Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature; or corporate organizational and functional expenses of a governance nature.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We currently have two reporting segments: Crane Payment Innovations and Crane Currency.

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, 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:

(in millions) December 31,	2023		2022		2021
Net Sales:
Crane Payment Innovations	$	886.4	$	874.3	$	805.7
Crane Currency	504.9		465.6		539.4
Total net sales	$	1,391.3	$	1,339.9	$	1,345.1
Operating profit and Income before income taxes:
Crane Payment Innovations	$	242.8	$	217.1	$	164.5
Crane Currency	116.3		117.3		145.1
Corporate	(72.3)		(33.1)		(30.4)
Total operating profit (a)	$	286.8	$	301.3	$	279.2
Interest income	$	1.1	$	0.2	$	0.1
Interest expense	(48.1)		(41.9)		(41.8)
Related party interest expense	(2.5)		(14.4)		(16.1)
Miscellaneous income, net	2.5		3.1		4.7
Income before income taxes	$	239.8	$	248.3	$	226.1
Capital expenditures:
Crane Payment Innovations	$	7.6	$	5.0	$	4.5
Crane Currency	25.9		16.3		14.1
Corporate	1.6		—		—
Total capital expenditures	$	35.1	$	21.3	$	18.6
Depreciation and amortization:
Crane Payment Innovations	$	31.2	$	32.9	$	34.5
Crane Currency	44.2		45.3		46.8
Corporate	2.2		0.5		0.5
Total depreciation and amortization	$	77.6	$	78.7	$	81.8

(a) For the year ended December 31, 2023, 2022 and 2021, operating profit includes net restructuring charges (gains) of $0.5 million, $6.2 million, and $(3.7) million respectively. See Note 15, “Restructuring” for discussion of the restructuring charges.

Net sales by geographic region:

(in millions) December 31,	2023		2022		2021
Net sales (a)
North America	$	787.1	$	826.9	$	791.3
Western Europe	196.3		187.8		139.7
Rest of the World	407.9		325.2		414.1
Total net sales	$	1,391.3	$	1,339.9	$	1,345.1

(a) Net sales by geographic region are based on the destination of the sale.

Balance sheet items by reportable segment is set forth below:

(in millions) December 31,	2023		2022
Goodwill:
Crane Payment Innovations	$	626.7	$	622.4
Crane Currency	214.5		214.2
Total goodwill	$	841.2	$	836.6
Assets:
Crane Payment Innovations	$	1,279.1	$	1,266.1
Crane Currency	814.4		863.3
Corporate	35.9		—
Total assets	$	2,129.4	$	2,129.4

Long-lived assets by geographic region:

(in millions) December 31,	2023		2022
Long-lived assets (a)
North America	$	159.7	$	139.2
Western Europe	134.7		142.9
Rest of the World	14.6		13.6
Total long-lived assets	$	309.0	$	295.7

(a) Long-lived assets, net by geographic region are based on the location of the business unit and consist of property, plant and equipment and operating lease assets.