Segment Results

3 Months Ended

Mar. 31, 2021

Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have four reportable segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, 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 are as follows:

Fluid Handling

The Fluid Handling segment is a provider of highly engineered fluid handling 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.

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. Products include a wide range of custom designed, highly engineered products used in landing systems, sensing and utility systems, fluid management, seat actuation, power and microelectronic applications, and microwave systems.

Engineered Materials

The Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products).


	Three Months Ended
	March 31,
(in millions)	2021		2020
Net sales:
Fluid Handling	$	288.0	$	256.7
Payment & Merchandising Technologies	337.5		297.4
Aerospace & Electronics	154.1		192.9
Engineered Materials	53.9		50.9
Total	833.5		797.9

Operating profit:
Fluid Handling	49.9		28.0
Payment & Merchandising Technologies	85.9		26.4
Aerospace & Electronics	26.0		43.8
Engineered Materials	6.4		6.9
Corporate	(21.8)		(16.5)
Total	146.4		88.6
Interest income	0.4		0.4
Interest expense	(13.6)		(12.5)
Miscellaneous income, net	3.9		3.8
Income before income taxes	$	137.1	$	80.3

For the three months ended March 31, 2021, operating profit includes a net restructuring gain of $13.1 million. For the three months ended March 31, 2020, operating profit includes acquisition-related and integration charges $5.2 million and a net restructuring gain of $1.2 million. See Note 2, “Acquisitions” and Note 14, “Restructuring” for further discussion.


(in millions)	March 31, 2021		December 31, 2020
Assets:
Fluid Handling	$	1,135.5	$	1,106.1
Payment & Merchandising Technologies	2,146.9		2,215.3
Aerospace & Electronics	612.4		593.9
Engineered Materials	223.2		217.3
Corporate	468.5		456.3
Total	$	4,586.5	$	4,588.9


(in millions)	March 31, 2021		December 31, 2020
Goodwill:
Fluid Handling	$	355.0	$	360.0
Payment & Merchandising Technologies	866.3		875.2
Aerospace & Electronics	202.5		202.5
Engineered Materials	171.3		171.3
Total	$	1,595.1	$	1,609.0