attributable to common shareholders | $ 82.4 | $ 68.7 |
Average basic shares outstanding | 59.8 | 59.7 |
Effect of dilutive stock options | 0.9 | 1.3 |
Average diluted shares outstanding | 60.7 | 61 |
Earnings per share - basic: | ||
Net income attributable to common shareholders | $ 1.38 | $ 1.15 |
Earnings per share - diluted: | ||
Net income attributable to common shareholders | $ 1.36 | $ 1.13 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Average options excluded from computation of diluted earnings per share | 1.2 | 0.3 |
Changes In Equity And Compreh_3
Changes In Equity And Comprehensive Income (Summary Of Changes In Equity) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | $ 1,527.1 | $ 1,348.5 | |
Net income | 82.5 | 68.7 | |
Cash dividends | (23.4) | (20.9) | |
Impact from settlement of share-based awards, net of shares acquired | (0.2) | 4.5 | |
Cumulative effect of adoption ASC 606 | $ 6.7 | ||
Stock-based compensation expense | 5.5 | 5.6 | |
Deconsolidation of a joint venture | (0.5) | ||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.9 | 9.6 | |
Currency translation adjustment | (0.9) | 25.4 | |
Balance, end of period | $ 1,593 | $ 1,448.1 | |
Dividends per share (in dollars per share) | $ 0.39 | $ 0.35 | |
Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | $ 72.4 | $ 72.4 | |
Balance, end of period | 72.4 | 72.4 | |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | 303.5 | 291.7 | |
Impact from settlement of share-based awards, net of shares acquired | (9.8) | (9.7) | |
Stock-based compensation expense | 5.5 | 5.6 | |
Balance, end of period | 299.2 | 287.6 | |
Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | 2,072.1 | 1,813.3 | |
Net income | 82.4 | 68.7 | |
Cash dividends | (23.4) | (20.9) | |
Cumulative effect of adoption ASC 606 | 6.7 | ||
Balance, end of period | 2,131.1 | 1,867.8 | |
AOCI Attributable to Parent [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | (447.6) | (380.1) | |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.9 | 9.6 | |
Currency translation adjustment | (0.8) | 25.4 | |
Balance, end of period | (445.5) | (345.1) | |
Treasury Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | (476.2) | (452.1) | |
Impact from settlement of share-based awards, net of shares acquired | 9.6 | 14.2 | |
Balance, end of period | (466.6) | (437.9) | |
Parent [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | 1,524.2 | 1,345.2 | |
Net income | 82.4 | 68.7 | |
Cash dividends | (23.4) | (20.9) | |
Impact from settlement of share-based awards, net of shares acquired | (0.2) | 4.5 | |
Cumulative effect of adoption ASC 606 | $ 6.7 | ||
Stock-based compensation expense | 5.5 | 5.6 | |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | 2.9 | 9.6 | |
Currency translation adjustment | (0.8) | 25.4 | |
Balance, end of period | 1,590.6 | 1,444.8 | |
Noncontrolling Interest | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | 2.9 | 3.3 | |
Net income | 0.1 | ||
Deconsolidation of a joint venture | (0.5) | ||
Currency translation adjustment | (0.1) | ||
Balance, end of period | $ 2.4 | $ 3.3 |
Changes In Equity And Compreh_4
Changes In Equity And Comprehensive Income (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | $ (447.6) | |
Other comprehensive income (loss) before reclassifications | (0.1) | |
Amounts reclassified from accumulated other comprehensive income | 2.2 | |
Net current-period othre comprehensive income (loss) | 2.1 | |
Accumulated other comprehensive loss, ending balance | (445.5) | |
Deferred tax assets, other comprehensive loss | $ 123 | $ 122.2 |
Document Period End Date | Mar. 31, 2019 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | $ (318.3) | |
Other comprehensive income (loss) before reclassifications | 0.7 | |
Net current-period othre comprehensive income (loss) | 2.9 | |
Accumulated other comprehensive loss, ending balance | (315.4) | |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | (129.3) | |
Other comprehensive income (loss) before reclassifications | (0.8) | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Net current-period othre comprehensive income (loss) | (0.8) | |
Accumulated other comprehensive loss, ending balance | $ (130.1) |
Changes in Equity and Compreh_5
Changes in Equity and Comprehensive Income Changes in Equity and Comprehensive Income (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income Tax Expense (Benefit) | $ 21.9 | $ 15.7 |
