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Segment Results | 3 Months Ended
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Mar. 31, 2021
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. 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. Aerospace & Electronics The 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. 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. Engineered Materials The 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).
| Three Months Ended |  |
| March 31, |  |
(in millions) | 2021 |  | 2020 |  |  |  |
Net sales: |  |  |  |  |  |  |
Fluid Handling | $ | 288.0 |  |  | $ | 256.7 |  |  |  |  |
Payment & Merchandising Technologies | 337.5 |  |  | 297.4 |  |  |  |  |
Aerospace & Electronics | 154.1 |  |  | 192.9 |  |  |  |  |
Engineered Materials | 53.9 |  |  | 50.9 |  |  |  |  |
Total | 833.5 |  |  | 797.9 |  |  |  |  |
Operating profit: |  |  |  |  |  |  |
Fluid Handling | 49.9 |  |  | 28.0 |  |  |  |  |
Payment & Merchandising Technologies | 85.9 |  |  | 26.4 |  |  |  |  |
Aerospace & Electronics | 26.0 |  |  | 43.8 |  |  |  |  |
Engineered Materials | 6.4 |  |  | 6.9 |  |  |  |  |
Corporate | (21.8) |  |  | (16.5) |  |  |  |  |
Total | 146.4 |  |  | 88.6 |  |  |  |  |
Interest income | 0.4 |  |  | 0.4 |  |  |  |  |
Interest expense | (13.6) |  |  | (12.5) |  |  |  |  |
Miscellaneous income, net | 3.9 |  |  | 3.8 |  |  |  |  |
Income before income taxes | $ | 137.1 |  |  | $ | 80.3 |  |  |  |  |
For the three months ended March 31, 2021, operating profit includes a net restructuring gain of $13.1 million. For the three months ended March 31, 2020, operating profit includes acquisition-related and integration charges $5.2 million and a net restructuring gain of $1.2 million. See Note 2, “Acquisitions” and Note 14, “Restructuring” for further discussion.
(in millions) | March 31, 2021 |  | December 31, 2020
Assets: |  |  |
Fluid Handling | $ | 1,135.5 |  |  | $ | 1,106.1 |
Payment & Merchandising Technologies | 2,146.9 |  |  | 2,215.3 |
Aerospace & Electronics | 612.4 |  |  | 593.9 |
Engineered Materials | 223.2 |  |  | 217.3 |
Corporate | 468.5 |  |  | 456.3 |
Total | $ | 4,586.5 |  |  | $ | 4,588.9 |
(in millions) | March 31, 2021 |  | December 31, 2020
Goodwill: |  |  |
Fluid Handling | $ | 355.0 |  |  | $ | 360.0 |
Payment & Merchandising Technologies | 866.3 |  | 875.2
Aerospace & Electronics | 202.5 |  | 202.5
Engineered Materials | 171.3 |  | 171.3
Total | $ | 1,595.1 |  |  | $ | 1,609.0 |

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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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