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Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Computation Of Basic And Diluted Earnings Per Share |
(in millions, except per share data) For the year ended December 31, |  | 2022 |  | 2021 |  | 2020
Net income attributable to common shareholders |  | $ | 401.1 |  |  | $ | 435.4 |  |  | $ | 181.0 |
Average basic shares outstanding |  | 56.4 |  |  | 58.4 |  |  | 58.3 |
Effect of dilutive share-based awards |  | 0.8 |  |  | 0.8 |  |  | 0.5 |
Average diluted shares outstanding |  | 57.2 |  |  | 59.2 |  |  | 58.8 |
Basic earnings per share |  | $ | 7.11 |  |  | $ | 7.46 |  |  | $ | 3.10 |
Diluted earnings per share |  | $ | 7.01 |  |  | $ | 7.36 |  |  | $ | 3.08 |
Summary Of Inventories | Inventories consist of the following:
(in millions) December 31, |  | 2022 |  | 2021
Finished goods |  | $ | 83.3 |  |  | $ | 147.3 |
Finished parts and subassemblies |  | 70.7 |  |  | 59.5 |
Work in process |  | 39.9 |  |  | 37.0 |
Raw materials |  | 245.9 |  |  | 205.3 |
Total inventories, net |  | $ | 439.8 |  |  | $ | 449.1 |
Summary Of Property, Plant And Equipment, Net | Property, plant and equipment, net consists of the following:
(in millions) December 31, |  | 2022 |  | 2021
Land |  | $ | 76.4 |  |  | $ | 80.8 |
Buildings and improvements |  | 284.5 |  |  | 281.5 |
Machinery and equipment |  | 889.9 |  |  | 926.2 |
Gross property, plant and equipment |  | 1,250.8 |  |  | 1,288.5 |
Less: accumulated depreciation |  | 740.9 |  |  | 732.9 |
Property, plant and equipment, net |  | $ | 509.9 |  |  | $ | 555.6 |
Schedule Of Changes To Goodwill | Changes to goodwill are as follows:
(in millions) | Aerospace & Electronics | Process Flow Technologies | Payment & Merchandising Technologies | Engineered Materials | Total
Balance as of December 31, 2020 | $ | 202.5 |  | $ | 360.0 |  | $ | 875.2 |  | $ | 171.3 |  | $ | 1,609.0 |
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 |  | $ | 171.3 |  | $ | 1,583.8 |
Disposal on sale of business | — |  | (22.3) |  | — |  | — |  | $ | (22.3) |
Currency translation | (0.2) |  | (9.8) |  | (24.0) |  | — |  | $ | (34.0) |
Balance as of December 31, 2022 | $ | 202.3 |  | $ | 317.3 |  | $ | 836.6 |  | $ | 171.3 |  | $ | 1,527.5 |
Schedule Of Changes To Intangible Assets | Changes to intangible assets are as follows:
(in millions) December 31, | 2022 | 2021 | 2020
Balance at beginning of period, net of accumulated amortization | $ | 467.1 |  | $ | 520.3 |  | $ | 505.1 |
Additions | — |  | — |  | 52.5 |
Amortization expense | (41.7) |  | (44.5) |  | (48.4) |
Currency translation and other | (8.8) |  | (8.7) |  | 11.1 |
Balance at end of period, net of accumulated amortization | $ | 416.6 |  | $ | 467.1 |  | $ | 520.3 |
Summary Of Intangible Assets | A summary of intangible assets follows:
(in millions) | Weighted Average Amortization Period of Finite Lived Assets (in years) |  | December 31, 2022 |  | December 31, 2021
| Gross Asset | Accumulated Amortization | Net |  | Gross Asset | Accumulated Amortization | Net
Intellectual property rights | 15.1 |  | $ | 132.1 |  | $ | 59.1 |  | $ | 73.0 |  |  | $ | 136.8 |  | $ | 59.2 |  | $ | 77.6 |
Customer relationships and backlog | 18.4 |  | 635.5 |  | 329.8 |  | 305.7 |  |  | 651.7 |  | 308.8 |  | 342.9 |
Drawings | 40.0 |  | 11.1 |  | 10.7 |  | 0.4 |  |  | 11.1 |  | 10.6 |  | 0.5 |
Other | 11.7 |  | 141.3 |  | 103.8 |  | 37.5 |  |  | 142.1 |  | 96.0 |  | 46.1 |
Total | 17.9 |  | $ | 920.0 |  | $ | 503.4 |  | $ | 416.6 |  |  | $ | 941.7 |  | $ | 474.6 |  | $ | 467.1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense associated with intangibles is expected to be:
Year | (in millions)
2023 | $ | 41.8 |
2024 | $ | 41.0 |
2025 | $ | 35.7 |
2026 | $ | 35.5 |
2027 | $ | 33.9 |
2028 and after | $ | 161.4 |
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, 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 (loss) income before reclassifications | 78.0 |  |  | (69.8) |  |  | 8.2 |
| Amounts reclassified from accumulated other comprehensive loss | 18.0 |  |  | — |  |  | 18.0 |
Net period other comprehensive (loss) income | 96.0 |  |  | (69.8) |  |  | 26.2 |
Balance as of December 31, 2021 | (301.9) |  |  | (138.3) |  |  | (440.2) |
| Other comprehensive income (loss) before reclassifications | 19.5 |  |  | (93.1) |  |  | (73.6) |
| Amounts reclassified from accumulated other comprehensive loss | 10.5 |  |  | — |  |  | 10.5 |
Net period other comprehensive income (loss) | 30.0 |  |  | (93.1) |  |  | (63.1) |
Balance as of December 31, 2022 | $ | (271.9) |  |  | $ | (231.4) |  |  | $ | (503.3) |
(a) | Net of tax benefit of $106.6 million , $117.9 million and $148.2 million for 2022, 2021, and 2020, 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, 2022, 2021 and 2020. 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, |  | 2022 |  | 2021 |  | 2020
Amortization of pension items: |  |  |  |  |  |
Prior service costs |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.3) |
Net loss |  | 15.2 |  |  | 23.4 |  |  | 19.1 |
Amortization of postretirement items: |  |  |  |  |  |
Prior service costs |  | (1.1) |  |  | (1.1) |  |  | (1.1) |
Total before tax |  | $ | 14.0 |  |  | $ | 22.2 |  |  | $ | 17.7 |
Tax impact |  | 3.5 |  |  | 4.2 |  |  | 3.9 |
Total reclassifications for the period |  | $ | 10.5 |  |  | $ | 18.0 |  |  | $ | 13.8 |

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