XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Results
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Results Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reportable segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies 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. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.
A brief description of each of our segments are as follows:
Aerospace & Electronics
The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.  Products include a wide range of custom designed, highly engineered products used in landing systems, sensing and utility systems, fluid management, seat actuation, power and microelectronic applications, and microwave systems.
Process Flow Technologies
The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products manufactures on/off isolation valves, instrumentation and controls, and related products for critical and demanding applications primarily in the chemical and petrochemical, general industrial, energy- related and pharmaceutical end markets globally. Commercial Valves is engaged primarily in the manufacturing of valves and related products for the non-residential construction, general industrial, and municipal markets, and the distribution of pipe, valves and fittings (PVF) for the non-residential construction market. Pumps and Systems manufactures pumps and related products for water and wastewater applications in the industrial, municipal, commercial and military markets.
On April 8, 2022, the Company entered into an agreement to sell Crane Supply for CAD 380 million on a cash-free and debt-free basis. The sale is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2022.
Payment & Merchandising Technologies
The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency.  CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, and for certain vertical markets, it also provides currency handling and processing systems, complete cash and cashless payment and merchandising solutions, equipment service solutions, and fully connected managed service solutions. Crane Currency is a supplier of banknotes and highly engineered banknote security features as well as a provider of security features for product authentication. A pioneer in advanced micro-optics technology, Crane Currency provides a wide range of engaging visual effects in features that increase the level of security and public trust in banknotes and for the product brand authentication market. Crane Currency offers uniquely designed banknotes, substrate (paper) and printing capabilities for over 50 central banks around the world.
Engineered Materials
The Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), and in commercial and industrial buildings applications, with some additional applications including trailers and other transportation-related products. Engineered Materials sells the majority of its products directly to RV, trailer, and truck manufacturers, and it uses distributors and retailers to serve the commercial and industrial construction markets. In the second quarter of 2021, the assets and liabilities of the Engineered Materials segment were reclassified as held for sale and results are presented as discontinued operations and, therefore, not included in the tables below. This change was applied on a retrospective basis. Please see Note 2, “Discontinued Operations” for additional details.
Three Months Ended
March 31,
(in millions)20222021
Net sales:
Aerospace & Electronics$157.2 $154.1 
Process Flow Technologies311.3 288.0 
Payment & Merchandising Technologies332.6 337.5 
Total$801.1 $779.6 
Operating profit:
Aerospace & Electronics $28.1 $26.0 
Process Flow Technologies 49.0 49.9 
Payment & Merchandising Technologies 84.2 85.9 
Corporate (27.7)(21.8)
Total$133.6 $140.0 
Interest income0.3 0.4 
Interest expense(11.1)(13.6)
Miscellaneous income, net3.5 3.9 
Income from continuing operations before income taxes$126.3 $130.7 

(in millions)March 31, 2022December 31, 2021
Assets:
Aerospace & Electronics$625.6 $604.7 
Process Flow Technologies1,282.5 1,240.4 
Payment & Merchandising Technologies2,057.6 2,096.5 
Corporate153.4 324.5 
Assets held for sale234.1 220.5 
Total$4,353.2 $4,486.6 
 
(in millions)March 31, 2022December 31, 2021
Goodwill:
Aerospace & Electronics$202.5 $202.5 
Process Flow Technologies346.1 349.4 
Payment & Merchandising Technologies854.1860.6
Total$1,402.7 $1,412.5