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Segment Results
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Results Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources.
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 September 30, 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 September 30, 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
Security and Authentication Technologies provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection and authentication solutions, serving 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.
Three Months EndedNine Months Ended
September 30, September 30,
(in millions)2024202320242023
Net sales:
Crane Payment Innovations$224.9 $221.6 $658.3 $671.3 
Security and Authentication Technologies178.6 131.3 429.4 363.1 
Total$403.5 $352.9 $1,087.7 $1,034.4 
Operating profit:
Crane Payment Innovations$64.6 $59.7 $178.7 $186.3 
Security and Authentication Technologies29.3 32.8 73.5 85.1 
Corporate (18.9)(12.8)(54.2)(57.0)
Total$75.0 $79.7 $198.0 $214.4 
Interest income0.4 0.3 1.4 0.7 
Interest expense(13.4)(12.8)(35.7)(37.3)
Related party interest expense— — — (2.5)
Miscellaneous income, net1.3 0.7 1.7 3.1 
Income before income taxes$63.3 $67.9 $165.4 $178.4 
(in millions)September 30, 2024December 31, 2023
Assets:
Crane Payment Innovations$1,203.4 $1,279.1 
Security and Authentication Technologies1,167.7 814.4 
Corporate 39.5 35.9 
Total$2,410.6 $2,129.4 

(in millions)September 30, 2024December 31, 2023
Goodwill:
Crane Payment Innovations$627.8 $626.7 
Security and Authentication Technologies337.6 214.5 
Total$965.4 $841.2