Nature of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Computation Of Basic And Diluted Earnings Per Share

(in millions, except per share data) For the year ended December 31,	2021		2020		2019
Net income from continuing operations attributable to common shareholders	$	394.3	$	163.1	$	112.3
Income from discontinued operations, net of tax (Note 3)	41.1		17.9		21.0
Net income attributable to common shareholders	$	435.4	$	181.0	$	133.3
Average basic shares outstanding	58.4		58.3		59.8
Effect of dilutive share-based awards	0.8		0.5		0.8
Average diluted shares outstanding	59.2		58.8		60.6
Earnings per basic share:
Earnings per basic share from continuing operations	$	6.76	$	2.79	$	1.88
Earnings per basic share from discontinued operations	0.70		0.31		0.35
Earnings per basic share	$	7.46	$	3.10	$	2.23
Earnings per diluted share:
Earnings per diluted share from continuing operations	$	6.66	$	2.77	$	1.85
Earnings per diluted share from discontinued operations	0.70		0.31		0.35
Earnings per diluted share	$	7.36	$	3.08	$	2.20

Summary Of Inventories

Inventories consist of the following:

(in millions) December 31,	2021		2020
Finished goods	$	143.8	$	125.4
Finished parts and subassemblies	59.5		54.5
Work in process	36.9		45.1
Raw materials	200.7		204.7
Total inventories, net	$	440.9	$	429.7

Summary Of Property, Plant And Equipment, Net

Property, plant and equipment, net consists of the following: 

(in millions) December 31,	2021		2020
Land	$	77.5	$	85.6
Buildings and improvements	252.3		263.0
Machinery and equipment	850.1		843.3
Gross property, plant and equipment	1,179.9		1,191.9
Less: accumulated depreciation	652.6		618.2
Property, plant and equipment, net	$	527.3	$	573.7

Schedule Of Changes To Goodwill

Changes to goodwill are as follows:

(in millions)	Aerospace & Electronics		Process Flow Technologies		Payment & Merchandising Technologies		Total
Balance as of December 31, 2019	$	202.4	$	240.9	$	857.8	$	1,301.1
Additions	—		106.1		—		106.1
Adjustments to purchase price allocations	—		—		5.6		5.6
Currency translation	0.1		13.0		11.8		24.9
Balance as of December 31, 2020	$	202.5	$	360.0	$	875.2	$	1,437.7
Adjustments to purchase price allocations	—		(0.1)		—		(0.1)
Currency translation	—		(10.5)		(14.6)		(25.1)
Balance as of December 31, 2021	$	202.5	$	349.4	$	860.6	$	1,412.5

Schedule Of Changes To Intangible Assets

Changes to intangible assets are as follows:

(in millions) December 31,	2021		2020		2019
Balance at beginning of period, net of accumulated amortization	$	519.1	$	503.7	$	478.3
Additions	—		52.5		66.0
Amortization expense	(44.5)		(48.3)		(37.8)
Currency translation and other	(8.7)		11.2		(2.8)
Balance at end of period, net of accumulated amortization	$	465.9	$	519.1	$	503.7

Summary Of Intangible Assets

A summary of intangible assets follows:

(in millions)	Weighted Average Amortization Period of Finite Lived Assets (in years)	December 31, 2021						December 31, 2020
		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	15.2	$	131.9	$	54.3	$	77.6	$	133.2	$	53.4	$	79.8
Customer relationships and backlog	18.3	611.8		270.1		341.8		623.7		241.9		381.8
Drawings	40.0	11.1		10.6		0.5		11.1		10.5		0.6
Other	11.8	137.4		91.3		46.0		140.2		83.3		56.9
Total	17.8	$	892.2	$	426.3	$	465.9	$	908.2	$	389.1	$	519.1

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year	(in millions)
2022	$	42.9
2023	$	42.4
2024	$	41.5
2025	$	36.0
2026 and after	$	232.5

Classification Of Accumulated Other Comprehensive Income (Loss) Reflected On Consolidated Balance Sheets

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 (a)
Balance as of December 31, 2018		$	(296.6)	$	(151.0)	$	(447.6)
	Other comprehensive (loss) income before reclassifications	(58.4)		11.6		(46.8)
	Amounts reclassified from accumulated other comprehensive loss	10.7		—		10.7
Net period other comprehensive (loss) income		(47.7)		11.6		(36.1)
Balance as of December 31, 2019		(344.3)		(139.4)		(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)
	Other comprehensive income (loss) before reclassifications	78.0		(69.8)		8.2
	Amounts reclassified from accumulated other comprehensive loss	18.0		—		18.0
Net period other comprehensive income (loss)		96.0		(69.8)		26.2
Balance as of December 31, 2021		$	(301.9)	$	(138.3)	$	(440.2)

(a)  Net of tax benefit of $117.9 million, $148.2 million and $135.4 million for 2021, 2020, and 2019, respectively.

Accumulated Other Comprehensive Income (Loss)

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019. 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,	2021		2020		2019
Amortization of pension items:
Prior service costs	$	(0.1)	$	(0.3)	$	(0.3)
Net loss	23.4		19.1		15.3
Amortization of postretirement items:
Prior service costs	(1.1)		(1.1)		(1.1)
Net gain	—		—		(0.3)
Total before tax	$	22.2	$	17.7	$	13.6
Tax impact	4.2		3.9		2.9
Total reclassifications for the period	$	18.0	$	13.8	$	10.7