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Segment Information | 12 Months Ended
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Dec. 31, 2024
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. In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business. The CPI segment remains unchanged. This updated structure is consistent with how the Chief Operating Decision Maker evaluates performance and allocates resources, and better aligns with our mission to secure, detect and authenticate our customers’ most valuable assets. As of December 31, 2024, we had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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 as of December 31, 2024, is as follows: 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. Security and Authentication Technologies SAT provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection, authentication solutions, and digital content protection across online marketplaces, social media platforms, and websites. These solutions serve various brands, as well as government agencies and financial insti tutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta. The chief operating decision maker is our Chief Executive Officer (“CEO”). The CEO assesses the segments’ performance by using each segments’ net sales and operating profit. The CEO uses net sales and operating profit for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly, quarterly and annual basis for net sales and operating profit when making decisions about the allocation of operating and capital resources to each segment. The CEO also uses segment net sales and operating profit for assessing the performance of each segment by comparing the results of each segment with one another and with prior year’s performance, and in determining the compensation of certain employees directly responsible for segment performance. Financial information by reportable segment is set forth below:
(in millions) Year ended December 31, 2024 |  | Crane Payment Innovations |  | Security and Authentication Technologies |  | Corporate |  | Total
Net Sales |  | $ | 873.2 |  |  | $ | 613.6 |  |  | $ | — |  |  | $ | 1,486.8 |
Less: |  |  |  |  |  |  |  |
Cost of operations |  | 394.2 |  |  | 323.6 |  |  | — |  |  |
Selling and administrative expense |  | 160.6 |  |  | 94.2 |  |  | (70.5) |  |  |
Engineering expense |  | 43.8 |  |  | 27.2 |  |  | — |  |  |
Other segment items (a) |  | 46.2 |  |  | 57.7 |  |  | — |  |  |
Operating profit (loss) |  | 228.4 |  |  | 110.9 |  |  | (70.5) |  |  | 268.8 |
Interest income |  |  |  |  |  |  |  | 1.6 |
Interest expense |  |  |  |  |  |  |  | (47.8) |
Miscellaneous income, net |  |  |  |  |  |  |  | 3.8 |
Income before income taxes |  |  |  |  |  |  |  | $ | 226.4 |
Capital expenditures |  | $ | 7.9 |  |  | $ | 37.5 |  |  | $ | 0.1 |  |  | $ | 45.5 |
Depreciation and amortization |  | $ | 29.3 |  |  | $ | 55.1 |  |  | $ | 2.4 |  |  | $ | 86.8 |
(in millions) Year ended December 31, 2023 |  | Crane Payment Innovations |  | Security and Authentication Technologies |  | Corporate |  | Total
Net Sales |  | $ | 886.4 |  |  | $ | 504.9 |  |  | $ | — |  |  | $ | 1,391.3 |
Less: |  |  |  |  |  |  |  |
Cost of operations |  | 373.3 |  |  | 297.6 |  |  | — |  |  |
Selling and administrative expense |  | 152.9 |  |  | 72.1 |  |  | 72.3 |  |  |
Engineering expense |  | 51.5 |  |  | 18.7 |  |  | — |  |  |
Other segment items (a) |  | 65.9 |  |  | 0.2 |  |  | — |  |  |
Operating profit (loss) |  | 242.8 |  |  | 116.3 |  |  | (72.3) |  |  | 286.8 |
Interest income |  |  |  |  |  |  |  | 1.1 |
Interest expense |  |  |  |  |  |  |  | (48.1) |
Related party interest expense |  |  |  |  |  |  |  | (2.5) |
Miscellaneous income, net |  |  |  |  |  |  |  | 2.5 |
Income before income taxes |  |  |  |  |  |  |  | $ | 239.8 |
Capital expenditures |  | $ | 7.6 |  |  | $ | 25.9 |  |  | $ | 1.6 |  |  | 35.1 |
Depreciation and amortization |  | $ | 31.2 |  |  | $ | 44.2 |  |  | $ | 2.2 |  |  | 77.6 |
(in millions) Year ended December 31, 2022 |  | Crane Payment Innovations |  | Security and Authentication Technologies |  | Corporate |  | Total
Net Sales |  | $ | 874.3 |  |  | $ | 465.6 |  |  | $ | — |  |  | $ | 1,339.9 |
Less: |  |  |  |  |  |  |  |
Cost of operations |  | 369.6 |  |  | 238.2 |  |  | — |  |  |
Selling and administrative expense |  | 156.3 |  |  | 67.5 |  |  | 33.1 |  |  |
Engineering expense |  | 56.7 |  |  | 11.3 |  |  | — |  |  |
Other segment items (a) |  | 74.6 |  |  | 31.3 |  |  | — |  |  |
Operating profit (loss) |  | 217.1 |  |  | 117.3 |  |  | (33.1) |  |  | 301.3 |
Interest income |  |  |  |  |  |  |  | 0.2 |
Interest expense |  |  |  |  |  |  |  | (41.9) |
Related party interest expense |  |  |  |  |  |  |  | (14.4) |
Miscellaneous income, net |  |  |  |  |  |  |  | 3.1 |
Income before income taxes |  |  |  |  |  |  |  | $ | 248.3 |
Capital expenditures |  | $ | 5.0 |  |  | $ | 16.3 |  |  | $ | — |  |  | 21.3 |
Depreciation and amortization |  | $ | 32.9 |  |  | $ | 45.3 |  |  | $ | 0.5 |  |  | 78.7 |
(a) | Includes other cost of operations such as manufacturing costs, amortization expenses, shipping and handling costs, and certain overhead expenses, as well as corporate allocations. |
Net sales by geographic region:
(in millions) December 31, |  | 2024 |  | 2023 |  | 2022
Net sales (a) |  |  |  |  |  |
North America |  | $ | 804.8 |  |  | $ | 787.1 |  |  | $ | 826.9 |
Western Europe |  | 162.1 |  |  | 196.3 |  |  | 187.8 |
Rest of the World |  | 519.9 |  |  | 407.9 |  |  | 325.2 |
Total net sales |  | $ | 1,486.8 |  |  | $ | 1,391.3 |  |  | $ | 1,339.9 |
(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, |  | 2024 |  | 2023
Goodwill: |  |  |  |
Crane Payment Innovations |  | $ | 609.1 |  |  | $ | 626.7 |
Security and Authentication Technologies |  | 347.5 |  |  | 214.5 |
Total goodwill |  | $ | 956.6 |  |  | $ | 841.2 |
Assets: |  |  |  |
Crane Payment Innovations |  | $ | 1,187.1 |  |  | $ | 1,279.1 |
Security and Authentication Technologies |  | 1,178.2 |  |  | 814.4 |
Corporate |  | 21.2 |  |  | 35.9 |
Total assets |  | $ | 2,386.5 |  |  | $ | 2,129.4 |
Long-lived assets by geographic region:
(in millions) December 31, |  | 2024 |  | 2023
Long-lived assets (a) |  |  |  |
North America |  | $ | 187.3 |  |  | $ | 159.7 |
Western Europe |  | 129.1 |  |  | 134.7 |
Rest of the World |  | 16.3 |  |  | 14.6 |
Total long-lived assets |  | $ | 332.7 |  |  | $ | 309.0 |
(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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