falsedesktopCR2020-09-30000162828020015004{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "(check one):\t\t\t\nLarge accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\nIf an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\t\t\t\n", "q10k_tbl_1": "\t\tPage\nPart I - Financial Information\t\t\nItem 1.\tFinancial Statements\t\n\tCondensed Consolidated Statements of Operations\tPage 1\n\tCondensed Consolidated Statements of Comprehensive Income\tPage 2\n\tCondensed Consolidated Balance Sheets\tPage 3\n\tCondensed Consolidated Statements of Cash Flows\tPage 5\n\tNotes to Condensed Consolidated Financial Statements\tPage 6\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\tPage 32\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\tPage 45\nItem 4.\tControls and Procedures\tPage 45\n\tPart II - Other Information\t\nItem 1.\tLegal Proceedings\tPage 46\nItem 1A.\tRisk Factors\tPage 46\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\tPage 46\nItem 4.\tMine Safety Disclosures\tPage 47\nItem 5.\tOther Information\tPage 47\nItem 6.\tExhibits\tPage 48\n\tSignatures\tPage 49\n", "q10k_tbl_2": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n\t2020\t2019\t2020\t2019\nNet sales\t734.8\t772.3\t2210.5\t2445.6\nOperating costs and expenses:\t\t\t\t\nCost of sales\t478.5\t494.4\t1441.1\t1557.4\nSelling general and administrative\t168.7\t166.8\t532.5\t532.6\nAcquisition-related and integration charges\t2.7\t0.2\t10.3\t3.7\nRestructuring charges net\t0\t1.6\t22.6\t6.1\nOperating profit\t84.9\t109.3\t204.0\t345.8\nOther income (expense):\t\t\t\t\nInterest income\t0.6\t0.6\t1.3\t1.9\nInterest expense\t(14.4)\t(11.7)\t(41.3)\t(35.0)\nMiscellaneous income (expense) net\t4.3\t(4.5)\t10.6\t3.9\n\t(9.5)\t(15.6)\t(29.4)\t(29.2)\nIncome before income taxes\t75.4\t93.7\t174.6\t316.6\nProvision for income taxes\t18.8\t21.1\t40.4\t70.5\nNet income before allocation to noncontrolling interests\t56.6\t72.6\t134.2\t246.1\nLess: Noncontrolling interest in subsidiaries' earnings\t0\t0.1\t0\t0.2\nNet income attributable to common shareholders\t56.6\t72.5\t134.2\t245.9\nEarnings per share:\t\t\t\t\nBasic\t0.97\t1.21\t2.30\t4.11\nDiluted\t0.97\t1.19\t2.28\t4.05\nAverage shares outstanding:\t\t\t\t\nBasic\t58.1\t60.0\t58.4\t59.9\nDiluted\t58.5\t60.8\t58.9\t60.8\nDividends per share\t0.43\t0.39\t1.29\t1.17\n", "q10k_tbl_3": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n\t2020\t2019\t2020\t2019\nNet income before allocation to noncontrolling interests\t56.6\t72.6\t134.2\t246.1\nComponents of other comprehensive income (loss) net of tax\t\t\t\t\nCurrency translation adjustment\t41.0\t(33.7)\t13.2\t(29.8)\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t3.4\t3.0\t10.4\t7.8\nOther comprehensive income (loss) net of tax\t44.4\t(30.7)\t23.6\t(22.0)\nComprehensive income before allocation to noncontrolling interests\t101.0\t41.9\t157.8\t224.1\nLess: Noncontrolling interests in comprehensive income\t0.1\t0\t0\t(0.1)\nComprehensive income attributable to common shareholders\t100.9\t41.9\t157.8\t224.2\n", "q10k_tbl_4": "\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t544.6\t393.9\nAccounts receivable net\t439.5\t555.1\nCurrent insurance receivable - asbestos\t14.1\t14.1\nInventories net:\t\t\nFinished goods\t134.1\t130.6\nFinished parts and subassemblies\t62.2\t66.1\nWork in process\t45.1\t47.7\nRaw materials\t214.6\t212.9\nInventories net\t456.0\t457.3\nOther current assets\t167.9\t79.5\nTotal current assets\t1622.1\t1499.9\nProperty plant and equipment:\t\t\nCost\t1266.2\t1256.9\nLess: accumulated depreciation\t670.6\t640.6\nProperty plant and equipment net\t595.6\t616.3\nLong-term insurance receivable - asbestos\t74.5\t83.6\nLong-term deferred tax assets\t7.0\t35.1\nOther assets\t207.1\t211.3\nIntangible assets net\t526.9\t505.1\nGoodwill\t1589.8\t1472.4\nTotal assets\t4623.0\t4423.7\n", "q10k_tbl_5": "\tSeptember 30 2020\tDecember 31 2019\nLiabilities and equity\t\t\nCurrent liabilities:\t\t\nShort-term borrowings\t481.4\t149.4\nAccounts payable\t225.8\t311.1\nCurrent asbestos liability\t65.0\t65.0\nAccrued liabilities\t361.7\t378.2\nU.S. and foreign taxes on income\t9.2\t13.0\nTotal current liabilities\t1143.1\t916.7\nLong-term debt\t842.7\t842.0\nAccrued pension and postretirement benefits\t283.1\t298.4\nLong-term deferred tax liability\t54.4\t55.8\nLong-term asbestos liability\t614.2\t646.6\nOther liabilities\t176.4\t187.9\nTotal liabilities\t3113.9\t2947.4\nCommitments and contingencies (Note 11)\t\t\nEquity:\t\t\nPreferred shares par value $0.01; 5000000 shares authorized\t0\t0\nCommon shares par value $1.00; 200000000 shares authorized 72426139 shares issued\t72.4\t72.4\nCapital surplus\t324.5\t315.6\nRetained earnings\t2171.1\t2112.2\nAccumulated other comprehensive loss\t(460.1)\t(483.7)\nTreasury stock\t(601.4)\t(542.8)\nTotal shareholders' equity\t1506.5\t1473.7\nNoncontrolling interests\t2.6\t2.6\nTotal equity\t1509.1\t1476.3\nTotal liabilities and equity\t4623.0\t4423.7\nShare data:\t\t\nCommon shares issued\t72426139\t72426139\nLess: Common shares held in treasury\t14318093\t13423934\nCommon shares outstanding\t58108046\t59002205\n", "q10k_tbl_6": "\tNine Months Ended\t\n\tSeptember 30\t\n\t2020\t2019\nOperating activities:\t\t\nNet income attributable to common shareholders\t134.2\t245.9\nNoncontrolling interests in subsidiaries' earnings\t0\t0.2\nNet income before allocation to noncontrolling interests\t134.2\t246.1\nLoss on deconsolidation of joint venture\t0\t1.2\nRealized gain on marketable securities\t0\t(1.1)\nDepreciation and amortization\t95.3\t84.2\nStock-based compensation expense\t16.2\t16.8\nDefined benefit plans and postretirement credit\t(4.5)\t(0.4)\nDeferred income taxes\t7.5\t18.8\nCash used for operating working capital\t(8.2)\t(157.1)\nDefined benefit plans and postretirement contributions\t(3.1)\t(6.0)\nEnvironmental payments net of reimbursements\t(2.9)\t(6.5)\nAsbestos related payments net of insurance