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Segment Information | 12 Months Ended
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Dec. 31, 2021
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, including charges which occur from time to time related to our asbestos liability and our legacy environmental liabilities, as such items are not related to current business activities; or corporate organizational and functional expenses of a governance nature. “Corporate expenses-before asbestos and environmental charges” consist of corporate office expenses including, compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices. Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reporting segments: Process Flow Technologies, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. A brief description of each of our segments is 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. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered Process Flow Technologies 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 ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), 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. See Note 3, “Discontinued Operations” for further details. Financial information by reportable segment is set forth below:
(in millions) December 31, |  | 2021 |  | 2020 |  | 2019
Net Sales: |  |  |  |  |  |
Aerospace & Electronics |  | $ | 638.3 |  |  | $ | 650.7 |  |  | $ | 798.8 |
Process Flow Technologies |  | 1,196.6 |  |  | 1,005.8 |  |  | 1,117.4 |
Payment & Merchandising Technologies |  | 1,345.1 |  |  | 1,104.8 |  |  | 1,158.3 |
TOTAL NET SALES |  | $ | 3,180.0 |  |  | $ | 2,761.3 |  |  | $ | 3,074.5 |
Operating profit: |  |  |  |  |  |
Aerospace & Electronics |  | $ | 110.0 |  |  | $ | 100.7 |  |  | $ | 189.4 |
Process Flow Technologies |  | 182.5 |  |  | 97.7 |  |  | 131.7 |
Payment & Merchandising Technologies |  | 307.5 |  |  | 100.6 |  |  | 177.3 |
Corporate expense — before asbestos and environmental provisions |  | (97.7) |  |  | (58.8) |  |  | (67.4) |
Corporate expense — asbestos provision, net |  | — |  |  | — |  |  | (229.0) |
Corporate expense — environmental provision, net |  | — |  |  | — |  |  | (18.9) |
TOTAL OPERATING PROFIT |  | $ | 502.3 |  |  | $ | 240.2 |  |  | $ | 183.1 |
Capital expenditures: |  |  |  |  |  |
Aerospace & Electronics |  | $ | 14.1 |  |  | $ | 9.8 |  |  | $ | 20.0 |
Process Flow Technologies |  | 18.8 |  |  | 13.7 |  |  | 23.4 |
Payment & Merchandising Technologies |  | 18.6 |  |  | 9.3 |  |  | 20.6 |
Corporate |  | 0.2 |  |  | 0.1 |  |  | 0.4 |
TOTAL CAPITAL EXPENDITURES |  | $ | 51.7 |  |  | $ | 32.9 |  |  | $ | 64.4 |
Depreciation and amortization: |  |  |  |  |  |
Aerospace & Electronics |  | $ | 14.7 |  |  | $ | 14.2 |  |  | $ | 13.5 |
Process Flow Technologies |  | 22.0 |  |  | 21.6 |  |  | 14.2 |
Payment & Merchandising Technologies |  | 81.3 |  |  | 85.9 |  |  | 77.1 |
Corporate |  | 1.5 |  |  | 2.1 |  |  | 3.1 |
TOTAL DEPRECIATION AND AMORTIZATION |  | $ | 119.5 |  |  | $ | 123.8 |  |  | $ | 107.9 |
For the year ended December 31, 2021, operating profit included a restructuring gain of $16.9 million. For the year ended December 31, 2020, operating profit included acquisition-related and integration charges of $12.9 million and net restructuring charges of $31.7 million. For the year ended December 31, 2019, operating profit included a net asbestos provision of $229.0 million, a net environmental provision of $18.9 million, acquisition-related and integration charges of $5.2 million and net restructuring charges of $17.5 million. See Note 2, “Acquisitions” for discussion on the acquisition-related costs. See Note 16, “Restructuring Charges” for discussion of the restructuring charges. See Note 13, “Commitments and Contingencies” for discussion of the asbestos provision and environmental provision. Net sales by geographic region:
(in millions) December 31, |  | 2021 |  | 2020 |  | 2019
Net sales (a) |  |  |  |  |  |
United States |  | $ | 1,645.4 |  |  | $ | 1,423.2 |  |  | $ | 1,557.0 |
Canada |  | 286.9 |  |  | 217.1 |  |  | 243.1 |
United Kingdom |  | 140.9 |  |  | 122.8 |  |  | 168.6 |
Continental Europe |  | 406.0 |  |  | 362.7 |  |  | 465.4 |
Other international |  | 700.8 |  |  | 635.5 |  |  | 640.4 |
TOTAL NET SALES |  | $ | 3,180.0 |  |  | $ | 2,761.3 |  |  | $ | 3,074.5 |
(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, |  | 2021 |  | 2020
Goodwill: |  |  |  |
Aerospace & Electronics |  | $ | 202.5 |  |  | $ | 202.5 |
Process Flow Technologies |  | 349.4 |  |  | 360.0 |
Payment & Merchandising Technologies |  | 860.6 |  | 875.2
TOTAL GOODWILL |  | $ | 1,412.5 |  |  | $ | 1,437.7 |
Assets: |  |  |  |
Aerospace & Electronics |  | $ | 604.7 |  |  | $ | 593.9 |
Process Flow Technologies |  | 1,240.4 |  |  | 1,106.1 |
Payment & Merchandising Technologies |  | 2,096.5 |  |  | 2,215.3 |
Corporate |  | 324.5 |  |  | 482.4 |
Assets held for sale |  | 220.5 |  |  | 217.3 |
TOTAL ASSETS |  | $ | 4,486.6 |  |  | $ | 4,615.0 |
Long-lived assets by geographic region:
(in millions) December 31, |  | 2021 |  | 2020
Long-lived assets (a) |  |  |  |
United States |  | $ | 295.8 |  |  | $ | 311.9 |
Canada |  | 18.2 |  |  | 15.8 |
Europe |  | 231.3 |  |  | 266.6 |
Other international |  | 62.8 |  |  | 60.7 |
Corporate |  | 15.6 |  |  | 22.4 |
TOTAL LONG-LIVED ASSETS |  | $ | 623.7 |  |  | $ | 677.4 |
(a) | Long-lived assets, net by geographic region are based on the location of the business unit.

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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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