QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
|
(check one): | ||||||||||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
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Part I - Financial Information | ||||||||
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Part II - Other Information | ||||||||
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Related party interest expense | ( | ( | ( | ||||||||||||||||||||
Miscellaneous income, net | |||||||||||||||||||||||
Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends per share | $ | n/a | $ | n/a |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Components of other comprehensive loss, net of tax | ||||||||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ( | ||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | ( | ( | ( | |||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income (loss) attributable to common shareholders | $ | $ | ( | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Accounts receivable, net of allowance for credit losses of $ | ||||||||
Inventories, net: | ||||||||
Finished goods | ||||||||
Finished parts and subassemblies | ||||||||
Work in process | ||||||||
Raw materials | ||||||||
Inventories, net | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment: | ||||||||
Cost | ||||||||
Less: accumulated depreciation | ||||||||
Property, plant and equipment, net | ||||||||
Long-term deferred tax assets | ||||||||
Other assets | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Total assets | $ | $ |
(in millions, except per share and share data) | September 30, 2023 | December 31, 2022 | ||||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Short-term borrowings | $ | $ | ||||||
Accounts payable | ||||||||
Accrued liabilities | ||||||||
U.S. and foreign taxes on income | ||||||||
Total current liabilities | ||||||||
Long-term debt | ||||||||
Accrued pension and postretirement benefits | ||||||||
Long-term deferred tax liability | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 11) | ||||||||
Equity: | ||||||||
Preferred shares, par value $ | ||||||||
Common shares, par value $ | ||||||||
Capital surplus | ||||||||
Retained earnings | ||||||||
Crane Net Investment | ||||||||
Accumulated other comprehensive loss | ( | ( | ||||||
Treasury stock | ( | |||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Share data: | ||||||||
Common shares issued | n/a | |||||||
Less: Common shares held in treasury | n/a | |||||||
Common shares outstanding | n/a |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Operating activities: | |||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | |||||||||||
Cash (used for) provided by operating working capital | ( | ||||||||||
Other | |||||||||||
Total provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Total used for investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Dividends paid | ( | ||||||||||
Stock options exercised, net of shares reacquired | |||||||||||
Debt issuance costs | ( | ||||||||||
Repayment of long-term debt | ( | ||||||||||
Proceeds from revolving credit facility | |||||||||||
Repayment of revolving credit facility | ( | ||||||||||
Proceeds from term loan | |||||||||||
Repayment of term loan | ( | ||||||||||
Net transfers to Crane | ( | ( | |||||||||
Total used for financing activities | ( | ( | |||||||||
Effect of exchange rates on cash and cash equivalents | ( | ( | |||||||||
(Decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Detail of cash (used for) provided by operating working capital: | |||||||||||
Accounts receivable | $ | $ | ( | ||||||||
Inventories | ( | ( | |||||||||
Other current assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | ( | ||||||||||
U.S. and foreign taxes on income | |||||||||||
Total | $ | ( | $ | ||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | $ | $ |
(in millions, except share data) | Common Shares Issued at Par Value | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Crane Net Investment | Total | ||||||||||||||||||||||||||||||||||
BALANCE December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net transfers to Crane | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
BALANCE March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividend from Crane | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net transfers from Crane | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Reclassification of Crane Net Investment to Common Stock, Treasury Stock and Capital Surplus | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of shares reacquired of | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Impact from settlement of share-based awards, net of shares acquired | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation reclassification1 | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
BALANCE June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Crane transfer (Note 1) | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Exercise of stock options, net of shares reacquired of | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Impact from settlement of share-based awards, net of shares acquired | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
BALANCE September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
(in millions) | Crane Net Investment | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||
BALANCE December 31, 2021 | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | ||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | ( | ( | ||||||||||||||||||||||||||||||||
Net transfers to Crane | ( | — | ( | ||||||||||||||||||||||||||||||||
BALANCE March 31, 2022 | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | ||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | ( | ( | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | ( | ( | ||||||||||||||||||||||||||||||||
Net transfers to Crane | ( | — | ( | ||||||||||||||||||||||||||||||||
BALANCE June 30, 2022 | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | ||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | ( | ( | ||||||||||||||||||||||||||||||||
Net transfers to Crane | ( | — | ( | ||||||||||||||||||||||||||||||||
BALANCE September 30, 2022 | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Crane Payment Innovations | $ | $ | $ | $ | |||||||||||||||||||
Crane Currency | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Operating profit: | |||||||||||||||||||||||
Crane Payment Innovations | $ | $ | $ | $ | |||||||||||||||||||
Crane Currency | |||||||||||||||||||||||
Corporate | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Related party interest expense | ( | ( | ( | ||||||||||||||||||||
Miscellaneous income, net | |||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Assets: | |||||||||||
Crane Payment Innovations | $ | $ | |||||||||
Crane Currency | |||||||||||
Corporate | |||||||||||
Total | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Goodwill: | |||||||||||
Crane Payment Innovations | $ | $ | |||||||||
Crane Currency | |||||||||||
Total | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Crane Payment Innovations | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||||
Total Crane Payment Innovations | $ | $ | $ | $ | ||||||||||||||||||||||
Crane Currency Products | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Average basic shares outstanding | |||||||||||||||||||||||
Effect of dilutive share-based awards | |||||||||||||||||||||||
Average diluted shares outstanding | |||||||||||||||||||||||
Earnings per basic share | $ | $ | $ | $ | |||||||||||||||||||
Earnings per diluted share | $ | $ | $ | $ |
(in millions) | Pension and Postretirement Plan a | Currency Translation Adjustment | Total | |||||||||||||||||
Balance as of December 31, 2022 | $ | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | ||||||||||||||||||
Net period other comprehensive loss | ( | ( | ( | |||||||||||||||||
