10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Mark One:

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2016

OR

o 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)

 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  x    No  o

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  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non –accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(check one):
Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

The number of shares outstanding of the issuer’s classes of common stock, as of April 30, 2016

Common stock, $1.00 Par Value – 58,303,042 shares

1

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE CO. AND SUBSIDIARIES

CONDENSEDCONSOLIDATEDSTATEMENTSOF OPERATIONS

(INMILLIONS, EXCEPTPERSHAREDATA)

(UNAUDITED)

	Three Months Ended
	March 31,
	2016			2015
Net sales	$	660.0		$	678.8
Operating costs and expenses:
Cost of sales	426.1			442.0
Selling, general and administrative	148.8			148.6
Restructuring (gain) charge	(0.4		)	0.5
Acquisition integration related charges	—			1.6
Operating profit	85.5			86.0
Other income (expense):	—
Interest income	0.5			0.5
Interest expense	(9.1		)	(9.9		)
Miscellaneous - net	(0.3		)	(0.3		)
	(8.9		)	(9.7		)
Income before income taxes	76.6			76.3
Provision for income taxes	21.4			24.9
Net income before allocation to noncontrolling interests	55.2			51.3
Less: Noncontrolling interest in subsidiaries’ earnings	0.2			0.3
Net income attributable to common shareholders	$	55.0		$	51.1
Earnings per basic share	$	0.95		$	0.88
Earnings per diluted share	$	0.93		$	0.87
Weighted average basic shares outstanding	58.2			58.1
Weighted average diluted shares outstanding	58.9			58.9
Dividends per share	$	0.33		$	0.33

See Notes to Condensed Consolidated Financial Statements

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CRANE CO. AND SUBSIDIARIES

CONDENSEDCONSOLIDATEDSTATEMENTSOF COMPREHENSIVE INCOME (LOSS)

(INMILLIONS)

(UNAUDITED)

	Three Months Ended
	March 31,
	2016		2015
Net income before allocation to noncontrolling interests	$	55.2	$	51.3
Other comprehensive income (loss), net of tax
Currency translation adjustment	31.8		(70.9		)
Changes in pension and postretirement plan assets and benefit obligation, net of tax	1.9		2.0
Other comprehensive income (loss)	33.7		(68.9		)
Comprehensive income before allocation to noncontrolling interests	88.9		(17.6		)
Less: Noncontrolling interests in comprehensive income (loss)	0.3		0.1
Comprehensive income (loss) attributable to common shareholders	$	88.6	$	(17.7	)

See Notes to Condensed Consolidated Financial Statements.

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CRANE CO. AND SUBSIDIARIES

CONDENSEDCONSOLIDATED BALANCE SHEETS

(INMILLIONS)

(UNAUDITED) 

	March 31, 2016		December 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	354.0	$	363.5
Accounts receivable, net	430.2		397.6
Current insurance receivable - asbestos	20.5		20.5
Inventories, net:
Finished goods	111.8		102.3
Finished parts and subassemblies	51.5		46.9
Work in process	72.2		60.7
Raw materials	166.4		167.0
Inventories, net	401.9		376.9
Current deferred tax asset	27.7		27.5
Other current assets	20.4		17.5
Total current assets	1,254.7		1,203.5
Property, plant and equipment:
Cost	825.7		809.5
Less: accumulated depreciation	545.8		533.5
Property, plant and equipment, net	279.9		276.0
Long-term insurance receivable - asbestos	105.8		108.7
Long-term deferred tax assets	155.9		162.4
Other assets	106.1		101.3
Intangible assets, net	314.3		317.1
Goodwill	1,178.3		1,167.9
Total assets	$	3,395.0	$	3,336.9

See Notes to Condensed Consolidated Financial Statements.

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CRANE CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(INMILLIONS, EXCEPTSHAREANDPERSHAREDATA)

(UNAUDITED)

	March 31, 2016			December 31, 2015
Liabilities and equity
Current liabilities:
Short-term borrowings	$	78.1		$	49.6
Accounts payable	199.1			223.3
Current asbestos liability	75.0			75.0
Accrued liabilities	213.5			218.6
U.S. and foreign taxes on income	9.9			6.3
Total current liabilities	575.6			572.8
Long-term debt	744.8			744.6
Accrued pension and postretirement benefits	231.4			235.4
Long-term deferred tax liability	52.0			50.0
Long-term asbestos liability	456.8			470.5
Other liabilities	109.5			112.8
Total liabilities	2,170.1			2,186.1
Commitments and contingencies (Note 8)
Equity:
Preferred shares, par value $.01; 5,000,000 shares authorized	—			—
Common stock, par value $1.00; 200,000,000 shares authorized, 72,426,139 shares issued	72.4			72.4
Capital surplus	262.4			263.6
Retained earnings	1,710.1			1,674.3
Accumulated other comprehensive loss	(343.1		)	(376.7		)
Treasury stock	(488.6		)	(494.2		)
Total shareholders’ equity	1,213.2			1,139.4
Noncontrolling interests	11.7			11.4
Total equity	1,224.9			1,150.8
Total liabilities and equity	$	3,395.0		$	3,336.9
Common stock issued	72,426,139			72,426,139
Less: Common stock held in treasury	(14,130,196		)	(14,317,102		)
Common stock outstanding	58,295,943			58,109,037

See Notes to Condensed Consolidated Financial Statements.

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CRANE CO. AND SUBSIDIARIES

CONDENSEDCONSOLIDATEDSTATEMENTSOF CASH FLOWS

(INMILLIONS)

(UNAUDITED)

	Three Months Ended
	March 31,
	2016			2015
Operating activities:
Net income attributable to common shareholders	$	55.0		$	51.1
Noncontrolling interests in subsidiaries’ earnings	0.2			0.3
Net income before allocation to noncontrolling interests	55.2			51.3
Restructuring - Non Cash	—			0.2
Depreciation and amortization	16.5			16.5
Stock-based compensation expense	6.1			5.8
Defined benefit plans and postretirement expense	(2.4		)	(1.6		)
Deferred income taxes	5.3			4.3
Cash used for operating working capital	(82.0		)	(57.1		)
Defined benefit plans and postretirement contributions	(2.2		)	(3.0		)
Environmental payments, net of reimbursements	(2.0		)	(4.1		)
Asbestos related payments, net of insurance recoveries	(10.8		)	(10.7		)
Other	(1.7		)	(13.4		)
Total used for operating activities	(18.0		)	(11.6		)
Investing activities:
Capital expenditures	(11.0		)	(10.2		)
Proceeds from disposition of capital assets	0.5			1.4
Total used for investing activities	(10.5		)	(8.8		)
Financing activities:
Dividends paid	(19.2		)	(19.1		)
Reacquisition of shares on open market	—			(25.0		)
Stock options exercised - net of shares reacquired	(1.4		)	6.7
Excess tax benefit from stock-based compensation	—			0.9
Repayment of credit facility	—			(100.0		)
Proceeds from issuance of commercial paper	28.5			126.7
Total provided by (used for) financing activities	7.9			(9.9		)
Effect of exchange rates on cash and cash equivalents	11.1			(19.0		)
Decrease in cash and cash equivalents	(9.5		)	(49.3		)
Cash and cash equivalents at beginning of period	363.5			346.3
Cash and cash equivalents at end of period	$	354.0		$	296.9
Detail of cash used for working capital:
Accounts receivable	$	(28.8	)	$	(37.9	)
Inventories	(21.9		)	(20.2		)
Other current assets	(2.9		)	(4.0		)
Accounts payable	(26.4		)	(12.7		)
Accrued liabilities	(6.9		)	8.5
U.S. and foreign taxes on income	4.9			9.2
Total	$	(82.0	)	$	(57.1	)
Supplemental disclosure of cash flow information:
Interest paid	$	0.8		$	1.5
Income taxes paid	$	11.5		$	7.7

See Notes to Condensed Consolidated Financial Statements.

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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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Recent Accounting Pronouncements - Not Yet Adopted

In March 2016, the Financial Accounting Standards Board ("FASB") issued amended guidance related to employee share-based payment accounting. The amended guidance simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements, forfeitures and classification on the statement of cash flows. This amended guidance is effective for fiscal years, beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating when to adopt the new standard, and the impact the amended guidance will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued amended guidance on accounting for leases.  The amended guidance requires the recognition of a right-of-use asset and a lease liability for all leases by lessees with the exception of short-term leases and amends disclosure requirements associated with leasing arrangements.  The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018 using a modified retrospective transition approach.  Early adoption is permitted.  The Company is currently evaluating when to adopt the new standard, and the impact the amended guidance will have on its consolidated financial statements and related disclosures.

In November 2015, the FASB issued amended guidance to simplify the presentation of deferred income taxes. The amendments require deferred tax liabilities and assets to be classified as noncurrent. The amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The amended guidance will not have an impact on the Company’s results of operations or cash flows, but will affect the presentation of deferred income taxes on its consolidated financial position.

In July 2015, the FASB issued amended guidance, which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company does not expect the amended guidance to have a material impact on its consolidated financial statements.

In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all current industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB agreed to a one-year deferral of the effective date; the new standard is now effective for reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption of the new revenue standard is permitted, however, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date, December 15, 2016. The new standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used.

Recent Accounting Pronouncements - Adopted

In April 2015, the FASB issued amended guidance to simplify the presentation of debt issuance costs. The amended guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this guidance in the first quarter of

Page 7

2016 and applied it retrospectively to prior periods. The impact on the Company's consolidated financial statements is summarized below:

Consolidated Balance Sheets as of December 31, 2015 (in millions):

Financial Statement Line	As Previously Reported		Adjustments Debt Issuance Costs			As Revised
Other assets	$	106.0	$	(4.7	)	$	101.3
Total assets	3,341.6		(4.7		)	3,336.9
Long-term debt	749.3		(4.7		)	744.6
Total liabilities and equity	3,341.6		(4.7		)	3,336.9

In September 2015, the FASB issued amended guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015. The Company adopted the guidance in the first quarter of 2016 and will apply it prospectively. The adoption of the guidance did not have an impact on its consolidated financial statements.

Page 8

Note 2 - Segment Results

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has 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. Furthermore, Corporate consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs.

	Three Months Ended
	March 31,
(in millions)	2016			2015
Net sales
Fluid Handling	$	248.0		$	275.5
Payment & Merchandising Technologies	172.0			171.9
Aerospace & Electronics	171.7			161.6
Engineered Materials	68.3			69.7
Total	$	660.0		$	678.8
Operating profit (loss)
Fluid Handling	$	25.4		$	34.3
Payment & Merchandising Technologies	28.0			21.1
Aerospace & Electronics	33.1			30.1
Engineered Materials	13.7			14.3
Corporate	(14.7		)	(13.7		)
Total	85.5			86.0
Interest income	0.5			0.5
Interest expense	(9.1		)	(9.9		)
Miscellaneous - net	(0.3		)	(0.3		)
Income before income taxes	$	76.6		$	76.3

	As of
	March 31,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	907.7	$	888.0
Payment & Merchandising Technologies	1,213.8		1,178.0
Aerospace & Electronics	569.4		559.4
Engineered Materials	234.0		227.6
Corporate	470.1		483.9
Total	$	3,395.0	$	3,336.9

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	As of
	March 31,		December 31,
(in millions)	2016		2015
Goodwill
Fluid Handling	$	221.0	$	218.7
Payment & Merchandising Technologies	583.4		575.2
Aerospace & Electronics	202.5		202.6
Engineered Materials	171.4		171.4
Total	$	1,178.3	$	1,167.9

The table below presents net sales by product line for each segment:

	Three Months Ended
	March 31,
(in millions)	2016		2015
Fluid Handling
Process Valves and Related Products	$	155.0	$	175.7
Commercial Valves	72.4		79.6
Other Products	20.6		20.2
Total Fluid Handling	$	248.0	$	275.5
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	117.7	$	123.9
Merchandising Equipment	54.3		48.0
Total Payment & Merchandising Technologies	$	172.0	$	171.9
Aerospace & Electronics
Commercial Original Equipment	$	90.0	$	86.5
Military and Other Original Equipment	40.6		33.1
Commercial Aftermarket Products	30.4		31.7
Military Aftermarket Products	10.7		10.3
Total Aerospace & Electronics	$	171.7	$	161.6
Engineered Materials
FRP - Recreational Vehicles	$	35.2	$	38.9
FRP - Building Products	22.5		21.2
FRP - Transportation	10.6		9.6
Total Engineered Materials	$	68.3	$	69.7
Total Net Sales	$	660.0	$	678.8

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Note 3 - Earnings Per Share

The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.

	Three Months Ended
	March 31,
(in millions, except per share data)	2016		2015
Net income attributable to common shareholders	$	55.0	$	51.1
Average basic shares outstanding	58.2		58.1
Effect of dilutive stock options	0.7		0.8
Average diluted shares outstanding	58.9		58.9
Earnings per basic share	$	0.95	$	0.88
Earnings per diluted share	$	0.93	$	0.87

The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (1.5 million and 0.8 million average options were excluded for the first quarter of 2016 and 2015, respectively).

Note 4 - Changes in Equity and Accumulated Other Comprehensive Income

A summary of the changes in equity for the three months ended March 31, 2016 and 2015 is provided below:

	Three Months Ended March 31,
	2016								2015
(in millions)	Total Shareholders’ Equity			Noncontrolling Interests		Total Equity			Total Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	1,139.4		$	11.4	$	1,150.8		$	1,059.8		$	10.8		$	1,070.6
Dividends	(19.2		)	—		(19.2		)	(19.1		)	—			(19.1		)
Reacquisition on open market	—			—		—			(25.0		)	—			(25.0		)
Exercise of stock options, net of shares reacquired	(1.4		)	—		(1.4		)	6.7			—			6.7
Stock compensation expense	6.1			—		6.1			5.8			—			5.8
Excess tax benefit (shortfall) from stock based compensation	(0.3		)	—		(0.3		)	0.9			—			0.9
Net income	55.0			0.2		55.2			51.1			0.3			51.3
Other comprehensive income (loss)	33.6			0.1		33.7			(68.7		)	(0.2		)	(68.9		)
Comprehensive income (loss)	88.6			0.3		88.9			(17.7		)	0.1			(17.6		)
Balance, end of period	$	1,213.2		$	11.7	$	1,224.9		$	1,011.4		$	10.9		$	1,022.3

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets.

Page 11

	(in millions)	Defined Benefit Pension and Other Postretirement Items*			Currency Translation Adjustment			Total
Balance as of December 31, 2015		$	(266.2	)	$	(110.6	)	$	(376.7	)
	Other comprehensive loss before reclassifications	0.1			31.7			31.8
	Amounts reclassified from accumulated other comprehensive income	1.8			—			1.8
Net current-period other comprehensive income (loss)		1.9			31.7			33.6
Balance as of March 31, 2016		$	(264.3	)	$	(78.9	)	$	(343.1	)

* Net of tax benefit of $109.1 million and $109.8 million for March 31, 2016 and December 31, 2015, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended March 31, 2016 and 2015.

Details of Accumulated Other Comprehensive Income Components (in millions)	Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement of Operations
	Three Months Ended March 31,
	2016			2015
Amortization of defined benefit pension items:
Prior-service costs	$	(0.2	)	$	—		$(0.3) has been recorded within Cost of sales for the three months ended March 31, 2016 and $0.1 has been recorded within Selling, general & administrative for the three months ended March 31, 2016.
Net loss	2.9			3.1			$3.9 and $4.2 has been recorded within Cost of sales for the three months ended March 31, 2016 and 2015, respectively, and $(1.0) and $(1.1) has been recorded within Selling, general & administrative for the three months ended March 31, 2016 and 2015, respectively
Amortization of other postretirement items:
Prior-service costs	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
Net gain	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
	$	2.5		$	2.9		Total before tax
	0.7			1.0			Tax benefit
Total reclassifications for the period	$	1.8		$	1.9		Net of tax

Note 5 - Acquisitions

On December 11, 2013, the Company completed the acquisition of MEI Conlux Holdings (U.S.), Inc. and its affiliate MEI Conlux Holdings (Japan), Inc. (together, "MEI"), a leading provider of payment solutions for unattended transaction systems, serving customers in the transportation, gaming, retail, financial services and vending markets. The purchase price was $804 million for all of the outstanding equity interests of MEI. MEI has been integrated into the Company's Crane Payment Innovations business within its Payment & Merchandising Technologies segment.

Acquisition-Related Costs

Acquisition-related costs were expensed as incurred. For the quarter ended March 31, 2015, the Company recorded $1.6 million of acquisition integration related charges and $0.2 million of restructuring costs. See additional discussion in Note 14.

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Note 6 - Goodwill and Intangible Assets

The Company’s business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. The Company follows the provisions of ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Condensed Consolidated Financial Statements. These provisions require that the Company, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. The Company performs its annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value for its reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. In certain instances, the Company has aggregated components of an operating segment into a single reporting unit based on similar economic characteristics. At March 31, 2016, the Company had seven reporting units.

When performing its annual impairment assessment, the Company compares the fair value of each of its reporting units to its respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of the Company’s most recent annual impairment assessment, ranged between 10.0% and 12.5% (a weighted average of 10.8%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing the Company’s reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate its discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2015, the Company applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in the fair value calculation exceeding the carrying value for each reporting unit.

Changes to goodwill are as follows:

(in millions)	Three Months Ended March 31, 2016		Year Ended December 31, 2015
Balance at beginning of period	$	1,167.9	$	1,193.3
Currency translation and other	10.4		(23.4		)
Balance at end of period	$	1,178.3	$	1,167.9

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period, net of accumulated amortization	$	317.1		$	353.5
Amortization expense	(7.7		)	(31.5		)
Currency translation and other	4.9			(4.9		)
Balance at end of period, net of accumulated amortization	$	314.3		$	317.1

As of March 31, 2016, the Company had $314.3 million of net intangible assets, of which $27.8 million were intangibles with indefinite useful lives, consisting of trade names. The Company amortizes the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an intangible asset

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with an indefinite useful life exceeds the fair value, the intangible asset is written down to its fair value. Fair value is calculated using discounted cash flows.

In addition to annual testing for impairment of indefinite-lived intangible assets, the Company reviews all of its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that the Company makes which impact these assessments relate to the expected useful lives of long-lived assets and its ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the fair value of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods.  Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level.  The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value of its indefinite-lived and amortizing intangible assets.

A summary of intangible assets follows:

	Weighted Average Amortization Period of Finite Lived Assets (in years)
		March 31, 2016						December 31, 2015
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	16.5	$	89.0	$	51.9	$	37.1	$	88.3	$	51.4	$	36.9
Customer relationships and backlog	15.6	401.3		140.3		261.0		395.7		132.9		262.8
Drawings	37.9	11.1		10.1		1.0		11.1		10.1		1.0
Other	12.8	61.9		46.7		15.2		61.8		45.4		16.4
Total	15.9	$	563.3	$	249.0	$	314.3	$	556.9	$	239.8	$	317.1

Amortization expense for these intangible assets is currently estimated to be approximately $23.2 million in total for the remainder of 2016, $29.9 million in 2017, $26.9 million in 2018, $24.3 million in 2019, $21.6 million in 2020 and $160.6 million in 2021 and thereafter.

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Note 7 - Accrued Liabilities

Accrued liabilities consist of:

(in millions)	March 31, 2016		December 31, 2015
Employee related expenses	$	70.9	$	83.1
Warranty	15.8		15.1
Advanced payment from customers	34.3		29.1
Other	92.5		91.3
Total	$	213.5	$	218.6

The Company accrues warranty liabilities when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Warranty provision is included in Cost of sales in the Condensed Consolidated Statements of Operations.

A summary of the warranty liabilities is as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period	$	15.1		$	15.5
Expense	3.6			12.1
Payments / deductions	(2.7		)	(12.7		)
Currency translation	(0.2		)	0.2
Balance at end of period	$	15.8		$	15.1

Note 8 - Commitments and Contingencies

Asbestos Liability

Information Regarding Claims and Costs in the Tort System

As of March 31, 2016, the Company was a defendant in cases filed in numerous state and federal courts alleging injury or death as a result of exposure to asbestos. Activity related to asbestos claims during the periods indicated was as follows:

	Three Months Ended				Year Ended
	March 31,				December 31,
	2016		2015		2015
Beginning claims	41,090		47,507		47,507
New claims	980		633		2,572
Settlements	(394	)	(208	)	(954	)
Dismissals	(1,027	)	(3,345	)	(8,035	)
Ending claims	40,649		44,587		41,090

Of the 40,649 pending claims as of March 31, 2016, approximately 18,400 claims were pending in New York, approximately 4,800 claims were pending in Texas, approximately 5,100 claims were pending in Mississippi, and approximately 200 claims were pending in Ohio, all jurisdictions in which legislation or judicial orders restrict the types of claims that can proceed to trial on the merits.

The Company has tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court. The Company further has pursued appeals of certain adverse jury verdicts that have resulted in reversals in favor of the defense.

