10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Mark One:

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from              to             

Commission File Number: 1-1657 

CRANE NXT, CO.

(Exact name of registrant as specified in its charter)

Delaware	88-0706021
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

950 Winter Street 4th Floor North	Waltham	MA	02451
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 781-755-6868

(Not Applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00	CXT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

(check one):
Large accelerated filer	☒	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares outstanding of the issuer’s classes of common stock, as of April 30, 2025

Common stock, $1.00 Par Value – 57,365,810 shares

1

Crane NXT, Co.

Table of Contents

Form 10-Q

		Page
Part I - Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Operations	Page 3
	Condensed Consolidated Statements of Comprehensive Income	Page 4
	Condensed Consolidated Balance Sheets	Page 5
	Condensed Consolidated Statements of Cash Flows	Page 7
	Condensed Consolidated Statements of Changes in Equity	Page 9
	Notes to Condensed Consolidated Financial Statements	Page 10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	Page 22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 28
Item 4.	Controls and Procedures	Page 28
Part II - Other Information
Item 1.	Legal Proceedings	Page 29
Item 1A.	Risk Factors	Page 29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 29
Item 3.	Defaults Upon Senior Securities	Page 29
Item 4.	Mine Safety Disclosures	Page 29
Item 5.	Other Information	Page 29
Item 6.	Exhibits	Page 30
	Signatures	Page 31

2

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended
	March 31,
(in millions, except per share data)	2025		2024
Net sales	$	330.3	$	313.6
Operating costs and expenses:
Cost of sales	190.1		161.2
Selling, general and administrative	102.9		94.3
Restructuring charges	—		2.7
Operating profit	37.3		55.4
Other income (expense):
Interest income	0.2		0.6
Interest expense	(11.5)		(9.9)
Miscellaneous income, net	2.1		0.6
Total other expense, net	(9.2)		(8.7)
Income before income taxes	28.1		46.7
Provision for income taxes	6.4		8.9
Net income attributable to common shareholders	$	21.7	$	37.8
Earnings per share:
Basic	$	0.38	$	0.66
Diluted	$	0.38	$	0.66
Average shares outstanding:
Basic	57.3		57.0
Diluted	57.9		57.7
Dividends per share	$	0.17	$	0.16

See Notes to Unaudited Condensed Consolidated Financial Statements.

3

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

 

	Three Months Ended
	March 31,
(in millions)	2025		2024
Net income attributable to common shareholders	$	21.7	$	37.8
Components of other comprehensive income (loss), net of tax
Currency translation adjustment	31.1		(26.7)
Changes in pension and postretirement plan assets and benefit obligation, net of tax	(0.2)		(0.4)
Other comprehensive income (loss), net of tax	30.9		(27.1)
Comprehensive income attributable to common shareholders	$	52.6	$	10.7

See Notes to Unaudited Condensed Consolidated Financial Statements.

4

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED) 

(in millions)	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	173.8	$	165.8
Accounts receivable, net of allowance for credit losses of $7.9 as of March 31, 2025 and $7.7 as of December 31, 2024	274.0		265.9
U.S. and foreign taxes on income	7.9		8.6
Inventories, net:
Finished goods	31.5		19.2
Finished parts and subassemblies	25.1		24.3
Work in process	14.3		14.3
Raw materials	87.4		87.0
Inventories, net	158.3		144.8
Other current assets	62.9		57.4
Total current assets	676.9		642.5
Property, plant and equipment:
Cost	620.2		599.8
Less: accumulated depreciation	344.2		327.5
Property, plant and equipment, net	276.0		272.3
Long-term deferred tax assets	0.7		2.2
Intangible assets, net	412.3		419.3
Goodwill	964.5		956.6
Other assets	98.3		93.6
Total assets	$	2,428.7	$	2,386.5

See Notes to Unaudited Condensed Consolidated Financial Statements.

5

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in millions, except per share and share data)	March 31, 2025		December 31, 2024
Liabilities and equity
Current liabilities:
Short-term borrowings	$	263.5	$	210.0
Accounts payable	87.3		116.6
Accrued liabilities	197.8		211.2
U.S. and foreign taxes on income	15.0		24.6
Total current liabilities	563.6		562.4
Long-term debt	541.1		540.6
Accrued pension and postretirement benefits	19.2		19.4
Long-term deferred tax liability	118.2		119.0
Other liabilities	80.0		80.2
Total liabilities	1,322.1		1,321.6
Commitments and contingencies (Note 12)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized	—		—
Common shares, par value $1.00; 200,000,000 shares authorized	72.4		72.4
Capital surplus	1,710.9		1,719.9
Retained earnings	280.4		268.4
Accumulated other comprehensive loss	(141.7)		(172.6)
Treasury stock	(815.4)		(823.2)
Total equity	1,106.6		1,064.9
Total liabilities and equity	$	2,428.7	$	2,386.5
Share data:
Common shares issued	72,441,647		72,441,647
Less: Common shares held in treasury	15,084,188		15,244,500
Common shares outstanding	57,357,459		57,197,147

See Notes to Unaudited Condensed Consolidated Financial Statements.

6

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31,
(in millions)	2025		2024
Operating activities:
Net income attributable to common shareholders	$	21.7	$	37.8
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	21.6		18.5
Stock-based compensation expense	2.9		2.3
Deferred income taxes	(0.5)		0.2
Cash used for operating working capital	(61.4)		(50.8)
Other	(3.4)		1.5
Total (used for) provided by operating activities	(19.1)		9.5
Investing activities:
Capital expenditures	(13.1)		(12.5)
Settlement of forward contracts	(0.5)		—
Total used for investing activities	(13.6)		(12.5)
Financing activities:
Dividends paid	(9.7)		(9.1)
Proceeds from stock options exercised	0.6		1.6
Payment of tax withholding on equity awards vested	(5.6)		(6.2)
Debt issuance costs	(0.8)		—
Proceeds from revolving credit facility	106.0		30.0
Repayment of revolving credit facility	(52.5)		(5.0)
Repayment of term loan	—		(0.7)
Total provided by financing activities	38.0		10.6
Effect of exchange rates on cash, cash equivalents and restricted cash	6.7		(7.9)
Increase (decrease) in cash, cash equivalents and restricted cash	12.0		(0.3)
Cash, cash equivalents and restricted cash at beginning of period1	173.4		227.2
Cash, cash equivalents and restricted cash at end of period2	$	185.4	$	226.9

1. Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.8 million and $0.0 million as of December 31, 2024, and 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $6.8 million and $0.0 million as of December 31, 2024, and 2023, respectively.

2 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.9 million and $0.1 million as of March 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $10.7 million and $6.2 million as of March 31, 2025, and 2024, respectively.

See Notes to Unaudited Condensed Consolidated Financial Statements.

7

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31,
(in millions)	2025		2024
Detail of cash used for operating working capital:
Accounts receivable	$	1.5	$	28.2
Inventories	(9.8)		(11.7)
Other current assets	(5.0)		(14.5)
Accounts payable	(27.3)		(16.3)
Accrued liabilities	(11.5)		(36.8)
U.S. and foreign taxes on income	(9.3)		0.3
Total	$	(61.4)	$	(50.8)
Supplemental disclosure of cash flow information:
Interest paid	$	10.7	$	9.2
Income taxes paid	$	15.9	$	8.7
Unpaid capital expenditures	$	1.4	$	2.0

See Notes to Unaudited Condensed Consolidated Financial Statements.

8

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

(in millions, except share data)	Common Shares Issued at Par Value		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
Balance as of December 31, 2024	$	72.4	$	1,719.9	$	268.4	$	(172.6)	$	(823.2)	$	1,064.9
Net income attributable to common shareholders	—		—		21.7		—		—		21.7
Cash dividends ($0.17 per share)	—		—		(9.7)		—		—		(9.7)
Exercise of stock options of 21,879 shares	—		—		—		—		0.6		0.6
Impact from settlement of share-based awards, net of shares acquired	—		(11.7)		—		—		7.2		(4.5)
Stock-based compensation expense	—		2.7		—		—		—		2.7
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—		—		—		(0.2)		—		(0.2)
Currency translation adjustment	—		—		—		31.1		—		31.1
Balance as of March 31, 2025	$	72.4	$	1,710.9	$	280.4	$	(141.7)	$	(815.4)	$	1,106.6

(in millions)	Common Shares Issued at Par Value		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
Balance as of December 31, 2023	$	72.4	$	1,728.1	$	120.9	$	(118.6)	$	(838.8)	$	964.0
Net income attributable to common shareholders	—		—		37.8		—		—		37.8
Cash dividends ($0.16 per share)	—		—		(9.1)		—		—		(9.1)
Exercise of stock options of 57,564 shares	—		—		—		—		1.6		1.6
Impact from settlement of share-based awards, net of shares acquired	—		(14.7)		—		—		9.5		(5.2)
Stock-based compensation expense	—		2.1		—		—		—		2.1
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—		—		—		(0.4)		—		(0.4)
Currency translation adjustment	—		—		—		(26.7)		—		(26.7)
Balance as of March 31, 2024	$	72.4	$	1,715.5	$	149.6	$	(145.7)	$	(827.7)	$	964.1

See Notes to Unaudited Condensed Consolidated Financial Statements.

9

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 1 - 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 Security and Authentication Technologies (“SAT”). Our primary end markets include governments, brands, financial institutions and a wide range of consumer related end markets including convenience merchandising (vending), retail and gaming. See Note 4, “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 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, we entered into definitive agreements with SpinCo, including a Tax Matters Agreement, which set forth the terms and conditions of the Separation and provided a framework for our relationship with SpinCo following the Separation. See Note 9, “Income Taxes” for more details on the Tax Matters Agreement.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated 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 Condensed Consolidated Financial Statements should be read in conjunction with the Crane NXT Consolidated and Combined Financial Statements and Notes to Consolidated and Combined Financial Statements for the year ended December 31, 2024, previously filed on Form 10-K on February 20, 2025.

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

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which intends to improve the transparency of income tax disclosures. The new standard requires public entities to provide greater disaggregation in their rate reconciliation, including new requirements to present reconciling items on a gross basis within specified categories, to disclose both percentages and dollar amounts, and to disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meets a quantitative threshold. The guidance also includes new requirements to provide users of the financial statements with better information on future cash flow prospects. The standard is effective for all public entities for annual periods beginning after December 15, 2024, on a prospective basis, with a retrospective option, and early adoption permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures. We do not expect the new standard to have a material impact on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The standard requires disclosure of these expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.

The Company considered the applicability and impact of other 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 the Company's Unaudited Condensed Consolidated Statements of Operations, Balance Sheets and Cash Flows.

10

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 2 - Related Parties

After the Separation, SpinCo and its subsidiaries became related parties. As of March 31, 2025 and December 31, 2024, we had outstanding receivables from SpinCo and its subsidiaries of $3.2 million and $0.7 million, respectively, related to indemnification under the Tax Matters Agreement.

Note 3 - Acquisitions

OpSec Acquisition

On May 3, 2024, we acquired OpSec Security (“OpSec”) for a base purchase price of $270 million on a cash-free and debt-free basis, subject to customary purchase price adjustments. The amount paid, net of cash acquired and working capital adjustments, was $268.4 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 13, “Financing”) and cash on hand to fund the acquisition.

OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions.