Balance as of September 30, 2023 | $ | $ | ( | $ | ( |
a | Net of tax detriment of $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Amortization of pension items: | ||||||||||||||||||||||||||
Prior service costs | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net loss | ||||||||||||||||||||||||||
Amortization of postretirement items: | ||||||||||||||||||||||||||
Prior service costs | ( | ( | ( | ( | ||||||||||||||||||||||
Net gain | ( | ( | ||||||||||||||||||||||||
Total before tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Tax impact | ( | ( | ( | ( | ||||||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | $ | ( | $ | ( |
Pension | Postretirement | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net (gain) loss | ( | ||||||||||||||||||||||
Net periodic expense (benefit) | $ | $ | $ | ( | $ | ( |
Pension | Postretirement | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net (gain) loss | ( | ||||||||||||||||||||||
Net periodic expense (benefit) | $ | $ | $ | ( | $ | ( |
(in millions) | Pension | Postretirement | |||||||||
Expected contributions in 2023 | $ | $ | |||||||||
Amounts contributed during the nine months ended September 30, 2023 | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Effective Tax Rate | ||||||||||||||||||||
(in millions) | Crane Payment Innovations | Crane Currency | Total | ||||||||
Balance as of December 31, 2022 | $ | $ | $ | ||||||||
Currency translation | ( | ( | ( | ||||||||
Balance as of September 30, 2023 | $ | $ | $ |
(in millions) | Nine Months Ended September 30, 2023 | Year Ended December 31, 2022 | |||||||||
Balance at beginning of period, net of accumulated amortization | $ | $ | |||||||||
Amortization expense | ( | ( | |||||||||
Currency translation and other | ( | ( | |||||||||
Balance at end of period, net of accumulated amortization | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Weighted Average Amortization Period of Finite Lived Assets (in years) | Gross Asset | Accumulated Amortization | Net | Gross Asset | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||||
Intellectual property rights | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Customer relationships and backlog | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in millions) | |||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 and after |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Contract liabilities | $ | $ | |||||||||
Employee related expenses | |||||||||||
Accrued interest | |||||||||||
Current lease liabilities | |||||||||||
Warranty | |||||||||||
Other | |||||||||||
Total | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Term Facility | $ | $ | ||||||||||||
Total short-term borrowings (a) | $ | $ | ||||||||||||
Term Facility | $ | $ | ||||||||||||
Other deferred financing costs associated with credit facilities | ( | |||||||||||||
Total long-term debt (a) | $ | $ | ||||||||||||
(a) Debt discounts and debt issuance costs totaled $ |
(in millions) | 2022 Restructuring | ||||||||||
Severance: | |||||||||||
Balance as of December 31, 2022 (a) | $ | ||||||||||
Utilization | ( | ||||||||||
Balance as of September 30, 2023 (a) | $ |
(a) | Included within “Accrued Liabilities” in the Unaudited Consolidated and Combined Condensed Balance Sheets. |
Three Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales | $ | 352.9 | $ | 335.1 | $ | 17.8 | 5.3 | % | |||||||||||||||
Cost of sales | $ | 187.4 | $ | 174.9 | $ | (12.5) | (7.1) | % | |||||||||||||||
as a percentage of sales | 53.1 | % | 52.2 | % | |||||||||||||||||||
Selling, general and administrative | $ | 85.8 | $ | 82.2 | $ | (3.6) | (4.4) | % | |||||||||||||||
as a percentage of sales | 24.3 | % | 24.5 | % | |||||||||||||||||||
Operating profit | $ | 79.7 | $ | 78.0 | $ | 1.7 | 2.2 | % | |||||||||||||||
Operating margin | 22.6 | % | 23.3 | % | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 0.3 | — | 0.3 | NM | |||||||||||||||||||
Interest expense | (12.8) | (10.4) | (2.4) | (23.1) | % | ||||||||||||||||||
Related party interest expense | — | (3.6) | 3.6 | NM | |||||||||||||||||||
Miscellaneous income, net | 0.7 | 0.4 | 0.3 | 75.0 | % | ||||||||||||||||||
Total other expense, net | (11.8) | (13.6) | 1.8 | 13.2 | % | ||||||||||||||||||
Income before income taxes | 67.9 | 64.4 | 3.5 | 5.4 | % | ||||||||||||||||||
Provision for income taxes | 16.0 | 19.8 | 3.8 | 19.2 | % | ||||||||||||||||||
Net income attributable to common shareholders | $ | 51.9 | $ | 44.6 | $ | 7.3 | 16.4 | % | |||||||||||||||
Three Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales by product line: | |||||||||||||||||||||||
Payment Acceptance and Dispensing Products | $ | 189.1 | $ | 189.0 | $ | 0.1 | 0.1 | % | |||||||||||||||
Services | 32.5 | 31.8 | 0.7 | 2.2 | % | ||||||||||||||||||
Total net sales | $ | 221.6 | $ | 220.8 | $ | 0.8 | 0.4 | % | |||||||||||||||
Cost of sales | $ | 111.1 | $ | 114.1 | $ | 3.0 | 2.6 | % | |||||||||||||||
as a percentage of sales | 50.1 | % | 51.7 | % | |||||||||||||||||||
Selling, general and administrative | $ | 50.8 | $ | 51.4 | $ | 0.6 | 1.2 | % | |||||||||||||||
as a percentage of sales | 22.9 | % | 23.3 | % | |||||||||||||||||||
Operating profit | $ | 59.7 | $ | 55.3 | $ | 4.4 | 8.0 | % | |||||||||||||||
Operating margin | 26.9 | % | 25.0 | % | |||||||||||||||||||
Three Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales | $ | 131.3 | $ | 114.3 | $ | 17.0 | 14.9 | % | |||||||||||||||
Cost of sales | $ | 76.3 | $ | 60.8 | $ | (15.5) | (25.5) | % | |||||||||||||||
as a percentage of sales | 58.1 | % | 53.2 | % | |||||||||||||||||||
Selling, general and administrative | $ | 22.2 | $ | 21.1 | $ | (1.1) | (5.2) | % | |||||||||||||||
as a percentage of sales | 16.9 | % | 18.5 | % | |||||||||||||||||||
Operating profit | $ | 32.8 | $ | 32.4 | $ | 0.4 | 1.2 | % | |||||||||||||||
Operating margin | 25.0 | % | 28.3 | % | |||||||||||||||||||
Nine Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales | $ | 1,034.4 | $ | 1,001.7 | $ | 32.7 | 3.3 | % | |||||||||||||||
Cost of sales | $ | 545.8 | $ | 536.8 | $ | (9.0) | (1.7) | % | |||||||||||||||
as a percentage of sales | 52.8 | % | 53.6 | % | |||||||||||||||||||
Selling, general and administrative | $ | 274.2 | $ | 236.6 | $ | (37.6) | (15.9) | % | |||||||||||||||
as a percentage of sales | 26.5 | % | 23.6 | % | |||||||||||||||||||
Operating profit | $ | 214.4 | $ | 228.3 | $ | (13.9) | (6.1) | % | |||||||||||||||
Operating margin | 20.7 | % | 22.8 | % | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 0.7 | 0.1 | 0.6 | 600.0 | % | ||||||||||||||||||
Interest expense | (37.3) | (31.4) | (5.9) | (18.8) | % | ||||||||||||||||||
Related party interest expense | (2.5) | (10.9) | 8.4 | 77.1 | % | ||||||||||||||||||
Miscellaneous income, net | 3.1 | 3.3 | (0.2) | (6.1) | % | ||||||||||||||||||
Total other expense, net | (36.0) | (38.9) | 2.9 | 7.5 | % | ||||||||||||||||||
Income before income taxes | 178.4 | 189.4 | (11.0) | (5.8) | % | ||||||||||||||||||
Provision for income taxes | 39.6 | 46.5 | 6.9 | 14.8 | % | ||||||||||||||||||
Net income attributable to common shareholders | $ | 138.8 | $ | 142.9 | $ | (4.1) | (2.9) | % | |||||||||||||||
Nine Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales by product line: | |||||||||||||||||||||||
Payment Acceptance and Dispensing Products | $ | 574.9 | $ | 552.0 | $ | 22.9 | 4.1 | % | |||||||||||||||
Services | 96.4 | 91.2 | 5.2 | 5.7 | % | ||||||||||||||||||
Total net sales | $ | 671.3 | $ | 643.2 | $ | 28.1 | 4.4 | % | |||||||||||||||
Cost of sales | $ | 330.3 | $ | 332.8 | $ | 2.5 | 0.8 | % | |||||||||||||||
as a percentage of sales | 49.2 | % | 51.7 | % | |||||||||||||||||||
Selling, general and administrative | $ | 154.7 | $ | 154.8 | $ | 0.1 | 0.1 | % | |||||||||||||||
as a percentage of sales | 23.0 | % | 24.1 | % | |||||||||||||||||||
