Nature of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Computation Of Basic And Diluted Earnings Per Share

(in millions, except per share data) For the year ended December 31,	2022		2021		2020
Net income attributable to common shareholders	$	401.1	$	435.4	$	181.0
Average basic shares outstanding	56.4		58.4		58.3
Effect of dilutive share-based awards	0.8		0.8		0.5
Average diluted shares outstanding	57.2		59.2		58.8
Basic earnings per share	$	7.11	$	7.46	$	3.10
Diluted earnings per share	$	7.01	$	7.36	$	3.08

Summary Of Inventories

Inventories consist of the following:

(in millions) December 31,	2022		2021
Finished goods	$	83.3	$	147.3
Finished parts and subassemblies	70.7		59.5
Work in process	39.9		37.0
Raw materials	245.9		205.3
Total inventories, net	$	439.8	$	449.1

Summary Of Property, Plant And Equipment, Net

Property, plant and equipment, net consists of the following: 

(in millions) December 31,	2022		2021
Land	$	76.4	$	80.8
Buildings and improvements	284.5		281.5
Machinery and equipment	889.9		926.2
Gross property, plant and equipment	1,250.8		1,288.5
Less: accumulated depreciation	740.9		732.9
Property, plant and equipment, net	$	509.9	$	555.6

Schedule Of Changes To Goodwill

Changes to goodwill are as follows:

(in millions)	Aerospace & Electronics		Process Flow Technologies		Payment & Merchandising Technologies		Engineered Materials		Total
Balance as of December 31, 2020	$	202.5	$	360.0	$	875.2	$	171.3	$	1,609.0
Adjustments to purchase price allocations	—		(0.1)		—		—		$	(0.1)
Currency translation	—		(10.5)		(14.6)		—		$	(25.1)
Balance as of December 31, 2021	$	202.5	$	349.4	$	860.6	$	171.3	$	1,583.8
Disposal on sale of business	—		(22.3)		—		—		$	(22.3)
Currency translation	(0.2)		(9.8)		(24.0)		—		$	(34.0)
Balance as of December 31, 2022	$	202.3	$	317.3	$	836.6	$	171.3	$	1,527.5

Schedule Of Changes To Intangible Assets

Changes to intangible assets are as follows:

(in millions) December 31,	2022		2021		2020
Balance at beginning of period, net of accumulated amortization	$	467.1	$	520.3	$	505.1
Additions	—		—		52.5
Amortization expense	(41.7)		(44.5)		(48.4)
Currency translation and other	(8.8)		(8.7)		11.1
Balance at end of period, net of accumulated amortization	$	416.6	$	467.1	$	520.3

Summary Of Intangible Assets

A summary of intangible assets follows:

(in millions)	Weighted Average Amortization Period of Finite Lived Assets (in years)	December 31, 2022						December 31, 2021
		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	15.1	$	132.1	$	59.1	$	73.0	$	136.8	$	59.2	$	77.6
Customer relationships and backlog	18.4	635.5		329.8		305.7		651.7		308.8		342.9
Drawings	40.0	11.1		10.7		0.4		11.1		10.6		0.5
Other	11.7	141.3		103.8		37.5		142.1		96.0		46.1
Total	17.9	$	920.0	$	503.4	$	416.6	$	941.7	$	474.6	$	467.1

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense associated with intangibles is expected to be:

Year	(in millions)
2023	$	41.8
2024	$	41.0
2025	$	35.7
2026	$	35.5
2027	$	33.9
2028 and after	$	161.4

Classification Of Accumulated Other Comprehensive Income (Loss) Reflected On Consolidated Balance Sheets

The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets.

	(in millions)	Defined Benefit Pension and Other Postretirement Items		Currency Translation Adjustment		Total (a)
Balance as of December 31, 2019		$	(344.3)	$	(139.4)	(483.7)
	Other comprehensive (loss) income before reclassifications	(67.4)		70.9		3.5
	Amounts reclassified from accumulated other comprehensive loss	13.8		—		13.8
Net period other comprehensive (loss) income		(53.6)		70.9		17.3
Balance as of December 31, 2020		(397.9)		(68.5)		(466.4)
	Other comprehensive (loss) income before reclassifications	78.0		(69.8)		8.2
	Amounts reclassified from accumulated other comprehensive loss	18.0		—		18.0
Net period other comprehensive (loss) income		96.0		(69.8)		26.2
Balance as of December 31, 2021		(301.9)		(138.3)		(440.2)
	Other comprehensive income (loss) before reclassifications	19.5		(93.1)		(73.6)
	Amounts reclassified from accumulated other comprehensive loss	10.5		—		10.5
Net period other comprehensive income (loss)		30.0		(93.1)		(63.1)
Balance as of December 31, 2022		$	(271.9)	$	(231.4)	$	(503.3)

(a)  Net of tax benefit of $106.6 million , $117.9 million and $148.2 million for 2022, 2021, and 2020, respectively.

Accumulated Other Comprehensive Income (Loss)

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated Statements of Operations.

(in millions)	Amount Reclassified from Accumulated Other Comprehensive Loss
December 31,	2022		2021		2020
Amortization of pension items:
Prior service costs	$	(0.1)	$	(0.1)	$	(0.3)
Net loss	15.2		23.4		19.1
Amortization of postretirement items:
Prior service costs	(1.1)		(1.1)		(1.1)
Total before tax	$	14.0	$	22.2	$	17.7
Tax impact	3.5		4.2		3.9
Total reclassifications for the period	$	10.5	$	18.0	$	13.8