Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials.

The Fluid Handling segment is a provider of highly engineered fluid handling equipment for critical performance applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Other Products. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves is engaged primarily in the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, the municipal market. Other Products include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

The Payment & Merchandising Technologies segment consists of Crane Payment Innovations, which provide high technology payment acceptance and dispensing products to original equipment manufacturers, including coin accepters and dispensers, coin hoppers, coin recyclers, bill validators and bill recyclers and, Merchandising Systems, which provide merchandising equipment, including include food, snack and beverage vending machines and vending machine software and online solutions.

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 segment manufactures fiberglass-reinforced plastic panels and coils (“FRP”), primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products).

In accordance with ASC Topic 280, “Segment Reporting”, for purposes of segment performance measurement, the Company does not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to the Company’s asbestos liability and its 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. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices.

Financial information by reportable segment is set forth below:

(in millions)	2015		2014		2013
Fluid Handling
Net sales	$	1,091.3	$	1,263.7	$	1,288.6
Operating profit	125.4		181.6		194.9
Assets	888.0		963.2		996.1
Goodwill	218.7		227.3		239.2
Capital expenditures	10.0		14.0		16.3
Depreciation and amortization	12.6		14.5		15.7
Payment & Merchandising Technologies
Net sales	$	703.0	$	712.0	$	380.6
Operating profit	101.4		69.1		34.8
Assets	1,178.0		1,210.1		1,383.0
Goodwill	575.2		589.9		635.8
Capital expenditures	9.8		11.4		4.7
Depreciation and amortization	34.5		41.6		17.5
Aerospace & Electronics
Net sales	$	691.3	$	696.0	$	693.8
Operating profit	145.1		138.2		160.0
Assets	559.4		512.1		511.7
Goodwill	202.6		202.7		202.8
Capital expenditures	16.2		14.9		6.5
Depreciation and amortization	11.3		11.8		13.3
Engineered Materials
Net sales	$	254.8	$	253.3	$	232.3
Operating profit	48.4		36.8		34.3
Assets	227.6		229.1		233.2
Goodwill	171.4		171.5		171.6
Capital expenditures	3.3		2.8		1.8
Depreciation and amortization	6.2		6.0		6.0

Information by reportable segment (continued):

(in millions)	2015			2014			2013
TOTAL NET SALES	$	2,740.5		$	2,925.0		$	2,595.3
Operating profit (loss)
Reporting segments	$	420.3		$	425.7		$	424.0
Corporate — before asbestos and environmental charges a	(47.5		)	(53.6		)	(76.1		)
Corporate expense — environmental charges b	—			(55.8		)	—
TOTAL OPERATING PROFIT	$	372.9		$	316.3		$	347.9
Interest income	1.9			1.7			1.9
Interest expense	(37.6		)	(39.2		)	(26.5		)
Miscellaneous — net c	(0.7		)	2.4			2.7
INCOME BEFORE INCOME TAXES	$	336.5		$	281.2		$	326.0
Assets
Reporting segments	$	2,853.0		$	2,914.5		$	3,124.0
Corporate	488.6			536.3			435.6
TOTAL ASSETS	$	3,341.6		$	3,450.8		$	3,559.6
Goodwill
Reporting segments	$	1,167.9		$	1,191.3		$	1,249.3
Capital expenditures
Reporting segments	$	39.3		$	43.1		$	29.3
Corporate	0.3			0.6			0.2
TOTAL CAPITAL EXPENDITURES	$	39.6		$	43.7		$	29.5
Depreciation and amortization
Reporting segments	$	64.6		$	73.8		$	52.5
Corporate	2.4			2.0			2.3
TOTAL DEPRECIATION AND AMORTIZATION	$	67.0		$	75.8		$	54.8

^a Includes $6.5 million for a settlement lawsuit recorded in 2014.

^b Includes a $49.0 million charge related to an increase in the Company's liability expected at the Goodyear Site and a $6.8 million charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, New Jersey in 2014.

^c Includes $1.6 million loss on sale of a small business divested in 2014 and a $1.0 million gain on a real estate divestiture in 2014.

Information by geographic region:

(in millions) December 31,	2015		2014		2013
Net sales*
United States	$	1,698.6	$	1,719.4	$	1,523.0
Canada	212.7		256.4		292.7
United Kingdom	350.9		372.1		290.6
Continental Europe	282.2		365.1		343.8
Other international	196.1		212.0		145.2
TOTAL NET SALES	$	2,740.5	$	2,925.0	$	2,595.3
Assets*
United States	$	1,648.3	$	1,612.9	$	1,692.8
Canada	160.8		197.6		206.1
Europe	599.2		662.2		756.0
Other international	444.7		441.8		469.1
Corporate	488.6		536.3		435.6
TOTAL ASSETS	$	3,341.6	$	3,450.8	$	3,559.6
Tangible Assets*
United States	$	642.0	$	596.8	$	657.3
Canada	111.5		138.8		140.9
Europe	335.7		363.9		418.5
Other international	278.8		270.2		249.1
Corporate	488.6		536.3		435.6
TOTAL TANGIBLE ASSETS	$	1,856.6	$	1,906.0	$	1,901.4

* Net sales and assets by geographic region are based on the location of the business unit.

The table below presents net sales by product line for each segment:

(in millions) December 31,	2015		2014		2013
Fluid Handling
Process Valves and Related Products	$	681.2	$	805.1	$	821.0
Commercial Valves	316.5		362.5		365.2
Other Products	93.7		96.3		102.5
Total Fluid Handling	$	1,091.3	$	1,263.7	$	1,288.6
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	496.1	$	512.5	$	200.9
Merchandising Equipment	207.0		199.4		179.6
Total Payment & Merchandising Technologies	$	703.0	$	712.0	$	380.6
Aerospace & Electronics
Commercial Original Equipment	$	349.3	$	350.7	$	340.5
Military and Other Original Equipment	152.6		159.1		166.5
Commercial Aftermarket Products	132.1		133.9		133.1
Military Aftermarket Products	57.1		52.3		53.7
Total Aerospace & Electronics	$	691.3	$	696.0	$	693.8
Engineered Materials
FRP - Recreational Vehicles	$	133.9	$	133.6	$	113.6
FRP - Building Products	83.1		81.7		84.0
FRP - Transportation	37.8		38.1		34.7
Total Engineered Materials	$	254.8	$	253.3	$	232.3
Total Net Sales	$	2,740.5	$	2,925.0	$	2,595.3