Operating profit | $ | 186.3 | $ | 155.6 | $ | 30.7 | 19.7 | % | |||||||||||||||
Operating margin | 27.8 | % | 24.2 | % | |||||||||||||||||||
Nine Months Ended September 30, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | $ | % | |||||||||||||||||||
Net sales | $ | 363.1 | $ | 358.5 | $ | 4.6 | 1.3 | % | |||||||||||||||
Cost of sales | $ | 215.5 | $ | 204.0 | $ | (11.5) | (5.6) | % | |||||||||||||||
as a percentage of sales | 59.4 | % | 56.9 | % | |||||||||||||||||||
Selling, general and administrative | $ | 62.5 | $ | 57.5 | $ | (5.0) | (8.7) | % | |||||||||||||||
as a percentage of sales | 17.2 | % | 16.0 | % | |||||||||||||||||||
Operating profit | $ | 85.1 | $ | 97.0 | $ | (11.9) | (12.3) | % | |||||||||||||||
Operating margin | 23.4 | % | 27.1 | % | |||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Net cash provided by (used for): | ||||||||||||||
Operating activities | $ | 197.8 | $ | 230.9 | ||||||||||
Investing activities | (16.1) | (12.2) | ||||||||||||
Financing activities | (176.5) | (88.6) | ||||||||||||
Effect of exchange rates on cash and cash equivalents | (6.9) | (35.0) | ||||||||||||
(Decrease) increase in cash and cash equivalents | $ | (1.7) | $ | 95.1 |
Exhibit 31.1* | |||||||||||
Exhibit 31.2* | |||||||||||
Exhibit 32.1** | |||||||||||
Exhibit 32.2** | |||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith) | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith) | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CRANE NXT, CO. | ||||||||
REGISTRANT | ||||||||
Date | ||||||||
November 6, 2023 | By | /s/ Aaron Saak | ||||||
Aaron Saak | ||||||||
President and Chief Executive Officer | ||||||||
Date | By | /s/ Christina Cristiano | ||||||
November 6, 2023 | Christina Cristiano | |||||||
Senior Vice President and Chief Financial Officer |
By /s/ Aaron Saak | ||
Aaron Saak | ||
President and Chief Executive Officer | ||
November 6, 2023 |
By /s/ Christina Cristiano | ||
Christina Cristiano | ||
Principal Financial Officer | ||
November 6, 2023 |
By /s/ Aaron Saak | ||
Aaron Saak | ||
President and Chief Executive Officer | ||
November 6, 2023 |
By /s/ Christina Cristiano | ||
Christina Cristiano | ||
Principal Financial Officer | ||
November 6, 2023 |
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net sales | $ 352.9 | $ 335.1 | $ 1,034.4 | $ 1,001.7 |
Operating costs and expenses: | ||||
Cost of sales | 187.4 | 174.9 | 545.8 | 536.8 |
Selling, general and administrative | 85.8 | 82.2 | 274.2 | 236.6 |
Operating profit | 79.7 | 78.0 | 214.4 | 228.3 |
Other income (expense): | ||||
Interest income | 0.3 | 0.0 | 0.7 | 0.1 |
Miscellaneous income, net | 0.7 | 0.4 | 3.1 | 3.3 |
Total other expense, net | (11.8) | (13.6) | (36.0) | (38.9) |
Income before income taxes | 67.9 | 64.4 | 178.4 | 189.4 |
Provision for income taxes | 16.0 | 19.8 | 39.6 | 46.5 |
Net income attributable to common shareholders | $ 51.9 | $ 44.6 | $ 138.8 | $ 142.9 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.91 | $ 0.79 | $ 2.44 | $ 2.52 |
Diluted (in dollars per share) | $ 0.90 | $ 0.79 | $ 2.42 | $ 2.52 |
Average shares outstanding: | ||||
Basic (in shares) | 56.8 | 56.7 | 56.8 | 56.7 |
Diluted (in shares) | 57.5 | 56.7 | 57.4 | 56.7 |
Dividends per share (in dollars per share) | $ 0.14 | $ 0.28 | ||
Nonrelated Party | ||||
Other income (expense): | ||||
Interest expense | $ (12.8) | $ (10.4) | $ (37.3) | $ (31.4) |
Related Party | ||||
Other income (expense): | ||||
Interest expense | $ 0.0 | $ (3.6) | $ (2.5) | $ (10.9) |
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to common shareholders | $ 51.9 | $ 44.6 | $ 138.8 | $ 142.9 |
Components of other comprehensive loss, net of tax | ||||
Currency translation adjustment | (21.1) | (60.7) | (19.3) | (122.9) |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | (0.5) | 0.0 | (1.5) | (0.4) |
Other comprehensive loss, net of tax | (21.6) | (60.7) | (20.8) | (123.3) |
Comprehensive income (loss) attributable to common shareholders | $ 30.3 | $ (16.1) | $ 118.0 | $ 19.6 |
CONSOLIDATED AND COMBINED CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 10.1 | $ 6.1 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 72,441,647 |
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share (in dollars per share) | $ 0.14 | |
Shares reacquired (in shares) | 64,105 | 7,465 |
Organization and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Crane NXT, Co. is a leading provider of trusted technology solutions to secure, detect, and authenticate our customers’ most valuable assets. We are comprised of two reporting segments: Crane Payment Innovations (“CPI”) and Crane Currency. Our primary end markets include governments and a wide range of consumer related end markets including retail and gaming. See Note 3, “Segment Results” for the relative size of these segments in relation to the total company (both net sales and total assets). References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References to the “Business” refer to our business, including prior to the Separation (as defined below) when it was a business of Crane Holdings, Co. References herein to “Holdings” refer to Crane Holdings, Co. and its subsidiaries prior to the consummation of the Separation unless the context implies otherwise. Separation On April 3, 2023, Holdings was separated (the “Separation”) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (“SpinCo”) through a pro-rata distribution (the “Distribution”) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed “Crane NXT, Co.” on April 3, 2023. Following the consummation of the Separation, our common stock is listed under the symbol “CXT” on the New York Stock Exchange. Due to SpinCo’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to ours, among other factors, SpinCo was considered to be the “accounting spinnor” and therefore is the “accounting successor” to Holdings for accounting purposes, notwithstanding the legal form of the Separation. Therefore, following the Separation, our historical financial statements are comprised solely of combined carve-out financial statements representing only our operations, assets, liabilities and equity on a stand-alone basis derived from the consolidated financial statements and accounting records of Holdings. In connection with the Separation, we entered into a $350 million, three-year term loan facility, and, on April 3, 2023, prior to the Separation, SpinCo paid a one-time cash dividend in the amount of $275 million to Holdings. See Note 12, “Financing” and Note 2, “Related Parties" for additional information. In addition, Holdings transferred $84 million of cash to us as part of the Separation. As a result of the Separation, net assets of $378.9 million were contributed to the Business and recorded on the Unaudited Consolidated and Combined Condensed Statements of Changes in Equity through “Crane Net Investment.” During the three months ended September 30, 2023, an additional $7.5 million of liabilities attributable to the Business were identified. The correction has been reflected on the Unaudited Consolidated and Combined Condensed Statements of Changes in Equity through “Crane transfer” in the three months ended September 30, 2023. Stock-based Compensation Prior to the Separation, Crane NXT employees and directors participated in Holdings equity incentive plans and received equity awards under those plans in the forms of stock options, restricted share units, performance-based and time-based restricted share units and deferred stock units in respect of Holdings common shares. Crane NXT Unaudited Consolidated and Combined Condensed Financial Statements reflect compensation expense for these stock-based plans associated with the portion of the Holdings equity incentive plans in which Crane NXT employees and directors participated. As a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The exchanged awards are subject to the same