Amounts reclassified from accumulated other comprehensive income | 2.2 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 3 | 3.2 |
Income Tax Expense (Benefit) | 0.8 | 0.6 |
Amounts reclassified from accumulated other comprehensive income | 2.2 | 2.6 |
Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amortization of prior service cost | (0.2) | (0.1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 3.3 | 3.6 |
Other Postretirement Benefits Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amortization of prior service cost | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | $ (0.1) | $ (0.3) |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefit Plans (Components Of Net Periodic Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1.3 | $ 1.5 |
Interest cost | 7.7 | 7.5 |
Expected return on plan assets | (14.1) | (16.4) |
Amortization of prior service cost | (0.2) | (0.1) |
Amortization of net loss (gain) | 3.3 | 3.6 |
Net periodic cost | (2) | (3.9) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0.1 |
Interest cost | 0.1 | 0.3 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss (gain) | (0.1) | (0.3) |
Net periodic cost | 0 | 0.1 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss (gain) | 0 | 0 |
Net periodic cost | $ 0.1 | $ 0.1 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans Contributions by Plan Type (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 3.1 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1.4 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 0.7 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0.8 |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 2.2 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Company's effective tax rate | 21.00% | 18.60% | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 1.3 | ||
Increase In unrecognized tax benefits that would impact effective tax rate | 1.6 | ||
Recognized interest expense related to unrecognized tax benefits | 0.6 | ||
Interest and penalty related to unrecognized tax benefits recorded | 7.8 | $ 7.2 | |
Reasonable possible increase in unrecognized tax benefits during the next twelve months | $ (8.3) |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Sep. 30, 2017USD ($) |
Leases [Abstract] | |
Operating lease, residual value of leased asset | $ 11.1 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Millions | Mar. 31, 2019USD ($) |
Assets | |
Operating right-of-use assets | $ 112.7 |
Liabilities | |
Current lease liabilities | 20 |
Long-term lease liabilities | 94.6 |
Total lease liabilities | $ 114.6 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 7.4 |
Variable lease cost | $ 1.5 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows | $ 6.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 9.4 |
Weighted-average remaining lease term - operating leases | 10 years 3 months |
Weighted-average discount rate - operating leases | 4.03% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 17.7 |
2020 | 21.3 |
2021 | 18.5 |
2022 | 15.9 |
2023 | 13.7 |
2024 | 11.4 |
Thereafter | 53.4 |
Total future minimum operating lease payments | 151.9 |
Imputed interest | 37.3 |
Present value of lease liabilities reported | $ 114.6 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments for Operating Leases Under ASC 840 (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases, Operating [Abstract] | |
2019 | $ 23.4 |
2020 | 19.6 |
2021 | 17 |
2022 | 14.2 |
2023 | 12.4 |
Thereafter | 60.7 |
Total minimum lease payments | $ 147.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill And Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ 471 | $ 481.8 | $ 276.8 |
Number of reporting units | Segment | 8 | ||
Estimated cost of capital, minimum | 10.00% | ||
Estimated cost of capital, maximum | 13.00% | ||
Estimated cost of capital, weighted | 10.90% | ||
Hypothetical decrease to fair values of each reporting unit | 10.00% | ||
Net intangible assets | $ 471 | $ 481.8 | |
Intangibles with indefinite useful lives | 69.8 | ||
Estimated amortization expense for intangible assets, current year | 31.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 40.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 34.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 34.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 260.5 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes To Goodwill) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 1,403.7 | |