On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/11th share of a $14.5 million verdict in the James Nelson claim, and for a 1/20th share of a $3.5 million verdict in the Larry Bell claim. On February 23, 2011, the court entered judgment on the verdicts in the amount of $0.2 million against the Company, only, in Bell, and in the amount of $4.0 million, jointly, against the Company and two other defendants in Nelson, with additional interest in the amount of $0.01 million being assessed against the Company, only, in Nelson. All defendants, including the Company, and the plaintiffs took timely appeals of certain aspects of those judgments. The Company resolved the Bell appeal by settlement,

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which is reflected in the settled claims for 2012. On September 5, 2013, a panel of the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs requested a rehearing in the Superior Court and by order dated November 18, 2013, the Superior Court vacated the panel opinion, and granted en banc reargument. On December 23, 2014, the Superior Court issued a second opinion reversing the jury verdict. Plaintiffs sought leave to appeal to the Pennsylvania Supreme Court, which defendants have opposed. By order dated May 20, 2015, the Supreme Court of Pennsylvania is holding, but not acting on, the plaintiffs' petition pending the outcome of another appeal in which the Company is not a party.

On August 17, 2011, a New York City state court jury found the Company responsible for a 99% share of a $32 million verdict on the Ronald Dummitt claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argued were excessive under New York appellate case law governing awards for non-economic losses. The Court held oral argument on these motions on October 18, 2011 and issued a written decision on August 21, 2012 confirming the jury's liability findings but reducing the award of damages to $8 million. At plaintiffs' request, the Court entered a judgment in the amount of $4.9 million against the Company, taking into account settlement offsets and accrued interest under New York law. The Company appealed, and the judgment was affirmed in a 3-2 decision and order dated July 3, 2014. The Company has appealed to the New York Court of Appeals. The parties' briefing has concluded and the court heard oral arguments on May 3, 2016.

On October 23, 2012, the Company received an adverse verdict in the Gerald Suttner claim in Buffalo, New York. The jury found that the Company was responsible for four percent (4%) of plaintiffs' damages of $3 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict, which were denied. The court entered a judgment of $0.1 million against the Company. The Company appealed, and the judgment was affirmed by order dated March 21, 2014. The Company sought reargument of this decision, which was denied. The Company sought review before the New York Court of Appeals, which was accepted in the fourth quarter of 2014. The parties' briefing has concluded and the court heard oral arguments on May 3, 2016.

On November 28, 2012, the Company received an adverse verdict in the James Hellam claim in Oakland, CA. The jury found that the Company was responsible for seven percent (7%) of plaintiffs' non-economic damages of $4.5 million, plus a portion of their economic damages of $0.9 million. Based on California court rules regarding allocation of damages, judgment was entered against the Company in the amount of $1.282 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict and also requesting that settlement offsets be applied to reduce the judgment in accordance with California law. On January 31, 2013, the court entered an order disposing partially of that motion. On March 1, 2013, the Company filed an appeal regarding the portions of the motion that were denied. The court entered judgment against the Company in the amount of $1.1 million. The Company appealed. By opinion dated April 16, 2014, the Court of Appeal affirmed the finding of liability against the Company, and the California Supreme Court denied review of this ruling. The Court of Appeal reserved the arguments relating to recoverable damages to a subsequent appeal that remains pending. On August 21, 2015, the Court of Appeal reversed the trial court with respect to a $20,000 damages item, but affirmed the trial court in all other respects. The Company sought review of that ruling before the Supreme Court of California, which was denied. The Company settled the matter in December 2015.  The settlement is reflected in the fourth quarter 2015 indemnity amount.

On February 25, 2013, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/10th share of a $2.5 million verdict in the Thomas Amato claim and a 1/5th share of a $2.3 million verdict in the Frank Vinciguerra claim, which were consolidated for trial. The Company filed post-trial motions requesting judgments in the Company's favor notwithstanding the jury's verdicts or new trials, and also requesting that settlement offsets be applied to reduce the judgment in accordance with Pennsylvania law. These motions were denied. The Company has appealed, and on April 17, 2015, a panel of the Superior Court of Pennsylvania affirmed the trial court's ruling. The Supreme Court of Pennsylvania has accepted the Company’s petition for review, and that appeal remains pending.

On March 1, 2013, a New York City state court jury entered a $35 million verdict against the Company in the Ivo Peraica claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. After the trial court remitted the verdict to $18 million, but otherwise denied the Company’s post-trial motion, judgment was entered against the Company in the amount of $10.6 million (including interest). The Company has appealed. The Company has taken a separate appeal of the trial court’s denial of its summary judgment motion. The Court has consolidated the appeals, which were heard in the fourth quarter of 2014.

On July 31, 2013, a Buffalo, New York state court jury entered a $3.1 million verdict against the Company in the Lee Holdsworth claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the

Page 16

damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. Post-trial motions were denied, and the court entered judgment in the amount of $1.7 million. On June 12, 2015, the Appellate Division, Fourth Department, affirmed the trial court's ruling denying the Company's motion for summary judgment. The court denied reargument of that ruling. The Company is pursuing a further appeal of the trial court rulings and judgment, which will be argued on May 16, 2016.

On September 11, 2013, a Columbia, South Carolina state court jury in the Lloyd Garvin claim entered an $11 million verdict for compensatory damages against the Company and two other defendants jointly, and also awarded exemplary damages against the Company in the amount of $11 million. The jury also awarded exemplary damages against both other defendants. The Company filed post-trial motions seeking to overturn the verdict, which were denied, except that the Court remitted the compensatory damages award to $2.5 million and exemplary damages award to $3.5 million. Considering settlement offsets, the Court further reduced the total damages award to $3.5 million. The Company has settled the matter. The settlement is reflected in the first quarter 2015 indemnity amount.

On September 17, 2013, a Fort Lauderdale, Florida state court jury in the Richard DeLisle claim found the Company responsible for 16 percent of an $8 million verdict. The trial court denied all parties’ post-trial motions, and entered judgment against the Company in the amount of $1.3 million. The Company has appealed. Oral argument on the appeal took place on February 16, 2016.

On June 16, 2014, a New York City state court jury entered a $15 million verdict against the Company in the Ivan Sweberg claim and a $10 million verdict against the Company in the Selwyn Hackshaw claim. The two claims were consolidated for trial. The Company filed post-trial motions seeking to overturn the verdicts, to grant new trials, or to reduce the damages, which were denied, except that the Court reduced the Sweberg award to $10 million, and reduced the Hackshaw award to $6 million. Judgments have been entered in the amount of $5.3 million in Sweberg and $3.1 million in Hackshaw. The Company has appealed. Oral argument on Sweberg took place on February 16, 2016, and oral argument on Hackshaw took place on March 9, 2016.

On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered a $1.5 million verdict for compensatory damages against the Company. The jury also awarded exemplary damages against the Company in the amount of $10 million. The Company filed a motion seeking to reduce the verdict to account for the verdict set-offs. That motion was denied, and judgment was entered against the Company in the amount of $10.8 million. The Company is pursuing an appeal.

On February 9, 2016, a Philadelphia, Pennsylvania, federal court jury found the Company responsible for a 30 percent share of a $1.085 million verdict in the Valent Rabovsky claim. The court has ordered briefing on the amount of the judgment. The Company will argue, among other things, that settlement offsets reduce the award to plaintiff under Pennsylvania law. A further hearing is scheduled for April 26, 2016, and it is anticipated that the court will enter judgment on the verdict after that argument. The Company will pursue post-trial relief and an appeal if necessary.

On April 22, 2016, a Phoenix, Arizona federal court jury found the Company responsible for a 20 percent share of a $9 million verdict in the George Coulbourn claim, and further awarded exemplary damages against the Company in the amount of $5 million.  The jury also awarded compensatory and exemplary damages against the other defendant present at trial.  The Company will pursue post-trial relief and an appeal if necessary.

Such judgment amounts are not included in the Company’s incurred costs until all available appeals are exhausted and the final payment amount is determined.

The gross settlement and defense costs incurred (before insurance recoveries and tax effects) for the Company for the three-month periods ended March 31, 2016 and 2015 totaled $21.3 million and $18.3 million, respectively. In contrast to the recognition of settlement and defense costs, which reflect the current level of activity in the tort system, cash payments and receipts generally lag the tort system activity by several months or more, and may show some fluctuation from quarter to quarter. Cash payments of settlement amounts are not made until all releases and other required documentation are received by the Company, and reimbursements of both settlement amounts and defense costs by insurers may be uneven due to insurer payment practices, transitions from one insurance layer to the next excess layer and the payment terms of certain reimbursement agreements. The Company’s total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the three-month periods ended March 31, 2016 and 2015 totaled $10.8 million and $10.7 million, respectively. Detailed below are the comparable amounts for the periods indicated.

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	Three Months Ended						Year Ended
(in millions)	March 31,						December 31,
	2016			2015			2015
Settlement / indemnity costs incurred (1)	$	11.3		$	7.8		$	27.7
Defense costs incurred (1)	10.0			10.5			41.7
Total costs incurred	$	21.3		$	18.3		$	69.4
Settlement / indemnity payments	$	5.1		$	5.5		$	24.5
Defense payments	8.6			8.1			43.5
Insurance receipts	(2.9		)	(2.9		)	(18.1		)
Pre-tax cash payments	$	10.8		$	10.7		$	49.9

(1) Before insurance recoveries and tax effects.

The amounts shown for settlement and defense costs incurred, and cash payments, are not necessarily indicative of future period amounts, which may be higher or lower than those reported.

Cumulatively through March 31, 2016, the Company has resolved (by settlement or dismissal) approximately 117,000 claims. The related settlement cost incurred by the Company and its insurance carriers is approximately $464 million, for an average settlement cost per resolved claim of approximately $4,000. The average settlement cost per claim resolved during the years ended December 31, 2015, 2014 and 2013 was $3,100, $3,800 and $3,300, respectively. Because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. In addition to large group dismissals, the nature of the disease and corresponding settlement amounts for each claim resolved will also drive changes from period to period in the average settlement cost per claim. Accordingly, the average cost per resolved claim is not considered in the Company’s periodic review of its estimated asbestos liability. For a discussion regarding the four most significant factors affecting the liability estimate, see “Effects on the Condensed Consolidated Financial Statements”.

Effects on the Condensed Consolidated Financial Statements

The Company has retained the firm of Hamilton, Rabinovitz & Associates, Inc. (“HR&A”), a nationally recognized expert in the field, to assist management in estimating the Company’s asbestos liability in the tort system. HR&A reviews information provided by the Company concerning claims filed, settled and dismissed, amounts paid in settlements and relevant claim information such as the nature of the asbestos-related disease asserted by the claimant, the jurisdiction where filed and the time lag from filing to disposition of the claim. The methodology used by HR&A to project future asbestos costs is based largely on the Company’s experience during a base reference period of eleven quarterly periods (consisting of the two full preceding calendar years and three additional quarterly periods to the estimate date) for claims filed, settled and dismissed. The Company's experience is then compared to estimates of the number of individuals likely to develop asbestos-related diseases determined based on widely used previously conducted epidemiological studies augmented with current data inputs. Those studies were undertaken in connection with national analyses of the population of workers believed to have been exposed to asbestos. Using that information, HR&A estimates the number of future claims that would be filed against the Company and estimates the aggregate settlement or indemnity costs that would be incurred to resolve both pending and future claims based upon the average settlement costs by disease during the reference period. This methodology has been accepted by numerous courts. After discussions with the Company, HR&A augments its liability estimate for the costs of defending asbestos claims in the tort system using a forecast from the Company which is based upon discussions with its defense counsel. Based on this information, HR&A compiles an estimate of the Company’s asbestos liability for pending and future claims, based on claim experience during the reference period and covering claims expected to be filed through the indicated forecast period. The most significant factors affecting the liability estimate are (1) the number of new mesothelioma claims filed against the Company, (2) the average settlement costs for mesothelioma claims, (3) the percentage of mesothelioma claims dismissed against the Company and (4) the aggregate defense costs incurred by the Company. These factors are interdependent, and no one factor predominates in determining the liability estimate. Although the methodology used by HR&A can be applied to show claims and costs for periods subsequent to the indicated period (up to and including the endpoint of the asbestos studies referred to above), management believes that the level of uncertainty regarding the various factors used in estimating future asbestos costs is too great to provide for reasonable estimation of the number of future claims, the nature of such claims or the cost to resolve them for years beyond the indicated estimate.

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In the Company’s view, the forecast period used to provide the best estimate for asbestos claims and related liabilities and costs is a judgment based upon a number of trend factors, including the number and type of claims being filed each year; the jurisdictions where such claims are filed, and the effect of any legislation or judicial orders in such jurisdictions restricting the types of claims that can proceed to trial on the merits; and the likelihood of any comprehensive asbestos legislation at the federal level. In addition, the dynamics of asbestos litigation in the tort system have been significantly affected over the past five to ten years by the substantial number of companies that have filed for bankruptcy protection, thereby staying any asbestos claims against them until the conclusion of such proceedings, and the establishment of a number of post-bankruptcy trusts for asbestos claimants, which are estimated to provide $36 billion for payments to current and future claimants. These trend factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and the related best estimate of the Company’s asbestos liability, and these effects do not move in a linear fashion but rather change over multi-year periods. Accordingly, the Company’s management continues to monitor these trend factors over time and periodically assesses whether an alternative forecast period is appropriate.

Each quarter, HR&A compiles an update based upon the Company’s experience in claims filed, settled and dismissed during the updated reference period (consisting of the preceding eleven quarterly periods) as well as average settlement costs by disease category (mesothelioma, lung cancer, other cancer, and non-malignant conditions including asbestosis) during that period. In addition to this claims experience, the Company also considers additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. As part of this process, the Company also takes into account trends in the tort system such as those enumerated above. Management considers all these factors in conjunction with the liability estimate of HR&A and determines whether a change in the estimate is warranted.

Liability Estimate. With the assistance of HR&A, effective as of December 31, 2011, the Company updated and extended its estimate of the asbestos liability, including the costs of settlement or indemnity payments and defense costs relating to currently pending claims and future claims projected to be filed against the Company through 2021. The Company’s previous estimate was for asbestos claims filed or projected to be filed through 2017. As a result of this updated estimate, the Company recorded an additional liability of $285 million as of December 31, 2011. The Company’s decision to take this action at such date was based on several factors which contribute to the Company’s ability to reasonably estimate this liability for the additional period noted. First, the number of mesothelioma claims (which although constituting approximately 8% of the Company’s total pending asbestos claims, have accounted for approximately 90% of the Company’s aggregate settlement and defense costs) being filed against the Company and associated settlement costs have recently stabilized. In the Company’s opinion, the outlook for mesothelioma claims expected to be filed and resolved in the forecast period is reasonably stable. Second, there have been favorable developments in the trend of case law which has been a contributing factor in stabilizing the asbestos claims activity and related settlement costs. Third, there have been significant actions taken by certain state legislatures and courts over the past several years that have reduced the number and types of claims that can proceed to trial, which has been a significant factor in stabilizing the asbestos claims activity. Fourth, the Company has now entered into coverage-in-place agreements with almost all of its excess insurers, which enables the Company to project a more stable relationship between settlement and defense costs paid by the Company and reimbursements from its insurers. Taking all of these factors into account, the Company believes that it can reasonably estimate the asbestos liability for pending claims and future claims to be filed through 2021. While it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably estimated beyond 2021. Accordingly, no accrual has been recorded for any costs which may be incurred for claims which may be made subsequent to 2021.

Management has made its best estimate of the costs through 2021 based on the analysis by HR&A completed in January 2012. Through March 31, 2016, the Company’s actual experience during the updated reference period for mesothelioma claims filed and dismissed generally approximated the assumptions in the Company’s liability estimate. In addition to this claims experience, the Company considered additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. Based on this evaluation, the Company determined that no change in the estimate was warranted for the period ended March 31, 2016. Nevertheless, if certain factors show a pattern of sustained increase or decrease, the liability could change materially; however, all the assumptions used in estimating the asbestos liability are interdependent and no single factor predominates in determining the liability estimate. As noted above, the Company continues to monitor trend factors, such as the number and type of claims being filed each year, case management orders and legislation restricting the types of claims that can proceed to trial, significant appellate rulings and developments affecting the post-bankruptcy trusts for asbestos claimants to assess whether the existing forecast period is appropriate. Because of the uncertainty with regard to and the interdependency of such factors used in the calculation of its asbestos liability, and since no one factor predominates, the Company believes that a range of potential liability estimates beyond the indicated forecast period cannot be reasonably estimated.

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A liability of $894 million was recorded as of December 31, 2011 to cover the estimated cost of asbestos claims now pending or subsequently asserted through 2021, of which approximately 80% is attributable to settlement and defense costs for future claims projected to be filed through 2021. The liability is reduced when cash payments are made in respect of settled claims and defense costs. The liability was $532 million as of March 31, 2016. It is not possible to forecast when cash payments related to the asbestos liability will be fully expended; however, it is expected such cash payments will continue for a number of years past 2021, due to the significant proportion of future claims included in the estimated asbestos liability and the lag time between the date a claim is filed and when it is resolved. None of these estimated costs have been discounted to present value due to the inability to reliably forecast the timing of payments. The current portion of the total estimated liability at March 31, 2016 was $75 million and represents the Company’s best estimate of total asbestos costs expected to be paid during the twelve-month period. Such amount is based upon the HR&A model together with the Company’s prior year payment experience for both settlement and defense costs.

Insurance Coverage and Receivables. Prior to 2005, a significant portion of the Company’s settlement and defense costs were paid by its primary insurers. With the exhaustion of that primary coverage, the Company began negotiations with its excess insurers to reimburse the Company for a portion of its settlement and/or defense costs as incurred. To date, the Company has entered into agreements providing for such reimbursements, known as “coverage-in-place”, with eleven of its excess insurer groups. Under such coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for the Company’s present and future asbestos claims on specified terms and conditions that address, among other things, the share of asbestos claims costs to be paid by the insurer, payment terms, claims handling procedures and the expiration of the insurer’s obligations. Similarly, under a variant of coverage-in-place, the Company has entered into an agreement with a group of insurers confirming the aggregate amount of available coverage under the subject policies and setting forth a schedule for future reimbursement payments to the Company based on aggregate indemnity and defense payments made. In addition, with ten of its excess insurer groups, the Company entered into policy buyout agreements, settling all asbestos and other coverage obligations for an agreed sum, totaling $82.5 million in aggregate. Reimbursements from insurers for past and ongoing settlement and defense costs allocable to their policies have been made in accordance with these coverage-in-place and other agreements. All of these agreements include provisions for mutual releases, indemnification of the insurer and, for coverage-in-place, claims handling procedures. With the agreements referenced above, the Company has concluded settlements with all but one of its solvent excess insurers whose policies are expected to respond to the aggregate costs included in the updated liability estimate. That insurer, which issued a single applicable policy, has been paying the shares of defense and indemnity costs the Company has allocated to it, subject to a reservation of rights. There are no pending legal proceedings between the Company and any insurer contesting the Company’s asbestos claims under its insurance policies.

In conjunction with developing the aggregate liability estimate referenced above, the Company also developed an estimate of probable insurance recoveries for its asbestos liabilities. In developing this estimate, the Company considered its coverage-in-place and other settlement agreements described above, as well as a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, the timing and amount of reimbursements will vary because the Company’s insurance coverage for asbestos claims involves multiple insurers, with different policy terms and certain gaps in coverage. In addition to consulting with legal counsel on these insurance matters, the Company retained insurance consultants to assist management in the estimation of probable insurance recoveries based upon the aggregate liability estimate described above and assuming the continued viability of all solvent insurance carriers. Based upon the analysis of policy terms and other factors noted above by the Company’s legal counsel, and incorporating risk mitigation judgments by the Company where policy terms or other factors were not certain, the Company’s insurance consultants compiled a model indicating how the Company’s historical insurance policies would respond to varying levels of asbestos settlement and defense costs and the allocation of such costs between such insurers and the Company. Using the estimated liability as of December 31, 2011 (for claims filed or expected to be filed through 2021), the insurance consultant’s model forecasted that approximately 25% of the liability would be reimbursed by the Company’s insurers. While there are overall limits on the aggregate amount of insurance available to the Company with respect to asbestos claims, those overall limits were not reached by the total estimated liability currently recorded by the Company, and such overall limits did not influence the Company in its determination of the asset amount to record. The proportion of the asbestos liability that is allocated to certain insurance coverage years, however, exceeds the limits of available insurance in those years. The Company allocates to itself the amount of the asbestos liability (for claims filed or expected to be filed through 2021) that is in excess of available insurance coverage allocated to such years. An asset of $225 million was recorded as of December 31, 2011 representing the probable insurance reimbursement for such claims expected through 2021. The asset is reduced as reimbursements and other payments from insurers are received. The asset was $126 million as of March 31, 2016.

The Company reviews the aforementioned estimated reimbursement rate with its insurance consultants on a periodic basis in order to confirm its overall consistency with the Company’s established reserves. The reviews encompass consideration of the

Page 20

performance of the insurers under coverage-in-place agreements and the effect of any additional lump-sum payments under policy buyout agreements. Since December 2011, there have been no developments that have caused the Company to change the estimated 25% rate, although actual insurance reimbursements vary from period to period, and will decline over time, for the reasons cited above.

Uncertainties. Estimation of the Company’s ultimate exposure for asbestos-related claims is subject to significant uncertainties, as there are multiple variables that can affect the timing, severity and quantity of claims and the manner of their resolution. The Company cautions that its estimated liability is based on assumptions with respect to future claims, settlement and defense costs based on past experience that may not prove reliable as predictors. A significant upward or downward trend in the number of claims filed, depending on the nature of the alleged injury, the jurisdiction where filed and the quality of the product identification, or a significant upward or downward trend in the costs of defending claims, could change the estimated liability, as would substantial adverse verdicts at trial that withstand appeal. A legislative solution, structured settlement transaction, or significant change in relevant case law could also change the estimated liability.