Allocation of Consideration Transferred to Net Assets Acquired

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec, pending the finalization of certain tangible assets and liabilities to be completed within the measurement period as required by ASC 805. Potential adjustments are not expected to be material in relation to the preliminary values presented below:

Net assets acquired (in millions)
Total current assets	$	33.6
Property, plant and equipment	17.3
Other assets	6.9
Intangible assets	155.5
Goodwill	133.7
Total assets acquired	$	347.0
Total current liabilities	$	37.4
Other liabilities	41.2
Total assumed liabilities	$	78.6
Net assets acquired	$	268.4

The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 14, “Fair Value Measurements” for further details.

The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.

11

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

Intangible Assets (in millions)	Intangible Fair Value		Weighted Average Life (in years)
Intellectual property rights	$	1.5	5.0
Customer relationships	115.5		19.3
Developed technology	36.5		5.7
Backlog	2.0		0.7
Total acquired intangible assets	$	155.5

Supplemental Pro Forma Data

OpSec’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024.

The following unaudited pro forma Condensed Consolidated information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma Condensed Consolidated information is provided for illustrative purposes only and is not indicative of our actual Condensed Consolidated results of operations or Condensed Consolidated financial position.

	Three Months Ended
	March 31,
(in millions)	2024
Net sales	$	347.4
Net income attributable to common shareholders	$	41.0

Note 4 - Segment Results

As of March 31, 2025, we had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets which principally consist of cash and tax-related balances. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, professional services and other administrative costs.

A brief description of each of our segments as of March 31, 2025 is as follows:

Crane Payment Innovations (CPI)

CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Key research and development and manufacturing facilities are located in the United States, the United Kingdom, Mexico, Japan, and Germany, with additional sales offices across the world.

Security and Authentication Technologies (SAT)

SAT provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection, authentication solutions, and digital content protection across online marketplaces, social media platforms, and websites. These solutions serve various brands, as well as government agencies and financial institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.

12

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Financial information by reportable segment is set forth below:

(in millions) Three months ended March 31, 2025	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	202.9	$	127.4	$	330.3
Less:
Cost of operations	92.3		59.1
Selling and administrative expense	39.8		29.5
Engineering expense	9.6		9.2
Other segment items (a)	11.5		27.2
Segment operating profit	$	49.7	$	2.4	$	52.1
Corporate costs					(14.8)
Operating profit					37.3
Interest income					0.2
Interest expense					(11.5)
Miscellaneous income, net					2.1
Income before income taxes					$	28.1

(in millions) Three months ended March 31, 2024	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	209.0	$	104.6	$	313.6
Less:
Cost of operations	94.4		57.2
Selling and administrative expense	39.9		22.6
Engineering expense	11.6		5.4
Other segment items (a)	10.4		(0.8)
Segment operating profit	$	52.7	$	20.2	$	72.9
Corporate costs					(17.5)
Operating profit					55.4
Interest income					0.6
Interest expense					(9.9)
Miscellaneous income, net					0.6
Income before income taxes					$	46.7

(a) Includes other cost of operations such as manufacturing costs, amortization expenses, shipping and handling costs, and certain overhead expenses, as well as corporate allocations.

	Three months ended March 31,
(in millions)	2025		2024
Capital expenditures:
Crane Payment Innovations	$	0.8	$	1.2
Security and Authentication Technologies	6.5		6.1
Corporate	—		0.1
Total	$	7.3	$	7.4

13

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

	Three months ended March 31,
(in millions)	2025		2024
Depreciation and amortization:
Crane Payment Innovations	$	7.1	$	7.4
Security and Authentication Technologies	13.9		10.4
Corporate	0.6		0.7
Total	$	21.6	$	18.5

(in millions)	March 31, 2025		December 31, 2024
Assets:
Crane Payment Innovations	$	1,170.8	$	1,187.1
Security and Authentication Technologies	1,228.5		1,178.2
Corporate	29.4		21.2
Total	$	2,428.7	$	2,386.5

(in millions)	March 31, 2025		December 31, 2024
Goodwill:
Crane Payment Innovations	$	616.4	$	609.1
Security and Authentication Technologies	348.1		347.5
Total	$	964.5	$	956.6

Note 5 - Revenue

Disaggregation of Revenues

The following table presents net sales disaggregated by product line for each segment:

	Three Months Ended
	March 31,
(in millions)	2025		2024
Crane Payment Innovations
Products	$	169.9	$	176.4
Services	33.0		32.6
Total Crane Payment Innovations	$	202.9	$	209.0
Security and Authentication Technologies
Banknotes and Security Products	$	93.4	$	103.4
Authentication Products and Solutions	34.0		1.2
Total Security and Authentication Technologies	$	127.4	$	104.6
Net sales	$	330.3	$	313.6

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 March 31, 2025, our performance obligations were $547.8 million. We expect to recognize approximately 76% of our remaining performance obligations as revenue in 2025, and 24% in 2026.

14

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

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 Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Condensed Consolidated 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:

(in millions)	March 31, 2025		December 31, 2024
Contract assets	$	41.6	$	37.8
Current contract liabilities	$	87.4	$	71.4
Long-term contract liabilities	$	13.2	$	13.5

We recognized revenue of $24.5 million during the three months ended March 31, 2025, related to contract liabilities as of December 31, 2024.

Note 6 - 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. 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.

	Three Months Ended
	March 31,
(in millions, except per share data)	2025		2024
Net income attributable to common shareholders	$	21.7	$	37.8
Average basic shares outstanding	57.3		57.0
Effect of dilutive share-based awards	0.6		0.7
Average diluted shares outstanding	57.9		57.7
Earnings per basic share	$	0.38	$	0.66
Earnings per diluted share	$	0.38	$	0.66

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 0.3 million and 0.3 million for the three months ended March 31, 2025, and 2024, respectively.

15

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 7 - 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 Condensed Consolidated Balance Sheets.

(in millions)		Pension and Postretirement Benefits (a)		Currency Translation Adjustment		Total
Balance as of December 31, 2024		$	0.7	$	(173.3)	$	(172.6)
	Other comprehensive gain before reclassifications	—		31.1		31.1
	Amounts reclassified from accumulated other comprehensive loss	(0.2)		—		(0.2)
Net period other comprehensive (loss) income		(0.2)		31.1		30.9
Balance as of March 31, 2025		$	0.5	$	(142.2)	$	(141.7)

(a) Net of tax detriment of $1.2 million and $1.3 million as of March 31, 2025 and December 31, 2024, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three months periods ended March 31, 2025, and 2024. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Unaudited Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,
(in millions)	2025		2024
Amortization of pension components:
Prior service costs	$	(0.2)	$	(0.2)
Net loss	—		0.1
Amortization of postretirement components:
Prior service costs	—		(0.2)
Net gain	(0.1)		(0.2)
Total before tax	$	(0.3)	$	(0.5)
Tax impact	(0.1)		(0.1)
Total reclassifications for the period	$	(0.2)	$	(0.4)

Note 8 - Pension and Postretirement Benefits

For all plans, the components of net periodic (benefit) expense for the three months ended March 31, 2025, and 2024 are as follows:

	Pension				Postretirement
(in millions)	2025		2024		2025		2024
Service cost	$	0.5	$	0.5	$	—	$	—
Interest cost	0.4		0.5		0.1		0.1
Expected return on plan assets	(0.6)		(0.8)		—		—
Amortization of prior service cost	(0.2)		(0.2)		—		(0.2)
Amortization of net loss (gain)	—		0.1		(0.1)		(0.2)
Net periodic expense (benefit)	$	0.1	$	0.1	$	—	$	(0.3)

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Unaudited Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Condensed Consolidated Statements of Operations.

16

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

We expect to contribute the following to our pension and postretirement plans:

(in millions)	Pension		Postretirement
Expected contributions in 2025	$	1.6	$	1.3
Amounts contributed during the three months ended March 31, 2025	$	0.2	$	0.9

Note 9 - 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:

	Three Months Ended March 31,
	2025	2024
Effective Tax Rate	22.7%	19.0%

Our effective tax rate for the three months ended March 31, 2025 is higher than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.

Our effective tax rate for the three months ended March 31, 2025 is higher than the statutory U.S. federal tax rate of 21% primarily due to the mix of non-U.S. earnings.

The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon by over 140 member jurisdictions including the United States. Pillar 2 addresses the risks associated with profit shifting to entities in low tax jurisdictions. We adopted Pillar 2 in 2024 and the anticipated impact of Pillar 2 on our business for the fiscal year ending December 31, 2025 is approximately $2.6 million.

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.

As of March 31, 2025 and December 31, 2024, we had gross unrecognized tax benefits of $9.4 million included in “Other liabilities” in our Unaudited Condensed Consolidated Balance Sheets.

Note 10 - Goodwill and Intangible Assets

Changes to goodwill are as follows:

(in millions)	Crane Payment Innovations		Security and Authentication Technologies		Total
Balance as of December 31, 2024	$	609.1	$	347.5	$	956.6
Currency translation	7.3		0.6		7.9
Balance as of March 31, 2025	$	616.4	$	348.1	$	964.5

As of March 31, 2025, we had $412.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2024, we had $419.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives.

17

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2025		Year Ended December 31, 2024
Balance at beginning of period, net of accumulated amortization	$	419.3	$	308.9
Additions	1.4		161.8
Amortization expense	(11.3)		(47.0)
Currency translation	2.9		(4.4)
Balance at end of period, net of accumulated amortization	$	412.3	$	419.3

A summary of intangible assets are as follows:

	Weighted  Average Amortization Period of Finite Lived Assets (in years)	March 31, 2025						December 31, 2024
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	11.0	$	65.7	$	16.0	$	49.7	$	65.5	$	15.4	$	50.1
Customer relationships and backlog	18.9	616.7		305.4		311.3		610.5		293.9		316.6
Developed Technology	6.8	68.4		29.4		39.0		66.4		26.8		39.6
Other	12.1	73.1		60.8		12.3		71.8		58.8		13.0
Total	18.3	$	823.9	$	411.6	$	412.3	$	814.2	$	394.9	$	419.3

Future amortization expense associated with intangible assets is expected to be:

(in millions)
Remainder of 2025	$	34.7
2026	46.0
2027	43.6
2028	38.3
2029	37.4
2030 and after	166.8

Note 11 - Accrued Liabilities

Accrued liabilities consist of: 

(in millions)	March 31, 2025		December 31, 2024
Contract liabilities	$	87.4	$	71.4
Employee related expenses	32.2		53.4
Current lease liabilities	11.1		10.6
Accrued interest	6.1		6.6
Warranty	6.3		6.2
Other	54.7		63.0
Total	$	197.8	$	211.2

18

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 12 - 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 March 31, 2025, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters.

Note 13 - Financing

Our debt consisted of the following:

(in millions)	March 31, 2025		December 31, 2024
Revolving Facility	$	263.5	$	210.0
Total short-term borrowings (a)	$	263.5	$	210.0
6.55% notes due November 2036	$	198.7	$	198.7
4.20% notes due March 2048	346.8		346.8
Other deferred financing costs associated with credit facilities	(4.4)		(4.9)
Total long-term debt (a)	$	541.1	$	540.6
(a) Debt discounts and debt issuance costs totaled $8.9 million and $9.4 million as of March 31, 2025, and December 31, 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.

Credit Facilities - We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”). On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Delayed Draw”) of £300 million to be used as part of the funding for the De La Rue Authentication Solutions acquisition. The delayed draw term loan is subject to customary closing conditions including the closing of the De La Rue Authentication Solutions acquisition.

