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Segment Results | 9 Months Ended
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Sep. 30, 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: 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 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 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. Process Flow Technologies The Process Flow Technologies 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. 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). In the second quarter of 2021, the assets and liabilities of the Engineered Materials segment were reclassified as held for sale and results are presented as discontinued operations and, therefore, not included in the tables below. This change was applied on a retrospective basis. Please see Note 3 for additional details.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales: |  |  |  |  |  |  |
Aerospace & Electronics | $ | 168.6 |  |  | $ | 157.0 |  |  | $ | 480.2 |  |  | $ | 507.3 |
Process Flow Technologies | 299.1 |  |  | 252.3 |  |  | 897.9 |  |  | 748.2 |
Payment & Merchandising Technologies | 365.8 |  |  | 277.2 |  |  | 1,031.4 |  |  | 822.1 |
Total | $ | 833.5 |  |  | $ | 686.5 |  |  | $ | 2,409.5 |  |  | $ | 2,077.6 |
Operating profit: |  |  |  |  |  |  |
Aerospace & Electronics | $ | 32.5 |  |  | $ | 24.5 |  |  | $ | 89.3 |  |  | $ | 87.8 |
Process Flow Technologies | 44.3 |  |  | 25.9 |  |  | 140.9 |  |  | 74.1 |
Payment & Merchandising Technologies | 83.7 |  |  | 40.5 |  |  | 247.4 |  |  | 68.9 |
Corporate | (22.3) |  |  | (15.0) |  |  | (62.5) |  |  | (44.5) |
Total | $ | 138.2 |  |  | $ | 75.9 |  |  | $ | 415.1 |  |  | $ | 186.3 |
Interest income | 0.2 |  |  | 0.6 |  |  | 1.1 |  |  | 1.3 |
Interest expense | (11.0) |  |  | (14.4) |  |  | (36.0) |  |  | (41.3) |
Miscellaneous income, net | 3.6 |  |  | 4.4 |  |  | 17.2 |  |  | 10.6 |
Income from continuing operations before income taxes | $ | 131.0 |  |  | $ | 66.5 |  |  | $ | 397.4 |  |  | $ | 156.9 |
For the three and nine month periods ended September 30, 2021, operating profit includes net restructuring gains of $1.1 million and $14.3 million, respectively. For the three and nine month periods ended September 30, 2020, operating profit includes acquisition-related and integration charges of $2.7 million and $10.3 million, respectively. For the three and nine month periods ended September 30, 2020, operating profit includes net restructuring charges of $0.0 million and $22.0 million, respectively. See Note 2, “Acquisitions” and Note 15, “Restructuring” for further discussion.
(in millions) | September 30, 2021 |  | December 31, 2020
Assets: |  |  |
Aerospace & Electronics | $ | 618.5 |  |  | $ | 593.9 |
Process Flow Technologies | 1,178.2 |  |  | 1,106.1 |
Payment & Merchandising Technologies | 2,154.0 |  |  | 2,215.3 |
Corporate | 296.8 |  |  | 482.4 |
Assets held for sale | 227.0 |  |  | 217.3 |
Total | $ | 4,474.5 |  |  | $ | 4,615.0 |
(in millions) | September 30, 2021 |  | December 31, 2020
Goodwill: |  |  |
Aerospace & Electronics | $ | 202.5 |  |  | $ | 202.5 |
Process Flow Technologies | 352.2 |  |  | 360.0 |
Payment & Merchandising Technologies | 863.2 |  | 875.2
Total | $ | 1,417.9 |  |  | $ | 1,437.7 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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