The same factors that affect developing estimates of probable settlement and defense costs for asbestos-related liabilities also affect estimates of the probable insurance reimbursements, as do a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, due to the uncertainties inherent in litigation matters, no assurances can be given regarding the outcome of any litigation, if necessary, to enforce the Company’s rights under its insurance policies or settlement agreements.

Many uncertainties exist surrounding asbestos litigation, and the Company will continue to evaluate its estimated asbestos-related liability and corresponding estimated insurance reimbursement as well as the underlying assumptions and process used to derive these amounts. These uncertainties may result in the Company incurring future charges or increases to income to adjust the carrying value of recorded liabilities and assets, particularly if the number of claims and settlement and defense costs change significantly, or if there are significant developments in the trend of case law or court procedures, or if legislation or another alternative solution is implemented; however, the Company is currently unable to estimate such future changes and, accordingly, while it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably determined beyond 2021. Although the resolution of these claims may take many years, the effect on the results of operations, financial position and cash flow in any given period from a revision to these estimates could be material.

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Other Contingencies

Environmental Matters

For environmental matters, the Company records a liability for estimated remediation costs when it is probable that the Company will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2016 is substantially related to the former manufacturing sites in Goodyear, Arizona (the “Goodyear Site”) and Roseland, New Jersey (the "Roseland Site"), each discussed below.

Goodyear Site

The Goodyear Site was operated by UniDynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary of the Company in 1985 when the Company acquired UPI’s parent company, UniDynamics Corporation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. government at the Goodyear Site from 1962 to 1993, under contracts with the Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and carry out certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, the Company entered into a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision amendment requiring, among other things, additional source area remediation resulting in the Company recording a charge of $49.0 million, extending the accrued costs through 2022. The total estimated gross liability was $60.1 million as of March 31, 2016, and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was approximately $16.0 million and represents the Company’s best estimate, in consultation with its technical advisors, of total remediation costs expected to be paid during the twelve-month period.

It is not possible at this point to reasonably estimate the amount of any obligation in excess of the Company’s current accruals through the 2022 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years.

On July 31, 2006, the Company entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses the Company for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2016, the Company has recorded a receivable of $12.3 million for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received.

Roseland Site

The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary of the Company in 1985 when the Company acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. In 2009, at the request of the New Jersey Department of Environmental Protection (“NJDEP”), the Company performed certain tests of the indoor air quality of approximately 40 homes in a residential area surrounding the Roseland Site to determine if any contaminants (volatile organic compound vapors from groundwater) from the Roseland Site were present in those homes. The test results showed that three homes had volatile organic compound vapors above NJDEP's recommended concentration levels, and the Company installed vapor mitigation equipment in those homes. On April 15, 2011, those three homeowners, and the tenants in one of those homes, filed separate suits against the Company seeking unspecified compensatory and punitive damages for their lost property value and nuisance. In addition, a homeowner in the testing area, whose home tested negative for the presence of contaminants, filed a class action suit against the Company on behalf of himself and 138 other homeowners in the surrounding area, claiming damages in the nature of loss of value on their homes due to their proximity to the Roseland Site. The plaintiffs in these cases amended their complaints to assert claims under New Jersey's Environmental Rights Act for the Company's alleged failure to properly report its waste discharge practices in the late 1960s and early 1970s, and for natural resource damages. In late December 2013, the plaintiffs moved to have a class of 139 homeowners certified, and the motion was granted in early February 2014. At the same time the Court also entered partial summary judgment on liability for the three homes where the Company had installed vapor mitigation equipment. The Company reached an agreement to settle all current claims with the class and individual plaintiffs for a one-time payment of $6.5 million. This agreement was approved by the

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Court on July 23, 2014 and the Company completed all obligations required of it to complete the settlement on October 10, 2014. The stipulation of dismissal with prejudice of all claims against the Company was filed on April 6, 2015.

The Company undertook an extensive soil remediation effort at the Roseland Site following its closure, and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, the Company has conducted further site characterization and delineation studies. In the three months ended September 30, 2014, the Company, in consultation with its advisors, substantially completed its assessment of soil and groundwater contaminants at the Roseland Site, and developed an enhanced remediation plan for the site, which includes further soil removal, groundwater treatment, and soil vapor extraction, resulting in a charge of $6.8 million for remediation activities which are expected to be completed by 2017. Estimates of the Company’s environmental liabilities at the Roseland Site are based on currently available facts, present laws and regulations and current technology available for remediation, and are recorded on an undiscounted basis. While actual remediation cost may be more or less than amounts accrued, the Company believes it has established adequate reserves for all probable and reasonably estimable costs.

Other Environmental Matters

The Company has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947 about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. A predecessor to the Company formerly leased portions of the Crab Orchard Site, and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study for a portion of the Crab Orchard Site, which includes an area where the Company maintained operations, (referred to as the “AUS-OU”), pursuant to an Administrative Order on Consent. Work on interim deliverables for the feasibility study is reportedly underway, including discussions intended to define preliminary remedial goals and potential remedial alternatives. It is unclear when a feasibility study report or final Record of Decision may be issued.

GD-OTS has asked the Company to participate in a voluntary cost allocation/mediation exercise with respect to response costs it has incurred or will incur with respect to the AUS-OU. The Company, along with a number of other PRPs that were contacted, initially declined, but in light of the ongoing investigative activities, and the apparent willingness of the U.S. government to participate in a mediation proceeding, the Company and a number of PRPs have agreed to participate in a non-binding mediation process. The Company and other PRPs executed a mediation agreement on March 16, 2015, and the U.S. government, following the resolution of an inter-agency dispute, executed the mediation agreement on August 6, 2015. The participants have selected a mediator and are exchanging relevant information. The Company at present cannot predict whether this mediation proceeding will result in an agreement, or when any determination of the allocable share of the various PRPs, including the U.S. Government, is likely to be completed. Although a loss is probable, it is not possible at this time to reasonably estimate the amount of any obligation for remediation of the Crab Orchard Site because the extent of the environmental impact, allocation among PRPs, remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. The Company notified its insurers of this potential liability and has obtained coverage under certain of its insurance policies.

Other Proceedings

The Company was named as a defendant in a suit filed in June 2015 by a small group of homeowners in Missoula, Montana, whose homes are near the site of a former lumber mill and wood processing facility (the “White Pine Site”) that operated from approximately 1920 to 1996.  The suit alleges that the homeowners’ property was damaged by coming into contact with certain hazardous substances that migrated from the White Pine Site. The White Pine Site was owned and operated by a predecessor to Huttig Building Products, Inc. (“Huttig”), which was a subsidiary of the Company from 1968 until Huttig’s shares were distributed to the Company’s shareholders in 1999. Under the terms of the distribution agreement, Huttig retained the liability for its prior operations. The Company tendered the defense of this matter to Huttig, and Huttig has agreed to defend and indemnify the Company. In a related matter, Huttig filed suit against certain insurers who Huttig claims are obligated to provide insurance coverage for the environmental remediation costs and other damages caused by the operations at the White Pine Site. The Company was brought into that case in October 2015 as a third party defendant by two of the insurers seeking declaratory relief that no coverage obligations are owed to Huttig or the Company with respect to the White Pine Site. In late 2015, Huttig notified the Company of its intention to pursue an action against the Company for damages related to Huttig’s environmental

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liability at the White Pine Site and the scope of coverage under the Company’s historical insurance policies available to Huttig for such liability. Huttig has not yet made a formal claim or filed a lawsuit against the Company. As of March 31, 2016, no loss amount has been accrued in connection with any of these matters because, although a loss is probable, an amount cannot be reasonably estimated at this time, and the Company does not believe that any of these matters is likely to have a material impact on its consolidated results of operations, financial position or the cash flows of the Company.

The Company regularly reviews the status of lawsuits, claims and proceedings that have been or may be asserted against the Company relating to the conduct of its business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. The Company records a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both of the criteria are not met, the Company assesses whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, the Company discloses the estimate of the amount of loss or range of loss, discloses that the amount is immaterial, or discloses that an estimate of loss cannot be made, as applicable. The Company believes that as of March 31, 2016, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in its financial statements for the potential impact of all such matters.

Other Commitments

The Company entered into a five year operating lease for an airplane in the first quarter of 2014 which included a maximum residual value guarantee of $7.8 million by the Company if the fair value of the airplane is less than $9.5 million at the end of the lease term.

Note 9 - Pension Benefits

The components of net periodic cost are as follows:

	Pension Benefits
	Three Months Ended March 31,
(in millions)	2016			2015
Service cost	$	1.2		$	1.4
Interest cost	8.2			9.6
Expected return on plan assets	(14.5		)	(15.6		)
Amortization of prior service cost	(0.2		)	—
Amortization of net loss (gain)	2.9			3.1
Net periodic cost	$	(2.4	)	$	(1.5	)

The Company expects, based on current actuarial calculations, to contribute approximately $8.0 million to its defined benefit plans, of which $2.1 million has been contributed during the first three months of 2016. The Company contributed $17.0 million to its defined benefit plans in 2015. Cash contributions for subsequent years will depend on a number of factors, including the impact of the Pension Protection Act signed into law in 2006, changes in minimum funding requirements, long-term interest rates, the investment performance of plan assets and changes in employee census data affecting the Company’s projected benefit obligations.

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Note 10 - Income Taxes

The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented.

Effective Tax Rates

The Company’s effective tax rates are as follows:

	2016	2015
Three months ended March 31,	27.9%	32.7%

The Company’s effective tax rate for the three months ended March 31, 2016 is lower than the prior year’s comparable period primarily due to:

• The favorable impact the 2016 Japanese tax reform had on the valuation of the Company’s Japanese deferred tax balances,

• Inclusion of the U.S. federal research credit, which had expired on December 31, 2014 and was not renewed with retroactive effect until December 2015,

• A greater U.S. federal tax benefit on domestic manufacturing activities, and

• The unfavorable impact the 2015 Japanese tax reform had on certain of the Company’s Japanese tax carryforwards.

The Company's effective tax rate for the three months ended March 31, 2016 is lower than the statutory U.S. federal tax rate of 35% primarily due to the favorable impacts of income earned in jurisdictions with tax rates lower than the U.S. statutory rate, the U.S. federal tax benefit for domestic manufacturing activities and the U.S. federal research credit. These items are partially offset by the unfavorable impacts of U.S. state taxes and certain expenses that are statutorily non-deductible for income tax purposes.

Unrecognized Tax Benefits

During the three months ended March 31, 2016, the Company's gross unrecognized tax benefits, excluding interest and penalties, increased by $0.8 million primarily as a result of tax positions taken in both the current and prior periods. During the three months ended March 31, 2016, the total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate increased by $0.9 million.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of its income tax expense. During the three months ended March 31, 2016, the Company recognized $0.4 million of interest and penalty expense related to unrecognized tax benefits in its Condensed Consolidated Statement of Operations. At March 31, 2016 and December 31, 2015, the Company had accrued $6.2 million and $5.8 million, respectively, of interest and penalties related to unrecognized tax benefits in its Condensed Consolidated Balance Sheets.

During the next twelve months, it is reasonably possible that the Company's unrecognized tax benefits may decrease by $7.1 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, the Company will record additional income tax expense or benefit in the period in which such matters are effectively settled.

Income Tax Examinations

The Company's income tax returns are subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities.

The Company’s federal income tax returns for the years 2010 through 2012 are currently under examination by the U.S. Internal Revenue Service (IRS), and its federal income tax returns for 2013 and 2014 remain subject to examination.

The IRS recently began an examination of an acquired subsidiary’s consolidated federal income tax return for 2013. In addition, acquired subsidiaries’ federal returns (2011 and 2012) and federal tax carry forwards (2006 through 2012) remain subject to IRS examination.

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With few exceptions, the Company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2010. Currently the Company and its subsidiaries are under examination in various jurisdictions, including Germany (2008 through 2012), Canada (2013 and 2014) and California (2010 and 2011).

Note 11 - Long-Term Debt and Short-Term Borrowings

The following table summarizes the Company’s debt as of March 31, 2016 and December 31, 2015:

(in millions)	March 31, 2016			December 31, 2015
Long-term debt consists of:
2.75% notes due 2018
Principal amount	$	250.0		$	250.0
Less debt issuance costs (See Note 1)	(1.1		)	(1.2		)
Carrying Value	$	248.9		$	248.8
4.45% notes due 2023
Principal amount	$	300.0		$	300.0
Less debt issuance costs (See Note 1)	(2.0		)	(2.1		)
Carrying Value	$	298.0		$	297.9
6.55% notes due 2036
Principal Amount	$	200.0		$	200.0
Less unamortized discount	(0.7		)	(0.7		)
Less debt issuance costs (See Note 1)	(1.4		)	(1.4		)
Carrying Value	$	197.9		$	197.9
Total long-term debt	$	744.8		$	744.6
Short-term borrowings consists of:
Commercial paper	$	77.5		$	49.0
Other	0.6			0.6
Total short-term borrowings	$	78.1		$	49.6

On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least on equal terms with all of our other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes were used to repay amounts under our revolving credit facility and for general corporate purposes. At March 31, 2016, Notes with a principal amount of $77.5 million were outstanding. 

Note 12 - Derivative Instruments and Hedging Activities

The Company is exposed to certain risks related to its ongoing business operations, including market risks related to fluctuation in currency exchange. The Company uses foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on the Company’s earnings and cash flows. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. As of and for the period ended March 31, 2016, the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s condensed consolidated statements of operations, balance sheet or cash flows. Foreign exchange contracts not designated as hedging instruments, which primarily pertain to foreign exchange fluctuation risk of intercompany positions, had a notional value of $26 million and $38 million as of March 31, 2016 and December 31, 2015, respectively. The settlement of derivative contracts for the three months March 31, 2015 resulted in net cash outflow $12.0 million, respectively, and is

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reported within other in “Total used for operating activities” on the Condensed Consolidated Statements of Cash Flows. As of March 31, 2016 and December 31, 2015, the Company's receivable position for the foreign exchange contracts was $0.5 million and $0 million, respectively. As of March 31, 2016 and December 31, 2015, the Company's payable position for the foreign exchange contracts was $0.3 million and $0.4 million, respectively.

Note 13 - Fair Value Measurements

Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The standards describe three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical or similar assets and liabilities.

Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated:

	March 31, 2016								December 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets:
Derivatives - foreign exchange contracts	$	—	$	0.5	$	—	$	0.5	$	—	$	—	$	—	$	—
Liabilities:
Derivatives - foreign exchange contracts	$	—	$	0.3	$	—	$	0.3	$	—	$	0.4	$	—	$	0.4

Valuation Technique- The Company’s derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

The carrying value of the Company’s financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term loans payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. Long-term debt rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt is measured using Level 2 inputs and was $804.9 million and $791.1 million at March 31, 2016 and December 31, 2015, respectively.

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Note 14 - Restructuring

The following table summarizes the restructuring (gains) costs associated with repositioning and acquisition-related actions noted below:

(in millions)	(Gains)/Costs Incurred in 2016			Total Costs Incurred Through March 31, 2016
2015 Repositioning Actions	—			8.6
Acquisition-Related Restructuring	(0.4		)	9.3
Total Restructuring	$	(0.4	)	$	17.9

2015 Repositioning Actions

The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $8.6 million in 2015. The Company expects these actions to result in workforce reductions of approximately 125 employees, or about 1%, of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and segment:

(in millions)	Costs Incurred in 2016		Total Costs Incurred Through March 31, 2016
Fluid Handling
Severance	$	—	$	7.9
Aerospace & Electronics
Severance	—		0.7
Total Restructuring	$	—	$	8.6

The following table summarizes the accrual balances related to these cash-related restructuring charges: 

(in millions)	Balance at December 31, 2015		Expense		Utilization			Balance at March 31, 2016
Fluid Handling
Severance	$	4.1	$	—	$	(0.6	)	$	3.5
Aerospace & Electronics
Severance	0.1		$	—	—			0.1
Total Restructuring	$	4.2	$	—	$	(0.6	)	$	3.6

The Company does not expect any further significant costs associated with these actions.

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Acquisition-Related Restructuring

The Company recorded total pre-tax restructuring charges of $9.3 million (a gain of $0.4 million in 2016, a gain of $0.6 million in 2015 and a charge of $10.3 million in 2014) related to the December 2013 acquisition of MEI within the Company's Payment & Merchandising Technologies segment. The Company expects these actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and segment:

(in millions)	Costs (Gains) Incurred in 2016			Total Costs Incurred Through March 31, 2016
Payment & Merchandising Technologies
Severance	$	(0.4	)	$	13.4
Other	—			0.2
Asset write-down	—			0.1
Pension curtailment gain	—			(4.4		)
Total Restructuring	$	(0.4	)	$	9.3

The following table summarizes the accrual balances related to these cash-related restructuring charges: 

(in millions)	Balance at December 31, 2015		Expense		Utilization		Balance at March 31, 2016
Payment & Merchandising Technologies
Severance	$	6.3	(0.4	)	(1.2	)	$	4.7
Total Restructuring	$	6.3	(0.4	)	(1.2	)	$	4.7

The Company does not expect any further significant costs associated with these actions.

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Part I – Financial Information

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains information about Crane Co., some of which includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. You can identify forward-looking statements by the use of terms such as “believes,” “contemplates,” “expects,” “may,” “could,” “should,” “would,” or “anticipates,” other similar phrases, or the negatives of these terms.

Reference herein to “Crane”, “we”, “us”, and, “our” refer to Crane Co. and its subsidiaries unless the context specifically states or implies otherwise. References to “core business” or “core sales” in this report include sales from acquired businesses starting from and after the first anniversary of the acquisition, but exclude currency effects. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated.

We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. There are a number of other factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. The factors that we currently believe to be material are detailed in Part II, Item 1A of this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission and are incorporated by reference herein.

Overall

Our sales depend heavily on industries that are cyclical in nature or are subject to market conditions which may cause customer demand for our products to be volatile and unpredictable. Demand in these industries is affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors.

We remain generally cautious about global economic conditions and the demand for our products, particularly in our Fluid Handling segment. For 2016, we expect a total Company year-over-year sales decline of approximately 2% driven by unfavorable foreign exchange, with core sales approximately flat compared to 2015.

Consistent with our focus on productivity, we undertook certain repositioning actions in our Fluid Handling and Aerospace & Electronics segments in 2014 and 2015. The costs associated with these repositioning actions were $11.6 million in 2015 and $22.7 million in 2014. Savings associated with these repositioning actions were $14 million in 2015, and we expect incremental savings of $18 million in 2016.

In connection with the acquisition of MEI, we recorded integration and restructuring costs of $6.6 million in 2015 and $20.1 million in 2014. We realized approximately $10 million of savings in 2014, $14 million in 2015, and we expect an incremental $9 million in 2016.

Fluid Handling

In 2016, we expect Fluid Handling sales to decline in the high single-digit range compared to 2015, driven by a mid single-digit core sales decline and low single-digit unfavorable foreign currency translation.

We expect Process Valves and Related Products sales to decline in the low double-digit range compared to 2015, driven by a core sales decline. The lower core sales is driven by slow economic growth and continued weakness in oil prices, which contribute to lower levels of customer capital spending and project delays across the power, oil & gas, chemical, and general industrial end markets.

We expect Commercial Valves sales to decline in the mid single-digit range compared to 2015, driven by unfavorable foreign exchange, partially offset by a slight improvement in core sales. Core sales are expected to improve slightly, driven by market share gains, largely offset by soft market conditions in the United Kingdom, Middle East, and Canadian non-residential construction end markets.

Our Other Products sales are expected to be approximately flat compared to 2015 given the relative stability of the U.S. municipal market.

For the segment, we expect a modest decline in operating profit compared to 2015, as the negative impact from lower core sales and unfavorable foreign currency will be partially offset by productivity initiatives, repositioning benefits, and lower repositioning costs.

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Payment & Merchandising Technologies

We expect Payment & Merchandising Technologies sales to increase in the low single-digit range compared to 2015, with a mid single-digit improvement in core sales, partially offset by unfavorable foreign currency translation. We expect core sales to improve across both CPI and Merchandising Systems. At CPI, we expect core sales improvement to be driven by several vertical end markets including transportation and vending. At Merchandising Systems, we expect an improvement in core sales driven primarily by stronger demand from large bottler customers. We expect the segment’s operating profit to increase compared to 2015 driven by the higher sales, MEI integration synergies, and lower integration costs, partially offset by unfavorable foreign currency.

Aerospace & Electronics

We expect Aerospace & Electronics sales to increase in the mid single-digit range compared to 2015. For 2016, we expect that commercial market conditions will remain generally positive. We expect commercial aftermarket sales to decline in the low single digit range primarily because of lower retrofit program sales. Although we expect defense markets to remain relatively flat, we expect our military sales to increase substantially as a result of a large contract for our microwave products, along with higher sales for a major military aerospace program. We expect segment operating profit in 2016 to improve slightly compared to 2015 driven by higher sales and repositioning benefits, partially offset by unfavorable product mix and higher engineering spending.

