Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-1657 | ||
Entity Registrant Name | CRANE CO. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-1952290 | ||
Entity Address, Address Line One | 100 First Stamford Place | ||
Entity Address, City or Town | Stamford | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06902 | ||
City Area Code | 203 | ||
Local Phone Number | 363-7300 | ||
Title of 12(b) Security | Common Stock, par value $1.00 | ||
Trading Symbol | CR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,904,172,315 | ||
Entity Common Stock, Shares Outstanding | 58,164,560 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for the 2020 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000025445 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 2,936.9 | $ 3,283.1 | $ 3,345.5 |
Operating costs and expenses: | |||
Cost of sales | 1,930.7 | 2,104.1 | 2,156.2 |
Selling, general and administrative | 698.1 | 698 | 711.9 |
Asbestos provision, net | 0 | 229 | 0 |
Environmental provision, net | 0 | 18.9 | 0 |
Restructuring charges, net | 32.3 | 17.5 | 7.2 |
Acquisition-related and integration charges | 12.9 | 5.2 | 28.9 |
Operating profit | 262.9 | 210.4 | 441.3 |
Other income (expense): | |||
Interest income | 2 | 2.7 | 2.3 |
Interest expense | (55.3) | (46.8) | (50.9) |
Miscellaneous income, net | 14.9 | 4.4 | 18.7 |
Total other income (expense) | (38.4) | (39.7) | (29.9) |
Income before income taxes | 224.5 | 170.7 | 411.4 |
Provision for income taxes | 43.4 | 37.1 | 75.9 |
Net income before allocation to noncontrolling interests | 181.1 | 133.6 | 335.5 |
Less: Noncontrolling interest in subsidiaries’ earnings (loss) | 0.1 | 0.3 | (0.1) |
Net income attributable to common shareholders | $ 181 | $ 133.3 | $ 335.6 |
Earnings per share - basic: | |||
Basic earnings per share (in dollars per share) | $ 3.10 | $ 2.23 | $ 5.63 |
Weighted average basic shares outstanding (in shares) | 58.3 | 59.8 | 59.6 |
Earnings per share - diluted: | |||
Diluted earnings per share (in dollars per share) | $ 3.08 | $ 2.20 | $ 5.50 |
Weighted average diluted shares outstanding (in shares) | 58.8 | 60.6 | 61 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before allocation to noncontrolling interests | $ 181.1 | $ 133.6 | $ 335.5 |
Other comprehensive income (loss), net of tax | |||
Currency translation adjustment | 70.4 | 11.5 | (41.6) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (53.6) | (47.7) | (26.2) |
Other comprehensive income (loss), net of tax | 16.8 | (36.2) | (67.8) |
Comprehensive income before allocation to noncontrolling interests | 197.9 | 97.4 | 267.7 |
Less: Noncontrolling interests in comprehensive income | (0.5) | (0.1) | (0.3) |
Comprehensive income attributable to common shareholders | $ 198.4 | $ 97.5 | $ 268 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 551 | $ 393.9 |
Current insurance receivable - asbestos | 14.4 | 14.1 |
Accounts receivable, net | 432.7 | 555.1 |
Inventories, net | 438.2 | 457.3 |
Other current assets | 137.4 | 79.5 |
Total current assets | 1,573.7 | 1,499.9 |
Property, plant and equipment, net | 600.4 | 616.3 |
Insurance receivable - asbestos | 72.5 | 83.6 |
Long-term deferred tax assets | 14.9 | 35.1 |
Intangible assets, net | 520.3 | 505.1 |
Goodwill | 1,609 | 1,472.4 |
Other assets | 198.1 | 211.3 |
Total assets | 4,588.9 | 4,423.7 |
Current liabilities: | ||
Short-term borrowings | 375.7 | 149.4 |
Accounts payable | 218.4 | 311.1 |
Current asbestos liability | 66.5 | 65 |
Accrued liabilities | 395.9 | 378.2 |
U.S. and foreign taxes on income | 0.1 | 13 |
Total current liabilities | 1,056.6 | 916.7 |
Long-term debt | 842.9 | 842 |
Accrued pension and postretirement benefits | 329.7 | 298.4 |
Long-term deferred tax liability | 53.6 | 55.8 |
Long-term asbestos liability | 603.6 | 646.6 |
Other liabilities | 171.4 | 187.9 |
Commitments and contingencies (Note 12) | ||
Equity: | ||
Preferred shares, par value 0.01; 5,000,000 shares authorized | 0 | 0 |
Common shares, par value $1.00; 200,000,000 shares authorized; 72,426,139 shares issued; 58,127,948 and 59,002,205 shares outstanding in 2020 and 2019, respectively | 72.4 | 72.4 |
Capital surplus | 330.7 | 315.6 |
Retained earnings | 2,192.8 | 2,112.2 |
Accumulated other comprehensive loss | (466.4) | (483.7) |
Treasury stock; 14,298,191 and 13,423,934 treasury shares in 2020 and 2019, respectively | (600.6) | (542.8) |
Total shareholders’ equity | 1,528.9 | 1,473.7 |
Noncontrolling interest | 2.2 | 2.6 |
Total equity | 1,531.1 | 1,476.3 |
Total liabilities and equity | $ 4,588.9 | $ 4,423.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 72,426,139 | 72,426,139 |
Common stock, shares, outstanding (in shares) | 58,127,948 | 59,002,205 |
Treasury stock, shares (in shares) | 14,298,191 | 13,423,934 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income attributable to common shareholders | $ 181 | $ 133.3 | $ 335.6 |
Noncontrolling interest in subsidiaries' earnings (loss) | 0.1 | 0.3 | (0.1) |
Net income before allocation to noncontrolling interests | 181.1 | 133.6 | 335.5 |
Asbestos provision, net | 0 | 229 | 0 |
Environmental provision, net | 0 | 18.9 | 0 |
Loss on deconsolidation of joint venture | 0 | 1.2 | 1.7 |
Realized gain on marketable securities | 0 | (1.1) | 0 |
Depreciation and amortization | 127.5 | 113.5 | 120 |
Stock-based compensation expense | 22.3 | 22.3 | 21.6 |
Defined benefit plans and postretirement credit | (7.1) | (0.7) | (15) |
Deferred income taxes | 18.1 | (25.1) | 47.7 |
Cash provided by (used for) operating working capital | 39.1 | (40) | 16.3 |
Defined benefit plans and postretirement contributions | (28.4) | (8.7) | (59.8) |
Environmental payments, net of reimbursements | (4.2) | (8.2) | (6.3) |
Asbestos related payments, net of insurance recoveries | (31.1) | (41.5) | (63.9) |
Other | (7.8) | 0.7 | 16 |
Total provided by operating activities | 309.5 | 393.9 | 413.8 |
Investing activities: | |||
Payments for acquisitions, net of cash acquired | (169.5) | (156.2) | (648) |
Proceeds from disposition of capital assets | 4.5 | 3.1 | 1.9 |
Capital expenditures | (34.1) | (68.8) | (108.8) |
Impact of deconsolidation of joint venture | 0 | (0.2) | 2.6 |
Purchase of marketable securities | (90) | (8.8) | 0 |
Proceeds from sale of marketable securities | 60 | 9.9 | 0 |
Total used for investing activities | (229.1) | (221) | (752.3) |
Financing activities: | |||
Dividends paid | (100.4) | (93.2) | (83.5) |
Reacquisition of shares on open market | (70) | (79.9) | (50.1) |
Stock options exercised, net of shares reacquired | 5.1 | 2.9 | 16.1 |
Debt issuance costs | (1.3) | 0 | (5.4) |
Repayment of long-term debt | 0 | (99.4) | (452.2) |
Repayment of short-term debt | 0 | (7.4) | (100) |
Proceeds from issuance of long-term debt | 0 | 3 | 567.2 |
Proceeds from issuance of short-term debt | 0 | 0 | 100 |
Proceeds from issuance of commercial paper with maturities greater than 90 days | 251.3 | 25 | 0 |
Repayments of commercial paper with maturities greater than 90 days | (296.7) | 0 | 0 |
Net (repayments) proceeds from issuance of commercial paper with maturities of 90 days or less | (76.8) | 124.4 | 0 |
Proceeds from revolving credit facility | 77.2 | 0 | 0 |
Repayments of revolving credit facility | (77.2) | 0 | 0 |
Proceeds from term loan | 343.9 | 0 | 0 |
Total provided by (used for) financing activities | 55.1 | (124.6) | (7.9) |
Effect of exchange rates on cash and cash equivalents | 21.6 | 2.2 | (16.4) |
Increase (decrease) in cash and cash equivalents | 157.1 | 50.5 | (362.8) |
Cash and cash equivalents at beginning of period | 393.9 | 343.4 | 706.2 |
Cash and cash equivalents at end of period | 551 | 393.9 | 343.4 |
Detail of cash provided by (used for) operating working capital: | |||
Accounts receivable | 138.5 | 3.8 | 4.8 |
Inventories | 35.4 | (8.3) | (38.8) |
Other current assets | (5.8) | (1.3) | (11.4) |
Accounts payable | (102.6) | (23.4) | 37 |
Accrued liabilities | 4.8 | (35.2) | 40.9 |
U.S. and foreign taxes on income | (31.2) | 24.4 | (16.2) |
Cash provided by (used for) operating working capital | 39.1 | (40) | 16.3 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 53.8 | 47.4 | 47.5 |
Income taxes paid | $ 46.5 | $ 37.9 | $ 58.4 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total Shareholders’ Equity | Common Shares Issued at Par Value | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2017 | $ 1,348.5 | $ 1,345.2 | $ 72.4 | $ 291.7 | $ 1,813.3 | $ (380.1) | $ (452.1) | $ 3.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 335.5 | 335.6 | 335.6 | (0.1) | ||||
Cash dividends | (83.5) | (83.5) | (83.5) | |||||
Reaquisition on open market | (50.1) | (50.1) | (50.1) | |||||
Exercise of stock options, net of shares reacquired | 24 | 24 | 24 | |||||
Stock-based compensation | 21.6 | 21.6 | 21.6 | |||||
Impact from settlement of share-based awards, net of shares acquired | (7.8) | (7.8) | (9.8) | 2 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (26.2) | (26.2) | (26.2) | |||||
Currency translation adjustment | (41.6) | (41.3) | (41.3) | (0.3) | ||||
Balance, end of period at Dec. 31, 2018 | 1,527.1 | 1,524.2 | 72.4 | 303.5 | 2,072.1 | (447.6) | (476.2) | 2.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 6.7 | 6.7 | 6.7 | |||||
Net income | 133.6 | 133.3 | 133.3 | 0.3 | ||||
Cash dividends | (93.2) | (93.2) | (93.2) | |||||
Reaquisition on open market | (79.9) | (79.9) | (79.9) | |||||
Exercise of stock options, net of shares reacquired | 11.5 | 11.5 | 11.5 | |||||
Stock-based compensation | 22.3 | 22.3 | 22.3 | |||||
Impact from settlement of share-based awards, net of shares acquired | (8.4) | (8.4) | (10.2) | 1.8 | ||||
Deconsolidation of a joint venture | (0.5) | |||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (47.7) | (47.7) | (47.7) | |||||
Currency translation adjustment | 11.5 | 11.6 | 11.6 | (0.1) | ||||
Balance, end of period at Dec. 31, 2019 | 1,476.3 | 1,473.7 | 72.4 | 315.6 | 2,112.2 | (483.7) | (542.8) | 2.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 181.1 | 181 | 181 | 0.1 | ||||
Cash dividends | (100.4) | (100.4) | (100.4) | |||||
Reaquisition on open market | (70) | (70) | (70) | |||||
Exercise of stock options, net of shares reacquired | 8.9 | 8.9 | ||||||
Stock-based compensation | 22.3 | 22.3 | 22.3 | |||||
Impact from settlement of share-based awards, net of shares acquired | (3.9) | (3.9) | (7.2) | 3.3 | ||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (53.6) | (53.6) | (53.6) | |||||
Currency translation adjustment | 70.4 | 70.9 | 70.9 | (0.5) | ||||
Balance, end of period at Dec. 31, 2020 | $ 1,531.1 | $ 1,528.9 | $ 72.4 | $ 330.7 | $ 2,192.8 | $ (466.4) | $ (600.6) | $ 2.2 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 1.72 | $ 1.56 | $ 1.40 |
Reacquisition on open market, shares (in shares) | 1,221,233 | 987,630 | 582,066 |
Exercise of stock options, net of shares reacquired (in shares) | 183,320 | 218,540 | 449,948 |
Nature of Operations and Signif
Nature of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Significant Accounting Policies | Nature of Operations and Significant Accounting Policies Nature of Operations We are a diversified manufacturer of highly engineered industrial products comprised of four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Our primary end markets include process industries (chemical production, oil & gas, power, and general industrial), non-residential and municipal construction, payment automation solutions, banknote design and production, aerospace, defense and space, along with a wide range of general industrial and certain consumer related end markets. See Note 3, “Segment Information” for the relative size of these segments in relation to the total company (both net sales and total assets). Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Significant Accounting Policies Accounting Principles. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Crane Co. and our subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. As used in these notes, the terms "we," "us," "our," "Crane" and the "Company" mean Crane Co. and our subsidiaries unless the context specifically states or implies otherwise. Basis of presentation. Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year presentation. Use of Estimates. These accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, asbestos liability and related insurance receivable, environmental liability and contingencies. Currency Translation. Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated on a monthly basis. When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer. Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period. Payment for products is due within a limited time period after shipment or delivery, and we do not offer extended payment terms. Payment is typically due within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit. When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time in order for payment from a customer to become due, we record a contract asset. Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. See Note 4, “Revenue” for further details. Cost of Goods Sold. Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. Selling, General and Administrative Expenses. Selling, general and administrative expenses are charged to income as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line of our Consolidated Statement of Operations, while accrued interest and penalties are included within the related tax liability line of our Consolidated Balance Sheets. Earnings Per Share. Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potential dilutive common shares outstanding during the year. (in millions, except per share data) For the year ended December 31, 2020 2019 2018 Net income attributable to common shareholders $ 181.0 $ 133.3 $ 335.6 Weighted average basic shares outstanding 58.3 59.8 59.6 Effect of dilutive shared-based awards 0.5 0.8 1.4 Weighted average diluted shares outstanding 58.8 60.6 61.0 Basic earnings per share $ 3.10 $ 2.23 $ 5.63 Diluted earnings per share $ 3.08 $ 2.20 $ 5.50 The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options. During 2020, 2019 and 2018, the number of stock options excluded from the computation was 2.1 million, 1.2 million and 0.4 million, respectively. Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. Accounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for doubtful accounts was $10.9 million and $7.2 million as of December 31, 2020 and 2019, respectively. The allowance for doubtful accounts activity was not material to our financial results for the years ended December 31, 2020 and 2019. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited. Inventories, net. Inventories consist of the following: (in millions) December 31, 2020 2019 Finished goods $ 130.5 $ 130.6 Finished parts and subassemblies 54.5 66.1 Work in process 45.2 47.7 Raw materials 208.0 212.9 Total inventories, net $ 438.2 $ 457.3 Inventories, net include the costs of material, labor and overhead and are stated at the lower of cost or net realizable value. Domestic inventories are stated at either the lower of cost or net realizable value using the last-in, first-out (“LIFO”) method or the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. Inventories held in foreign locations are primarily stated at the lower of cost or market using the FIFO method. The LIFO method is not being used at our foreign locations as such a method is not allowable for tax purposes. Changes in the levels of LIFO inventories have increased cost of sales by $2.3 million and $6.7 million for the years ended December 31, 2020 and 2019, respectively, and reduced cost of sales by $2.5 million for the year ended December 31, 2018. The portion of inventories costed using the LIFO method was 30.7% and 27.7% of consolidated inventories as of December 31, 2020 and 2019, respectively. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $26.8 million and $17.1 million as of December 31, 2020 and 2019, respectively. The reserve for excess and obsolete inventory was $95.8 million and $85.9 million as of December 31, 2020 and 2019, respectively. Valuation of Long-Lived Assets. We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a loss is recognized based on the amount by which the carrying amount exceeds the estimated fair value. Judgments which impact these assessments relate to the expected useful lives of long-lived assets and our ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the recoverable amount of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods. Property, Plant and Equipment, net. Property, plant and equipment, net consists of the following: (in millions) December 31, 2020 2019 Land $ 88.5 $ 84.4 Buildings and improvements 289.6 282.6 Machinery and equipment 917.7 889.9 Gross property, plant and equipment 1,295.8 1,256.9 Less: accumulated depreciation 695.4 640.6 Property, plant and equipment, net $ 600.4 $ 616.3 Property, plant and equipment is stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and three Goodwill and Other Intangible Assets. Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Consolidated Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. During 2020, we observed a significant decline in the market valuation of our common shares as a result of the COVID-19 pandemic. As such, we performed sensitivity analyses based on more recent assumptions, including entity-specific and macroeconomic factors resulting from the COVID-19 pandemic during the interim periods. We concluded that it was not more likely than not that the fair values of the reporting units and indefinite-lived intangible assets were below their carrying values. We also performed our annual impairment assessment (as described below) and concluded that no impairment charges have been required during 2020. We believe that there have been no other events or circumstances which would more likely than not reduce the fair value of our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of December 31, 2020, we had seven reporting units. When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, ranged between 9.5% and 11.5% (a weighted average of 10.5%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. No impairment charges have been required during 2020, 2019 or 2018. Changes to goodwill are as follows: (in millions) Fluid Handling Payment & Merchandising Technologies Aerospace & Electronics Engineered Materials Total Balance as of December 31, 2018 $ 240.8 $ 789.2 $ 202.4 $ 171.3 $ 1,403.7 Additions — 63.4 — — 63.4 Currency translation 0.1 5.2 — — 5.3 Balance as of December 31, 2019 $ 240.9 $ 857.8 $ 202.4 $ 171.3 $ 1,472.4 Additions 106.1 — — — 106.1 Adjustments to purchase price allocations — 5.6 — — 5.6 Currency translation 13.0 11.8 0.1 — 24.9 Balance as of December 31, 2020 $ 360.0 $ 875.2 $ 202.5 $ 171.3 $ 1,609.0 For the year ended December 31, 2020, additions to goodwill within the Fluid Handling segment were $106.1 million. These additions represent the preliminary purchase price allocation for the acquisition of CIRCOR International, Inc.’s Instrumentation & Sampling Business (“I&S”). For the year ended December 31, 2020, adjustments to goodwill within the Payment & Merchandising Technologies segment were $5.6 million. These adjustments represent the finalization of the purchase price allocation for the acquisition of Cummins-Allison Corp. ("Cummins-Allison"). For the year ended December 31, 2019, additions to goodwill within the Payment & Merchandising Technologies segment were $63.4 million. These additions represent the preliminary purchase price allocation related to the acquisition of Cummins-Allison of $54.7 million and the finalization of the purchase price allocation of the January 2018 acquisition of Crane & Co., Inc. (“Crane Currency”) of $8.7 million. See discussion in Note 2, “Acquisitions” for further details. 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 or 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 its 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. During 2020, we observed a significant decline in the market valuation of our common shares as a result of the COVID-19 pandemic. As such, we performed sensitivity analyses based on more recent assumptions, including entity-specific and macroeconomic factors resulting from the COVID-19 pandemic during the interim periods. We concluded that it was not more likely than not that the fair values of our indefinite-lived intangible assets were below their carrying values. We believe there have been no other 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. As of December 31, 2020, we had $520.3 million of net intangible assets, of which $70.9 million were intangibles with indefinite useful lives, consisting of trade names. As of December 31, 2019, we had $505.1 million of net intangible assets, of which $69.9 million were intangibles with indefinite useful lives, consisting of trade names. Changes to intangible assets are as follows: (in millions) December 31, 2020 2019 2018 Balance at beginning of period, net of accumulated amortization $ 505.1 $ 481.8 $ 276.8 Additions 52.5 66.0 252.8 Amortization expense (48.4) (40.0) (44.5) Currency translation and other 11.1 (2.7) (3.3) Balance at end of period, net of accumulated amortization $ 520.3 $ 505.1 $ 481.8 For the year ended December 31, 2020, additions to intangible assets represent the preliminary purchase price allocation related to the January 2020 acquisition of I&S. For the year ended December 31, 2019, additions to intangible assets represent the purchase price allocation related to the acquisition of Cummins-Allison. See discussion in Note 2, “Acquisitions” for further details. A summary of intangible assets follows: (in millions) Weighted Average December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.7 $ 138.2 $ 58.4 $ 79.8 $ 134.2 $ 56.8 $ 77.4 Customer relationships and backlog 18.0 663.6 280.6 383.0 603.1 241.3 361.8 Drawings 40.0 11.1 10.5 0.6 11.1 10.5 0.6 Other 11.8 144.9 88.0 56.9 141.6 76.3 65.3 Total 17.6 $ 957.8 $ 437.5 $ 520.3 $ 890.0 $ 384.9 $ 505.1 Future amortization expense associated with intangibles is expected to be: Year (in millions) 2021 $ 44.4 2022 $ 43.9 2023 $ 43.8 2024 $ 42.9 2025 and after $ 274.4 Accumulated Other Comprehensive Loss The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment Total (c) Balance as of December 31, 2017 $ (270.4) (a) $ (109.7) (a) $ (380.1) Other comprehensive (loss) income before reclassifications (36.2) (b) (41.3) (77.5) Amounts reclassified from accumulated other comprehensive loss 10.0 (b) — 10.0 Net period other comprehensive (loss) income (26.2) (41.3) (67.5) Balance as of December 31, 2018 (296.6) (a) (151.0) (a) (447.6) Other comprehensive (loss) income before reclassifications (58.4) (b) 11.6 (46.8) Amounts reclassified from accumulated other comprehensive loss 10.7 (b) — 10.7 Net period other comprehensive (loss) income (47.7) 11.6 (36.1) Balance as of December 31, 2019 (344.3) (a) (139.4) (a) (483.7) Other comprehensive (loss) income before reclassifications (67.4) 70.9 3.5 Amounts reclassified from accumulated other comprehensive loss 13.8 — 13.8 Net period other comprehensive (loss) income (53.6) 70.9 17.3 Balance as of December 31, 2020 $ (397.9) $ (68.5) $ (466.4) (a) Balance has been revised to correct a $21.7 million misclassification between previously reported amounts, which resulted in a decrease in previously reported Defined Benefit Pension and Other Postreti |
Acquisitions And Divestitures
Acquisitions And Divestitures | Jan. 31, 2020 |
Acquisitions And Divestitures [Abstract] | |
Acquisitions and Divestitures | 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 to the purchase price allocation. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. In order to allocate the consideration transferred for our acquisitions, 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. Instrumentation & Sampling Business Acquisition On January 31, 2020, we completed the acquisition of I&S for $172.3 million on a cash-free and debt-free basis, subject to a later adjustment reflecting I&S' net working capital, cash, the assumption of certain debt-like items, and I&S' transaction expenses. We funded the acquisition through short-term borrowings consisting of $100 million of commercial paper and $67 million from our revolving credit facility, and cash on hand. In August 2020, we received $3.1 million related to the final working capital adjustment which resulted in net cash paid of $169.2 million. I&S designs, engineers and manufactures a broad range of critical fluid control instrumentation and sampling solutions used in severe service environments which complements our existing portfolio of chemical, refining, petrochemical and upstream oil and gas applications. I&S has been integrated into the Fluid Handling segment. The amount allocated to goodwill reflects the expected sales synergies, manufacturing efficiency and procurement savings. Goodwill from this acquisition is not deductible for tax purposes. Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of I&S. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805. We have not yet completed our evaluation and determination of certain assets acquired and liabilities assumed, primarily related to the final assessment and valuation of certain tax amounts. Any potential adjustments made could be material in relation to the preliminary values presented below: Net assets acquired (in millions) Total current assets $ 21.0 Property, plant and equipment 11.0 Other assets 6.0 Intangible assets 52.5 Goodwill 106.1 Total assets acquired $ 196.6 Total current liabilities $ 8.1 Other liabilities 19.3 Total assumed liabilities $ 27.4 Net assets acquired $ 169.2 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 $ 2.6 13 Customer relationships 49.0 14 Backlog 0.9 1 Total acquired intangible assets $ 52.5 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 I&S’ earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to our ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 13 years. The fair values of the customer relationships and backlog intangible assets were determined by using an income approach which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship asset is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 14 years. Supplemental Pro Forma Data I&S’ results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on January 31, 2020. Consolidated pro forma revenue and net income attributable to common shareholders has not been presented since the impact is not material to our financial results for either prior period. Cummins-Allison Acquisition On December 31, 2019 we completed the acquisition of Cummins-Allison. The base purchase price of the acquisition was $160 million on a cash-free, debt-free basis, subject to a later adjustment reflecting Cummins-Allison’s net working capital, cash, and Cummins-Allison’s transaction expenses. The amount paid, net of cash acquired, was $156.2 million. We issued $150 million of commercial paper and used cash on hand to fund the acquisition. In November 2020, we paid $0.2 million related to the final working capital adjustment which resulted in net cash paid of $156.4 million. Cummins-Allison is a leading provider of high speed, cash and coin counting and sorting machines and retail cash office solutions which are primarily used in back-office applications. Cummins-Allison has been integrated into our Payment & Merchandising Technologies segment. Cummins-Allison also has a nationwide service network to support these hardware sales. The amount allocated to goodwill reflects the expected synergies related to material costs, supply chain manufacturing productivity and research and development. Goodwill from this acquisition is not deductible for tax purposes. 