On March 17, 2023, we also entered into a $350 million, 3-year term loan facility (the “Term Facility”). On December 9, 2024, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.

In the three months ended March 31, 2025, we drew down $106.0 million, and repaid $52.5 million on our Revolving 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. 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 as determined by the lower of corporate family credit ratings issued by Moody’s and S&P (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.

19

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 14 - Fair Value Measurements

The following tables provide information regarding the Company’s assets and liabilities measured at fair value as of March 31, 2025, and December 31, 2024.

March 31, 2025 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.3	$	—	$	0.3
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	0.4	$	—	$	0.4
Long-term debt	Long-term debt	$	—	$	422.3	$	—	$	422.3
Performance-based restricted share units	Other Liabilities	$	0.7	$	—	$	—	$	0.7
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $38.9 million

December 31, 2024 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.1	$	—	$	0.1
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	3.1	$	—	$	3.1
Long-term debt	Long-term debt	$	—	$	430.1	$	—	$	430.1
Performance-based restricted share units	Other Liabilities	$	1.6	$	—	$	—	$	1.6
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $65.0 million

20

NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 15 - Restructuring

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 March 31, 2025. We expect to substantially complete the restructuring program in 2025 and do not expect to incur significant additional costs.

2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative Restructuring charges through March 31, 2025, of which $5.8 million related to severance and $0.9 million related to other costs. This restructuring program has been completed.

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, 2024 (a)	$	7.2	$	0.2	$	7.4
Utilization	(3.2)		(0.2)		(3.4)
Balance as of March 31, 2025 (a)	$	4.0	$	—	$	4.0

(a) Included within “Accrued Liabilities” in the Unaudited Condensed Consolidated Balance Sheets.

Note 16 - Subsequent Events

On May 1, 2025, we acquired De La Rue plc’s authentication business, De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million on a cash-free and debt-free basis, subject to customary adjustments reflecting DLR’s net working capital, cash, the assumption of certain debt-like items, and DLR's transaction expenses. We utilized our Delayed Draw to fund the acquisition.

De La Rue Authentication Solutions is a leading global provider of digital and physical security and authentication technologies to governments and brands. De La Rue Authentication Solutions will be combined with OpSec within the Security and Authentication Technologies segment upon close.

21

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains information about Crane NXT, Co., some of which includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. Investors can identify forward-looking statements by the use of terms such as “believes,” “contemplates,” “expects,” “may,” “could,” “should,” “would,” or “anticipates,” other similar phrases, or the negatives of these terms.

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 herein to “Holdings” refer to Crane Holdings, Co. and its subsidiaries prior to the consummation of the Separation unless the context implies otherwise.

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.

References to "core sales” exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated.

We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution investors that these statements are not guarantees of future performance and involve risks and uncertainties. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. There are a number of other factors that could cause actual results or outcomes to differ materially from those expressed or implied in the forward-looking statements. Such factors also include, among others: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S.; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company; and other risks noted in reports that we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent reports and other documents filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements to reflect any future events or circumstances.

22

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Recent Transactions

Credit Facilities

We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”), funding under which became available in connection with the Separation. On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Delayed Draw”) of £300 million to be used as part of the funding for the De La Rue Authentication Solutions acquisition discussed below.

On March 17, 2023, we entered into a $350 million, 3-year term loan facility (the “Term Facility”), funding under which became available in connection with the Separation. On December 9, 2024, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.

In the three months ended March 31, 2025, we drew down $106.0 million and repaid $52.5 million on our Revolving Facility to fund working capital requirements.

Acquisition

On May 1, 2025, we acquired De La Rue plc’s authentication business, De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million on a cash-free and debt-free basis, subject to customary adjustments reflecting DLR’s net working capital, cash, the assumption of certain debt-like items, and DLR's transaction expenses. We utilized our Delayed Draw to fund the acquisition.

De La Rue Authentication Solutions is a leading global provider of digital and physical security and authentication technologies to governments and brands. De La Rue Authentication Solutions will be combined with OpSec within the Security and Authentication Technologies segment upon close.

General Economic Outlook

The U.S. recently announced significant changes to trade policies and tariffs. As of May 7, 2025, we expect to be able to largely offset the impact of tariffs on operating profit with pricing and productivity initiatives. The extent and duration of tariffs, including retaliatory tariffs, continue to evolve and the related market volatility and exchange rate fluctuations make it challenging to forecast the impact on our operations and results. The broader economic implications resulting from the market volatility may decrease customer demand and negatively impact revenue and profitability. See Item 1A, “Risk Factors” for more details.

Basis of Presentation

See Note 1, “Organization and Basis of Presentation” for more details on financial statement presentation basis.

23

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results from Operations – Three Month Periods Ended March 31,

The following information should be read in conjunction with our Unaudited Condensed Consolidated financial statements and related notes. All comparisons below refer to the first quarter 2025 versus the first quarter 2024, unless otherwise specified.

	Three Months Ended March 31,						Favorable/(Unfavorable) Change
(in millions)	2025			2024			$		%
Net sales	$	330.3		$	313.6		$	16.7	5.3	%
Cost of sales	$	190.1		$	161.2		$	(28.9)	(17.9)	%
as a percentage of sales	57.6		%	51.4		%
Selling, general and administrative	$	102.9		$	94.3		$	(8.6)	(9.1)	%
as a percentage of sales	31.2		%	30.1		%
Restructuring charges	—			2.7			2.7		NM
Operating profit	$	37.3		$	55.4		$	(18.1)	(32.7)	%
Operating margin	11.3		%	17.7		%
Other income (expense):
Interest income	0.2			0.6			(0.4)		(66.7)	%
Interest expense	(11.5)			(9.9)			(1.6)		(16.2)	%
Miscellaneous income, net	2.1			0.6			1.5		250.0	%
Total other expense, net	(9.2)			(8.7)			(0.5)		(5.7)	%
Income before income taxes	28.1			46.7			(18.6)		(39.8)	%
Provision for income taxes	6.4			8.9			2.5		28.1	%
Net income attributable to common shareholders	$	21.7		$	37.8		$	(16.1)	(42.6)	%

Sales increased by $16.7 million, or 5.3%, to $330.3 million in 2025. The change in sales included:

•sales benefit from the OpSec acquisition of $33.4 million, or 10.6%,

•core sales decline of $12.9 million, or 4.1%, driven primarily by the Currency business, and

•unfavorable foreign currency translation of $3.8 million, or 1.2%.

Cost of sales increased by $28.9 million, or 17.9%, to $190.1 million in 2025. The increase was driven primarily by the impact of the OpSec acquisition of $24.0 million, or 14.9%, under absorption of manufacturing overhead in the Currency business, and unfavorable mix, partially offset by the impact of lower volumes and productivity gains.

Selling, general and administrative expenses increased by $8.6 million, or 9.1%, to $102.9 million in 2025. The increase was driven primarily by the impact of the OpSec acquisition of $13.2 million, or 14.0%, partially offset by the impact of cost saving actions in CPI.

Operating profit decreased by $18.1 million, or 32.7%, to $37.3 million in 2025. The decrease was primarily driven by the SAT segment due to the impact of lower volumes, and the dilutive impact of the OpSec Security acquisition. Unfavorable mix was largely offset by productivity gains across both segments.

Our effective tax rate for the three months ended March 31, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.

24

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment Results of Operations - Three Month Periods Ended March 31,

Crane Payment Innovations (“CPI”)

	Three Months Ended March 31,						Favorable/(Unfavorable) Change
(in millions)	2025			2024			$		%
Net sales by product line:
Payment Acceptance and Dispensing Products	$	169.9		$	176.4		$	(6.5)	(3.7)	%
Services	33.0			32.6			0.4		1.2	%
Total net sales	$	202.9		$	209.0		$	(6.1)	(2.9)	%
Cost of sales	$	103.8		$	104.8		$	1.0	1.0	%
as a percentage of sales	51.2		%	50.1		%
Selling, general and administrative	$	49.4		$	48.8		$	(0.6)	(1.2)	%
as a percentage of sales	24.3		%	23.3		%
Restructuring charges	$	—		$	2.7		$	2.7	NM
Operating profit	$	49.7		$	52.7		$	(3.0)	(5.7)	%
Operating margin	24.5		%	25.2		%

Sales decreased by $6.1 million, or 2.9%, to $202.9 million in 2025, driven by lower core sales.

•Sales of Payment Acceptance and Dispensing Products decreased by $6.5 million, or 3.7%, to $169.9 million in 2025. The decrease was driven by core sales decline of $5.1 million, or 2.9%, as favorable pricing was more than offset by lower gaming volumes. Included in the sales decrease was unfavorable foreign currency translation of $1.4 million, or 0.8%, primarily reflecting the weakening of the Japanese yen against the U.S. dollar.

•Service revenue increased by $0.4 million, or 1.2%, to $33.0 million in 2025, primarily driven by favorable pricing.

Cost of sales decreased by $1.0 million, or 1.0%, to $103.8 million in 2025, as unfavorable mix was more than offset by the impact of lower sales volumes.

Selling, general and administrative expense increased by $0.6 million, or 1.2%, to $49.4 million in 2025, as the impact of cost saving actions was more than offset by increased administrative costs.

Operating profit decreased by $3.0 million, or 5.7%, to $49.7 million in 2025. The decrease primarily reflected unfavorable mix of $6.6 million, or 12.5%, partially offset by productivity gains of $3.7 million, or 7.0%. The impact of lower volumes were largely offset by cost saving actions.

25

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Security and Authentication Technologies (“SAT”)

	Three Months Ended March 31,						Favorable/(Unfavorable) Change
(in millions)	2025			2024			$		%
Net sales by product line:
Banknotes and Security Products	$	93.4		$	103.4		$	(10.0)	(9.7)	%
Authentication Products and Solutions	34.0			1.2			32.8		NM
Total net sales	$	127.4		$	104.6		$	22.8	21.8	%
Cost of sales	$	86.3		$	56.4		$	(29.9)	(53.0)	%
as a percentage of sales	67.7		%	53.9		%
Selling, general and administrative	$	38.7		$	28.0		$	(10.7)	(38.2)	%
as a percentage of sales	30.4		%	26.8		%
Operating profit	$	2.4		$	20.2		$	(17.8)	(88.1)	%
Operating margin	1.9		%	19.4		%

Sales increased by $22.8 million, or 21.8%, to $127.4 million in 2025, primarily driven by the sales benefit from the OpSec acquisition of $33.4 million, or 31.9%, partially offset by core sales decline of $8.2 million, or 7.8%, and unfavorable foreign exchange of $2.4 million or 2.3%.

•Banknote and security product sales decreased by $10.0 million, or 9.7%, to $93.4 million in 2025. The decrease was driven by core sales decline of $7.6 million, or 7.4%, as higher sales in international markets were more than offset by anticipated lower U.S. government sales related to the planned shutdown of certain papermaking equipment in preparation for the new U.S. banknote series. Included in the sales decrease was unfavorable foreign currency translation of $2.4 million, or 2.3%, primarily reflecting the weakening of the Swedish krona and euro against the U.S. dollar.

•Authentication products and solutions sales increased to $34.0 million in 2025, primarily driven by the sales benefit from the OpSec acquisition.

Cost of sales increased by $29.9 million, or 53.0%, to $86.3 million in 2025, primarily due to the impact of the OpSec acquisition of $24.0 million, or 42.6%, and under absorption of manufacturing overhead related to the planned equipment shutdown.