Engineered Materials

In 2016, we expect the Engineered Materials segment sales will be approximately flat compared to the prior year. We expect modest growth in sales to the RV and building products markets, offset by a decline in sales to the transportation market. Segment operating profit is expected to decline modestly, primarily from a contraction in the spread between raw material costs and pricing.

Page 31

Results from Operations – Three Month Periods Ended March 31

All comparisons below refer to the first three months of 2016 versus the first three months of 2015, unless otherwise specified:

	Year-to-Date						Change
(dollars in millions)	2016			2015			$		%
Net sales	$	660.0		$	678.8		(18.8	)	(2.8	)%
Restructuring and related charges	(0.4		)	2.7			(3.1	)	(114.8	)%
Acquisition integration related charges	—			1.6			(1.6	)	(100.0	)%
Operating profit	85.5			86.0			(0.5	)	(0.6	)%
Operating margin	13.0		%	12.7		%
Other income (expense):
Interest income	0.5			0.5			—		—	%
Interest expense	(9.1		)	(9.9		)	0.8		8.1	%
Miscellaneous - net	(0.3		)	(0.3		)	—		—	%
	(8.9		)	(9.7		)	0.8		8.2	%
Income before income taxes	76.6			76.3			0.3		0.4	%
Provision for income taxes	21.4			24.9			(3.5	)	(14.1	)%
Net income before allocation to noncontrolling interests	55.2			51.3			3.9		7.6	%
Less: Noncontrolling interest in subsidiaries’ earnings	0.2			0.3			(0.1	)	(33.3	)%
Net income attributable to common shareholders	55.0			51.1			3.9		7.6	%

Sales decreased by $18.8 million, or 2.8%, to $660.0 million in 2016. Net sales related to operations outside the U.S. were 36.1% and 39.1% of total net sales for the quarters ended March 31, 2016 and 2015, respectively. The year-over-year change in sales included:

• a decline in core sales of $5.5 million, or 0.8%; and

• unfavorable foreign currency translation of $13.3 million, or 2.0%.

Operating profit decreased by $0.5 million, or 0.6%, to $85.5 million in 2016. The decrease in operating profit reflected the higher operating profit in our Payment & Merchandising Technologies and Aerospace & Electronics segments, partially offset by lower operating profit in our Fluid Handling and Engineered Materials segments and higher corporate costs.

Our effective tax rate is affected by a number of items, both recurring and discrete, including the amount of income we earn in different jurisdictions and their respective statutory tax rates, acquisitions and dispositions, changes in the valuation of our deferred tax assets and liabilities, changes in tax laws, regulations and accounting principles, the continued availability of statutory tax credits and deductions, the continued reinvestment of our overseas earnings, and examinations initiated by tax authorities around the world.

Our effective tax rate for the three months ended March 31, 2016 is lower than the prior year’s comparable period primarily due to:

• The favorable impact the 2016 Japanese tax reform had on the valuation of our Japanese deferred tax balances,

• Inclusion of the U.S. federal research credit, which had expired on December 31, 2014 and was not renewed with retroactive effect until December 2015,

• A greater U.S. federal tax benefit on domestic manufacturing activities, and

• The unfavorable impact the 2015 Japanese tax reform had on certain of our Japanese tax carryforwards.

Page 32

	Three Months Ended
	March 31,
	2016		2015
Net income before allocation to noncontrolling interests	$	55.2	$	51.3
Other comprehensive income (loss), net of tax
Currency translation adjustment	31.8		(70.9		)
Changes in pension and postretirement plan assets and benefit obligation, net of tax	1.9		2.0
Other comprehensive income (loss)	33.7		(68.9		)
Comprehensive income before allocation to noncontrolling interests	88.9		(17.6		)
Less: Noncontrolling interests in comprehensive income (loss)	0.3		0.1
Comprehensive income (loss) attributable to common shareholders	$	88.6	$	(17.7	)

Comprehensive income attributable to common shareholders was $88.6 million for the three months ended March 31, 2016 compared to a $17.7 million loss in the same period of 2015. The change was primarily driven by a $102.7 million change from an unrealized loss to an unrealized gain on foreign currency translation adjustments resulting, primarily from strengthening of the Canadian dollar and euro against the U.S. dollar and a $3.9 million increase in net income before allocation to noncontrolling interests.

Page 33

Segment Results of Operations Three Month Periods Ended March 31

The following information should be read in conjunction with our condensed consolidated financial statements and related notes.

Fluid Handling

	Year-To-Date						Change
(dollars in millions)	2016			2015			$			%
Net sales by product line:
Process Valves and Related Products	$	155.0		$	175.7		$	(20.7	)	(11.8	)%
Commercial Valves	72.4			79.6			(7.2		)	(9.0	)%
Other Products	20.6			20.2			0.4			2.0	%
Total net sales	248.0			275.5			(27.5		)	(10.0	)%
Operating profit	25.4			34.3			(8.9		)	(25.9	)%
Restructuring and related charges*	—			1.8			(1.8		)	(100.0	)%
Operating margin	10.3		%	12.6		%
* Restructuring and related charges are included in operating profit and operating margin.

Fluid Handling sales decreased by $27.5 million, or 10.0%, to $248.0 million, driven by a core sales decline of $18.0 million, or 6.5%, and unfavorable foreign currency translation of $9.5 million, or 3.5%.

• Sales of Process Valves and Related Products decreased by $20.7 million, or 11.8%, to $155.0 million in 2016, including a core sales decline of $17.5 million, or 10.0%, and unfavorable foreign currency translation of $3.2 million, or 1.8%, as both the euro and British pound weakened against the U.S. dollar. The decrease in core sales reflected depressed oil prices driving lower capital spending by our customers and continued economic weakness in Asia.

• Sales of Commercial Valves decreased by $7.2 million, or 9.0%, to $72.4 million in 2016, reflecting unfavorable foreign currency translation of $6.0 million, or 7.7%, as the Canadian dollar and British pound weakened against the U.S. dollar. Core sales decreased $1.2 million, or 1.3%, reflecting lower sales in non-residential construction in the UK, partially offset by higher sales to non-residential construction markets in Canada.

Fluid Handling operating profit decreased by $8.9 million, or 25.9%, to $25.4 million in 2016. The decrease was driven by a $9 million impact from the lower sales, and to a lesser extent, competitive pricing and, partially offset by productivity and repositioning benefits and $1.8 million of lower restructuring and related charges.

The Fluid Handling segment backlog was $263 million at March 31, 2016, compared with $267 million at December 31, 2015 and $304 million at March 31, 2015.

Page 34

Payment & Merchandising Technologies

	Year-To-Date						Change
(dollars in millions)	2016			2015			$			%
Net sales by product line:
Payment Acceptance and Dispensing Products	$	117.7		$	123.9		$	(6.2	)	(5.0	)%
Merchandising Equipment	54.3			48.0			6.3			13.1	%
Total net sales	172.0			171.9			0.1			0.1	%
Operating profit	28.0			21.1			6.9			32.7	%
Acquisition, integration and restructuring related charges*	(0.4		)	1.8			(2.2		)	(122.2	)%
Operating margin	16.3		%	12.3		%
* The acquisition, integration and restructuring related charges are included in operating profit and operating margin.

Payment & Merchandising Technologies sales were flat in 2016 compared to 2015, reflecting a core sales increase of $3.5 million, or 2.0%, approximately offset by unfavorable foreign currency translation of $3.4 million, or 1.9%. 

• Sales of Payment Acceptance and Dispensing Products decreased $6.2 million, or 5.0%, to $117.7 million in 2016, reflecting unfavorable foreign currency translation of $2.7 million, or 2.2%, and a core sales decrease of $3.5 million, or 2.8%. Unfavorable foreign currency translation reflected the British pound, Swiss franc and Australian dollarweakening against the U.S. dollar. The decrease in core sales reflected challenging year-over-year comparisons, including timing related to certain project orders.

• Sales of Merchandising Equipment increased $6.3 million, or 13.1%, to $54.3 million in 2016, reflecting a core sales increase of $7.0 million, or 14.6%, partially offset by unfavorable foreign currency translation of $0.7 million, or 1.5%. The increase in core sales was primarily related to stronger bottler sales during the first quarter of 2016.

Payment & Merchandising Technologies operating profit increased by $6.9 million, or 32.7%, to $28.0 million in 2016. The increase was primarily driven by the impact from MEI related synergy savings of $2.5 million, the benefit from the higher core sales and a decrease in acquisition, integration and restructuring related charges of $2.2 million.

The Payment & Merchandising Technologies segment backlog was $60 million at March 31, 2016, compared with $63 million at December 31, 2015 and $68 million at March 31, 2015.

Aerospace & Electronics

	Year-To-Date						Change
(dollars in millions)	2016			2015			$			%
Net sales by product line:
Commercial Original Equipment	$	90.0		$	86.5		$	3.5		4.0	%
Military Original Equipment	40.6			33.1			7.5			22.7	%
Commercial Aftermarket	30.4			31.7			(1.3		)	(4.1	)%
Military Aftermarket	10.7			10.3			0.4			3.9	%
Total net sales	171.7			161.6			10.1			6.3	%
Operating profit	33.1			30.1			3.0			10.0	%
Restructuring and related charges*	—			0.9			(0.9		)	(100.0	)%
Operating margin	19.3		%	18.6		%
* Restructuring and related charges are included in operating profit and operating margin.

Aerospace & Electronics sales increased $10.1 million, or 6.3%, to $171.7 million in 2016.

• Sales of Commercial Original Equipment increased by $3.5 million, or 4.0%, to $90.0 million in 2016. The sales increase was driven by strength from space and large transport markets, partially offset by weaker business jet related sales.

• Sales of Military Original Equipment increased by $7.5 million, or 22.7%, to $40.6 million in 2016. The sales increase primarily reflected shipments related to a large military program.

Page 35

Aerospace & Electronics operating profit increased by $3.0 million, or 10.0%, to $33.1 million in 2016, primarily as a result of the impact from the higher volume, strong productivity and a decrease in restructuring and related charges, partially offset by higher engineering expense and an unfavorable product mix.

The Aerospace & Electronics segment backlog was $419 million at March 31, 2016, compared with $436 million at December 31, 2015 and $446 million at March 31, 2015.

Engineered Materials

	Year-To-Date						Change
(dollars in millions)	2016			2015			$			%
Net sales by product line:
FRP- Recreational Vehicles	$	35.2		$	38.9		$	(3.7	)	(9.5	)%
FRP- Building Products	22.5			21.2			1.3			6.1	%
FRP- Transportation	10.6			9.6			1.0			10.4	%
Total net sales	68.3			69.7			(1.4		)	(2.0	)%
Operating profit	13.7			14.3			(0.6		)	(4.2	)%
Operating margin	20.1		%	20.5		%

Engineered Materials sales decreased by $1.4 million, or 2.0%, to 68.3 million in 2016 resulting from lower sales to recreational vehicle ("RV") manufacturers primarily due to competitive pricing. Engineered Materials operating profit decreased by $0.6 million, or 4.2%, to $13.7 million in 2016, reflecting lower volumes and competitive pricing, partially offset by strong productivity and lower material costs.

The Engineered Materials segment backlog was $16 million at March 31, 2016, compared with $15 million at December 31, 2015 and $19 million at March 31, 2015.

Page 36

Liquidity and Capital Resources

Our operating philosophy is to deploy cash provided from operating activities, when appropriate, to provide value to shareholders by reinvesting in existing businesses, by making acquisitions that will complement our portfolio of businesses, by divesting businesses that are no longer strategic and by paying dividends and/or repurchasing shares.

Our current cash balance of $354 million, together with cash we expect to generate from future operations and the $422 million available under our Commercial Paper ("CP") Program and revolving credit facility, is expected to be sufficient to finance our short- and long-term capital requirements, as well as to fund payments associated with our asbestos and environmental liabilities and expected pension contributions. In addition, we believe our credit ratings afford us adequate access to public and private markets for debt. We have borrowings totaling $77.5 million outstanding under our CP Program as of March 31, 2016. There are no other significant debt maturities coming due until 2018.

We have an estimated liability of $531.8 million for pending and reasonably anticipated asbestos claims through 2021, and while it is probable that this amount will change and we may incur additional liabilities for asbestos claims after 2021, which additional liabilities may be material, we cannot reasonably estimate the amount of such additional liabilities at this time. Similarly, we have an estimated liability of $61 million related to environmental remediation costs projected through 2022 related to our Goodyear Site.

As of March 31, 2016, our non-U.S. subsidiaries held approximately $356 million of cash, which would be subject to additional tax upon repatriation to the United States. Our current plans do not anticipate that we will need funds generated from our non-U.S. operations to fund our U.S. operations. In the event we were to repatriate the cash balances of our non-U.S. subsidiaries, we would provide for and pay additional U.S. and non-U.S. taxes in connection with such repatriation.

Operating Activities

Cash used for operating activities was $18.0 million in the first three months of 2016, compared to $11.6 million during the same period last year.  The increase in cash used resulted primarily from higher working capital requirements. Net asbestos-related payments in the first three months of 2016 and 2015 were $10.8 million and $10.7 million, respectively. We expect to make payments related to asbestos settlement and defense costs, net of related insurance recoveries, of approximately $50 million, environmental payments of approximately $13 million and contributions to our defined benefit plans of approximately $8 million.

Investing Activities

Cash flows relating to investing activities consist primarily of cash provided by divestitures of businesses or assets and cash used for acquisitions and capital expenditures. Cash used for investing activities was $10.5 million in the first three months of 2016, compared to cash used for investing activities of $8.8 million in the comparable period of 2015. The increase in cash used for investing activities was driven by lower proceeds from the disposition of capital assets and higher capital expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development and improving information systems. We expect our capital expenditures to approximate $50 million in 2016, reflecting anticipated increases in new product development initiatives, primarily in our Aerospace & Electronics and Fluid Handling segments.

Financing Activities

Financing cash flows consist primarily of payments of dividends to shareholders, share repurchases, repayments of indebtedness, proceeds from the issuance of commercial paper and proceeds from the issuance of common stock. Cash provided by financing activities was $7.9 million during the first three months of 2016 compared to cash used for financing activities of $9.9 million during the first three months of 2015. The higher levels of cash provided by financing activities was primarily due to the absence of both repayments of borrowings outstanding on our credit facility and open market purchases of our common stock (we repurchased 398,095 shares of our common stock at a cost of $25 million in the first three months of 2015), partially offset by lower proceeds from the issuance of commercial paper and stock options exercised.

Page 37

Recent Accounting Pronouncements

Information regarding new accounting pronouncements is included in Note 1 to the Condensed Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the information called for by this item since the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 4. Controls and Procedures

Disclosure Controls and Procedures. The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report. The Company’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that are filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the information is accumulated and communicated to the Company’s Chief Executive Officer and Principal Financial Officer to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that these controls are effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting. During the fiscal quarter ended December 31, 2015, there have been no changes in the Company’s internal control over financial reporting, identified in connection with our evaluation thereof, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

Page 38

Item 6. Exhibits

Exhibit 10.1	Crane Co. Annual Incentive Plan (2016 Amendment and Restatement) (incorporated by reference to Exhibit A to the Company's Proxy Statement filed on March 14, 2016)
Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 32.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or 15d-14(b)
Exhibit 32.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or 15d-14(b)
Exhibit 101.INS	XBRL Instance Document
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	XBRL Taxonomy Calculation Linkbase Document
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB	XBRL Taxonomy Label Linkbase Document
Exhibit 101.PRE	XBRL Taxonomy Presentation Linkbase Document

Notes to Exhibits List:

Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015, respectively; (ii) the Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015; and (iii) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015, respectively. Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is not deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

Page 39

Part II : Other Information

Item 1. Legal Proceedings

Discussion of legal matters is incorporated by reference from Part 1, Item 1, Note 8, “Commitments and Contingencies”, of this Quarterly Report on Form 10-Q, and should be considered an integral part of Part II, Item 1, “Legal Proceedings”.

Item 1A. Risk Factors

Information regarding risk factors appears in in Item 1A of Crane Co.’s Annual Report on Form 10-K for the year ended December 31, 2015. There has been no significant change to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not applicable

(b) Not applicable

(c) Share Repurchases

We did not make any open-market share repurchases of our common stock during the quarter ended March 31, 2016. We routinely receive shares of our common stock as payment for stock option exercises and the withholding taxes due on stock option exercises and the vesting of restricted stock awards from stock-based compensation program participants.

Item 4. Mine Safety Disclosures

Not applicable

Page 40

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CRANE CO.
		REGISTRANT
Date
May 5, 2016	By	/s/ Max H. Mitchell
		Max H. Mitchell
		President and Chief Executive Officer
Date	By	/s/ Richard A. Maue
May 5, 2016		Richard A. Maue
		Vice President, Finance and
		Chief Financial Officer

Page 41

Exhibit Index

Exhibit No.	Description
Exhibit 10.1	Crane Co. Annual Incentive Plan (2016 Amendment and Restatement) (incorporated by reference to Exhibit A to the Company's Proxy Statement filed on March 14, 2016)
Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 32.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or 15d-14(b)
Exhibit 32.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or 15d-14(b)
Exhibit 101.INS	XBRL Instance Document
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	XBRL Taxonomy Calculation Linkbase Document
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB	XBRL Taxonomy Label Linkbase Document
Exhibit 101.PRE	XBRL Taxonomy Presentation Linkbase Document

Notes to Exhibits List:

Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015, respectively; (ii) the Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015; and (iii) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015, respectively. Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is not deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

Page 42

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Max H. Mitchell, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Crane Co.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By /s/ Max H. Mitchell

President and Chief Executive Officer

May 5, 2016

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Richard A. Maue, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Crane Co.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By /s/ Richard A. Maue

Principal Financial Officer

May 5, 2016

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Crane Co. (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Max H. Mitchell, President and Chief Executive Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.

By /s/ Max H. Mitchell

Max H. Mitchell

President and Chief Executive Officer

May 5, 2016

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Crane Co. (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard A. Maue, Principal Financial Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.

By Richard A. Maue

Richard A. Maue

Principal Financial Officer

May 5, 2016

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	CR
Entity Registrant Name	Crane Co /DE/
Entity Central Index Key	0000025445
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		58,303,042

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 660.0	$ 678.8
Operating costs and expenses:
Cost of sales	426.1	442.0
Selling, general and administrative	148.8	148.6
Restructuring Charges	(0.4)	0.5
Acquisition integration related charges	0.0	1.6
Operating profit	85.5	86.0
Other income (expense):
Interest income	0.5	0.5
Interest expense	(9.1)	(9.9)
Miscellaneous - net	(0.3)	(0.3)
Nonoperating Income (Expense), Total	(8.9)	(9.7)
Income before income taxes	76.6	76.3
Provision for Income Taxes	21.4	24.9
Discontinued Operations:
Net income before allocation to noncontrolling interests	55.2	51.3
Less: Noncontrolling interest in subsidiaries' earnings	0.2	0.3
Net income attributable to common shareholders	$ 55.0	$ 51.1
Earnings per share - basic: (a)
Net income attributable to common shareholders	$ 0.95	$ 0.88
Earnings per share - diluted: (a)
Net income attributable to common shareholders	$ 0.93	$ 0.87
Average basic shares outstanding	58.2	58.1
Average diluted shares outstanding	58.9	58.9
Dividends per share	$ 330,000.00	$ 0.00

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income before allocation to noncontrolling interests	$ 55.2	$ 51.3
Currency translation adjustment	31.8	(70.9)
Changes in pension and postretirement plan assets and benefit obligation, net of tax benefit	1.9	2.0
Other comprehensive income (loss)	33.7	(68.9)
Comprehensive income before allocation to noncontrolling interests	88.9	(17.6)
Less: Noncontrolling interests in comprehensive income (loss)	0.3	0.1
Comprehensive income attributable to common shareholders	$ 88.6	$ (17.7)

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 354.0	$ 363.5
Accounts receivable, net	430.2	397.6
Current insurance receivable - asbestos	20.5	20.5
Inventories, net:
Finished goods	111.8	102.3
Finished parts and subassemblies	51.5	46.9
Work in process	72.2	60.7
Raw materials	166.4	167.0
Inventories, net	401.9	376.9
Current deferred tax asset	27.7	27.5
Other current assets	20.4	17.5
Total current assets	1,254.7	1,203.5
Property, plant and equipment:
Cost	825.7	809.5
Less: accumulated depreciation	545.8	533.5
Property, plant and equipment, net	279.9	276.0
Long-term insurance receivable - asbestos	105.8	108.7
Long-term deferred tax assets	155.9	162.4
Other assets	106.1	101.3
Intangible assets, net	314.3	317.1
Goodwill	1,178.3	1,167.9
Total assets	3,395.0	3,336.9
Current liabilities:
Short-term borrowings	78.1	49.6
Accounts payable	199.1	223.3
Current asbestos liability	75.0	75.0
Accrued liabilities	213.5	218.6
U.S. and foreign taxes on income	9.9	6.3
Total current liabilities	575.6	572.8
Long-term debt	744.8	744.6
Accrued pension and postretirement benefits	231.4	235.4
Long-term deferred tax liability	52.0	50.0
Long-term asbestos liability	456.8	470.5
Other liabilities	109.5	112.8
Total liabilities	$ 2,170.1	$ 2,186.1
Commitments and contingencies (Note 8)
Equity:
Preferred shares, par value $.01; 5,000,000 shares authorized	$ 0.0	$ 0.0
Common stock, par value $1.00; 200,000,000 shares authorized, 72,426,139 shares issued	72.4	72.4
Capital surplus	262.4	263.6
Retained earnings	1,710.1	1,674.3
Accumulated other comprehensive loss	(343.1)	(376.7)
Treasury stock	(488.6)	(494.2)
Total shareholders' equity	1,213.2	1,139.4
Noncontrolling interests	11.7	11.4
Total equity	1,224.9	1,150.8
Total liabilities and equity	$ 3,395.0	$ 3,336.9
Common stock issued	72,426,139	72,426,139
Less: Common stock held in treasury	(14,130,196)	(14,317,102)
Common stock outstanding	58,295,943	58,109,037