recoveries\t(23.7)\t(29.0)\nOther\t(2.7)\t4.0\nTotal provided by operating activities\t208.1\t171.0\nInvesting activities:\t\t\nPayment for acquisition - net of cash acquired\t(169.2)\t0\nPurchase of marketable securities\t(60.0)\t(8.8)\nProceeds from sale of marketable securities\t0\t9.9\nProceeds from disposition of capital assets\t3.9\t1.3\nCapital expenditures\t(20.6)\t(50.9)\nImpact of deconsolidation of joint venture\t0\t(0.2)\nTotal used for investing activities\t(245.9)\t(48.7)\nFinancing activities:\t\t\nDividends paid\t(75.4)\t(70.1)\nReacquisition of shares on open market\t(70.0)\t0\nStock options exercised - net of shares reacquired\t4.2\t2.6\nDebt issuance costs\t(1.3)\t0\nProceeds received from issuance of long-term debt\t0\t3.0\nRepayment of long-term debt\t0\t(4.5)\nProceeds from issuance of commercial paper with maturities greater than 90 days\t251.3\t0\nRepayments of commercial paper with maturities greater than 90 days\t(188.6)\t0\nNet repayments of commercial paper with maturities of 90 days or less\t(76.8)\t0\nProceeds from revolving credit facility\t77.2\t0\nRepayments from revolving credit facility\t(77.2)\t0\nProceeds from term loan\t343.9\t0\nTotal provided by (used for) financing activities\t187.3\t(69.0)\nEffect of exchange rates on cash and cash equivalents\t1.2\t(7.9)\nIncrease in cash and cash equivalents\t150.7\t45.4\nCash and cash equivalents at beginning of period\t393.9\t343.4\nCash and cash equivalents at end of period\t544.6\t388.8\nDetail of cash used for operating working capital:\t\t\nAccounts receivable\t123.6\t(24.1)\nInventories\t6.7\t(48.9)\nOther current assets\t(18.8)\t3.7\nAccounts payable\t(90.9)\t(69.2)\nAccrued liabilities\t(19.7)\t(38.5)\nU.S. and foreign taxes on income\t(9.1)\t19.9\nTotal\t(8.2)\t(157.1)\nSupplemental disclosure of cash flow information:\t\t\nInterest paid\t35.2\t31.7\nIncome taxes paid\t42.0\t32.7\n", "q10k_tbl_7": "Net assets acquired (in millions)\t\nTotal current assets\t87.4\nProperty plant and equipment\t26.4\nOther assets\t12.0\nIntangible assets\t66.0\nGoodwill\t58.7\nTotal assets acquired\t250.5\nTotal current liabilities\t66.9\nOther liabilities\t27.4\nTotal assumed liabilities\t94.3\nNet assets acquired\t156.2\n", "q10k_tbl_8": "Net assets acquired (in millions)\t\nTotal current assets\t21.0\nProperty plant and equipment\t11.7\nOther assets\t5.9\nIntangible assets\t52.5\nGoodwill\t105.5\nTotal assets acquired\t196.6\nTotal current liabilities\t8.1\nOther liabilities\t19.3\nTotal assumed liabilities\t27.4\nNet assets acquired\t169.2\n", "q10k_tbl_9": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions)\t2020\t2019\t2020\t2019\nNet sales\t\t\t\t\nFluid Handling\t252.3\t276.1\t748.2\t840.4\nPayment & Merchandising Technologies\t277.2\t248.9\t822.1\t843.7\nAerospace & Electronics\t157.0\t197.2\t507.3\t596.3\nEngineered Materials\t48.3\t50.1\t132.9\t165.2\nTotal\t734.8\t772.3\t2210.5\t2445.6\nOperating profit (loss)\t\t\t\t\nFluid Handling\t25.9\t35.4\t74.1\t106.8\nPayment & Merchandising Technologies\t40.5\t35.1\t68.9\t124.8\nAerospace & Electronics\t24.5\t47.2\t87.8\t141.4\nEngineered Materials\t9.0\t5.9\t17.7\t22.8\nCorporate\t(15.0)\t(14.3)\t(44.5)\t(50.0)\nTotal\t84.9\t109.3\t204.0\t345.8\nInterest income\t0.6\t0.6\t1.3\t1.9\nInterest expense\t(14.4)\t(11.7)\t(41.3)\t(35.0)\nMiscellaneous income (expense) net\t4.3\t(4.5)\t10.6\t3.9\nIncome before income taxes\t75.4\t93.7\t174.6\t316.6\n", "q10k_tbl_10": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nFluid Handling\t1131.3\t941.6\nPayment & Merchandising Technologies\t2206.3\t2303.4\nAerospace & Electronics\t614.5\t638.1\nEngineered Materials\t222.4\t219.6\nCorporate\t448.5\t321.0\nTotal\t4623.0\t4423.7\n", "q10k_tbl_11": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nGoodwill\t\t\nFluid Handling\t352.4\t240.9\nPayment & Merchandising Technologies\t863.7\t857.8\nAerospace & Electronics\t202.4\t202.4\nEngineered Materials\t171.3\t171.3\nTotal\t1589.8\t1472.4\n", "q10k_tbl_12": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions)\t2020\t2019\t2020\t2019\nFluid Handling\t\t\t\t\nProcess Valves and Related Products\t153.9\t163.3\t471.7\t513.7\nCommercial Valves\t76.1\t88.8\t210.3\t253.2\nPumps and Systems\t22.3\t24.0\t66.2\t73.5\nTotal Fluid Handling\t252.3\t276.1\t748.2\t840.4\nPayment & Merchandising Technologies\t\t\t\t\nPayment Acceptance and Dispensing Products 1\t161.6\t197.0\t505.7\t604.7\nBanknotes and Security Products\t115.6\t51.9\t316.4\t239.0\nTotal Payment & Merchandising Technologies\t277.2\t248.9\t822.1\t843.7\nAerospace & Electronics\t\t\t\t\nCommercial Original Equipment\t47.5\t85.9\t180.0\t267.6\nMilitary and Other Original Equipment\t70.9\t55.4\t196.8\t162.3\nCommercial Aftermarket Products\t20.2\t41.8\t74.4\t121.4\nMilitary Aftermarket Products\t18.4\t14.1\t56.1\t45.0\nTotal Aerospace & Electronics\t157.0\t197.2\t507.3\t596.3\nEngineered Materials\t\t\t\t\nFRP - Recreational Vehicles\t21.9\t19.7\t50.6\t68.4\nFRP - Building Products\t20.2\t22.8\t64.4\t70.5\nFRP - Transportation\t6.2\t7.6\t17.9\t26.3\nTotal Engineered Materials\t48.3\t50.1\t132.9\t165.2\nTotal net sales\t734.8\t772.3\t2210.5\t2445.6\n", "q10k_tbl_13": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nContract assets\t74.5\t55.8\nContract liabilities\t79.0\t88.4\n", "q10k_tbl_14": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(in millions except per share data)\t2020\t2019\t2020\t2019\nNet income attributable to common shareholders\t56.6\t72.5\t134.2\t245.9\nAverage basic shares outstanding\t58.1\t60.0\t58.4\t59.9\nEffect of dilutive share-based awards\t0.4\t0.8\t0.5\t0.9\nAverage diluted shares outstanding\t58.5\t60.8\t58.9\t60.8\nEarnings per basic share\t0.97\t1.21\t2.30\t4.11\nEarnings per diluted share\t0.97\t1.19\t2.28\t4.05\n", "q10k_tbl_15": "(in millions except share data)\tCommon Shares Issued at Par Value\tCapital Surplus\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\tNoncontrolling