service vesting requirements as the original awards. Upon the exchange, there were 0.5 million options outstanding related to Crane NXT associates and 0.6 million options outstanding related to SpinCo associates. There was no significant incremental stock-based compensation expense recorded as a result of the equity award conversions. The modification of the performance-based restricted share units resulted in a liability recorded upon Separation. The amount of the liability was $1.2 million as of September 30, 2023 and is included in “Accrued liabilities” in our Unaudited Consolidated and Combined Condensed Financial Statements. Separation Agreements On April 3, 2023, we entered into definitive agreements with SpinCo in connection with the Separation. The agreements set forth the terms and conditions of the Separation and provide a framework for Crane NXT’s relationship with SpinCo following the Separation, including the allocation between Crane NXT and SpinCo of Crane NXT’s and SpinCo’s assets, liabilities and obligations attributable to periods prior to, at and after the Separation. These agreements include the Separation and Distribution Agreement (as described below), which contains certain key provisions related to the Separation, as well as a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement and an Intellectual Property Matters Agreement (each, as described below). Separation and Distribution Agreement The Separation and Distribution Agreement sets forth, among other things, the agreements between us and SpinCo regarding the principal transactions necessary to effect the Separation. It also sets forth other agreements that govern certain aspects of our ongoing relationship with SpinCo after the completion of the Separation. Transition Services Agreement The Transition Services Agreement provides for the transition of Holdings into two independent, publicly-traded companies following the consummation of the Separation, and provides each party time to replace certain assets and employees that have been allocated to the other party. Under the Transition Services Agreement, we agreed with SpinCo to provide transition service support to the other for various periods of time of up to 18 months in the areas of finance, tax, human resources, legal and information technology. Such services are provided on customary commercial terms, and each such service can be terminated prior to the expected termination date of such service if it is no longer required. The Transition Services Agreement was negotiated in the context of a parent-subsidiary relationship and in the context of the Separation. Transactions under this agreement did not have a material impact to our financial statements for the three-and-nine-months ended September 30, 2023. Tax Matters Agreement The Tax Matters Agreement, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits (including any taxes imposed that are attributable to the failure of the Distribution and certain related transactions to qualify as a transaction that is tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Although enforceable as between the parties, the Tax Matters Agreement will not be binding on the Internal Revenue Service or other tax authorities. Employee Matters Agreement The Employee Matters Agreement, among other things, governs Crane NXT’s, SpinCo’s and their respective subsidiaries’ rights, responsibilities and obligations after the Separation with respect to the following matters: (i) employees and former employees (and their respective dependents and beneficiaries) who are or were employed with Crane NXT, SpinCo or their respective subsidiaries, (ii) the allocation of assets and liabilities generally relating to employees, employment or service-related matters and employee benefit plans, (iii) employee compensation plans and director compensation plans, including equity plans, and (iv) other human resources, employment and employee benefits matters. Intellectual Property Matters Agreement The Intellectual Property Matters Agreement, among other things, governs the continued ownership and use by Crane NXT and SpinCo of their respective trademarks and trade names that include or are comprised of the term “Crane” in their respective businesses. Basis of Presentation The accompanying Unaudited Consolidated and Combined Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These Unaudited Consolidated and Combined Condensed Financial Statements should be read in conjunction with the Crane NXT Combined Financial Statements and Notes to Combined Financial Statements for the year ended December 31, 2022, previously filed on Form 8-K on April 3, 2023, and the Crane NXT Condensed Combined Financial Statements and Notes to the Condensed Combined Financial Statements for the quarter ended March 31, 2023 filed on Form 8-K on May 10, 2023. The Business' financial statements for periods prior to the Separation are prepared on a "carve-out" basis, as described below. Basis of Presentation Prior to the Separation Prior to the Separation, the Business operated as Holdings’ Payment & Merchandising Technologies (“P&MT”) segment; consequently, stand-alone financial statements for periods prior to the Separation were not prepared for the Business. The Unaudited Consolidated and Combined Condensed Financial Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Prior to the Separation, costs for certain functions and services performed by centralized Holdings organizations were directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Holdings (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Holdings have been deemed settled in cash by the Business to Holdings in the period in which the cost was recorded in the Unaudited Consolidated and Combined Condensed Statements of Operations. Current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Holdings in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded. Prior to the Separation, Holdings used a centralized approach to cash management and financing its operations. Accordingly, none of the cash of Holdings has been allocated to the Business in the Unaudited Consolidated and Combined Condensed Financial Statements. However, cash balances primarily associated with certain of our foreign entities that did not participate in Holdings’ cash management program have been included in the Unaudited Consolidated and Combined Condensed Financial Statements. Transactions between Holdings and the Business are deemed to have been settled immediately through “Crane Net Investment.” The net effect of the deemed settled transactions is reflected in the Unaudited Consolidated and Combined Condensed Statements of Cash Flows as “Net transfers to Crane” within financing activities and in the Unaudited Consolidated and Combined Condensed Balance Sheets as “Crane Net Investment.” Other transactions, which have historically been cash-settled, are reflected in the Unaudited Consolidated and Combined Condensed Balance Sheets within “Accounts receivable, net” and “Accounts payable.” All intercompany accounts and transactions within the Business have been eliminated in the preparation of the Unaudited Consolidated and Combined Condensed Financial Statements. The Unaudited Consolidated and Combined Condensed Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business. All allocations and estimates in the Unaudited Consolidated and Combined Condensed Financial Statements are based on assumptions that management believes are reasonable. However, for the periods prior to the Separation, the Unaudited Consolidated and Combined Condensed Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Recent Accounting Pronouncements We considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on our Unaudited Consolidated and Combined Condensed Statements of Operations, Balance Sheets and Cash Flows.