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 Cummins-Allison. The fair value of certain assets and liabilities has been completed as required by ASC 805. Net assets acquired (in millions) Total current assets $ 91.6 Property, plant and equipment 26.3 Other assets 9.1 Intangible assets 66.0 Goodwill 60.3 Total assets acquired $ 253.3 Total current liabilities $ 71.6 Other liabilities 25.3 Total assumed liabilities $ 96.9 Net assets acquired $ 156.4 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 $ 3.0 7 Customer relationships 54.5 18 Product technology 8.5 10 Total acquired intangible assets $ 66.0 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 Cummins-Allison’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 trade name Cummins Allison is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of seven years. The fair values of the customer relationships 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 years. 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 Cummins-Allison’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 10 years. Supplemental Pro Forma Data The following unaudited pro forma combined information assumes that the acquisition was completed on January 1, 2018. The unaudited pro forma consolidated net sales for 2019 and 2018 would have been $3,475.2 million and $3,531.1 million, respectively. The unaudited pro forma consolidated net sales are provided for illustrative purposes only and are not indicative of our actual consolidated results of operations or consolidated financial position. Consolidated pro forma net income attributable to common shareholders has not been presented since the impact is not material to our financial results in any of the periods. Crane Currency Acquisition On January 10, 2018, we completed the acquisition of 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 has been integrated into the 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. 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 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 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. 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. Supplemental Pro Forma Data 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. Crane Currency contributed sales of $458.2 million resulting in an operating profit of approximately $33.8 million for the period from the completion of the acquisition through December 31, 2018. Acquisition-Related Costs Acquisition-related costs are being expensed as incurred. For the years ended December 31, 2020, 2019 and 2018, we recorded $12.9 million, $5.2 million and $28.9 million, respectively, of integration and transaction costs. Acquisition-related costs for the years ended December 31, 2020 and 2018 included $5.6 million and $9.1 million, respectively of inventory step-up and backlog amortization. Acquisition-related costs are recorded within “Acquisition-related and integration charges” in our Consolidated Statements of Operations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to our asbestos liability and our legacy environmental liabilities, as such items are not related to current business activities; or corporate organizational and functional expenses of a governance nature. “Corporate expenses-before asbestos and environmental charges” consist of corporate office expenses including, compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices. Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. 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 Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. The acquisition of I&S has been integrated into Process Valves and Related Products business. See discussion in Note 2, “Acquisitions” for further details. Payment & Merchandising Technologies The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency. CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, and for certain vertical markets, it also provides currency handling and processing systems, complete cash and cashless payment and merchandising solutions, equipment service solutions, and fully connected managed service solutions. Crane Currency is a supplier of banknotes and highly engineered banknote security features. In the third quarter of 2020, we completed an internal merger to consolidate the Crane Merchandising Systems (“CMS”) business into the vending vertical within the CPI business. This internal merger will enable improved coordination and collaboration while delivering increasingly integrated connectivity solutions to our customers. The acquisition of Cummins-Allison has been integrated into our CPI business. See discussion in Note 2, “Acquisitions” for further details. 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 year ended December 31, 2020, operating profit included acquisition-related and integration charges and restructuring charges, net. For the year ended December 31, 2019, operating profit included an asbestos provision, net; an environmental provision, net; acquisition-related and integration charges and restructuring charges, net. For the year ended December 31, 2018, operating profit included acquisition-related and integration charges and restructuring charges, net. See Note 2, “Acquisitions” for discussion on the acquisition-related costs. See Note 15, “Restructuring Charges, Net” for discussion of the restructuring charges, net. See Note 12, “Commitments and Contingencies” for discussion of the asbestos provision, net and environmental provision, net. Financial information by reportable segment is set forth below: (in millions) December 31, 2020 2019 2018 Fluid Handling Net sales $ 1,005.8 $ 1,117.4 $ 1,101.8 Operating profit 97.7 131.7 118.8 Assets 1,106.1 941.6 878.2 Goodwill 360.0 240.9 240.8 Capital expenditures 13.7 23.4 19.9 Depreciation and amortization 21.6 14.2 15.2 Payment & Merchandising Technologies Net sales $ 1,104.8 $ 1,158.3 $ 1,257.0 Operating profit 100.6 177.3 186.0 Assets 2,215.3 2,303.4 2,074.4 Goodwill 875.2 857.8 789.2 Capital expenditures 9.3 20.6 57.5 Depreciation and amortization 85.9 77.1 82.4 Aerospace & Electronics Net sales $ 650.7 $ 798.8 $ 743.5 Operating profit 100.7 189.4 164.2 Assets 593.9 638.1 603.9 Goodwill 202.5 202.4 202.4 Capital expenditures 9.8 20.0 20.6 Depreciation and amortization 14.2 13.5 13.0 Engineered Materials Net sales $ 175.6 $ 208.6 $ 243.2 Operating profit 22.7 26.8 37.8 Assets 217.3 219.6 222.1 Goodwill 171.3 171.3 171.3 Capital expenditures 1.2 4.4 10.3 Depreciation and amortization 3.7 5.6 6.4 TOTAL NET SALES $ 2,936.9 $ 3,283.1 $ 3,345.5 Operating profit (loss) Reporting segments $ 321.7 $ 525.2 $ 506.8 Corporate expense — before asbestos and environmental provisions (58.8) (66.9) (65.5) Corporate expense — asbestos provision, net — (229.0) — Corporate expense — environmental provision, net — (18.9) — TOTAL OPERATING PROFIT $ 262.9 $ 210.4 $ 441.3 Interest income 2.0 2.7 2.3 Interest expense (55.3) (46.8) (50.9) Miscellaneous income, net 14.9 4.4 18.7 INCOME BEFORE INCOME TAXES $ 224.5 $ 170.7 $ 411.4 Assets Reporting segments $ 4,132.6 $ 4,102.7 $ 3,778.6 Corporate 456.3 321.0 264.1 TOTAL ASSETS $ 4,588.9 $ 4,423.7 $ 4,042.7 TOTAL GOODWILL (Reporting segments) $ 1,609.0 $ 1,472.4 $ 1,403.7 Capital expenditures Reporting segments $ 34.0 $ 68.4 $ 108.3 Corporate 0.1 0.4 0.5 TOTAL CAPITAL EXPENDITURES $ 34.1 $ 68.8 $ 108.8 Depreciation and amortization Reporting segments $ 125.4 $ 110.4 $ 117.0 Corporate 2.1 3.1 3.0 TOTAL DEPRECIATION AND AMORTIZATION $ 127.5 $ 113.5 $ 120.0 Information by geographic region: (in millions) December 31, 2020 2019 2018 Net sales (a) United States $ 1,862.7 $ 2,111.3 $ 2,107.2 Canada 162.9 176.8 172.3 United Kingdom 270.9 393.6 397.5 Continental Europe 480.1 410.1 484.2 Other international 160.3 191.3 184.3 TOTAL NET SALES $ 2,936.9 $ 3,283.1 $ 3,345.5 (in millions) December 31, 2020 2019 2018 Long-lived assets (a) (b) United States $ 339.2 $ 364.2 $ 304.6 Canada 15.8 17.6 7.8 Europe 266.6 259.6 249.3 Other international 60.7 61.7 32.5 Corporate 22.4 25.8 4.9 TOTAL LONG-LIVED ASSETS $ 704.7 $ 728.9 $ 599.1 (a) Net sales and Long-lived assets, net by geographic region are based on the location of the business unit. (b) Long-lived assets consist of property, plant and equipment, net in 2020, 2019 and 2018 and right-of-use assets, net in 2020 and 2019. There were no right-of-use assets in 2018 due to the adoption of ASC 842 on January 1, 2019. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment: (in millions) December 31, 2020 2019 2018 Fluid Handling Process Valves and Related Products $ 631.6 $ 685.1 $ 685.4 Commercial Valves 286.3 332.1 325.4 Pumps and Systems 87.9 100.2 91.0 Total Fluid Handling $ 1,005.8 $ 1,117.4 $ 1,101.8 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products (a) $ 670.8 $ 805.5 $ 798.8 Banknotes and Security Products 434.0 352.8 458.2 Total Payment & Merchandising Technologies $ 1,104.8 $ 1,158.3 $ 1,257.0 Aerospace & Electronics Commercial Original Equipment $ 226.4 $ 357.2 $ 343.4 Military Original Equipment 258.7 217.2 195.7 Commercial Aftermarket Products 93.0 161.4 150.5 Military Aftermarket Products 72.6 63.0 53.9 Total Aerospace & Electronics $ 650.7 $ 798.8 $ 743.5 Engineered Materials FRP - Recreational Vehicles $ 68.9 $ 84.5 $ 119.0 FRP - Building Products 83.1 91.9 92.2 FRP - Transportation 23.6 32.2 32.0 Total Engineered Materials $ 175.6 $ 208.6 $ 243.2 Total Net Sales $ 2,936.9 $ 3,283.1 $ 3,345.5 (a) As a result of an internal merger of the CMS business into the vending vertical of the CPI business, Payment Acceptance and Dispensing Products now includes Merchandising Equipment (See Note 3). Prior periods have been reclassified to conform to the current year presentation. Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of December 31, 2020, backlog was $1,165.0 million. We expect to recognize approximately 84% of our remaining performance obligations as revenue in 2021, an additional 13% by 2022 and the balance thereafter. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following: (in millions) December 31, 2020 2019 Contract assets $ 66.7 $ 55.8 Contract liabilities $ 103.0 $ 88.4 During 2020, we recognized revenue of $82.6 million related to contract liabilities as of December 31, 2019 |
Research And Development
Research And Development | 12 Months Ended |
Dec. 31, 2020 | |
Research and Development [Abstract] | |
Research And Development | Research and Development Research and development costs are expensed when incurred. (in millions) December 31, 2020 2019 2018 Research and Development Costs $ 74.6 $ 74.7 (a) $ 89.1 (a) (a) The Company revised the fiscal year 2019 and 2018 amounts reported above to increase certain research and development costs that were excluded from the previously reported amounts by $27.2 million and $30.7 million, respectfully. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits Pension Plan In the United States, we sponsor a defined benefit pension plan that covers approximately 18% of all U.S. employees. Effective January 1, 2013, pension eligible non-union employees no longer earn future benefits in the domestic defined benefit pension plan. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. Additionally, a number of our non-U.S. subsidiaries sponsor defined benefit pension plans that cover approximately 10% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. Postretirement Plans Postretirement health care and life insurance benefits are provided for certain employees hired before January 1, 1990, who meet minimum age and service requirements. As a result of the acquisition of Crane Currency, we also have postretirement medical and Medicare supplement that cover substantially all former full-time U.S. employees of Crane Currency. A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 1,168.7 $ 1,031.0 $ 29.0 $ 29.0 Service cost 6.4 5.4 0.3 0.3 Interest cost 26.1 32.7 0.9 1.1 Plan participants’ contributions 0.5 0.5 — 0.1 Amendments (0.2) 0.5 — — Actuarial loss 94.8 131.3 2.0 1.8 Settlements (9.3) (0.7) — — Curtailments (3.5) — — — Benefits paid (46.8) (47.7) (2.2) (2.4) Foreign currency exchange and other 23.6 16.4 — (0.9) Administrative expenses paid (0.5) (0.7) — — Benefit obligation at end of year $ 1,259.8 $ 1,168.7 $ 30.0 $ 29.0 Change in plan assets: Fair value of plan assets at beginning of year $ 965.8 $ 877.2 $ — $ — Actual return on plan assets 70.3 113.8 — — Employer contributions 26.1 4.2 2.2 2.3 Plan participants’ contributions 0.5 0.5 — 0.1 Settlements (9.3) (0.7) — — Benefits paid (46.8) (47.7) (2.2) (2.4) Foreign currency exchange and other 18.5 19.6 — — Administrative expenses paid (1.0) (1.1) — — Fair value of plan assets at end of year $ 1,024.1 $ 965.8 $ — $ — Funded status $ (235.7) $ (202.9) $ (30.0) $ (29.0) In the U.S., 2020 actuarial losses in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2020 actuarial losses in the projected benefit obligation were primarily the result of decreases in discount rates. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation and minor adjustments to actuarial assumptions generated combined gains of 5% of expected year end obligations. In the U.S., 2019 actuarial losses in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2019 actuarial losses in the projected benefit obligation were primarily the result of decreases in discount rates. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined gains of 1% of expected year end obligations. Amounts recognized on our Consolidated Balance Sheets consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Other assets $ 62.6 $ 64.8 $ — $ — Current liabilities (1.5) (1.4) (2.6) (2.2) Accrued pension and postretirement benefits (296.8) (266.3) (27.4) (26.8) Funded status $ (235.7) $ (202.9) $ (30.0) $ (29.0) Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Net actuarial loss (gain) $ 532.3 $ 466.1 $ (0.9) $ (2.9) Prior service credit (2.8) (4.5) (4.1) (5.2) Total recognized in accumulated other comprehensive loss $ 529.5 $ 461.6 $ (5.0) $ (8.1) The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2020 2019 2020 2019 2020 2019 Projected benefit obligation $ 699.1 $ 650.2 $ 560.7 $ 518.5 $ 1,259.8 $ 1,168.7 Accumulated benefit obligation 699.1 650.2 548.9 508.8 1,248.0 1,159.0 Fair value of plan assets 482.8 451.5 541.3 514.3 $ 1,024.1 965.8 Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: (in millions) December 31, 2020 2019 Projected benefit obligation $ 1,060.4 $ 950.1 Accumulated benefit obligation 1,049.5 940.6 Fair value of plan assets 762.5 682.4 Components of net periodic (benefit) cost are as follows: Pension Benefits Postretirement Benefits (in millions) For the year ended December 31, 2020 2019 2018 2020 2019 2018 Net Periodic (Benefit) Cost: Service cost $ 6.4 $ 5.4 $ 5.9 $ 0.3 $ 0.3 $ 0.3 Interest cost 26.1 32.7 30.1 0.9 1.1 1.1 Expected return on plan assets (57.5) (53.7) (65.6) — — — Amortization of prior service cost (0.3) (0.3) (0.5) (1.1) (1.1) (1.0) Amortization of net loss (gain) 19.1 15.3 14.2 — (0.3) (0.2) Recognized curtailment (gain) loss (2.3) — 0.3 — — — Settlement costs 1.7 — 0.3 — — — Net periodic (benefit) cost $ (6.8) $ (0.6) $ (15.3) $ 0.1 $ — $ 0.2 The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2020 2019 2018 2020 2019 2018 U.S. Plans: Discount rate 2.62 % 3.34 % 4.36 % 2.30 % 3.20 % 4.30 % Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 0.93 % 2.83 % 2.40 % N/A N/A N/A Non-U.S. Plans: Discount rate 1.07 % 1.70 % 2.42 % N/A N/A 3.30 % Rate of compensation increase 3.10 % 2.89 % 3.06 % N/A N/A N/A Interest credit rate 0.29 % 0.22 % 0.84 % N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2020 2019 2018 2020 2019 2018 U.S. Plans: Discount rate 3.34 % 4.36 % 3.75 % 3.20 % 4.10 % 3.50 % Expected rate of return on plan assets 7.25 % 7.25 % 7.75 % N/A N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 2.83 % 2.40 % 2.49 % N/A N/A N/A Non-U.S. Plans: Discount rate 1.70 % 2.42 % 2.15 % N/A N/A N/A Expected rate of return on plan assets 5.31 % 5.34 % 6.49 % N/A N/A N/A Rate of compensation increase 2.89 % 3.06 % 2.80 % N/A N/A N/A Interest credit rate 0.22 % 0.84 % 0.66 % N/A N/A N/A The long-term expected rate of return on plan assets assumptions were determined with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by us for valuing pension liabilities are based on a review of high quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations. In the U.S. plan, the 7.25% expected rate of return on assets assumption for 2020 reflected a long-term target comprised of an asset allocation range of 35%-75% equity securities, 15%-35% fixed income securities, 10%-35% alternative assets and 0%-10% cash and cash equivalents. As of December 31, 2020, the actual asset allocation for the U.S. plan was 63% equity securities, 16% fixed income securities, 17% alternative assets and 4% cash and cash equivalents. For the non-U.S. plans, the 5.31% expected rate of return on assets assumption for 2020 reflected a weighted average of the long-term asset allocation targets for our various non-U.S. plans. As of December 31, 2020, the actual weighted average asset allocation for the non-U.S. plans was 28% equity securities, 34% fixed income securities, 36% alternative assets/other and 2% cash and cash equivalents. The assumed health care cost trend rates are as follows: December 31, 2020 2019 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2029 Assumed health care cost trend rates have a significant effect on the amounts reported for our health care plans. Plan Assets Our pension plan target allocations and weighted-average asset allocations by asset category are as follows: Target Allocation Actual Allocation Asset Category December 31, 2020 2019 Equity securities 15%-75% 44 % 43 % Fixed income securities 15%-75% 26 % 26 % Alternative assets/Other 0%-45% 27 % 29 % Cash and money market 0%-10% 3 % 2 % Independent investment consultants are retained to assist in executing the plans’ investment strategies. A number of factors are evaluated in determining if an investment strategy will be implemented in our pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. We periodically review investment managers and their performance in relation to our plans’ investment objectives. The primary investment objective of our various pension trusts is to maximize the value of plan assets, focusing on capital preservation, current income and long-term growth of capital and income. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, alternative assets and cash instruments. Equity securities include investments in large, mid, and small-capitalization companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, and mortgage-backed securities. Alternative assets include investments in real estate and hedge funds employing a wide variety of strategies. Equity securities include Crane Co. common stock, which represents 4% and 5% of plan assets as of December 31, 2020 and 2019, respectively. The fair value of our pension plan assets as of December 31, 2020, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 30.1 $ — $ — $ — $ 30.1 Common Stocks Actively Managed U.S. Equities 103.2 — — — 103.2 Fixed Income Bonds and Notes — 0.1 — — 0.1 Commingled and Mutual Funds U.S. Equity Funds 117.3 — — — 117.3 Non-U.S. Equity Funds 53.2 — — 178.0 231.2 U.S. Fixed Income, Government and Corporate 76.6 — — — 76.6 Registered Investment Company 18.3 — — — 18.3 Collective Trust — — 22.8 19.2 42.0 Non-U.S. Fixed Income, Government and Corporate — — — 186.5 186.5 International Balanced Funds — — — 1.9 1.9 Alternative Investments Insurance / Annuity Contract(s) — 14.2 — — 14.2 Hedge Funds and LDI — — — 153.8 153.8 International Property Funds — — — 48.9 48.9 Total Fair Value $ 398.7 $ 14.3 $ 22.8 $ 588.3 $ 1,024.1 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. In 2020, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis. The fair value of our pension plan assets as of December 31, 2019, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 14.7 $ — $ — $ — $ 14.7 Common Stocks Actively Managed U.S. Equities 130.6 — — — 130.6 Fixed Income Bonds and Notes — 0.1 — — 0.1 Commingled and Mutual Funds U.S. Equity Funds 77.9 — — — 77.9 Non-U.S. Equity Funds 44.8 — — 158.6 203.4 U.S. Fixed Income, Government and Corporate 75.7 — — — 75.7 Registered Investment Company 30.2 — — — 30.2 Collective Trust — — 22.6 21.2 43.8 Non-U.S. Fixed Income, Government and Corporate — — — 176.1 176.1 International Balanced Funds — — — 1.8 1.8 Alternative Investments Insurance / Annuity Contract(s) — 15.1 — — 15.1 Hedge Funds and LDI — — — 147.3 147.3 International Property Funds — — — 49.1 49.1 Total Fair Value $ 373.9 $ 15.2 $ 22.6 $ 554.1 $ 965.8 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. In 2019, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis The following table sets forth a summary of pension plan assets valued using NAV or its equivalent as of December 31, 2020 and December 31, 2019: Redemption Unfunded Other Redemption Notice Period Non-U.S. Equity Funds (a) Immediate None None None Non-U.S. Fixed Income, Government and Corporate (b) Immediate None None None International Balanced Funds (c) Immediate None None None Collective Trust Fund (d) Immediate None None None Hedge Funds (e) Quarterly None None 65 days written Hedge Funds (e) Quarterly None None 30 days written Hedge Funds (e) Quarterly None None 30 days written International Property Funds (f) Immediate None None None Hedge Funds and LDI (g) Immediate None None None (a) These funds invest in corporate equity securities outside the United States. (b) These funds invest in corporate and government fixed income securities outside the United States. (c) These funds invest in a blend of equities, fixed income, cash and property outside the United States. (d) These funds are managed in a collective trust under Australia's Superannuation plan structure. (e) These funds are direct investment alternative investments/hedge funds that deploy a multi-strategy approach to investing (e.g., long/short, event-driven, credit, etc.) (f) These funds invest in real property outside the United States. (g) These funds invest in strategies that seek to add diversification to a portfolio with uncorrelated risk profiles or are designed to track the duration of all or part of the underlying liability. Cash Flows We expect, based on current actuarial calculations, to contribute cash of approximately $20.7 million to our defined benefit pension plans during 2021. Cash contributions in subsequent years will depend on a number of factors including the investment performance of plan assets. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Postretirement Benefits 2021 $ 51.2 $ 2.6 2022 51.8 2.4 2023 53.2 2.5 2024 54.3 2.4 2025 56.6 2.1 2026 to 2030 285.5 9.2 Total payments $ 552.6 $ 21.2 Supplemental Executive Retirement Plan We also have a non-qualified Supplemental Executive Retirement Plan (“SERP”). The SERP, which is not funded, is intended to provide retirement benefits for certain executive officers who were formerly employees of Crane Currency. Benefit amounts are based upon years of service and compensation of the participating employees. There were no pre-tax settlement gains recorded in 2020. We recorded a pre-tax settlement gain of $0.1 million and $0.4 million in 2019 and 2018, respectively. Accrued SERP benefits were $3.9 million and $3.4 million as of December 31, 2020 and 2019, respectively. Employer contributions made to the SERP were $0.2 million, $2.2 million and $0.2 million in 2020, 2019 and 2018, respectively. Defined Contribution Plans We sponsor savings and investment plans that are available to our eligible employees including employees of our subsidiaries. We made contributions to the plans of $11.8 million, $11.0 million and $9.9 million in 2020, 2019 and 2018, respectively. In addition to participant deferral contributions and company matching contributions on those deferrals, we provide a 3% non-matching contribution to eligible participants. We made non-matching contributions to these plans of $14.5 million, $13.4 million and $12.5 million in 2020, 2019 and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Arrangements that explicitly or implicitly relate to property, plant and equipment are assessed at inception to determine if the arrangement is or contains a lease. Generally, we enter into operating leases as the lessee and recognize right-of-use assets and lease liabilities based on the present value of future lease payments over the lease term. We lease certain vehicles, equipment, manufacturing facilities, and non-manufacturing facilities. We have leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, we applied the practical expedient to account for each separate lease component and its associated non-lease component(s) as a single lease component. We identify variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum. Certain leases include options to renew for an additional term or company-controlled options to terminate. We generally determine it is not reasonably certain to assume the exercise of renewal options because there is no economic incentive to renew. As termination options often include penalties, we generally determine it is reasonably certain that termination options will not be exercised because there is an economic incentive not to terminate. Therefore, these options generally do not impact the lease term or the determination or classification of the right-of-use asset and lease liability. In the 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. Rental expense was $40.3 million, $34.8 million and $33.8 million for 2020, 2019 and 2018, respectively. 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 Consolidated Balance Sheet includes the following related to leases: (in millions) December 31, Classification 2020 2019 Assets Operating right-of-use assets Other assets $ 104.2 $ 112.6 Liabilities Current lease liabilities Accrued liabilities $ 23.4 $ 24.0 Long-term lease liabilities Other liabilities 86.5 91.5 Total lease liabilities $ 109.9 $ 115.5 The components of lease cost were as follows: (in millions) December 31, 2020 2019 Operating lease cost $ 33.1 $ 32.6 Variable lease cost $ 7.2 $ 2.2 The weighted average remaining lease terms and discount rates for our operating leases were as follows: December 31, 2020 2019 Weighted-average remaining lease term - operating leases 9.8 9.7 Weighted-average discount rate - operating leases 3.8 % 3.9 % Supplemental cash flow information related to our operating leases was as follows for periods ended December 31, 2020 and 2019: (in millions) December 31, 2020 2019 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 26.5 $ 24.