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Nature of Operations and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Computation Of Basic And Diluted Earnings Per Share
(in millions, except per share data) For the year ended December 31,
 
2019
 
2018
 
2017
Net income attributable to common shareholders
 
$
133.3

 
$
335.6

 
$
171.8

 
 
 
 
 
 
 
Weighted average basic shares outstanding
 
59.8

 
59.6

 
59.4

Effect of dilutive stock options
 
0.8

 
1.4

 
1.0

Weighted average diluted shares outstanding
 
60.6

 
61.0

 
60.4

 
 
 
 
 
 
 
Basic earnings per share
 
$
2.23

 
$
5.63

 
$
2.89

Diluted earnings per share
 
$
2.20

 
$
5.50

 
$
2.84
Summary Of Inventories Inventories consist of the following:
(in millions) December 31,
 
2019
 
2018
Finished goods
 
$
130.6

 
$
116.2

Finished parts and subassemblies
 
66.1

 
45.9

Work in process
 
47.7

 
55.4

Raw materials
 
212.9

 
194.0

Total inventories
 
$
457.3

 
$
411.5
Summary Of Property, Plant And Equipment, Net Property, plant and equipment, net consists of the following: 
(in millions) December 31,
 
2019
 
2018
Land
 
$
84.4

 
$
77.5

Buildings and improvements
 
282.6

 
259.6

Machinery and equipment
 
889.9

 
848.5

Gross property, plant and equipment
 
1,256.9

 
1,185.6

Less: accumulated depreciation
 
640.6

 
586.5

Property, plant and equipment, net
 
$
616.3

 
$
599.1
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, 2017
$
245.4

$
587.7

$
202.4

$
171.4

$
1,206.9

Additions
—

208.4

—

—

208.4

Currency translation
(4.6
)
(6.9
)
—

(0.1
)
(11.6
)
Balance 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

For the year ended December 31, 2019, additions to goodwill represent the preliminary purchase price allocation related to the December 2019 acquisition of Cummins-Allison and the finalization of the purchase price allocation of the January 2018 acquisition of Crane Currency. For the year ended December 31, 2018, additions to goodwill represent the purchase price allocation related to Crane Currency. See discussion in Note 2, "Acquisitions and Divestitures" for further details.
Schedule Of Changes To Intangible Assets
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. As of December 31, 2018, we had $481.8 million of net intangible assets, of which $69.9 million were intangibles with indefinite useful lives, consisting of trade names. Intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives.
In addition to annual testing for impairment of indefinite-lived intangible assets, we review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the definite-lived intangible asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases 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. We believe there have been no events or circumstances which would more likely than not reduce the fair value of our indefinite-lived or definite-lived intangible assets below their carrying value.
Changes to intangible assets are as follows:
(in millions) December 31,
2019
 
2018
2017
Balance at beginning of period, net of accumulated amortization
$
481.8

 
$
276.8

$
282.2

Additions
66.0

 
252.8

18.2

Amortization expense
(40.0
)
 
(44.5
)
(30.9
)
Currency translation and other
(2.7
)
 
(3.3
)
7.3

Balance at end of period, net of accumulated amortization
$
505.1

 
$
481.8

$
276.8

For the year ended December 31, 2019, additions to intangible assets represent the preliminary purchase price allocation related to the December 2019 acquisition of Cummins-Allison. For the year ended December 31, 2018, additions to intangible assets represent the purchase price allocation related to the January 2018 acquisition of Crane Currency. For the year ended December 31, 2017, additions to intangible assets represent the purchase price allocation related to the April 2017 acquisition of Westlock and the June 2017 acquisition of Microtronic. See discussion in Note 2, "Acquisitions and Divestitures" for further details.
A summary of intangible assets follows:
(in millions)
Weighted Average
Amortization Period of Finite Lived Assets (in years)
 