|
Related Parties |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Prior to the Separation, the Business was managed and operated in the normal course of business with other affiliates of Holdings. Accordingly, certain shared costs were allocated to the Business and are reflected as expenses in the Unaudited Consolidated and Combined Condensed Financial Statements. Allocated Centralized Costs. The Unaudited Consolidated and Combined Condensed Financial Statements were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Holdings for the periods prior to the Separation. Prior to the Separation, Holdings incurred corporate costs for services provided to the Business as well as other Holdings businesses. These services included treasury, tax, accounting, human resources, audit, legal, purchasing, information technology and other such services. The costs associated with these services generally included all payroll and benefit costs, as well as overhead costs related to the support functions. Holdings also allocated costs associated with corporate insurance coverage and medical, pension, post-retirement and other health plan costs for employees participating in Holdings sponsored plans. Allocations were based on several utilization measures including headcount, proportionate usage and relative net sales. All such amounts were deemed incurred and settled by the Business in the period in which the costs were recorded. The allocated centralized costs for the Business were $0.0 million and $13.5 million for the three-and-nine-months ended September 30, 2023, respectively, and $8.7 million and $23.3 million for the three-and-nine-months ended September 30, 2022, respectively. These costs are included in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations. In the opinion of our management, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided to or for the benefit received by the Business during 2022 and 2023 prior to the Separation. The amounts that would have been or will be incurred on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Business operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein. Separation Costs. In connection with the Separation, we have incurred transaction related expenses of $2.7 million and $19.7 million for the three-and-nine-months ended September 30, 2023, respectively, recorded in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations. Expenses primarily consist of professional service fees. There were no allocated costs in relation to the Separation for the three-and-nine-months ended September 30, 2022. Cash Management and Financing. Prior to the Separation, the Business participated in Holdings’ centralized cash management and daily cash sweeps. Disbursements were made through centralized accounts payable systems which were operated by Holdings. Cash receipts were transferred to centralized accounts, which were also maintained by Holdings. As cash was received and disbursed by Holdings, it was accounted for by the Business through “Crane Net Investment.” Historically, Holdings had centrally managed and swept cash for most domestic and certain European entities. However, certain legal entities did not participate in Holdings’ centralized cash management program for a variety of reasons. As such, the Business’ cash that was not included in the centralized cash management and financing programs is classified as “Cash and cash equivalents” on our Unaudited Consolidated and Combined Condensed Balance Sheets. As a result of the Separation, a one-time cash dividend of $275 million was issued on April 3, 2023, prior to the Separation, from SpinCo to Holdings, as well as a cash transfer of $84 million from Holdings to us. These contributions of net assets are recorded on the Unaudited Consolidated and Combined Condensed Statements of Changes in Equity through “Crane Net Investment.” Accounts Receivable and Payable. Certain related party transactions between the Business and Holdings have been included within “Crane Net Investment” in the Unaudited Consolidated and Combined Condensed Balance Sheets in the historical periods presented when the related party transactions were not settled in cash. As of December 31, 2022, “Crane Net Investment” included related party loans receivable due from Holdings and its affiliates of $27.2 million, and related party loans payable due to Holdings and its affiliates of $232.1 million. We recorded related party interest expense related to the loan activity with Holdings and its affiliates of $0.0 million and $2.5 million for the three-and-nine-months ended September 30, 2023, respectively; and $3.6 million and $10.9 million for the three-and-nine-months ended September 30, 2022, respectively, which are included in the Business’ results as “Related party interest expense” in the Unaudited Consolidated and Combined Condensed Statements of Operations. The total effect of the settlement of these related party transactions is reflected with “Net transfers to Crane” as a financing activity in the Unaudited Consolidated and Combined Condensed Statements of Cash Flows. Additionally, prior to the Separation, certain transactions between the Business and other Holdings affiliates were cash-settled on a current basis and, therefore, are reflected in Accounts receivable, net and Accounts payable in the Unaudited Consolidated and Combined Condensed Balance Sheets as of December 31, 2022 in the amounts of $0.1 million and $1.7 million, respectively. As of September 30, 2023, there were no outstanding Accounts receivable, net or Accounts payable with other Holdings affiliates related to such transactions.
|
Segment Results |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Results | Segment Results Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of September 30, 2023, we had two reportable segments: Crane Payment Innovations and Crane Currency. 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, 2023, 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, Switzerland and Germany, with additional sales offices across the world. Crane Currency Crane Currency provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. Facilities are located in the United States, Sweden and Malta. Financial information by reportable segment is set forth below.
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Revenue |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenues The following table presents net sales disaggregated by product line for each segment:
Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled. As of September 30, 2023, our performance obligations were $454.9 million. We expect to recognize approximately 61% of our remaining performance obligations as revenue in 2023, and the remainder primarily in 2024. Contract Assets and Contract Liabilities Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Unaudited Consolidated and Combined Condensed Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units that were issued to Crane NXT and SpinCo employees and directors. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period. On April 3, 2023, 56.7 million shares of our common stock, par value $1.00 per share, were distributed to Holdings stockholders of record as of March 23, 2023. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation and such shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no Crane NXT stock-based awards outstanding prior to the Separation. The weighted average number of common shares outstanding during the three-and-nine-months ended September 30, 2023 was based on the weighted average number of common shares after the Separation.
Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive were 0.4 million for the three months ended September 30, 2023 and 0.4 million for the six months from the Separation ended September 30, 2023.
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Changes in Accumulated Other Comprehensive Loss |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Combined Condensed Balance Sheets.
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-and-nine-month periods ended September 30, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Unaudited Consolidated and Combined Condensed Statements of Operations.
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Defined Benefit and Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit and Postretirement Benefits | Defined Benefit and Postretirement Benefits For all plans, the components of net periodic benefit for the three months ended September 30, 2023, and 2022 are as follows:
For all plans, the components of net periodic benefit for the nine months ended September 30, 2023, and 2022 are as follows:
The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Unaudited Consolidated and Combined Condensed Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Consolidated and Combined Condensed Statements of Operations. We expect to contribute the following to our pension and postretirement plans:
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Income Taxes |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Effective Tax Rates Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented. Our effective tax rates are as follows:
Our effective tax rates for the three-and-nine-months ended September 30, 2023 are lower than the prior year’s comparable periods primarily due to a foreign tax credit return to provision adjustment recorded in the prior year’s comparable periods. Our effective tax rates for the three-and-nine-months ended September 30, 2023 are higher than the statutory U.S. federal tax rate of 21% primarily due to US state income taxes. The Tax Matters Agreement, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits (including any taxes imposed that are attributable to the failure of the Distribution and certain related transactions to qualify as a transaction that is tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Although enforceable as between the parties, the Tax Matters Agreement will not be binding on the Internal Revenue Service or other tax authorities. The change from presenting our financials on a “carve-out” basis to a stand-alone entity basis at the time of the Separation resulted in an increase in uncertain tax positions of $15.6 million and a related $8.5 million tax indemnification receivable from SpinCo adjusted in our Unaudited Consolidated and Combined Condensed Statements of Changes in Equity through “Crane Net Investment” upon the Separation. As of September 30, 2023, we had gross unrecognized tax benefits of $23.8 million included in “Other liabilities” in our Unaudited Consolidated and Combined Condensed Balance Sheets. The Accrued Income Tax Liability computed on a stand-alone entity basis resulted in a decrease of approximately $10.2 million adjusted in our Unaudited Consolidated and Combined Condensed Statements of Changes in Equity through “Crane Net Investment” upon the Separation.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes to goodwill are as follows:
As of September 30, 2023, we had $314.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $344.9 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. Changes to intangible assets are as follows:
A summary of intangible assets are as follows:
Future amortization expense associated with intangible assets is expected to be:
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Accrued Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of September 30, 2023, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters.On April 3, 2023, Crane NXT and SpinCo entered into a Tax Matters Agreement which, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits. The agreement specifies the allocation of tax liabilities between us and SpinCo, and we and SpinCo agreed to indemnify each other for any amounts for which they are not responsible. As of September 30, 2023, there were no amounts owing to SpinCo pursuant to this agreement. The Tax Matters Agreement also specifies allocation of tax liabilities in the event that the Distribution is determined not to be tax-free. We believe that as of September 30, 2023, there was no reasonable possibility that such a tax liability will be incurred in connection with the Distribution. |
Financing |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing | Financing Our debt consisted of the following:
4.45% notes due December 2023 - On March 3, 2023, Holdings notified bondholders of its intent to redeem all its outstanding $300 million aggregate principal amount of its 4.45% senior notes due 2023 on April 4, 2023. We completed the redemption on April 4, 2023. Credit Facilities - We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for (i) a $500 million, five-year revolving credit facility (the “Revolving Facility”) and (ii) a $350 million, three-year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type. On March 31, 2023, we borrowed the full amount of the Term Facility. During the three-and-nine months ended September 30, 2023, we repaid $125 million and $175 million, respectively, of the Term Facility. The Revolving Facility allows us to borrow, repay and re-borrow funds from time to time prior to the maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on the lower of the ratings of our senior, unsecured long-term debt (the “Ratings”) and our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, investments, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.
