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Segment Results
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Results Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of March 31, 2023, we had 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 as of March 31, 2023 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. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions.
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 include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.
Payment & Merchandising Technologies
The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency. CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Crane Currency provides advance security solutions based on proprietary micro-optic technology for the global banknote industry.
Engineered Materials
The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). In the second quarter of 2022, Engineered Materials segment was no longer classified as held for sale and as such, the results of Engineered Materials segment are presented as continuing operations from second quarter of 2022. This change was applied on retroactive basis.
Financial information by reportable segment is set forth below.

Three Months Ended
March 31,
(in millions)20232022
Net sales:
Aerospace & Electronics$180.1 $157.2 
Process Flow Technologies271.4 311.3 
Payment & Merchandising Technologies329.1 332.6 
Engineered Materials62.3 70.4 
Total$842.9 $871.5 
Operating profit:
Aerospace & Electronics $37.7 $28.1 
Process Flow Technologies 63.3 49.0 
Payment & Merchandising Technologies 79.4 84.2 
Engineered Materials11.4 13.4 
Corporate (39.6)(27.7)
Total$152.2 $147.0 
Interest income1.0 0.3 
Interest expense(17.0)(11.1)
Miscellaneous (expense) income, net(2.4)3.5 
Income before income taxes$133.8 $139.7 

(in millions)March 31, 2023December 31, 2022
Assets:
Aerospace & Electronics$698.9 $663.3 
Process Flow Technologies1,073.3 1,064.7 
Payment & Merchandising Technologies2,103.5 2,125.9 
Engineered Materials231.2 218.6 
Corporate229.1 317.7 
Total$4,336.0 $4,390.2 
 
(in millions)March 31, 2023December 31, 2022
Goodwill:
Aerospace & Electronics$202.3 $202.3 
Process Flow Technologies319.5 317.3 
Payment & Merchandising Technologies837.8836.6
Engineered Materials171.3 171.3 
Total$1,530.9 $1,527.5