Goodwill, Acquired During Period | 8.7 | $ 208.4 |
Goodwill, Foreign Currency Translation Gain (Loss) | (0.8) | (11.6) |
Balance at end of period | 1,411.6 | 1,403.7 |
Fluid Handling | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 240.8 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (0.6) | (4.6) |
Balance at end of period | 240.2 | 240.8 |
Payment & Merchandising Technologies | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 789.2 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (0.2) | (6.9) |
Balance at end of period | 797.7 | 789.2 |
Aerospace & Electronics | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 202.4 | |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 |
Balance at end of period | 202.4 | 202.4 |
Engineered Materials | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 171.3 | |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | (0.1) |
Balance at end of period | 171.3 | 171.3 |
Westlock [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | 0 | 0 |
Microtronic [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | $ 208.4 | |
Crane Currency [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | $ 8.7 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period, net of accumulated amortization | $ 481.8 | $ 276.8 |
Finite and Indefinite-lived intangible assets acquired | 0 | 252.8 |
Amortization expense | (10.3) | (44.5) |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (0.5) | (3.3) |
Balance at end of period, net of accumulated amortization | $ 471 | $ 481.8 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 31.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 40.8 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 34.5 | ||
Gross Asset | 823.6 | $ 823.6 | |
Accumulated Amortization | 352.6 | 341.8 | |
Net | 471 | 481.8 | |
Finite-Lived Intangible Assets, Net | 471 | 481.8 | $ 276.8 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 34.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 260.5 | ||
Intellectual Property Rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Asset | 130.7 | 130.7 | |
Accumulated Amortization | 55.9 | 55.6 | |
Net | 74.8 | 75.1 | |
Customer Relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Asset | 546.7 | 546.8 | |
Accumulated Amortization | 218.2 | 210.7 | |
Net | 328.5 | 336.1 | |
Drawings | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Asset | 11.1 | 11.1 | |
Accumulated Amortization | 10.5 | 10.5 | |
Net | 0.6 | 0.6 | |
Other Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Asset | 135.1 | 135 | |
Accumulated Amortization | 68 | 65 | |
Net | $ 67.1 | $ 70 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure Accrued Liabilities Summary Of Warranty Liabilities [Abstract] | ||
Employee related expenses | $ 89.5 | $ 124.7 |
Warranty | 16.8 | 18.2 |
Contract with Customer, Liability, Current | 40.8 | 50.8 |
Other | 163.2 | 143.4 |
Total | $ 310.3 | $ 337.1 |
Accrued Liabilities (Summary Of
Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Balance at beginning of period | $ 18.2 | $ 14.6 |
Expense | 2.2 | 14.6 |
Product Warranty Accrual Changes From Business Acquisition Divestiture | 0 | 1.1 |
Payments / deductions | (3.5) | (12) |
Currency translation | (0.1) | (0.1) |
Balance at end of period | $ 16.8 | $ 18.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule Of Activity Related To Asbestos Claim) (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2019USD ($)Claim | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) | Oct. 06, 2016USD ($) | Apr. 22, 2016USD ($) | Feb. 09, 2016USD ($) | Jul. 02, 2015USD ($) | Jun. 16, 2014USD ($) | Sep. 17, 2013USD ($) | Mar. 01, 2013USD ($) | Feb. 25, 2013USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||||||
Document Period End Date | Mar. 31, 2019 | ||||||||||||||||||
Current asbestos liability | $ 66,000,000 | $ 66,000,000 | |||||||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 9,700,000 | $ 2,900,000 | |||||||||||||||||
Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Asbestos Settlement Cost Per Resolved Claim | 11,300 | $ 7,800 | $ 3,900 | ||||||||||||||||
Current asbestos liability | $ 66,000,000 | ||||||||||||||||||
Number of buyout agreements with excess insurer groups | 10 | ||||||||||||||||||
Aggregate Value Of Policy Buy Out Agreements | $ 82,500,000 | ||||||||||||||||||
