2024 Restructuring - In the first and fourth quarters of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $10.1 million of cumulative severance charges, net through December 31, 2024. We do not expect to incur significant additional costs to complete these actions. We expect to substantially complete the restructuring program in 2025.

2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $0.5 million and $6.2 million of severance charges and other costs for the years ended December 31, 2023, and 2022, respectively. We do not expect to incur additional costs to complete these actions. The program was substantially completed in 2024.

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


(in millions) For the year ended December 31,	2024		2023		2022
Crane Payment Innovations	$	10.1	$	0.5	$	6.2

Total restructuring charges	$	10.1	$	0.5	$	6.2

The following table summarizes our restructuring charges by program, cost type and segment for the years ended December 31, 2024, 2023 and 2022:


For the years ended December 31,	2024						2023						2022
(in millions)	Severance		Other		Total		Severance		Other		Total		Severance		Other		Total
Crane Payment Innovations	$	10.1	$	—	$	10.1	$	—	$	—	$	—	$	—	$	—	$	—
2024 Restructuring	10.1		—		10.1		—		—		—		—		—		—

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

Total	$	10.1	$	—	$	10.1	$	0.1	$	0.4	$	0.5	$	5.7	$	0.5	$	6.2

The following table summarizes the cumulative restructuring charges incurred through December 31, 2024.


	Cumulative Restructuring Charges
(in millions)	Severance		Other		Total
Crane Payment Innovations	$	10.1	$	—	$	10.1

2024 Restructuring	$	10.1	$	—	$	10.1

Crane Payment Innovations	$	5.8	$	0.9	$	6.7

2022 Restructuring	$	5.8	$	0.9	$	6.7

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


(in millions)	2024 Restructuring		2022 Restructuring		Total
Severance:
Balance as of December 31, 2022 (a)	$	—	$	6.0	$	6.0
Expense (b)	—		0.5		0.5

Utilization	—		(5.9)		(5.9)
Balance as of December 31, 2023 (a)	$	—	$	0.6	$	0.6
Expense (b)	10.1		—		10.1

Utilization	(2.9)		(0.4)		(3.3)
Balance as of December 31, 2024 (a)	$	7.2	$	0.2	$	7.4



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