Segment Results

6 Months Ended

Jun. 30, 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 June 30, 2023, we had two reportable segments: Crane Payment Innovations and Crane Currency. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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 June 30, 2023, is as follows:

Crane Payment Innovations

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. Key research and development and manufacturing facilities are located in the United States, the United Kingdom, Mexico, Japan, Switzerland and Germany, with additional sales offices across the world.

Crane Currency

Crane Currency provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. Facilities are located in the United States, Sweden and Malta.

Financial information by reportable segment is set forth below.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2023		2022		2023		2022
Net sales:
Crane Payment Innovations	$	225.9	$	211.4	$	449.7	$	422.4
Crane Currency	126.5		122.6		231.8		244.2
Total	$	352.4	$	334.0	$	681.5	$	666.6
Operating profit:
Crane Payment Innovations	$	64.8	$	51.3	$	126.6	$	100.3
Crane Currency	34.7		29.4		52.3		64.6
Corporate	(30.7)		(7.3)		(44.2)		(14.6)
Total	$	68.8	$	73.4	$	134.7	$	150.3
Interest income	0.2		0.1		0.4		0.1
Interest expense	(14.1)		(10.5)		(24.5)		(21.0)
Related party interest expense	—		(3.6)		(2.5)		(7.3)
Miscellaneous income, net	1.0		2.1		2.4		2.9
Income before income taxes	$	55.9	$	61.5	$	110.5	$	125.0

(in millions)	June 30, 2023		December 31, 2022
Assets:
Crane Payment Innovations	$	1,325.9	$	1,266.1
Crane Currency	812.5		863.3
Corporate	56.6		—
Total	$	2,195.0	$	2,129.4

(in millions)	June 30, 2023		December 31, 2022
Goodwill:
Crane Payment Innovations	$	621.3	$	622.4
Crane Currency	214.0		214.2
Total	$	835.3	$	836.6