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Fair Value Measurements |
9 Months Ended |
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Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical or similar assets and liabilities. Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding. We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notional value $85.7 million as of December 31, 2022. We had no such hedging instruments as of September 30, 2023. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Unaudited Consolidated and Combined Condensed Balance Sheets and were $5.8 million as of December 31, 2022. We had no such derivative receivables as of September 30, 2023. Available-for-sale securities consist of rabbi trust investments that hold marketable securities for the benefit of participants in our Supplemental Executive Retirement Plan. These investments are measured at fair value using quoted market prices in an active market and are therefore classified within Level 1 of the valuation hierarchy. During the second quarter of 2023, the rabbi trust investments were distributed to the beneficiaries and the rabbi trust investment account was closed. The fair value of available-for-sale securities was $0.4 million as of December 31, 2022 and is recorded within “Other assets” on our Unaudited Consolidated and Combined Condensed Balance Sheets. We had no such fair value of available-for-sale securities as of September 30, 2023. Long-term debt rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of notes due, measured using Level 2 inputs, was $416.9 million and $753.1 million as of September 30, 2023, and December 31, 2022, respectively.
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Restructuring |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring 2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions in CPI of approximately 140 employees, or about 4% of our global workforce. We expect to substantially complete the program in the first quarter of 2024 in the U.S. with foreign jurisdictions extending through the end of 2026. We did not incur significant restructuring costs during the nine months ended September 30, 2023, or September 30, 2022. We have incurred $6.2 million of cumulative restructuring costs, net through September 30, 2023, of which $5.7 million related to severance and $0.5 million related to other costs. We do not expect to incur additional costs to complete these actions. The following table summarizes the accrual balances related to the 2022 restructuring program:
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Pay vs Performance Disclosure | ||||||||
Net income attributable to common shareholders | $ 51.9 | $ 43.2 | $ 43.7 | $ 44.6 | $ 48.8 | $ 49.5 | $ 138.8 | $ 142.9 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying Unaudited Consolidated and Combined Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These Unaudited Consolidated and Combined Condensed Financial Statements should be read in conjunction with the Crane NXT Combined Financial Statements and Notes to Combined Financial Statements for the year ended December 31, 2022, previously filed on Form 8-K on April 3, 2023, and the Crane NXT Condensed Combined Financial Statements and Notes to the Condensed Combined Financial Statements for the quarter ended March 31, 2023 filed on Form 8-K on May 10, 2023. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on our Unaudited Consolidated and Combined Condensed Statements of Operations, Balance Sheets and Cash Flows.
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Fair Value Measurements | Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical or similar assets and liabilities. Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Valuation Technique The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding.
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Segment Results (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Information By Reportable Segment | Financial information by reportable segment is set forth below.
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Reconciliation of Segment Assets to Consolidated Assets |
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Schedule Of Goodwill By Segment |
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales Disaggregated by Product Line | The following table presents net sales disaggregated by product line for each segment:
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Net Contract Assets and Contract Liabilities | Net contract assets and contract liabilities consisted of the following:
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Share |
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Changes in Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Combined Condensed Balance Sheets.
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Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-and-nine-month periods ended September 30, 2023, and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Unaudited Consolidated and Combined Condensed Statements of Operations.
|
Defined Benefit and Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit | For all plans, the components of net periodic benefit for the three months ended September 30, 2023, and 2022 are as follows:
For all plans, the components of net periodic benefit for the nine months ended September 30, 2023, and 2022 are as follows:
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Expected Contributions to Pension and Postretirement Plans | We expect to contribute the following to our pension and postretirement plans:
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Tax Rates | Our effective tax rates are as follows:
|
Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to Goodwill | Changes to goodwill are as follows:
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Summary of Intangible Assets | Changes to intangible assets are as follows:
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Intangible Assets Future Amortization Expense | Future amortization expense associated with intangible assets is expected to be:
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Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accrued Liabilities | Accrued liabilities consist of:
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Financing (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Debt | Our debt consisted of the following:
|
Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Program Accrual Balance Reconciliation | The following table summarizes the accrual balances related to the 2022 restructuring program:
|
Organization and Basis of Presentation (Details) shares in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 03, 2023
USD ($)
shares
|
Mar. 17, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
|
Line of Credit Facility [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
One-time cash dividend | $ 15,800,000 | $ 0 | |||
Stock-based compensation expense | $ 0 | ||||
Transition service support period (up to) | 18 months | ||||
Crane Net Investment | |||||
Line of Credit Facility [Line Items] | |||||
Net assets received in spinoff | $ 378,900,000 | ||||
Additional liabilities attributable to spinoff | $ 7,500,000 | ||||
Crane NXT | |||||
Line of Credit Facility [Line Items] | |||||
Stock-based compensation awards outstanding (in shares) | shares | 0.5 | ||||
SpinCo | |||||
Line of Credit Facility [Line Items] | |||||
Stock-based compensation awards outstanding (in shares) | shares | 0.6 | ||||
Performance-based RSUs | |||||
Line of Credit Facility [Line Items] | |||||
Liability for modification of performance-based RSUs | $ 1,200,000 | $ 1,200,000 | |||
Term Facility | Credit Agreement | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | |||
