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Segment Results
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Results Segment Results
As of March 31, 2025, 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 and tax-related balances. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, professional services and other administrative costs.
A brief description of each of our segments as of March 31, 2025 is as follows:
Crane Payment Innovations (CPI)
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)
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 institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.
Financial information by reportable segment is set forth below:
(in millions) Three months ended March 31, 2025
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$202.9 $127.4 $330.3 
Less:
Cost of operations92.3 59.1 
Selling and administrative expense39.8 29.5 
Engineering expense9.6 9.2 
Other segment items (a)
11.5 27.2 
Segment operating profit$49.7 $2.4 $52.1 
Corporate costs(14.8)
Operating profit37.3 
Interest income0.2 
Interest expense(11.5)
Miscellaneous income, net2.1 
Income before income taxes$28.1 
(in millions) Three months ended March 31, 2024
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$209.0 $104.6 $313.6 
Less:
Cost of operations94.4 57.2 
Selling and administrative expense39.9 22.6 
Engineering expense11.6 5.4 
Other segment items (a)
10.4 (0.8)
Segment operating profit$52.7 $20.2 $72.9 
Corporate costs(17.5)
Operating profit55.4 
Interest income0.6 
Interest expense(9.9)
Miscellaneous income, net0.6 
Income before income taxes$46.7 
(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.
Three months ended March 31,
(in millions)20252024
Capital expenditures:
Crane Payment Innovations$0.8 $1.2 
Security and Authentication Technologies6.5 6.1 
Corporate — 0.1 
Total$7.3 $7.4 
Three months ended March 31,
(in millions)20252024
Depreciation and amortization:
Crane Payment Innovations$7.1 $7.4 
Security and Authentication Technologies13.9 10.4 
Corporate 0.6 0.7 
Total$21.6 $18.5 
(in millions)March 31, 2025December 31, 2024
Assets:
Crane Payment Innovations$1,170.8 $1,187.1 
Security and Authentication Technologies1,228.5 1,178.2 
Corporate 29.4 21.2 
Total$2,428.7 $2,386.5 

(in millions)March 31, 2025December 31, 2024
Goodwill:
Crane Payment Innovations$616.4 $609.1 
Security and Authentication Technologies348.1 347.5 
Total$964.5 $956.6