v3.26.1
Segment Results
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Results Segment Results
In connection with the acquisition of Antares Vision in Q1, 2026, we created a new segment called “Detection and Traceability Technologies,” which consists of the CPI business and the acquired Antares Vision business. This updated structure is how the Chief Operating Decision Maker evaluates performance and allocates resources.
Since March 31, 2026, we have had two reportable segments: Security and Authentication Technologies and Detection and Traceability 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, 2026 is as follows:
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.
Detection and Traceability Technologies (“DTT”)
DTT provides electronic equipment and associated software that leverage extensive proprietary capabilities across detection and inspection technologies for applications including the verification and authentication of payment transactions. DTT also delivers innovative solutions that ensure the quality, authenticity, and traceability of products across the supply chain, as well as advanced automation and processing systems, field service offerings, and remote diagnostics and productivity software solutions. Key research and development and manufacturing facilities are located in the United States, Italy, the United Kingdom, Mexico, India, Japan, and Germany, with additional sales offices worldwide.
Financial information by reportable segment is set forth below:
(in millions) Three months ended June 30, 2026
SATDTTTotal
Net Sales$226.7 $266.5 $493.2 
Less:
Cost of operations119.2 105.2 
Selling and administrative expense38.5 65.5 
Engineering expense7.4 14.2 
Other segment items1
22.7 37.5 
Segment operating profit$38.9 $44.0 $82.9 
Corporate costs(14.0)
Operating profit68.9 
Interest expense(21.0)
Equity investment income0.1 
Miscellaneous income, net(0.1)
Income before income taxes$47.9 
(in millions) Three months ended June 30, 2025
SATDTTTotal
Net Sales$193.0 $211.4 $404.4 
Less:
Cost of operations95.5 97.5 
Selling and administrative expense41.9 41.4 
Engineering expense9.2 9.3 
Other segment items1
28.4 14.2 
Segment operating profit$18.0 $49.0 $67.0 
Corporate costs(19.1)
Operating profit47.9 
Interest expense(16.4)
Equity investment income0.3 
Miscellaneous income, net1.0 
Income before income taxes$32.8 
(in millions) Six months ended June 30, 2026
SATDTTTotal
Net Sales$419.5 $461.4 $880.9 
Less:
Cost of operations216.7 196.5 
Selling and administrative expense78.3 118.6 
Engineering expense16.2 22.0 
Other segment items1
54.3 48.9 
Segment operating profit$54.0 $75.4 $129.4 
Corporate costs(38.3)
Operating profit91.1 
Interest expense(38.8)
Equity investment income4.8 
Miscellaneous income, net— 
Income before income taxes$57.1 
(in millions) Six months ended June 30, 2025
SATDTTTotal
Net Sales$320.4 $414.3 $734.7 
Less:
Cost of operations154.6 189.8 
Selling and administrative expense71.4 81.2 
Engineering expense18.4 18.9 
Other segment items1
55.6 25.7 
Segment operating profit$20.4 $98.7 $119.1 
Corporate costs(33.9)
Operating profit85.2 
Interest expense(27.9)
Equity investment income0.4 
Miscellaneous income, net3.2 
Income before income taxes$60.9 
1 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)2026202520262025
Depreciation and amortization:
Security and Authentication Technologies$19.9 $19.2 $41.1 $33.1 
Detection and Traceability Technologies17.6 7.3 24.8 14.4 
Corporate 1.3 0.6 2.6 1.2 
Total$38.8 $27.1 $68.5 $48.7 
Six months ended June 30,
(in millions)20262025
Capital expenditures:
Security and Authentication Technologies$18.4 $13.1 
Detection and Traceability Technologies4.4 1.9 
Corporate 0.1 0.3 
Total$22.9 $15.3 
(in millions)June 30, 2026December 31, 2025
Assets:
Security and Authentication Technologies$1,708.7 $1,734.9 
Detection and Traceability Technologies1,842.5 1,183.0 
Corporate and other43.9 198.5 
Total$3,595.1 $3,116.4 

(in millions)June 30, 2026December 31, 2025
Goodwill:
Security and Authentication Technologies$540.6 $539.8 
Detection and Traceability Technologies895.4 624.2 
Total$1,436.0 $1,164.0