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10.0 $ 21.0 Future minimum operating lease payments are as follows: (in millions) December 31, 2020 2021 $ 26.9 2022 22.6 2023 18.3 2024 14.3 2025 10.9 Thereafter 52.4 Total future minimum operating lease payments $ 145.4 Imputed interest 35.5 Present value of lease liabilities reported $ 109.9 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans At December 31, 2020, we had stock-based compensation awards outstanding under the following shareholder-approved plans: the 2013 Stock Incentive Plan (the "2013 Plan") and 2018 Stock Incentive Plan (the "2018 Plan"), applicable to employees and non-employee directors. The 2013 Plan was approved by the Board of Directors and stockholders at the annual meeting in 2013. The 2013 Plan originally authorized the issuance of up to 9,500,000 shares of stock pursuant to awards under the plan. In 2018, in view of the limited number of shares remaining available under the 2013 Plan, the Board of Directors and stockholders approved the adoption of the 2018 Plan which authorized the issuance of up to 6,500,000 shares of Crane Co. stock. No further awards will be made under the 2013 Plan. The stock incentive plans are used to provide long-term incentive compensation through stock options, restricted share units, performance-based restricted share units and deferred stock units. Stock Options Options are granted under the Stock Incentive Plan to officers and other key employees and directors at an exercise price equal to the closing price on the date of grant. Unless otherwise determined by the Compensation Committee which administers the plan, options become exercisable at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant. Options granted to officers and employees from 2004 to 2013 expire six years after the date of grant. All options granted to directors and options granted to officers and employees after 2014 expire 10 years after the date of grant. We determine the fair value of each grant using the Black-Scholes option pricing model. The weighted-average assumptions for grants made during the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Dividend yield 3.05 % 2.20 % 1.74 % Volatility 27.15 % 25.17 % 23.25 % Risk-free interest rate 1.23 % 2.64 % 2.45 % Expected lives in years 5.2 4.2 4.2 Expected dividend yield is based on our dividend rate. Expected stock volatility was determined based upon the historical volatility for the four year period preceding the date of grant. The risk-free interest rate was based on the yield curve in effect at the time the options were granted, using U.S. constant maturities over the expected life of the option. The expected lives of the awards represents the period of time that options granted are expected to be outstanding. Activity in our stock option plans for the year ended December 31, 2020 were as follows: Option Activity Number of Weighted Weighted Options outstanding as of January 1, 2020 2,582 $ 66.26 Granted 640 76.29 Exercised (183) 48.78 Canceled (163) 79.05 Options outstanding as of December 31, 2020 2,876 $ 68.88 6.37 Options exercisable as of December 31, 2020 1,694 $ 61.86 5.00 Included in our share-based compensation was expense recognized for our stock option awards of $6.6 million, $6.0 million and $5.9 million in 2020, 2019 and 2018, respectively. The weighted-average fair value of options granted during 2020, 2019 and 2018 was $15.18, $15.79 and $17.79, respectively. The total fair value of shares vested during 2020, 2019 and 2018 was $6.2 million, $6.3 million and $6.5 million, respectively. The total intrinsic value of options exercised during 2020, 2019 and 2018 was $4.1 million, $6.8 million and $17.6 million, respectively. The total cash received from these option exercises during 2020, 2019 and 2018 was $8.9 million, $11.4 million and $24.2 million, respectively. The tax benefit realized for the tax deductions from option exercises and vesting of restricted share units was $0.6 million and $3.8 million as of December 31, 2020 and 2019, respectively. The aggregate intrinsic value of exercisable options was $29.5 million, $39.4 million and $16.7 million as of December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $11.9 million of total future compensation cost related to unvested share-based awards to be recognized over a weighted-average period of 2.09 years. Restricted Share Units and Performance-Based Restricted Share Units Restricted share units vest at a rate of 25% after the first year, 50% after the second year, 75% after the third year and 100% after the fourth year from the date of grant and are subject to forfeiture restrictions which lapse over time. The vesting of performance-based restricted share units is determined in three years based on relative total shareholder return for Crane Co. compared to the S&P Midcap 400 Capital Goods Group, with payout potential ranging from 0% to 200% but capped at 100% if our three year total shareholder return is negative. Included in our share-based compensation was expense recognized for our restricted share unit and performance-based restricted share unit awards of $15.7 million, $16.3 million and $15.7 million in 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $23.8 million of total future compensation cost related to restricted share unit and performance-based restricted share unit awards, to be recognized over a weighted-average period of 1.87 years. Changes in our restricted share units for the year ended December 31, 2020 were as follows: Restricted Share Unit Activity Restricted Weighted Restricted share units as of January 1, 2020 480 $ 83.23 Restricted share units granted 178 78.04 Restricted share units vested (154) 71.52 Restricted share units forfeited (25) 82.96 Performance-based restricted share units granted 75 93.05 Performance-based restricted share units vested (48) 111.24 Performance-based restricted share units forfeited (21) 97.98 Restricted share units as of December 31, 2020 485 $ 83.17 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes Our income before taxes is as follows: (in millions) For year ended December 31, 2020 2019 2018 U.S. operations $ 124.9 $ 64.0 $ 296.4 Non-U.S. operations 99.6 106.7 115.0 Total $ 224.5 $ 170.7 $ 411.4 Our provision (benefit) for income taxes consists of: (in millions) For the year ended December 31, 2020 2019 2018 Current: U.S. federal tax $ 11.3 $ 31.0 $ 9.3 U.S. state and local tax 1.6 2.2 4.9 Non-U.S. tax 12.4 29.0 14.0 Total current 25.3 62.2 28.2 Deferred: U.S. federal tax 16.5 (26.4) 35.7 U.S. state and local tax (0.1) 3.0 2.0 Non-U.S. tax 1.7 (1.7) 10.0 Total deferred 18.1 (25.1) 47.7 Total provision for income taxes * $ 43.4 $ 37.1 $ 75.9 * Included in the above amounts are excess tax benefits from share-based compensation of $0.6, $3.8 and $5.4 in 2020, 2019 and 2018, respectively, which were reflected as reductions in our provision for income taxes in 2020, 2019 and 2018. A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows: For the year ended December 31, 2020 2019 2018 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) from: Income taxed at non-U.S. rates (3.1) % 2.6 % (0.2) % Non-U.S. income inclusion, net of tax credits 2.3 % 3.4 % (0.1) % State and local taxes, net of federal benefit 0.5 % 2.5 % 1.4 % U.S. research and development tax credit (2.3) % (1.7) % (0.7) % U.S. domestic manufacturing deduction — % — % (0.3) % Effect of the enactment of the Tax Cuts and Jobs Act of 2017 — % — % (0.8) % U.S. deduction for foreign - derived intangible income (0.5) % (5.1) % (1.1) % Other 1.4 % (1.0) % (0.8) % Effective tax rate 19.3 % 21.7 % 18.4 % As of December 31, 2020, we have made the following determinations with regard to our non-U.S. earnings: (in millions) Permanently reinvested Not permanently reinvested Amount of earnings $ 303.8 $ 1,392.7 Associated tax NA * $ 11.1 * Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $303.8 of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs. Tax Related to Comprehensive Income During 2020, 2019 and 2018, tax (benefit) provision of $(13.5) million, $(12.6) million and $(7.1) million, respectively, related to changes in pension and post-retirement plan assets and benefit obligations, were recorded to accumulated other comprehensive loss. Deferred Taxes and Valuation Allowances The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows: (in millions) December 31, 2020 2019 Deferred tax assets: Asbestos-related liabilities $ 150.3 $ 158.4 Tax loss and credit carryforwards 124.5 120.7 Pension and post-retirement benefits 66.0 56.9 Inventories 29.8 26.0 Other 41.4 46.6 Total $ 412.0 $ 408.6 Less: valuation allowance 153.4 150.0 Total deferred tax assets, net of valuation allowance $ 258.6 $ 258.6 Deferred tax liabilities: Basis difference in fixed assets $ (60.6) $ (58.7) Basis difference in intangible assets (212.7) (195.4) Other (24.0) (25.2) Total deferred tax liabilities $ (297.3) $ (279.3) Net deferred tax asset (liability) $ (38.7) $ (20.7) Balance sheet classification: Long-term deferred tax assets 14.9 35.1 Long-term deferred tax liability (53.6) (55.8) Net deferred tax asset (liability) $ (38.7) $ (20.7) As of December 31, 2020, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- Total 2020-2024 $ 2.8 $ — $ 3.3 $ 97.8 $ 12.4 After 2024 4.6 0.8 2.4 797.2 7.4 Indefinite — — 22.8 7.2 215.6 Total tax carryforwards $ 7.4 $ 0.8 $ 28.5 $ 902.2 $ 235.4 Deferred tax asset on tax carryforwards $ 7.4 $ 0.2 $ 22.6 $ 45.0 $ 49.3 $ 124.5 Valuation allowance on tax carryforwards (6.5) (0.2) (21.0) (43.0) (47.6) (118.3) Net deferred tax asset on tax carryforwards $ 0.9 $ — $ 1.6 $ 2.0 $ 1.7 $ 6.2 As of December 31, 2020, and 2019, we determined that it was more likely than not that $118.3 million and $115.2 million, respectively, of our deferred tax assets related to tax loss and credit carryforwards will not be realized. As a result, we recorded a valuation allowance against these deferred tax assets. We also determined that it is more likely than not that a portion of the benefit related to U.S. state and non-U.S. deferred tax assets other than tax loss and credit carryforwards will not be realized. Accordingly, as of December 31, 2020 and 2019, a valuation allowance of $35.1 million and $34.8 million, respectively, was established against these U.S. state and non-U.S. deferred tax assets. Our total valuation allowance as of December 31, 2020 and 2019 was $153.4 million and $150.0 million, respectively. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2020 2019 2018 Balance of liability as of January 1, $ 39.8 $ 42.0 $ 46.4 Increase as a result of tax positions taken during a prior year 5.4 1.1 4.6 Decrease as a result of tax positions taken during a prior year (0.4) (0.5) (1.5) Increase as a result of tax positions taken during the current year 1.8 3.2 3.1 Decrease as a result of settlements with taxing authorities (2.5) — (1.1) Reduction as a result of a lapse of the statute of limitations (10.1) (6.0) (9.5) Balance of liability as of December 31, $ 34.0 $ 39.8 $ 42.0 As of December 31, 2020, 2019 and 2018, the amount of our unrecognized tax benefits that, if recognized, would affect our effective tax rate were $32.6 million, $43.8 million and $43.1 million, respectively. The difference between these amounts and those reflected in the table above relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes and (3) unrecognized tax benefits whose reversals would be recorded to goodwill. We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. During the years ended December 31, 2020, 2019 and 2018, we recognized interest and penalty (income)/ expense of $(0.5) million, $0.8 million and $0.7 million, respectively, in our Consolidated Statements of Operations. As of December 31, 2020 and 2019, we had accrued $7.5 million and $8.0 million, respectively, of interest and penalties related to unrecognized tax benefits on our Consolidated Balance Sheets. During the next twelve months, it is reasonably possible that our unrecognized tax benefits could change by $10.6 million due to settlements of income tax examinations, the expiration of statutes of limitations or other resolution of uncertainties. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled. Income Tax Examinations Our income tax returns are subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities. With few exceptions, the years open to examination are as follows: Jurisdiction Year U.S. federal 2017 - 2019 U.S. state and local 2014 - 2019 Non-U.S. 2014 - 2019 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of: (in millions) December 31, 2020 2019 Employee related expenses $ 124.3 $ 120.6 Warranty 9.4 11.0 Current lease liabilities 23.4 24.0 Contract liabilities 103.0 88.4 Other 135.8 134.2 Total $ 395.9 $ 378.2 We accrue warranty liabilities when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Warranty provision is included in "Cost of sales" in our Consolidated Statements of Operations. A summary of the warranty liabilities is as follows: (in millions) December 31, 2020 2019 Balance at beginning of period $ 11.0 $ 18.2 Expense 8.2 8.9 Changes due to acquisitions/divestitures 0.3 — Payments / deductions (10.2) (16.0) Currency translation 0.1 (0.1) Balance at end of period $ 9.4 $ 11.0 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Other Liabilities | Other Liabilities (in millions) December 31, 2020 2019 Environmental $ 29.4 $ 36.0 Long-term lease liabilities 86.5 91.5 Other 55.5 60.4 Total $ 171.4 $ 187.9 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 12 - Commitments and Contingencies Asbestos Liability Information Regarding Claims and Costs in the Tort System As of December 31, 2020, 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: For the year ended December 31, 2020 2019 2018 Beginning claims 29,056 29,089 32,234 New claims 2,620 2,848 2,434 Settlements (885) (983) (1,011) Dismissals (1,653) (1,898) (4,568) Ending claims 29,138 29,056 29,089 Of the 29,138 pending claims as of December 31, 2020, approximately 18,000 claims were pending in New York of which approximately 16,000 are non-malignancy claims that were filed over 15 years ago and have been inactive under New York court orders. 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. We have also tried several other cases resulting in plaintiff verdicts which we paid or settled after unsuccessful appeals, the most recent of which are described below. 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 in 2018. 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. 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 in 2018. 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 in 2018. Such judgment amounts were not included in our incurred costs until all available appeals were exhausted and the final payment amount was determined. The gross settlement and defense costs incurred (before insurance recoveries and tax effects) by us for the years ended December 31, 2020, 2019 and 2018 totaled $50.9 million, $66.2 million and $88.8 million, respectively. Results for 2020 were impacted by court closures and significantly reduced trial related activity in jurisdictions throughout the United States due to the COVID-19 pandemic. Assuming a successful and comprehensive implementation of a COVID-19 vaccine program, we expect activity in the tort system to begin returning to a more normal pace in the second half of 2021. 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 years ended December 31, 2020, 2019 and 2018 totaled $31.1 million, $41.5 million and $63.9 million, respectively. Detailed below are the comparable amounts for the periods indicated. (in millions) For the year ended December 31, 2020 2019 2018 Settlement / indemnity costs incurred (a) $ 35.3 $ 45.5 $ 63.0 Defense costs incurred (a) 15.6 20.7 25.8 Total costs incurred $ 50.9 $ 66.2 $ 88.8 Settlement / indemnity payments $ 24.7 $ 38.9 $ 61.5 Defense payments 16.7 21.4 26.5 Insurance receipts (10.3) (18.8) (24.1) Pre-tax cash payments, net $ 31.1 $ 41.5 $ 63.9 (a) Before insurance recoveries and tax effects. 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 December 31, 2020 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 (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $39.8 million and $46.9 million as of December 31, 2020 and 2019, respectively 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 December 31, 2020 and 2019 and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years. On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of December 31, 2020 and 2019, we recorded a receivable of $7.8 million and $9.7 million, respectively for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received. Other Environmental Matters Marion, IL Site We have been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. A predecessor of us formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent. A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision may be issued. GD-OTS has asked us to participate in a voluntary, multi-party mediation exercise with respect to response costs it has incurred or will incur with respect to the AUS-OU. We and other PRPs executed a non-binding mediation agreement on March 16, 2015, and the U.S. government executed the mediation agreement on August 6, 2015. The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, we entered into discussions directly with GD-OTS and reached an agreement-in-principle with GD-OTS to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for a non-material amount. We have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that we expect in the aggregate to be immaterial. We understand that GD-OTS has also reached agreements-in-principle with the U.S. Government and the other participating PRPs related to the first-phase areas of concern. Negotiations between GD-OTS and the U.S. Government are underway with respect to resolution of the remaining areas of the site, including those portions of the Crab Orchard Site where our predecessor conducted manufacturing and research activities. We at present cannot predict whether these further negotiations will result in an agreement, or when any determination of the ultimate allocable shares of the various PRPs, including the U.S. Government, is likely to be completed. It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. We notified our insurers of this potential liability and have obtained defense and indemnity coverage, subject to reservations of rights, under certain of our insurance policies. Roseland, NJ Site The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary of the Company in 1985 when the Company acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. The Company undertook an extensive soil remediation effort at the Roseland Site following its closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, the Company in 2014 began to conduct further site characterization and delineation studies at the Site. The Company is in the late stages of its remediation activities at the Site, which includes a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air testing, all in accordance with the New Jersey Department of Environmental Protection (“NJDEP”) guidelines and directives. Other Proceedings We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of December 31, 2020, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters. |
Financing
Financing | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Financing | Financing Our debt as of December 31, 2020 and 2019 consisted of the following: (in millions) December 31, 2020 2019 Commercial paper $ 27.2 $ 149.4 364-Day Credit Agreement 348.5 — Total short-term borrowings $ 375.7 $ 149.4 4.45% notes due December 2023 $ 299.1 $ 298.9 6.55% notes due November 2036 198.4 198.3 4.20% notes due March 2048 346.2 346.1 Other deferred financing costs associated with credit facilities (0.8) (1.3) Total long-term debt $ 842.9 $ 842.0 Debt discounts and debt issuance costs totaled $6.6 and $6.7 as of December 31, 2020 and 2019, respectively and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. Commercial paper program - On March 2, 2015, we entered into a commercial paper program (the “CP Program”) from which we may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes have maturities of up to 397 days from date of issue. The Notes rank at least pari passu with all of our other unsecured and unsubordinated indebtedness. On October 23, 2018, we increased the size of our commercial paper program to permit the issuance of commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. We issued $100 million in January 2020 and $150 million in December 2019 of commercial paper to fund the acquisitions of I&S and Cummins-Allison, respectively. See discussion in Note 2, “Acquisitions” for further details. As of December 31, 2020 and 2019, there was $27.2 million and $149.4 million of outstanding borrowings, respectively. 364-Day Credit Agreement - On April 16, 2020, we entered into a new senior unsecured 364-day credit facility (the “364-Day Credit Agreement”). We borrowed term loans denominated in dollars (the “Dollar Term Loans”) in an aggregate principal amount equal to $300 million, and term loans denominated in euros (the “Euro Term Loans”) in an aggregate principal amount equal to €40 million under the 364-Day Credit Agreement. Interest on the Dollar Term Loans accrues at a rate per annum equal to (a) a base rate (determined in a customary manner), plus a margin dependent upon ratings of our senior unsecured long-term debt (the “Index Debt Rating”) or (2) an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin dependent upon the Index Debt Rating. Interest on the Euro Term Loans accrues at an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin. The 364- Day Credit Agreement contains customary affirmative and negative covenants and customary events of default and acceleration for credit facilities of this type. 4.45% notes due December 2023 - In December 2013, we issued 10 year notes having an aggregate principal amount of $300 million. The notes are unsecured, senior obligations that mature on December 15, 2023 and bear interest at 4.45% per annum, payable semi-annually on June 15 and December 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or part, at our option. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in long-term debt and are amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 4.56%. The notes were issued under an indenture dated as of December 13, 2013. The indentures contain certain restrictions, including a limitation that restricts our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness, enter into certain sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. 6.55% notes due November 2036 - In November 2006, we issued 30 year notes having an aggregate principal amount of $200 million. The notes are unsecured, senior obligations of us that mature on November 15, 2036 and bear interest at 6.55% per annum, payable semi-annually on May 15 and November 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or in part, at the option of us. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in long-term debt and are amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 6.67%. The notes were issued under an indenture dated as of April 1, 1991. The indentures contain certain restrictions, including a limitation that restricts our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness, enter into certain sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. 4.20% notes due March 2048 - On February 5, 2018, we completed a public offering of $350 million aggregate principal amount of 4.20% Senior Notes due 2048 (the "2048 Notes"). The 2048 Notes bear interest at a rate of 4.20% per annum and mature on March 15, 2048. Interest on the 2048 Notes is payable on March 15 and September 15 of each year, commencing on September 15, 2018. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if as a consequence, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in long-term debt and are amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 4.29%. The notes were issued under an indenture dated as of February 5, 2018. The indentures contain certain restrictions, including a limitation that restricts our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness, enter into certain sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. Other - As of December 31, 2020, we had open standby letters of credit of $57.9 million issued pursuant to a $183.4 million uncommitted Letter of Credit Reimbursement Agreement, and certain other credit lines. As of December 31, 2019, we had open standby letters of credit of $48.1 million issued pursuant to a $162.2 million uncommitted Letter of Credit Reimbursement Agreement, and certain other credit lines. Revolving Credit Facility - In December 2017, we entered into a $550 million five year Revolving Credit Agreement (the “2017 Facility”), which replaced an existing $500 million revolving credit facility. The 2017 Facility allows us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. The loan proceeds may be used for general corporate purposes including financing for acquisitions. Interest is based on, at our option, (1) a base rate, plus a margin ranging from 0.0% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBOR for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2017 Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We must also maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2017 Facility also provides for customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control of the Company. As of December 31, 2020 and 2019, there were no outstanding borrowings under the 2017 Facility. As of December 31, 2020, our total debt to total capitalization ratio was 44.4%, computed as follows: (in millions) Short-term borrowings $ 375.7 Long-term debt 842.9 Total indebtedness 1,218.6 Total shareholders’ equity 1,528.9 Capitalization $ 2,747.5 Total indebtedness to capitalization 44.4 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1 : Quoted prices in active markets for identical or similar assets and liabilities. Level 2 : Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable, commercial paper and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. 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 $34.2 million and $56.6 million as of December 31, 2020 and 2019, 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 and $0.1 million as of the years ended December 31, 2020 and 2019, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Consolidated Balance Sheets and were $0.1 million and less than $0.1 million for the years ended December 31, 2020 and 2019, respectively. Available-for-sale securities consist of marketable debt securities and rabbi trusts investments. Marketable debt securities consist of commercial paper which are measured at fair value using prices for comparable securities in active markets, and are therefore classified within Level 2 of the valuation hierarchy. The fair value of the commercial paper was $30.0 million as of December 31, 2020. These investments are included in “Other current assets” on our Consolidated Balance Sheets. We also have two rabbi trusts that hold marketable securities for the benefit of participants in the SERP. These investments are measured at fair value using quoted market prices in an active market, and are therefore classified within Level 1 of the valuation hierarchy. The fair value of available-for-sale securities was $1.5 million and $1.4 million as of December 31, 2020 and 2019, respectively. These investments are included in “Other assets” on our Consolidated Balance Sheets. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Charges Overview 2020 Repositioning - In the second quarter of 2020, we initiated actions in response to the adverse economic impact of COVID-19 and integration actions related to the Cummins-Allison acquisition. These actions include workforce reductions of approximately 1,200 employees, or about 11% of our global workforce, and the exiting of two leased office facilities and one leased warehouse facility. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Fluid Handling segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. 2017 Repositioning - In the fourth quarter of 2017, we initiated broad-based repositioning actions designed to improve profitability. These actions included headcount reductions of approximately 300 employees, or about 3% of our global workforce, and select facility consolidations in North America and Europe. In 2020, we adjusted the estimate downward to reflect the impact of employees that chose to voluntarily terminate prior to receiving severance at the conclusion of the actions in North America. Acquisition-Related Restructuring - In the third quarter of 2018, we initiated actions within our Payment & Merchandising Technologies segment related to the closure of Crane Currency’s printing operations in Sweden, which were transitioned to a new print facility in Malta. These actions included workforce reductions of approximately 170 employees, or less than 2% of our global workforce. There is no remaining liability associated with these actions as of December 31, 2019, and we do not expect to incur additional restructuring charges. Other Restructuring - In the second quarter of 2020, we recorded other restructuring costs within our Payment & Merchandising Technologies segment. There is no remaining liability associated with these actions as of December 31, 2020, and we do not expect to incur additional restructuring charges. Restructuring Charges, Net During the year ended December 31, 2020, we recorded pre-tax charges primarily related to new restructuring actions (“2020 Repositioning”) as described above. These charges are reflected in the Consolidated Statements of Operations as “Restructuring charges, net.” Restructuring charges, net by segment are as follows: (in millions) For the year ended December 31, 2020 2019 2018 Fluid Handling (a) $ 6.1 $ 10.5 $ 6.1 Payment & Merchandising Technologies (b) 19.1 7.4 2.1 Aerospace & Electronics (c) 6.5 (0.4) (1.0) Engineered Materials 0.6 — — Total restructuring charges, net (d) $ 32.3 $ 17.5 $ 7.2 (a) We also recorded related costs of $4.4 million, $8.7 million and $3.