Beginning claims | 29,089 | 32,234 | 32,234 | ||||||||||||||||
New claims | 675 | 608 | 2,434 | ||||||||||||||||
Settlements | (408) | (273) | (1,011) | ||||||||||||||||
Dismissals | (858) | (1,579) | (4,568) | ||||||||||||||||
Ending claims | 28,498 | 29,089 | 30,990 | 32,234 | 32,234 | 29,089 | 32,234 | ||||||||||||
Gross Settlement And Defense Incurred Costs | $ 26,500,000 | $ 14,800,000 | $ 14,800,000 | $ 88,800,000 | |||||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 9,700,000 | $ 2,900,000 | 2,900,000 | $ 63,900,000 | |||||||||||||||
New York | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Ending claims | Claim | 18,000 | ||||||||||||||||||
Texas | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Ending claims | Claim | 100 | ||||||||||||||||||
Mississippi | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Ending claims | Claim | 300 | ||||||||||||||||||
OHIO | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Ending claims | Claim | 200 | ||||||||||||||||||
James Nelson | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 14,500,000 | ||||||||||||||||||
Court Judgment Against All Parties Held Responsible | $ 4,000,000 | ||||||||||||||||||
Additional Judgment Interest | $ 10,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 9.09% | ||||||||||||||||||
Thomas Amato [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 2,500,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 10.00% | ||||||||||||||||||
PaidJuryVerdict | $ 300,000 | ||||||||||||||||||
Frank Vincinguerra [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 2,300,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 20.00% | ||||||||||||||||||
PaidJuryVerdict | $ 600,000 | ||||||||||||||||||
Ivo Peraica | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 10,600,000 | ||||||||||||||||||
Court_Reduced_Verdict | 18,000,000 | ||||||||||||||||||
Paid Judgment Pursuant to Appeal | $ 2,700,000 | ||||||||||||||||||
Jury Verdict Total | $ 35,000,000 | ||||||||||||||||||
Reduced Damages | $ 4,250,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | 1,940,000 | ||||||||||||||||||
Richard DeLisle [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 8,000,000 | ||||||||||||||||||
Court Judgment | $ 1,300,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 16.00% | ||||||||||||||||||
Ivan Sweberg [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 5,300,000 | ||||||||||||||||||
Paid Judgment Pursuant to Appeal | $ 5,700,000 | ||||||||||||||||||
Jury Verdict Total | 15,000,000 | ||||||||||||||||||
Reduced Damages | 9,500,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | 4,730,000 | ||||||||||||||||||
Selwyn Hackshaw [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | 3,100,000 | ||||||||||||||||||
Court_Reduced_Verdict | 6,000,000 | ||||||||||||||||||
Jury Verdict Total | $ 10,000,000 | ||||||||||||||||||
Reduced Damages | 3,000,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | $ 0 | ||||||||||||||||||
James Poage [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 10,800,000 | ||||||||||||||||||
compensatory_damages | 1,500,000 | ||||||||||||||||||
Additional Damages | $ 10,000,000 | ||||||||||||||||||
Valent Rabovsky [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 400,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 30.00% | ||||||||||||||||||
Jury Verdict Total | $ 1,085,000 | ||||||||||||||||||
George Coulbourn [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 6,800,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 20.00% | ||||||||||||||||||
Jury Verdict Total | $ 9,000,000 | ||||||||||||||||||
Additional Damages | $ 5,000,000 | ||||||||||||||||||
Geoffrey_Anisansel [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict Total | $ 20,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Asbestos Liability) (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2019USD ($)Claim | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) | Oct. 06, 2016USD ($) | Apr. 22, 2016USD ($) | Feb. 09, 2016USD ($) | Jul. 02, 2015USD ($) | Jun. 16, 2014USD ($) | Sep. 17, 2013USD ($) | Mar. 01, 2013USD ($) | Feb. 25, 2013USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 9,700,000 | $ 2,900,000 | |||||||||||||||||
Current portion of total estimated liability | $ 66,000,000 | $ 66,000,000 | |||||||||||||||||
Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Pending claims | 28,498 | 29,089 | 30,990 | 32,234 | 32,234 | 29,089 | 32,234 | ||||||||||||
Payments for asbestos-related fees and costs, net of insurance recoveries | $ 9,700,000 | $ 2,900,000 | $ 2,900,000 | $ 63,900,000 | |||||||||||||||
Cumulative claims resolved | Claim | 137,000 | ||||||||||||||||||
Settlement cost | $ 620,000,000 | ||||||||||||||||||
Average settlement cost per resolved claim | 11,300 | $ 7,800 | $ 3,900 | ||||||||||||||||
Cumulative average settlement cost per resolved claim | 4,500 | ||||||||||||||||||
Estimated payments to current and future claimants | 36,000,000,000 | ||||||||||||||||||
Additional liability | $ 227,000,000 | ||||||||||||||||||
Liability for claims | $ 504,000,000 | $ 696,000,000 | $ 696,000,000 | ||||||||||||||||
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | 80.00% | 80.00% | |||||||||||||||||
Current portion of total estimated liability | 66,000,000 | ||||||||||||||||||
Number of buyout agreements with excess insurer groups | 10 | ||||||||||||||||||
Aggregate value of policy buyout agreements | $ 82,500,000 | ||||||||||||||||||
Estimated Percentage Of Insurance Which Covers Asbestos Costs | 21.00% | 21.00% | |||||||||||||||||
Insurance reimbursement asset | 88,000,000 | $ 143,000,000 | $ 143,000,000 | ||||||||||||||||
Gross Settlement And Defense Incurred Costs | $ 26,500,000 | $ 14,800,000 | 14,800,000 | $ 88,800,000 | |||||||||||||||
Mesothelioma Claims Percentage Pending Asbestos Claims | 10.00% | 10.00% | |||||||||||||||||
Mesothelioma Claims Percentage Aggregate Settlement Defense Costs | 90.00% | 90.00% | |||||||||||||||||
Frank Paasch | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 2,500,000 | ||||||||||||||||||
PaidJuryVerdict | $ 300,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 10.00% | ||||||||||||||||||
James Nelson | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 14,500,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 9.09% | ||||||||||||||||||
Court judgment against all parties held responsible | $ 4,000,000 | ||||||||||||||||||
Additional interest on the compensation awarded | $ 10,000 | ||||||||||||||||||
Larry Bell | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Share Of Responsibility Of Verdict | 5.00% | ||||||||||||||||||
Frank Vincinguerra | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict | $ 2,300,000 | ||||||||||||||||||
PaidJuryVerdict | $ 600,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 20.00% | ||||||||||||||||||
Ivo Peraica | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 10,600,000 | ||||||||||||||||||
Reduced Damages | $ 4,250,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | 1,940,000 | ||||||||||||||||||
Paid Judgment Pursuant to Appeal | $ 2,700,000 | ||||||||||||||||||
Jury Verdict Total | 35,000,000 | ||||||||||||||||||
Court_Reduced_Verdict | $ 18,000,000 | ||||||||||||||||||
Richard DeLisle [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 1,300,000 | ||||||||||||||||||
Jury Verdict | $ 8,000,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 16.00% | ||||||||||||||||||
Ivan Sweberg [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 5,300,000 | ||||||||||||||||||
Reduced Damages | 9,500,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | 4,730,000 | ||||||||||||||||||
Paid Judgment Pursuant to Appeal | $ 5,700,000 | ||||||||||||||||||
Jury Verdict Total | 15,000,000 | ||||||||||||||||||
Selwyn Hackshaw [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | 3,100,000 | ||||||||||||||||||
Reduced Damages | 3,000,000 | ||||||||||||||||||
CourtJudgmentIncludingSetoffs | $ 0 | ||||||||||||||||||
Jury Verdict Total | 10,000,000 | ||||||||||||||||||
Court_Reduced_Verdict | $ 6,000,000 | ||||||||||||||||||
James Poage [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compensatory Damages | $ 1,500,000 | ||||||||||||||||||
Additional Damages | 10,000,000 | ||||||||||||||||||
Court Judgment | $ 10,800,000 | ||||||||||||||||||
Valent Rabovsky [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Court Judgment | $ 400,000 | ||||||||||||||||||
Jury Verdict Total | $ 1,085,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 30.00% | ||||||||||||||||||
George Coulbourn [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Additional Damages | 5,000,000 | ||||||||||||||||||
Court Judgment | 6,800,000 | ||||||||||||||||||
Jury Verdict Total | $ 9,000,000 | ||||||||||||||||||
