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Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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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 |

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