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (b) We also recorded related costs of $0.7 million, $0.2 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (c) We also recorded related costs of $2.7 million and $2.0 million for the year ended December 31, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (d) We also recorded related costs of $5.1 million, $11.6 million and $7.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. The following table summarizes our restructuring charges, net by program, cost type and segment for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 December 31, 2019 December 31, 2018 (in millions) Severance Other Total Severance Other Total Severance Other Total Fluid Handling $ 3.8 $ — $ 3.8 $ — $ — $ — $ — $ — $ — Payment & Merchandising Technologies 16.6 4.6 (a) 21.2 — — — — — — Aerospace & Electronics 6.5 — 6.5 — — — — — — Engineered Materials 0.6 — 0.6 — — — — — — 2020 Repositioning $ 27.5 $ 4.6 $ 32.1 $ — $ — $ — $ — $ — $ — Fluid Handling $ 6.1 (b) $ — $ 6.1 $ 9.9 $ — $ 9.9 $ — $ — $ — 2019 Repositioning $ 6.1 $ — $ 6.1 $ 9.9 $ — $ 9.9 $ — $ — $ — Fluid Handling $ (3.8) (b) $ — $ (3.8) $ 0.6 $ — $ 0.6 $ 6.1 $ — $ 6.1 Payment & Merchandising Technologies (0.9) (b) (1.5) (c) (2.4) 0.3 1.8 2.1 0.1 0.4 0.5 Aerospace & Electronics — — — — (0.4) (0.4) — (1.0) (1.0) 2017 Repositioning $ (4.7) (b) $ (1.5) (c) $ (6.2) $ 0.9 $ 1.4 $ 2.3 $ 6.2 $ (0.6) $ 5.6 Payment & Merchandising Technologies $ — $ — $ — $ 1.7 $ 3.6 $ 5.3 $ 1.6 $ — $ 1.6 Acquisition-Related Restructuring $ — $ — $ — $ 1.7 $ 3.6 $ 5.3 $ 1.6 $ — $ 1.6 Payment & Merchandising Technologies $ 0.3 $ — $ 0.3 $ — $ — $ — $ — $ — $ — Other Restructuring $ 0.3 $ — $ 0.3 $ — $ — $ — $ — $ — $ — Total $ 29.2 $ 3.1 $ 32.3 $ 12.5 $ 5.0 $ 17.5 $ 7.8 $ (0.6) $ 7.2 (a) Primarily reflects non-cash charges related to the impairment of ROU assets and leasehold improvements associated with the exit of the three leased facilities in 2020. (b) Reflects changes in estimates for increases and decreases in costs related to our restructuring programs. (c) Reflects a pre-tax gain related to the sale of a facility in 2020. The following table summarizes the cumulative restructuring costs incurred through December 31, 2020 and the remaining costs related to facility consolidations expected to complete these actions as of December 31, 2020: Cumulative Restructuring Costs Remaining Costs (in millions) Severance Other Total 2021 Fluid Handling $ 3.8 $ — $ 3.8 $ — Payment & Merchandising Technologies 16.6 4.6 21.2 — Aerospace & Electronics 6.5 — 6.5 — Engineered Materials 0.6 — 0.6 — 2020 Repositioning $ 27.5 $ 4.6 $ 32.1 $ — Fluid Handling $ 16.0 $ — $ 16.0 $ 2.6 2019 Repositioning $ 16.0 $ — $ 16.0 $ 2.6 Fluid Handling $ 13.5 $ — $ 13.5 $ — Payment & Merchandising Technologies 11.7 0.7 12.4 — Aerospace & Electronics 1.3 (1.4) (0.1) — 2017 Repositioning $ 26.5 $ (0.7) $ 25.8 $ — Restructuring Liability The following table summarizes the accrual balances related to these restructuring charges by program: (in millions) 2020 Repositioning 2019 Repositioning 2017 Repositioning Acquisition Related Restructuring Other Restructuring Total Severance: Balance at December 31, 2018 $ — $ — $ 23.2 $ — $ — $ 23.2 Expense (a) — 9.9 0.9 1.7 — 12.5 Utilization — — (11.6) (1.7) — (13.3) Balance at December 31, 2019 $ — $ 9.9 $ 12.5 $ — $ — $ 22.4 Expense (a) 27.5 — — — 0.3 27.8 Adjustments (b) — 6.1 (4.7) — — 1.4 Utilization (23.3) — (3.1) — (0.3) (26.7) Balance at December 31, 2020 (c) $ 4.2 $ 16.0 $ 4.7 $ — $ — $ 24.9 Other Restructuring Costs: Balance at December 31, 2018 $ — $ — $ — $ — $ — $ — Expense (a) — — 1.4 3.6 — 5.0 Utilization — — (1.2) (3.6) — (4.8) Balance at December 31, 2019 $ — $ — $ 0.2 $ — $ — $ 0.2 Expense (gain) (a) 4.6 — (1.5) — — 3.1 Utilization (4.6) — 1.3 — — (3.3) Balance at December 31, 2020 $ — $ — $ — $ — $ — $ — (a) Included within “Restructuring charges, net” in the Consolidated Statements of Operations (b) Included within “Restructuring charges, net” in the Consolidated Statements of Operations and reflects changes in estimates for increases and decreases in costs related to our restructuring programs (c) Included within Accrued Liabilities in the Consolidated Balance Sheets |
Nature of Operations and Sign_2
Nature of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Accounting Principles. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Crane Co. and our subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. As used in these notes, the terms "we," "us," "our," "Crane" and the "Company" mean Crane Co. and our subsidiaries unless the context specifically states or implies otherwise. |
Use Of Estimates | Use of Estimates. These accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, taxes, asbestos liability and related insurance receivable, environmental liability and contingencies. |
Currency Translation | Currency Translation. Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive income (loss) in a separate component of equity. |
Revenue Recognition | Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated on a monthly basis. When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer. Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period. Payment for products is due within a limited time period after shipment or delivery, and we do not offer extended payment terms. Payment is typically due within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit. When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time in order for payment from a customer to become due, we record a contract asset. Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less. See Note 4, “Revenue” for further details. |
Cost Of Goods Sold | Cost of Goods Sold. Cost of goods sold includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of goods sold include allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses. Selling, general and administrative expenses are charged to income as incurred. Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals. |
Income Taxes | Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted. Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition. We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Earnings Per Share | Earnings Per Share. Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potential dilutive common shares outstanding during the year. |
Cash And Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. |
Accounts Receivable | ccounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for doubtful accounts was $10.9 million and $7.2 million as of December 31, 2020 and 2019, respectively. The allowance for doubtful accounts activity was not material to our financial results for the years ended December 31, 2020 and 2019. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and relatively small account balances within the majority of our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited. |
Inventories | Inventories, net. Inventories consist of the following: (in millions) December 31, 2020 2019 Finished goods $ 130.5 $ 130.6 Finished parts and subassemblies 54.5 66.1 Work in process 45.2 47.7 Raw materials 208.0 212.9 Total inventories, net $ 438.2 $ 457.3 Inventories, net include the costs of material, labor and overhead and are stated at the lower of cost or net realizable value. Domestic inventories are stated at either the lower of cost or net realizable value using the last-in, first-out (“LIFO”) method or the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. Inventories held in foreign locations are primarily stated at the lower of cost or market using the FIFO method. The LIFO method is not being used at our foreign locations as such a method is not allowable for tax purposes. Changes in the levels of LIFO inventories have increased cost of sales by $2.3 million and $6.7 million for the years ended December 31, 2020 and 2019, respectively, and reduced cost of sales by $2.5 million for the year ended December 31, 2018. The portion of inventories costed using the LIFO method was 30.7% and 27.7% of consolidated inventories as of December 31, 2020 and 2019, respectively. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $26.8 million and $17.1 million as of December 31, 2020 and 2019, respectively. The reserve for excess and obsolete inventory was $95.8 million and $85.9 million as of December 31, 2020 and 2019, respectively. |
Goodwill And Intangible Assets | Goodwill and Other Intangible Assets. Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Consolidated Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. During 2020, we observed a significant decline in the market valuation of our common shares as a result of the COVID-19 pandemic. As such, we performed sensitivity analyses based on more recent assumptions, including entity-specific and macroeconomic factors resulting from the COVID-19 pandemic during the interim periods. We concluded that it was not more likely than not that the fair values of the reporting units and indefinite-lived intangible assets were below their carrying values. We also performed our annual impairment assessment (as described below) and concluded that no impairment charges have been required during 2020. We believe that there have been no other events or circumstances which would more likely than not reduce the fair value of our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of December 31, 2020, we had seven reporting units. When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, ranged between 9.5% and 11.5% (a weighted average of 10.5%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. No impairment charges have been required during 2020, 2019 or 2018. Changes to goodwill are as follows: (in millions) Fluid Handling Payment & Merchandising Technologies Aerospace & Electronics Engineered Materials Total Balance as of December 31, 2018 $ 240.8 $ 789.2 $ 202.4 $ 171.3 $ 1,403.7 Additions — 63.4 — — 63.4 Currency translation 0.1 5.2 — — 5.3 Balance as of December 31, 2019 $ 240.9 $ 857.8 $ 202.4 $ 171.3 $ 1,472.4 Additions 106.1 — — — 106.1 Adjustments to purchase price allocations — 5.6 — — 5.6 Currency translation 13.0 11.8 0.1 — 24.9 Balance as of December 31, 2020 $ 360.0 $ 875.2 $ 202.5 $ 171.3 $ 1,609.0 For the year ended December 31, 2020, additions to goodwill within the Fluid Handling segment were $106.1 million. These additions represent the preliminary purchase price allocation for the acquisition of CIRCOR International, Inc.’s Instrumentation & Sampling Business (“I&S”). For the year ended December 31, 2020, adjustments to goodwill within the Payment & Merchandising Technologies segment were $5.6 million. These adjustments represent the finalization of the purchase price allocation for the acquisition of Cummins-Allison Corp. ("Cummins-Allison"). For the year ended December 31, 2019, additions to goodwill within the Payment & Merchandising Technologies segment were $63.4 million. These additions represent the preliminary purchase price allocation related to the acquisition of Cummins-Allison of $54.7 million and the finalization of the purchase price allocation of the January 2018 acquisition of Crane & Co., Inc. (“Crane Currency”) of $8.7 million. See discussion in Note 2, “Acquisitions” for further details. 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 or 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 its 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. During 2020, we observed a significant decline in the market valuation of our common shares as a result of the COVID-19 pandemic. As such, we performed sensitivity analyses based on more recent assumptions, including entity-specific and macroeconomic factors resulting from the COVID-19 pandemic during the interim periods. We concluded that it was not more likely than not that the fair values of our indefinite-lived intangible assets were below their carrying values. We believe there have been no other 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. As of December 31, 2020, we had $520.3 million of net intangible assets, of which $70.9 million were intangibles with indefinite useful lives, consisting of trade names. As of December 31, 2019, we had $505.1 million of net intangible assets, of which $69.9 million were intangibles with indefinite useful lives, consisting of trade names. Changes to intangible assets are as follows: (in millions) December 31, 2020 2019 2018 Balance at beginning of period, net of accumulated amortization $ 505.1 $ 481.8 $ 276.8 Additions 52.5 66.0 252.8 Amortization expense (48.4) (40.0) (44.5) Currency translation and other 11.1 (2.7) (3.3) Balance at end of period, net of accumulated amortization $ 520.3 $ 505.1 $ 481.8 For the year ended December 31, 2020, additions to intangible assets represent the preliminary purchase price allocation related to the January 2020 acquisition of I&S. For the year ended December 31, 2019, additions to intangible assets represent the purchase price allocation related to the acquisition of Cummins-Allison. See discussion in Note 2, “Acquisitions” for further details. A summary of intangible assets follows: (in millions) Weighted Average December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.7 $ 138.2 $ 58.4 $ 79.8 $ 134.2 $ 56.8 $ 77.4 Customer relationships and backlog 18.0 663.6 280.6 383.0 603.1 241.3 361.8 Drawings 40.0 11.1 10.5 0.6 11.1 10.5 0.6 Other 11.8 144.9 88.0 56.9 141.6 76.3 65.3 Total 17.6 $ 957.8 $ 437.5 $ 520.3 $ 890.0 $ 384.9 $ 505.1 Future amortization expense associated with intangibles is expected to be: Year (in millions) 2021 $ 44.4 2022 $ 43.9 2023 $ 43.8 2024 $ 42.9 2025 and after $ 274.4 |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment Total (c) Balance as of December 31, 2017 $ (270.4) (a) $ (109.7) (a) $ (380.1) Other comprehensive (loss) income before reclassifications (36.2) (b) (41.3) (77.5) Amounts reclassified from accumulated other comprehensive loss 10.0 (b) — 10.0 Net period other comprehensive (loss) income (26.2) (41.3) (67.5) Balance as of December 31, 2018 (296.6) (a) (151.0) (a) (447.6) Other comprehensive (loss) income before reclassifications (58.4) (b) 11.6 (46.8) Amounts reclassified from accumulated other comprehensive loss 10.7 (b) — 10.7 Net period other comprehensive (loss) income (47.7) 11.6 (36.1) Balance as of December 31, 2019 (344.3) (a) (139.4) (a) (483.7) Other comprehensive (loss) income before reclassifications (67.4) 70.9 3.5 Amounts reclassified from accumulated other comprehensive loss 13.8 — 13.8 Net period other comprehensive (loss) income (53.6) 70.9 17.3 Balance as of December 31, 2020 $ (397.9) $ (68.5) $ (466.4) (a) Balance has been revised to correct a $21.7 million misclassification between previously reported amounts, which resulted in a decrease in previously reported Defined Benefit Pension and Other Postretirement Items as of December 31, 2017, 2018 and 2019 from $(292.1) million, $(318.3) million and $(366.0) million, respectively, to $(270.4) million,$(296.6) million and $(344.3) million, respectively, and an increase in previously reported Currency Translation Adjustment as of December 31, 2017, 2018 and 2019 from $(88.0) million, $(129.3) million and $(117.7) million, respectively, to $(109.7) million, $(151.0) million and $(139.4) million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017. (b) Balance has been revised to correct a $9.6 million and $15.5 million misclassification between previously reported amounts, which resulted in a decrease in previously reported Other comprehensive (loss) income before reclassifications for the years ended December 31, 2018 and 2019 from $(45.8) million and $(73.9) million, respectively to $(36.2) million and $(58.4) million, respectively, and a decrease in previously reported Amounts reclassified from accumulated other comprehensive loss for the years ended December 31, 2018 and 2019 from $19.6 million and $26.2 million, respectively, to $10.0 million and $10.7 million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. (c) Net of tax benefit of $148.2 million, $135.4 million and $122.2 million for 2020, 2019, and 2018, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated Statements of Operations. (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss December 31, 2020 2019 2018 Amortization of pension items: Prior service costs $ (0.3) $ (0.3) $ (0.5) Net loss 19.1 15.3 14.2 Amortization of postretirement items: Prior service costs (1.1) (1.1) (1.0) Net gain — (0.3) (0.2) Total before tax $ 17.7 $ 13.6 $ 12.5 Tax impact 3.9 2.9 (a) 2.5 (a) Total reclassifications for the period $ 13.8 $ 10.7 $ 10.0 (a) Balance has been revised to correct a misclassification between previously reported amounts of $15.5 million and $9.6 million for the years ended December 31, 2019 and 2018, respectively, which resulted in an increase in previously reported Tax impact from $(12.6) million and $(7.1) million, respectively, to $2.9 million and $2.5 million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. |
Recently Issued Accounting Standards | Recent Accounting Pronouncements - Not Yet Adopted as of December 31, 2020 Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued amended guidance to simplify the accounting for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. We do not expect that the amended guidance will have a material effect on our consolidated financial statements and related disclosures when we adopt this standard effective January 1, 2021. Recent Accounting Pronouncements - Adopted Disclosure Requirements for Defined Benefit Plans In August 2018, the 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 r ates. 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. Effective December 31, 2020, we adopted the amended guidance and applied the disclosure requirements on a retrospective basis to all periods presented. This amended guidance did not have a material effect 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 receivables, contract assets and other receivables, held-to-maturity debt securities, loans and other instruments, entities are required to use a current expected credit loss (“CECL”) model that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. 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. The CECL model is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect collectability. On January 1, 2020, we adopted the new CECL standard and developed an expected impairment model based on our historical loss experience. We believe that our previous methodology to calculate credit losses is generally consistent with the new expected credit loss model and did not result in a material adjustment upon adoption. The allowance for doubtful accounts was $10.9 million and $7.2 million as of December 31, 2020 and 2019, respectively. 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 and amends disclosure requirements associated with leasing arrangements. On January 1, 2019, we adopted 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” (“ASC 840”). We elected to adopt certain of the optional practical expedients, including the package of practical expedients, which, among other things, gives us the option to not reassess: (1) whether expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for existing leases. We also elected the practical expedient to not separate lease and non-lease components, which allows us to account for lease and nonlease components as a single lease component. We did not elect the (1) hindsight practical expedient in our determination of the lease term for our existing leases; and (2) the short-term practical expedient to exclude short-term leases from our right-of-use assets and lease liabilities. We implemented a new system, processes, and controls to enable the preparation of financial information upon adoption. |
Nature of Operations and Sign_3
Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | (in millions, except per share data) For the year ended December 31, 2020 2019 2018 Net income attributable to common shareholders $ 181.0 $ 133.3 $ 335.6 Weighted average basic shares outstanding 58.3 59.8 59.6 Effect of dilutive shared-based awards 0.5 0.8 1.4 Weighted average diluted shares outstanding 58.8 60.6 61.0 Basic earnings per share $ 3.10 $ 2.23 $ 5.63 Diluted earnings per share $ 3.08 $ 2.20 $ 5.50 |
Summary Of Inventories | Inventories consist of the following: (in millions) December 31, 2020 2019 Finished goods $ 130.5 $ 130.6 Finished parts and subassemblies 54.5 66.1 Work in process 45.2 47.7 Raw materials 208.0 212.9 Total inventories, net $ 438.2 $ 457.3 |
Summary Of Property, Plant And Equipment, Net | Property, plant and equipment, net consists of the following: (in millions) December 31, 2020 2019 Land $ 88.5 $ 84.4 Buildings and improvements 289.6 282.6 Machinery and equipment 917.7 889.9 Gross property, plant and equipment 1,295.8 1,256.9 Less: accumulated depreciation 695.4 640.6 Property, plant and equipment, net $ 600.4 $ 616.3 |
Schedule Of 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, 2018 $ 240.8 $ 789.2 $ 202.4 $ 171.3 $ 1,403.7 Additions — 63.4 — — 63.4 Currency translation 0.1 5.2 — — 5.3 Balance as of December 31, 2019 $ 240.9 $ 857.8 $ 202.4 $ 171.3 $ 1,472.4 Additions 106.1 — — — 106.1 Adjustments to purchase price allocations — 5.6 — — 5.6 Currency translation 13.0 11.8 0.1 — 24.9 Balance as of December 31, 2020 $ 360.0 $ 875.2 $ 202.5 $ 171.3 $ 1,609.0 |
Schedule Of Changes To Intangible Assets | Changes to intangible assets are as follows: (in millions) December 31, 2020 2019 2018 Balance at beginning of period, net of accumulated amortization $ 505.1 $ 481.8 $ 276.8 Additions 52.5 66.0 252.8 Amortization expense (48.4) (40.0) (44.5) Currency translation and other 11.1 (2.7) (3.3) Balance at end of period, net of accumulated amortization $ 520.3 $ 505.1 $ 481.8 |
Summary Of Intangible Assets | A summary of intangible assets follows: (in millions) Weighted Average December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.7 $ 138.2 $ 58.4 $ 79.8 $ 134.2 $ 56.8 $ 77.4 Customer relationships and backlog 18.0 663.6 280.6 383.0 603.1 241.3 361.8 Drawings 40.0 11.1 10.5 0.6 11.1 10.5 0.6 Other 11.8 144.9 88.0 56.9 141.6 76.3 65.3 Total 17.6 $ 957.8 $ 437.5 $ 520.3 $ 890.0 $ 384.9 $ 505.1 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | A summary of intangible assets follows: (in millions) Weighted Average December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intellectual property rights 15.7 $ 138.2 $ 58.4 $ 79.8 $ 134.2 $ 56.8 $ 77.4 Customer relationships and backlog 18.0 663.6 280.6 383.0 603.1 241.3 361.8 Drawings 40.0 11.1 10.5 0.6 11.1 10.5 0.6 Other 11.8 144.9 88.0 56.9 141.6 76.3 65.3 Total 17.6 $ 957.8 $ 437.5 $ 520.3 $ 890.0 $ 384.9 $ 505.1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense associated with intangibles is expected to be: Year (in millions) 2021 $ 44.4 2022 $ 43.9 2023 $ 43.8 2024 $ 42.9 2025 and after $ 274.4 |
Classification Of Accumulated Other Comprehensive Income (Loss) Reflected On Consolidated Balance Sheets | Accumulated Other Comprehensive Loss The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. (in millions) Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment Total (c) Balance as of December 31, 2017 $ (270.4) (a) $ (109.7) (a) $ (380.1) Other comprehensive (loss) income before reclassifications (36.2) (b) (41.3) (77.5) Amounts reclassified from accumulated other comprehensive loss 10.0 (b) — 10.0 Net period other comprehensive (loss) income (26.2) (41.3) (67.5) Balance as of December 31, 2018 (296.6) (a) (151.0) (a) (447.6) Other comprehensive (loss) income before reclassifications (58.4) (b) 11.6 (46.8) Amounts reclassified from accumulated other comprehensive loss 10.7 (b) — 10.7 Net period other comprehensive (loss) income (47.7) 11.6 (36.1) Balance as of December 31, 2019 (344.3) (a) (139.4) (a) (483.7) Other comprehensive (loss) income before reclassifications (67.4) 70.9 3.5 Amounts reclassified from accumulated other comprehensive loss 13.8 — 13.8 Net period other comprehensive (loss) income (53.6) 70.9 17.3 Balance as of December 31, 2020 $ (397.9) $ (68.5) $ (466.4) (a) Balance has been revised to correct a $21.7 million misclassification between previously reported amounts, which resulted in a decrease in previously reported Defined Benefit Pension and Other Postretirement Items as of December 31, 2017, 2018 and 2019 from $(292.1) million, $(318.3) million and $(366.0) million, respectively, to $(270.4) million,$(296.6) million and $(344.3) million, respectively, and an increase in previously reported Currency Translation Adjustment as of December 31, 2017, 2018 and 2019 from $(88.0) million, $(129.3) million and $(117.7) million, respectively, to $(109.7) million, $(151.0) million and $(139.4) million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017. (b) Balance has been revised to correct a $9.6 million and $15.5 million misclassification between previously reported amounts, which resulted in a decrease in previously reported Other comprehensive (loss) income before reclassifications for the years ended December 31, 2018 and 2019 from $(45.8) million and $(73.9) million, respectively to $(36.2) million and $(58.4) million, respectively, and a decrease in previously reported Amounts reclassified from accumulated other comprehensive loss for the years ended December 31, 2018 and 2019 from $19.6 million and $26.2 million, respectively, to $10.0 million and $10.7 million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. (c) Net of tax benefit of $148.2 million, $135.4 million and $122.2 million for 2020, 2019, and 2018, respectively. The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated Statements of Operations. (in millions) Amount Reclassified from Accumulated Other Comprehensive Loss December 31, 2020 2019 2018 Amortization of pension items: Prior service costs $ (0.3) $ (0.3) $ (0.5) Net loss 19.1 15.3 14.2 Amortization of postretirement items: Prior service costs (1.1) (1.1) (1.0) Net gain — (0.3) (0.2) Total before tax $ 17.7 $ 13.6 $ 12.5 Tax impact 3.9 2.9 (a) 2.5 (a) Total reclassifications for the period $ 13.8 $ 10.7 $ 10.0 (a) Balance has been revised to correct a misclassification between previously reported amounts of $15.5 million and $9.6 million for the years ended December 31, 2019 and 2018, respectively, which resulted in an increase in previously reported Tax impact from $(12.6) million and $(7.1) million, respectively, to $2.9 million and $2.5 million, respectively. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by reportable segment is set forth below: (in millions) December 31, 2020 2019 2018 Fluid Handling Net sales $ 1,005.8 $ 1,117.4 $ 1,101.8 Operating profit 97.7 131.7 118.8 Assets 1,106.1 941.6 878.2 Goodwill 360.0 240.9 240.8 Capital expenditures 13.7 23.4 19.9 Depreciation and amortization 21.6 14.2 15.2 Payment & Merchandising Technologies Net sales $ 1,104.8 $ 1,158.3 $ 1,257.0 Operating profit 100.6 177.3 186.0 Assets 2,215.3 2,303.4 2,074.4 Goodwill 875.2 857.8 789.2 Capital expenditures 9.3 20.6 57.5 Depreciation and amortization 85.9 77.1 82.4 Aerospace & Electronics Net sales $ 650.7 $ 798.8 $ 743.5 Operating profit 100.7 189.4 164.2 Assets 593.9 638.1 603.9 Goodwill 202.5 202.4 202.4 Capital expenditures 9.8 20.0 20.6 Depreciation and amortization 14.2 13.5 13.0 Engineered Materials Net sales $ 175.6 $ 208.6 $ 243.2 Operating profit 22.7 26.8 37.8 Assets 217.3 219.6 222.1 Goodwill 171.3 171.3 171.3 Capital expenditures 1.2 4.4 10.3 Depreciation and amortization 3.7 5.6 6.4 TOTAL NET SALES $ 2,936.9 $ 3,283.1 $ 3,345.5 Operating profit (loss) Reporting segments $ 321.7 $ 525.2 $ 506.8 Corporate expense — before asbestos and environmental provisions (58.8) (66.9) (65.5) Corporate expense — asbestos provision, net — (229.0) — Corporate expense — environmental provision, net — (18.9) — TOTAL OPERATING PROFIT $ 262.9 $ 210.4 $ 441.3 Interest income 2.0 2.7 2.3 Interest expense (55.3) (46.8) (50.9) Miscellaneous income, net 14.9 4.4 18.7 INCOME BEFORE INCOME TAXES $ 224.5 $ 170.7 $ 411.4 Assets Reporting segments $ 4,132.6 $ 4,102.7 $ 3,778.6 Corporate 456.3 321.0 264.1 TOTAL ASSETS $ 4,588.9 $ 4,423.7 $ 4,042.7 TOTAL GOODWILL (Reporting segments) $ 1,609.0 $ 1,472.4 $ 1,403.7 Capital expenditures Reporting segments $ 34.0 $ 68.4 $ 108.3 Corporate 0.1 0.4 0.5 TOTAL CAPITAL EXPENDITURES $ 34.1 $ 68.8 $ 108.8 Depreciation and amortization Reporting segments $ 125.4 $ 110.4 $ 117.0 Corporate 2.1 3.1 3.0 TOTAL DEPRECIATION AND AMORTIZATION $ 127.5 $ 113.5 $ 120.0 |
