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Segment Results
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Results Segment Results
As of June 30, 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 June 30, 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, government tax stamps 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 June 30, 2025
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$211.4 $193.0 $404.4 
Less:
Cost of operations97.5 95.5 
Selling and administrative expense41.4 41.9 
Engineering expense9.3 9.2 
Other segment items (a)
14.2 28.4 
Segment operating profit$49.0 $18.0 $67.0 
Corporate costs(19.1)
Operating profit47.9 
Interest income0.2 
Interest expense(16.4)
Miscellaneous income, net1.1 
Income before income taxes$32.8 
(in millions) Three months ended June 30, 2024
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$224.4 $146.2 $370.6 
Less:
Cost of operations101.879.9
Selling and administrative expense37.720.0
Engineering expense10.77.1
Other segment items (a)
12.815.2
Segment operating profit$61.4 $24.0 $85.4 
Corporate costs(17.8)
Operating profit67.6 
Interest income0.4 
Interest expense(12.4)
Miscellaneous expense, net(0.2)
Income before income taxes$55.4 
(in millions) Six months ended June 30, 2025
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$414.3 $320.4 $734.7 
Less:
Cost of operations189.8 154.6 
Selling and administrative expense81.2 71.4 
Engineering expense18.9 18.4 
Other segment items (a)
25.7 55.6 
Segment operating profit$98.7 $20.4 $119.1 
Corporate costs(33.9)
Operating profit85.2 
Interest income0.4 
Interest expense(27.9)
Miscellaneous income, net3.2 
Income before income taxes$60.9 
(in millions) Six months ended June 30, 2024
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$433.4 $250.8 $684.2 
Less:
Cost of operations196.2 137.1 
Selling and administrative expense77.6 42.6 
Engineering expense22.3 12.5 
Other segment items (a)
23.2 14.4 
Segment operating profit$114.1 $44.2 $158.3 
Corporate costs(35.3)
Operating profit123.0 
Interest income1.0 
Interest expense(22.3)
Miscellaneous income, net0.4 
Income before income taxes$102.1 
(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 June 30,
Six months ended June 30,
(in millions)2025202420252024
Depreciation and amortization:
Crane Payment Innovations$7.3 $7.3 $14.4 $14.7 
Security and Authentication Technologies19.2 12.4 33.1 22.8 
Corporate 0.6 0.5 1.2 1.2 
Total$27.1 $20.2 $48.7 $38.7 
Six months ended June 30,
(in millions)20252024
Capital expenditures:
Crane Payment Innovations$1.9 $3.4 
Security and Authentication Technologies13.1 14.3 
Corporate 0.3 0.1 
Total$15.3 $17.8 

(in millions)June 30, 2025December 31, 2024
Assets:
Crane Payment Innovations$1,169.1 $1,187.1 
Security and Authentication Technologies1,711.5 1,178.2 
Corporate 37.1 21.2 
Total$2,917.7 $2,386.5 

(in millions)June 30, 2025December 31, 2024
Goodwill:
Crane Payment Innovations$632.0 $609.1 
Security and Authentication Technologies535.8 347.5 
Total$1,167.8 $956.6