Share Of Responsibility Of Verdict | 20.00% | ||||||||||||||||||
Geoffrey_Anisansel [Member] | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Jury Verdict Total | $ 20,000,000 | ||||||||||||||||||
New York | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Pending claims | Claim | 18,000 | ||||||||||||||||||
Mississippi | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Pending claims | Claim | 300 | ||||||||||||||||||
Texas | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Pending claims | Claim | 100 | ||||||||||||||||||
Ohio | Asbestos Commitments and Contingencies | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Pending claims | Claim | 200 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule Of Settlement And Defense Costs) (Detail) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2017 | |
Loss Contingencies [Line Items] | ||||||||
Document Period End Date | Mar. 31, 2019 | |||||||
Pre-tax cash payments | $ 9,700,000 | $ 2,900,000 | ||||||
Asbestos Commitments and Contingencies | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated Percentage Of Insurance Which Covers Asbestos Costs | 21.00% | 21.00% | ||||||
Asbestos Cumulative Claims Resolved | Claim | 137,000 | |||||||
Loss Contingency, Pending Claims, Number | 28,498 | 29,089 | 30,990 | 32,234 | 29,089 | 32,234 | 32,234 | |
Settlement / indemnity costs incurred (1) | $ 21,400,000 | $ 8,300,000 | $ 63,000,000 | |||||
Defense costs incurred (1) | 5,100,000 | 6,500,000 | 25,800,000 | |||||
Gross Settlement And Defense Incurred Costs | 26,500,000 | $ 14,800,000 | 14,800,000 | 88,800,000 | ||||
Settlement / indemnity payments | 8,800,000 | 4,600,000 | 61,500,000 | |||||
Defense payments | 4,000,000 | 5,000,000 | 26,500,000 | |||||
Insurance receipts | (3,100,000) | (6,700,000) | (24,100,000) | |||||
Pre-tax cash payments | 9,700,000 | $ 2,900,000 | $ 2,900,000 | 63,900,000 | ||||
Cumulative Related Settlement Cost Incurred Before Insurance Recoveries | 620,000,000 | |||||||
Cumulative Asbestos Settlement Cost Per Resolved Claim | 4,500 | |||||||
Asbestos Settlement Cost Per Resolved Claim | 11,300 | $ 7,800 | $ 3,900 | |||||
Estimated Funds Available From Post Bankruptcy Trusts To Pay Current And Future Claimants | $ 36,000,000,000 | |||||||
Increase In Total Asbestos Liability | $ 227,000,000 | |||||||
Mesothelioma Claims Percentage Pending Asbestos Claims | 10.00% | 10.00% | ||||||
Mesothelioma Claims Percentage Aggregate Settlement Defense Costs | 90.00% | 90.00% | ||||||
Insurance Receivable Asbestos | $ 88,000,000 | $ 143,000,000 | $ 143,000,000 |
Commitments and Contingencies_5
Commitments and Contingencies (Other Contingencies) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Mar. 01, 2013USD ($) | Dec. 31, 2012a | |
Asbestos Commitments and Contingencies | |||||||
Loss Contingencies [Line Items] | |||||||
Gross Settlement And Defense Incurred Costs | $ 26.5 | $ 14.8 | $ 14.8 | $ 88.8 | |||
Environmental Claims For A Site In Goodyear Arizona | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated liability | 30.9 | ||||||
Accrued environmental loss contingencies current | 10.9 | ||||||
Other receivables | $ 6 | ||||||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site | |||||||
Loss Contingencies [Line Items] | |||||||
Approximate size of referenced site, acres | a | 55,000 | ||||||
Ivo Peraica [Member] | Asbestos Commitments and Contingencies | |||||||
Loss Contingencies [Line Items] | |||||||
Paid Judgment Pursuant to Appeal | $ 2.7 | ||||||
Court Judgment | $ 10.6 |
Financing Financing (Short-Term
Financing Financing (Short-Term Debt) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Long-term debt | $ 940,200,000 | $ 942,300,000 | |
Short-term borrowings and current maturities of long-term debt | 63,100,000 | 6,900,000 | |
Syndicated Loan Facility [Member] | |||
Short-term Debt [Line Items] | |||
Borrowings outstanding | 5,900,000 | 5,300,000 | |
Building Loan Facility [Member] | |||
Short-term Debt [Line Items] | |||
Borrowings outstanding | 1,700,000 | 1,600,000 | |
Line of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Amortization of Debt Issuance Costs | 1,600,000 | $ 1,600,000 | |
Commercial Paper [Member] | Line of Credit [Member] | CP Program [Member] | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | 550,000,000 | 0 | |