Revenue from External Customers by Geographic Areas | Information by geographic region: (in millions) December 31, 2020 2019 2018 Net sales (a) United States $ 1,862.7 $ 2,111.3 $ 2,107.2 Canada 162.9 176.8 172.3 United Kingdom 270.9 393.6 397.5 Continental Europe 480.1 410.1 484.2 Other international 160.3 191.3 184.3 TOTAL NET SALES $ 2,936.9 $ 3,283.1 $ 3,345.5 (in millions) December 31, 2020 2019 2018 Long-lived assets (a) (b) United States $ 339.2 $ 364.2 $ 304.6 Canada 15.8 17.6 7.8 Europe 266.6 259.6 249.3 Other international 60.7 61.7 32.5 Corporate 22.4 25.8 4.9 TOTAL LONG-LIVED ASSETS $ 704.7 $ 728.9 $ 599.1 (a) Net sales and Long-lived assets, net by geographic region are based on the location of the business unit. (b) Long-lived assets consist of property, plant and equipment, net in 2020, 2019 and 2018 and right-of-use assets, net in 2020 and 2019. There were no right-of-use assets in 2018 due to the adoption of ASC 842 on January 1, 2019. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents net sales disaggregated by product line for each segment: (in millions) December 31, 2020 2019 2018 Fluid Handling Process Valves and Related Products $ 631.6 $ 685.1 $ 685.4 Commercial Valves 286.3 332.1 325.4 Pumps and Systems 87.9 100.2 91.0 Total Fluid Handling $ 1,005.8 $ 1,117.4 $ 1,101.8 Payment & Merchandising Technologies Payment Acceptance and Dispensing Products (a) $ 670.8 $ 805.5 $ 798.8 Banknotes and Security Products 434.0 352.8 458.2 Total Payment & Merchandising Technologies $ 1,104.8 $ 1,158.3 $ 1,257.0 Aerospace & Electronics Commercial Original Equipment $ 226.4 $ 357.2 $ 343.4 Military Original Equipment 258.7 217.2 195.7 Commercial Aftermarket Products 93.0 161.4 150.5 Military Aftermarket Products 72.6 63.0 53.9 Total Aerospace & Electronics $ 650.7 $ 798.8 $ 743.5 Engineered Materials FRP - Recreational Vehicles $ 68.9 $ 84.5 $ 119.0 FRP - Building Products 83.1 91.9 92.2 FRP - Transportation 23.6 32.2 32.0 Total Engineered Materials $ 175.6 $ 208.6 $ 243.2 Total Net Sales $ 2,936.9 $ 3,283.1 $ 3,345.5 |
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following: (in millions) December 31, 2020 2019 Contract assets $ 66.7 $ 55.8 Contract liabilities $ 103.0 $ 88.4 |
Research and Development (Table
Research and Development (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Research and Development [Abstract] | |
Research and Development Arrangement, Contract to Perform for Others | Research and development costs are expensed when incurred. (in millions) December 31, 2020 2019 2018 Research and Development Costs $ 74.6 $ 74.7 (a) $ 89.1 (a) (a) The Company revised the fiscal year 2019 and 2018 amounts reported above to increase certain research and development costs that were excluded from the previously reported amounts by $27.2 million and $30.7 million, respectfully. This correction had no effect on the Company’s previously reported consolidated financial statements as of and for the years ended December 31, 2019 and 2018. |
Pension And Postretirement Be_2
Pension And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status | A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 1,168.7 $ 1,031.0 $ 29.0 $ 29.0 Service cost 6.4 5.4 0.3 0.3 Interest cost 26.1 32.7 0.9 1.1 Plan participants’ contributions 0.5 0.5 — 0.1 Amendments (0.2) 0.5 — — Actuarial loss 94.8 131.3 2.0 1.8 Settlements (9.3) (0.7) — — Curtailments (3.5) — — — Benefits paid (46.8) (47.7) (2.2) (2.4) Foreign currency exchange and other 23.6 16.4 — (0.9) Administrative expenses paid (0.5) (0.7) — — Benefit obligation at end of year $ 1,259.8 $ 1,168.7 $ 30.0 $ 29.0 Change in plan assets: Fair value of plan assets at beginning of year $ 965.8 $ 877.2 $ — $ — Actual return on plan assets 70.3 113.8 — — Employer contributions 26.1 4.2 2.2 2.3 Plan participants’ contributions 0.5 0.5 — 0.1 Settlements (9.3) (0.7) — — Benefits paid (46.8) (47.7) (2.2) (2.4) Foreign currency exchange and other 18.5 19.6 — — Administrative expenses paid (1.0) (1.1) — — Fair value of plan assets at end of year $ 1,024.1 $ 965.8 $ — $ — Funded status $ (235.7) $ (202.9) $ (30.0) $ (29.0) |
Schedule Of Amounts Recognized In Consolidated Balance Sheets | Amounts recognized on our Consolidated Balance Sheets consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Other assets $ 62.6 $ 64.8 $ — $ — Current liabilities (1.5) (1.4) (2.6) (2.2) Accrued pension and postretirement benefits (296.8) (266.3) (27.4) (26.8) Funded status $ (235.7) $ (202.9) $ (30.0) $ (29.0) |
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss | Amounts recognized in accumulated other comprehensive loss consist of: Pension Benefits Postretirement Benefits (in millions) December 31, 2020 2019 2020 2019 Net actuarial loss (gain) $ 532.3 $ 466.1 $ (0.9) $ (2.9) Prior service credit (2.8) (4.5) (4.1) (5.2) Total recognized in accumulated other comprehensive loss $ 529.5 $ 461.6 $ (5.0) $ (8.1) |
Schedule Of Accumulated And Projected Benefit Obligations | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows: Pension Obligations/Assets U.S. Non-U.S. Total (in millions) December 31, 2020 2019 2020 2019 2020 2019 Projected benefit obligation $ 699.1 $ 650.2 $ 560.7 $ 518.5 $ 1,259.8 $ 1,168.7 Accumulated benefit obligation 699.1 650.2 548.9 508.8 1,248.0 1,159.0 Fair value of plan assets 482.8 451.5 541.3 514.3 $ 1,024.1 965.8 |
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows: (in millions) December 31, 2020 2019 Projected benefit obligation $ 1,060.4 $ 950.1 Accumulated benefit obligation 1,049.5 940.6 Fair value of plan assets 762.5 682.4 |
Components Of Net Periodic Cost | Components of net periodic (benefit) cost are as follows: Pension Benefits Postretirement Benefits (in millions) For the year ended December 31, 2020 2019 2018 2020 2019 2018 Net Periodic (Benefit) Cost: Service cost $ 6.4 $ 5.4 $ 5.9 $ 0.3 $ 0.3 $ 0.3 Interest cost 26.1 32.7 30.1 0.9 1.1 1.1 Expected return on plan assets (57.5) (53.7) (65.6) — — — Amortization of prior service cost (0.3) (0.3) (0.5) (1.1) (1.1) (1.0) Amortization of net loss (gain) 19.1 15.3 14.2 — (0.3) (0.2) Recognized curtailment (gain) loss (2.3) — 0.3 — — — Settlement costs 1.7 — 0.3 — — — Net periodic (benefit) cost $ (6.8) $ (0.6) $ (15.3) $ 0.1 $ — $ 0.2 |
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost | The weighted average assumptions used to determine benefit obligations are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2020 2019 2018 2020 2019 2018 U.S. Plans: Discount rate 2.62 % 3.34 % 4.36 % 2.30 % 3.20 % 4.30 % Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 0.93 % 2.83 % 2.40 % N/A N/A N/A Non-U.S. Plans: Discount rate 1.07 % 1.70 % 2.42 % N/A N/A 3.30 % Rate of compensation increase 3.10 % 2.89 % 3.06 % N/A N/A N/A Interest credit rate 0.29 % 0.22 % 0.84 % N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost are as follows: Pension Benefits Postretirement Benefits For the year ended December 31, 2020 2019 2018 2020 2019 2018 U.S. Plans: Discount rate 3.34 % 4.36 % 3.75 % 3.20 % 4.10 % 3.50 % Expected rate of return on plan assets 7.25 % 7.25 % 7.75 % N/A N/A N/A Rate of compensation increase N/A N/A N/A N/A N/A N/A Interest credit rate 2.83 % 2.40 % 2.49 % N/A N/A N/A Non-U.S. Plans: Discount rate 1.70 % 2.42 % 2.15 % N/A N/A N/A Expected rate of return on plan assets 5.31 % 5.34 % 6.49 % N/A N/A N/A Rate of compensation increase 2.89 % 3.06 % 2.80 % N/A N/A N/A Interest credit rate 0.22 % 0.84 % 0.66 % N/A N/A N/A |
Schedule Of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: December 31, 2020 2019 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2029 |
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations | Our pension plan target allocations and weighted-average asset allocations by asset category are as follows: Target Allocation Actual Allocation Asset Category December 31, 2020 2019 Equity securities 15%-75% 44 % 43 % Fixed income securities 15%-75% 26 % 26 % Alternative assets/Other 0%-45% 27 % 29 % Cash and money market 0%-10% 3 % 2 % |
Schedule Of Fair Value Of Company Pension Plan Assets | The fair value of our pension plan assets as of December 31, 2020, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 30.1 $ — $ — $ — $ 30.1 Common Stocks Actively Managed U.S. Equities 103.2 — — — 103.2 Fixed Income Bonds and Notes — 0.1 — — 0.1 Commingled and Mutual Funds U.S. Equity Funds 117.3 — — — 117.3 Non-U.S. Equity Funds 53.2 — — 178.0 231.2 U.S. Fixed Income, Government and Corporate 76.6 — — — 76.6 Registered Investment Company 18.3 — — — 18.3 Collective Trust — — 22.8 19.2 42.0 Non-U.S. Fixed Income, Government and Corporate — — — 186.5 186.5 International Balanced Funds — — — 1.9 1.9 Alternative Investments Insurance / Annuity Contract(s) — 14.2 — — 14.2 Hedge Funds and LDI — — — 153.8 153.8 International Property Funds — — — 48.9 48.9 Total Fair Value $ 398.7 $ 14.3 $ 22.8 $ 588.3 $ 1,024.1 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. The fair value of our pension plan assets as of December 31, 2019, by asset category, are as follows: (in millions) Active Other Unobservable Net Asset Value ("NAV") Practical Expedient (a) Total Cash Equivalents and Money Markets $ 14.7 $ — $ — $ — $ 14.7 Common Stocks Actively Managed U.S. Equities 130.6 — — — 130.6 Fixed Income Bonds and Notes — 0.1 — — 0.1 Commingled and Mutual Funds U.S. Equity Funds 77.9 — — — 77.9 Non-U.S. Equity Funds 44.8 — — 158.6 203.4 U.S. Fixed Income, Government and Corporate 75.7 — — — 75.7 Registered Investment Company 30.2 — — — 30.2 Collective Trust — — 22.6 21.2 43.8 Non-U.S. Fixed Income, Government and Corporate — — — 176.1 176.1 International Balanced Funds — — — 1.8 1.8 Alternative Investments Insurance / Annuity Contract(s) — 15.1 — — 15.1 Hedge Funds and LDI — — — 147.3 147.3 International Property Funds — — — 49.1 49.1 Total Fair Value $ 373.9 $ 15.2 $ 22.6 $ 554.1 $ 965.8 (a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. |
Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent | The following table sets forth a summary of pension plan assets valued using NAV or its equivalent as of December 31, 2020 and December 31, 2019: Redemption Unfunded Other Redemption Notice Period Non-U.S. Equity Funds (a) Immediate None None None Non-U.S. Fixed Income, Government and Corporate (b) Immediate None None None International Balanced Funds (c) Immediate None None None Collective Trust Fund (d) Immediate None None None Hedge Funds (e) Quarterly None None 65 days written Hedge Funds (e) Quarterly None None 30 days written Hedge Funds (e) Quarterly None None 30 days written International Property Funds (f) Immediate None None None Hedge Funds and LDI (g) Immediate None None None (a) These funds invest in corporate equity securities outside the United States. (b) These funds invest in corporate and government fixed income securities outside the United States. (c) These funds invest in a blend of equities, fixed income, cash and property outside the United States. (d) These funds are managed in a collective trust under Australia's Superannuation plan structure. (e) These funds are direct investment alternative investments/hedge funds that deploy a multi-strategy approach to investing (e.g., long/short, event-driven, credit, etc.) (f) These funds invest in real property outside the United States. (g) These funds invest in strategies that seek to add diversification to a portfolio with uncorrelated risk profiles or are designed to track the duration of all or part of the underlying liability. |
Summary Of Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Estimated future payments (in millions) Pension Postretirement Benefits 2021 $ 51.2 $ 2.6 2022 51.8 2.4 2023 53.2 2.5 2024 54.3 2.4 2025 56.6 2.1 2026 to 2030 285.5 9.2 Total payments $ 552.6 $ 21.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Our Consolidated Balance Sheet includes the following related to leases: (in millions) December 31, Classification 2020 2019 Assets Operating right-of-use assets Other assets $ 104.2 $ 112.6 Liabilities Current lease liabilities Accrued liabilities $ 23.4 $ 24.0 Long-term lease liabilities Other liabilities 86.5 91.5 Total lease liabilities $ 109.9 $ 115.5 The weighted average remaining lease terms and discount rates for our operating leases were as follows: December 31, 2020 2019 Weighted-average remaining lease term - operating leases 9.8 9.7 Weighted-average discount rate - operating leases 3.8 % 3.9 % |
Lease, Cost | The components of lease cost were as follows: (in millions) December 31, 2020 2019 Operating lease cost $ 33.1 $ 32.6 Variable lease cost $ 7.2 $ 2.2 Supplemental cash flow information related to our operating leases was as follows for periods ended December 31, 2020 and 2019: (in millions) December 31, 2020 2019 Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 26.5 $ 24.3 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10.0 $ 21.0 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating lease payments are as follows: (in millions) December 31, 2020 2021 $ 26.9 2022 22.6 2023 18.3 2024 14.3 2025 10.9 Thereafter 52.4 Total future minimum operating lease payments $ 145.4 Imputed interest 35.5 Present value of lease liabilities reported $ 109.9 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Of Weighted-Average Assumptions For Grants Made | The weighted-average assumptions for grants made during the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Dividend yield 3.05 % 2.20 % 1.74 % Volatility 27.15 % 25.17 % 23.25 % Risk-free interest rate 1.23 % 2.64 % 2.45 % Expected lives in years 5.2 4.2 4.2 |
Schedule Of Company's Stock Option Plans | Activity in our stock option plans for the year ended December 31, 2020 were as follows: Option Activity Number of Weighted Weighted Options outstanding as of January 1, 2020 2,582 $ 66.26 Granted 640 76.29 Exercised (183) 48.78 Canceled (163) 79.05 Options outstanding as of December 31, 2020 2,876 $ 68.88 6.37 Options exercisable as of December 31, 2020 1,694 $ 61.86 5.00 |
Schedule Of Changes Of Restricted Stock | Changes in our restricted share units for the year ended December 31, 2020 were as follows: Restricted Share Unit Activity Restricted Weighted Restricted share units as of January 1, 2020 480 $ 83.23 Restricted share units granted 178 78.04 Restricted share units vested (154) 71.52 Restricted share units forfeited (25) 82.96 Performance-based restricted share units granted 75 93.05 Performance-based restricted share units vested (48) 111.24 Performance-based restricted share units forfeited (21) 97.98 Restricted share units as of December 31, 2020 485 $ 83.17 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes | income before taxes is as follows: (in millions) For year ended December 31, 2020 2019 2018 U.S. operations $ 124.9 $ 64.0 $ 296.4 Non-U.S. operations 99.6 106.7 115.0 Total $ 224.5 $ 170.7 $ 411.4 As of December 31, 2020, we have made the following determinations with regard to our non-U.S. earnings: (in millions) Permanently reinvested Not permanently reinvested Amount of earnings $ 303.8 $ 1,392.7 Associated tax NA * $ 11.1 * Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $303.8 of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs. |
Schedule Of Provision For Income Taxes | provision (benefit) for income taxes consists of: (in millions) For the year ended December 31, 2020 2019 2018 Current: U.S. federal tax $ 11.3 $ 31.0 $ 9.3 U.S. state and local tax 1.6 2.2 4.9 Non-U.S. tax 12.4 29.0 14.0 Total current 25.3 62.2 28.2 Deferred: U.S. federal tax 16.5 (26.4) 35.7 U.S. state and local tax (0.1) 3.0 2.0 Non-U.S. tax 1.7 (1.7) 10.0 Total deferred 18.1 (25.1) 47.7 Total provision for income taxes * $ 43.4 $ 37.1 $ 75.9 |
Schedule Of Deferred Tax Assets And Liabilities | A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows: For the year ended December 31, 2020 2019 2018 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) from: Income taxed at non-U.S. rates (3.1) % 2.6 % (0.2) % Non-U.S. income inclusion, net of tax credits 2.3 % 3.4 % (0.1) % State and local taxes, net of federal benefit 0.5 % 2.5 % 1.4 % U.S. research and development tax credit (2.3) % (1.7) % (0.7) % U.S. domestic manufacturing deduction — % — % (0.3) % Effect of the enactment of the Tax Cuts and Jobs Act of 2017 — % — % (0.8) % U.S. deduction for foreign - derived intangible income (0.5) % (5.1) % (1.1) % Other 1.4 % (1.0) % (0.8) % Effective tax rate 19.3 % 21.7 % 18.4 % |
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate | The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows: (in millions) December 31, 2020 2019 Deferred tax assets: Asbestos-related liabilities $ 150.3 $ 158.4 Tax loss and credit carryforwards 124.5 120.7 Pension and post-retirement benefits 66.0 56.9 Inventories 29.8 26.0 Other 41.4 46.6 Total $ 412.0 $ 408.6 Less: valuation allowance 153.4 150.0 Total deferred tax assets, net of valuation allowance $ 258.6 $ 258.6 Deferred tax liabilities: Basis difference in fixed assets $ (60.6) $ (58.7) Basis difference in intangible assets (212.7) (195.4) Other (24.0) (25.2) Total deferred tax liabilities $ (297.3) $ (279.3) Net deferred tax asset (liability) $ (38.7) $ (20.7) Balance sheet classification: Long-term deferred tax assets 14.9 35.1 Long-term deferred tax liability (53.6) (55.8) Net deferred tax asset (liability) $ (38.7) $ (20.7) |
Summary Of Tax Loss And Tax Credit Carryforwards | As of December 31, 2020, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows: (in millions) U.S. U.S. U.S. U.S. Non- Total 2020-2024 $ 2.8 $ — $ 3.3 $ 97.8 $ 12.4 After 2024 4.6 0.8 2.4 797.2 7.4 Indefinite — — 22.8 7.2 215.6 Total tax carryforwards $ 7.4 $ 0.8 $ 28.5 $ 902.2 $ 235.4 Deferred tax asset on tax carryforwards $ 7.4 $ 0.2 $ 22.6 $ 45.0 $ 49.3 $ 124.5 Valuation allowance on tax carryforwards (6.5) (0.2) (21.0) (43.0) (47.6) (118.3) Net deferred tax asset on tax carryforwards $ 0.9 $ — $ 1.6 $ 2.0 $ 1.7 $ 6.2 |
Schedule Of Gross Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows: (in millions) 2020 2019 2018 Balance of liability as of January 1, $ 39.8 $ 42.0 $ 46.4 Increase as a result of tax positions taken during a prior year 5.4 1.1 4.6 Decrease as a result of tax positions taken during a prior year (0.4) (0.5) (1.5) Increase as a result of tax positions taken during the current year 1.8 3.2 3.1 Decrease as a result of settlements with taxing authorities (2.5) — (1.1) Reduction as a result of a lapse of the statute of limitations (10.1) (6.0) (9.5) Balance of liability as of December 31, $ 34.0 $ 39.8 $ 42.0 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of: (in millions) December 31, 2020 2019 Employee related expenses $ 124.3 $ 120.6 Warranty 9.4 11.0 Current lease liabilities 23.4 24.0 Contract liabilities 103.0 88.4 Other 135.8 134.2 Total $ 395.9 $ 378.2 |
Summary Of Warranty Liabilities | A summary of the warranty liabilities is as follows: (in millions) December 31, 2020 2019 Balance at beginning of period $ 11.0 $ 18.2 Expense 8.2 8.9 Changes due to acquisitions/divestitures 0.3 — Payments / deductions (10.2) (16.0) Currency translation 0.1 (0.1) Balance at end of period $ 9.4 $ 11.0 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Schedule Of Other Liabilities | (in millions) December 31, 2020 2019 Environmental $ 29.4 $ 36.0 Long-term lease liabilities 86.5 91.5 Other 55.5 60.4 Total $ 171.4 $ 187.9 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating lease payments are as follows: (in millions) December 31, 2020 2021 $ 26.9 2022 22.6 2023 18.3 2024 14.3 2025 10.9 Thereafter 52.4 Total future minimum operating lease payments $ 145.4 Imputed interest 35.5 Present value of lease liabilities reported $ 109.9 |
Schedule Of Activity Related To Asbestos Claims | For the year ended December 31, 2020 2019 2018 Beginning claims 29,056 29,089 32,234 New claims 2,620 2,848 2,434 Settlements (885) (983) (1,011) Dismissals (1,653) (1,898) (4,568) Ending claims 29,138 29,056 29,089 |
Schedule Of Gross Settlement And Defense Costs | (in millions) For the year ended December 31, 2020 2019 2018 Settlement / indemnity costs incurred (a) $ 35.3 $ 45.5 $ 63.0 Defense costs incurred (a) 15.6 20.7 25.8 Total costs incurred $ 50.9 $ 66.2 $ 88.8 Settlement / indemnity payments $ 24.7 $ 38.9 $ 61.5 Defense payments 16.7 21.4 26.5 Insurance receipts (10.3) (18.8) (24.1) Pre-tax cash payments, net $ 31.1 $ 41.5 $ 63.9 (a) Before insurance recoveries and tax effects. |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Debt | Our debt as of December 31, 2020 and 2019 consisted of the following: (in millions) December 31, 2020 2019 Commercial paper $ 27.2 $ 149.4 364-Day Credit Agreement 348.5 — Total short-term borrowings $ 375.7 $ 149.4 4.45% notes due December 2023 $ 299.1 $ 298.9 6.55% notes due November 2036 198.4 198.3 4.20% notes due March 2048 346.2 346.1 Other deferred financing costs associated with credit facilities (0.8) (1.3) Total long-term debt $ 842.9 $ 842.0 Debt discounts and debt issuance costs totaled $6.6 and $6.7 as of December 31, 2020 and 2019, respectively and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above. |
Capitalization of Long-Term Debt | (in millions) Short-term borrowings $ 375.7 Long-term debt 842.9 Total indebtedness 1,218.6 Total shareholders’ equity 1,528.9 Capitalization $ 2,747.5 Total indebtedness to capitalization 44.4 % |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring charges, net by segment are as follows: (in millions) For the year ended December 31, 2020 2019 2018 Fluid Handling (a) $ 6.1 $ 10.5 $ 6.1 Payment & Merchandising Technologies (b) 19.1 7.4 2.1 Aerospace & Electronics (c) 6.5 (0.4) (1.0) Engineered Materials 0.6 — — Total restructuring charges, net (d) $ 32.3 $ 17.5 $ 7.2 (a) We also recorded related costs of $4.4 million, $8.7 million and $3.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (b) We also recorded related costs of $0.7 million, $0.2 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (c) We also recorded related costs of $2.7 million and $2.0 million for the year ended December 31, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. (d) We also recorded related costs of $5.1 million, $11.6 million and $7.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. The following table summarizes our restructuring charges, net by program, cost type and segment for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 December 31, 2019 December 31, 2018 (in millions) Severance Other Total Severance Other Total Severance Other Total Fluid Handling $ 3.8 $ — $ 3.8 $ — $ — $ — $ — $ — $ — Payment & Merchandising Technologies 16.6 4.6 (a) 21.2 — — — — — — Aerospace & Electronics 6.5 — 6.5 — — — — — — Engineered Materials 0.6 — 0.6 — — — — — — 2020 Repositioning $ 27.5 $ 4.6 $ 32.1 $ — $ — $ — $ — $ — $ — Fluid Handling $ 6.1 (b) $ — $ 6.1 $ 9.9 $ — $ 9.9 $ — $ — $ — 2019 Repositioning $ 6.1 $ — $ 6.1 $ 9.9 $ — $ 9.9 $ — $ — $ — Fluid Handling $ (3.8) (b) $ — $ (3.8) $ 0.6 $ — $ 0.6 $ 6.1 $ — $ 6.1 Payment & Merchandising Technologies (0.9) (b) (1.5) (c) (2.4) 0.3 1.8 2.1 0.1 0.4 0.5 Aerospace & Electronics — — — — (0.4) (0.4) — (1.0) (1.0) 2017 Repositioning $ (4.7) (b) $ (1.5) (c) $ (6.2) $ 0.9 $ 1.4 $ 2.3 $ 6.2 $ (0.6) $ 5.6 Payment & Merchandising Technologies $ — $ — $ — $ 1.7 $ 3.6 $ 5.3 $ 1.6 $ — $ 1.6 Acquisition-Related Restructuring $ — $ — $ — $ 1.7 $ 3.6 $ 5.3 $ 1.6 $ — $ 1.6 Payment & Merchandising Technologies $ 0.3 $ — $ 0.3 $ — $ — $ — $ — $ — $ — Other Restructuring $ 0.3 $ — $ 0.3 $ — $ — $ — $ — $ — $ — Total $ 29.2 $ 3.1 $ 32.3 $ 12.5 $ 5.0 $ 17.5 $ 7.8 $ (0.6) $ 7.2 (a) Primarily reflects non-cash charges related to the impairment of ROU assets and leasehold improvements associated with the exit of the three leased facilities in 2020. (b) Reflects changes in estimates for increases and decreases in costs related to our restructuring programs. (c) Reflects a pre-tax gain related to the sale of a facility in 2020. The following table summarizes the cumulative restructuring costs incurred through December 31, 2020 and the remaining costs related to facility consolidations expected to complete these actions as of December 31, 2020: Cumulative Restructuring Costs Remaining Costs (in millions) Severance Other Total 2021 Fluid Handling $ 3.8 $ — $ 3.8 $ — Payment & Merchandising Technologies 16.6 4.6 21.2 — Aerospace & Electronics 6.5 — 6.5 — Engineered Materials 0.6 — 0.6 — 2020 Repositioning $ 27.5 $ 4.6 $ 32.1 $ — Fluid Handling $ 16.0 $ — $ 16.0 $ 2.6 2019 Repositioning $ 16.0 $ — $ 16.0 $ 2.6 Fluid Handling $ 13.5 $ — $ 13.5 $ — Payment & Merchandising Technologies 11.7 0.7 12.4 — Aerospace & Electronics 1.3 (1.4) (0.1) — 2017 Repositioning $ 26.5 $ (0.7) $ 25.8 $ — Restructuring Liability The following table summarizes the accrual balances related to these restructuring charges by program: (in millions) 2020 Repositioning 2019 Repositioning 2017 Repositioning Acquisition Related Restructuring Other Restructuring Total Severance: Balance at December 31, 2018 $ — $ — $ 23.2 $ — $ — $ 23.2 Expense (a) — 9.9 0.9 1.7 — 12.5 Utilization — — (11.6) (1.7) — (13.3) Balance at December 31, 2019 $ — $ 9.9 $ 12.5 $ — $ — $ 22.4 Expense (a) 27.5 — — — 0.3 27.8 Adjustments (b) — 6.1 (4.7) — — 1.4 Utilization (23.3) — (3.1) — (0.3) (26.7) Balance at December 31, 2020 (c) $ 4.2 $ 16.0 $ 4.7 $ — $ — $ 24.9 Other Restructuring Costs: Balance at December 31, 2018 $ — $ — $ — $ — $ — $ — Expense (a) — — 1.4 3.6 — 5.0 Utilization — — (1.2) (3.6) — (4.8) Balance at December 31, 2019 $ — $ — $ 0.2 $ — $ — $ 0.2 Expense (gain) (a) 4.6 — (1.5) — — 3.1 Utilization (4.6) — 1.3 — — (3.3) Balance at December 31, 2020 $ — $ — $ — $ — $ — $ — (a) Included within “Restructuring charges, net” in the Consolidated Statements of Operations (b) Included within “Restructuring charges, net” in the Consolidated Statements of Operations and reflects changes in estimates for increases and decreases in costs related to our restructuring programs (c) Included within Accrued Liabilities in the Consolidated Balance Sheets |
Nature of Operations and Sign_4
Nature of Operations and Significant Accounting Policies (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)segmentshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Other Assets, Noncurrent | $ 198.1 | $ 211.3 | |||
Assets | 4,588.9 | 4,423.7 | $ 4,042.7 | ||
Long-term Debt, Excluding Current Maturities | 842.9 | 842 | |||
Liabilities and Equity | $ 4,588.9 | 4,423.7 | |||
Number of reporting segments | segment | 4 | ||||
Allowance for doubtful accounts receivable | $ 10.9 | 7.2 | |||
Increase (decrease) in cost of sales by changes in level of LIFO inventories | $ 2.3 | $ 6.7 | (2.5) | ||
Percentage of inventories cost, LIFO method | 30.70% | 27.70% | |||
