Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Overview

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 recorded a charge of $0.5 million and $6.2 million for the years ended December 31, 2023 and 2022, respectively. We do not expect to incur additional costs to complete these actions.

2020 Restructuring - In the second quarter of 2020, we initiated actions in response to the adverse economic impact of COVID-19 pandemic and integration actions related to the Cummins-Allison acquisition. These actions include workforce reductions of approximately 600 employees, or about 15% of our global workforce, and the exiting of two leased office facilities and one leased warehouse facility. We completed the program in 2022.

2017 Restructuring - In the fourth quarter of 2017, we initiated broad-based restructuring actions designed to improve profitability. These actions included headcount reductions of approximately 70 employees, or about 2% of our global workforce, and select facility consolidations in North America and Europe. In 2020, we adjusted the estimate downward to reflect the impact of employees that chose to voluntarily terminate prior to receiving severance at the conclusion of the actions in North America. In 2021, we recorded a gain on sale of real estate related to these actions. We completed the program in the first quarter of 2022.

Restructuring Charges (Gains), Net

We recorded restructuring charges (gains) which are reflected in the Consolidated and Combined Statements of Operations, as follows:

(in millions) For the year ended December 31,	2023		2022		2021
Crane Payment Innovations	$	0.5	$	6.2	$	(0.9)
Crane Currency	—		—		(2.8)
Total restructuring charges (gains), net	$	0.5	$	6.2	$	(3.7)

The following table summarizes our restructuring charges (gains), net by program, cost type and segment for the years ended December 31, 2023, 2022 and 2021:

For the years ended December 31,	2023						2022						2021
(in millions)	Severance		Other		Total		Severance		Other		Total			Severance			Other		Total
Crane Payment Innovations	$	0.1	$	0.4	$	0.5	$	5.7	$	0.5	$	6.2		$	—		$	—	$	—
2022 Restructuring	0.1		0.4		0.5		5.7		0.5		6.2			—			—		—
Crane Payment Innovations	$	—	$	—	$	—	$	—	$	—	$	—		$	(0.8)	(a)	$	—	$	(0.8)
Crane Currency	—		—		—		—		—		—			—			(2.8)		(2.8)
2020 Restructuring	—		—		—		—		—		—			(0.8)		(a)	(2.8)		(3.6)
Crane Payment Innovations	$	—	$	—	$	—	$	—	$	—	$	—		$	(0.2)	(a)	$	—	$	(0.2)
2017 Restructuring	—		—		—		—		—		—			(0.2)		(a)	—		(0.2)
Total	$	0.1	$	0.4	$	0.5	$	5.7	$	0.5	$	6.2		$	(1.0)		$	(2.8)	$	(3.8)

(a) Reflects changes in estimates for increases and decreases in costs related to our restructuring programs.

The following table summarizes the cumulative restructuring charges incurred through December 31, 2023.

	Cumulative Restructuring Charges
(in millions)	Severance		Other		Total
Crane Payment Innovations	$	5.8	$	0.9	$	6.7
2022 Restructuring	$	5.8	$	0.9	$	6.7
Crane Payment Innovations	$	15.8	$	0.7	$	16.5
Crane Currency	—		1.1		1.1
2020 Restructuring	$	15.8	$	1.8	$	17.6
Crane Payment Innovations	$	11.4	$	0.3	$	11.7
Crane Currency	0.1		0.4		0.5
2017 Restructuring	$	11.5	$	0.7	$	12.2

Restructuring Liability

The following table summarizes the accrual balances related to these restructuring charges by program:

(in millions)	2022 Restructuring		2020 Restructuring		2017 Restructuring		Total
Severance:
Balance as of December 31, 2021 (b)	$	—	$	—	$	0.1	$	0.1
Expense (a)	6.2		—		—		6.2
Utilization	(0.2)		—		(0.1)		(0.3)
Balance as of December 31, 2022 (b)	$	6.0	$	—	$	—	$	6.0
Expense (a)	0.5		—		—		0.5
Utilization	(5.9)		—		—		(5.9)
Balance as of December 31, 2023 (b)	$	0.6	$	—	$	—	$	0.6

(a)	Included within “Restructuring charges (gains), net” in the Consolidated and Combined Statements of Operations.
(b)	Included within Accrued Liabilities in the Consolidated and Combined Balance Sheets.