Selling, general and administrative expense increased by $10.7 million, or 38.2%, to $38.7 million in 2025, primarily due to the impact of the OpSec acquisition of $13.2 million, or 47.1%.

Operating profit decreased by $17.8 million, or 88.1%, to $2.4 million in 2025, reflecting the impact of lower volumes of $8.1 million, or 40.1%, under absorption of manufacturing overhead net of favorable pricing of $6.3 million, or 31.2%, the dilutive impact of the OpSec acquisition of $4.1 million, or 20.3%, and unfavorable mix of $2.1 million, or 10.4%, partially offset by productivity gains of $3.1 million, or 15.3%.

26

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

	Three Months Ended March 31,
(in millions)	2025		2024
Net cash (used for) provided by:
Operating activities	$	(19.1)	$	9.5
Investing activities	(13.6)		(12.5)
Financing activities	38.0		10.6
Effect of exchange rates on cash, cash equivalents and restricted cash	6.7		(7.9)
Increase (decrease) in cash, cash equivalents and restricted cash	$	12.0	$	(0.3)

Our operating philosophy is to deploy cash provided from operating activities, when appropriate, to provide value to stockholders by reinvesting in existing businesses, by making acquisitions that will strengthen and complement our portfolio; by divesting businesses that are no longer strategic or aligned with our portfolio and where such divestitures can generate capacity for strategic investments and initiatives that further optimize our portfolio; by paying dividends and repaying prepayable debt. At any given time, and from time to time, we may be evaluating one or more of these opportunities, although we cannot assure you if or when we will consummate any such transactions.

Our current cash balance, together with cash we expect to generate from future operations along with borrowings available under the Credit Agreement, is expected to be sufficient to finance our short- and long-term capital requirements.

In the three months ended March 31, 2025, we drew down $106.0 million and repaid $52.5 million on our Revolving Facility to fund working capital requirements.

Operating Activities

Cash used for operating activities was $19.1 million in the first three months of 2025, compared with cash provided by operating activities of $9.5 million during the same period last year. The increase in cash used for operating activities was primarily driven by lower net income and higher working capital requirements.

Investing Activities

Cash used for investing activities primarily consists of cash used for capital expenditures and acquisitions. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.

Cash used for investing activities was $13.6 million in the first three months of 2025, compared with $12.5 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by higher cash used for capital expenditures to support the U.S. Currency redesign program and other capital projects.

Financing Activities

Cash provided by (used for) financing activities consists primarily of dividend payments to shareholders, repayments of indebtedness, and proceeds from our credit facilities.

Cash provided by financing activities was $38.0 million during the first three months of 2025, compared with $10.6 million in the comparable period last year. The increase in cash provided by financing activities was primarily driven by higher net proceeds from the Revolving Facility to fund working capital requirements.

Recent Accounting Pronouncements

Information regarding new accounting pronouncements is included in Note 1 to our Unaudited Condensed Consolidated Financial Statements.

27

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the information called for by this item since the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

Disclosure Controls and Procedures. Crane NXT’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of Crane NXT’s disclosure controls and procedures as of the end of the period covered by this quarterly report. Crane NXT’s disclosure controls and procedures are designed to ensure that information required to be disclosed by Crane NXT in the reports that are filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the information is accumulated and communicated to Crane NXT’s Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding required disclosure. Based on this evaluation, Crane NXT’s Chief Executive Officer and Chief Financial Officer have concluded that these controls were effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting. During the fiscal quarter ended March 31, 2025, there have been no changes in Crane NXT’s internal control over financial reporting, identified in connection with our evaluation thereof, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

28

Part II: Other Information

Item 1. Legal Proceedings

Discussion of legal matters is incorporated by reference from Part 1, Item 1, Note 12, “Commitments and Contingencies,” of this Quarterly Report on Form 10-Q, and should be considered an integral part of Part II, Item 1, “Legal Proceedings.”

Item 1A. Risk Factors

The information presented below supplements the risk factors previously reported in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Except as set forth below, there have been no material changes in our risk factors from those disclosed in such Annual Report on Form 10-K.

The imposition of tariffs and other trade measures by the U.S. and other countries may have a material adverse effect on our business, financial condition and results of operations.

The implementation of significant changes to U.S. trade policies and tariffs, as well as retaliatory trade measures taken by other countries, have introduced uncertainty to our business and made it challenging to forecast the impact on our revenue and profitability. The extent and duration of increased tariffs, including retaliatory tariffs, and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors. While we expect to be able to largely offset the impact on operating profit with pricing and productivity initiatives, the broader economic implications resulting from market volatility may decrease customer demand and negatively impact revenue and profitability. U.S. and foreign policy changes and uncertainty about such changes have resulted in increased market volatility and currency exchange rate fluctuations, and may have a material adverse effect on our business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not applicable

(b) Not applicable

(c) Share Repurchases

We did not make any open-market share repurchases of our common stock during the quarter ended March 31, 2025. We routinely receive shares of our common stock as payment for stock option exercises and the withholding taxes due on stock option exercises and the vesting of restricted share units from stock-based compensation program participants.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable. 

Item 5. Other Information

None.

29

Item 6. Exhibits

Exhibit 10.1	Separation Agreement between Crane NXT, Co. and Jennifer Kartono, dated February 11, 2025 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 12, 2025).
Exhibit 31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a)
Exhibit 32.1**	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or 15d-14(b)
Exhibit 32.2**	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or 15d-14(b)
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)

* Filed with this report

** Furnished with this report

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CRANE NXT, CO.
		REGISTRANT
Date
May 7, 2025	By	/s/ Aaron Saak
		Aaron Saak
		President and Chief Executive Officer
Date	By	/s/ Christina Cristiano
May 7, 2025		Christina Cristiano
		Senior Vice President and Chief Financial Officer

31

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Aaron Saak, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Crane NXT, Co.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By /s/ Aaron Saak

Aaron Saak

President and Chief Executive Officer

May 7, 2025

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Christina Cristiano, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Crane NXT, Co.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By /s/ Christina Cristiano

Christina Cristiano

Principal Financial Officer

May 7, 2025

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Crane NXT, Co. (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aaron Saak, President and Chief Executive Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.

By /s/ Aaron Saak

Aaron Saak

President and Chief Executive Officer

May 7, 2025

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Crane NXT, Co. (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christina Cristiano, Principal Financial Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.

By /s/ Christina Cristiano

Christina Cristiano

Principal Financial Officer

May 7, 2025

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	1-1657
Entity Registrant Name	CRANE NXT, CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0706021
Entity Address, Address Line One	950 Winter Street 4th Floor North
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	755-6868
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	CXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,365,810
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000025445
Current Fiscal Year End Date	--12-31

XML

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales	$ 330.3	$ 313.6
Operating costs and expenses:
Cost of sales	190.1	161.2
Selling, general and administrative	102.9	94.3
Restructuring charges	0.0	2.7
Operating profit	37.3	55.4
Other income (expense):
Interest income	0.2	0.6
Interest expense	(11.5)	(9.9)
Miscellaneous income, net	2.1	0.6
Total other expense, net	(9.2)	(8.7)
Income before income taxes	28.1	46.7
Provision for income taxes	6.4	8.9
Net income attributable to common shareholders	$ 21.7	$ 37.8
Earnings per share:
Basic (in dollars per share)	$ 0.38	$ 0.66
Diluted (in dollars per share)	$ 0.38	$ 0.66
Average shares outstanding:
Basic (in shares)	57.3	57.0
Diluted (in shares)	57.9	57.7
Dividends per share (in dollars per share)	$ 0.17	$ 0.16

XML

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income attributable to common shareholders	$ 21.7	$ 37.8
Components of other comprehensive income (loss), net of tax
Currency translation adjustment	31.1	(26.7)
Changes in pension and postretirement plan assets and benefit obligation, net of tax	(0.2)	(0.4)
Other comprehensive income (loss), net of tax	30.9	(27.1)
Comprehensive income attributable to common shareholders	$ 52.6	$ 10.7

XML

CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 173.8	$ 165.8
Accounts receivable, net of allowance for credit losses of $7.9 as of March 31, 2025 and $7.7 as of December 31, 2024	274.0	265.9
U.S. and foreign taxes on income	7.9		$ 8.6
Inventories, net:
Finished goods	31.5	19.2
Finished parts and subassemblies	25.1	24.3
Work in process	14.3	14.3
Raw materials	87.4	87.0
Inventories, net	158.3	144.8
Other current assets	62.9	57.4
Total current assets	676.9	642.5
Property, plant and equipment:
Cost	620.2	599.8
Less: accumulated depreciation	344.2	327.5
Property, plant and equipment, net	276.0	272.3
Long-term deferred tax assets	0.7	2.2
Intangible assets, net	412.3	419.3
Goodwill	964.5	956.6
Other assets	98.3	93.6
Total assets	2,428.7	2,386.5
Current liabilities:
Short-term borrowings	263.5	210.0
Accounts payable	87.3	116.6
Accrued liabilities	197.8	211.2
U.S. and foreign taxes on income	15.0	24.6
Total current liabilities	563.6	562.4
Long-term debt	541.1	540.6
Accrued pension and postretirement benefits	19.2	19.4
Long-term deferred tax liability	118.2	119.0
Other liabilities	80.0	80.2
Total liabilities	1,322.1	1,321.6
Commitments and contingencies (Note 12)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized	0.0	0.0
Common shares, par value $1.00; 200,000,000 shares authorized	72.4	72.4
Capital surplus	1,710.9	1,719.9
Retained earnings	280.4	268.4
Accumulated other comprehensive loss	(141.7)	(172.6)
Treasury stock	(815.4)	(823.2)
Total equity	1,106.6	1,064.9	$ 964.1
Total liabilities and equity	$ 2,428.7	$ 2,386.5
Share data:
Common shares issued (in shares)	72,441,647	72,441,647
Less: Common shares held in treasury (in shares)	15,084,188	15,244,500
Common shares outstanding (in shares)	57,357,459	57,197,147

XML

CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 7.9	$ 7.7
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	72,441,647

XML

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net income attributable to common shareholders		$ 21.7	$ 37.8
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		21.6	18.5
Stock-based compensation expense		2.9	2.3
Deferred income taxes		(0.5)	0.2
Cash used for operating working capital		61.4	50.8
Other		(3.4)	1.5
Total (used for) provided by operating activities		(19.1)	9.5
Investing activities:
Capital expenditures		(13.1)	(12.5)
Payments for Derivative Instrument, Investing Activities		(0.5)
Settlement of forward contracts			0.0
Total used for investing activities		(13.6)	(12.5)
Financing activities:
Dividends paid		(9.7)	(9.1)
Proceeds from stock options exercised		0.6	1.6
Payment of tax withholding on equity awards vested		(5.6)	(6.2)
Debt issuance costs		(0.8)	0.0
Proceeds from revolving credit facility		106.0	30.0
Repayment of revolving credit facility		(52.5)	(5.0)
Repayment of term loan		0.0	(0.7)
Total provided by financing activities		38.0	10.6
Effect of exchange rates on cash, cash equivalents and restricted cash		6.7	(7.9)
Increase (decrease) in cash, cash equivalents and restricted cash		12.0	(0.3)
Cash, cash equivalents and restricted cash at beginning of period1	[1]	173.4	227.2
Cash, cash equivalents and restricted cash at end of period	[2]	185.4	226.9
Current restricted cash		0.9	0.1
Noncurrent restricted cash		10.7	6.2
Detail of cash used for operating working capital:
Accounts receivable		1.5	28.2
Inventories		(9.8)	(11.7)
Other current assets		(5.0)	(14.5)
Accounts payable		(27.3)	(16.3)
Accrued liabilities		(11.5)	(36.8)
U.S. and foreign taxes on income		(9.3)	0.3
Supplemental disclosure of cash flow information:
Interest paid		10.7	9.2
Income taxes paid		15.9	8.7
Unpaid capital expenditures		$ 1.4	$ 2.0

[1] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.8 million and $0.0 million as of December 31, 2024, and 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $6.8 million and $0.0 million as of December 31, 2024, and 2023, respectively.