Debt instrument, term | 3 years | 3 years |
Related Parties (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 03, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | ||||||
One-time cash dividend | $ 15.8 | $ 0.0 | ||||
Accounts receivable, net | $ 179.1 | 179.1 | $ 205.1 | |||
Accounts payable | 111.1 | 111.1 | 109.6 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Allocated centralized costs | 0.0 | $ 8.7 | 13.5 | 23.3 | ||
Transaction related expenses | 2.7 | 0.0 | 19.7 | 0.0 | ||
Cash consideration | $ 84.0 | |||||
Loans receivable | 27.2 | |||||
Loans payable | 232.1 | |||||
Interest expense | 0.0 | $ 3.6 | 2.5 | $ 10.9 | ||
Accounts receivable, net | 0.0 | 0.0 | 0.1 | |||
Accounts payable | $ 0.0 | $ 0.0 | $ 1.7 | |||
Related Party | SpinCo | ||||||
Related Party Transaction [Line Items] | ||||||
One-time cash dividend | $ 275.0 |
Segment Results (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Results (Schedule Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 352.9 | $ 335.1 | $ 1,034.4 | $ 1,001.7 |
Operating profit | 79.7 | 78.0 | 214.4 | 228.3 |
Interest income | 0.3 | 0.0 | 0.7 | 0.1 |
Miscellaneous income, net | 0.7 | 0.4 | 3.1 | 3.3 |
Income before income taxes | 67.9 | 64.4 | 178.4 | 189.4 |
Nonrelated Party | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (12.8) | (10.4) | (37.3) | (31.4) |
Related Party | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | 0.0 | (3.6) | (2.5) | (10.9) |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | (12.8) | (9.7) | (57.0) | (24.3) |
Crane Payment Innovations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 221.6 | 220.8 | 671.3 | 643.2 |
Crane Payment Innovations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | 59.7 | 55.3 | 186.3 | 155.6 |
Crane Currency | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 131.3 | 114.3 | 363.1 | 358.5 |
Crane Currency | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | $ 32.8 | $ 32.4 | $ 85.1 | $ 97.0 |
Segment Results (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,094.1 | $ 2,129.4 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 44.6 | 0.0 |
Crane Payment Innovations | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,251.4 | 1,266.1 |
Crane Currency | Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 798.1 | $ 863.3 |
Segment Results (Schedule Of Goodwill By Segment) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Goodwill | $ 827.3 | $ 836.6 |
Crane Payment Innovations | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 613.4 | 622.4 |
Crane Currency | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 213.9 | $ 214.2 |
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 352.9 | $ 335.1 | $ 1,034.4 | $ 1,001.7 |
Crane Payment Innovations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 221.6 | 220.8 | 671.3 | 643.2 |
Crane Currency | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 131.3 | 114.3 | 363.1 | 358.5 |
Products | Crane Payment Innovations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 189.1 | 189.0 | 574.9 | 552.0 |
Services | Crane Payment Innovations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 32.5 | $ 31.8 | $ 96.4 | $ 91.2 |
Revenue Revenue (Narrative) (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 454.9 | $ 454.9 |
Increase in contract liability opening balance for revenue recognized | $ 17.5 | $ 73.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, percentage | 61.00% | 61.00% |
Remaining performance obligation, expected timing of satisfaction, period | 3 months | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year |
Revenue (Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 38.7 | $ 31.8 |
Contract liabilities | $ 75.8 | $ 93.6 |
Earnings Per Share (Narrative) (Details) - $ / shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 03, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Earnings Per Share [Abstract] | ||||
Common stock distributions (in shares) | 56.7 | |||
Common stock, par value (in dollars per share) | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Average options excluded from computation of diluted earnings per share | 0.4 | 0.4 |
Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||||||
Net income attributable to common shareholders | $ 51.9 | $ 43.2 | $ 43.7 | $ 44.6 | $ 48.8 | $ 49.5 | $ 138.8 | $ 142.9 |
Average basic shares outstanding (in shares) | 56.8 | 56.7 | 56.8 | 56.7 | ||||
Effect of dilutive share-based awards (in shares) | 0.7 | 0.0 | 0.6 | 0.0 | ||||
Average diluted shares outstanding (in shares) | 57.5 | 56.7 | 57.4 | 56.7 | ||||
Earnings per basic share (in dollars per share) | $ 0.91 | $ 0.79 | $ 2.44 | $ 2.52 | ||||
Earnings per diluted share (in dollars per share) | $ 0.90 | $ 0.79 | $ 2.42 | $ 2.52 |
Changes in Accumulated Other Comprehensive Loss (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 783.8 | $ 763.8 |
Other comprehensive loss before reclassifications | (19.3) | |
Amounts reclassified from accumulated other comprehensive loss | (1.5) | |
Net period other comprehensive loss | (20.8) | |
Ending balance | 872.6 | 783.8 |
Tax detriment | 1.8 | 2.1 |
Pension and Postretirement Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 9.0 | |
Other comprehensive loss before reclassifications | 0.0 | |
Amounts reclassified from accumulated other comprehensive loss | (1.5) | |
Net period other comprehensive loss | (1.5) | |
Ending balance | 7.5 | 9.0 |
Currency Translation Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (140.5) | |
Other comprehensive loss before reclassifications | (19.3) | |
Amounts reclassified from accumulated other comprehensive loss | 0.0 | |
Net period other comprehensive loss | (19.3) | |
Ending balance | (159.8) | (140.5) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (131.5) | (72.3) |
Ending balance | $ (152.3) | $ (131.5) |
Changes in Accumulated Other Comprehensive Loss (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Amortization of pension and postretirement items | $ 0.7 | $ 0.4 | $ 3.1 | $ 3.3 | ||||
Total before tax | 67.9 | 64.4 | 178.4 | 189.4 | ||||
Tax impact | 16.0 | 19.8 | 39.6 | 46.5 | ||||
Net income attributable to common shareholders | 51.9 | $ 43.2 | $ 43.7 | 44.6 | $ 48.8 | $ 49.5 | 138.8 | 142.9 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Plan | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Total before tax | (0.6) | (0.1) | (1.8) | (0.6) | ||||
Tax impact | (0.1) | (0.1) | (0.3) | (0.2) | ||||
Net income attributable to common shareholders | (0.5) | 0.0 | (1.5) | (0.4) | ||||
Pension | Reclassification out of Accumulated Other Comprehensive Income | Prior service costs | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Amortization of pension and postretirement items | (0.1) | (0.1) | (0.5) | (0.5) | ||||
Pension | Reclassification out of Accumulated Other Comprehensive Income | Net gain (loss) | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Amortization of pension and postretirement items | 0.0 | 0.3 | 0.0 | 0.7 | ||||
Postretirement | Reclassification out of Accumulated Other Comprehensive Income | Prior service costs | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Amortization of pension and postretirement items | (0.3) | (0.3) | (0.8) | (0.8) | ||||
Postretirement | Reclassification out of Accumulated Other Comprehensive Income | Net gain (loss) | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Amortization of pension and postretirement items | $ (0.2) | $ 0.0 | $ (0.5) | $ 0.0 |
Defined Benefit and Postretirement Benefits (Components Of Net Periodic Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.5 | $ 0.6 | $ 1.4 | $ 1.7 |
Interest cost | 0.5 | 0.2 | 1.6 | 0.6 |
Expected return on plan assets | (0.8) | (0.8) | (2.4) | (2.3) |
Amortization of prior service cost | (0.1) | (0.1) | (0.5) | (0.5) |
Amortization of net (gain) loss | 0.0 | 0.3 | 0.0 | 0.7 |
