Segment Information

12 Months Ended

Dec. 31, 2017

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 includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Other Products include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

Payment & Merchandising Technologies

The Payment & Merchandising Technologies segment consists of Crane Payment Innovations, 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) December 31,	2017		2016		2015
Fluid Handling
Net sales	$	1,042.5	$	999.5	$	1,091.3
Operating profit	111.8		119.5		125.4
Assets	941.6		845.9		888.0
Goodwill	245.4		212.3		218.7
Capital expenditures	14.7		10.3		10.0
Depreciation and amortization	16.2		10.8		12.6
Payment & Merchandising Technologies
Net sales	$	776.7	$	745.8	$	703.0
Operating profit	148.5		135.5		101.4
Assets	1,215.7		1,188.9		1,178.0
Goodwill	587.7		563.3		575.2
Capital expenditures	14.2		8.7		9.8
Depreciation and amortization	34.2		33.9		34.5
Aerospace & Electronics
Net sales	$	691.4	$	745.7	$	691.3
Operating profit	160.2		149.8		145.1
Assets	573.0		555.5		559.4
Goodwill	202.4		202.3		202.6
Capital expenditures	16.7		28.7		16.2
Depreciation and amortization	14.0		11.7		11.3
Engineered Materials
Net sales	$	275.4	$	257.0	$	254.8
Operating profit	49.5		49.0		48.4
Assets	220.8		224.7		227.6
Goodwill	171.4		171.3		171.4
Capital expenditures	3.1		3.5		3.3
Depreciation and amortization	6.7		6.1		6.2

Information by reportable segment (continued):

(in millions) December 31,	2017			2016			2015
TOTAL NET SALES	$	2,786.0		$	2,748.0		$	2,740.5
Operating profit (loss)
Reporting segments a	$	470.0		$	453.8		$	420.3
Corporate expense — before asbestos b	(68.1		)	(61.2		)	(47.5		)
Corporate expense — asbestos	—			(192.4		)	—
TOTAL OPERATING PROFIT	$	401.9		$	200.3		$	372.9
Interest income	2.5			1.9			1.9
Interest expense	(36.1		)	(36.5		)	(37.6		)
Miscellaneous — net	(0.8		)	(1.6		)	(0.7		)
INCOME BEFORE INCOME TAXES	$	367.5		$	164.1		$	336.5
Assets
Reporting segments	$	2,951.1		$	2,815.0		$	2,853.0
Corporate	642.4			613.0			483.9
TOTAL ASSETS	$	3,593.5		$	3,428.0		$	3,336.9
Goodwill
Reporting segments	$	1,206.9		$	1,149.2		$	1,167.9
Capital expenditures
Reporting segments	$	48.7		$	51.2		$	39.3
Corporate	0.3			0.3			0.3
TOTAL CAPITAL EXPENDITURES	$	49.0		$	51.5		$	39.6
Depreciation and amortization
Reporting segments	$	71.1		$	62.5		$	64.6
Corporate	1.6			4.9			2.4
TOTAL DEPRECIATION AND AMORTIZATION	$	72.7		$	67.4		$	67.0

^aIncludes transaction related charges of $3.6 in 2017.

^b Includes transaction related charges of $4.2 and a restructuring charge, net of gain on property sale of $13.0 in 2017 and charges of$5.0 for legal settlements in 2016.

Information by geographic region:

(in millions) December 31,	2017		2016		2015
Net sales*
United States	$	1,767.3	$	1,769.7	$	1,698.6
Canada	169.0		163.2		212.7
United Kingdom	388.2		357.6		350.9
Continental Europe	268.6		279.6		282.2
Other international	192.9		177.9		196.1
TOTAL NET SALES	$	2,786.0	$	2,748.0	$	2,740.5
Assets*
United States	$	1,645.3	$	1,609.4	$	1,648.3
Canada	170.0		159.8		160.8
Europe	702.9		588.0		599.2
Other international	432.9		457.8		444.7
Corporate	642.4		613.0		483.9
TOTAL ASSETS	$	3,593.5	$	3,428.0	$	3,336.9
Tangible Assets*
United States	$	645.8	$	621.3	$	642.0
Canada	115.8		109.0		111.5
Europe	436.6		357.9		335.7
Other international	269.2		292.4		278.8
Corporate	642.4		613.0		488.6
TOTAL TANGIBLE ASSETS	$	2,109.8	$	1,993.6	$	1,856.6

* 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,	2017		2016		2015
Fluid Handling
Process Valves and Related Products	$	640.1	$	619.2	$	681.2
Commercial Valves	310.1		290.9		316.5
Other Products	92.3		89.4		93.7
Total Fluid Handling	$	1,042.5	$	999.5	$	1,091.3
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	575.9	$	511.8	$	496.1
Merchandising Equipment	200.8		234.0		207.0
Total Payment & Merchandising Technologies	$	776.7	$	745.8	$	703.0
Aerospace & Electronics
Commercial Original Equipment	$	346.1	$	354.9	$	349.3
Military Original Equipment	159.0		200.3		152.6
Commercial Aftermarket Products	134.0		132.8		132.1
Military Aftermarket Products	52.3		57.7		57.1
Total Aerospace & Electronics	$	691.4	$	745.7	$	691.3
Engineered Materials
FRP - Recreational Vehicles	$	150.5	$	131.2	$	133.9
FRP - Building Products	95.2		89.6		83.1
FRP - Transportation	29.7		36.2		37.8
Total Engineered Materials	$	275.4	$	257.0	$	254.8
Total Net Sales	$	2,786.0	$	2,748.0	$	2,740.5