[2] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.9 million and $0.1 million as of March 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $10.7 million and $6.2 million as of March 31, 2025, and 2024, respectively.

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CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common Shares Issued at Par Value	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance at Dec. 31, 2023	$ 964.0	$ 72.4	$ 1,728.1	$ 120.9	$ (118.6)	$ (838.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common shareholders	37.8			37.8
Cash dividends	(9.1)			(9.1)
Exercise of stock options						1.6
Impact from settlement of share-based awards, net of shares acquired	5.2		(14.7)			9.5
Stock-based compensation expense	1.6		2.1
Stock-based compensation reclassification	2.1
Changes in pension and postretirement plan assets and benefit obligation, net of tax	(0.4)				(0.4)
Currency translation adjustment	(26.7)				(26.7)
Currency translation adjustment	(26.7)
Ending balance at Mar. 31, 2024	$ 964.1	72.4	1,715.5	149.6	(145.7)	(827.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per share (in dollars per share)	$ 0.16
Beginning balance at Dec. 31, 2024	$ 1,064.9	72.4	1,719.9	268.4	(172.6)	(823.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common shareholders	21.7			21.7
Cash dividends	(9.7)			(9.7)
Exercise of stock options	0.6					0.6
Impact from settlement of share-based awards, net of shares acquired	(4.5)		(11.7)			7.2
Stock-based compensation expense	2.7		2.7
Changes in pension and postretirement plan assets and benefit obligation, net of tax	(0.2)				(0.2)
Currency translation adjustment	$ 31.1				31.1
Stock options exercised, net of shares reacquired (in shares)	21,879
Ending balance at Mar. 31, 2025	$ 1,106.6	$ 72.4	$ 1,710.9	$ 280.4	$ (141.7)	$ (815.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per share (in dollars per share)	$ 0.17

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CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 0.17	$ 0.17	$ 0.16
Stock options exercised, net of shares reacquired (in shares)	21,879

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2025

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 Security and Authentication Technologies (“SAT”). Our primary end markets include governments, brands, financial institutions and a wide range of consumer related end markets including convenience merchandising (vending), retail and gaming. See Note 4, “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 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, we entered into definitive agreements with SpinCo, including a Tax Matters Agreement, which set forth the terms and conditions of the Separation and provided a framework for our relationship with SpinCo following the Separation. See Note 9, “Income Taxes” for more details on the Tax Matters Agreement.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated 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 Condensed Consolidated Financial Statements should be read in conjunction with the Crane NXT Consolidated and Combined Financial Statements and Notes to Consolidated and Combined Financial Statements for the year ended December 31, 2024, previously filed on Form 10-K on February 20, 2025.

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

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which intends to improve the transparency of income tax disclosures. The new standard requires public entities to provide greater disaggregation in their rate reconciliation, including new requirements to present reconciling items on a gross basis within specified categories, to disclose both percentages and dollar amounts, and to disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meets a quantitative threshold. The guidance also includes new requirements to provide users of the financial statements with better information on future cash flow prospects. The standard is effective for all public entities for annual periods beginning after December 15, 2024, on a prospective basis, with a retrospective option, and early adoption permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures. We do not expect the new standard to have a material impact on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The standard requires disclosure of these expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.

The Company considered the applicability and impact of other 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 the Company's Unaudited Condensed Consolidated Statements of Operations, Balance Sheets and Cash Flows.

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Related Parties	3 Months Ended
	Mar. 31, 2025
Related Party Transactions [Abstract]
Related Parties	Related PartiesAfter the Separation, SpinCo and its subsidiaries became related parties. As of March 31, 2025 and December 31, 2024, we had outstanding receivables from SpinCo and its subsidiaries of $3.2 million and $0.7 million, respectively, related to indemnification under the Tax Matters Agreement.

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Acquisitions

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

OpSec Acquisition

On May 3, 2024, we acquired OpSec Security (“OpSec”) for a base purchase price of $270 million on a cash-free and debt-free basis, subject to customary purchase price adjustments. The amount paid, net of cash acquired and working capital adjustments, was $268.4 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 13, “Financing”) and cash on hand to fund the acquisition.

OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions.

Allocation of Consideration Transferred to Net Assets Acquired

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec, pending the finalization of certain tangible assets and liabilities to be completed within the measurement period as required by ASC 805. Potential adjustments are not expected to be material in relation to the preliminary values presented below:

Net assets acquired (in millions)
Total current assets	$	33.6
Property, plant and equipment	17.3
Other assets	6.9
Intangible assets	155.5
Goodwill	133.7
Total assets acquired	$	347.0
Total current liabilities	$	37.4
Other liabilities	41.2
Total assumed liabilities	$	78.6
Net assets acquired	$	268.4

The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 14, “Fair Value Measurements” for further details.

The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.

The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

Intangible Assets (in millions)	Intangible Fair Value		Weighted Average Life (in years)
Intellectual property rights	$	1.5	5.0
Customer relationships	115.5		19.3
Developed technology	36.5		5.7
Backlog	2.0		0.7
Total acquired intangible assets	$	155.5

Supplemental Pro Forma Data

OpSec’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024.

The following unaudited pro forma Condensed Consolidated information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma Condensed Consolidated information is provided for illustrative purposes only and is not indicative of our actual Condensed Consolidated results of operations or Condensed Consolidated financial position.

	Three Months Ended
	March 31,
(in millions)	2024
Net sales	$	347.4
Net income attributable to common shareholders	$	41.0

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Segment Results

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Results

Segment Results

As of March 31, 2025, we had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets which principally consist of cash and tax-related balances. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, professional services and other administrative costs.

A brief description of each of our segments as of March 31, 2025 is as follows:

Crane Payment Innovations (CPI)

CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Key research and development and manufacturing facilities are located in the United States, the United Kingdom, Mexico, Japan, and Germany, with additional sales offices across the world.

Security and Authentication Technologies (SAT)

SAT provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection, authentication solutions, and digital content protection across online marketplaces, social media platforms, and websites. These solutions serve various brands, as well as government agencies and financial institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.

Financial information by reportable segment is set forth below:

(in millions) Three months ended March 31, 2025	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	202.9	$	127.4	$	330.3
Less:
Cost of operations	92.3		59.1
Selling and administrative expense	39.8		29.5
Engineering expense	9.6		9.2
Other segment items (a)	11.5		27.2
Segment operating profit	$	49.7	$	2.4	$	52.1
Corporate costs					(14.8)
Operating profit					37.3
Interest income					0.2
Interest expense					(11.5)
Miscellaneous income, net					2.1
Income before income taxes					$	28.1

(in millions) Three months ended March 31, 2024	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	209.0	$	104.6	$	313.6
Less:
Cost of operations	94.4		57.2
Selling and administrative expense	39.9		22.6
Engineering expense	11.6		5.4
Other segment items (a)	10.4		(0.8)
Segment operating profit	$	52.7	$	20.2	$	72.9
Corporate costs					(17.5)
Operating profit					55.4
Interest income					0.6
Interest expense					(9.9)
Miscellaneous income, net					0.6
Income before income taxes					$	46.7

(a) Includes other cost of operations such as manufacturing costs, amortization expenses, shipping and handling costs, and certain overhead expenses, as well as corporate allocations.

	Three months ended March 31,
(in millions)	2025		2024
Capital expenditures:
Crane Payment Innovations	$	0.8	$	1.2
Security and Authentication Technologies	6.5		6.1
Corporate	—		0.1
Total	$	7.3	$	7.4

	Three months ended March 31,
(in millions)	2025		2024
Depreciation and amortization:
Crane Payment Innovations	$	7.1	$	7.4
Security and Authentication Technologies	13.9		10.4
Corporate	0.6		0.7
Total	$	21.6	$	18.5

(in millions)	March 31, 2025		December 31, 2024
Assets:
Crane Payment Innovations	$	1,170.8	$	1,187.1
Security and Authentication Technologies	1,228.5		1,178.2
Corporate	29.4		21.2
Total	$	2,428.7	$	2,386.5

(in millions)	March 31, 2025		December 31, 2024
Goodwill:
Crane Payment Innovations	$	616.4	$	609.1
Security and Authentication Technologies	348.1		347.5
Total	$	964.5	$	956.6

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Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenues

The following table presents net sales disaggregated by product line for each segment:

	Three Months Ended
	March 31,
(in millions)	2025		2024
Crane Payment Innovations
Products	$	169.9	$	176.4
Services	33.0		32.6
Total Crane Payment Innovations	$	202.9	$	209.0
Security and Authentication Technologies
Banknotes and Security Products	$	93.4	$	103.4
Authentication Products and Solutions	34.0		1.2
Total Security and Authentication Technologies	$	127.4	$	104.6
Net sales	$	330.3	$	313.6

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 March 31, 2025, our performance obligations were $547.8 million. We expect to recognize approximately 76% of our remaining performance obligations as revenue in 2025, and 24% in 2026.

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 Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Condensed Consolidated 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:

(in millions)	March 31, 2025		December 31, 2024
Contract assets	$	41.6	$	37.8
Current contract liabilities	$	87.4	$	71.4
Long-term contract liabilities	$	13.2	$	13.5

We recognized revenue of $24.5 million during the three months ended March 31, 2025, related to contract liabilities as of December 31, 2024.

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Earnings Per Share

3 Months Ended

Mar. 31, 2025

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. 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.

	Three Months Ended
	March 31,
(in millions, except per share data)	2025		2024
Net income attributable to common shareholders	$	21.7	$	37.8
Average basic shares outstanding	57.3		57.0
Effect of dilutive share-based awards	0.6		0.7
Average diluted shares outstanding	57.9		57.7
Earnings per basic share	$	0.38	$	0.66
Earnings per diluted share	$	0.38	$	0.66

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 0.3 million and 0.3 million for the three months ended March 31, 2025, and 2024, respectively.

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Changes in Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2025

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 Condensed Consolidated Balance Sheets.

(in millions)		Pension and Postretirement Benefits (a)		Currency Translation Adjustment		Total
Balance as of December 31, 2024		$	0.7	$	(173.3)	$	(172.6)
	Other comprehensive gain before reclassifications	—		31.1		31.1
	Amounts reclassified from accumulated other comprehensive loss	(0.2)		—		(0.2)
Net period other comprehensive (loss) income		(0.2)		31.1		30.9
Balance as of March 31, 2025		$	0.5	$	(142.2)	$	(141.7)

(a) Net of tax detriment of $1.2 million and $1.3 million as of March 31, 2025 and December 31, 2024, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three months periods ended March 31, 2025, and 2024. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Unaudited Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,
(in millions)	2025		2024
Amortization of pension components:
Prior service costs	$	(0.2)	$	(0.2)
Net loss	—		0.1
Amortization of postretirement components:
Prior service costs	—		(0.2)
Net gain	(0.1)		(0.2)
Total before tax	$	(0.3)	$	(0.5)
Tax impact	(0.1)		(0.1)
Total reclassifications for the period	$	(0.2)	$	(0.4)

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Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

For all plans, the components of net periodic (benefit) expense for the three months ended March 31, 2025, and 2024 are as follows:

	Pension				Postretirement
(in millions)	2025		2024		2025		2024
Service cost	$	0.5	$	0.5	$	—	$	—
Interest cost	0.4		0.5		0.1		0.1
Expected return on plan assets	(0.6)		(0.8)		—		—
Amortization of prior service cost	(0.2)		(0.2)		—		(0.2)
Amortization of net loss (gain)	—		0.1		(0.1)		(0.2)
Net periodic expense (benefit)	$	0.1	$	0.1	$	—	$	(0.3)

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Unaudited Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Condensed Consolidated Statements of Operations.

We expect to contribute the following to our pension and postretirement plans:

(in millions)	Pension		Postretirement
Expected contributions in 2025	$	1.6	$	1.3
Amounts contributed during the three months ended March 31, 2025	$	0.2	$	0.9

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Income Taxes

3 Months Ended

Mar. 31, 2025

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:

	Three Months Ended March 31,
	2025	2024
Effective Tax Rate	22.7%	19.0%

Our effective tax rate for the three months ended March 31, 2025 is higher than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.

Our effective tax rate for the three months ended March 31, 2025 is higher than the statutory U.S. federal tax rate of 21% primarily due to the mix of non-U.S. earnings.

The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon by over 140 member jurisdictions including the United States. Pillar 2 addresses the risks associated with profit shifting to entities in low tax jurisdictions. We adopted Pillar 2 in 2024 and the anticipated impact of Pillar 2 on our business for the fiscal year ending December 31, 2025 is approximately $2.6 million.

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.

As of March 31, 2025 and December 31, 2024, we had gross unrecognized tax benefits of $9.4 million included in “Other liabilities” in our Unaudited Condensed Consolidated Balance Sheets.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Changes to goodwill are as follows:

(in millions)	Crane Payment Innovations		Security and Authentication Technologies		Total
Balance as of December 31, 2024	$	609.1	$	347.5	$	956.6
Currency translation	7.3		0.6		7.9
Balance as of March 31, 2025	$	616.4	$	348.1	$	964.5

As of March 31, 2025, we had $412.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2024, we had $419.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives.

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2025		Year Ended December 31, 2024
Balance at beginning of period, net of accumulated amortization	$	419.3	$	308.9
Additions	1.4		161.8
Amortization expense	(11.3)		(47.0)
Currency translation	2.9		(4.4)
Balance at end of period, net of accumulated amortization	$	412.3	$	419.3

A summary of intangible assets are as follows:

	Weighted  Average Amortization Period of Finite Lived Assets (in years)	March 31, 2025						December 31, 2024
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	11.0	$	65.7	$	16.0	$	49.7	$	65.5	$	15.4	$	50.1
Customer relationships and backlog	18.9	616.7		305.4		311.3		610.5		293.9		316.6
Developed Technology	6.8	68.4		29.4		39.0		66.4		26.8		39.6
Other	12.1	73.1		60.8		12.3		71.8		58.8		13.0
Total	18.3	$	823.9	$	411.6	$	412.3	$	814.2	$	394.9	$	419.3

Future amortization expense associated with intangible assets is expected to be:

(in millions)
Remainder of 2025	$	34.7
2026	46.0
2027	43.6
2028	38.3
2029	37.4
2030 and after	166.8

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Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consist of: 

(in millions)	March 31, 2025		December 31, 2024
Contract liabilities	$	87.4	$	71.4
Employee related expenses	32.2		53.4
Current lease liabilities	11.1		10.6
Accrued interest	6.1		6.6
Warranty	6.3		6.2
Other	54.7		63.0
Total	$	197.8	$	211.2

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters.

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Financing

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Financing

Financing

Our debt consisted of the following:

(in millions)	March 31, 2025		December 31, 2024
Revolving Facility	$	263.5	$	210.0
Total short-term borrowings (a)	$	263.5	$	210.0
6.55% notes due November 2036	$	198.7	$	198.7
4.20% notes due March 2048	346.8		346.8
Other deferred financing costs associated with credit facilities	(4.4)		(4.9)
Total long-term debt (a)	$	541.1	$	540.6
(a) Debt discounts and debt issuance costs totaled $8.9 million and $9.4 million as of March 31, 2025, and December 31, 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.

Credit Facilities - We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”). On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Delayed Draw”) of £300 million to be used as part of the funding for the De La Rue Authentication Solutions acquisition. The delayed draw term loan is subject to customary closing conditions including the closing of the De La Rue Authentication Solutions acquisition.

On March 17, 2023, we also entered into a $350 million, 3-year term loan facility (the “Term Facility”). On December 9, 2024, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.

In the three months ended March 31, 2025, we drew down $106.0 million, and repaid $52.5 million on our Revolving 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. 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 as determined by the lower of corporate family credit ratings issued by Moody’s and S&P (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

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables provide information regarding the Company’s assets and liabilities measured at fair value as of March 31, 2025, and December 31, 2024.

March 31, 2025 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.3	$	—	$	0.3
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	0.4	$	—	$	0.4
Long-term debt	Long-term debt	$	—	$	422.3	$	—	$	422.3
Performance-based restricted share units	Other Liabilities	$	0.7	$	—	$	—	$	0.7
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $38.9 million

December 31, 2024 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.1	$	—	$	0.1
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	3.1	$	—	$	3.1
Long-term debt	Long-term debt	$	—	$	430.1	$	—	$	430.1
Performance-based restricted share units	Other Liabilities	$	1.6	$	—	$	—	$	1.6
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $65.0 million

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Restructuring

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

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 March 31, 2025. We expect to substantially complete the restructuring program in 2025 and do not expect to incur significant additional costs.

2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative Restructuring charges through March 31, 2025, of which $5.8 million related to severance and $0.9 million related to other costs. This restructuring program has been completed.

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, 2024 (a)	$	7.2	$	0.2	$	7.4
Utilization	(3.2)		(0.2)		(3.4)
Balance as of March 31, 2025 (a)	$	4.0	$	—	$	4.0

(a) Included within “Accrued Liabilities” in the Unaudited Condensed Consolidated Balance Sheets.

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Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 1, 2025, we acquired De La Rue plc’s authentication business, De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million on a cash-free and debt-free basis, subject to customary adjustments reflecting DLR’s net working capital, cash, the assumption of certain debt-like items, and DLR's transaction expenses. We utilized our Delayed Draw to fund the acquisition.

De La Rue Authentication Solutions is a leading global provider of digital and physical security and authentication technologies to governments and brands. De La Rue Authentication Solutions will be combined with OpSec within the Security and Authentication Technologies segment upon close.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income attributable to common shareholders	$ 21.7	$ 37.8

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
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

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Organization and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying Unaudited Condensed Consolidated 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 Condensed Consolidated Financial Statements should be read in conjunction with the Crane NXT Consolidated and Combined Financial Statements and Notes to Consolidated and Combined Financial Statements for the year ended December 31, 2024, previously filed on Form 10-K on February 20, 2025.

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

Recent Accounting Pronouncements

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which intends to improve the transparency of income tax disclosures. The new standard requires public entities to provide greater disaggregation in their rate reconciliation, including new requirements to present reconciling items on a gross basis within specified categories, to disclose both percentages and dollar amounts, and to disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meets a quantitative threshold. The guidance also includes new requirements to provide users of the financial statements with better information on future cash flow prospects. The standard is effective for all public entities for annual periods beginning after December 15, 2024, on a prospective basis, with a retrospective option, and early adoption permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures. We do not expect the new standard to have a material impact on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The standard requires disclosure of these expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.

The Company considered the applicability and impact of other 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 the Company's Unaudited Condensed Consolidated Statements of Operations, Balance Sheets and Cash Flows.

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

Net assets acquired (in millions)
Total current assets	$	33.6
Property, plant and equipment	17.3
Other assets	6.9
Intangible assets	155.5
Goodwill	133.7
Total assets acquired	$	347.0
Total current liabilities	$	37.4
Other liabilities	41.2
Total assumed liabilities	$	78.6
Net assets acquired	$	268.4

Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived

The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

Intangible Assets (in millions)	Intangible Fair Value		Weighted Average Life (in years)
Intellectual property rights	$	1.5	5.0
Customer relationships	115.5		19.3
Developed technology	36.5		5.7
Backlog	2.0		0.7
Total acquired intangible assets	$	155.5

Supplemental Pro Forma Data

The following unaudited pro forma Condensed Consolidated information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma Condensed Consolidated information is provided for illustrative purposes only and is not indicative of our actual Condensed Consolidated results of operations or Condensed Consolidated financial position.

	Three Months Ended
	March 31,
(in millions)	2024
Net sales	$	347.4
Net income attributable to common shareholders	$	41.0

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Segment Results (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule Of Financial Information By Reportable Segment

Financial information by reportable segment is set forth below:

(in millions) Three months ended March 31, 2025	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	202.9	$	127.4	$	330.3
Less:
Cost of operations	92.3		59.1
Selling and administrative expense	39.8		29.5
Engineering expense	9.6		9.2
Other segment items (a)	11.5		27.2
Segment operating profit	$	49.7	$	2.4	$	52.1
Corporate costs					(14.8)
Operating profit					37.3
Interest income					0.2
Interest expense					(11.5)
Miscellaneous income, net					2.1
Income before income taxes					$	28.1

(in millions) Three months ended March 31, 2024	Crane Payment Innovations		Security and Authentication Technologies		Total
Net Sales	$	209.0	$	104.6	$	313.6
Less:
Cost of operations	94.4		57.2
Selling and administrative expense	39.9		22.6
Engineering expense	11.6		5.4
Other segment items (a)	10.4		(0.8)
Segment operating profit	$	52.7	$	20.2	$	72.9
Corporate costs					(17.5)
Operating profit					55.4
Interest income					0.6
Interest expense					(9.9)
Miscellaneous income, net					0.6
Income before income taxes					$	46.7

(a) Includes other cost of operations such as manufacturing costs, amortization expenses, shipping and handling costs, and certain overhead expenses, as well as corporate allocations.

	Three months ended March 31,
(in millions)	2025		2024
Capital expenditures:
Crane Payment Innovations	$	0.8	$	1.2
Security and Authentication Technologies	6.5		6.1
Corporate	—		0.1
Total	$	7.3	$	7.4

	Three months ended March 31,
(in millions)	2025		2024
Depreciation and amortization:
Crane Payment Innovations	$	7.1	$	7.4
Security and Authentication Technologies	13.9		10.4
Corporate	0.6		0.7
Total	$	21.6	$	18.5

Reconciliation of Segment Assets to Consolidated Assets

(in millions)	March 31, 2025		December 31, 2024
Assets:
Crane Payment Innovations	$	1,170.8	$	1,187.1
Security and Authentication Technologies	1,228.5		1,178.2
Corporate	29.4		21.2
Total	$	2,428.7	$	2,386.5

Schedule Of Goodwill By Segment

(in millions)	March 31, 2025		December 31, 2024
Goodwill:
Crane Payment Innovations	$	616.4	$	609.1
Security and Authentication Technologies	348.1		347.5
Total	$	964.5	$	956.6

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Revenue (Tables)

3 Months Ended

Mar. 31, 2025

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:

	Three Months Ended
	March 31,
(in millions)	2025		2024
Crane Payment Innovations
Products	$	169.9	$	176.4
Services	33.0		32.6
Total Crane Payment Innovations	$	202.9	$	209.0
Security and Authentication Technologies
Banknotes and Security Products	$	93.4	$	103.4
Authentication Products and Solutions	34.0		1.2
Total Security and Authentication Technologies	$	127.4	$	104.6
Net sales	$	330.3	$	313.6

Net Contract Assets and Contract Liabilities

Net contract assets and contract liabilities consisted of the following:

(in millions)	March 31, 2025		December 31, 2024
Contract assets	$	41.6	$	37.8
Current contract liabilities	$	87.4	$	71.4
Long-term contract liabilities	$	13.2	$	13.5

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

	Three Months Ended
	March 31,
(in millions, except per share data)	2025		2024
Net income attributable to common shareholders	$	21.7	$	37.8
Average basic shares outstanding	57.3		57.0
Effect of dilutive share-based awards	0.6		0.7
Average diluted shares outstanding	57.9		57.7
Earnings per basic share	$	0.38	$	0.66
Earnings per diluted share	$	0.38	$	0.66

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Changes in Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2025

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 Condensed Consolidated Balance Sheets.

(in millions)		Pension and Postretirement Benefits (a)		Currency Translation Adjustment		Total
Balance as of December 31, 2024		$	0.7	$	(173.3)	$	(172.6)
	Other comprehensive gain before reclassifications	—		31.1		31.1
	Amounts reclassified from accumulated other comprehensive loss	(0.2)		—		(0.2)
Net period other comprehensive (loss) income		(0.2)		31.1		30.9
Balance as of March 31, 2025		$	0.5	$	(142.2)	$	(141.7)

(a) Net of tax detriment of $1.2 million and $1.3 million as of March 31, 2025 and December 31, 2024, respectively.

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 months periods ended March 31, 2025, and 2024. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Unaudited Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,
(in millions)	2025		2024
Amortization of pension components:
Prior service costs	$	(0.2)	$	(0.2)
Net loss	—		0.1
Amortization of postretirement components:
Prior service costs	—		(0.2)
Net gain	(0.1)		(0.2)
Total before tax	$	(0.3)	$	(0.5)
Tax impact	(0.1)		(0.1)
Total reclassifications for the period	$	(0.2)	$	(0.4)

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Pension and Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Components of Net Periodic Benefit

For all plans, the components of net periodic (benefit) expense for the three months ended March 31, 2025, and 2024 are as follows:

	Pension				Postretirement
(in millions)	2025		2024		2025		2024
Service cost	$	0.5	$	0.5	$	—	$	—
Interest cost	0.4		0.5		0.1		0.1
Expected return on plan assets	(0.6)		(0.8)		—		—
Amortization of prior service cost	(0.2)		(0.2)		—		(0.2)
Amortization of net loss (gain)	—		0.1		(0.1)		(0.2)
Net periodic expense (benefit)	$	0.1	$	0.1	$	—	$	(0.3)

Expected Contributions to Pension and Postretirement Plans

We expect to contribute the following to our pension and postretirement plans:

(in millions)	Pension		Postretirement
Expected contributions in 2025	$	1.6	$	1.3
Amounts contributed during the three months ended March 31, 2025	$	0.2	$	0.9

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rates

Our effective tax rates are as follows:

	Three Months Ended March 31,
	2025	2024
Effective Tax Rate	22.7%	19.0%

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes to Goodwill

Changes to goodwill are as follows:

(in millions)	Crane Payment Innovations		Security and Authentication Technologies		Total
Balance as of December 31, 2024	$	609.1	$	347.5	$	956.6
Currency translation	7.3		0.6		7.9
Balance as of March 31, 2025	$	616.4	$	348.1	$	964.5

Summary of Intangible Assets

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2025		Year Ended December 31, 2024
Balance at beginning of period, net of accumulated amortization	$	419.3	$	308.9
Additions	1.4		161.8
Amortization expense	(11.3)		(47.0)
Currency translation	2.9		(4.4)
Balance at end of period, net of accumulated amortization	$	412.3	$	419.3

A summary of intangible assets are as follows:

	Weighted  Average Amortization Period of Finite Lived Assets (in years)	March 31, 2025						December 31, 2024
(in millions)		Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	11.0	$	65.7	$	16.0	$	49.7	$	65.5	$	15.4	$	50.1
Customer relationships and backlog	18.9	616.7		305.4		311.3		610.5		293.9		316.6
Developed Technology	6.8	68.4		29.4		39.0		66.4		26.8		39.6
Other	12.1	73.1		60.8		12.3		71.8		58.8		13.0
Total	18.3	$	823.9	$	411.6	$	412.3	$	814.2	$	394.9	$	419.3

Intangible Assets Future Amortization Expense

Future amortization expense associated with intangible assets is expected to be:

(in millions)
Remainder of 2025	$	34.7
2026	46.0
2027	43.6
2028	38.3
2029	37.4
2030 and after	166.8

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Accrued Liabilities [Abstract]

Schedule Of Accrued Liabilities

Accrued liabilities consist of: 

(in millions)	March 31, 2025		December 31, 2024
Contract liabilities	$	87.4	$	71.4
Employee related expenses	32.2		53.4
Current lease liabilities	11.1		10.6
Accrued interest	6.1		6.6
Warranty	6.3		6.2
Other	54.7		63.0
Total	$	197.8	$	211.2

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Financing (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Components Of Debt

Our debt consisted of the following:

(in millions)	March 31, 2025		December 31, 2024
Revolving Facility	$	263.5	$	210.0
Total short-term borrowings (a)	$	263.5	$	210.0
6.55% notes due November 2036	$	198.7	$	198.7
4.20% notes due March 2048	346.8		346.8
Other deferred financing costs associated with credit facilities	(4.4)		(4.9)
Total long-term debt (a)	$	541.1	$	540.6
(a) Debt discounts and debt issuance costs totaled $8.9 million and $9.4 million as of March 31, 2025, and December 31, 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.

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Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables provide information regarding the Company’s assets and liabilities measured at fair value as of March 31, 2025, and December 31, 2024.

March 31, 2025 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.3	$	—	$	0.3
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	0.4	$	—	$	0.4
Long-term debt	Long-term debt	$	—	$	422.3	$	—	$	422.3
Performance-based restricted share units	Other Liabilities	$	0.7	$	—	$	—	$	0.7
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $38.9 million

December 31, 2024 (in millions)	Location on Consolidated Balance Sheets	Active Markets for Identical Assets and Liabilities Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Assets
Foreign exchange contract not designated as hedging instrument1	Accounts Receivable	$	—	$	0.1	$	—	$	0.1
Liabilities
Foreign exchange contract not designated as hedging instrument1	Accrued Liabilities	$	—	$	3.1	$	—	$	3.1
Long-term debt	Long-term debt	$	—	$	430.1	$	—	$	430.1
Performance-based restricted share units	Other Liabilities	$	1.6	$	—	$	—	$	1.6
Contingent Liability	Other Liabilities	$	—	$	—	$	1.5	$	1.5

1 Notional value of $65.0 million

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Restructuring (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Program Accrual Balance Reconciliation

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, 2024 (a)	$	7.2	$	0.2	$	7.4
Utilization	(3.2)		(0.2)		(3.4)
Balance as of March 31, 2025 (a)	$	4.0	$	—	$	4.0

(a) Included within “Accrued Liabilities” in the Unaudited Condensed Consolidated Balance Sheets.

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Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2025 segment
Line of Credit Facility [Line Items]
Number of reportable segments	2

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Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Selling, general and administrative expenses	$ 102.9	$ 94.3
Net outstanding payables	87.3		$ 116.6
Net outstanding receivables	274.0		265.9
SpinCo | Related Party
Related Party Transaction [Line Items]
Net outstanding receivables	$ 3.2		$ 0.7

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Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	May 03, 2024	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Pro forma net sales		$ 347.4
Pro forma net income		41.0
Current restricted cash		0.1	$ 0.9	$ 0.8	$ 0.0
Noncurrent restricted cash		$ 6.2	$ 10.7	$ 6.8	$ 0.0
OpSec
Business Combination [Line Items]
Cash contributions received	$ 270.0
Debt instrument, face amount	210.0
Contingent acquisition liability	1.5
OpSec | Maximum
Business Combination [Line Items]
Contingent acquisition liability	$ 2.2
Intellectual property rights | OpSec
Business Combination [Line Items]
Weighted Average Life (in years)	5 years
Developed technology | OpSec
Business Combination [Line Items]
Weighted Average Life (in years)	5 years 8 months 12 days
Customer relationships | OpSec
Business Combination [Line Items]
Weighted Average Life (in years)	19 years 3 months 18 days

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Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	May 03, 2024
Business Combination [Line Items]
Goodwill	$ 964.5	$ 956.6
Weighted  Average Amortization Period of Finite Lived Assets (in years)	18 years 3 months 18 days
OpSec
Business Combination [Line Items]
Total current assets			$ 33.6
Property, plant and equipment			17.3
Other assets			6.9
Intangible assets			155.5
Goodwill			133.7
Total assets acquired			347.0
Total current liabilities			37.4
Other liabilities			41.2
Total assumed liabilities			78.6
Net assets acquired			$ 268.4

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Acquisitions - Acquired Intangible Assets and Weighted Average Useful Life (Details) - OpSec $ in Millions	May 03, 2024 USD ($)
Business Combination [Line Items]
Intangible Fair Value	$ 155.5
Intellectual property rights
Business Combination [Line Items]
Intangible Fair Value	$ 1.5
Weighted Average Life (in years)	5 years
Customer relationships
Business Combination [Line Items]
Intangible Fair Value	$ 115.5
Weighted Average Life (in years)	19 years 3 months 18 days
Developed technology
Business Combination [Line Items]
Intangible Fair Value	$ 36.5
Weighted Average Life (in years)	5 years 8 months 12 days
Backlog
Business Combination [Line Items]
Intangible Fair Value	$ 2.0
Weighted Average Life (in years)	8 months 12 days

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Segment Results (Narrative) (Details)	3 Months Ended
	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Results (Schedule Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Net sales	$ 330.3	$ 313.6
Interest income	0.2	0.6
Income before income taxes	28.1	46.7
Selling, general and administrative	102.9	94.3
Operating profit	37.3	55.4
Interest expense	(11.5)	(9.9)
Miscellaneous income, net	2.1	0.6
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	52.1	72.9
Corporate
Segment Reporting Information [Line Items]
Operating profit	(14.8)	(17.5)
Crane Payment Innovations
Segment Reporting Information [Line Items]
Net sales	202.9	209.0
Crane Payment Innovations | Operating Segments
Segment Reporting Information [Line Items]
Cost of operations	92.3	94.4
Selling, general and administrative	39.8	39.9
Engineering Expense	9.6	11.6
Other segment items	11.5	10.4
Operating profit	49.7	52.7
Security and Authentication Technologies
Segment Reporting Information [Line Items]
Net sales	127.4	104.6
Security and Authentication Technologies | Operating Segments
Segment Reporting Information [Line Items]
Cost of operations	59.1	57.2
Selling, general and administrative	29.5	22.6
Engineering Expense	9.2	5.4
Other segment items	27.2	(0.8)
Operating profit	$ 2.4	$ 20.2

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Segment Results - Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Segment, Expenditure, Addition to Long-Lived Assets	$ 7.3	$ 7.4
Operating Segments | Crane Payment Innovations
Segment Reporting Information [Line Items]
Segment, Expenditure, Addition to Long-Lived Assets	0.8	1.2
Operating Segments | Security and Authentication Technologies
Segment Reporting Information [Line Items]
Segment, Expenditure, Addition to Long-Lived Assets	6.5	6.1
Corporate
Segment Reporting Information [Line Items]
Segment, Expenditure, Addition to Long-Lived Assets	$ 0.0	$ 0.1

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Segment Results - Depreciation and Amortizaton (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 21.6	$ 18.5
Operating Segments | Security and Authentication Technologies
Segment Reporting Information [Line Items]
Depreciation and amortization	13.9	10.4
Operating Segments | Crane Payment Innovations
Segment Reporting Information [Line Items]
Depreciation and amortization	7.1	7.4
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 0.6	$ 0.7

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Segment Results (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,428.7	$ 2,386.5
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	29.4	21.2
Crane Payment Innovations | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,170.8	1,187.1
Security and Authentication Technologies | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,228.5	$ 1,178.2

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Segment Results (Schedule Of Goodwill By Segment) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Goodwill	$ 964.5	$ 956.6
Crane Payment Innovations
Segment Reporting Information [Line Items]
Goodwill	616.4	609.1
Security and Authentication Technologies
Segment Reporting Information [Line Items]
Goodwill	$ 348.1	$ 347.5

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Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 330.3	$ 313.6
Security and Authentication Technologies
Disaggregation of Revenue [Line Items]
Net sales	127.4	104.6
Crane Payment Innovations
Disaggregation of Revenue [Line Items]
Net sales	202.9	209.0
Products | Crane Payment Innovations
Disaggregation of Revenue [Line Items]
Net sales	169.9	176.4
Services | Crane Payment Innovations
Disaggregation of Revenue [Line Items]
Net sales	33.0	32.6
Banknotes and Security Products | Security and Authentication Technologies
Disaggregation of Revenue [Line Items]
Net sales	93.4	103.4
Authentication Products and Solutions | Security and Authentication Technologies
Disaggregation of Revenue [Line Items]
Net sales	$ 34.0	$ 1.2

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Revenue (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 547.8
Revenue recognized related to contract liabilities	$ 24.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	76.00%
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	24.00%
Remaining performance obligation, expected timing of satisfaction, period	1 year

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Revenue (Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 41.6	$ 37.8
Current contract liabilities	$ 87.4	$ 71.4

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Earnings Per Share (Narrative) (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Earnings Per Share [Abstract]
Common stock, par value (in dollars per share)	$ 1.00		$ 1.00
Average options excluded from computation of diluted earnings per share	0.3	0.3

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Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income attributable to common shareholders	$ 21.7	$ 37.8
Average basic shares outstanding (in shares)	57.3	57.0
Effect of dilutive share-based awards (in shares)	0.6	0.7
Average diluted shares outstanding (in shares)	57.9	57.7
Earnings per basic share (in dollars per share)	$ 0.38	$ 0.66
Earnings per diluted share (in dollars per share)	$ 0.38	$ 0.66

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Changes in Accumulated Other Comprehensive Loss (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,064.9	$ 964.0
Ending balance	1,106.6	1,064.9
Tax detriment	1.2	1.3
Pension and Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.7
Other comprehensive gain before reclassifications	0.0
Amounts reclassified from accumulated other comprehensive loss	(0.2)
Net period other comprehensive (loss) income	(0.2)
Ending balance	0.5	0.7
Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(173.3)
Other comprehensive gain before reclassifications	31.1
Amounts reclassified from accumulated other comprehensive loss	0.0
Net period other comprehensive (loss) income	31.1
Ending balance	(142.2)	(173.3)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(172.6)	(118.6)
Other comprehensive gain before reclassifications	31.1
Amounts reclassified from accumulated other comprehensive loss	(0.2)
Net period other comprehensive (loss) income	30.9
Ending balance	$ (141.7)	$ (172.6)

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Changes in Accumulated Other Comprehensive Loss (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Amortization of pension and postretirement components	$ 2.1	$ 0.6
Total before tax	28.1	46.7
Tax impact	6.4	8.9
Net income attributable to common shareholders	21.7	37.8
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax	(0.3)	(0.5)
Tax impact	(0.1)	(0.1)
Net income attributable to common shareholders	(0.2)	(0.4)
Pension Plan [Member] | 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 components	(0.2)	(0.2)
Pension Plan [Member] | 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 components	0.0	0.1
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 components	0.0	(0.2)
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 components	$ (0.1)	$ (0.2)

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Pension and Postretirement Benefits (Components of Net Periodic Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.0
Interest cost	0.1	0.1
Expected return on plan assets	0.0	0.0
Amortization of prior service cost	0.0	(0.2)
Amortization of net loss (gain)	(0.1)	(0.2)
Net periodic expense (benefit)	0.0	(0.3)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amortization of Gain (Loss)	0.1	0.2
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.5	0.5
Interest cost	0.4	0.5
Expected return on plan assets	(0.6)	(0.8)
Amortization of prior service cost	(0.2)	(0.2)
Amortization of net loss (gain)	0.0	0.1
Net periodic expense (benefit)	0.1	0.1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amortization of Gain (Loss)	$ 0.0	$ (0.1)

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Pension and Postretirement Benefits (Expected Contributions to Pension and Postretirement Plans) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected contributions in 2025	$ 1.6
Amounts contributed during the three months ended March 31, 2025	0.2
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected contributions in 2025	1.3
Amounts contributed during the three months ended March 31, 2025	$ 0.9

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective Tax Rate	22.70%	19.00%
Pillar 2 adoption expense	$ 2.6
Gross unrecognized tax benefits	$ 9.4

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Goodwill and Intangible Assets (Changes to Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 956.6
Currency translation	7.9
Ending balance	964.5
Crane Payment Innovations
Goodwill [Roll Forward]
Beginning balance	609.1
Currency translation	7.3
Ending balance	616.4
Security and Authentication Technologies
Goodwill [Roll Forward]
Beginning balance	347.5
Currency translation	0.6
Ending balance	$ 348.1

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Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Net intangible assets	$ 412.3	$ 419.3	$ 308.9
Intangibles with indefinite useful lives	$ 45.5	$ 45.5

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Goodwill and Intangible Assets (Changes to Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived and Indefinite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period, net of accumulated amortization	$ 419.3	$ 308.9
Additions	1.4	161.8
Amortization expense	(11.3)	(47.0)
Currency translation	2.9	(4.4)
Balance at end of period, net of accumulated amortization	$ 412.3	$ 419.3

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Goodwill and Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	$ 823.9	$ 814.2
Accumulated Amortization	411.6	394.9
Net	$ 412.3	419.3	$ 308.9
Weighted  Average Amortization Period of Finite Lived Assets (in years)	18 years 3 months 18 days
Intellectual property rights
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	$ 65.7	65.5
Accumulated Amortization	16.0	15.4
Net	$ 49.7	50.1
Weighted  Average Amortization Period of Finite Lived Assets (in years)	11 years
Customer relationships and backlog
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	$ 616.7	610.5
Accumulated Amortization	305.4	293.9
Net	$ 311.3	316.6
Weighted  Average Amortization Period of Finite Lived Assets (in years)	18 years 10 months 24 days
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	$ 68.4	66.4
Accumulated Amortization	29.4	26.8
Net	$ 39.0	39.6
Weighted  Average Amortization Period of Finite Lived Assets (in years)	6 years 9 months 18 days
Other
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	$ 73.1	71.8
Accumulated Amortization	60.8	58.8
Net	$ 12.3	$ 13.0
Weighted  Average Amortization Period of Finite Lived Assets (in years)	12 years 1 month 6 days

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Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 34.7
2026	46.0
2027	43.6
2028	38.3
2029	37.4
2030 and after	$ 166.8

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Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities [Abstract]
Contract liabilities	$ 87.4	$ 71.4
Employee related expenses	32.2	53.4
Current lease liabilities	11.1	10.6
Accrued interest	6.1	6.6
Warranty	6.3	6.2
Other	54.7	63.0
Total	$ 197.8	$ 211.2

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Financing (Components Of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total short-term borrowings	$ 263.5	$ 210.0
Other deferred financing costs associated with credit facilities	(4.4)	(4.9)
Total long-term debt	541.1	540.6
Debt discounts and debt issuance costs	$ 8.9	9.4
6.55% notes due November 2036
Debt Instrument [Line Items]
Debt instrument, interest rate	6.55%
Long-term debt	$ 198.7	198.7
4.20% notes due March 2048
Debt Instrument [Line Items]
Debt instrument, interest rate	4.20%
Long-term debt	$ 346.8	346.8
Revolving Facility | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Total short-term borrowings	$ 263.5	$ 210.0

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Financing (Narrative) (Details)		3 Months Ended
	Mar. 17, 2023 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 09, 2024 USD ($)
Line of Credit Facility [Line Items]
Proceeds from revolving credit facility		$ 106,000,000	$ 30,000,000.0
Repayment of revolving credit facility		$ 52,500,000	$ 5,000,000.0
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 | Base Rate
Line of Credit Facility [Line Items]
Margin rate	0.50%
Credit Agreement | Line of Credit | Variable Rate Component Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Margin rate	1.25%
Revolving Facility | Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000			$ 700,000,000
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%

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Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative receivable	$ 0.3	$ 0.1
Derivative liability	0.4	3.1
Total debt, estimated fair value	422.3	430.1
Performance-based restricted share units	0.7	1.6
Contingent Liability	1.5	1.5
Derivative, notional value	38.9	65.0
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative receivable	0.0	0.0
Derivative liability	0.0	0.0
Total debt, estimated fair value	0.0	0.0
Performance-based restricted share units	0.7	1.6
Contingent Liability	0.0	0.0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative receivable	0.3	0.1
Derivative liability	0.4	3.1
Total debt, estimated fair value	422.3	430.1
Performance-based restricted share units	0.0	0.0
Contingent Liability	0.0	0.0
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative receivable	0.0	0.0
Derivative liability	0.0	0.0
Total debt, estimated fair value	0.0	0.0
Performance-based restricted share units	0.0	0.0
Contingent Liability	$ 1.5	$ 1.5

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Restructuring (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	21 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.0	$ 2.7
2024 Restructuring | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 10.1
2022 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 6.7
2022 Restructuring | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges				5.8
2022 Restructuring | Other Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 0.9

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Restructuring (Restructuring Program Accrual Balance Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		21 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7.4
Expense	0.0	$ 2.7
Utilization	(3.4)
Ending balance	4.0
2024 Restructuring
Restructuring Reserve [Roll Forward]
Beginning balance	7.2
Utilization	(3.2)
Ending balance	4.0
2022 Restructuring
Restructuring Reserve [Roll Forward]
Beginning balance	0.2
Expense			$ 6.7
Utilization	(0.2)
Ending balance	$ 0.0

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Subsequent Events (Details) £ in Millions	May 01, 2025 GBP (£)
De La Rue Authentication Solutions | Subsequent Event
Subsequent Event [Line Items]
Base purchase price	£ 300