Nature of Operations and Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Accounting Policies [Abstract] |
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| Schedule of Earnings Per Share |
| | | | | | | | | | | | | | | | | | | | | | (in millions, except per share data) For the year ended December 31, | | 2025 | | 2024 | | 2023 | | Net income from continuing operations attributable to common shareholders | | $ | 331.7 | | | $ | 268.2 | | | $ | 175.9 | | | Income from discontinued operations, net of tax (Note 3) | | 34.9 | | | 26.5 | | | 80.0 | | | Net income attributable to common shareholders | | $ | 366.6 | | | $ | 294.7 | | | $ | 255.9 | | | | | | | | | | Average basic shares outstanding | | 57.5 | | | 57.2 | | | 56.7 | | | Effect of dilutive share-based awards | | 1.1 | | | 1.1 | | | 0.8 | | | Average diluted shares outstanding | | 58.6 | | | 58.3 | | | 57.5 | | | | | | | | | | Earnings per basic share: | | | | | | | | Earnings per basic share from continuing operations | | $ | 5.77 | | | $ | 4.69 | | | $ | 3.10 | | | Earnings per basic share from discontinued operations | | 0.61 | | | 0.46 | | | 1.41 | | | Earnings per basic share | | $ | 6.38 | | | $ | 5.15 | | | $ | 4.51 | | | | | | | | | | Earnings per diluted share: | | | | | | | | Earnings per diluted share from continuing operations | | $ | 5.66 | | | $ | 4.60 | | | $ | 3.06 | | | Earnings per diluted share from discontinued operations | | 0.60 | | | 0.45 | | | 1.39 | | | Earnings per diluted share | | $ | 6.26 | | | $ | 5.05 | | | $ | 4.45 | |
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| Summary of Inventories |
Inventories consist of the following: | | | | | | | | | | | | | | | | (in millions) December 31, | | 2025 | | 2024 | | Finished goods | | $ | 58.6 | | | $ | 64.2 | | | Work in process | | 106.6 | | | 102.1 | | | Raw materials | | 211.3 | | | 214.1 | | | Total inventories, net | | $ | 376.5 | | | $ | 380.4 | |
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| Summary of Property, Plant and Equipment, Net |
Property, plant and equipment, net consists of the following: | | | | | | | | | | | | | | | | (in millions) December 31, | | 2025 | | 2024 | | Land | | $ | 46.2 | | | $ | 43.8 | | | Buildings and improvements | | 176.4 | | | 156.2 | | | Machinery and equipment | | 523.4 | | | 482.9 | | | Gross property, plant and equipment | | 746.0 | | | 682.9 | | | Less: accumulated depreciation | | 467.2 | | | 421.6 | | | Property, plant and equipment, net | | $ | 278.8 | | | $ | 261.3 | |
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| Schedule of Changes to Goodwill |
Changes to goodwill are as follows: | | | | | | | | | | | | | | (in millions) | Aerospace & Advanced Technologies (a) | Process Flow Technologies (b) (c) | | Total | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | $ | 202.4 | | $ | 374.0 | | | $ | 576.4 | | | Acquisition | 46.2 | | 50.3 | | | 96.5 | | | Currency translation | (0.1) | | (11.2) | | | (11.3) | | | Balance as of December 31, 2024 | $ | 248.5 | | $ | 413.1 | | | $ | 661.6 | | | Acquisition | — | | 0.2 | | | 0.2 | | | Currency translation | 0.1 | | 22.0 | | | 22.1 | | | Balance as of December 31, 2025 | $ | 248.6 | | $ | 435.3 | | | $ | 683.9 | |
| | | (a) For the year ended December 31, 2024, adjustments within the Aerospace & Advanced Technologies segment of $46.2 million relate to the acquisition of Vian. See Note 2 for further information. | (b) For the year ended December 31, 2024, adjustments within the Process Flow Technologies segment of $50.3 million relate to the acquisitions of Technifab and CryoWorks. See Note 2 for further information. | (c )For the year ended December 31, 2025, adjustments within the Process Flow Technologies segment of $0.2 million relate to the acquisition of Technifab. See Note 2 for further information. |
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| Summary of Intangible Assets, Finite |
Changes to intangible assets are as follows: | | | | | | | | | | | | | (in millions) December 31, | 2025 | 2024 | 2023 | | Balance at beginning of period, net of accumulated amortization | $ | 159.9 | | $ | 87.1 | | $ | 70.7 | | Additions (a) (b) | — | | 92.4 | | 21.1 | | | Amortization expense | (13.8) | | (17.6) | | (6.1) | | | Currency translation and other | 3.4 | | (2.0) | | 1.4 | | | Balance at end of period, net of accumulated amortization | $ | 149.5 | | $ | 159.9 | | $ | 87.1 | |
| | | (a) For the year ended December 31, 2024, additions of $92.4 million relate to the acquisitions of Vian, CryoWorks and Technifab. See Note 2 for further information. | (b) For the year ended December 31, 2023, additions of $21.1 million relate to the acquisition of BAUM. See Note 2 for further information. |
A summary of intangible assets follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Weighted Average
Amortization Period of Finite Lived Assets (in years) | | December 31, 2025 | | December 31, 2024 | | Gross
Asset | Accumulated
Amortization | Net | | Gross
Asset | Accumulated