Higher value of LIFO inventories if valued under FIFO | $ 26.8 | $ 17.1 | |||
Depreciation expense | $ 77.2 | 71.6 | 72.7 | ||
Number of reporting units | segment | 7 | ||||
Estimated cost of capital, minimum | 9.50% | ||||
Estimated cost of capital, maximum | 11.50% | ||||
Estimated cost of capital, weighted | 10.50% | ||||
2021 | $ 44.4 | ||||
2022 | 43.9 | ||||
2023 | 43.8 | ||||
2024 | 42.9 | ||||
2025 and after | 274.4 | ||||
Intangible assets, net | 520.3 | 505.1 | $ 481.8 | $ 276.8 | |
Intangibles with indefinite useful lives | $ 70.9 | $ 69.9 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 2.1 | 1.2 | 0.4 | ||
Operating right-of-use assets | $ 104.2 | $ 112.6 | |||
Operating lease, liability | $ 109.9 | $ 115.5 | |||
Accounting Standards Update 2016-02 | |||||
Property, Plant and Equipment [Line Items] | |||||
Operating right-of-use assets | $ 109.1 | ||||
Operating lease, liability | $ 110.4 | ||||
Minimum [Member] | Buildings And Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, estimated useful life- minimum, years | 10 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, estimated useful life- minimum, years | 3 years | ||||
Maximum [Member] | Buildings And Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, estimated useful life- minimum, years | 25 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, estimated useful life- minimum, years | 10 years |
Nature of Operations and Sign_5
Nature of Operations and Significant Accounting Policies (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.1 | 1.2 | 0.4 |
Less: Noncontrolling interest in subsidiaries’ earnings (loss) | $ 0.1 | $ 0.3 | $ (0.1) |
Net income attributable to common shareholders | $ 181 | $ 133.3 | $ 335.6 |
Weighted average basic shares outstanding (in shares) | 58.3 | 59.8 | 59.6 |
Effect of dilutive stock options | 0.5 | 0.8 | 1.4 |
Average diluted shares outstanding | 58.8 | 60.6 | 61 |
Earnings per share - basic: | |||
Basic earnings per share (in dollars per share) | $ 3.10 | $ 2.23 | $ 5.63 |
Earnings per share - diluted: | |||
Diluted earnings per share (in dollars per share) | $ 3.08 | $ 2.20 | $ 5.50 |
Nature of Operations and Sign_6
Nature of Operations and Significant Accounting Policies (Summary Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
excessandobsoleteinventoryreserve | $ 95.8 | $ 85.9 |
Finished goods | 130.5 | 130.6 |
Finished parts and subassemblies | 54.5 | 66.1 |
Work in process | 45.2 | 47.7 |
Raw materials | 208 | 212.9 |
Total inventories | $ 438.2 | $ 457.3 |
Nature of Operations and Sign_7
Nature of Operations and Significant Accounting Policies (Summary Of Property, Plant And Equipment, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 88.5 | $ 84.4 |
Buildings and improvements | 289.6 | 282.6 |
Machinery and equipment | 917.7 | 889.9 |
Gross property, plant and equipment | 1,295.8 | 1,256.9 |
Less: accumulated depreciation | 695.4 | 640.6 |
Property, plant and equipment, net | $ 600.4 | $ 616.3 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Technology-Based Intangible Assets [Member] | Crane Currency [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | |
Technology-Based Intangible Assets [Member] | Crane Currency [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years |
Nature of Operations and Sign_8
Nature of Operations and Significant Accounting Policies (Schedule Of Changes To Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 1,472.4 | $ 1,403.7 |
Goodwill, Acquired During Period | 106.1 | 63.4 |
Currency translation | 24.9 | 5.3 |
Balance at end of period | 1,609 | 1,472.4 |
Goodwill, Purchase Accounting Adjustments | 5.6 | |
Crane Currency [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | 8.7 | |
Fluid Handling | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 240.9 | 240.8 |
Goodwill, Acquired During Period | 106.1 | 0 |
Currency translation | 13 | 0.1 |
Balance at end of period | 360 | 240.9 |
Payment & Merchandising Technologies | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 857.8 | 789.2 |
Goodwill, Acquired During Period | 0 | 63.4 |
Currency translation | 11.8 | 5.2 |
Balance at end of period | 875.2 | 857.8 |
Goodwill, Purchase Accounting Adjustments | 5.6 | |
Aerospace & Electronics | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 202.4 | 202.4 |
Goodwill, Acquired During Period | 0 | 0 |
Currency translation | 0.1 | 0 |
Balance at end of period | 202.5 | 202.4 |
Engineered Materials | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 171.3 | 171.3 |
Goodwill, Acquired During Period | 0 | 0 |
Currency translation | 0 | 0 |
Balance at end of period | $ 171.3 | $ 171.3 |
Nature of Operations and Sign_9
Nature of Operations and Significant Accounting Policies (Schedule Of Changes To Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||||
Intangible assets, net | $ 520.3 | $ 505.1 | $ 481.8 | $ 276.8 |
Indefinite-lived Intangible Assets Acquired | 52.5 | 66 | 252.8 | |
Amortization expense | (48.4) | (40) | (44.5) | |
Finite-Lived Intangible Assets, Translation Adjustments | 11.1 | (2.7) | $ (3.3) | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 44.4 | |||
2022 | 43.9 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 43.8 | |||
2024 | 42.9 | |||
2025 and after | 274.4 | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 70.9 | $ 69.9 |
Nature of Operations and Sig_10
Nature of Operations and Significant Accounting Policies (Summary Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | $ 437.5 | $ 384.9 | ||
Finite-Lived Intangible Assets, Net | 520.3 | 505.1 | $ 481.8 | $ 276.8 |
Intangible Assets, Gross (Excluding Goodwill) | $ 957.8 | 890 | ||
Finite-Lived Intangible Asset, Useful Life | 17 years 7 months 6 days | |||
Intangibles with indefinite useful lives | $ 70.9 | 69.9 | ||
Intellectual Property Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | 58.4 | 56.8 | ||
Finite-Lived Intangible Assets, Net | 79.8 | 77.4 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 138.2 | 134.2 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years 8 months 12 days | |||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | $ 88 | 76.3 | ||
Finite-Lived Intangible Assets, Net | 56.9 | 65.3 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 144.9 | 141.6 | ||
Finite-Lived Intangible Asset, Useful Life | 11 years 9 months 18 days | |||
Drawings [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | $ 10.5 | 10.5 | ||
Finite-Lived Intangible Assets, Net | 0.6 | 0.6 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 11.1 | 11.1 | ||
Finite-Lived Intangible Asset, Useful Life | 40 years | |||
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | $ 280.6 | 241.3 | ||
Finite-Lived Intangible Assets, Net | 383 | 361.8 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 663.6 | $ 603.1 | ||
Finite-Lived Intangible Asset, Useful Life | 18 years |
Nature of Operations and Sig_11
Nature of Operations and Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Provision (benefit) for income taxes | $ 43.4 | $ 37.1 | $ 75.9 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (483.7) | ||
Balance, ending | (466.4) | (483.7) | |
Cost of sales | 1,930.7 | 2,104.1 | 2,156.2 |
Acquisition integration related charges | 698.1 | 698 | 711.9 |
Other Comprehensive Income (Loss), Net of Tax | 16.8 | (36.2) | (67.8) |
Restatement Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | 21.7 | ||
Other comprehensive loss before reclassifications | 9.6 | ||
Amounts reclassified from accumulated other comprehensive loss | 15.5 | ||
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Provision (benefit) for income taxes | 122.2 | 135.4 | 148.2 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (483.7) | (447.6) | (380.1) |
Other comprehensive loss before reclassifications | 3.5 | (46.8) | (77.5) |
Amounts reclassified from accumulated other comprehensive loss | 13.8 | 10.7 | 10 |
Balance, ending | (466.4) | (483.7) | (447.6) |
Other Comprehensive Income (Loss), Net of Tax | 17.3 | (36.1) | (67.5) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (344.3) | (296.6) | (270.4) |
Other comprehensive loss before reclassifications | (67.4) | (58.4) | (36.2) |
Amounts reclassified from accumulated other comprehensive loss | 13.8 | 10.7 | 10 |
Balance, ending | (397.9) | (344.3) | (296.6) |
Other Comprehensive Income (Loss), Net of Tax | (53.6) | (47.7) | (26.2) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Previously Reported | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (366) | (318.3) | (292.1) |
Other comprehensive loss before reclassifications | (73.9) | (45.8) | |
Amounts reclassified from accumulated other comprehensive loss | 26.2 | 19.6 | |
Balance, ending | (366) | (318.3) | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (139.4) | (151) | (109.7) |
Other comprehensive loss before reclassifications | 70.9 | 11.6 | (41.3) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Balance, ending | (68.5) | (139.4) | (151) |
Other Comprehensive Income (Loss), Net of Tax | 70.9 | 11.6 | (41.3) |
Accumulated Translation Adjustment [Member] | Previously Reported | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning | (117.7) | (129.3) | (88) |
Balance, ending | (117.7) | (129.3) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 17.7 | 13.6 | 12.5 |
Provision (benefit) for income taxes | 3.9 | 2.9 | 2.5 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive loss | 13.8 | 10.7 | 10 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Restatement Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Provision (benefit) for income taxes | 15.5 | 9.6 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Previously Reported | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Provision (benefit) for income taxes | (12.6) | (7.1) | |
Pension Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.3) | (0.3) | (0.5) |
Defined Benefit Plan, Amortization of Gain (Loss) | 19.1 | 15.3 | 14.2 |
Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1.1) | (1.1) | (1) |
Defined Benefit Plan, Amortization of Gain (Loss) | $ 0 | $ (0.3) | $ (0.2) |
Nature of Operations and Sig_12
Nature of Operations and Significant Accounting Policies (Goodwill) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |||
Goodwill | $ 1,609 | $ 1,472.4 | $ 1,403.7 |
Goodwill, Foreign Currency Translation Gain (Loss) | 24.9 | 5.3 | |
Goodwill, Acquired During Period | 106.1 | 63.4 | |
Goodwill, Purchase Accounting Adjustments | $ 5.6 | ||
Number of reporting units | segment | 7 | ||
Estimated cost of capital, maximum | 11.50% | ||
Estimated cost of capital, minimum | 9.50% | ||
Estimated cost of capital, weighted | 10.50% | ||
Crane Currency [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 54.7 | ||
Crane Currency [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 8.7 | ||
Fluid Handling | |||
Goodwill [Line Items] | |||
Goodwill | $ 360 | 240.9 | 240.8 |
Goodwill, Foreign Currency Translation Gain (Loss) | 13 | 0.1 | |
Goodwill, Acquired During Period | 106.1 | 0 | |
Payment & Merchandising Technologies | |||
Goodwill [Line Items] | |||
Goodwill | 875.2 | 857.8 | 789.2 |
Goodwill, Foreign Currency Translation Gain (Loss) | 11.8 | 5.2 | |
Goodwill, Acquired During Period | 0 | 63.4 | |
Goodwill, Purchase Accounting Adjustments | 5.6 | ||
Aerospace & Electronics | |||
Goodwill [Line Items] | |||
Goodwill | 202.5 | 202.4 | 202.4 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0.1 | 0 | |
Goodwill, Acquired During Period | 0 | 0 | |
Engineered Materials | |||
Goodwill [Line Items] | |||
Goodwill | 171.3 | 171.3 | $ 171.3 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Goodwill, Acquired During Period | $ 0 | $ 0 |
Nature of Operations and Sig_13
Nature of Operations and Significant Accounting Policies (Recently Adopted Accounting Pronouncements) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6.7 | |||
Contract assets | $ 66.7 | $ 55.8 | ||
Cost of Goods and Services Sold | 1,930.7 | 2,104.1 | 2,156.2 | |
Inventory, Net | 438.2 | 457.3 | ||
Other Assets, Current | 137.4 | 79.5 | ||
Operating right-of-use assets | 104.2 | 112.6 | ||
Operating lease, liability | $ 109.9 | $ 115.5 | ||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6.7 | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating right-of-use assets | $ 109.1 | |||
Operating lease, liability | $ 110.4 |
Nature of Operations and Sig_14
Nature of Operations and Significant Accounting Policies (Revenue, Remaining Performance Obligation) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,165 |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Details) - USD ($) | Jan. 31, 2020 | Dec. 31, 2019 | Jan. 10, 2018 | Nov. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 169,500,000 | $ 156,200,000 | $ 648,000,000 | ||||||
Business Combination, Integration Related Costs | 12,900,000 | 5,200,000 | 28,900,000 | ||||||
Inventory step-up and backlog amortization | 5,600,000 | $ 9,100,000 | |||||||
Goodwill, Acquired During Period | 106,100,000 | 63,400,000 | |||||||
Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 458,200,000 | ||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 33,800,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 199,600,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 107,200,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 252,800,000 | ||||||||
Payments to acquire businesses, gross | 800,000,000 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 672,300,000 | $ 648,000,000 | |||||||
Working Capital Adjustment | 24,300,000 | ||||||||
Goodwill, Acquired During Period | 8,700,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 97,300,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 120,300,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 298,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,300,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 217,100,000 | ||||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 972,800,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 324,800,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 648,000,000 | ||||||||
Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Revenue | $ 3,475,200,000 | 3,531,100,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 91,600,000 | 91,600,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 71,600,000 | 71,600,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 66,000,000 | 66,000,000 | |||||||
Payments to acquire businesses, gross | 160,000,000 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 156,200,000 | $ 156,400,000 | |||||||
Debt instrument, face amount | 150,000,000 | 150,000,000 | |||||||
Working Capital Adjustment | $ 200,000 | ||||||||
Goodwill, Acquired During Period | 54,700,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 25,300,000 | 25,300,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,300,000 | 26,300,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 9,100,000 | 9,100,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 60,300,000 | 60,300,000 | |||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 253,300,000 | 253,300,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 96,900,000 | 96,900,000 | |||||||
I&S (acquisition) | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 21,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 8,100,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 52,500,000 | ||||||||
Payments to acquire businesses, gross | 172,300,000 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 169,200,000 | ||||||||
Debt instrument, face amount | 100,000,000 | ||||||||
Working Capital Adjustment | 3,100,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 19,300,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 6,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 106,100,000 | ||||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 196,600,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 27,400,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 169,200,000 | ||||||||
Proceeds from lines of credit | 67,000,000 | ||||||||
Developed Technology Rights [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 4 months 24 days | ||||||||
Trademarks and Trade Names | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,000,000 | 3,000,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||||
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 | $ 74,000,000 | ||||||||
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 | $ 8,500,000 | 8,500,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Customer Relationships | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 135,800,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 23 years 1 month 6 days | ||||||||
Customer Relationships | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 54,500,000 | $ 54,500,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | ||||||||
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 | $ 1,000,000 | ||||||||
Order or Production Backlog [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||||||||
Intellectual Property Rights [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 42,000,000 | ||||||||
Technology-Based Intangible Assets [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 10 years | ||||||||
Technology-Based Intangible Assets [Member] | Minimum [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 7 years | ||||||||
Technology-Based Intangible Assets [Member] | Maximum [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 11 years | ||||||||
Trade Names [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 7 years | ||||||||
Trademarks and Trade Names | I&S (acquisition) | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,600,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years | |||||||
Customer Relationships | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 18 years | ||||||||
Customer Relationships | I&S (acquisition) | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 49,000,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 14 years | |||||||
Customer Relationships | Minimum [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 18 years | ||||||||
Customer Relationships | Maximum [Member] | Crane Currency [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, remaining amortization period | 24 years | ||||||||
Order or Production Backlog [Member] | I&S (acquisition) | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 900,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Segment Information (Schedule O
Segment Information (Schedule Of Consolidated Financial Statements By Industry Segments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | segment | 4 | ||
Net sales | $ 2,936.9 | $ 3,283.1 | $ 3,345.5 |
Operating profit from continuing operations | 262.9 | 210.4 | 441.3 |
Assets | 4,588.9 | 4,423.7 | 4,042.7 |
Goodwill | 1,609 | 1,472.4 | 1,403.7 |
Capital expenditures | 34.1 | 68.8 | 108.8 |
Depreciation and amortization | 127.5 | 113.5 | 120 |
Asbestos provision, net | 0 | (229) | 0 |
Environmental provision, net | 0 | (18.9) | 0 |
Interest income | 2 | 2.7 | 2.3 |
Interest expense | (55.3) | (46.8) | (50.9) |
Miscellaneous income | 14.9 | 4.4 | 18.7 |
Income before income taxes | 224.5 | 170.7 | 411.4 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | 321.7 | 525.2 | 506.8 |
Assets | 4,132.6 | 4,102.7 | 3,778.6 |
Goodwill | 1,472.4 | 1,403.7 | |
Capital expenditures | 34 | 68.4 | 108.3 |
Depreciation and amortization | 125.4 | 110.4 | 117 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | (58.8) | (66.9) | (65.5) |
Assets | 456.3 | 321 | 264.1 |
Capital expenditures | 0.1 | 0.4 | 0.5 |
Depreciation and amortization | 2.1 | 3.1 | 3 |
Asbestos provision, net | (229) | ||
Environmental provision, net | (18.9) | ||
Fluid Handling | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | 97.7 | 131.7 | 118.8 |
Assets | 1,106.1 | 941.6 | 878.2 |
Goodwill | 360 | 240.9 | 240.8 |
Capital expenditures | 13.7 | 23.4 | 19.9 |
Depreciation and amortization | 21.6 | 14.2 | 15.2 |
Fluid Handling | Outside | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,005.8 | 1,117.4 | 1,101.8 |
Payment & Merchandising Technologies | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | 100.6 | 177.3 | 186 |
Assets | 2,215.3 | 2,303.4 | 2,074.4 |
Goodwill | 875.2 | 857.8 | 789.2 |
Capital expenditures | 9.3 | 20.6 | 57.5 |
Depreciation and amortization | 85.9 | 77.1 | 82.4 |
Payment & Merchandising Technologies | Outside | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,104.8 | 1,158.3 | 1,257 |
Aerospace & Electronics | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | 100.7 | 189.4 | 164.2 |
Assets | 593.9 | 638.1 | 603.9 |
Goodwill | 202.5 | 202.4 | 202.4 |
Capital expenditures | 9.8 | 20 | 20.6 |
Depreciation and amortization | 14.2 | 13.5 | 13 |
Aerospace & Electronics | Outside | |||
Segment Reporting Information [Line Items] | |||
Net sales | 650.7 | 798.8 | 743.5 |
Engineered Materials | |||
Segment Reporting Information [Line Items] | |||
Operating profit from continuing operations | 22.7 | 26.8 | 37.8 |
Assets | 217.3 | 219.6 | 222.1 |
Goodwill | 171.3 | 171.3 | 171.3 |
Capital expenditures | 1.2 | 4.4 | 10.3 |
Depreciation and amortization | 3.7 | 5.6 | 6.4 |
Engineered Materials | Outside | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 175.6 | $ 208.6 | $ 243.2 |
Segment Information (Schedule_2
Segment Information (Schedule Of Net Sales And Assets By Geographic Region) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,936.9 | $ 3,283.1 | $ 3,345.5 |
Long-lived assets | 704.7 | 728.9 | 599.1 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,862.7 | 2,111.3 | 2,107.2 |
Long-lived assets | 339.2 | 364.2 | 304.6 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 162.9 | 176.8 | 172.3 |
Long-lived assets | 15.8 | 17.6 | 7.8 |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Net sales | 270.9 | 393.6 | 397.5 |
Continental Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 480.1 | 410.1 | 484.2 |
Long-lived assets | 266.6 | 259.6 | 249.3 |
Other international | |||
Segment Reporting Information [Line Items] | |||
Net sales | 160.3 | 191.3 | 184.3 |
Long-lived assets | 60.7 | 61.7 | 32.5 |
Corporate Segment | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 22.4 | $ 25.8 | $ 4.9 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 2,936.9 | $ 3,283.1 | $ 3,345.5 |
Fluid Handling | Process Valves and Related Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 631.6 | 685.1 | 685.4 |
Fluid Handling | Commercial Valves | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 286.3 | 332.1 | 325.4 |
Fluid Handling | Other Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 87.9 | 100.2 | 91 |
Fluid Handling | Outside | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,005.8 | 1,117.4 | 1,101.8 |
Payment & Merchandising Technologies | Outside | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,104.8 | 1,158.3 | 1,257 |
Payment & Merchandising Technologies | Payment Acceptance and Dispensing Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 670.8 | 805.5 | 798.8 |
Payment & Merchandising Technologies | Banknotes and Security Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 434 | 352.8 | 458.2 |
Aerospace & Electronics | Outside | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 650.7 | 798.8 | 743.5 |
Aerospace & Electronics | Commercial Original Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 226.4 | 357.2 | 343.4 |
Aerospace & Electronics | Military Original Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 258.7 | 217.2 | 195.7 |
Aerospace & Electronics | Commercial Aftermarket Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 93 | 161.4 | 150.5 |
Aerospace & Electronics | Military Aftermarket Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 72.6 | 63 | 53.9 |
Engineered Materials | Outside | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 175.6 | 208.6 | 243.2 |
Engineered Materials | FRP - Recreational Vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 68.9 | 84.5 | 119 |
Engineered Materials | FRP - Building Products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 83.1 | 91.9 | 92.2 |
Engineered Materials | FRP - Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 23.6 | $ 32.2 | $ 32 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,165 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 84.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue, Remaining Performance Obligation, Percentage | 13.00% |
Revenue - Contract Assets and C
Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 66.7 | $ 55.8 |
Contract liabilities | 103 | $ 88.4 |
Contract with customer, revenue recognized | $ 82.6 |
Research And Development (Detai
Research And Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Research and development costs | $ 74.6 | $ 74.7 | $ 89.1 |
Restatement Adjustment | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Research and development costs | $ 27.2 | $ 30.7 |
Pension And Postretirement Be_3
Pension And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | $ 1,259.8 | $ 1,168.7 | |
Percentage of non-matching contribution to participants | 3.00% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | $ 560.7 | 518.5 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | 1,259.8 | 1,168.7 | $ 1,031 |
Expected cash contribution in the next fiscal year based on current actuarial calculations | 20.7 | ||
Defined benefit plans contribution by the company | 26.1 | 4.2 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | 30 | 29 | 29 |
Defined benefit plans contribution by the company | 2.2 | 2.3 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | 699.1 | 650.2 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0.1 | 0.4 | |
Defined benefit plan, benefit obligation | 3.9 | 3.4 | |
Defined benefit plans contribution by the company | $ 0.2 | $ 2.2 | 0.2 |
Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 44.00% | 43.00% | |
Fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 26.00% | 26.00% | |
Alternative assets/Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 27.00% | 29.00% | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 4.00% | 5.00% | |
Savings And Investment Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans contribution by the company | $ 11.8 | $ 11 | 9.9 |
2% Non-Matching Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans contribution by the company | $ 14.5 | $ 13.4 | $ 12.5 |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan employees, percentage | 18.00% | ||
Percentage of combined expected actuarial losses | 1.00% | 1.00% | |
UNITED STATES | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 7.25% | 7.25% | 7.75% |
UNITED STATES | Equity securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 63.00% | ||
UNITED STATES | Equity securities [Member] | Minimum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
UNITED STATES | Equity securities [Member] | Maximum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 75.00% | ||
UNITED STATES | Fixed income securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 16.00% | ||
UNITED STATES | Fixed income securities [Member] | Minimum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 15.00% | ||
UNITED STATES | Fixed income securities [Member] | Maximum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
UNITED STATES | Alternative assets/Other [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 17.00% | ||
UNITED STATES | Alternative assets/Other [Member] | Minimum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 10.00% | ||
UNITED STATES | Alternative assets/Other [Member] | Maximum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
UNITED STATES | Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 4.00% | ||
UNITED STATES | Cash [Member] | Minimum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 0.00% | ||
UNITED STATES | Cash [Member] | Maximum [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 10.00% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan employees, percentage | 10.00% | ||
Percentage of combined expected actuarial gains | 5.00% | 1.00% | |
