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Segment Results | 6 Months Ended
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Jun. 30, 2020
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: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics 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: Fluid Handling The Fluid Handling segment is a provider of highly engineered fluid handling equipment for critical performance 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 and distribution 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. The recent acquisition of I&S will be integrated into Process Valves and Related Products business. See discussion in Note 2, “Acquisitions” for further details. Payment & Merchandising Technologies The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”), Crane Merchandising Systems (“CMS”) and Crane Currency. CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, including coin accepters and dispensers, coin hoppers, coin recyclers, bill validators and bill recyclers. Crane Currency is a supplier of banknotes and highly engineered banknote security features. CMS provides merchandising equipment, including include food, snack and beverage vending machines and vending machine software and online solutions. The recent acquisition of Cummins-Allison will be integrated into our CPI business. See discussion in Note 2, “Acquisitions” for further details. Aerospace & Electronics Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace and military aerospace and defense markets. Engineered Materials Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). For the three- and six-months ended June 30, 2020 and 2019, operating profit includes acquisition-related and integration charges and restructuring charges, net. See Note 2, “Acquisitions” for discussion of the acquisition-related costs. See Note 14, “Restructuring” for discussion of the restructuring charges, net.
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Net sales |  |  |  |  |  |  |
Fluid Handling | $ | 239.3 |  |  | $ | 290.6 |  |  | $ | 495.9 |  |  | $ | 564.3 |
Payment & Merchandising Technologies | 247.6 |  |  | 291.0 |  |  | 544.9 |  |  | 594.8 |
Aerospace & Electronics | 157.4 |  |  | 204.5 |  |  | 350.3 |  |  | 399.1 |
Engineered Materials | 33.6 |  |  | 55.5 |  |  | 84.6 |  |  | 115.1 |
Total | $ | 677.9 |  |  | $ | 841.6 |  |  | $ | 1,475.7 |  |  | $ | 1,673.3 |
Operating profit (loss) |  |  |  |  |  |  |
Fluid Handling | $ | 20.2 |  |  | $ | 37.3 |  |  | $ | 48.2 |  |  | $ | 71.4 |
Payment & Merchandising Technologies | 2.0 |  |  | 46.5 |  |  | 28.4 |  |  | 89.7 |
Aerospace & Electronics | 19.5 |  |  | 49.4 |  |  | 63.3 |  |  | 94.2 |
Engineered Materials | 1.8 |  |  | 7.5 |  |  | 8.7 |  |  | 16.9 |
Corporate | (13.0 | ) |  | (17.9 | ) |  | (29.5 | ) |  | (35.7 | )
Total | 30.5 |  |  | 122.8 |  |  | 119.1 |  |  | 236.5 |
Interest income | 0.3 |  |  | 0.7 |  |  | 0.7 |  |  | 1.3 |
Interest expense | (14.4 | ) |  | (11.4 | ) |  | (26.9 | ) |  | (23.3 | )
Miscellaneous income, net | 2.5 |  |  | 6.4 |  |  | 6.3 |  |  | 8.4 |
Income before income taxes | $ | 18.9 |  |  | $ | 118.5 |  |  | $ | 99.2 |  |  | $ | 222.9 |
(in millions) | June 30, 2020 |  | December 31, 2019
Assets |  |  |
Fluid Handling | $ | 1,092.3 |  |  | $ | 941.6 |
Payment & Merchandising Technologies | 2,192.3 |  |  | 2,303.4 |
Aerospace & Electronics | 629.0 |  |  | 638.1 |
Engineered Materials | 217.7 |  |  | 219.6 |
Corporate | 499.0 |  |  | 321.0 |
Total | $ | 4,630.3 |  |  | $ | 4,423.7 |
(in millions) | June 30, 2020 |  | December 31, 2019
Goodwill |  |  |
Fluid Handling | $ | 349.0 |  |  | $ | 240.9 |
Payment & Merchandising Technologies | 855.2 |  |  | 857.8 |
Aerospace & Electronics | 202.3 |  |  | 202.4 |
Engineered Materials | 171.3 |  |  | 171.3 |
Total | $ | 1,577.8 |  |  | $ | 1,472.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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