Net periodic expense (benefit) | 0.1 | 0.2 | 0.1 | 0.2 |
Postretirement | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.1 |
Interest cost | 0.2 | 0.2 | 0.6 | 0.5 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost | (0.3) | (0.3) | (0.8) | (0.8) |
Amortization of net (gain) loss | (0.2) | 0.0 | (0.5) | 0.0 |
Net periodic expense (benefit) | $ (0.3) | $ (0.1) | $ (0.7) | $ (0.2) |
Defined Benefit and Postretirement Benefits (Expected Contributions to Pension and Postretirement Plans) (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions in 2023 | $ 2.6 |
Amounts contributed during the nine months ended September 30, 2023 | 2.1 |
Postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions in 2023 | 1.5 |
Amounts contributed during the nine months ended September 30, 2023 | $ 1.4 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 03, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Effective Tax Rate | 23.50% | 30.70% | 22.20% | 24.60% | |
Increase in uncertain tax positions | $ 15.6 | ||||
Tax indemnification receivable | 8.5 | ||||
Gross unrecognized tax benefits | $ 23.8 | $ 23.8 | |||
Decrease in accrued income tax liabilities | $ 10.2 |
Goodwill and Intangible Assets (Changes to Goodwill) (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 836.6 |
Currency translation | (9.3) |
Ending balance | 827.3 |
Crane Payment Innovations | |
Goodwill [Roll Forward] | |
Beginning balance | 622.4 |
Currency translation | (9.0) |
Ending balance | 613.4 |
Crane Currency | |
Goodwill [Roll Forward] | |
Beginning balance | 214.2 |
Currency translation | (0.3) |
Ending balance | $ 213.9 |
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net intangible assets | $ 314.3 | $ 344.9 | $ 388.5 |
Intangibles with indefinite useful lives | $ 45.5 | $ 45.5 |
Goodwill and Intangible Assets (Changes to Intangible Assets) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Finite-Lived and Indefinite-Lived Intangible Assets [Roll Forward] | ||
Balance at beginning of period, net of accumulated amortization | $ 344.9 | $ 388.5 |
Amortization expense | (27.0) | (36.0) |
Currency translation and other | (3.6) | (7.6) |
Balance at end of period, net of accumulated amortization | $ 314.3 | $ 344.9 |
Goodwill and Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 18 years | ||
Gross Asset | $ 655.6 | $ 663.6 | |
Accumulated Amortization | 341.3 | 318.7 | |
Net | $ 314.3 | 344.9 | $ 388.5 |
Intellectual property rights | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 10 years 3 months 18 days | ||
Gross Asset | $ 61.8 | 62.0 | |
Accumulated Amortization | 14.5 | 14.0 | |
Net | $ 47.3 | 48.0 | |
Customer relationships and backlog | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 18 years 9 months 18 days | ||
Gross Asset | $ 495.7 | 502.9 | |
Accumulated Amortization | 257.6 | 242.0 | |
Net | $ 238.1 | 260.9 | |
Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period of Finite Lived Assets (in years) | 9 years 10 months 24 days | ||
Gross Asset | $ 98.1 | 98.7 | |
Accumulated Amortization | 69.2 | 62.7 | |
Net | $ 28.9 | $ 36.0 |
Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 9.2 |
2024 | 35.4 |
2025 | 30.1 |
2026 | 29.9 |
2027 | 29.1 |
2028 and after | $ 135.1 |
Accrued Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Contract liabilities | $ 75.8 | $ 93.6 |
Employee related expenses | 51.5 | 56.3 |
Accrued interest | 5.9 | 6.5 |
Current lease liabilities | 7.1 | 7.4 |
Warranty | 5.4 | 4.4 |
Other | 36.1 | 36.0 |
Total | $ 181.8 | $ 204.2 |
Commitments and Contingencies (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Tax Matters Agreement | |
Other Commitments [Line Items] | |
Tax agreement liability | $ 0.0 |
Financing (Components Of Debt) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Apr. 04, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Total short-term borrowings (a) | $ 6.6 | $ 299.7 | |
Other deferred financing costs associated with credit facilities | (3.6) | 0.0 | |
Total long-term debt | 708.1 | 545.1 | |
Debt discounts and debt issuance costs | $ 10.4 | 5.6 | |
4.45% notes due December 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.45% | 4.45% | |
Total short-term borrowings (a) | $ 0.0 | 299.7 | |
6.55% notes due November 2036 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 6.55% | ||
Long-term debt | $ 198.7 | 198.6 | |
4.20% notes due March 2048 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.20% | ||
Long-term debt | $ 346.6 | 346.5 | |
Term Facility | Credit Agreement | Line of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt | 166.4 | 0.0 | |
Term Facility | Credit Agreement | Line of Credit | |||
Debt Instrument [Line Items] | |||
Total short-term borrowings (a) | $ 6.6 | $ 0.0 |
Financing (Narrative) (Details) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 03, 2023
USD ($)
|
Mar. 17, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Apr. 04, 2023
USD ($)
|
|
Line of Credit Facility [Line Items] | ||||||
Repayment of term facility | $ 175,000,000.0 | $ 0 | ||||
Credit Agreement | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Net leverage ratio | 3.50 | |||||
Maximum net leverage ratio | 4.00 | |||||
Minimum interest coverage ratio | 3.00 | |||||
Credit Agreement | Line of Credit | Variable Rate Component One | Minimum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit spread adjustment | 0.10% | |||||
Margin rate | 1.50% | |||||
Credit Agreement | Line of Credit | Variable Rate Component One | Maximum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 2.25% | |||||
Credit Agreement | Line of Credit | Variable Rate Component Two | Minimum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 0.50% | |||||
Credit Agreement | Line of Credit | Variable Rate Component Two | Maximum | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Margin rate | 1.25% | |||||
4.45% notes due December 2023 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, interest rate | 4.45% | 4.45% | 4.45% | |||
Debt instrument, face amount | $ 300,000,000 | |||||
Revolving Facility | Credit Agreement | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Debt instrument, term | 5 years | |||||
Revolving Facility | Credit Agreement | Line of Credit | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Undrawn commitments fee percentage | 0.20% | |||||
Revolving Facility | Credit Agreement | Line of Credit | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Undrawn commitments fee percentage | 0.35% | |||||
Term Facility | Credit Agreement | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | ||||
Debt instrument, term | 3 years | 3 years | ||||
Repayment of term facility | $ 125,000,000 | $ 175,000,000 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Derivative, notional value | $ 0.0 | $ 85.7 |
Derivative receivable | 0.0 | 5.8 |
Fair value of available-for-sale securities | 0.0 | 0.4 |
Total debt, estimated fair value | $ 416.9 | $ 753.1 |
Restructuring (Narrative) (Details) - 2022 Restructuring $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Dec. 31, 2022
employee
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | employee | 140 | ||
Number of positions eliminated, percent of global workforce | 4.00% | ||
Restructuring costs incurred | $ 0.0 | $ 0.0 | |
Cumulative restructuring costs incurred | 6.2 | ||
Additional restructuring costs | 0.0 | ||
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Cumulative restructuring costs incurred | 5.7 | ||
Other Restructuring Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Cumulative restructuring costs incurred | $ 0.5 |
Restructuring (Restructuring Program Accrual Balance Reconciliation) (Details) - Severance - 2022 Restructuring $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 6.0 |
Utilization | (5.1) |
Ending balance | $ 0.9 |
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