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	5,000,000,000	5,000,000,000
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	200,000,000,000	200,000,000,000
Common stock, shares issued	72,426,139	72,426,139

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Document Period End Date	Mar. 31, 2016
Operating activities:
Net income attributable to common shareholders	$ 55.0	$ 51.1
Noncontrolling interests in subsidiaries' earnings	(0.2)	(0.3)
Net income before allocation to noncontrolling interests	55.2	51.3
Restructuring - non-cash	0.0	0.2
Depreciation and amortization	16.5	16.5
Stock-based compensation expense	6.1	5.8
Defined benefit plans and postretirement (benefit) expense	(2.4)	(1.6)
Deferred income taxes	5.3	4.3
Cash used for working capital	82.0	57.1
Defined benefit plans and postretirement contributions	(2.2)	(3.0)
Payments for Environmental Liabilities	(2.0)	(4.1)
Payments for asbestos-related fees and costs, net of insurance recoveries	(10.8)	(10.7)
Other	(1.7)	(13.4)
Total provided by operating activities	(18.0)	(11.6)
Investing activities:
Capital expenditures	(11.0)	(10.2)
Proceeds from disposition of capital assets	0.5	1.4
Total used for investing activities	(10.5)	(8.8)
Financing activities:
Dividends paid	(19.2)	(19.1)
Payments for Repurchase of Common Stock	0.0	(25.0)
Stock options exercised - net of shares reacquired	(1.4)	6.7
Excess tax benefit from stock-based compensation	0.0	0.9
Proceeds received from credit facility	28.5	126.7
Proceeds from (Repayments of) Lines of Credit	0.0	(100.0)
Total provided by financing activities	7.9	(9.9)
Effect of exchange rates on cash and cash equivalents	11.1	(19.0)
Increase (Decrease) in cash and cash equivalents	(9.5)	(49.3)
Cash and cash equivalents at beginning of period	363.5	346.3
Cash and cash equivalents at end of period	354.0	296.9
Detail of cash used for working capital:
Accounts receivable	(28.8)	(37.9)
Inventories	(21.9)	(20.2)
Other current assets	(2.9)	(4.0)
Accounts payable	(26.4)	(12.7)
Accrued liabilities	(6.9)	8.5
U.S. and foreign taxes on income	4.9	9.2
Total	(82.0)	(57.1)
Supplemental disclosure of cash flow information:
Interest paid	0.8	1.5
Income taxes paid	$ 11.5	$ 7.7

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Basis of Presentation

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Recent Accounting Pronouncements - Not Yet Adopted

In March 2016, the Financial Accounting Standards Board ("FASB") issued amended guidance related to employee share-based payment accounting. The amended guidance simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements, forfeitures and classification on the statement of cash flows. This amended guidance is effective for fiscal years, beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating when to adopt the new standard, and the impact the amended guidance will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued amended guidance on accounting for leases.  The amended guidance requires the recognition of a right-of-use asset and a lease liability for all leases by lessees with the exception of short-term leases and amends disclosure requirements associated with leasing arrangements.  The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018 using a modified retrospective transition approach.  Early adoption is permitted.  The Company is currently evaluating when to adopt the new standard, and the impact the amended guidance will have on its consolidated financial statements and related disclosures.

In November 2015, the FASB issued amended guidance to simplify the presentation of deferred income taxes. The amendments require deferred tax liabilities and assets to be classified as noncurrent. The amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The amended guidance will not have an impact on the Company’s results of operations or cash flows, but will affect the presentation of deferred income taxes on its consolidated financial position.

In July 2015, the FASB issued amended guidance, which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company does not expect the amended guidance to have a material impact on its consolidated financial statements.

In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all current industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB agreed to a one-year deferral of the effective date; the new standard is now effective for reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption of the new revenue standard is permitted, however, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date, December 15, 2016. The new standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used.

Recent Accounting Pronouncements - Adopted

In April 2015, the FASB issued amended guidance to simplify the presentation of debt issuance costs. The amended guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this guidance in the first quarter of 2016 and applied it retrospectively to prior periods. The impact on the Company's consolidated financial statements is summarized below:

Consolidated Balance Sheets as of December 31, 2015 (in millions):

Financial Statement Line	As Previously Reported		Adjustments Debt Issuance Costs			As Revised
Other assets	$	106.0	$	(4.7	)	$	101.3
Total assets	3,341.6		(4.7		)	3,336.9
Long-term debt	749.3		(4.7		)	744.6
Total liabilities and equity	3,341.6		(4.7		)	3,336.9

In September 2015, the FASB issued amended guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the provisional amount, calculated as if the accounting had been completed at the acquisition date. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015. The Company adopted the guidance in the first quarter of 2016 and will apply it prospectively. The adoption of the guidance did not have an impact on its consolidated financial statements.

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Segment Results

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Results

Segment Results

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has 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. Furthermore, Corporate consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs.

	Three Months Ended
	March 31,
(in millions)	2016			2015
Net sales
Fluid Handling	$	248.0		$	275.5
Payment & Merchandising Technologies	172.0			171.9
Aerospace & Electronics	171.7			161.6
Engineered Materials	68.3			69.7
Total	$	660.0		$	678.8
Operating profit (loss)
Fluid Handling	$	25.4		$	34.3
Payment & Merchandising Technologies	28.0			21.1
Aerospace & Electronics	33.1			30.1
Engineered Materials	13.7			14.3
Corporate	(14.7		)	(13.7		)
Total	85.5			86.0
Interest income	0.5			0.5
Interest expense	(9.1		)	(9.9		)
Miscellaneous - net	(0.3		)	(0.3		)
Income before income taxes	$	76.6		$	76.3

	As of
	March 31,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	907.7	$	888.0
Payment & Merchandising Technologies	1,213.8		1,178.0
Aerospace & Electronics	569.4		559.4
Engineered Materials	234.0		227.6
Corporate	470.1		483.9
Total	$	3,395.0	$	3,336.9

	As of
	March 31,		December 31,
(in millions)	2016		2015
Goodwill
Fluid Handling	$	221.0	$	218.7
Payment & Merchandising Technologies	583.4		575.2
Aerospace & Electronics	202.5		202.6
Engineered Materials	171.4		171.4
Total	$	1,178.3	$	1,167.9

The table below presents net sales by product line for each segment:

	Three Months Ended
	March 31,
(in millions)	2016		2015
Fluid Handling
Process Valves and Related Products	$	155.0	$	175.7
Commercial Valves	72.4		79.6
Other Products	20.6		20.2
Total Fluid Handling	$	248.0	$	275.5
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	117.7	$	123.9
Merchandising Equipment	54.3		48.0
Total Payment & Merchandising Technologies	$	172.0	$	171.9
Aerospace & Electronics
Commercial Original Equipment	$	90.0	$	86.5
Military and Other Original Equipment	40.6		33.1
Commercial Aftermarket Products	30.4		31.7
Military Aftermarket Products	10.7		10.3
Total Aerospace & Electronics	$	171.7	$	161.6
Engineered Materials
FRP - Recreational Vehicles	$	35.2	$	38.9
FRP - Building Products	22.5		21.2
FRP - Transportation	10.6		9.6
Total Engineered Materials	$	68.3	$	69.7
Total Net Sales	$	660.0	$	678.8

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.

	Three Months Ended
	March 31,
(in millions, except per share data)	2016		2015
Net income attributable to common shareholders	$	55.0	$	51.1
Average basic shares outstanding	58.2		58.1
Effect of dilutive stock options	0.7		0.8
Average diluted shares outstanding	58.9		58.9
Earnings per basic share	$	0.95	$	0.88
Earnings per diluted share	$	0.93	$	0.87

The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (1.5 million and 0.8 million average options were excluded for the first quarter of 2016 and 2015, respectively).

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Changes in Equity and Comprehensive Income

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Changes in Equity and Comprehensive Income

Changes in Equity and Accumulated Other Comprehensive Income

A summary of the changes in equity for the three months ended March 31, 2016 and 2015 is provided below:

	Three Months Ended March 31,
	2016								2015
(in millions)	Total Shareholders’ Equity			Noncontrolling Interests		Total Equity			Total Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	1,139.4		$	11.4	$	1,150.8		$	1,059.8		$	10.8		$	1,070.6
Dividends	(19.2		)	—		(19.2		)	(19.1		)	—			(19.1		)
Reacquisition on open market	—			—		—			(25.0		)	—			(25.0		)
Exercise of stock options, net of shares reacquired	(1.4		)	—		(1.4		)	6.7			—			6.7
Stock compensation expense	6.1			—		6.1			5.8			—			5.8
Excess tax benefit (shortfall) from stock based compensation	(0.3		)	—		(0.3		)	0.9			—			0.9
Net income	55.0			0.2		55.2			51.1			0.3			51.3
Other comprehensive income (loss)	33.6			0.1		33.7			(68.7		)	(0.2		)	(68.9		)
Comprehensive income (loss)	88.6			0.3		88.9			(17.7		)	0.1			(17.6		)
Balance, end of period	$	1,213.2		$	11.7	$	1,224.9		$	1,011.4		$	10.9		$	1,022.3

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets.

	(in millions)	Defined Benefit Pension and Other Postretirement Items*			Currency Translation Adjustment			Total
Balance as of December 31, 2015		$	(266.2	)	$	(110.6	)	$	(376.7	)
	Other comprehensive loss before reclassifications	0.1			31.7			31.8
	Amounts reclassified from accumulated other comprehensive income	1.8			—			1.8
Net current-period other comprehensive income (loss)		1.9			31.7			33.6
Balance as of March 31, 2016		$	(264.3	)	$	(78.9	)	$	(343.1	)

* Net of tax benefit of $109.1 million and $109.8 million for March 31, 2016 and December 31, 2015, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended March 31, 2016 and 2015.

Details of Accumulated Other Comprehensive Income Components (in millions)	Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement of Operations
	Three Months Ended March 31,
	2016			2015
Amortization of defined benefit pension items:
Prior-service costs	$	(0.2	)	$	—		$(0.3) has been recorded within Cost of sales for the three months ended March 31, 2016 and $0.1 has been recorded within Selling, general & administrative for the three months ended March 31, 2016.
Net loss	2.9			3.1			$3.9 and $4.2 has been recorded within Cost of sales for the three months ended March 31, 2016 and 2015, respectively, and $(1.0) and $(1.1) has been recorded within Selling, general & administrative for the three months ended March 31, 2016 and 2015, respectively
Amortization of other postretirement items:
Prior-service costs	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
Net gain	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
	$	2.5		$	2.9		Total before tax
	0.7			1.0			Tax benefit
Total reclassifications for the period	$	1.8		$	1.9		Net of tax

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Acquisitions

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisitions

Acquisitions

On December 11, 2013, the Company completed the acquisition of MEI Conlux Holdings (U.S.), Inc. and its affiliate MEI Conlux Holdings (Japan), Inc. (together, "MEI"), a leading provider of payment solutions for unattended transaction systems, serving customers in the transportation, gaming, retail, financial services and vending markets. The purchase price was $804 million for all of the outstanding equity interests of MEI. MEI has been integrated into the Company's Crane Payment Innovations business within its Payment & Merchandising Technologies segment.

Acquisition-Related Costs

Acquisition-related costs were expensed as incurred. For the quarter ended March 31, 2015, the Company recorded $1.6 million of acquisition integration related charges and $0.2 million of restructuring costs. See additional discussion in Note 14.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The Company’s business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. The Company follows the provisions of ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Condensed Consolidated Financial Statements. These provisions require that the Company, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. The Company performs its annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value for its reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. In certain instances, the Company has aggregated components of an operating segment into a single reporting unit based on similar economic characteristics. At March 31, 2016, the Company had seven reporting units.

When performing its annual impairment assessment, the Company compares the fair value of each of its reporting units to its respective carrying value. Goodwill is considered to be potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of the Company’s most recent annual impairment assessment, ranged between 10.0% and 12.5% (a weighted average of 10.8%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing the Company’s reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate its discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of its reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, in order to evaluate the sensitivity of the fair value calculations on the goodwill impairment test performed during the fourth quarter of 2015, the Company applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in the fair value calculation exceeding the carrying value for each reporting unit.

Changes to goodwill are as follows:

(in millions)	Three Months Ended March 31, 2016		Year Ended December 31, 2015
Balance at beginning of period	$	1,167.9	$	1,193.3
Currency translation and other	10.4		(23.4		)
Balance at end of period	$	1,178.3	$	1,167.9

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period, net of accumulated amortization	$	317.1		$	353.5
Amortization expense	(7.7		)	(31.5		)
Currency translation and other	4.9			(4.9		)
Balance at end of period, net of accumulated amortization	$	314.3		$	317.1

As of March 31, 2016, the Company had $314.3 million of net intangible assets, of which $27.8 million were intangibles with indefinite useful lives, consisting of trade names. The Company amortizes the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an intangible asset with an indefinite useful life exceeds the fair value, the intangible asset is written down to its fair value. Fair value is calculated using discounted cash flows.

In addition to annual testing for impairment of indefinite-lived intangible assets, the Company reviews all of its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that the Company makes which impact these assessments relate to the expected useful lives of long-lived assets and its ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets, and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the fair value of long-lived assets, there is risk that the carrying value of our long-lived assets may require adjustment in future periods.  Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level.  The Company believes that there have been no events or circumstances which would more likely than not reduce the fair value of its indefinite-lived and amortizing intangible assets.

A summary of intangible assets follows:

	Weighted Average Amortization Period of Finite Lived Assets (in years)
		March 31, 2016						December 31, 2015
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	16.5	$	89.0	$	51.9	$	37.1	$	88.3	$	51.4	$	36.9
Customer relationships and backlog	15.6	401.3		140.3		261.0		395.7		132.9		262.8
Drawings	37.9	11.1		10.1		1.0		11.1		10.1		1.0
Other	12.8	61.9		46.7		15.2		61.8		45.4		16.4
Total	15.9	$	563.3	$	249.0	$	314.3	$	556.9	$	239.8	$	317.1

Amortization expense for these intangible assets is currently estimated to be approximately $23.2 million in total for the remainder of 2016, $29.9 million in 2017, $26.9 million in 2018, $24.3 million in 2019, $21.6 million in 2020 and $160.6 million in 2021 and thereafter.

XML

Accrued Liabilities

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consist of:

(in millions)	March 31, 2016		December 31, 2015
Employee related expenses	$	70.9	$	83.1
Warranty	15.8		15.1
Advanced payment from customers	34.3		29.1
Other	92.5		91.3
Total	$	213.5	$	218.6

The Company accrues warranty liabilities when it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Warranty provision is included in Cost of sales in the Condensed Consolidated Statements of Operations.

A summary of the warranty liabilities is as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period	$	15.1		$	15.5
Expense	3.6			12.1
Payments / deductions	(2.7		)	(12.7		)
Currency translation	(0.2		)	0.2
Balance at end of period	$	15.8		$	15.1

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Asbestos Liability

Information Regarding Claims and Costs in the Tort System

As of March 31, 2016, the Company was a defendant in cases filed in numerous state and federal courts alleging injury or death as a result of exposure to asbestos. Activity related to asbestos claims during the periods indicated was as follows:

	Three Months Ended				Year Ended
	March 31,				December 31,
	2016		2015		2015
Beginning claims	41,090		47,507		47,507
New claims	980		633		2,572
Settlements	(394	)	(208	)	(954	)
Dismissals	(1,027	)	(3,345	)	(8,035	)
Ending claims	40,649		44,587		41,090

Of the 40,649 pending claims as of March 31, 2016, approximately 18,400 claims were pending in New York, approximately 4,800 claims were pending in Texas, approximately 5,100 claims were pending in Mississippi, and approximately 200 claims were pending in Ohio, all jurisdictions in which legislation or judicial orders restrict the types of claims that can proceed to trial on the merits.

The Company has tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court. The Company further has pursued appeals of certain adverse jury verdicts that have resulted in reversals in favor of the defense.

On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/11th share of a $14.5 million verdict in the James Nelson claim, and for a 1/20th share of a $3.5 million verdict in the Larry Bell claim. On February 23, 2011, the court entered judgment on the verdicts in the amount of $0.2 million against the Company, only, in Bell, and in the amount of $4.0 million, jointly, against the Company and two other defendants in Nelson, with additional interest in the amount of $0.01 million being assessed against the Company, only, in Nelson. All defendants, including the Company, and the plaintiffs took timely appeals of certain aspects of those judgments. The Company resolved the Bell appeal by settlement, which is reflected in the settled claims for 2012. On September 5, 2013, a panel of the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs requested a rehearing in the Superior Court and by order dated November 18, 2013, the Superior Court vacated the panel opinion, and granted en banc reargument. On December 23, 2014, the Superior Court issued a second opinion reversing the jury verdict. Plaintiffs sought leave to appeal to the Pennsylvania Supreme Court, which defendants have opposed. By order dated May 20, 2015, the Supreme Court of Pennsylvania is holding, but not acting on, the plaintiffs' petition pending the outcome of another appeal in which the Company is not a party.

On August 17, 2011, a New York City state court jury found the Company responsible for a 99% share of a $32 million verdict on the Ronald Dummitt claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argued were excessive under New York appellate case law governing awards for non-economic losses. The Court held oral argument on these motions on October 18, 2011 and issued a written decision on August 21, 2012 confirming the jury's liability findings but reducing the award of damages to $8 million. At plaintiffs' request, the Court entered a judgment in the amount of $4.9 million against the Company, taking into account settlement offsets and accrued interest under New York law. The Company appealed, and the judgment was affirmed in a 3-2 decision and order dated July 3, 2014. The Company has appealed to the New York Court of Appeals. The parties' briefing has concluded and the court heard oral arguments on May 3, 2016.

On October 23, 2012, the Company received an adverse verdict in the Gerald Suttner claim in Buffalo, New York. The jury found that the Company was responsible for four percent (4%) of plaintiffs' damages of $3 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict, which were denied. The court entered a judgment of $0.1 million against the Company. The Company appealed, and the judgment was affirmed by order dated March 21, 2014. The Company sought reargument of this decision, which was denied. The Company sought review before the New York Court of Appeals, which was accepted in the fourth quarter of 2014. The parties' briefing has concluded and the court heard oral arguments on May 3, 2016.

On November 28, 2012, the Company received an adverse verdict in the James Hellam claim in Oakland, CA. The jury found that the Company was responsible for seven percent (7%) of plaintiffs' non-economic damages of $4.5 million, plus a portion of their economic damages of $0.9 million. Based on California court rules regarding allocation of damages, judgment was entered against the Company in the amount of $1.282 million. The Company filed post-trial motions requesting judgment in the Company's favor notwithstanding the jury's verdict and also requesting that settlement offsets be applied to reduce the judgment in accordance with California law. On January 31, 2013, the court entered an order disposing partially of that motion. On March 1, 2013, the Company filed an appeal regarding the portions of the motion that were denied. The court entered judgment against the Company in the amount of $1.1 million. The Company appealed. By opinion dated April 16, 2014, the Court of Appeal affirmed the finding of liability against the Company, and the California Supreme Court denied review of this ruling. The Court of Appeal reserved the arguments relating to recoverable damages to a subsequent appeal that remains pending. On August 21, 2015, the Court of Appeal reversed the trial court with respect to a $20,000 damages item, but affirmed the trial court in all other respects. The Company sought review of that ruling before the Supreme Court of California, which was denied. The Company settled the matter in December 2015.  The settlement is reflected in the fourth quarter 2015 indemnity amount.

On February 25, 2013, a Philadelphia, Pennsylvania, state court jury found the Company responsible for a 1/10th share of a $2.5 million verdict in the Thomas Amato claim and a 1/5th share of a $2.3 million verdict in the Frank Vinciguerra claim, which were consolidated for trial. The Company filed post-trial motions requesting judgments in the Company's favor notwithstanding the jury's verdicts or new trials, and also requesting that settlement offsets be applied to reduce the judgment in accordance with Pennsylvania law. These motions were denied. The Company has appealed, and on April 17, 2015, a panel of the Superior Court of Pennsylvania affirmed the trial court's ruling. The Supreme Court of Pennsylvania has accepted the Company’s petition for review, and that appeal remains pending.

On March 1, 2013, a New York City state court jury entered a $35 million verdict against the Company in the Ivo Peraica claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. After the trial court remitted the verdict to $18 million, but otherwise denied the Company’s post-trial motion, judgment was entered against the Company in the amount of $10.6 million (including interest). The Company has appealed. The Company has taken a separate appeal of the trial court’s denial of its summary judgment motion. The Court has consolidated the appeals, which were heard in the fourth quarter of 2014.

