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Segment Information | 12 Months Ended
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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.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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