Borrowings outstanding | 55,500,000 | 0 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | 2017 Facility [Member] | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 550,000,000 | $ 0 |
Financing Financing - Narrative
Financing Financing - Narrative (Details) - Line of Credit [Member] - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Commercial Paper [Member] | CP Program [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings outstanding | $ 55,500,000 | $ 0 |
Maximum borrowing capacity | 550,000,000 | 0 |
Revolving Credit Facility [Member] | 2017 Facility [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 550,000,000 | $ 0 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||
Long-term debt | $ 940.2 | $ 942.3 | |
Short-term Debt | $ 63.1 | $ 6.9 | |
Four Point Four Five Percent Notes Due Two Thousand And Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Year Of Debt Instrument | 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | |
Six Point Five Five Percent Notes Due 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 198.2 | $ 198.2 | |
Four Point Four Five Percent Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 298.7 | $ 298.6 | |
6.55% Notes Due 2036 | |||
Debt Instrument [Line Items] | |||
Maturity Year Of Debt Instrument | 2036 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% | |
Senior Notes [Member] | Senior Notes Due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 346 | $ 345.9 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Amortization of Debt Issuance Costs | (1.6) | $ (1.6) | |
Line of Credit [Member] | Line of Credit [Member] | Syndicated Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 26.9 | 25.1 | |
Line of Credit [Member] | Line of Credit [Member] | 3 Year Term Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 72 | $ 76.1 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017employee | Dec. 31, 2018USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 2.9 | $ 0.8 | $ 7.2 | |
Other costs related to repositioning actions | 2.1 | 7.5 | ||
Effect on future earnings, amount | 30 | |||
Restructuring and related cost, expected cost remaining | 8.9 | |||
Acquisition-Related Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2.2 | $ 1.6 | ||
Restructuring and related cost, expected number of positions eliminated | employee | 170 | |||
Restructuring and related cost, number of positions eliminated, period percent | 2.00% | |||
Severance costs | 0.2 | |||
Other restructuring costs | 2 | |||
Other costs related to repositioning actions | 2.4 | |||
Effect on future earnings, amount | 23 | |||
2017Repositioning [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.7 | |||
Restructuring and related cost, expected number of positions eliminated | employee | 300 | |||
Restructuring and related cost, number of positions eliminated, period percent | 3.00% | |||
Severance costs | 0.6 | |||
Other restructuring costs | 0.1 | |||
2017Repositioning [Member] | cumulative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 30.4 | |||
Severance costs | 30.9 | |||
Other restructuring costs | $ (0.5) |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2.9 | $ 0.8 | $ 7.2 |
Restructuring and related cost, expected cost remaining | 8.9 | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1 | ||
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility consolidation costs | 7.9 | ||
Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 5.1 | ||
Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1.1 | ||
Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 2.7 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 7.3 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility consolidation costs | 6.3 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 3.5 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1.1 | ||
ExpectedRestructuringCostsin2019 [Member] [Member] | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 2.7 | ||
ExpectedRestructuringCostsin2020[Member] [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1.6 | ||
ExpectedRestructuringCostsin2020[Member] [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 0 | ||
ExpectedRestructuringCostsin2020[Member] [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility consolidation costs | 1.6 | ||
ExpectedRestructuringCostsin2020[Member] [Member] | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 1.6 | ||
2017Repositioning [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 0.6 | ||
Other restructuring costs | 0.1 | ||
Restructuring charges | 0.7 | ||
2017Repositioning [Member] | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 0.6 | ||
Other restructuring costs | 0 | ||
Restructuring charges | 0.6 | ||
2017Repositioning [Member] | Fluid Handling | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.6 | ||
2017Repositioning [Member] | Fluid Handling | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | ||
2017Repositioning [Member] | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 0 | ||
Other restructuring costs | 0.2 | ||
Restructuring charges | 0.2 | ||
2017Repositioning [Member] | Payment & Merchandising Technologies | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | ||
2017Repositioning [Member] | Payment & Merchandising Technologies | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.2 | ||
2017Repositioning [Member] | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring costs | (0.1) | ||
Restructuring charges | (0.1) | ||
2017Repositioning [Member] | Aerospace & Electronics | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | ||
2017Repositioning [Member] | Aerospace & Electronics | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (0.1) | ||
2017Repositioning [Member] | cumulative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 30.9 | ||
Other restructuring costs | (0.5) | ||
Restructuring charges | 30.4 | ||
2017Repositioning [Member] | cumulative [Member] | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 17.3 | ||
Other restructuring costs | 0 | ||
Restructuring charges | 17.3 | ||
2017Repositioning [Member] | cumulative [Member] | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 12.3 | ||
Other restructuring costs | 0.6 | ||
Restructuring charges | 12.9 | ||
2017Repositioning [Member] | cumulative [Member] | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 1.3 | ||
Other restructuring costs | (1.1) | ||
Restructuring charges | $ 0.2 |
Restructuring (Restructuring Re
Restructuring (Restructuring Reserve) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2.9 | $ 0.8 | $ 7.2 |
2017Repositioning [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 23.2 | ||
Restructuring charges | 0.7 | ||
Payments for restructuring | (8) | ||
Restructuring reserve, ending balance | 15.9 | 23.2 | |
2017Repositioning [Member] | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 12.9 | ||
Restructuring charges | 0.6 | ||
Payments for restructuring | (1.4) | ||
Restructuring reserve, ending balance | 12.1 | 12.9 | |
2017Repositioning [Member] | Fluid Handling | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 12.9 | ||
Restructuring charges | 0.6 | ||
Payments for restructuring | (1.4) | ||
Restructuring reserve, ending balance | 12.1 | 12.9 | |
2017Repositioning [Member] | Fluid Handling | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | ||
Restructuring charges | 0 | ||
Payments for restructuring | 0 | ||
Restructuring reserve, ending balance | 0 | 0 | |
2017Repositioning [Member] | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 9.4 | ||
Restructuring charges | 0.2 | ||
Payments for restructuring | (6.5) | ||
Restructuring reserve, ending balance | 3.1 | 9.4 | |
2017Repositioning [Member] | Payment & Merchandising Technologies | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 9.4 | ||
Restructuring charges | 0 | ||
Payments for restructuring | (6.3) | ||
Restructuring reserve, ending balance | 3.1 | 9.4 | |
2017Repositioning [Member] | Payment & Merchandising Technologies | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | ||
Restructuring charges | 0.2 | ||
Payments for restructuring | (0.2) | ||
Restructuring reserve, ending balance | 0 | 0 | |
2017Repositioning [Member] | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0.9 | ||
Restructuring charges | (0.1) | ||
Payments for restructuring | (0.1) | ||
Restructuring reserve, ending balance | 0.7 | 0.9 | |
2017Repositioning [Member] | Aerospace & Electronics | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0.9 | ||
Restructuring charges | 0 | ||
Payments for restructuring | (0.2) | ||
Restructuring reserve, ending balance | 0.7 | 0.9 | |
2017Repositioning [Member] | Aerospace & Electronics | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | ||
Restructuring charges | (0.1) | ||
Payments for restructuring | 0.1 | ||
Restructuring reserve, ending balance | $ 0 | $ 0 |