On July 31, 2013, a Buffalo, New York state court jury entered a $3.1 million verdict against the Company in the Lee Holdsworth claim. The Company filed post-trial motions seeking to overturn the verdict, to grant a new trial, or to reduce the damages, which the Company argues were excessive under New York appellate case law governing awards for non-economic losses and further were subject to settlement offsets. Post-trial motions were denied, and the court entered judgment in the amount of $1.7 million. On June 12, 2015, the Appellate Division, Fourth Department, affirmed the trial court's ruling denying the Company's motion for summary judgment. The court denied reargument of that ruling. The Company is pursuing a further appeal of the trial court rulings and judgment, which will be argued on May 16, 2016.

On September 11, 2013, a Columbia, South Carolina state court jury in the Lloyd Garvin claim entered an $11 million verdict for compensatory damages against the Company and two other defendants jointly, and also awarded exemplary damages against the Company in the amount of $11 million. The jury also awarded exemplary damages against both other defendants. The Company filed post-trial motions seeking to overturn the verdict, which were denied, except that the Court remitted the compensatory damages award to $2.5 million and exemplary damages award to $3.5 million. Considering settlement offsets, the Court further reduced the total damages award to $3.5 million. The Company has settled the matter. The settlement is reflected in the first quarter 2015 indemnity amount.

On September 17, 2013, a Fort Lauderdale, Florida state court jury in the Richard DeLisle claim found the Company responsible for 16 percent of an $8 million verdict. The trial court denied all parties’ post-trial motions, and entered judgment against the Company in the amount of $1.3 million. The Company has appealed. Oral argument on the appeal took place on February 16, 2016.

On June 16, 2014, a New York City state court jury entered a $15 million verdict against the Company in the Ivan Sweberg claim and a $10 million verdict against the Company in the Selwyn Hackshaw claim. The two claims were consolidated for trial. The Company filed post-trial motions seeking to overturn the verdicts, to grant new trials, or to reduce the damages, which were denied, except that the Court reduced the Sweberg award to $10 million, and reduced the Hackshaw award to $6 million. Judgments have been entered in the amount of $5.3 million in Sweberg and $3.1 million in Hackshaw. The Company has appealed. Oral argument on Sweberg took place on February 16, 2016, and oral argument on Hackshaw took place on March 9, 2016.

On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered a $1.5 million verdict for compensatory damages against the Company. The jury also awarded exemplary damages against the Company in the amount of $10 million. The Company filed a motion seeking to reduce the verdict to account for the verdict set-offs. That motion was denied, and judgment was entered against the Company in the amount of $10.8 million. The Company is pursuing an appeal.

On February 9, 2016, a Philadelphia, Pennsylvania, federal court jury found the Company responsible for a 30 percent share of a $1.085 million verdict in the Valent Rabovsky claim. The court has ordered briefing on the amount of the judgment. The Company will argue, among other things, that settlement offsets reduce the award to plaintiff under Pennsylvania law. A further hearing is scheduled for April 26, 2016, and it is anticipated that the court will enter judgment on the verdict after that argument. The Company will pursue post-trial relief and an appeal if necessary.

On April 22, 2016, a Phoenix, Arizona federal court jury found the Company responsible for a 20 percent share of a $9 million verdict in the George Coulbourn claim, and further awarded exemplary damages against the Company in the amount of $5 million.  The jury also awarded compensatory and exemplary damages against the other defendant present at trial.  The Company will pursue post-trial relief and an appeal if necessary.

Such judgment amounts are not included in the Company’s incurred costs until all available appeals are exhausted and the final payment amount is determined.

The gross settlement and defense costs incurred (before insurance recoveries and tax effects) for the Company for the three-month periods ended March 31, 2016 and 2015 totaled $21.3 million and $18.3 million, respectively. In contrast to the recognition of settlement and defense costs, which reflect the current level of activity in the tort system, cash payments and receipts generally lag the tort system activity by several months or more, and may show some fluctuation from quarter to quarter. Cash payments of settlement amounts are not made until all releases and other required documentation are received by the Company, and reimbursements of both settlement amounts and defense costs by insurers may be uneven due to insurer payment practices, transitions from one insurance layer to the next excess layer and the payment terms of certain reimbursement agreements. The Company’s total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the three-month periods ended March 31, 2016 and 2015 totaled $10.8 million and $10.7 million, respectively. Detailed below are the comparable amounts for the periods indicated.

	Three Months Ended						Year Ended
(in millions)	March 31,						December 31,
	2016			2015			2015
Settlement / indemnity costs incurred (1)	$	11.3		$	7.8		$	27.7
Defense costs incurred (1)	10.0			10.5			41.7
Total costs incurred	$	21.3		$	18.3		$	69.4
Settlement / indemnity payments	$	5.1		$	5.5		$	24.5
Defense payments	8.6			8.1			43.5
Insurance receipts	(2.9		)	(2.9		)	(18.1		)
Pre-tax cash payments	$	10.8		$	10.7		$	49.9

(1) Before insurance recoveries and tax effects.

The amounts shown for settlement and defense costs incurred, and cash payments, are not necessarily indicative of future period amounts, which may be higher or lower than those reported.

Cumulatively through March 31, 2016, the Company has resolved (by settlement or dismissal) approximately 117,000 claims. The related settlement cost incurred by the Company and its insurance carriers is approximately $464 million, for an average settlement cost per resolved claim of approximately $4,000. The average settlement cost per claim resolved during the years ended December 31, 2015, 2014 and 2013 was $3,100, $3,800 and $3,300, respectively. Because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. In addition to large group dismissals, the nature of the disease and corresponding settlement amounts for each claim resolved will also drive changes from period to period in the average settlement cost per claim. Accordingly, the average cost per resolved claim is not considered in the Company’s periodic review of its estimated asbestos liability. For a discussion regarding the four most significant factors affecting the liability estimate, see “Effects on the Condensed Consolidated Financial Statements”.

Effects on the Condensed Consolidated Financial Statements

The Company has retained the firm of Hamilton, Rabinovitz & Associates, Inc. (“HR&A”), a nationally recognized expert in the field, to assist management in estimating the Company’s asbestos liability in the tort system. HR&A reviews information provided by the Company concerning claims filed, settled and dismissed, amounts paid in settlements and relevant claim information such as the nature of the asbestos-related disease asserted by the claimant, the jurisdiction where filed and the time lag from filing to disposition of the claim. The methodology used by HR&A to project future asbestos costs is based largely on the Company’s experience during a base reference period of eleven quarterly periods (consisting of the two full preceding calendar years and three additional quarterly periods to the estimate date) for claims filed, settled and dismissed. The Company's experience is then compared to estimates of the number of individuals likely to develop asbestos-related diseases determined based on widely used previously conducted epidemiological studies augmented with current data inputs. Those studies were undertaken in connection with national analyses of the population of workers believed to have been exposed to asbestos. Using that information, HR&A estimates the number of future claims that would be filed against the Company and estimates the aggregate settlement or indemnity costs that would be incurred to resolve both pending and future claims based upon the average settlement costs by disease during the reference period. This methodology has been accepted by numerous courts. After discussions with the Company, HR&A augments its liability estimate for the costs of defending asbestos claims in the tort system using a forecast from the Company which is based upon discussions with its defense counsel. Based on this information, HR&A compiles an estimate of the Company’s asbestos liability for pending and future claims, based on claim experience during the reference period and covering claims expected to be filed through the indicated forecast period. The most significant factors affecting the liability estimate are (1) the number of new mesothelioma claims filed against the Company, (2) the average settlement costs for mesothelioma claims, (3) the percentage of mesothelioma claims dismissed against the Company and (4) the aggregate defense costs incurred by the Company. These factors are interdependent, and no one factor predominates in determining the liability estimate. Although the methodology used by HR&A can be applied to show claims and costs for periods subsequent to the indicated period (up to and including the endpoint of the asbestos studies referred to above), management believes that the level of uncertainty regarding the various factors used in estimating future asbestos costs is too great to provide for reasonable estimation of the number of future claims, the nature of such claims or the cost to resolve them for years beyond the indicated estimate.

In the Company’s view, the forecast period used to provide the best estimate for asbestos claims and related liabilities and costs is a judgment based upon a number of trend factors, including the number and type of claims being filed each year; the jurisdictions where such claims are filed, and the effect of any legislation or judicial orders in such jurisdictions restricting the types of claims that can proceed to trial on the merits; and the likelihood of any comprehensive asbestos legislation at the federal level. In addition, the dynamics of asbestos litigation in the tort system have been significantly affected over the past five to ten years by the substantial number of companies that have filed for bankruptcy protection, thereby staying any asbestos claims against them until the conclusion of such proceedings, and the establishment of a number of post-bankruptcy trusts for asbestos claimants, which are estimated to provide $36 billion for payments to current and future claimants. These trend factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and the related best estimate of the Company’s asbestos liability, and these effects do not move in a linear fashion but rather change over multi-year periods. Accordingly, the Company’s management continues to monitor these trend factors over time and periodically assesses whether an alternative forecast period is appropriate.

Each quarter, HR&A compiles an update based upon the Company’s experience in claims filed, settled and dismissed during the updated reference period (consisting of the preceding eleven quarterly periods) as well as average settlement costs by disease category (mesothelioma, lung cancer, other cancer, and non-malignant conditions including asbestosis) during that period. In addition to this claims experience, the Company also considers additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. As part of this process, the Company also takes into account trends in the tort system such as those enumerated above. Management considers all these factors in conjunction with the liability estimate of HR&A and determines whether a change in the estimate is warranted.

Liability Estimate. With the assistance of HR&A, effective as of December 31, 2011, the Company updated and extended its estimate of the asbestos liability, including the costs of settlement or indemnity payments and defense costs relating to currently pending claims and future claims projected to be filed against the Company through 2021. The Company’s previous estimate was for asbestos claims filed or projected to be filed through 2017. As a result of this updated estimate, the Company recorded an additional liability of $285 million as of December 31, 2011. The Company’s decision to take this action at such date was based on several factors which contribute to the Company’s ability to reasonably estimate this liability for the additional period noted. First, the number of mesothelioma claims (which although constituting approximately 8% of the Company’s total pending asbestos claims, have accounted for approximately 90% of the Company’s aggregate settlement and defense costs) being filed against the Company and associated settlement costs have recently stabilized. In the Company’s opinion, the outlook for mesothelioma claims expected to be filed and resolved in the forecast period is reasonably stable. Second, there have been favorable developments in the trend of case law which has been a contributing factor in stabilizing the asbestos claims activity and related settlement costs. Third, there have been significant actions taken by certain state legislatures and courts over the past several years that have reduced the number and types of claims that can proceed to trial, which has been a significant factor in stabilizing the asbestos claims activity. Fourth, the Company has now entered into coverage-in-place agreements with almost all of its excess insurers, which enables the Company to project a more stable relationship between settlement and defense costs paid by the Company and reimbursements from its insurers. Taking all of these factors into account, the Company believes that it can reasonably estimate the asbestos liability for pending claims and future claims to be filed through 2021. While it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably estimated beyond 2021. Accordingly, no accrual has been recorded for any costs which may be incurred for claims which may be made subsequent to 2021.

Management has made its best estimate of the costs through 2021 based on the analysis by HR&A completed in January 2012. Through March 31, 2016, the Company’s actual experience during the updated reference period for mesothelioma claims filed and dismissed generally approximated the assumptions in the Company’s liability estimate. In addition to this claims experience, the Company considered additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. Based on this evaluation, the Company determined that no change in the estimate was warranted for the period ended March 31, 2016. Nevertheless, if certain factors show a pattern of sustained increase or decrease, the liability could change materially; however, all the assumptions used in estimating the asbestos liability are interdependent and no single factor predominates in determining the liability estimate. As noted above, the Company continues to monitor trend factors, such as the number and type of claims being filed each year, case management orders and legislation restricting the types of claims that can proceed to trial, significant appellate rulings and developments affecting the post-bankruptcy trusts for asbestos claimants to assess whether the existing forecast period is appropriate. Because of the uncertainty with regard to and the interdependency of such factors used in the calculation of its asbestos liability, and since no one factor predominates, the Company believes that a range of potential liability estimates beyond the indicated forecast period cannot be reasonably estimated.

A liability of $894 million was recorded as of December 31, 2011 to cover the estimated cost of asbestos claims now pending or subsequently asserted through 2021, of which approximately 80% is attributable to settlement and defense costs for future claims projected to be filed through 2021. The liability is reduced when cash payments are made in respect of settled claims and defense costs. The liability was $532 million as of March 31, 2016. It is not possible to forecast when cash payments related to the asbestos liability will be fully expended; however, it is expected such cash payments will continue for a number of years past 2021, due to the significant proportion of future claims included in the estimated asbestos liability and the lag time between the date a claim is filed and when it is resolved. None of these estimated costs have been discounted to present value due to the inability to reliably forecast the timing of payments. The current portion of the total estimated liability at March 31, 2016 was $75 million and represents the Company’s best estimate of total asbestos costs expected to be paid during the twelve-month period. Such amount is based upon the HR&A model together with the Company’s prior year payment experience for both settlement and defense costs.

Insurance Coverage and Receivables. Prior to 2005, a significant portion of the Company’s settlement and defense costs were paid by its primary insurers. With the exhaustion of that primary coverage, the Company began negotiations with its excess insurers to reimburse the Company for a portion of its settlement and/or defense costs as incurred. To date, the Company has entered into agreements providing for such reimbursements, known as “coverage-in-place”, with eleven of its excess insurer groups. Under such coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for the Company’s present and future asbestos claims on specified terms and conditions that address, among other things, the share of asbestos claims costs to be paid by the insurer, payment terms, claims handling procedures and the expiration of the insurer’s obligations. Similarly, under a variant of coverage-in-place, the Company has entered into an agreement with a group of insurers confirming the aggregate amount of available coverage under the subject policies and setting forth a schedule for future reimbursement payments to the Company based on aggregate indemnity and defense payments made. In addition, with ten of its excess insurer groups, the Company entered into policy buyout agreements, settling all asbestos and other coverage obligations for an agreed sum, totaling $82.5 million in aggregate. Reimbursements from insurers for past and ongoing settlement and defense costs allocable to their policies have been made in accordance with these coverage-in-place and other agreements. All of these agreements include provisions for mutual releases, indemnification of the insurer and, for coverage-in-place, claims handling procedures. With the agreements referenced above, the Company has concluded settlements with all but one of its solvent excess insurers whose policies are expected to respond to the aggregate costs included in the updated liability estimate. That insurer, which issued a single applicable policy, has been paying the shares of defense and indemnity costs the Company has allocated to it, subject to a reservation of rights. There are no pending legal proceedings between the Company and any insurer contesting the Company’s asbestos claims under its insurance policies.

In conjunction with developing the aggregate liability estimate referenced above, the Company also developed an estimate of probable insurance recoveries for its asbestos liabilities. In developing this estimate, the Company considered its coverage-in-place and other settlement agreements described above, as well as a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, the timing and amount of reimbursements will vary because the Company’s insurance coverage for asbestos claims involves multiple insurers, with different policy terms and certain gaps in coverage. In addition to consulting with legal counsel on these insurance matters, the Company retained insurance consultants to assist management in the estimation of probable insurance recoveries based upon the aggregate liability estimate described above and assuming the continued viability of all solvent insurance carriers. Based upon the analysis of policy terms and other factors noted above by the Company’s legal counsel, and incorporating risk mitigation judgments by the Company where policy terms or other factors were not certain, the Company’s insurance consultants compiled a model indicating how the Company’s historical insurance policies would respond to varying levels of asbestos settlement and defense costs and the allocation of such costs between such insurers and the Company. Using the estimated liability as of December 31, 2011 (for claims filed or expected to be filed through 2021), the insurance consultant’s model forecasted that approximately 25% of the liability would be reimbursed by the Company’s insurers. While there are overall limits on the aggregate amount of insurance available to the Company with respect to asbestos claims, those overall limits were not reached by the total estimated liability currently recorded by the Company, and such overall limits did not influence the Company in its determination of the asset amount to record. The proportion of the asbestos liability that is allocated to certain insurance coverage years, however, exceeds the limits of available insurance in those years. The Company allocates to itself the amount of the asbestos liability (for claims filed or expected to be filed through 2021) that is in excess of available insurance coverage allocated to such years. An asset of $225 million was recorded as of December 31, 2011 representing the probable insurance reimbursement for such claims expected through 2021. The asset is reduced as reimbursements and other payments from insurers are received. The asset was $126 million as of March 31, 2016.

The Company reviews the aforementioned estimated reimbursement rate with its insurance consultants on a periodic basis in order to confirm its overall consistency with the Company’s established reserves. The reviews encompass consideration of the performance of the insurers under coverage-in-place agreements and the effect of any additional lump-sum payments under policy buyout agreements. Since December 2011, there have been no developments that have caused the Company to change the estimated 25% rate, although actual insurance reimbursements vary from period to period, and will decline over time, for the reasons cited above.

Uncertainties. Estimation of the Company’s ultimate exposure for asbestos-related claims is subject to significant uncertainties, as there are multiple variables that can affect the timing, severity and quantity of claims and the manner of their resolution. The Company cautions that its estimated liability is based on assumptions with respect to future claims, settlement and defense costs based on past experience that may not prove reliable as predictors. A significant upward or downward trend in the number of claims filed, depending on the nature of the alleged injury, the jurisdiction where filed and the quality of the product identification, or a significant upward or downward trend in the costs of defending claims, could change the estimated liability, as would substantial adverse verdicts at trial that withstand appeal. A legislative solution, structured settlement transaction, or significant change in relevant case law could also change the estimated liability.

The same factors that affect developing estimates of probable settlement and defense costs for asbestos-related liabilities also affect estimates of the probable insurance reimbursements, as do a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, due to the uncertainties inherent in litigation matters, no assurances can be given regarding the outcome of any litigation, if necessary, to enforce the Company’s rights under its insurance policies or settlement agreements.

Many uncertainties exist surrounding asbestos litigation, and the Company will continue to evaluate its estimated asbestos-related liability and corresponding estimated insurance reimbursement as well as the underlying assumptions and process used to derive these amounts. These uncertainties may result in the Company incurring future charges or increases to income to adjust the carrying value of recorded liabilities and assets, particularly if the number of claims and settlement and defense costs change significantly, or if there are significant developments in the trend of case law or court procedures, or if legislation or another alternative solution is implemented; however, the Company is currently unable to estimate such future changes and, accordingly, while it is probable that the Company will incur additional charges for asbestos liabilities and defense costs in excess of the amounts currently provided, the Company does not believe that any such amount can be reasonably determined beyond 2021. Although the resolution of these claims may take many years, the effect on the results of operations, financial position and cash flow in any given period from a revision to these estimates could be material.

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Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefit Plans

Pension Benefits

The components of net periodic cost are as follows:

	Pension Benefits
	Three Months Ended March 31,
(in millions)	2016			2015
Service cost	$	1.2		$	1.4
Interest cost	8.2			9.6
Expected return on plan assets	(14.5		)	(15.6		)
Amortization of prior service cost	(0.2		)	—
Amortization of net loss (gain)	2.9			3.1
Net periodic cost	$	(2.4	)	$	(1.5	)

The Company expects, based on current actuarial calculations, to contribute approximately $8.0 million to its defined benefit plans, of which $2.1 million has been contributed during the first three months of 2016. The Company contributed $17.0 million to its defined benefit plans in 2015. Cash contributions for subsequent years will depend on a number of factors, including the impact of the Pension Protection Act signed into law in 2006, changes in minimum funding requirements, long-term interest rates, the investment performance of plan assets and changes in employee census data affecting the Company’s projected benefit obligations.

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Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented.

Effective Tax Rates

The Company’s effective tax rates are as follows:

	2016	2015
Three months ended March 31,	27.9%	32.7%

The Company’s effective tax rate for the three months ended March 31, 2016 is lower than the prior year’s comparable period primarily due to:

• The favorable impact the 2016 Japanese tax reform had on the valuation of the Company’s Japanese deferred tax balances,

• Inclusion of the U.S. federal research credit, which had expired on December 31, 2014 and was not renewed with retroactive effect until December 2015,

• A greater U.S. federal tax benefit on domestic manufacturing activities, and

• The unfavorable impact the 2015 Japanese tax reform had on certain of the Company’s Japanese tax carryforwards.

The Company's effective tax rate for the three months ended March 31, 2016 is lower than the statutory U.S. federal tax rate of 35% primarily due to the favorable impacts of income earned in jurisdictions with tax rates lower than the U.S. statutory rate, the U.S. federal tax benefit for domestic manufacturing activities and the U.S. federal research credit. These items are partially offset by the unfavorable impacts of U.S. state taxes and certain expenses that are statutorily non-deductible for income tax purposes.

Unrecognized Tax Benefits

During the three months ended March 31, 2016, the Company's gross unrecognized tax benefits, excluding interest and penalties, increased by $0.8 million primarily as a result of tax positions taken in both the current and prior periods. During the three months ended March 31, 2016, the total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate increased by $0.9 million.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of its income tax expense. During the three months ended March 31, 2016, the Company recognized $0.4 million of interest and penalty expense related to unrecognized tax benefits in its Condensed Consolidated Statement of Operations. At March 31, 2016 and December 31, 2015, the Company had accrued $6.2 million and $5.8 million, respectively, of interest and penalties related to unrecognized tax benefits in its Condensed Consolidated Balance Sheets.