Amortization | Net | | Intellectual property rights | 16.4 | | $ | 82.0 | | $ | 44.8 | | $ | 37.2 | | | $ | 79.8 | | $ | 42.4 | | $ | 37.4 | | | Customer relationships and backlog | 20.5 | | 194.6 | | 83.8 | | 110.8 | | | 191.0 | | 70.2 | | 120.8 | | | Drawings | 40.0 | | 11.1 | | 10.9 | | 0.2 | | | 11.1 | | 10.8 | | 0.3 | | | Other | 25.9 | | 38.4 | | 37.1 | | 1.3 | | | 37.9 | | 36.5 | | 1.4 | | | Total | 20.8 | | $ | 326.1 | | $ | 176.6 | | $ | 149.5 | | | $ | 319.8 | | $ | 159.9 | | $ | 159.9 | |
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| Summary of Intangible Assets, Indefinite |
Changes to intangible assets are as follows: | | | | | | | | | | | | | (in millions) December 31, | 2025 | 2024 | 2023 | | Balance at beginning of period, net of accumulated amortization | $ | 159.9 | | $ | 87.1 | | $ | 70.7 | | Additions (a) (b) | — | | 92.4 | | 21.1 | | | Amortization expense | (13.8) | | (17.6) | | (6.1) | | | Currency translation and other | 3.4 | | (2.0) | | 1.4 | | | Balance at end of period, net of accumulated amortization | $ | 149.5 | | $ | 159.9 | | $ | 87.1 | |
| | | (a) For the year ended December 31, 2024, additions of $92.4 million relate to the acquisitions of Vian, CryoWorks and Technifab. See Note 2 for further information. | (b) For the year ended December 31, 2023, additions of $21.1 million relate to the acquisition of BAUM. See Note 2 for further information. |
A summary of intangible assets follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Weighted Average
Amortization Period of Finite Lived Assets (in years) | | December 31, 2025 | | December 31, 2024 | | Gross
Asset | Accumulated
Amortization | Net | | Gross
Asset | Accumulated
Amortization | Net | | Intellectual property rights | 16.4 | | $ | 82.0 | | $ | 44.8 | | $ | 37.2 | | | $ | 79.8 | | $ | 42.4 | | $ | 37.4 | | | Customer relationships and backlog | 20.5 | | 194.6 | | 83.8 | | 110.8 | | | 191.0 | | 70.2 | | 120.8 | | | Drawings | 40.0 | | 11.1 | | 10.9 | | 0.2 | | | 11.1 | | 10.8 | | 0.3 | | | Other | 25.9 | | 38.4 | | 37.1 | | 1.3 | | | 37.9 | | 36.5 | | 1.4 | | | Total | 20.8 | | $ | 326.1 | | $ | 176.6 | | $ | 149.5 | | | $ | 319.8 | | $ | 159.9 | | $ | 159.9 | |
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| Summary of Future Amortization Expense of Intangibles |
Future amortization expense associated with intangibles is expected to be: | | | | | | | Year | (in millions) | | 2026 | $ | 12.2 | | | 2027 | $ | 11.4 | | | 2028 | $ | 10.2 | | | 2029 | $ | 10.2 | | | 2030 | $ | 10.2 | | | 2031 and after | $ | 72.4 | |
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| Schedule of Accumulated Other Comprehensive Loss |
The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | | (in millions) | Defined Benefit Pension and Other Postretirement Items | | Currency Translation Adjustment | | Total (a) | | Balance as of December 31, 2022 | (271.9) | | | (231.4) | | | $ | (503.3) | | | Other comprehensive (loss) income before reclassifications | (1.6) | | | 20.8 | | | 19.2 | | | Amounts reclassified from accumulated other comprehensive loss | 11.6 | | | — | | | 11.6 | | | Net period other comprehensive income | 10.0 | | | 20.8 | | | 30.8 | | | Distribution of Crane NXT, Co. | (8.9) | | | 423.4 | | | 414.5 | | | Balance as of December 31, 2023 | (270.8) | | | 212.8 | | | (58.0) | | | Other comprehensive income (loss) before reclassifications | 14.5 | | | (30.4) | | | (15.9) | | | Amounts reclassified from accumulated other comprehensive loss | 12.0 | | | — | | | 12.0 | | | Net period other comprehensive income | 26.5 | | | (30.4) | | | (3.9) | | | Balance as of December 31, 2024 | (244.3) | | | 182.4 | | | (61.9) | | | Other comprehensive income before reclassifications | 19.7 | | | 51.4 | | | 71.1 | | | Amounts reclassified from accumulated other comprehensive loss | 10.8 | | | — | | | 10.8 | | | Net period other comprehensive income | 30.5 | | | 51.4 | | | 81.9 | | | Balance as of December 31, 2025 | $ | (213.8) | | | $ | 233.8 | | | $ | 20.0 | |
| | | (a) Net of tax benefit of $83.3 million, $94.2 million and $103.0 million for 2025, 2024, and 2023, respectively. |
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| Amounts Reclassified out of Accumulated Other Comprehensive Loss |
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2025, 2024 and 2023. 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, | | 2025 | | 2024 | | 2023 | | Amortization of pension items: | | | | | | | | Prior service costs | | $ | 0.7 | | | $ | 0.7 | | | $ | 0.7 | | | Net loss | | 14.2 | | | 15.1 | | | 15.5 | | | Amortization of postretirement items: | | | | | | | Prior service costs(a) | | — | | | — | | | (0.3) | | Net gain(b) | | (0.4) | | | (0.4) | | | (0.3) | | | Total before tax | | $ | 14.5 | | | $ | 15.4 | | | $ | 15.6 | | | Tax impact | | 3.7 | | | 3.4 | | | 4.0 | | | Total reclassifications for the period | | $ | 10.8 | | | $ | 12.0 | | | $ | 11.6 | |
| | | (a) Includes charges from discontinued operations of $0.3 million in 2023. | (b) Includes net activity from discontinued operations of $0.1 million in 2023. |
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