Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

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.

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.

A brief description of each of the Company's segments are as follows:

Fluid Handling

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

Payment & Merchandising Technologies

The Payment & Merchandising Technologies segment consists of Crane Payment Innovations, 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

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 FRP panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products).

Financial information by reportable segment is set forth below:

(in millions)	2016		2015		2014
Fluid Handling
Net sales	$	999.5	$	1,091.3	$	1,263.7
Operating profit	119.5		125.4		181.6
Assets	845.9		888.0		963.2
Goodwill	212.3		218.7		227.3
Capital expenditures	10.3		10.0		14.0
Depreciation and amortization	10.8		12.6		14.5
Payment & Merchandising Technologies
Net sales	$	745.8	$	703.0	$	712.0
Operating profit	135.5		101.4		69.1
Assets	1,188.9		1,178.0		1,210.1
Goodwill	563.3		575.2		589.9
Capital expenditures	8.7		9.8		11.4
Depreciation and amortization	33.9		34.5		41.6
Aerospace & Electronics
Net sales	$	745.7	$	691.3	$	696.0
Operating profit	149.8		145.1		138.2
Assets	555.5		559.4		512.1
Goodwill	202.3		202.6		202.7
Capital expenditures	28.7		16.2		14.9
Depreciation and amortization	11.7		11.3		11.8
Engineered Materials
Net sales	$	257.0	$	254.8	$	253.3
Operating profit	49.0		48.4		36.8
Assets	224.7		227.6		229.1
Goodwill	171.3		171.4		171.5
Capital expenditures	3.5		3.3		2.8
Depreciation and amortization	6.1		6.2		6.0

Information by reportable segment (continued):

(in millions)	2016			2015			2014
TOTAL NET SALES	$	2,748.0		$	2,740.5		$	2,925.0
Operating profit (loss)
Reporting segments	$	453.8		$	420.3		$	425.7
Corporate — before asbestos and environmental charges a	(61.2		)	(47.5		)	(53.6		)
Corporate expense — asbestos charge	(192.4		)	—			—
Corporate expense — environmental charges b	—			—			(55.8		)
TOTAL OPERATING PROFIT	$	200.3		$	372.9		$	316.3
Interest income	1.9			1.9			1.7
Interest expense	(36.5		)	(37.6		)	(39.2		)
Miscellaneous — net	(1.6		)	(0.7		)	2.4
INCOME BEFORE INCOME TAXES	$	164.1		$	336.5		$	281.2
Assets
Reporting segments	$	2,815.0		$	2,853.0		$	2,914.5
Corporate	613.0			483.9			531.0
TOTAL ASSETS	$	3,428.0		$	3,336.9		$	3,445.5
Goodwill
Reporting segments	$	1,149.2		$	1,167.9		$	1,191.3
Capital expenditures
Reporting segments	$	51.2		$	39.3		$	43.1
Corporate	0.3			0.3			0.6
TOTAL CAPITAL EXPENDITURES	$	51.5		$	39.6		$	43.7
Depreciation and amortization
Reporting segments	$	62.5		$	64.6		$	73.8
Corporate	4.9			2.4			2.0
TOTAL DEPRECIATION AND AMORTIZATION	$	67.4		$	67.0		$	75.8

^a Includes charges of$5.0 million and $6.5 million for legal settlements in 2016 and 2014, respectively.

^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.

Information by geographic region:

(in millions) December 31,	2016		2015		2014
Net sales*
United States	$	1,769.7	$	1,698.6	$	1,719.4
Canada	163.2		212.7		256.4
United Kingdom	357.6		350.9		372.1
Continental Europe	279.6		282.2		365.1
Other international	177.9		196.1		212.0
TOTAL NET SALES	$	2,748.0	$	2,740.5	$	2,925.0
Assets*
United States	$	1,609.4	$	1,648.3	$	1,612.9
Canada	159.8		160.8		197.6
Europe	588.0		599.2		662.2
Other international	457.8		444.7		441.8
Corporate	613.0		483.9		531.0
TOTAL ASSETS	$	3,428.0	$	3,336.9	$	3,445.5
Tangible Assets*
United States	$	621.3	$	642.0	$	596.8
Canada	109.0		111.5		138.8
Europe	357.9		335.7		363.9
Other international	292.4		278.8		270.2
Corporate	613.0		488.6		531.0
TOTAL TANGIBLE ASSETS	$	1,993.6	$	1,856.6	$	1,900.7

* 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,	2016		2015		2014
Fluid Handling
Process Valves and Related Products	$	619.2	$	681.2	$	805.1
Commercial Valves	290.9		316.5		362.5
Other Products	89.4		93.7		96.3
Total Fluid Handling	$	999.5	$	1,091.3	$	1,263.7
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	511.8	$	496.1	$	512.5
Merchandising Equipment	234.0		207.0		199.4
Total Payment & Merchandising Technologies	$	745.8	$	703.0	$	712.0
Aerospace & Electronics
Commercial Original Equipment	$	354.9	$	349.3	$	350.7
Military Original Equipment	200.3		152.6		159.1
Commercial Aftermarket Products	132.8		132.1		133.9
Military Aftermarket Products	57.7		57.1		52.3
Total Aerospace & Electronics	$	745.7	$	691.3	$	696.0
Engineered Materials
FRP - Recreational Vehicles	$	131.2	$	133.9	$	133.6
FRP - Building Products	89.6		83.1		81.7
FRP - Transportation	36.2		37.8		38.1
Total Engineered Materials	$	257.0	$	254.8	$	253.3
Total Net Sales	$	2,748.0	$	2,740.5	$	2,925.0