During the next twelve months, it is reasonably possible that the Company's unrecognized tax benefits may decrease by $7.1 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, the Company will record additional income tax expense or benefit in the period in which such matters are effectively settled.

Income Tax Examinations

The Company's income tax returns are subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities.

The Company’s federal income tax returns for the years 2010 through 2012 are currently under examination by the U.S. Internal Revenue Service (IRS), and its federal income tax returns for 2013 and 2014 remain subject to examination.

The IRS recently began an examination of an acquired subsidiary’s consolidated federal income tax return for 2013. In addition, acquired subsidiaries’ federal returns (2011 and 2012) and federal tax carry forwards (2006 through 2012) remain subject to IRS examination.

With few exceptions, the Company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2010. Currently the Company and its subsidiaries are under examination in various jurisdictions, including Germany (2008 through 2012), Canada (2013 and 2014) and California (2010 and 2011).

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Long-Term Debt and Notes Payable

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt and Notes Payable

Long-Term Debt and Short-Term Borrowings

The following table summarizes the Company’s debt as of March 31, 2016 and December 31, 2015:

(in millions)	March 31, 2016			December 31, 2015
Long-term debt consists of:
2.75% notes due 2018
Principal amount	$	250.0		$	250.0
Less debt issuance costs (See Note 1)	(1.1		)	(1.2		)
Carrying Value	$	248.9		$	248.8
4.45% notes due 2023
Principal amount	$	300.0		$	300.0
Less debt issuance costs (See Note 1)	(2.0		)	(2.1		)
Carrying Value	$	298.0		$	297.9
6.55% notes due 2036
Principal Amount	$	200.0		$	200.0
Less unamortized discount	(0.7		)	(0.7		)
Less debt issuance costs (See Note 1)	(1.4		)	(1.4		)
Carrying Value	$	197.9		$	197.9
Total long-term debt	$	744.8		$	744.6
Short-term borrowings consists of:
Commercial paper	$	77.5		$	49.0
Other	0.6			0.6
Total short-term borrowings	$	78.1		$	49.6

On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least on equal terms with all of our other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes were used to repay amounts under our revolving credit facility and for general corporate purposes. At March 31, 2016, Notes with a principal amount of $77.5 million were outstanding.

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Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company is exposed to certain risks related to its ongoing business operations, including market risks related to fluctuation in currency exchange. The Company uses foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on the Company’s earnings and cash flows. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. As of and for the period ended March 31, 2016, the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s condensed consolidated statements of operations, balance sheet or cash flows. Foreign exchange contracts not designated as hedging instruments, which primarily pertain to foreign exchange fluctuation risk of intercompany positions, had a notional value of $26 million and $38 million as of March 31, 2016 and December 31, 2015, respectively. The settlement of derivative contracts for the three months March 31, 2015 resulted in net cash outflow $12.0 million, respectively, and is reported within other in “Total used for operating activities” on the Condensed Consolidated Statements of Cash Flows. As of March 31, 2016 and December 31, 2015, the Company's receivable position for the foreign exchange contracts was $0.5 million and $0 million, respectively. As of March 31, 2016 and December 31, 2015, the Company's payable position for the foreign exchange contracts was $0.3 million and $0.4 million, respectively.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The standards describe three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical or similar assets and liabilities.

Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated:

	March 31, 2016								December 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets:
Derivatives - foreign exchange contracts	$	—	$	0.5	$	—	$	0.5	$	—	$	—	$	—	$	—
Liabilities:
Derivatives - foreign exchange contracts	$	—	$	0.3	$	—	$	0.3	$	—	$	0.4	$	—	$	0.4

Valuation Technique- The Company’s derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

The carrying value of the Company’s financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term loans payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. Long-term debt rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt is measured using Level 2 inputs and was $804.9 million and $791.1 million at March 31, 2016 and December 31, 2015, respectively.

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Restructuring

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

The following table summarizes the restructuring (gains) costs associated with repositioning and acquisition-related actions noted below:

(in millions)	(Gains)/Costs Incurred in 2016			Total Costs Incurred Through March 31, 2016
2015 Repositioning Actions	—			8.6
Acquisition-Related Restructuring	(0.4		)	9.3
Total Restructuring	$	(0.4	)	$	17.9

2015 Repositioning Actions

The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $8.6 million in 2015. The Company expects these actions to result in workforce reductions of approximately 125 employees, or about 1%, of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and segment:

(in millions)	Costs Incurred in 2016		Total Costs Incurred Through March 31, 2016
Fluid Handling
Severance	$	—	$	7.9
Aerospace & Electronics
Severance	—		0.7
Total Restructuring	$	—	$	8.6

The following table summarizes the accrual balances related to these cash-related restructuring charges: 

(in millions)	Balance at December 31, 2015		Expense		Utilization			Balance at March 31, 2016
Fluid Handling
Severance	$	4.1	$	—	$	(0.6	)	$	3.5
Aerospace & Electronics
Severance	0.1		$	—	—			0.1
Total Restructuring	$	4.2	$	—	$	(0.6	)	$	3.6

The Company does not expect any further significant costs associated with these actions.

Acquisition-Related Restructuring

The Company recorded total pre-tax restructuring charges of $9.3 million (a gain of $0.4 million in 2016, a gain of $0.6 million in 2015 and a charge of $10.3 million in 2014) related to the December 2013 acquisition of MEI within the Company's Payment & Merchandising Technologies segment. The Company expects these actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and segment:

(in millions)	Costs (Gains) Incurred in 2016			Total Costs Incurred Through March 31, 2016
Payment & Merchandising Technologies
Severance	$	(0.4	)	$	13.4
Other	—			0.2
Asset write-down	—			0.1
Pension curtailment gain	—			(4.4		)
Total Restructuring	$	(0.4	)	$	9.3

The following table summarizes the accrual balances related to these cash-related restructuring charges: 

(in millions)	Balance at December 31, 2015		Expense		Utilization		Balance at March 31, 2016
Payment & Merchandising Technologies
Severance	$	6.3	(0.4	)	(1.2	)	$	4.7
Total Restructuring	$	6.3	(0.4	)	(1.2	)	$	4.7

The Company does not expect any further significant costs associated with these actions.

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Segment Results (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule Of Financial Information By Reportable Segment

	Three Months Ended
	March 31,
(in millions)	2016			2015
Net sales
Fluid Handling	$	248.0		$	275.5
Payment & Merchandising Technologies	172.0			171.9
Aerospace & Electronics	171.7			161.6
Engineered Materials	68.3			69.7
Total	$	660.0		$	678.8
Operating profit (loss)
Fluid Handling	$	25.4		$	34.3
Payment & Merchandising Technologies	28.0			21.1
Aerospace & Electronics	33.1			30.1
Engineered Materials	13.7			14.3
Corporate	(14.7		)	(13.7		)
Total	85.5			86.0
Interest income	0.5			0.5
Interest expense	(9.1		)	(9.9		)
Miscellaneous - net	(0.3		)	(0.3		)
Income before income taxes	$	76.6		$	76.3

	As of
	March 31,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	907.7	$	888.0
Payment & Merchandising Technologies	1,213.8		1,178.0
Aerospace & Electronics	569.4		559.4
Engineered Materials	234.0		227.6
Corporate	470.1		483.9
Total	$	3,395.0	$	3,336.9

Schedule Of Assets By Segment

	As of
	March 31,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	907.7	$	888.0
Payment & Merchandising Technologies	1,213.8		1,178.0
Aerospace & Electronics	569.4		559.4
Engineered Materials	234.0		227.6
Corporate	470.1		483.9
Total	$	3,395.0	$	3,336.9

Schedule Of Goodwill By Segment

	As of
	March 31,		December 31,
(in millions)	2016		2015
Goodwill
Fluid Handling	$	221.0	$	218.7
Payment & Merchandising Technologies	583.4		575.2
Aerospace & Electronics	202.5		202.6
Engineered Materials	171.4		171.4
Total	$	1,178.3	$	1,167.9

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

	Three Months Ended
	March 31,
(in millions, except per share data)	2016		2015
Net income attributable to common shareholders	$	55.0	$	51.1
Average basic shares outstanding	58.2		58.1
Effect of dilutive stock options	0.7		0.8
Average diluted shares outstanding	58.9		58.9
Earnings per basic share	$	0.95	$	0.88
Earnings per diluted share	$	0.93	$	0.87

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Changes in Equity and Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Summary Of Changes In Equity

A summary of the changes in equity for the three months ended March 31, 2016 and 2015 is provided below:

	Three Months Ended March 31,
	2016								2015
(in millions)	Total Shareholders’ Equity			Noncontrolling Interests		Total Equity			Total Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	1,139.4		$	11.4	$	1,150.8		$	1,059.8		$	10.8		$	1,070.6
Dividends	(19.2		)	—		(19.2		)	(19.1		)	—			(19.1		)
Reacquisition on open market	—			—		—			(25.0		)	—			(25.0		)
Exercise of stock options, net of shares reacquired	(1.4		)	—		(1.4		)	6.7			—			6.7
Stock compensation expense	6.1			—		6.1			5.8			—			5.8
Excess tax benefit (shortfall) from stock based compensation	(0.3		)	—		(0.3		)	0.9			—			0.9
Net income	55.0			0.2		55.2			51.1			0.3			51.3
Other comprehensive income (loss)	33.6			0.1		33.7			(68.7		)	(0.2		)	(68.9		)
Comprehensive income (loss)	88.6			0.3		88.9			(17.7		)	0.1			(17.6		)
Balance, end of period	$	1,213.2		$	11.7	$	1,224.9		$	1,011.4		$	10.9		$	1,022.3

Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets.

	(in millions)	Defined Benefit Pension and Other Postretirement Items*			Currency Translation Adjustment			Total
Balance as of December 31, 2015		$	(266.2	)	$	(110.6	)	$	(376.7	)
	Other comprehensive loss before reclassifications	0.1			31.7			31.8
	Amounts reclassified from accumulated other comprehensive income	1.8			—			1.8
Net current-period other comprehensive income (loss)		1.9			31.7			33.6
Balance as of March 31, 2016		$	(264.3	)	$	(78.9	)	$	(343.1	)

* Net of tax benefit of $109.1 million and $109.8 million for March 31, 2016 and December 31, 2015, respectively.

Amounts Reclassified out of each Component of AOCI

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended March 31, 2016 and 2015.

Details of Accumulated Other Comprehensive Income Components (in millions)	Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement of Operations
	Three Months Ended March 31,
	2016			2015
Amortization of defined benefit pension items:
Prior-service costs	$	(0.2	)	$	—		$(0.3) has been recorded within Cost of sales for the three months ended March 31, 2016 and $0.1 has been recorded within Selling, general & administrative for the three months ended March 31, 2016.
Net loss	2.9			3.1			$3.9 and $4.2 has been recorded within Cost of sales for the three months ended March 31, 2016 and 2015, respectively, and $(1.0) and $(1.1) has been recorded within Selling, general & administrative for the three months ended March 31, 2016 and 2015, respectively
Amortization of other postretirement items:
Prior-service costs	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
Net gain	(0.1		)	(0.1		)	Recorded within Selling, General & Administrative
	$	2.5		$	2.9		Total before tax
	0.7			1.0			Tax benefit
Total reclassifications for the period	$	1.8		$	1.9		Net of tax

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes To Goodwill

Changes to goodwill are as follows:

(in millions)	Three Months Ended March 31, 2016		Year Ended December 31, 2015
Balance at beginning of period	$	1,167.9	$	1,193.3
Currency translation and other	10.4		(23.4		)
Balance at end of period	$	1,178.3	$	1,167.9

Changes To Intangible Assets

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period, net of accumulated amortization	$	317.1		$	353.5
Amortization expense	(7.7		)	(31.5		)
Currency translation and other	4.9			(4.9		)
Balance at end of period, net of accumulated amortization	$	314.3		$	317.1

Summary Of Intangible Assets

A summary of intangible assets follows:

	Weighted Average Amortization Period of Finite Lived Assets (in years)
		March 31, 2016						December 31, 2015
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	16.5	$	89.0	$	51.9	$	37.1	$	88.3	$	51.4	$	36.9
Customer relationships and backlog	15.6	401.3		140.3		261.0		395.7		132.9		262.8
Drawings	37.9	11.1		10.1		1.0		11.1		10.1		1.0
Other	12.8	61.9		46.7		15.2		61.8		45.4		16.4
Total	15.9	$	563.3	$	249.0	$	314.3	$	556.9	$	239.8	$	317.1

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Schedule Of Accrued Liabilities

Accrued liabilities consist of:

(in millions)	March 31, 2016		December 31, 2015
Employee related expenses	$	70.9	$	83.1
Warranty	15.8		15.1
Advanced payment from customers	34.3		29.1
Other	92.5		91.3
Total	$	213.5	$	218.6

Summary Of Warranty Liabilities

A summary of the warranty liabilities is as follows:

(in millions)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Balance at beginning of period	$	15.1		$	15.5
Expense	3.6			12.1
Payments / deductions	(2.7		)	(12.7		)
Currency translation	(0.2		)	0.2
Balance at end of period	$	15.8		$	15.1

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Activity Related To Asbestos Claims

Activity related to asbestos claims during the periods indicated was as follows:

	Three Months Ended				Year Ended
	March 31,				December 31,
	2016		2015		2015
Beginning claims	41,090		47,507		47,507
New claims	980		633		2,572
Settlements	(394	)	(208	)	(954	)
Dismissals	(1,027	)	(3,345	)	(8,035	)
Ending claims	40,649		44,587		41,090

Schedule Of Settlement And Defense Costs

Detailed below are the comparable amounts for the periods indicated.

	Three Months Ended						Year Ended
(in millions)	March 31,						December 31,
	2016			2015			2015
Settlement / indemnity costs incurred (1)	$	11.3		$	7.8		$	27.7
Defense costs incurred (1)	10.0			10.5			41.7
Total costs incurred	$	21.3		$	18.3		$	69.4
Settlement / indemnity payments	$	5.1		$	5.5		$	24.5
Defense payments	8.6			8.1			43.5
Insurance receipts	(2.9		)	(2.9		)	(18.1		)
Pre-tax cash payments	$	10.8		$	10.7		$	49.9

(1) Before insurance recoveries and tax effects.

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Pension and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Components Of Net Periodic Cost

he components of net periodic cost are as follows:

	Pension Benefits
	Three Months Ended March 31,
(in millions)	2016			2015
Service cost	$	1.2		$	1.4
Interest cost	8.2			9.6
Expected return on plan assets	(14.5		)	(15.6		)
Amortization of prior service cost	(0.2		)	—
Amortization of net loss (gain)	2.9			3.1
Net periodic cost	$	(2.4	)	$	(1.5	)

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Income Taxes Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective tax rates are as follows:

	2016	2015
Three months ended March 31,	27.9%	32.7%

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Long-Term Debt and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Components Of Debt

The following table summarizes the Company’s debt as of March 31, 2016 and December 31, 2015:

(in millions)	March 31, 2016			December 31, 2015
Long-term debt consists of:
2.75% notes due 2018
Principal amount	$	250.0		$	250.0
Less debt issuance costs (See Note 1)	(1.1		)	(1.2		)
Carrying Value	$	248.9		$	248.8
4.45% notes due 2023
Principal amount	$	300.0		$	300.0
Less debt issuance costs (See Note 1)	(2.0		)	(2.1		)
Carrying Value	$	298.0		$	297.9
6.55% notes due 2036
Principal Amount	$	200.0		$	200.0
Less unamortized discount	(0.7		)	(0.7		)
Less debt issuance costs (See Note 1)	(1.4		)	(1.4		)
Carrying Value	$	197.9		$	197.9
Total long-term debt	$	744.8		$	744.6
Short-term borrowings consists of:
Commercial paper	$	77.5		$	49.0
Other	0.6			0.6
Total short-term borrowings	$	78.1		$	49.6

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis at the dates indicated:

	March 31, 2016								December 31, 2015
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets:
Derivatives - foreign exchange contracts	$	—	$	0.5	$	—	$	0.5	$	—	$	—	$	—	$	—
Liabilities:
Derivatives - foreign exchange contracts	$	—	$	0.3	$	—	$	0.3	$	—	$	0.4	$	—	$	0.4

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Restructuring Restructuring (Tables)

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

Schedule of Restructuring and Related Costs [Table Text Block]

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Basis of Presentation Recently adopted accounting pronouncement (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Assets, Noncurrent	$ 106.1	$ 101.3
Assets	3,395.0	3,336.9
Long-term debt	744.8	744.6
Liabilities and Equity	$ 3,395.0	3,336.9
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Assets, Noncurrent		106.0
Assets		3,341.6
Long-term debt		749.3
Liabilities and Equity		3,341.6
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Assets, Noncurrent		(4.7)
Assets		(4.7)
Long-term debt		(4.7)
Liabilities and Equity		$ (4.7)

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Segment Results (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2016 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

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Segment Results (Schedule Of Financial Information By Reportable Segment) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating profit (loss) from continuing operations
Net sales	$ 660.0	$ 678.8
Operating profit (loss)	85.5	86.0
Interest income	0.5	0.5
Interest expense	(9.1)	(9.9)
Miscellaneous - net	(0.3)	(0.3)
Income before income taxes	76.6	76.3
Fluid Handling [Member]
Operating profit (loss) from continuing operations
Net sales	248.0	275.5
Operating profit (loss)	25.4	34.3
Payment and Merchandising Technologies [Member]
Operating profit (loss) from continuing operations
Net sales	172.0	171.9
Operating profit (loss)	28.0	21.1
Engineered Materials
Operating profit (loss) from continuing operations
Net sales	68.3	69.7
Operating profit (loss)	13.7	14.3
Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	171.7	161.6
Operating profit (loss)	33.1	30.1
Corporate
Operating profit (loss) from continuing operations
Operating profit (loss)	(14.7)	(13.7)
Commercial Valves [Member] | Fluid Handling [Member]
Operating profit (loss) from continuing operations
Net sales	72.4	79.6
Other Products [Member] | Fluid Handling [Member]
Operating profit (loss) from continuing operations
Net sales	20.6	20.2
Outside [Member] | Fluid Handling [Member]
Operating profit (loss) from continuing operations
Net sales	248.0	275.5
Outside [Member] | Payment and Merchandising Technologies [Member]
Operating profit (loss) from continuing operations
Net sales	172.0	171.9
Outside [Member] | Engineered Materials
Operating profit (loss) from continuing operations
Net sales	68.3	69.7
Outside [Member] | Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	171.7	161.6
Payment Acceptance and Dispensing Products [Member] [Member] | Payment and Merchandising Technologies [Member]
Operating profit (loss) from continuing operations
Net sales	117.7	123.9
Merchandising Equipment [Member] | Payment and Merchandising Technologies [Member]
Operating profit (loss) from continuing operations
Net sales	54.3	48.0
Commercial Original Equipment [Member] | Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	90.0	86.5
Military and Other Original Equipment [Member] | Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	40.6	33.1
Commercial Aftermarket Products [Member] | Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	30.4	31.7
Military Aftermarket Products [Member] | Aerospace and Electronics [Member]
Operating profit (loss) from continuing operations
Net sales	10.7	10.3
FRP - Recreational Vehicles [Member] | Engineered Materials
Operating profit (loss) from continuing operations
Net sales	35.2	38.9
FRP - Building Products [Member] | Engineered Materials
Operating profit (loss) from continuing operations
Net sales	22.5	21.2
FRP - Transportation [Member] | Engineered Materials
Operating profit (loss) from continuing operations
Net sales	10.6	9.6
Process Valves and Related Products [Member] | Fluid Handling [Member]
Operating profit (loss) from continuing operations
Net sales	$ 155.0	$ 175.7

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Segment Results (Schedule Of Assets By Segment) (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,395.0	$ 3,336.9
Fluid Handling [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	907.7	888.0
Payment and Merchandising Technologies [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,213.8	1,178.0
Aerospace and Electronics [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	569.4	559.4
Engineered Materials
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	234.0	227.6
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 470.1	$ 483.9

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Segment Results (Schedule Of Goodwill By Segment) (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Goodwill	$ 1,178.3	$ 1,167.9	$ 1,193.3
Fluid Handling [Member]
Segment Reporting Information [Line Items]
Goodwill	221.0	218.7
Payment and Merchandising Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	583.4	575.2
Aerospace and Electronics [Member]
Segment Reporting Information [Line Items]
Goodwill	202.5	202.6
Engineered Materials
Segment Reporting Information [Line Items]
Goodwill	$ 171.4	$ 171.4

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Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 55.0	$ 51.1
Average basic shares outstanding	58.2	58.1
Effect of dilutive stock options	0.7	0.8
Average diluted shares outstanding	58.9	58.9
Earnings per share - basic:
Net income attributable to common shareholders	$ 0.95	$ 0.88
Earnings per share - diluted:
Net income attributable to common shareholders	$ 0.93	$ 0.87

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Earnings Per Share (Narrative) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Average options excluded from computation of diluted earnings per share	1.5	0.8

