XML 42 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
Nature of Operations and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Earnings Per Share
(in millions, except per share data) For the year ended December 31,202320222021
Net income attributable to common shareholders$188.3 $204.9 $178.0 
Average basic shares outstanding56.856.756.7
Effect of dilutive share-based awards0.7——
Average diluted shares outstanding57.556.756.7
Basic earnings per share$3.31 $3.61 $3.14 
Diluted earnings per share$3.28 $3.61 $3.14 
Summary of Inventories Inventories consist of the following:
(in millions) December 31,20232022
Finished goods$35.6 $26.2 
Finished parts and subassemblies22.7 23.0 
Work in process6.4 12.7 
Raw materials92.4 83.7 
Total inventories, net$157.1 $145.6 
Summary of Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: 
(in millions) December 31,20232022
Land$34.8 $31.0 
Buildings and improvements123.2 117.3 
Machinery and equipment406.1 373.2 
Gross property, plant and equipment564.1 521.5 
Less: accumulated depreciation302.9 259.9 
Property, plant and equipment, net$261.2 $261.6 
Schedule of Changes to Goodwill
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsCrane CurrencyTotal
Balance as of December 31, 2021$645.4 $215.2 $860.6 
Currency translation(23.0)(1.0)(24.0)
Balance as of December 31, 2022$622.4 $214.2 $836.6 
Currency translation4.3 0.3 4.6 
Balance as of December 31, 2023$626.7 $214.5 $841.2 
Summary of Intangible Assets, Finite
Changes to intangible assets are as follows:
(in millions) December 31,202320222021
Balance at beginning of period, net of accumulated amortization$344.9 $388.5 $433.3 
Amortization expense(35.9)(36.0)(37.2)
Currency translation and other(0.1)(7.6)(7.6)
Balance at end of period, net of accumulated amortization$308.9 $344.9 $388.5 
A summary of intangible assets follows:
(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		December 31, 2023December 31, 2022
Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights12.6$62.2 $15.0 $47.2 $62.0 $14.0 $48.0 
Customer relationships and backlog18.8504.4 269.5 234.9 502.9 242.0 260.9 
Other10.099.8 73.0 26.8 98.7 62.7 36.0 
Total18.0$666.4 $357.5 $308.9 $663.6 $318.7 $344.9 
Summary of Intangible Assets, Indefinite
Changes to intangible assets are as follows:
(in millions) December 31,202320222021
Balance at beginning of period, net of accumulated amortization$344.9 $388.5 $433.3 
Amortization expense(35.9)(36.0)(37.2)
Currency translation and other(0.1)(7.6)(7.6)
Balance at end of period, net of accumulated amortization$308.9 $344.9 $388.5 
A summary of intangible assets follows:
(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		December 31, 2023December 31, 2022
Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights12.6$62.2 $15.0 $47.2 $62.0 $14.0 $48.0 
Customer relationships and backlog18.8504.4 269.5 234.9 502.9 242.0 260.9 
Other10.099.8 73.0 26.8 98.7 62.7 36.0 
Total18.0$666.4 $357.5 $308.9 $663.6 $318.7 $344.9 
Summary of Future Amortization Expense of Intangibles
Future amortization expense associated with intangibles is expected to be:
Year(in millions)
2024$36.2 
2025$30.6 
2026$30.4 
2027$29.5 
2028$26.6 
2029 and after$110.1 
Schedule of Accumulated Other Comprehensive Loss The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated and Combined Balance Sheets.
(in millions)Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment
 Total (a)
Balance as of December 31, 2020$(8.3)$(25.2)$(33.5)
Other comprehensive income (loss) before reclassifications7.5 (46.1)(38.6)
Amounts reclassified from accumulated other comprehensive loss(0.2)— (0.2)
Net period other comprehensive income (loss)7.3 (46.1)(38.8)
Balance as of December 31, 2021(1.0)(71.3)(72.3)
Other comprehensive income (loss) before reclassifications10.9 (69.2)(58.3)
Amounts reclassified from accumulated other comprehensive loss(0.9)— (0.9)
Net period other comprehensive income (loss)10.0 (69.2)(59.2)
Balance as of December 31, 20229.0 (140.5)(131.5)
Other comprehensive (loss) income before reclassifications(3.2)18.1 14.9 
Amounts reclassified from accumulated other comprehensive income (loss)(2.0)— (2.0)
Net period other comprehensive (loss) income(5.2)18.1 12.9 
Balance as of December 31, 2023$3.8 $(122.4)$(118.6)
(a)
 Net of tax (detriment) benefit of $(1.5) million, $(2.1) million and $0.8 million for December 31, 2023, 2022, and 2021, respectively.
Amounts Reclassified out of Accumulated Other Comprehensive Loss
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 2021. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated and Combined Statements of Operations.
(in millions) Amount Reclassified from Accumulated Other Comprehensive Loss
 December 31,202320222021
Amortization of pension items:
Prior service costs$(0.7)$(0.7)$(0.7)
Net loss— 0.6 1.5 
Amortization of postretirement items:
Prior service costs(1.1)(1.1)(1.1)
Net gain(0.7)— — 
Total before tax$(2.5)$(1.2)$(0.3)
Tax impact(0.5)(0.3)(0.1)
Total reclassifications for the period$(2.0)$(0.9)$(0.2)