December 31, 2019
 
December 31, 2018
 
Gross
Asset

 
Accumulated
Amortization

 
Net

 
Gross
Asset

 
Accumulated
Amortization

 
Net

Intellectual property rights
16.6
 
$
134.2

 
$
56.8

 
$
77.4

 
$
130.7

 
$
55.6

 
$
75.1

Customer relationships and backlog
18.4
 
603.1

 
241.3

 
361.8

 
546.8

 
210.7

 
336.1

Drawings
37.9
 
11.1

 
10.5

 
0.6

 
11.1

 
10.5

 
0.6

Other
11.5
 
141.6

 
76.3

 
65.3

 
135.0

 
65.0

 
70.0

Total
17.9
 
$
890.0

 
$
384.9

 
$
505.1

 
$
823.6

 
$
341.8

 
$
481.8


Future amortization expense associated with intangibles is expected to be:
Year
(in millions)
2020
$
40.9

2021
38.4

2022
38.1

2023
38.1

2024 and after
279.7
Summary Of Intangible Assets
A summary of intangible assets follows:
(in millions)
Weighted Average
Amortization Period of Finite Lived Assets (in years)
 
December 31, 2019
 
December 31, 2018
 
Gross
Asset

 
Accumulated
Amortization

 
Net

 
Gross
Asset

 
Accumulated
Amortization

 
Net

Intellectual property rights
16.6
 
$
134.2

 
$
56.8

 
$
77.4

 
$
130.7

 
$
55.6

 
$
75.1

Customer relationships and backlog
18.4
 
603.1

 
241.3

 
361.8

 
546.8

 
210.7

 
336.1

Drawings
37.9
 
11.1

 
10.5

 
0.6

 
11.1

 
10.5

 
0.6

Other
11.5
 
141.6

 
76.3

 
65.3

 
135.0

 
65.0

 
70.0

Total
17.9
 
$
890.0

 
$
384.9

 
$
505.1

 
$
823.6

 
$
341.8

 
$
481.8
Classification Of Accumulated Other Comprehensive Income (Loss) Reflected On Consolidated Balance Sheets
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2019 and 2018. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated Statements of Operations.
 
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 (in millions) December 31,
 
2019
 
2018
Amortization of pension items:
 
 
 
 
Prior service costs
 
$
(0.3
)
 
$
(0.5
)
Net loss
 
15.3

 
14.2

Amortization of postretirement items:
 
 
 
 
Prior service costs
 
(1.1
)
 
(1.0
)
Net gain
 
(0.3
)
 
(0.2
)
Total before tax
 
$
13.6

 
$
12.5

Tax impact
 
(12.6
)
 
(7.1
)
Total reclassifications for the period
 
$
26.2

 
$
19.6


Accumulated Other Comprehensive Income (Loss)
The tables below provide the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Consolidated Balance Sheets.
 
(in millions)
Defined Benefit Pension and Other Postretirement Items*
 
 Currency Translation Adjustment
 
 Total
Balance as of December 31, 2017
$
(292.1
)
 
$
(88.0
)
 
$
(380.1
)
 
Other comprehensive loss before reclassifications
(45.8
)
 
(41.3
)
 
(87.1
)
 
Amounts reclassified from accumulated other comprehensive loss
19.6

 
—

 
19.6

Net period other comprehensive loss
(26.2
)
 
(41.3
)
 
(67.5
)
Balance as of December 31, 2018
$
(318.3
)
 
$
(129.3
)
 
$
(447.6
)
 
Other comprehensive (loss) income before reclassifications
(73.9
)
 
11.6

 
(62.3
)
 
Amounts reclassified from accumulated other comprehensive loss
26.2

 
—

 
26.2

Net period other comprehensive (loss) income
(47.7
)
 
11.6

 
(36.1
)
Balance as of December 31, 2019
$
(366.0
)
 
$
(117.7
)
 
$
(483.7
)

 * Net of tax benefit of $135.4, $122.2 and $115.8 for 2019, 2018, and 2017, respectively.