Interest\tTotal Equity\nBALANCE DECEMBER 31 2018\t72.4\t303.5\t2072.1\t(447.6)\t(476.2)\t1524.2\t2.9\t1527.1\nNet income\t0\t0\t82.4\t0\t0\t82.4\t0.1\t82.5\nCash dividends ($0.39 per share)\t0\t0\t(23.4)\t0\t0\t(23.4)\t0\t(23.4)\nImpact from settlement of share-based awards net of shares acquired\t0\t(9.8)\t0\t0\t9.6\t(0.2)\t\t(0.2)\nStock-based compensation expense\t0\t5.5\t0\t0\t0\t5.5\t0\t5.5\nDeconsolidation of a joint venture\t0\t0\t0\t0\t0\t0\t(0.5)\t(0.5)\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t2.9\t0\t2.9\t0\t2.9\nCurrency translation adjustment\t0\t0\t0\t(0.8)\t0\t(0.8)\t(0.1)\t(0.9)\nBALANCE MARCH 31 2019\t72.4\t299.2\t2131.1\t(445.5)\t(466.6)\t1590.6\t2.4\t1593.0\nNet income\t0\t0\t91.0\t0\t0\t91.0\t0\t91.0\nCash dividends ($0.39 per share)\t0\t0\t(23.3)\t0\t0\t(23.3)\t0\t(23.3)\nImpact from settlement of share-based awards net of shares acquired\t0\t(0.7)\t0\t0\t2.2\t1.5\t0\t1.5\nStock-based compensation expense\t0\t5.6\t0\t0\t0\t5.6\t0\t5.6\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t1.9\t0\t1.9\t0\t1.9\nCurrency translation adjustment\t0\t0\t0\t4.7\t0\t4.7\t0\t4.7\nBALANCE JUNE 30 2019\t72.4\t304.1\t2198.8\t(438.9)\t(464.4)\t1672.0\t2.4\t1674.4\nNet income\t0\t0\t72.5\t0\t0\t72.5\t0.1\t72.6\nCash dividends ($0.39 per share)\t0\t0\t(23.4)\t0\t0\t(23.4)\t0\t(23.4)\nImpact from settlement of share-based awards net of shares acquired\t0\t0.3\t0\t0\t1.1\t1.4\t0\t1.4\nStock-based compensation expense\t0\t5.7\t0\t0\t0\t5.7\t0\t5.7\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t3.0\t0\t3.0\t0\t3.0\nCurrency translation adjustment\t0\t0\t0\t(33.7)\t0\t(33.7)\t0\t(33.7)\nBALANCE SEPTEMBER 30 2019\t72.4\t310.1\t2247.9\t(469.6)\t(463.3)\t1697.5\t2.5\t1700.0\n", "q10k_tbl_16": "(in millions except share data)\tCommon Shares Issued at Par Value\tCapital Surplus\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\tNoncontrolling Interest\tTotal Equity\nBALANCE DECEMBER 31 2019\t72.4\t315.6\t2112.2\t(483.7)\t(542.8)\t1473.7\t2.6\t1476.3\nNet income\t0\t0\t62.8\t0\t0\t62.8\t0\t62.8\nCash dividends ($0.43 per share)\t0\t0\t(25.5)\t0\t0\t(25.5)\t0\t(25.5)\nReacquisition on open market of 1221233 shares\t0\t0\t0\t0\t(70.0)\t(70.0)\t0\t(70.0)\nImpact from settlement of share-based awards net of shares acquired\t0\t(6.0)\t0\t0\t6.0\t0\t0\t0\nStock-based compensation expense\t0\t5.8\t0\t0\t0\t5.8\t0\t5.8\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t3.6\t0\t3.6\t0\t3.6\nCurrency translation adjustment\t0\t0\t0\t(45.2)\t0\t(45.2)\t(0.3)\t(45.5)\nBALANCE MARCH 31 2020\t72.4\t315.4\t2149.5\t(525.3)\t(606.8)\t1405.2\t2.3\t1407.5\nNet income\t0\t0\t14.8\t0\t0\t14.8\t0\t14.8\nCash dividends ($0.43 per share)\t0\t0\t(24.9)\t0\t0\t(24.9)\t0\t(24.9)\nImpact from settlement of share-based awards net of shares acquired\t0\t(1.4)\t0\t0\t1.9\t0.5\t\t0.5\nStock-based compensation expense\t0\t4.7\t0\t0\t0\t4.7\t0\t4.7\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t3.6\t0\t3.6\t0\t3.6\nCurrency translation adjustment\t0\t0\t0\t17.2\t0\t17.2\t0.2\t17.4\nBALANCE JUNE 30 2020\t72.4\t318.7\t2139.4\t(504.5)\t(604.9)\t1421.1\t2.5\t1423.6\nNet income\t0\t0\t56.6\t0\t0\t56.6\t0\t56.6\nCash dividends ($0.43 per share)\t0\t0\t(24.9)\t0\t0\t(24.9)\t0\t(24.9)\nImpact from settlement of share-based awards net of shares acquired\t0\t0.1\t0\t0\t3.5\t3.6\t\t3.6\nStock-based compensation expense\t0\t5.7\t0\t0\t0\t5.7\t0\t5.7\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t0\t0\t0\t3.4\t0\t3.4\t0\t3.4\nCurrency translation adjustment\t0\t0\t0\t41.0\t0\t41.0\t0.1\t41.1\nBALANCE SEPTEMBER 30 2020\t72.4\t324.5\t2171.1\t(460.1)\t(601.4)\t1506.5\t2.6\t1509.1\n", "q10k_tbl_17": "(in millions)\tDefined Benefit Pension and Postretirement Items*\tCurrency Translation Adjustment\tTotal\nBalance as of December 31 2019\t(366.0)\t(117.7)\t(483.7)\nOther comprehensive income (loss) before reclassifications\t0\t13.2\t13.2\nAmounts reclassified from accumulated other comprehensive loss\t10.4\t0\t10.4\nNet current-period other comprehensive income (loss)\t10.4\t13.2\t23.6\nBalance as of September 30 2020\t(355.6)\t(104.5)\t(460.1)\n", "q10k_tbl_18": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nAmortization of pension items:\t\t\t\t\nPrior-service costs\t(0.1)\t0.1\t(0.2)\t(0.3)\nNet loss\t4.8\t4.8\t14.5\t11.5\nAmortization of postretirement items:\t\t\t\t\nPrior-service costs\t(0.3)\t(0.8)\t(0.8)\t(0.8)\nNet gain\t0\t(0.2)\t0\t(0.2)\nTotal before tax\t4.4\t3.9\t13.5\t10.2\nTax impact\t1.1\t0.9\t3.1\t2.4\nTotal reclassifications for the period\t3.3\t3.0\t10.4\t7.8\n", "q10k_tbl_19": "\tPension\t\tPostretirement\t\n(in millions)\t2020\t2019\t2020\t2019\nService cost\t1.6\t1.4\t0.1\t0.2\nInterest cost\t6.6\t9.1\t0.2\t0.8\nExpected return on plan assets\t(14.7)\t(11.6)\t0\t0\nAmortization of prior service cost\t(0.1)\t0.1\t(0.3)\t(0.8)\nAmortization of net loss (gain)\t4.8\t4.8\t0\t(0.2)\nNet periodic (benefit) cost\t(1.8)\t3.8\t0\t0\n", "q10k_tbl_20": "\tPension\t\tPostretirement\t\n(in millions)\t2020\t2019\t2020\t2019\nService cost\t4.8\t4.1\t0.2\t0.2\nInterest cost\t19.9\t24.5\t0.6\t0.8\nExpected return on plan assets\t(43.5)\t(40.2)\t0\t0\nAmortization of prior service cost\t(0.2)\t(0.3)\t(0.8)\t(0.8)\nAmortization of net loss (gain)\t14.5\t11.5\t0\t(0.2)\nNet periodic benefit\t(4.5)\t(0.4)\t0\t0\n", "q10k_tbl_21": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nEffective Tax Rate\t25.0%\t22.5%\t23.1%\t22.3%\n", "q10k_tbl_22": "(in millions)\tFluid Handling\tPayment & Merchandising Technologies\tAerospace & Electronics\tEngineered Materials\tTotal\nBalance as of December 31 2018\t240.8\t789.2\t202.4\t171.3\t1403.7\nAdditions\t0\t63.4\t0\t0\t63.4\nCurrency translation\t0.1\t5.2\t0\t0\t5.3\nBalance as of December 31 2019\t240.9\t857.8\t202.4\t171.3\t1472.4\nAdditions\t105.5\t0\t0\t0\t105.5\nAdjustments to purchase price allocations\t0\t4.0\t0\t0\t4.0\nCurrency translation\t6.0\t1.9\t0\t0\t7.9\nBalance at September 30 