Foreign Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 5.31% | 5.34% | 6.49% |
Foreign Plan [Member] | Equity securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 28.00% | ||
Foreign Plan [Member] | Fixed income securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 34.00% | ||
Foreign Plan [Member] | Alternative assets/Other [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 36.00% |
Pension And Postretirement Be_4
Pension And Postretirement Benefits (Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Change in benefit obligation Beginning of year | $ 1,168.7 | ||
Change in benefit obligation at end of year | 1,259.8 | $ 1,168.7 | |
Change in plan assets, Fair value of plan assets at beginning of year | 965.8 | ||
Change in plan assets, Fair value of plan assets at end of year | 1,024.1 | 965.8 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Change in benefit obligation Beginning of year | 1,168.7 | 1,031 | |
Change in benefit obligation, Service cost | 6.4 | 5.4 | $ 5.9 |
Change in benefit obligation, Interest cost | 26.1 | 32.7 | 30.1 |
Change in benefit obligation, Plan participants' contributions | 0.5 | 0.5 | |
Change in benefit obligation at end of year | 1,259.8 | 1,168.7 | 1,031 |
Change in plan assets, Fair value of plan assets at beginning of year | 965.8 | 877.2 | |
Change in plan assets, Actual return on plan assets | 70.3 | 113.8 | |
Change in plan assets, Foreign currency exchange impact | 18.5 | 19.6 | |
Change in plan assets, Employer contributions | 26.1 | 4.2 | |
Change in plan assets, Acquisition/transferred asset | (1) | (1.1) | |
Change in plan assets, Settlement | (9.3) | (0.7) | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (46.8) | (47.7) | |
Change in plan assets, Fair value of plan assets at end of year | 965.8 | 877.2 | |
Change in plan assets, Funded status | (235.7) | (202.9) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (0.2) | 0.5 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (94.8) | (131.3) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 9.3 | 0.7 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 46.8 | 47.7 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 23.6 | 16.4 | |
Defined Benefit Plan Acquisition Divestitures Curtailment Benefit Obligation | (3.5) | 0 | |
Defined Benefit Plan, Benefit Obligation, Admin Expenses | (0.5) | (0.7) | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Change in benefit obligation Beginning of year | 29 | 29 | |
Change in benefit obligation, Service cost | 0.3 | 0.3 | 0.3 |
Change in benefit obligation, Interest cost | 0.9 | 1.1 | 1.1 |
Change in benefit obligation, Plan participants' contributions | 0 | 0.1 | |
Change in benefit obligation at end of year | 30 | 29 | 29 |
Change in plan assets, Fair value of plan assets at beginning of year | 0 | 0 | |
Change in plan assets, Actual return on plan assets | 0 | 0 | |
Change in plan assets, Foreign currency exchange impact | 0 | 0 | |
Change in plan assets, Employer contributions | 2.2 | 2.3 | |
Change in plan assets, Acquisition/transferred asset | 0 | 0 | |
Change in plan assets, Settlement | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (2.2) | (2.4) | |
Change in plan assets, Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Change in plan assets, Funded status | (30) | (29) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (1.8) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 2.2 | 2.4 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | (0.9) | |
Defined Benefit Plan Acquisition Divestitures Curtailment Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Admin Expenses | $ 0 | $ 0 |
Pension And Postretirement Be_5
Pension And Postretirement Benefits (Schedule Of Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued pension and postretirement benefits | $ (329.7) | $ (298.4) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 62.6 | 64.8 |
Current liabilities | (1.5) | (1.4) |
Accrued pension and postretirement benefits | (296.8) | (266.3) |
Amounts recognized in the Consolidated Balance Sheets | (235.7) | (202.9) |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Current liabilities | (2.6) | (2.2) |
Accrued pension and postretirement benefits | (27.4) | (26.8) |
Amounts recognized in the Consolidated Balance Sheets | $ (30) | $ (29) |
Pension And Postretirement Be_6
Pension And Postretirement Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 532.3 | $ 466.1 |
Prior service cost (credit) | (2.8) | (4.5) |
Amounts recognized in accumulated other comprehensive (income) loss total | 529.5 | 461.6 |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (0.9) | (2.9) |
Prior service cost (credit) | (4.1) | (5.2) |
Amounts recognized in accumulated other comprehensive (income) loss total | $ (5) | $ (8.1) |
Pension And Postretirement Be_7
Pension And Postretirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 1,259.8 | $ 1,168.7 | |
Accumulated benefit obligation | 1,248 | 1,159 | |
Total Fair Value | 1,024.1 | 965.8 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 1,259.8 | 1,168.7 | $ 1,031 |
Total Fair Value | 965.8 | 877.2 | |
U.S. Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 699.1 | 650.2 | |
Accumulated benefit obligation | 699.1 | 650.2 | |
Total Fair Value | 482.8 | 451.5 | |
Non-U.S. Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 560.7 | 518.5 | |
Accumulated benefit obligation | 548.9 | 508.8 | |
Total Fair Value | 541.3 | 514.3 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 30 | 29 | 29 |
Total Fair Value | $ 0 | $ 0 | $ 0 |
Pension And Postretirement Be_8
Pension And Postretirement Benefits (Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,060.4 | $ 950.1 |
Accumulated benefit obligation | 1,049.5 | 940.6 |
Fair value of plan assets | $ 762.5 | $ 682.4 |
Pension And Postretirement Be_9
Pension And Postretirement Benefits (Components Of Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 6.4 | $ 5.4 | $ 5.9 |
Interest cost | 26.1 | 32.7 | 30.1 |
Expected return on plan assets | (57.5) | (53.7) | (65.6) |
Amortization of prior service cost | (0.3) | (0.3) | (0.5) |
Amortization of net (gain) loss | 19.1 | 15.3 | 14.2 |
Recognized Curtailments Gain/(Loss) | (2.3) | 0 | 0.3 |
Settlement costs | 1.7 | 0 | 0.3 |
Net periodic benefit cost | (6.8) | (0.6) | (15.3) |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.3 | 0.3 |
Interest cost | 0.9 | 1.1 | 1.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (1.1) | (1.1) | (1) |
Amortization of net (gain) loss | 0 | (0.3) | (0.2) |
Recognized Curtailments Gain/(Loss) | 0 | 0 | 0 |
Settlement costs | 0 | 0 | 0 |
Net periodic benefit cost | $ 0.1 | $ 0 | $ 0.2 |
Pension And Postretirement B_10
Pension And Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.07% | 1.70% | 2.42% |
Rate of compensation increase | 3.10% | 2.89% | 3.06% |
Interest credit rate | 0.29% | 0.22% | 0.84% |
Foreign Plan [Member] | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | ||
UNITED STATES | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.62% | 3.34% | 4.36% |
Interest credit rate | 0.93% | 2.83% | 2.40% |
UNITED STATES | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.30% | 3.20% | 4.30% |
Pension And Postretirement B_11
Pension And Postretirement Benefits (Schedule Of Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.34% | 4.36% | 3.75% |
Expected rate of return on assets assumption reflected as a long-term asset allocation | 7.25% | 7.25% | 7.75% |
Interest credit rate | 2.83% | 2.40% | 2.49% |
United States | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.20% | 4.10% | 3.50% |
Foreign Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.70% | 2.42% | 2.15% |
Expected rate of return on assets assumption reflected as a long-term asset allocation | 5.31% | 5.34% | 6.49% |
Rate of compensation increase | 2.89% | 3.06% | 2.80% |
Interest credit rate | 0.22% | 0.84% | 0.66% |
Pension And Postretirement B_12
Pension And Postretirement Benefits (Schedule Of Assumed Health Care Cost Trend) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.75% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Pension And Postretirement B_13
Pension And Postretirement Benefits (Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations By Asset Category) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 5.31% | 5.34% | 6.49% |
Discount rate | 1.07% | 1.70% | 2.42% |
Interest credit rate | 0.29% | 0.22% | 0.84% |
Rate of compensation increase | 3.10% | 2.89% | 3.06% |
Foreign Plan [Member] | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | ||
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 7.25% | 7.25% | 7.75% |
Discount rate | 2.62% | 3.34% | 4.36% |
Interest credit rate | 0.93% | 2.83% | 2.40% |
UNITED STATES | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.30% | 3.20% | 4.30% |
Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
DefinedBenefitPlantargetallocationrange | 15%-75% | ||
Actual asset allocation, percentage | 44.00% | 43.00% | |
Equity securities [Member] | Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 28.00% | ||
Equity securities [Member] | UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 63.00% | ||
Equity securities [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
Equity securities [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 75.00% | ||
Fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
DefinedBenefitPlantargetallocationrange | 15%-75% | ||
Actual asset allocation, percentage | 26.00% | 26.00% | |
Fixed income securities [Member] | Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 34.00% | ||
Fixed income securities [Member] | UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 16.00% | ||
Fixed income securities [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 15.00% | ||
Fixed income securities [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
Alternative assets/Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
DefinedBenefitPlantargetallocationrange | 0%-45% | ||
Actual asset allocation, percentage | 27.00% | 29.00% | |
Alternative assets/Other [Member] | Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 36.00% | ||
Alternative assets/Other [Member] | UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 17.00% | ||
Alternative assets/Other [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 10.00% | ||
Alternative assets/Other [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on assets assumption reflected as a long-term asset allocation | 35.00% | ||
Money market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
DefinedBenefitPlantargetallocationrange | 0%-10% | ||
Actual asset allocation, percentage | 3.00% | 2.00% | |
Cash and Cash Equivalents [Domain] | Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 2.00% | ||
Cash [Member] | UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 4.00% | ||
Cash [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 0.00% | ||
Cash [Member] | UNITED STATES | Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual asset allocation, percentage | 10.00% |
Pension And Postretirement B_14
Pension And Postretirement Benefits (Schedule Of Fair Value Of Company Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 1,024.1 | $ 965.8 |
Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 398.7 | 373.9 |
Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 14.3 | 15.2 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 22.8 | 22.6 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 588.3 | 554.1 |
Cash and Money Markets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 30.1 | 14.7 |
Cash and Money Markets [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 30.1 | 14.7 |
Common Stocks Actively Managed U.S. Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 103.2 | 130.6 |
Common Stocks Actively Managed U.S. Equities [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 103.2 | 130.6 |
Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0.1 | 0.1 |
Fixed Income Investments [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 0.1 | 0.1 |
U.S. Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 117.3 | 77.9 |
U.S. Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 117.3 | 77.9 |
Non-U.S. Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 231.2 | 203.4 |
Non-U.S. Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 53.2 | 44.8 |
Non-U.S. Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 178 | 158.6 |
U.S. Fixed Income, Government and Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 76.6 | 75.7 |
U.S. Fixed Income, Government and Corporate [Member] | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 76.6 | 75.7 |
Non-U.S. Fixed Income, Government And Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 186.5 | 176.1 |
Non-U.S. Fixed Income, Government And Corporate [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 186.5 | 176.1 |
International Balanced Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.9 | 1.8 |
International Balanced Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 1.9 | 1.8 |
CollectiveTrust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 42 | 43.8 |
CollectiveTrust [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 22.8 | 22.6 |
CollectiveTrust [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 19.2 | 21.2 |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 153.8 | 147.3 |
Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 153.8 | 147.3 |
International Property Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 48.9 | 49.1 |
International Property Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 48.9 | 49.1 |
Annuity Contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 14.2 | 15.1 |
Annuity Contract [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 14.2 | 15.1 |
us-gaap-RegisteredInvestmentCompanyMember | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | 18.3 | 30.2 |
us-gaap-RegisteredInvestmentCompanyMember | Quoted Prices In Active Markets For Identical Assets Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Fair Value | $ 18.3 | $ 30.2 |
Pension And Postretirement B_15
Pension And Postretirement Benefits (Summary Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 51.2 |
2020 | 51.8 |
2021 | 53.2 |
2022 | 54.3 |
2023 | 56.6 |
2024-2028 | 285.5 |
Total payments | 552.6 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 2.6 |
2020 | 2.4 |
2021 | 2.5 |
2022 | 2.4 |
2023 | 2.1 |
2024-2028 | 9.2 |
Total payments | $ 21.2 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||||
Airplane operating lease period | seven-year | |||
Maximum residual value guarantee | $ 11.1 | |||
Fair value of residual value guarantee, fair value of operating lease asset, threshold | $ 14.4 | |||
Operating lease, rent expense | $ 40.3 | $ 34.8 | $ 33.8 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating right-of-use assets | $ 104.2 | $ 112.6 |
Liabilities | ||
Current lease liabilities | $ 23.4 | $ 24 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Long-term lease liabilities | $ 86.5 | $ 91.5 |
Total lease liabilities | $ 109.9 | $ 115.5 |
Weighted average remaining lease term (in years): | ||
Weighted-average remaining lease term - operating leases | 9 years 9 months 18 days | 9 years 8 months 12 days |
Weighted average discount rate: | ||
Weighted-average discount rate - operating leases | 3.80% | 3.90% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:accruedliabilities | us-gaap:accruedliabilities |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 33.1 | $ 32.6 |
Variable lease cost | 7.2 | 2.2 |
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows | 26.5 | 24.3 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 10 | $ 21 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 26.9 | |
2021 | 22.6 | |
2022 | 18.3 | |
2023 | 14.3 | |
2024 | 10.9 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 52.4 | |
Total future minimum operating lease payments | 145.4 | |
Imputed interest | 35.5 | |
Present value of lease liabilities reported | $ 109.9 | $ 115.5 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of options granted during period | $ 15.18 | $ 15.79 | $ 17.79 |
Fair value of shares vested | $ 6.2 | $ 6.3 | $ 6.5 |
Total intrinsic value of options exercised | 4.1 | 6.8 | 17.6 |
Cash received from options exercised | 5.1 | 2.9 | 16.1 |
Proceeds and Excess Tax Benefit from Share-based Compensation | 0.6 | 3.8 | |
Aggregate intrinsic value of exercisable options | 29.5 | 39.4 | 16.7 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 11.9 | ||
weighted average of shares for total future compensation cost related to unvested share-based awards | 2 years 1 month 2 days | ||
Share-based compensation expense recognized for restricted stock awards | $ 6.6 | 6 | 5.9 |
Share-based Payment Arrangement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from options exercised | $ 8.9 | 11.4 | 24.2 |
Share-based Payment Arrangement [Member] | Options Exercisable After First Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25.00% | ||
Share-based Payment Arrangement [Member] | Options Exercisable After Second Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50.00% | ||
Share-based Payment Arrangement [Member] | Options Exercisable After Third Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75.00% | ||
Share-based Payment Arrangement [Member] | Options Exercisable After Fourth Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100.00% | ||
Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout cap | 100.00% | ||
Period of time to measure Company total shareholder return and apply vesting payout cap (in years) | 3 years | ||
Share-based compensation expense recognized for restricted stock awards | $ 15.7 | $ 16.3 | $ 15.7 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 23.8 | ||
weighted average period for unvested share-based RSUs to be recognized | 1 year 10 months 13 days | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After First Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 25.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Second Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 50.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Third Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 75.00% | ||
Restricted Stock And Restricted Stock Units [Member] | Options Exercisable After Fourth Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable rate | 100.00% | ||
Minimum [Member] | Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 0.00% | ||
Maximum [Member] | Restricted Stock And Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting payout potential range | 200.00% | ||
2013 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 9,500,000 | ||
2018 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 6,500,000 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For Grants Made) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Dividend yield | 3.05% | 2.20% | 1.74% |
Volatility | 27.15% | 25.17% | 23.25% |
Risk-free interest rate | 1.23% | 2.64% | 2.45% |
Expected lives in years | 5 years 2 months 12 days | 4 years 2 months 12 days | 4 years 2 months 12 days |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule Of Company's Stock Option Plans) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Shares (in 000’s) | |
Options outstanding Beginning Balance (in shares) | shares | 2,582 |
Granted (in shares) | shares | 640 |
Exercised (in shares) | shares | (183) |
Canceled (in shares) | shares | (163) |
Options outstanding Ending Balance (in shares) | shares | 2,876 |
Options exercisable (in shares) | shares | 1,694 |
Weighted Average Exercise Price | |
Options outstanding Beginning Balance (in dollars per share) | $ / shares | $ 66.26 |
Granted (in dollars per share) | $ / shares | 76.29 |
Exercised (in dollars per share) | $ / shares | 48.78 |
Canceled (in dollars per share) | $ / shares | 79.05 |
Options outstanding Ending Balance (in dollars per share) | $ / shares | 68.88 |
Options exercisable (in dollars per share) | $ / shares | $ 61.86 |
Weighted Average Remaining Life (Years), Options outstanding | 6 years 4 months 13 days |
Weighted Average Remaining Life (Years), Options exercisable | 5 years |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Schedule Of Changes Of Restricted Stock) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
weighted average of shares for total future compensation cost related to unvested share-based awards | 2 years 1 month 2 days |
Restricted Stock And Restricted Stock Units [Member] | |
Restricted Share Units (in 000’s) | |
Beginning Balance (in shares) | shares | 480 |
Ending Balance (in shares) | shares | 485 |
Weighted Average Grant-Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 83.23 |
Ending Balance (in dollars per share) | $ / shares | $ 83.17 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 23.8 |
weighted average period for unvested share-based RSUs to be recognized | 1 year 10 months 13 days |
Restricted Stock Units (RSUs) [Member] | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 178 |
Vested (in shares) | shares | (154) |
Forfeited (in shares) | shares | (25) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 78.04 |
Vested (in dollars per share) | $ / shares | 71.52 |
Forfeited (in dollars per share) | $ / shares | $ 82.96 |
Performance Based Restricted Share Units [Member] | |
Restricted Share Units (in 000’s) | |
Granted (in shares) | shares | 75 |
Vested (in shares) | shares | (48) |
Forfeited (in shares) | shares | (21) |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 93.05 |
Vested (in dollars per share) | $ / shares | 111.24 |
Forfeited (in dollars per share) | $ / shares | $ 97.98 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ 124.9 | $ 64 | $ 296.4 |
Non-U.S. operations | 99.6 | 106.7 | 115 |
Income before income taxes | $ 224.5 | $ 170.7 | $ 411.4 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current, U.S. federal tax | $ 11.3 | $ 31 | $ 9.3 |
Current, state and local tax | 1.6 | 2.2 | 4.9 |
Current, Non-U.S. tax | 12.4 | 29 | 14 |
Total current | 25.3 | 62.2 | 28.2 |
Deferred, U.S. federal tax | 16.5 | (26.4) | 35.7 |
Deferred, U.S. state and local tax | (0.1) | 3 | 2 |
Deferred, Non-U.S. tax | 1.7 | (1.7) | 10 |
Total deferred | 18.1 | (25.1) | 47.7 |
Total provision for income taxes | 43.4 | 37.1 | 75.9 |
Excess tax benefits from share-based compensation | $ 0.6 | $ 3.8 | $ 5.4 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 21.00% |
Non-U.S. taxes | (3.10%) | 2.60% | (0.20%) |
Non-U.S. income inclusion, net of tax credits | 2.30% | 3.40% | (0.10%) |
State and local taxes, net of federal benefit | 0.50% | 2.50% | 1.40% |
U.S. research and development tax credit | (2.30%) | (1.70%) | (0.70%) |
U.S. domestic manufacturing deduction | 0.00% | 0.00% | (0.30%) |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0 | 0 | (0.008) |
U.S. deduction for foreign - derived intangible income | (0.50%) | (5.10%) | (1.10%) |
Other | 1.40% | (1.00%) | (0.80%) |
Effective tax rate | 19.30% | 21.70% | 18.40% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Asbestos-related liabilities | $ 150.3 | $ 158.4 |
Tax loss and credit carryforwards | 124.5 | 120.7 |
Pension and post-retirement benefits | 66 | 56.9 |
Inventories | 29.8 | 26 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 41.4 | 46.6 |
Total | 412 | 408.6 |
Less: valuation allowance on non-U.S. and state deferred tax assets, tax loss and credit carryforwards | 153.4 | 150 |
Total deferred tax assets, net | 258.6 | 258.6 |
Basis difference in fixed assets | (60.6) | (58.7) |
Basis difference in intangible assets | (212.7) | (195.4) |
Deferred Tax Liabilities, Other | 24 | 25.2 |
Deferred Tax Liabilities, Gross | (297.3) | (279.3) |
Total deferred tax liabilities | (38.7) | (20.7) |
Long-term deferred tax assets | 14.9 | 35.1 |
Long-term deferred tax liability | $ (53.6) | $ (55.8) |
Income Taxes (Summary Of Tax Lo
Income Taxes (Summary Of Tax Loss And Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | $ 124.5 | $ 120.7 |
Valuation Allowance, Amount | (153.4) | $ (150) |
Tax Loss and Credit Carryforwards [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax asset on tax carryforwards | 124.5 | |
Valuation Allowance, Amount | (118.3) | |
Net deferred tax asset on tax carryforwards | 6.2 | |
U.S. Federal Tax Credits [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2020-2024 | 2.8 | |
After 2024 | 4.6 | |
Indefinite | 0 | |
Total tax carryforwards | 7.4 | |
Deferred tax asset on tax carryforwards | 7.4 | |
Valuation Allowance, Amount | (6.5) | |
Net deferred tax asset on tax carryforwards | 0.9 | |
U.S Federal Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2020-2024 | 0 | |
After 2024 | 0.8 | |
Indefinite | 0 | |
Total tax carryforwards | 0.8 | |
Deferred tax asset on tax carryforwards | 0.2 | |
Valuation Allowance, Amount | (0.2) | |
Net deferred tax asset on tax carryforwards | 0 | |
U.S. State Tax Credits [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2020-2024 | 3.3 | |
After 2024 | 2.4 | |
Indefinite | 22.8 | |
Total tax carryforwards | 28.5 | |
Deferred tax asset on tax carryforwards | 22.6 | |
Valuation Allowance, Amount | (21) | |
Net deferred tax asset on tax carryforwards | 1.6 | |
U.S. State Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2020-2024 | 97.8 | |
After 2024 | 797.2 | |
Indefinite | 7.2 | |
Total tax carryforwards | 902.2 | |
Deferred tax asset on tax carryforwards | 45 | |
Valuation Allowance, Amount | (43) | |
Net deferred tax asset on tax carryforwards | 2 | |
Non-U.S. Tax Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
2020-2024 | 12.4 | |
After 2024 | 7.4 | |
Indefinite | 215.6 | |
Total tax carryforwards | 235.4 | |
Deferred tax asset on tax carryforwards | 49.3 | |
Valuation Allowance, Amount | (47.6) | |
Net deferred tax asset on tax carryforwards | $ 1.7 |
Income Taxes (Schedule Of Gross
Income Taxes (Schedule Of Gross Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance of liability as of January 1 | $ 34 | $ 39.8 | $ 42 | $ 46.4 |
Increase as a result of tax positions taken during a prior year | 5.4 | 1.1 | 4.6 | |
Decrease as a result of tax positions taken during a prior year | (0.4) | (0.5) | (1.5) | |
Increase as a result of tax positions taken during the current year | 1.8 | 3.2 | 3.1 | |
Decrease as a result of settlements with taxing authorities | (2.5) | 0 | (1.1) | |
Reduction as a result of a lapse of the statute of limitations | (10.1) | (6) | (9.5) | |
Balance of liability as of December 31 | $ 34 | $ 39.8 | $ 42 | $ 46.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax (benefit) provision of changes in pension and post-retirement plan assets and benefit obligations recorded to AOCI | $ (13.5) | $ (12.6) | $ (7.1) |
Unrealized tax asset on related tax loss | 118.3 | 115.2 | |
Valuation allowance against U.S. and non-U.S. deferred tax assets | 35.1 | 34.8 | |
Total valuation allowance | 153.4 | 150 | |
Increase in total amount of unrecognized tax benefits that would impact effective tax rate | 32.6 | 43.8 | 43.1 |
Interest expense and penalties, related to unrecognized tax benefits | (0.5) | 0.8 | $ 0.7 |
Unrecognized tax benefits, income tax penalties and interest accrued | 7.5 | $ 8 | |
Change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 10.6 | ||
Undistributed Earnings of Foreign Subsidiaries | 303.8 | ||
Undistributed Foreign Earnings, Not Permanently Reinvested | 1,392.7 | ||
Undistributed Foreign Earnings, Not Permanently Reinvested, Tax | $ 11.1 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Accrued Liabilities Schedule Of Accrued Liabilities [Abstract] | |||
Employee related expenses | $ 124.3 | $ 120.6 | |
Warranty | 9.4 | 11 | $ 18.2 |
Current lease liabilities | 23.4 | 24 | |
Contract liabilities | 103 | 88.4 | |
Other | 135.8 | 134.2 | |
Total | $ 395.9 | $ 378.2 |
Accrued Liabilities (Summary Of
Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Accrued Liabilities Summary Of Warranty Liabilities [Abstract] | ||
Balance at beginning of period | $ 11 | $ 18.2 |
Expense | 8.2 | 8.9 |