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Changes In Equity And Comprehensive Income (Summary Of Changes In Equity) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 1,150.8	$ 1,070.6
Dividends	19.2	19.1
Reacquisition on open market	0.0	25.0
Exercise of stock options, net of shares reacquired	(1.4)	6.7
Stock compensation expense	6.1	5.8
Excess tax benefit from stock based compensation	(0.3)	0.9
Net income	55.2	51.3
Other comprehensive income (loss)	33.7	(68.9)
Comprehensive income	88.9	(17.6)
Balance, end of period	1,224.9	1,022.3
Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	1,139.4	1,059.8
Dividends	(19.2)	(19.1)
Reacquisition on open market	0.0	(25.0)
Exercise of stock options, net of shares reacquired	(1.4)	6.7
Stock compensation expense	6.1	5.8
Excess tax benefit from stock based compensation	(0.3)	0.9
Net income	55.0	51.1
Other comprehensive income (loss)	33.6	(68.7)
Comprehensive income	88.6	(17.7)
Balance, end of period	1,213.2	1,011.4
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	11.4	10.8
Net income	0.2	0.3
Other comprehensive income (loss)	0.1	(0.2)
Comprehensive income		0.1
Balance, end of period	$ 11.7	$ 10.9

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Changes In Equity And Comprehensive Income (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	$ (376.7)
Other comprehensive income (loss) before reclassifications	31.8
Amounts reclassified from accumulated other comprehensive income	1.8
Net current-period othre comprehensive income (loss)	33.6
Accumulated other comprehensive loss, ending balance	(343.1)	$ (376.7)
Changes in pension and post-retirement plan assets and benefit obligation, Tax benefit	109.1	109.8
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	(266.2)
Other comprehensive income (loss) before reclassifications	0.1
Net current-period othre comprehensive income (loss)	1.9
Accumulated other comprehensive loss, ending balance	(264.3)	(266.2)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	(110.6)
Other comprehensive income (loss) before reclassifications	31.7
Amounts reclassified from accumulated other comprehensive income	0.0
Net current-period othre comprehensive income (loss)	31.7
Accumulated other comprehensive loss, ending balance	$ (78.9)	$ (110.6)

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Changes in Equity and Comprehensive Income Changes in Equity and Comprehensive Income (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	$ 109.1		$ 109.8
Income Tax Expense (Benefit)	(21.4)	$ (24.9)
Amounts reclassified from accumulated other comprehensive income	1.8
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2.5)	(2.9)
Income Tax Expense (Benefit)	0.7	1.0
Amounts reclassified from accumulated other comprehensive income	(1.8)	(1.9)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs, Pension [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
PriorServiceCostsCOS	0.0	0.0
PriorServiceCostSG&A	0.0	0.0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(0.2)	0.0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Loss (Gain), Pension [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Defined Benefit Plan, Amortization of Gains (Losses)	(2.9)	(3.1)
NetlossgainCOS	3.9	4.2
NetlossgainSG&A	(1.0)	(1.1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs, Postretirement [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(0.1)	(0.1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Loss(Gain), Postretirement [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Defined Benefit Plan, Amortization of Gains (Losses)	$ 0.1	$ 0.1

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Acquisitions (Narrative) (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2013	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Business Combination, Integration Related Costs		$ 0.0	$ 1.6
Restructuring Charges		$ (0.4)	$ 0.5
MEI Conlux Holdings [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 804.0
2.75% Notes Due 2018
Business Acquisition [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.75%		2.75%
Acquisition Related Restructuring [Member]
Business Acquisition [Line Items]
Restructuring Charges		$ (0.4)		$ (0.6)	$ 10.3

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Goodwill and Intangible Assets (Narrative) (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($) Segment	Dec. 31, 2015 USD ($)
Goodwill And Intangible Assets [Line Items]
Number of reporting units | Segment	7
Estimated cost of capital, minimum	10.00%
Estimated cost of capital, maximum	12.50%
Estimated cost of capital, weighted	10.80%
Hypothetical decrease to fair values of each reporting unit		10.00%
Net intangible assets	$ 314.3	$ 317.1
Intangibles with indefinite useful lives	27.8
Estimated amortization expense for intangible assets, current year	23.2
Estimated amortization expense for intangible assets, year 2015	29.9
Estimated amortization expense for intangible assets, year 2016	26.9
Estimated amortization expense for intangible assets, year 2017	24.3
Estimated amortization expense for intangible assets, year 2018	21.6
Estimated amortization expense for intangible assets, year 2019 and thereafter	$ 160.6

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Goodwill And Intangible Assets (Changes To Goodwill) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of period	$ 1,167.9	$ 1,193.3
Currency translation and other	10.4	(23.4)
Balance at end of period	$ 1,178.3	$ 1,167.9

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Goodwill And Intangible Assets (Changes To Intangible Assets) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of period, net of accumulated amortization	$ 317.1	$ 353.5
Amortization expense	(7.7)	(31.5)
Currency translation and other	(4.9)	4.9
Balance at end of period, net of accumulated amortization	$ 314.3	$ 317.1

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Goodwill And Intangible Assets (Summary Of Intangible Assets) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period of Finite Lived Assets (in years)	15 years 10 months 24 days
Gross Asset	$ 563.3	$ 556.9
Accumulated Amortization	249.0	239.8
Net	314.3	317.1
Finite-Lived Intangible Assets, Net	$ 314.3	317.1	$ 353.5
Intellectual Property Rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period of Finite Lived Assets (in years)	16 years 6 months
Gross Asset	$ 89.0	88.3
Accumulated Amortization	51.9	51.4
Net	$ 37.1	36.9
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period of Finite Lived Assets (in years)	15 years 7 months 6 days
Gross Asset	$ 401.3	395.7
Accumulated Amortization	140.3	132.9
Net	$ 261.0	262.8
Drawings
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period of Finite Lived Assets (in years)	37 years 10 months 24 days
Gross Asset	$ 11.1	11.1
Accumulated Amortization	10.1	10.1
Net	$ 1.0	1.0
Other Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period of Finite Lived Assets (in years)	12 years 9 months 18 days
Gross Asset	$ 61.9	61.8
Accumulated Amortization	46.7	45.4
Net	$ 15.2	$ 16.4

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Accrued Liabilities (Schedule Of Accrued Liabilities) (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Employee related expenses	$ 70.9	$ 83.1
Warranty	15.8	15.1
Customer Advances, Current	34.3	29.1
Other	92.5	91.3
Total	$ 213.5	$ 218.6

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Accrued Liabilities (Summary Of Warranty Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Balance at beginning of period	$ 15.1	$ 15.5
Expense	3.6	12.1
Payments / deductions	(2.7)	(12.7)
Currency translation	(0.2)	0.2
Balance at end of period	$ 15.8	$ 15.1

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Commitments And Contingencies (Schedule Of Activity Related To Asbestos Claim) (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014 USD ($)
Loss Contingencies [Line Items]
Airplane Operating Lease Period Years				five
Fair Value Of Residual Value Guarantee					$ 7.8
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold					$ 9.5
Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Beginning claims	41,090	47,507	47,507
New claims	980	633	2,572
Settlements	(394)	(208)	(954)
Dismissals	(1,027)	(3,345)	(8,035)
Ending claims	40,649	44,587	41,090	47,507

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Commitments And Contingencies (Asbestos Liability) (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) LegalMatter Claim	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Aug. 21, 2015 USD ($)	Jul. 02, 2015 USD ($)	Sep. 30, 2014 USD ($)	Jun. 16, 2014 USD ($)	Sep. 17, 2013 USD ($)	Sep. 11, 2013 USD ($)	Jul. 31, 2013 USD ($)	Mar. 01, 2013 USD ($)	Feb. 25, 2013 USD ($)	Nov. 28, 2012 USD ($)	Oct. 23, 2012 USD ($)	Mar. 09, 2012	Dec. 31, 2011 USD ($)	Aug. 17, 2011 USD ($)	Feb. 23, 2011 USD ($)	Mar. 23, 2010 USD ($)
Loss Contingencies [Line Items]
Payments for asbestos-related fees and costs, net of insurance recoveries	$ 10,800,000	$ 10,700,000
Current portion of total estimated liability	$ 75,000,000		$ 75,000,000
Airplane Operating Lease Period Years				five
Fair Value Of Residual Value Guarantee								$ 7,800,000
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold								$ 9,500,000
Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Pending claims	40,649	44,587	41,090	47,507
Payments for asbestos-related fees and costs, net of insurance recoveries	$ 10,800,000	$ 10,700,000	$ 49,900,000
Cumulative claims resolved | Claim	117,000
Settlement cost	$ 464,000,000
Average settlement cost per resolved claim			3,100	$ 3,800	$ 3,300
Cumulative average settlement cost per resolved claim	$ 4,000
Number of years included in methodology base reference period	2
Additional quarters included in methodology base reference period	3
Estimated payments to current and future claimants	$ 36,000,000,000
Additional liability																		$ 285,000,000
Percentage of mesothelioma claims of total pending asbestos claims																		8.00%
Percentage of mesothelioma claims of aggregate settlement and defense costs																		90.00%
Liability for claims	532,000,000																	$ 894,000,000
Percentage Of Asbestos Liability Attributable To Settlement And Denfese Costs For Future Claims																		80.00%
Current portion of total estimated liability	$ 75,000,000
Number of coverage in place agreements with excess insurer groups	11
Number of buyout agreements with excess insurer groups	10
Aggregate value of policy buyout agreements	$ 82,500,000
Forecasted percentage of liability that would be reimbursed by insurers																		25.00%
Insurance reimbursement asset	126,000,000																	$ 225,000,000
Gross Settlement And Defense Incurred Costs	$ 21,300,000	$ 18,300,000	$ 69,400,000
Frank Paasch | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Share Of Responsibility Of Verdict
James Nelson | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Jury verdict																					$ 14,500,000
Share Of Responsibility Of Verdict																					9.09%
Court judgment against all parties held responsible																				$ 4,000,000
Additional interest on the compensation awarded																				10,000
Larry Bell | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment																				$ 200,000
Jury verdict																					$ 3,500,000
Share Of Responsibility Of Verdict																					5.00%
Ronald Dummitt | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court written decision																			$ 8,000,000
Court Judgment																			$ 4,900,000
Jury verdict percentage of responsibility.																			99.00%
Jury verdict																			$ 32,000,000
Frank Paasch | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Jury verdict														$ 2,500,000
Share Of Responsibility Of Verdict														10.00%
Frank Vincinguerra | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Jury verdict														$ 2,300,000
Share Of Responsibility Of Verdict														20.00%
Gerald Suttner | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment																$ 100,000
Share Of Responsibility Of Verdict																4.00%
Plaintiff's Damages																$ 3,000,000
James Hellam | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment															$ 1,282,000
CourtJudgmentIncludingSetoffs															$ 1,100,000
DamagesReversedInPart						$ 20,000
Share Of Responsibility Of Verdict															7.00%
Jury Verdict Non-Economic Damages															$ 4,500,000
Jury Verdict Economic Damages															$ 900,000
Ivo Peraica | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment													$ 10,600,000
Jury Verdict Total													35,000,000
Court_Reduced_Verdict													$ 18,000,000
Holdsworth [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment												$ 1,700,000
Jury Verdict Total												$ 3,100,000
Lloyd Garvin [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Compensatory Damages											$ 11,000,000
Additional damages											11,000,000
CourtJudgmentIncludingSetoffs											3,500,000
Court_Reduced_Verdict											2,500,000
Court Reduced damages											$ 3,500,000
Richard DeLisle [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment										$ 1,300,000
Jury verdict										$ 8,000,000
Share Of Responsibility Of Verdict										16.00%
Ivan Sweberg [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment									$ 5,300,000
Jury Verdict Total									15,000,000
Court_Reduced_Verdict									10,000,000
Selwyn Hackshaw [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Court Judgment									3,100,000
Jury Verdict Total									10,000,000
Court_Reduced_Verdict									$ 6,000,000
James Poage [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Compensatory Damages							$ 1,500,000
Additional damages							10,000,000
Court Judgment							$ 10,800,000
New York | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Pending claims | LegalMatter	18,400
Mississippi | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Pending claims | LegalMatter	5,100
Texas | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Pending claims | LegalMatter	4,800
Ohio | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Pending claims | LegalMatter	200

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Commitments And Contingencies (Schedule Of Settlement And Defense Costs) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Loss Contingencies [Line Items]
Pre-tax cash payments	$ 10.8	$ 10.7
Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Settlement / indemnity costs incurred (1)	11.3	7.8	$ 27.7
Defense costs incurred (1)	10.0	10.5	41.7
Gross Settlement And Defense Incurred Costs	21.3	18.3	69.4
Settlement / indemnity payments	5.1	5.5	24.5
Defense payments	8.6	8.1	43.5
Insurance receipts	(2.9)	(2.9)	(18.1)
Pre-tax cash payments	$ 10.8	$ 10.7	$ 49.9

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Commitments And Contingencies (Other Contingencies) (Detail) $ in Thousands		3 Months Ended			12 Months Ended
	Aug. 08, 2014 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014	Dec. 31, 2011 Home	Apr. 22, 2016 USD ($)	Feb. 09, 2016 USD ($)	Jul. 02, 2015 USD ($)	Dec. 31, 2013 Homeowner	Dec. 31, 2012 acre	Apr. 15, 2011 Homeowner	Jul. 31, 2006
Loss Contingencies [Line Items]
Airplane operating lease period, years						five
Fair Value Of Residual Value Guarantee				$ 7,800
Fair Value Of Residual Value Guarantee, Fair Value of Operating Lease Asset Threshold				9,500
Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Gross Settlement And Defense Incurred Costs		$ 21,300	$ 18,300		$ 69,400
Environmental Claims For A Site In Goodyear Arizona
Loss Contingencies [Line Items]
Estimated liability		60,100
Amount of additional remediation activities				49,000
Accrued environmental loss contingencies current					$ 16,000
Loss contingency reimbursement rate														21.00%
Other receivables		$ 12,300
Environmental Claims For Crab Orchard National Wildlife Refuge Superfund Site
Loss Contingencies [Line Items]
Approximate size of referenced site, acres | acre												55,000
Environmental Claims For Site In Roseland New Jersey
Loss Contingencies [Line Items]
Amount of additional remediation activities				$ 6,800
Approximate number of homes tested for contaminants | Home							40
Homeowners Filing Suits Against Company | Homeowner											139		3
Loss Contingency, Damages Paid, Value	$ 6,500
Number Of Tenants Who Filed Separate Lawsuit | Homeowner													1
James Poage [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
compensatory_damages										$ 1,500
Additional damages										10,000
Court Judgment										$ 10,800
Valent Rabovsky [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Share Of Responsibility Of Verdict									30.00%
Jury Verdict Total									$ 1,085
George Coulbourn [Member] | Asbestos Commitments and Contingencies
Loss Contingencies [Line Items]
Share Of Responsibility Of Verdict								20.00%
Jury Verdict Total								$ 9,000
Court Reduced damages								$ 5,000

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Pension And Other Postretirement Benefit Plans (Components Of Net Periodic Cost) (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1.2	$ 1.4
Interest cost	8.2	9.6
Expected return on plan assets	(14.5)	(15.6)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(0.2)	0.0
Amortization of net loss (gain)	2.9	3.1
Net periodic cost	$ (2.4)	$ (1.5)

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Pension And Other Postretirement Benefit Plans (Narrative) (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 2.1		$ 17.0
Subsequent Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year		$ 8.0

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Income Taxes (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Company's effective tax rate	27.90%	32.70%
Federal statutory income tax rate	35.00%
Increase in gross unrecognized tax benefits	$ 0.8
Increase In Unrecognized Tax Benefits That Would Impact Effective Tax Rate	0.9
Recognized interest expense related to unrecognized tax benefits	0.4
Interest and penalty related to unrecognized tax benefits recorded	6.2		$ 5.8
Reasonable possible increase in unrecognized tax benefits during the next twelve months	$ (7.1)

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Long-Term Debt And Notes Payable (Components Of Debt) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Long-term Commercial Paper	$ 500.0
number of days to maturity	397
Net decrease in short-term debt	$ 28.5	$ 126.7
Long-term debt	744.8		$ 744.6
Short-term borrowings	$ 78.1		$ 49.6
2.75% Notes Due 2018
Debt Instrument [Line Items]
Maturity Year Of Debt Instrument	2018
Debt Instrument, Interest Rate, Stated Percentage	2.75%		2.75%
Long-term debt	$ 248.9		$ 248.8
Debt Instrument, Face Amount	250.0		250.0
Debt Issuance Cost	(1.1)		(1.2)
Other Liabilities [Member]
Debt Instrument [Line Items]
Long-term debt	0.6		0.6
Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term debt	77.5		49.0
Six Point Five Five Percent Notes Due 2036 [Member]
Debt Instrument [Line Items]
Long-term debt	197.9		197.9
Debt Instrument, Face Amount	200.0		200.0
Debt Instrument, Unamortized Discount	(0.7)		(0.7)
Debt Issuance Cost	(1.4)		(1.4)
Four Point Four Five Percent Notes Due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	298.0		297.9
Debt Instrument, Face Amount	300.0		300.0
Debt Issuance Cost	$ (2.0)		$ (2.1)
4.45% Notes Due 2023
Debt Instrument [Line Items]
Maturity Year Of Debt Instrument	2023
Debt Instrument, Interest Rate, Stated Percentage	4.45%		4.45%
6.55% Notes Due 2036
Debt Instrument [Line Items]
Maturity Year Of Debt Instrument	2036
Debt Instrument, Interest Rate, Stated Percentage	6.55%		6.55%

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Derivative Instruments And Hedging Activities (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of foreign exchange contracts		$ 38.0
Net cash outflow/inflow from settlement of derivative contracts	$ (12.0)
Derivatives Assets	0.5	0.0
Derivatives Liabilities	0.3	$ 0.4
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of foreign exchange contracts	$ 26.0

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Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	$ 0.5	$ 0.0
Derivatives Liabilities	0.3	0.4
Fair Value, Measurements, Recurring | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		0.0
Derivatives Liabilities		0.4
Fair Value, Measurements, Recurring | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets	0.5	0.0
Derivatives Liabilities	$ 0.3	$ 0.4

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Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt	$ 804.9	$ 791.1

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Restructuring Restructuring 2015 Repositioning Actions (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) employee	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ (0.4)	$ 0.5
Restructuring and Related Cost, Cost Incurred to Date	17.9
Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ (0.4)		$ (0.6)	$ 10.3
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	240
Reduction Of Global Workforce Percentage	2.00%
Restructuring and Related Cost, Cost Incurred to Date	$ 9.3
2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.0		8.6
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	125
Reduction Of Global Workforce Percentage	1.00%
Restructuring and Related Cost, Cost Incurred to Date	$ 8.6
Employee Severance [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(0.4)
Restructuring and Related Cost, Cost Incurred to Date	13.4
Asset Write Down [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.0
Restructuring and Related Cost, Cost Incurred to Date	0.1
Other Restructuring [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.0
Restructuring and Related Cost, Cost Incurred to Date	0.2
Fluid Handling [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3.5		4.1
Restructuring Charges	0.0
Restructuring Reserve, Utilization	(0.6)
Restructuring and Related Cost, Cost Incurred to Date	7.9
Aerospace and Electronics [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.1		$ 0.1
Restructuring Charges	0.0
Restructuring Reserve, Utilization	0.0
Restructuring and Related Cost, Cost Incurred to Date	$ 0.7

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Restructuring Restructuring 2014 Repositioning Actions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ (0.4)	$ 0.5

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Restructuring Restructuring Acquisition-Related Restructuring (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) employee	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.4	$ (0.5)
Restructuring and Related Cost, Cost Incurred to Date	(17.9)
2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.0		$ (8.6)
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	125
Reduction Of Global Workforce Percentage	1.00%
Restructuring and Related Cost, Cost Incurred to Date	$ (8.6)
2014 Repositioning Actions [Member]
Restructuring Cost and Reserve [Line Items]
repositioning costs incurred to date	9.3
Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.4		0.6	$ (10.3)
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	240
Reduction Of Global Workforce Percentage	2.00%
Restructuring and Related Cost, Cost Incurred to Date	$ (9.3)
Employee Severance [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.4
Restructuring and Related Cost, Cost Incurred to Date	(13.4)
Other Restructuring [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.0
Restructuring and Related Cost, Cost Incurred to Date	(0.2)
Asset Write Down [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.0
Restructuring and Related Cost, Cost Incurred to Date	(0.1)
pension curtailment gain [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.0
Restructuring and Related Cost, Cost Incurred to Date	(4.4)
Fluid Handling [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3.5		4.1
Restructuring Charges	0.0
Restructuring Reserve, Utilization	(0.6)
Restructuring and Related Cost, Cost Incurred to Date	(7.9)
Payment and Merchandising Technologies [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4.7		6.3
Restructuring Charges	0.4
Restructuring Reserve, Utilization	1.2
Payment and Merchandising Technologies [Member] | Employee Severance [Member] | Acquisition Related Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4.7		6.3
Restructuring Charges	0.4
Restructuring Reserve, Utilization	1.2
Aerospace and Electronics [Member] | Employee Severance [Member] | 2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.1		0.1
Restructuring Charges	0.0
Restructuring Reserve, Utilization	0.0
Restructuring and Related Cost, Cost Incurred to Date	(0.7)
cash-related restructuring [Member] | 2015 Repositioning Actions [Member] [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3.6		$ 4.2
Restructuring Charges	0.0
Restructuring Reserve, Utilization	$ (0.6)