2020\t352.4\t863.7\t202.4\t171.3\t1589.8\n", "q10k_tbl_23": "(in millions)\tNine Months Ended September 30 2020\tYear Ended December 31 2019\nBalance at beginning of period net of accumulated amortization\t505.1\t481.8\nAdditions\t52.5\t66.0\nAmortization expense\t(36.1)\t(40.0)\nCurrency translation\t5.4\t(2.7)\nBalance at end of period net of accumulated amortization\t526.9\t505.1\n", "q10k_tbl_24": "\t\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(in millions)\tWeighted Average Amortization Period of Finite Lived Assets (in years)\tGross Asset\tAccumulated Amortization\tNet\tGross Asset\tAccumulated Amortization\tNet\nIntellectual property rights\t15.6\t136.7\t57.4\t79.3\t134.2\t56.8\t77.4\nCustomer relationships and backlog\t18.4\t656.1\t267.6\t388.5\t603.1\t241.3\t361.8\nDrawings\t40.0\t11.1\t10.5\t0.6\t11.1\t10.5\t0.6\nOther\t11.8\t142.7\t84.2\t58.5\t141.6\t76.3\t65.3\nTotal\t18.0\t946.6\t419.7\t526.9\t890.0\t384.9\t505.1\n", "q10k_tbl_25": "(in millions)\t\nRemainder of 2020\t11.2\n2021\t42.5\n2022\t42.2\n2023\t42.0\n2024 and after\t318.7\n", "q10k_tbl_26": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nEmployee related expenses\t118.9\t120.6\nWarranty\t11.0\t11.0\nCurrent lease liabilities\t23.3\t24.0\nContract liabilities\t79.0\t88.4\nOther\t129.5\t134.2\nTotal\t361.7\t378.2\n", "q10k_tbl_27": "(in millions)\tNine Months Ended September 30 2020\tYear Ended December 31 2019\nBalance at beginning of period\t11.0\t18.2\nExpense\t7.5\t8.9\nChanges due to acquisitions\t0.3\t0\nPayments / deductions\t(7.9)\t(16.0)\nCurrency translation\t0.1\t(0.1)\nBalance at end of period\t11.0\t11.0\n", "q10k_tbl_28": "\tThree Months Ended\t\tNine Months Ended\t\tYear Ended\n\tSeptember 30\t\tSeptember 30\t\tDecember 31\n\t2020\t2019\t2020\t2019\t2019\nBeginning claims\t28927\t28851\t29056\t29089\t29089\nNew claims\t707\t746\t1965\t2190\t2848\nSettlements)\t(152\t(177)\t(581)\t(763)\t(983)\nDismissals)\t(174\t(591)\t(1132)\t(1687)\t(1898)\nEnding claims\t29308\t28829\t29308\t28829\t29056\n", "q10k_tbl_29": "\tThree Months Ended\t\tNine Months Ended\t\tYear Ended\n(in millions)\tSeptember 30\t\tSeptember 30\t\tDecember 31\n\t2020\t2019\t2020\t2019\t2019\nSettlement / indemnity costs incurred (1)\t2.8\t8.8\t18.6\t38.8\t45.5\nDefense costs incurred (1)\t3.5\t5.1\t11.6\t15.4\t20.7\nTotal costs incurred\t6.3\t13.9\t30.2\t54.2\t66.2\nSettlement / indemnity payments\t3.1\t12.0\t20.0\t27.6\t38.9\nDefense payments\t3.9\t5.2\t12.3\t15.4\t21.4\nInsurance receipts\t(2.4)\t(6.2)\t(8.6)\t(14.1)\t(18.8)\nPre-tax cash payments\t4.6\t11.0\t23.7\t28.9\t41.5\n", "q10k_tbl_30": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nCommercial paper\t135.3\t149.4\n364-Day Credit Agreement\t346.1\t0\nTotal short-term borrowings\t481.4\t149.4\n4.45% notes due December 2023\t299.1\t298.9\n6.55% notes due November 2036\t198.4\t198.3\n4.20% notes due March 2048\t346.2\t346.1\nOther deferred financing costs associated with credit facilities\t(1.0)\t(1.3)\nTotal long-term debt\t842.7\t842.0\nDebt discounts and debt issuance costs totaled $6.4 million and $6.7 million as of each of September 30 2020 and December 31 2019 and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.\t\t\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nFluid Handling 1\t0\t0\t4.7\t0.8\nPayment & Merchandising Technologies 2\t0\t1.6\t12.6\t5.4\nAerospace & Electronics 3\t0\t0\t4.7\t(0.1)\nEngineered Materials\t0\t0\t0.6\t0\nTotal restructuring charges net 4\t0\t1.6\t22.6\t6.1\n", "q10k_tbl_32": "\tNine months ended September 30 2020\t\t\tNine months ended September 30 2019\t\t\n(in millions)\tSeverance\tOther\tTotal\tSeverance\tOther\tTotal\nFluid Handling\t4.7\t0\t4.7\t0\t0\t0\nPayment & Merchandising Technologies\t13.8\t1.0\t14.8\t0\t0\t0\nAerospace & Electronics\t4.7\t0\t4.7\t0\t0\t0\nEngineered Materials\t0.6\t0\t0.6\t0\t0\t0\n2020 Repositioning\t23.8\t1.0\t24.8\t0\t0\t0\nFluid Handling\t0\t0\t0\t0.8\t0\t0.8\nPayment & Merchandising Technologies 1\t(1.0)\t(1.5)\t(2.5)\t0.3\t1.4\t1.7\nAerospace & Electronics\t0\t0\t0\t0\t(0.1)\t(0.1)\n2017 Repositioning\t(1.0)\t(1.5)\t(2.5)\t1.1\t1.3\t2.4\nPayment & Merchandising Technologies\t0\t0\t0\t0.9\t2.8\t3.7\nAcquisition-Related Restructuring\t0\t0\t0\t0.9\t2.8\t3.7\nPayment & Merchandising Technologies\t0.3\t0\t0.3\t0\t0\t0\nOther Restructuring\t0.3\t0\t0.3\t0\t0\t0\nTotal\t23.1\t(0.5)\t22.6\t2.0\t4.1\t6.1\n", "q10k_tbl_33": "\tCumulative Restructuring Costs\t\t\tRemaining Costs\t\t\n(in millions)\tSeverance\tOther\tTotal\t2020\t2021\tTotal\nFluid Handling\t4.7\t0\t4.7\t0\t0\t0\nPayment & Merchandising Technologies\t13.8\t1.0\t14.8\t0\t0\t0\nAerospace & Electronics\t4.7\t0\t4.7\t0\t0\t0\nEngineered Materials\t0.6\t0\t0.6\t0\t0\t0\n2020 Repositioning\t23.8\t1.0\t24.8\t0\t0\t0\nFluid Handling\t9.9\t0\t9.9\t3.8\t4.2\t8.7\n2019 Repositioning\t9.9\t0\t9.9\t3.8\t4.2\t8.7\nFluid Handling\t17.3\t0\t17.3\t0.8\t0\t0.8\nPayment & Merchandising Technologies\t11.6\t0.7\t12.3\t0\t0\t0\nAerospace & Electronics\t1.3\t(1.4)\t(0.1)\t0\t0\t0\n2017 Repositioning\t30.2\t(0.7)\t29.5\t0.8\t0\t0.8\n", "q10k_tbl_34": "(in millions)\t2020 Repositioning\t2019 Repositioning\t2017 Repositioning\tOther Restructuring\tTotal\nSeverance:\t\t\t\t\t\nBalance at December 31 2019\t0\t9.9\t12.5\t0\t22.4\nExpense (Gain)1\t23.8\t0\t(1.0)\t0.3\t23.1\nUtilization\t(18.8)\t0\t(2.6)\t(0.3)\t(21.7)\nBalance at September 30 2020 2\t5.0\t9.9\t8.9\t0\t23.8\nOther Restructuring Costs:\t\t\t\t\t\nBalance at December 31 2019\t0\t0\t0.2\t0\t0.2\nExpense (Gain)1\t1.0\t0\t(1.5)\t0\t(0.5)\nUtilization\t(1.0)\t0\t1.3\t0\t0.3\nBalance at September 30 2020\t0\t0\t0\t0\t0\n", "q10k_tbl_35": "\tThird Quarter\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales\t734.8\t772.3\t(37.5)\t(4.9)%\nOperating profit\t84.9\t109.3\t(24.4)\t(22.3)%\nAcquisition-related and integration charges *\t2.7\t0.2\t2.5\tNM\nRestructuring and related charges *\t1.4\t4.2\t(2.8)\t(66.7)%\nOperating margin\t11.6%\t14.2%\t\t\nOther income (expense):\t\t\t\t\nInterest income\t0.6\t0.6\t0\t0\nInterest expense\t(14.4)\t(11.7)\t(2.7)\t(23.1)%\nMiscellaneous income (expense) net\t4.3\t(4.5)\t8.8\tNM\n\t(9.5)\t(15.6)\t6.1\t39.1%\nIncome before income taxes\t75.4\t93.7\t(18.3)\t(19.5)%\nProvision for income taxes\t18.8\t21.1\t(2.3)\t(10.9)%\nNet income before allocation to noncontrolling interests\t56.6\t72.6\t(16.0)\t(22.0)%\nLess: Noncontrolling interest in subsidiaries' earnings\t0\t0.1\t(0.1)\tNM\nNet income attributable to common shareholders\t56.6\t72.5\t(15.9)\t(21.9)%\n* Acquisition-related and integration charges and restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_36": "\tThree Months Ended\t\n\tSeptember 30\t\n(in millions)\t2020\t2019\nNet income before allocation to noncontrolling interests\t56.6\t72.6\nComponents of other comprehensive income (loss) net of tax\t\t\nCurrency translation adjustment\t41.0\t(33.7)\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t3.4\t3.0\nOther comprehensive income (loss) net of tax\t44.4\t(30.7)\nComprehensive income before allocation to noncontrolling interests\t101.0\t41.9\nLess: Noncontrolling interests in comprehensive income\t0.1\t0\nComprehensive income attributable to common shareholders\t100.9\t41.9\n", "q10k_tbl_37": "\tThird Quarter\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nProcess Valves and Related Products\t153.9\t163.3\t(9.4)\t(5.7)%\nCommercial Valves\t76.1\t88.8\t(12.7)\t(14.3)%\nPumps and Systems\t22.3\t24.0\t(1.7)\t(7.1)%\nTotal net sales\t252.3\t276.1\t(23.8)\t(8.6)%\nOperating profit\t25.9\t35.4\t(9.5)\t(26.8)%\nAcquisition-related and integration charges *\t1.7\t0\t1.7\tNM\nRestructuring and related charges *\t1.2\t2.6\t(1.4)\t(53.8)%\nOperating margin\t10.3%\t12.8%\t\t\n* Acquisition-related and integration charges and restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_38": "\tThird Quarter\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nPayment Acceptance and Dispensing Products 1\t161.6\t197.0\t(35.4)\t(18.0)%\nBanknotes and Security Products\t115.6\t51.9\t63.7\t122.7%\nTotal net sales\t277.2\t248.9\t28.3\t11.4%\nOperating profit\t40.5\t35.1\t5.4\t15.4%\nAcquisition-related and integration charges *\t1.0\t0.1\t0.9\tNM\nRestructuring and related charges *\t0.2\t0.9\t(0.7)\tNM\nOperating margin\t14.6%\t14.1%\t\t\n1 As a result of an internal merger of the CMS business into the vending vertical of the CPI business Payment Acceptance and Dispensing Products now includes Merchandising Equipment (See Note 3). Prior periods have been reclassified to conform to the current period presentation.\t\t\t\t\n* Acquisition-related and integration charges and restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_39": "\tThird Quarter\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nCommercial Original Equipment\t47.5\t85.9\t(38.4)\t(44.7)%\nMilitary Original Equipment\t70.9\t55.4\t15.5\t28.0%\nCommercial Aftermarket Products\t20.2\t41.8\t(21.6)\t(51.7)%\nMilitary Aftermarket Products\t18.4\t14.1\t4.3\t30.5%\nTotal net sales\t157.0\t197.2\t(40.2)\t(20.4)%\nOperating profit\t24.5\t47.2\t(22.7)\t(48.1)%\nRestructuring and related charges*\t0\t0.7\t(0.7)\tNM\nOperating margin\t15.6%\t23.9%\t\t\n* Restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_40": "\tThird Quarter\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nFRP- Recreational Vehicles\t21.9\t19.7\t2.2\t11.2%\nFRP- Building Products\t20.2\t22.8\t(2.6)\t(11.4)%\nFRP- Transportation\t6.2\t7.6\t(1.4)\t(18.4)%\nTotal net sales\t48.3\t50.1\t(1.8)\t(3.6)%\nOperating profit\t9.0\t5.9\t3.1\t52.5%\nOperating margin\t18.6%\t11.8%\t\t\n* Restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_41": "\tYear-to-Date\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales\t2210.5\t2445.6\t(235.1)\t(9.6)%\nOperating profit\t204.0\t345.8\t(141.8)\t(41.0)%\nAcquisition-related and integration charges *\t10.3\t3.7\t6.6\t178.4%\nRestructuring and related charges net *\t26.5\t15.4\t11.1\t72.1%\nOperating margin\t9.2%\t14.1%\t\t\nOther income (expense):\t\t\t\t\nInterest income\t1.3\t1.9\t(0.6)\t(31.6)%\nInterest expense\t(41.3)\t(35.0)\t(6.3)\t(18.0)%\nMiscellaneous income (expense) net\t10.6\t3.9\t6.7\t171.8%\n\t(29.4)\t(29.2)\t(0.2)\t(0.7)%\nIncome before income taxes\t174.6\t316.6\t(142.0)\t(44.9)%\nProvision for income taxes\t40.4\t70.5\t(30.1)\t(42.7)%\nNet income before allocation to noncontrolling interests\t134.2\t246.1\t(111.9)\t(45.5)%\nLess: Noncontrolling interest in subsidiaries' earnings\t0\t0.2\t(0.2)\tNM\nNet income attributable to common shareholders\t134.2\t245.9\t(111.7)\t(45.4)%\n* Acquisition-related and integration charges and restructuring and related charges net are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_42": "\tNine Months Ended\t\n\tSeptember 30\t\n(in millions)\t2020\t2019\nNet income before allocation to noncontrolling interests\t134.2\t246.1\nComponents of other comprehensive income (loss) net of tax\t\t\nCurrency translation adjustment\t13.2\t(29.8)\nChanges in pension and postretirement plan assets and benefit obligation net of tax\t10.4\t7.8\nOther comprehensive income (loss) net of tax\t23.6\t(22.0)\nComprehensive income before allocation to noncontrolling interests\t157.8\t224.1\nLess: Noncontrolling interests in comprehensive income\t0\t(0.1)\nComprehensive income attributable to common shareholders\t157.8\t224.2\n", "q10k_tbl_43": "\tYear-to-Date\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nProcess Valves and Related Products\t471.7\t513.7\t(42.0)\t(8.2)%\nCommercial Valves\t210.3\t253.2\t(42.9)\t(16.9)%\nPumps and Systems\t66.2\t73.5\t(7.3)\t(9.9)%\nTotal net sales\t748.2\t840.4\t(92.2)\t(11.0)%\nOperating profit\t74.1\t106.8\t(32.7)\t(30.6)%\nAcquisition-related and integration charges *\t5.0\t0\t5.0\tNM\nRestructuring and related charges *\t7.7\t7.3\t0.4\t5.5%\nOperating margin\t9.9%\t12.7%\t\t\n* Acquisition-related and integration charges and restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_44": "\tYear-to-Date\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nPayment Acceptance and Dispensing Products 1\t505.7\t604.7\t(99.0)\t(16.4)%\nBanknotes and Security Products\t316.4\t239.0\t77.4\t32.4%\nTotal net sales\t822.1\t843.7\t(21.6)\t(2.6)%\nOperating profit\t68.9\t124.8\t(55.9)\t(44.8)%\nAcquisition-related and integration charges *\t5.1\t1.6\t3.5\t218.8%\nRestructuring and related charges net *\t13.5\t5.7\t7.8\t136.8%\nOperating margin\t8.4%\t14.8%\t\t\n1 As a result of an internal merger of the CMS business into the vending vertical of the CPI business Payment Acceptance and Dispensing Products now includes Merchandising Equipment (See Note 3). Prior periods have been reclassified to conform to the current period presentation.\t\t\t\t\n* Acquisition-related and integration charges and restructuring and related charges net are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_45": "\tYear-to-Date\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nCommercial Original Equipment\t180.0\t267.6\t(87.6)\t(32.7)%\nMilitary Original Equipment\t196.8\t162.3\t34.5\t21.3%\nCommercial Aftermarket Products\t74.4\t121.4\t(47.0)\t(38.7)%\nMilitary Aftermarket Products\t56.1\t45.0\t11.1\t24.7%\nTotal net sales\t507.3\t596.3\t(89.0)\t(14.9)%\nOperating profit\t87.8\t141.4\t(53.6)\t(37.9)%\nRestructuring and related charges*\t4.7\t2.4\t2.3\t95.8%\nOperating margin\t17.3%\t23.7%\t\t\n* Restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_46": "\tYear-to-Date\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet sales by product line:\t\t\t\t\nFRP- Recreational Vehicles\t50.6\t68.4\t(17.8)\t(26.0)%\nFRP- Building Products\t64.4\t70.5\t(6.1)\t(8.7)%\nFRP- Transportation\t17.9\t26.3\t(8.4)\t(31.9)%\nTotal net sales\t132.9\t165.2\t(32.3)\t(19.6)%\nOperating profit\t17.7\t22.8\t(5.1)\t(22.4)%\nRestructuring and related charges*\t0.6\t0\t0.6\tNM\nOperating margin\t13.3%\t13.8%\t\t\n* Restructuring and related charges are included in operating profit and operating margin.\t\t\t\t\n", "q10k_tbl_47": "\tNine Months Ended\t\n\tSeptember 30\t\n(in millions)\t2020\t2019\nNet cash provided by (used for):\t\t\nOperating activities\t208.1\t171.0\nInvesting activities\t(245.9)\t(48.7)\nFinancing activities\t187.3\t(69.0)\nEffect of foreign currency exchange rate changes on cash and cash equivalents\t1.2\t(7.9)\nIncrease in cash and cash equivalents\t150.7\t45.4\n", "q10k_tbl_48": "Exhibit 31.1*\tCertification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a)\nExhibit 31.2*\tCertification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a)\nExhibit 32.1**\tCertification of Chief Executive Officer pursuant to Rule 13a-14(b) or 15d-14(b)\nExhibit 32.2**\tCertification of Chief Financial Officer pursuant to Rule 13a-14(b) or 15d-14(b)\n101.INS\tXBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema (filed herewith)\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase (filed herewith)\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase (filed herewith)\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_2", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
Commission File Number: 1-1657
CRANE CO.
(Exact name of registrant as specified in its charter)
Delaware
13-1952290
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer
Identification No.)
100 First Stamford Place
Stamford
CT
06902
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: 203-363-7300
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $1.00
CR
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
(check one):
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the issuer’s classes of common stock, as of September 30, 2020
Net income before allocation to noncontrolling interests
56.6
72.6
134.2
246.1
Less: Noncontrolling interest in subsidiaries’ earnings
—
0.1
—
0.2
Net income attributable to common shareholders
$
56.6
$
72.5
$
134.2
$
245.9
Earnings per share:
Basic
$
0.97
$
1.21
$
2.30
$
4.11
Diluted
$
0.97
$
1.19
$
2.28
$
4.05
Average shares outstanding:
Basic
58.1
60.0
58.4
59.9
Diluted
58.5
60.8
58.9
60.8
Dividends per share
$
0.43
$
0.39
$
1.29
$
1.17
See Notes to Condensed Consolidated Financial Statements.
Page 1
CRANE CO. AND SUBSIDIARIES
CONDENSEDCONSOLIDATEDSTATEMENTSOF COMPREHENSIVE INCOME
(INMILLIONS)
(UNAUDITED)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net income before allocation to noncontrolling interests
$
56.6
$
72.6
$
134.2
$
246.1
Components of other comprehensive income (loss), net of tax
Currency translation adjustment
41.0
(33.7
)
13.2
(29.8
)
Changes in pension and postretirement plan assets and benefit obligation, net of tax
3.4
3.0
10.4
7.8
Other comprehensive income (loss), net of tax
44.4
(30.7
)
23.6
(22.0
)
Comprehensive income before allocation to noncontrolling interests
101.0
41.9
157.8
224.1
Less: Noncontrolling interests in comprehensive income
0.1
—
—
(0.1
)
Comprehensive income attributable to common shareholders
$
100.9
$
41.9
$
157.8
$
224.2
See Notes to Condensed Consolidated Financial Statements.
Page 2
CRANE CO. AND SUBSIDIARIES
CONDENSEDCONSOLIDATED BALANCE SHEETS
(INMILLIONS)
(UNAUDITED)
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
544.6
$
393.9
Accounts receivable, net
439.5
555.1
Current insurance receivable - asbestos
14.1
14.1
Inventories, net:
Finished goods
134.1
130.6
Finished parts and subassemblies
62.2
66.1
Work in process
45.1
47.7
Raw materials
214.6
212.9
Inventories, net
456.0
457.3
Other current assets
167.9
79.5
Total current assets
1,622.1
1,499.9
Property, plant and equipment:
Cost
1,266.2
1,256.9
Less: accumulated depreciation
670.6
640.6
Property, plant and equipment, net
595.6
616.3
Long-term insurance receivable - asbestos
74.5
83.6
Long-term deferred tax assets
7.0
35.1
Other assets
207.1
211.3
Intangible assets, net
526.9
505.1
Goodwill
1,589.8
1,472.4
Total assets
$
4,623.0
$
4,423.7
See Notes to Condensed Consolidated Financial Statements.
Page 3
CRANE CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(INMILLIONS, EXCEPTSHAREANDPERSHAREDATA)
(UNAUDITED)
September 30, 2020
December 31, 2019
Liabilities and equity
Current liabilities:
Short-term borrowings
$
481.4
$
149.4
Accounts payable
225.8
311.1
Current asbestos liability
65.0
65.0
Accrued liabilities
361.7
378.2
U.S. and foreign taxes on income
9.2
13.0
Total current liabilities
1,143.1
916.7
Long-term debt
842.7
842.0
Accrued pension and postretirement benefits
283.1
298.4
Long-term deferred tax liability
54.4
55.8
Long-term asbestos liability
614.2
646.6
Other liabilities
176.4
187.9
Total liabilities
3,113.9
2,947.4
Commitments and contingencies (Note 11)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized
—
—
Common shares, par value $1.00; 200,000,000 shares authorized, 72,426,139 shares issued
72.4
72.4
Capital surplus
324.5
315.6
Retained earnings
2,171.1
2,112.2
Accumulated other comprehensive loss
(460.1
)
(483.7
)
Treasury stock
(601.4
)
(542.8
)
Total shareholders’ equity
1,506.5
1,473.7
Noncontrolling interests
2.6
2.6
Total equity
1,509.1
1,476.3
Total liabilities and equity
$
4,623.0
$
4,423.7
Share data:
Common shares issued
72,426,139
72,426,139
Less: Common shares held in treasury
14,318,093
13,423,934
Common shares outstanding
58,108,046
59,002,205
See Notes to Condensed Consolidated Financial Statements.
Page 4
CRANE CO. AND SUBSIDIARIES
CONDENSEDCONSOLIDATEDSTATEMENTSOF CASH FLOWS
(INMILLIONS)
(UNAUDITED)
Nine Months Ended
September 30,
2020
2019
Operating activities:
Net income attributable to common shareholders
$
134.2
$
245.9
Noncontrolling interests in subsidiaries’ earnings
—
0.2
Net income before allocation to noncontrolling interests
134.2
246.1
Loss on deconsolidation of joint venture
—
1.2
Realized gain on marketable securities
—
(1.1
)
Depreciation and amortization
95.3
84.2
Stock-based compensation expense
16.2
16.8
Defined benefit plans and postretirement credit
(4.5
)
(0.4
)
Deferred income taxes
7.5
18.8
Cash used for operating working capital
(8.2
)
(157.1
)
Defined benefit plans and postretirement contributions
(3.1
)
(6.0
)
Environmental payments, net of reimbursements
(2.9
)
(6.5
)
Asbestos related payments, net of insurance recoveries
(23.7
)
(29.0
)
Other
(2.7
)
4.0
Total provided by operating activities
208.1
171.0
Investing activities:
Payment for acquisition - net of cash acquired
(169.2
)
—
Purchase of marketable securities
(60.0
)
(8.8
)
Proceeds from sale of marketable securities
—
9.9
Proceeds from disposition of capital assets
3.9
1.3
Capital expenditures
(20.6
)
(50.9
)
Impact of deconsolidation of joint venture
—
(0.2
)
Total used for investing activities
(245.9
)
(48.7
)
Financing activities:
Dividends paid
(75.4
)
(70.1
)
Reacquisition of shares on open market
(70.0
)
—
Stock options exercised - net of shares reacquired
4.2
2.6
Debt issuance costs
(1.3
)
—
Proceeds received from issuance of long-term debt
—
3.0
Repayment of long-term debt
—
(4.5
)
Proceeds from issuance of commercial paper with maturities greater than 90 days
251.3
—
Repayments of commercial paper with maturities greater than 90 days
(188.6
)
—
Net repayments of commercial paper with maturities of 90 days or less
(76.8
)
—
Proceeds from revolving credit facility
77.2
—
Repayments from revolving credit facility
(77.2
)
—
Proceeds from term loan
343.9
—
Total provided by (used for) financing activities
187.3
(69.0
)
Effect of exchange rates on cash and cash equivalents
1.2
(7.9
)
Increase in cash and cash equivalents
150.7
45.4
Cash and cash equivalents at beginning of period
393.9
343.4
Cash and cash equivalents at end of period
$
544.6
$
388.8
Detail of cash used for operating working capital:
Accounts receivable
$
123.6
$
(24.1
)
Inventories
6.7
(48.9
)
Other current assets
(18.8
)
3.7
Accounts payable
(90.9
)
(69.2
)
Accrued liabilities
(19.7
)
(38.5
)
U.S. and foreign taxes on income
(9.1
)
19.9
Total
$
(8.2
)
$
(157.1
)
Supplemental disclosure of cash flow information:
Interest paid
$
35.2
$
31.7
Income taxes paid
$
42.0
$
32.7
See Notes to Condensed Consolidated Financial Statements.
Page 5
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2019.
Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures.
Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements - Not Yet Adopted
Simplifying the Accounting for Income Taxes
In December 2019, the Financial Accounting Standards Board (“FASB”) issued amended guidance to simplify the accounting for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. We are currently evaluating the timing and impact of the amended guidance on our consolidated financial statements.
Disclosure Requirements for Defined Benefit Plans
In August 2018, the FASB issued amended guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amended guidance removes the requirements to disclose: amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year; the amount and timing of plan assets expected to be returned to the entity; and the effects of a one-percentage point change in assumed health care cost trend rates. The amended guidance requires disclosure of an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This guidance is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The amended guidance is required to be applied on a retrospective basis to all periods presented. We do not expect that the amended guidance will have a material effect on our disclosures when we adopt this standard effective December 31, 2020.
Recent Accounting Pronouncements - Adopted
Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued amended guidance that changes the impairment model for most financial assets and certain other instruments. For trade receivables, contract assets and other receivables, held-to-maturity debt securities, loans and other instruments, entities are required to use a current expected credit loss ("CECL") model that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. The CECL model is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect collectability.
On January 1, 2020, we adopted the new CECL standard and developed an expected impairment model based on our historical loss experience. We believe that our previous methodology to calculate credit losses is generally consistent with the new expected credit loss model and did not result in a material adjustment upon adoption. The allowance for doubtful accounts was $15.3 million and $7.2 million as of September 30, 2020 and December 31, 2019, respectively.
Note 2 - Acquisitions
Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, we are able to refine estimates of fair value and more accurately allocate the purchase price. Only
Page 6
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
items identified as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.
In order to allocate the consideration transferred for our acquisitions, the fair values of all identifiable assets and liabilities must be established. For accounting and financial reporting purposes, fair value is defined under ASC Topic 820, “Fair Value Measurement and Disclosure” as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results.
Cummins-Allison Acquisition
On December 31, 2019, we completed the acquisition of Cummins-Allison Corp. (“Cummins-Allison”). The base purchase price of the acquisition was $160 million on a cash-free, debt-free basis, subject to a later adjustment reflecting Cummins-Allison’s net working capital, cash, and Cummins-Allison’s transaction expenses. The amount paid, net of cash acquired, was $156.2 million. We funded the acquisition through short-term borrowings consisting of $150 million of commercial paper, and cash on hand.
Cummins-Allison is a leading provider of high speed cash and coin counting and sorting machines and retail cash office solutions which are primarily used in back-office applications. Cummins-Allison also has a nationwide service network to support these hardware sales. Cummins-Allison is being integrated into the Payment & Merchandising Technologies segment. The amount allocated to goodwill reflects the expected synergies related to material costs, supply chain manufacturing productivity and research and development. Goodwill from this acquisition is not deductible for tax purposes.