Changes due to acquisitions/divestitures | 0.3 | 0 |
Payments / deductions | (10.2) | (16) |
Currency translation | 0.1 | (0.1) |
Balance at end of period | 9.4 | 11 |
Product Warranties Disclosures [Abstract] | ||
Warranty | 11 | 18.2 |
Expense | 8.2 | 8.9 |
Changes due to acquisitions/divestitures | 0.3 | 0 |
Standard and Extended Product Warranty Accrual, Decrease for Payments | 10.2 | 16 |
Currency translation | $ 0.1 | $ (0.1) |
Other Liabilities (Schedule Of
Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities [Abstract] | ||
Environmental | $ 29.4 | $ 36 |
Long-term lease liabilities | 86.5 | 91.5 |
Other | 55.5 | 60.4 |
Total | $ 171.4 | $ 187.9 |
Commitments And Contingencies_2
Commitments And Contingencies (Asbestos Liability Narrative) (Details) | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($)claim | Dec. 31, 2017claim | Apr. 22, 2016USD ($) | Jul. 02, 2015USD ($) | Sep. 17, 2013USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | |
Loss Contingencies [Line Items] | |||||||||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 31,100,000 | $ 41,500,000 | $ 63,900,000 | ||||||
Current asbestos liability | $ 66,500,000 | $ 65,000,000 | |||||||
Asbestos Commitments And Contingencies [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Pending claims | claim | 29,138 | 29,056 | 29,089 | 32,234 | |||||
Gross Settlement And Defense Incurred Costs | $ 50,900,000 | $ 66,200,000 | $ 88,800,000 | ||||||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 31,100,000 | 41,500,000 | 63,900,000 | ||||||
Asbestos Cumulative Claims Resolved | claim | 141,000 | ||||||||
Cumulative Related Settlement Cost Incurred Before Insurance Recoveries | $ 680,000,000 | ||||||||
Cumulative Asbestos Settlement Cost Per Resolved Claim | 4,800 | ||||||||
Asbestos Settlement Cost Per Resolved Claim | 13,900 | 15,800 | $ 11,300 | ||||||
Estimated Funds Available From Post Bankruptcy Trusts To Pay Current And Future Claimants | 36,000,000,000 | ||||||||
Asbestos Liability | 670,000,000 | $ 712,000,000 | |||||||
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | 85.00% | ||||||||
Current asbestos liability | 66,500,000 | $ 65,000,000 | |||||||
Aggregate Value Of Policy Buy Out Agreements | 82,500,000 | ||||||||
Estimated Percentage Of Insurance Which Covers Asbestos Costs | 14.00% | ||||||||
Insurance Receivable Asbestos | $ 87,000,000 | $ 98,000,000 | |||||||
Asbestos Commitments And Contingencies [Member] | James Nelson [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Jury Verdict | $ 14,500,000 | ||||||||
Court Judgment Against All Parties Held Responsible | $ 4,000,000 | ||||||||
Additional Judgment Interest | $ 10,000 | ||||||||
Asbestos Commitments And Contingencies [Member] | Richard DeLisle [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Jury Verdict | $ 8,000,000 | ||||||||
Court Judgment | $ 1,300,000 | ||||||||
Share Of Responsibility Of Verdict | 16.00% | ||||||||
Asbestos Commitments And Contingencies [Member] | James Poage [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Court Judgment | $ 10,800,000 | ||||||||
compensatory_damages | 1,500,000 | ||||||||
Additional Damages | $ 10,000,000 | ||||||||
Asbestos Commitments And Contingencies [Member] | George Coulbourn [Member] | |||||||||
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 | ||||||||
NEW YORK | Asbestos Commitments And Contingencies [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Pending claims | claim | 18,000 |
Commitments And Contingencies_3
Commitments And Contingencies (Asbestos Claims Activity) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2020USD ($)claim | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($)claim | Apr. 22, 2016USD ($) | Jul. 02, 2015USD ($) | Sep. 17, 2013USD ($) | Aug. 21, 2012USD ($) | Feb. 23, 2011USD ($) | Mar. 23, 2010USD ($) | |
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 31,100 | $ 41,500 | $ 63,900 | |||||||
Asbestos Commitments And Contingencies [Member] | ||||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Beginning claims | claim | 29,056 | 29,056 | 29,089 | 32,234 | ||||||
New claims | claim | 2,620 | 2,848 | 2,434 | |||||||
Settlements | claim | (885) | (983) | (1,011) | |||||||
Dismissals | claim | (1,653) | (1,898) | (4,568) | |||||||
Ending claims | claim | 29,138 | 29,056 | 29,089 | |||||||
Gross Settlement And Defense Incurred Costs | $ 50,900 | $ 66,200 | $ 88,800 | |||||||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 31,100 | $ 41,500 | $ 63,900 | |||||||
Increase In Total Asbestos Liability | $ 255,000 | |||||||||
Asbestos Commitments And Contingencies [Member] | NEW YORK | ||||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Ending claims | claim | 18,000 | |||||||||
us-gaap_LossContingencyPendingClaimsNumber (nonmalignancy) | claim | 16,000 | |||||||||
James Nelson [Member] | Asbestos Commitments And Contingencies [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Jury Verdict | $ 14,500 | |||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Court Judgment Against All Parties Held Responsible | $ 4,000 | |||||||||
Additional Judgment Interest | $ 10 | |||||||||
Richard DeLisle [Member] | Asbestos Commitments And Contingencies [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Jury Verdict | $ 8,000 | |||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Court Judgment | $ 1,300 | |||||||||
Share Of Responsibility Of Verdict | 16.00% | |||||||||
James Poage [Member] | Asbestos Commitments And Contingencies [Member] | ||||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Court Judgment | $ 10,800 | |||||||||
compensatory_damages | 1,500 | |||||||||
Additional Damages | $ 10,000 | |||||||||
George Coulbourn [Member] | Asbestos Commitments And Contingencies [Member] | ||||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Jury Verdict Total | $ 9,000 | |||||||||
Court Judgment | $ 6,800 | |||||||||
Share Of Responsibility Of Verdict | 20.00% | |||||||||
Additional Damages | $ 5,000 | |||||||||
Ronald Dummitt [Member] | Asbestos Commitments And Contingencies [Member] | ||||||||||
Activity Related to Asbestos Claims [Roll Forward] | ||||||||||
Court Judgment | $ 4,900 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Gross Settlement And Defense Costs) (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 21, 2012USD ($) | |
Loss Contingencies [Line Items] | |||||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | $ 31,100,000 | $ 41,500,000 | $ 63,900,000 | ||
Current asbestos liability | $ 66,500,000 | 65,000,000 | |||
Asbestos Commitments And Contingencies [Member] | |||||
Loss Contingencies [Line Items] | |||||
Asbestos Cumulative Claims Resolved | claim | 141,000 | ||||
Settlement / indemnity costs incurred | $ 35,300,000 | 45,500,000 | 63,000,000 | ||
Defense costs incurred | 15,600,000 | 20,700,000 | 25,800,000 | ||
Gross Settlement And Defense Incurred Costs | 50,900,000 | 66,200,000 | 88,800,000 | ||
Payments For Asbestos Related Settlement And Indemnity | 24,700,000 | 38,900,000 | 61,500,000 | ||
Payments For Asbestos Related Defense And Related Fees Costs | 16,700,000 | 21,400,000 | 26,500,000 | ||
InsuranceInflow | (10,300,000) | (18,800,000) | (24,100,000) | ||
Payments Or Receipts For Asbestos Related Fees And Costs Net Of Insurance Recoveries | 31,100,000 | 41,500,000 | 63,900,000 | ||
Cumulative Related Settlement Cost Incurred Before Insurance Recoveries | 680,000,000 | ||||
Cumulative Asbestos Settlement Cost Per Resolved Claim | 4,800 | ||||
Asbestos Settlement Cost Per Resolved Claim | 13,900 | 15,800 | $ 11,300 | ||
Estimated Funds Available From Post Bankruptcy Trusts To Pay Current And Future Claimants | 36,000,000,000 | ||||
Increase In Total Asbestos Liability | $ 255,000,000 | ||||
Asbestos Liability | 670,000,000 | $ 712,000,000 | |||
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims | 85.00% | ||||
Current asbestos liability | $ 66,500,000 | $ 65,000,000 | |||
Asbestos Commitments And Contingencies [Member] | Ronald Dummitt [Member] | |||||
Loss Contingencies [Line Items] | |||||
Court Judgment | $ 4,900,000 |
Commitments And Contingencies O
Commitments And Contingencies Other Contingencies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2012a | |
Environmental Claims For Site In Goodyear Arizona [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 49 | $ 18.9 | ||
Accrual for Environmental Loss Contingencies | 46.9 | $ 39.8 | ||
Accrued Environmental Loss Contingencies, Current | 10.9 | 10.9 | ||
Recorded Third-Party Environmental Recoveries Receivable | $ 9.7 | $ 7.8 | ||
Estimated Percentage Of Insurance Which Covers Asbestos Costs | 21.00% | |||
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site [Member] | ||||
Loss Contingencies [Line Items] | ||||
Approximate Size Of Referenced Site | a | 55,000 | |||
Asbestos Commitments And Contingencies [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Percentage Of Insurance Which Covers Asbestos Costs | 14.00% |
Financing (Components Of Debt)
Financing (Components Of Debt) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013USD ($) | Nov. 30, 2006USD ($) | Dec. 31, 2020USD ($) | Apr. 16, 2020USD ($) | Apr. 16, 2020EUR (€) | Dec. 31, 2019USD ($) | Oct. 23, 2018USD ($) | Feb. 05, 2018USD ($) | Mar. 02, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 842,900,000 | $ 842,000,000 | |||||||
Debt discounts and debt issuance costs | 6,600,000 | 6,700,000 | |||||||
Long-term Debt, Excluding Current Maturities | 842,900,000 | 842,000,000 | |||||||
Short-term borrowings | 375,700,000 | 149,400,000 | |||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term borrowings | 149,400,000 | ||||||||
Three Hundred Sixty Four Day Credit Agreement | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 300,000,000 | € 40,000,000 | |||||||
Short-term borrowings | 348,500,000 | 0 | |||||||
4.45% Notes Due 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 299,100,000 | $ 298,900,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | 4.45% | ||||||
Notes issued | $ 300,000,000 | ||||||||
Percentage Of Notes Issued Repurchased | 101.00% | ||||||||
6.55% Notes Due 2036 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 198,400,000 | $ 198,300,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% | 6.55% | ||||||
Notes issued | $ 200,000,000 | ||||||||
Percentage Of Notes Issued Repurchased | 101.00% | ||||||||
Senior Notes Due 2048 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 346,200,000 | $ 346,100,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | |||||||
Other Deferred Financing Costs [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 800,000 | $ 1,300,000 | |||||||
Senior Notes [Member] | Senior Notes Due 2048 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||||||
Percentage Of Notes Issued Repurchased | 101.00% | ||||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Amended Maximum Borrowing Capacity | $ 500,000,000 | ||||||||
Short-term borrowings | $ 27,200,000 | $ 149,400,000 | |||||||
Maximum borrowing capacity | $ 550,000,000 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017 | Dec. 31, 2013USD ($) | Nov. 30, 2006USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 16, 2020USD ($) | Apr. 16, 2020EUR (€) | Oct. 23, 2018USD ($) | Feb. 05, 2018USD ($) | Mar. 02, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Proceeds from issuance of short-term debt | $ 0 | $ 0 | $ 100,000,000 | ||||||||||
Short-term borrowings | $ 149,400,000 | 375,700,000 | 149,400,000 | ||||||||||
Long-term debt | 842,000,000 | $ 842,900,000 | 842,000,000 | ||||||||||
Total debt to capitalization ratio | 0.444 | ||||||||||||
Outstanding borrowings | 842,000,000 | $ 842,900,000 | 842,000,000 | ||||||||||
Commercial Paper [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term borrowings | 149,400,000 | 149,400,000 | |||||||||||
Crane Currency [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 150,000,000 | $ 150,000,000 | |||||||||||
4.45% Notes Due 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes issued, term | 10 years | ||||||||||||
Notes issued | $ 300,000,000 | ||||||||||||
Debt instrument interest rate | 4.45% | 4.45% | 4.45% | 4.45% | |||||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||||||
Annualized interest rate including debt issuance cost amortization | 4.56% | ||||||||||||
Outstanding borrowings | $ 298,900,000 | $ 299,100,000 | $ 298,900,000 | ||||||||||
6.55% Notes Due 2036 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes issued, term | 30 years | ||||||||||||
Notes issued | $ 200,000,000 | ||||||||||||
Debt instrument interest rate | 6.55% | 6.55% | 6.55% | 6.55% | |||||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||||||
Annualized interest rate including debt issuance cost amortization | 6.67% | ||||||||||||
Outstanding borrowings | $ 198,300,000 | $ 198,400,000 | $ 198,300,000 | ||||||||||
Senior Notes Due 2048 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest rate | 4.20% | 4.20% | 4.20% | ||||||||||
Outstanding borrowings | $ 346,100,000 | $ 346,200,000 | $ 346,100,000 | ||||||||||
2017 Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Covenant, Debt to Capital Ratio | 0.65 | ||||||||||||
Debt Instrument, Covenant, Debt to Capital Ratio, maximum | 1 | ||||||||||||
Three Hundred Sixty Four Day Credit Agreement | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term borrowings | 0 | $ 348,500,000 | 0 | ||||||||||
Debt instrument, face amount | $ 300,000,000 | € 40,000,000 | |||||||||||
Base Rate [Member] | 2017 Facility [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||||||||||
Base Rate [Member] | 2017 Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Facility [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.805% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||||
Senior Notes [Member] | Senior Notes Due 2048 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 350,000,000 | ||||||||||||
Debt instrument interest rate | 4.20% | ||||||||||||
Percentage of principal amount Company may be required to buy back at | 101.00% | ||||||||||||
Annualized interest rate including debt issuance cost amortization | 4.29% | ||||||||||||
Commercial Paper [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Amended Maximum Borrowing Capacity | $ 500,000,000 | ||||||||||||
Proceeds from issuance of short-term debt | $ 100,000,000 | 150,000,000 | |||||||||||
Short-term borrowings | 149,400,000 | $ 27,200,000 | 149,400,000 | ||||||||||
Maximum borrowing capacity | $ 550,000,000 | ||||||||||||
Letter of Credit [Member] | Line of Credit [Member] | Letter of Credit Reimbursement Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 162,200,000 | 183,400,000 | 162,200,000 | ||||||||||
Standby Letters of Credit [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 48,100,000 | $ 57,900,000 | $ 48,100,000 | ||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | 2017 Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Amended Maximum Borrowing Capacity | $ 500,000,000 | ||||||||||||
Maximum borrowing capacity | $ 550,000,000 |
Financing (Capitalization Of Lo
Financing (Capitalization Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 375.7 | $ 149.4 |
Long-term debt | 842.9 | 842 |
Total indebtedness | 1,218.6 | |
Total shareholders' equity | 1,528.9 | $ 1,473.7 |
Capitalization | $ 2,747.5 | |
Total indebtedness to capitalization | 0.444 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | $ 34.2 | $ 56.6 |
Derivative Asset | 0.1 | 0.1 |
Derivative Liability | 0.1 | 0.1 |
Other Assets, Fair Value Disclosure | 1.5 | 1.4 |
Long-term Debt, Fair Value | 954.8 | $ 922.3 |
Debt Instrument, Fair Value Disclosure | $ 30 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - employee | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
2020 Repositioning Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected number of positions eliminated | 1,200 | |||
Restructuring and related cost, number of positions eliminated, period percent | 11.00% | |||
2017 Repositioning Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected number of positions eliminated | 300 | |||
Restructuring and related cost, number of positions eliminated, period percent | 3.00% | |||
Acquisition-Related Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected number of positions eliminated | 170 | |||
Restructuring and related cost, number of positions eliminated, period percent | 2.00% | |||
Fluid Handling | 2019 Repositioning Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected number of positions eliminated | 180 | |||
Restructuring and related cost, number of positions eliminated, period percent | 1.00% |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 32.3 | $ 17.5 | $ 7.2 |
Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6.1 | 10.5 | 6.1 |
Fluid Handling | Cost of Sales and Selling, General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Other costs related to facility consolidations | 4.4 | 8.7 | 3.9 |
Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 19.1 | 7.4 | 2.1 |
Payment & Merchandising Technologies | Cost of Sales and Selling, General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Other costs related to facility consolidations | 0.7 | 0.2 | 1.6 |
Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6.5 | (0.4) | (1) |
Aerospace & Electronics | Cost of Sales and Selling, General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Other costs related to facility consolidations | 2.7 | 2 | |
Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.6 | 0 | 0 |
Engineered Materials | Cost of Sales and Selling, General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Other costs related to facility consolidations | $ 5.1 | $ 11.6 | $ 7.5 |
Restructuring (Summary of Restr
Restructuring (Summary of Restructuring Charges) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)leaseFacility | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Severance | $ 29.2 | $ 12.5 | $ 7.8 |
Other | (3.1) | (5) | 0.6 |
Total | $ 32.3 | 17.5 | 7.2 |
Number of exit leased facilities | leaseFacility | 3 | ||
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 26.7 | 13.3 | |
Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 3.3 | 4.8 | |
Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 6.1 | 10.5 | 6.1 |
Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 19.1 | 7.4 | 2.1 |
Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 6.5 | (0.4) | (1) |
Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 0.6 | 0 | 0 |
2020 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 27.5 | 0 | 0 |
Other | (4.6) | 0 | 0 |
Total | 32.1 | 0 | 0 |
2020 Repositioning Actions | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 23.3 | 0 | |
2020 Repositioning Actions | Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 4.6 | 0 | |
2020 Repositioning Actions | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 3.8 | 0 | 0 |
Other | 0 | 0 | 0 |
Total | 3.8 | 0 | 0 |
2020 Repositioning Actions | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 16.6 | 0 | 0 |
Other | (4.6) | 0 | 0 |
Total | 21.2 | 0 | 0 |
2020 Repositioning Actions | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 6.5 | 0 | 0 |
Other | 0 | 0 | 0 |
Total | 6.5 | 0 | 0 |
2020 Repositioning Actions | Engineered Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0.6 | 0 | 0 |
Other | 0 | 0 | 0 |
Total | 0.6 | 0 | 0 |
2017 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | (4.7) | 0.9 | 6.2 |
Other | 1.5 | (1.4) | 0.6 |
Total | (6.2) | 2.3 | 5.6 |
2017 Repositioning Actions | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 3.1 | 11.6 | |
2017 Repositioning Actions | Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | (1.3) | 1.2 | |
2017 Repositioning Actions | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | (3.8) | 0.6 | 6.1 |
Other | 0 | 0 | 0 |
Total | (3.8) | 0.6 | 6.1 |
2017 Repositioning Actions | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | (0.9) | 0.3 | 0.1 |
Other | 1.5 | (1.8) | (0.4) |
Total | (2.4) | 2.1 | 0.5 |
2017 Repositioning Actions | Aerospace & Electronics | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0 | 0 | 0 |
Other | 0 | 0.4 | 1 |
Total | 0 | (0.4) | (1) |
Acquisition-Related Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0 | 1.7 | 1.6 |
Other | 0 | (3.6) | 0 |
Total | 0 | 5.3 | 1.6 |
Acquisition-Related Restructuring | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 0.3 | 0 | |
Acquisition-Related Restructuring | Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 0 | 0 | |
Acquisition-Related Restructuring | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0 | 1.7 | 1.6 |
Other | 0 | (3.6) | 0 |
Total | 0 | 5.3 | 1.6 |
Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0.3 | 0 | 0 |
Other | 0 | 0 | 0 |
Total | 0.3 | 0 | 0 |
Other Restructuring | Payment & Merchandising Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 0.3 | 0 | 0 |
Other | 0 | 0 | 0 |
Total | 0.3 | 0 | 0 |
2019 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 6.1 | 9.9 | 0 |
Other | 0 | 0 | 0 |
Total | 6.1 | 9.9 | 0 |
2019 Repositioning Actions | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 0 | 0 | |
2019 Repositioning Actions | Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 0 | 0 | |
2019 Repositioning Actions | Fluid Handling | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 6.1 | 9.9 | 0 |
Other | 0 | 0 | 0 |
Total | $ 6.1 | $ 9.9 | $ 0 |
Restructuring (Cumulative Restr
Restructuring (Cumulative Restructuring and Remaining Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | $ 32.1 | |
2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 16 | |
2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 25.8 | |
Severance | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 27.5 | |
Severance | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 16 | |
Severance | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 26.5 | |
Other Restructuring | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 4.6 | |
Other Restructuring | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0 | |
Other Restructuring | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | (0.7) | |
Fluid Handling | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 3.8 | |
Fluid Handling | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 16 | |
Fluid Handling | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 13.5 | |
Fluid Handling | Severance | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 3.8 | |
Fluid Handling | Severance | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 16 | |
Fluid Handling | Severance | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 13.5 | |
Fluid Handling | Other Restructuring | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0 | |
Fluid Handling | Other Restructuring | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0 | |
Fluid Handling | Other Restructuring | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0 | |
Payment & Merchandising Technologies | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 21.2 | |
Payment & Merchandising Technologies | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 12.4 | |
Payment & Merchandising Technologies | Severance | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 16.6 | |
Payment & Merchandising Technologies | Severance | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 11.7 | |
Payment & Merchandising Technologies | Other Restructuring | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 4.6 | |
Payment & Merchandising Technologies | Other Restructuring | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0.7 | |
Aerospace & Electronics | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 6.5 | |
Aerospace & Electronics | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | (0.1) | |
Aerospace & Electronics | Severance | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 6.5 | |
Aerospace & Electronics | Severance | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 1.3 | |
Aerospace & Electronics | Other Restructuring | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0 | |
Aerospace & Electronics | Other Restructuring | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | (1.4) | |
Engineered Materials | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0.6 | |
Engineered Materials | Severance | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | 0.6 | |
Engineered Materials | Other Restructuring | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative Restructuring Costs | $ 0 | |
Forecast | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | $ 0 | |
Forecast | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 2.6 | |
Forecast | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Fluid Handling | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Fluid Handling | 2019 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 2.6 | |
Forecast | Fluid Handling | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Payment & Merchandising Technologies | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Payment & Merchandising Technologies | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Aerospace & Electronics | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Aerospace & Electronics | 2017 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | 0 | |
Forecast | Engineered Materials | 2020 Repositioning Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected costs | $ 0 |
Restructuring (Restructuring Li
Restructuring (Restructuring Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Utilization | $ (32.3) | $ (17.5) | $ (7.2) |
2020 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Utilization | (32.1) | 0 | 0 |
2019 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Utilization | (6.1) | (9.9) | 0 |
2017 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Utilization | 6.2 | (2.3) | (5.6) |
Acquisition-Related Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Utilization | 0 | (5.3) | (1.6) |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 22.4 | 23.2 | |
Expense (Gain) | 27.8 | 12.5 | |
Adjustment | 1.4 | ||
Utilization | (26.7) | (13.3) | |
Ending balance | 24.9 | 22.4 | 23.2 |
Severance | 2020 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 27.5 | 0 | |
Adjustment | 0 | ||
Utilization | (23.3) | 0 | |
Ending balance | 4.2 | 0 | 0 |
Severance | 2019 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 9.9 | 0 | |
Expense (Gain) | 0 | 9.9 | |
Adjustment | 6.1 | ||
Utilization | 0 | 0 | |
Ending balance | 16 | 9.9 | 0 |
Severance | 2017 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 12.5 | 23.2 | |
Expense (Gain) | 0 | 0.9 | |
Adjustment | (4.7) | ||
Utilization | (3.1) | (11.6) | |
Ending balance | 4.7 | 12.5 | 23.2 |
Severance | Other Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 0 | 1.7 | |
Adjustment | 0 | ||
Utilization | 0 | (1.7) | |
Ending balance | 0 | 0 | 0 |
Severance | Acquisition-Related Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 0.3 | 0 | |
Adjustment | 0 | ||
Utilization | (0.3) | 0 | |
Ending balance | 0 | 0 | 0 |
Other Restructuring Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0.2 | 0 | |
Expense (Gain) | 3.1 | 5 | |
Utilization | (3.3) | (4.8) | |
Ending balance | 0 | 0.2 | 0 |
Other Restructuring Costs | 2020 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 4.6 | 0 | |
Utilization | (4.6) | 0 | |
Ending balance | 0 | 0 | 0 |
Other Restructuring Costs | 2019 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 0 | 0 | |
Utilization | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Other Restructuring Costs | 2017 Repositioning Actions | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0.2 | 0 | |
Expense (Gain) | (1.5) | 1.4 | |
Utilization | 1.3 | (1.2) | |
Ending balance | 0 | 0.2 | 0 |
Other Restructuring Costs | Other Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 0 | 3.6 | |
Utilization | 0 | (3.6) | |
Ending balance | 0 | 0 | 0 |
Other Restructuring Costs | Acquisition-Related Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Expense (Gain) | 0 | 0 | |
Utilization | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |