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Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Earnings Per Share |
(in millions, except per share data) For the year ended December 31, |  | 2023 |  | 2022 |  | 2021
Net income attributable to common shareholders |  | $ | 188.3 |  |  | $ | 204.9 |  |  | $ | 178.0 |
Average basic shares outstanding |  | 56.8 |  | 56.7 |  | 56.7
Effect of dilutive share-based awards |  | 0.7 |  | — |  | —
Average diluted shares outstanding |  | 57.5 |  | 56.7 |  | 56.7
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, |  | 2023 |  | 2022
Finished goods |  | $ | 35.6 |  |  | $ | 26.2 |
Finished parts and subassemblies |  | 22.7 |  |  | 23.0 |
Work in process |  | 6.4 |  |  | 12.7 |
Raw materials |  | 92.4 |  |  | 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, |  | 2023 |  | 2022
Land |  | $ | 34.8 |  |  | $ | 31.0 |
Buildings and improvements |  | 123.2 |  |  | 117.3 |
Machinery and equipment |  | 406.1 |  |  | 373.2 |
Gross property, plant and equipment |  | 564.1 |  |  | 521.5 |
Less: accumulated depreciation |  | 302.9 |  |  | 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 Innovations | Crane Currency | Total
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 translation |  |  | 4.3 |  | 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, | 2023 | 2022 | 2021
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, 2023 |  | December 31, 2022
| Gross Asset | Accumulated Amortization | Net |  | Gross Asset | Accumulated Amortization | Net
Intellectual property rights | 12.6 |  | $ | 62.2 |  | $ | 15.0 |  | $ | 47.2 |  |  | $ | 62.0 |  | $ | 14.0 |  | $ | 48.0 |
Customer relationships and backlog | 18.8 |  | 504.4 |  | 269.5 |  | 234.9 |  |  | 502.9 |  | 242.0 |  | 260.9 |
Other | 10.0 |  | 99.8 |  | 73.0 |  | 26.8 |  |  | 98.7 |  | 62.7 |  | 36.0 |
Total | 18.0 |  | $ | 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, | 2023 | 2022 | 2021
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, 2023 |  | December 31, 2022
| Gross Asset | Accumulated Amortization | Net |  | Gross Asset | Accumulated Amortization | Net
Intellectual property rights | 12.6 |  | $ | 62.2 |  | $ | 15.0 |  | $ | 47.2 |  |  | $ | 62.0 |  | $ | 14.0 |  | $ | 48.0 |
Customer relationships and backlog | 18.8 |  | 504.4 |  | 269.5 |  | 234.9 |  |  | 502.9 |  | 242.0 |  | 260.9 |
Other | 10.0 |  | 99.8 |  | 73.0 |  | 26.8 |  |  | 98.7 |  | 62.7 |  | 36.0 |
Total | 18.0 |  | $ | 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 reclassifications | 7.5 |  |  | (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 reclassifications | 10.9 |  |  | (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, 2022 | 9.0 |  |  | (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, |  | 2023 |  | 2022 |  | 2021
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) |

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