Allocation of Consideration Transferred to Net Assets Acquired
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of Cummins-Allison. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The changes to the preliminary purchase price allocation primarily relate to the valuation of inventory. We have not yet completed our evaluation and determination of certain assets acquired and liabilities assumed, primarily related to the final assessment and valuation of certain tax amounts. Therefore, the final fair values of the assets acquired and liabilities assumed may vary from our preliminary estimates presented below:
Net assets acquired (in millions)
Total current assets
$
87.4
Property, plant and equipment
26.4
Other assets
12.0
Intangible assets
66.0
Goodwill
58.7
Total assets acquired
$
250.5
Total current liabilities
$
66.9
Other liabilities
27.4
Total assumed liabilities
$
94.3
Net assets acquired
$
156.2
Page 7
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair Value
Weighted Average Life
Trademarks/trade names
$
3.0
7
Customer relationships
54.5
18
Product technology
8.5
10
Total acquired intangible assets
$
66.0
The fair values of the trademark and trade name intangible assets were determined by using an income approach, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of Cummins-Allison’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to our ownership. The trade name Cummins Allison is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of seven years.
The fair values of the customer relationships intangible assets were determined by using an income approach which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship asset is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 18 years.
The fair values of the product technology intangible assets were also determined by the relief-from-royalty approach. Similarly, this approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of the technology. Therefore, a portion of Cummins-Allison’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the firm’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 10 years.
Supplemental Pro Forma Data
The following unaudited pro forma combined information assumes that the acquisition was completed on January 1, 2019. The unaudited pro forma consolidated net sales for the three and nine months ended September 30, 2019 would have been $821.9 million and $2,590.9 million, respectively. The unaudited pro forma consolidated net sales are provided for illustrative purposes only and are not indicative of our actual consolidated results of operations or consolidated financial position. Consolidated pro forma net income attributable to common shareholders has not been presented since the impact is not material to our financial results.
Instrumentation & Sampling Business Acquisition
On January 31, 2020, we completed the acquisition of CIRCOR International, Inc.’s Instrumentation & Sampling Business (“I&S”) for $172.3 million on a cash-free and debt-free basis, subject to a later adjustment reflecting I&S' net working capital, cash, the assumption of certain debt-like items, and I&S' transaction expenses. We funded the acquisition through short-term borrowings consisting of $100 million of commercial paper and $67 million from our revolving credit facility, and cash on hand. In August 2020, we received $3.1 million related to the final working capital adjustment which resulted in net cash paid of $169.2 million.
I&S designs, engineers and manufactures a broad range of critical fluid control instrumentation and sampling solutions used in severe service environments which complements our existing portfolio of chemical, refining, petrochemical and upstream oil and gas applications. I&S is being integrated into the Fluid Handling segment. The amount allocated to goodwill reflects the expected sales synergies, manufacturing efficiency and procurement savings. Goodwill from this acquisition is not deductible for tax purposes.
Page 8
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Allocation of Consideration Transferred to Net Assets Acquired
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of I&S. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805. We have not yet completed our evaluation and determination of certain assets acquired and liabilities assumed, primarily related to the final assessment and valuation of certain tax amounts. Any potential adjustments made could be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Total current assets
$
21.0
Property, plant and equipment
11.7
Other assets
5.9
Intangible assets
52.5
Goodwill
105.5
Total assets acquired
$
196.6
Total current liabilities
$
8.1
Other liabilities
19.3
Total assumed liabilities
$
27.4
Net assets acquired
$
169.2
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair Value
Weighted Average Life
Trademarks/trade names
$
2.6
13
Customer relationships
49.0
14
Backlog
0.9
1
Total acquired intangible assets
$
52.5
The fair values of the trademark and trade name intangible assets were determined by using an income approach, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of I&S’ earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to our ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 13 years.
The fair values of the customer relationships and backlog intangible assets were determined by using an income approach which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship asset is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 14 years.
Supplemental Pro Forma Data
I&S’ results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on January 31, 2020. Consolidated pro forma revenue and net income attributable to common shareholders has not been presented since the impact is not material to our financial results for either period.
Page 9
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Acquisition-Related Costs
Acquisition-related costs are expensed as incurred. For the three months ended September 30, 2020 and 2019, we recorded $2.7 million and $0.2 million, respectively, of integration and transaction costs in our Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2020 and 2019, we recorded $10.3 million and $3.7 million, respectively, of integration and transaction costs in our Condensed Consolidated Statements of Operations.
Note 3 - Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reportable segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.
A brief description of each of our 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 Pumps and Systems. 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. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. The acquisition of I&S is being integrated into Process Valves and Related Products business. See discussion in Note 2, “Acquisitions” for further details.
Payment & Merchandising Technologies
The Payment & Merchandising Technologies segment consists of CPI and Crane Currency. CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, and for certain vertical markets, it also provides currency handling and processing systems, complete cash and cashless payment and merchandising solutions, equipment service solutions, and fully connected managed service solutions. Crane Currency is a supplier of banknotes and highly engineered banknote security features.
In the third quarter of 2020, we completed an internal merger to consolidate the Crane Merchandising Systems (“CMS”) business into the vending vertical within the Crane Payment Innovations (“CPI”) business. This internal merger will enable improved coordination and collaboration while delivering increasingly integrated connectivity solutions to our customers.
The acquisition of Cummins-Allison is being integrated into our CPI business. See discussion in Note 2, “Acquisitions” for further details.
Aerospace & Electronics
The 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
The Engineered Materials segment manufactures fiberglass-reinforced plastic 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).
Page 10
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2020 and 2019, operating profit includes acquisition-related and integration charges and restructuring charges, net. See Note 2, “Acquisitions” for discussion of the acquisition-related costs. See Note 14, “Restructuring” for discussion of the restructuring charges, net.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2020
2019
2020
2019
Net sales
Fluid Handling
$
252.3
$
276.1
$
748.2
$
840.4
Payment & Merchandising Technologies
277.2
248.9
822.1
843.7
Aerospace & Electronics
157.0
197.2
507.3
596.3
Engineered Materials
48.3
50.1
132.9
165.2
Total
$
734.8
$
772.3
$
2,210.5
$
2,445.6
Operating profit (loss)
Fluid Handling
$
25.9
$
35.4
$
74.1
$
106.8
Payment & Merchandising Technologies
40.5
35.1
68.9
124.8
Aerospace & Electronics
24.5
47.2
87.8
141.4
Engineered Materials
9.0
5.9
17.7
22.8
Corporate
(15.0
)
(14.3
)
(44.5
)
(50.0
)
Total
84.9
109.3
204.0
345.8
Interest income
0.6
0.6
1.3
1.9
Interest expense
(14.4
)
(11.7
)
(41.3
)
(35.0
)
Miscellaneous income (expense), net
4.3
(4.5
)
10.6
3.9
Income before income taxes
$
75.4
$
93.7
$
174.6
$
316.6
(in millions)
September 30, 2020
December 31, 2019
Assets
Fluid Handling
$
1,131.3
$
941.6
Payment & Merchandising Technologies
2,206.3
2,303.4
Aerospace & Electronics
614.5
638.1
Engineered Materials
222.4
219.6
Corporate
448.5
321.0
Total
$
4,623.0
$
4,423.7
(in millions)
September 30, 2020
December 31, 2019
Goodwill
Fluid Handling
$
352.4
$
240.9
Payment & Merchandising Technologies
863.7
857.8
Aerospace & Electronics
202.4
202.4
Engineered Materials
171.3
171.3
Total
$
1,589.8
$
1,472.4
Page 11
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment: