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, 20232024
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 NorthWalthamMA02451
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 610-430-2510781-755-6868
(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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $1.00 CXTNew 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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”,filer,” “accelerated filer”,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, 20232024
Common stock, $1.00 Par Value – 56,730,16357,126,938 shares
1

Crane NXT, Co.
Table of Contents
Form 10-Q
  Page
Part I - Financial Information
Consolidated and Combined Condensed Consolidated Statements of Operations
Page 3
Consolidated and Combined Condensed Statements of Comprehensive Income
Page 4
Consolidated and Condensed Consolidated Statements of Comprehensive IncomeBalance Sheets
Page 5
Condensed Consolidated Balance Sheets
Page 6
and Combined Condensed Consolidated Statements of Cash Flows
Page 87
Consolidated and Combined Condensed Statements of Changes in Equity
Page 9
Notes to Consolidated and Combined Condensed Financial Statements
Page 10
Notes to Condensed Consolidated Financial Statements
Page 11
Page 2822
Page 3828
Page 3828
Part II - Other Information
Page 3929
Page 3929
Page 3929
Page 3929
Page 3929
Page 3929
Page 4030
Page 4131
2

EXPLANATORY NOTE

As used in this Quarterly Report on Form 10-Q, the terms "we," "us," "our," "Crane Holdings, Co." and the "Company" mean Crane NXT, Co. and our subsidiaries. Prior to April 3, 2023, Crane NXT, Co. was named “Crane Holdings, Co.” Accordingly, we refer to Crane NXT, Co. as “Crane Holdings, Co.” in certain disclosures that are as of dates or related to periods ended prior to April 3, 2023.
3

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
Three Months Ended
Three Months Ended
Three Months Ended
March 31,March 31,
(in millions, except per share data)(in millions, except per share data)20232022(in millions, except per share data)20242023
Net salesNet sales$842.9 $871.5 
Operating costs and expenses:Operating costs and expenses:
Cost of salesCost of sales481.3 526.2 
Cost of sales
Cost of sales
Selling, general and administrativeSelling, general and administrative209.4 198.3 
Restructuring charges, net
Restructuring charges, net
Restructuring charges, net
Operating profitOperating profit152.2 147.0 
Other (expense) income:
Other income (expense):
Interest income
Interest income
Interest incomeInterest income1.0 0.3 
Interest expenseInterest expense(17.0)(11.1)
Miscellaneous (expense) income, net(2.4)3.5 
Related party interest expense
Miscellaneous income, net
Total other expense, netTotal other expense, net(18.4)(7.3)
Income before income taxesIncome before income taxes133.8 139.7 
Provision for income taxesProvision for income taxes28.1 34.7 
Net income attributable to common shareholdersNet income attributable to common shareholders$105.7 $105.0 
Net income attributable to common shareholders
Net income attributable to common shareholders
Earnings per share:Earnings per share:
Earnings per share:
Earnings per share:
Basic
Basic
BasicBasic$1.87 $1.84 
DilutedDiluted$1.84 $1.81 
Average shares outstanding:Average shares outstanding:
Average shares outstanding:
Average shares outstanding:
Basic
Basic
BasicBasic56.5 57.1 57.056.7
DilutedDiluted57.3 57.9 Diluted57.756.7
Dividends per shareDividends per share$0.47 $0.47 
Dividends per share
Dividends per share$0.16 n/a
 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
3

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended
March 31,
(in millions)20242023
Net income attributable to common shareholders$37.8 $43.7 
Components of other comprehensive (loss) income, net of tax
Currency translation adjustment(26.7)4.9 
Changes in pension and postretirement plan assets and benefit obligation, net of tax(0.4)(0.5)
Other comprehensive (loss) income, net of tax(27.1)4.4 
Comprehensive income attributable to common shareholders$10.7 $48.1 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
4

CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEBALANCE SHEETS
(UNAUDITED)
Three Months Ended
March 31,
(in millions)20232022
Net income before allocation to noncontrolling interests$105.7 $105.0 
Components of other comprehensive income (loss), net of tax
Currency translation adjustment12.7 (21.6)
Changes in pension and postretirement plan assets and benefit obligation, net of tax2.7 3.3 
Other comprehensive income (loss), net of tax15.4 (18.3)
Comprehensive income before allocation to noncontrolling interests121.1 86.7 
Less: Noncontrolling interests in comprehensive income(0.1)0.1 
Comprehensive income attributable to common shareholders$121.2 $86.6 
(in millions)March 31,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$220.6 $227.2 
Accounts receivable, net of allowance for credit losses of $13.8 as of March 31, 2024 and $11.8 as of December 31, 2023182.8 214.9 
Inventories, net:
Finished goods43.5 35.6 
Finished parts and subassemblies22.7 22.7 
Work in process12.9 6.4 
Raw materials87.0 92.4 
Inventories, net166.1 157.1 
Other current assets59.6 45.2 
Total current assets629.1 644.4 
Property, plant and equipment:
Cost561.7 564.1 
Less: accumulated depreciation307.0 302.9 
Property, plant and equipment, net254.7 261.2 
Long-term deferred tax assets2.7 2.7 
Intangible assets, net297.0 308.9 
Goodwill830.1 841.2 
Other assets85.1 71.0 
Total assets$2,098.7 $2,129.4 
See Notes to Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.
5

CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions)March 31,
2023		December 31,
2022
Assets
Current assets:
Cash and cash equivalents$510.2 $657.6 
Accounts receivable, net of allowance for doubtful accounts of $16.9 as of March 31, 2023 and $14.1 as of December 31, 2022499.5 474.7 
Inventories, net:
Finished goods106.0 83.3 
Finished parts and subassemblies74.5 70.7 
Work in process42.3 39.9 
Raw materials270.1 245.9 
Inventories, net492.9 439.8 
Other current assets193.2 179.8 
Total current assets1,695.8 1,751.9 
Property, plant and equipment:
Cost1,268.9 1,250.8 
Less: accumulated depreciation760.9 740.9 
Property, plant and equipment, net508.0 509.9 
Long-term deferred tax assets9.9 8.3 
Other assets184.9 176.0 
Intangible assets, net406.5 416.6 
Goodwill1,530.9 1,527.5 
Total assets$4,336.0 $4,390.2 
(in millions, except per share and share data)March 31,
2024		December 31,
2023
Liabilities and equity
Current liabilities:
Short-term borrowings$30.2 $4.6 
Accounts payable84.1 106.5 
Accrued liabilities169.9 210.5 
U.S. and foreign taxes on income12.7 12.8 
Total current liabilities296.9 334.4 
Long-term debt639.6 640.3 
Accrued pension and postretirement benefits21.8 22.5 
Long-term deferred tax liability103.7 104.5 
Other liabilities72.6 63.7 
Total liabilities1,134.6 1,165.4 
Commitments and contingencies (Note 11)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized— — 
Common shares, par value $1.00; 200,000,000 shares authorized, 72,441,647 shares issued72.4 72.4 
Capital surplus1,715.5 1,728.1 
Retained earnings149.6 120.9 
Accumulated other comprehensive loss(145.7)(118.6)
Treasury stock(827.7)(838.8)
Total equity964.1 964.0 
Total liabilities and equity$2,098.7 $2,129.4 
Share data:
Common shares issued72,441,647 72,441,647 
Less: Common shares held in treasury15,325,969 15,544,190 
Common shares outstanding57,115,678 56,897,457 
See Notes to Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.
6

CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except per share and share data)March 31,
2023		December 31,
2022
Liabilities and equity
Current liabilities:
Short-term borrowings$308.5 $699.3 
Accounts payable247.1 286.6 
Accrued liabilities395.9 464.2 
U.S. and foreign taxes on income23.0 38.1 
Total current liabilities974.5 1,488.2 
Long-term debt880.7 543.7 
Accrued pension and postretirement benefits153.9 153.2 
Long-term deferred tax liability161.1 162.4 
Other liabilities148.1 138.7 
Total liabilities2,318.3 2,486.2 
Commitments and contingencies (Note 10)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized— — 
Common shares, par value $1.00; 200,000,000 shares authorized, 72,440,983 shares issued72.4 72.4 
Capital surplus376.8 373.8 
Retained earnings2,901.9 2,822.8 
Accumulated other comprehensive loss(487.8)(503.3)
Treasury stock(848.1)(864.3)
Total shareholders’ equity2,015.2 1,901.4 
Noncontrolling interests2.5 2.6 
Total equity2,017.7 1,904.0 
Total liabilities and equity$4,336.0 $4,390.2 
Share data:
Common shares issued72,440,983 72,426,389 
Less: Common shares held in treasury15,715,676 16,101,007 
Common shares outstanding56,725,307 56,325,382 
See Notes to Condensed Consolidated Financial Statements.
7

CRANE HOLDINGS, CO. AND SUBSIDIARIES
COMBINED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31,
Three Months EndedThree Months Ended
March 31,March 31,
(in millions)(in millions)20232022(in millions)20242023
Operating activities:Operating activities:
Net income attributable to common shareholdersNet income attributable to common shareholders$105.7 $105.0 
Net income attributable to common shareholders
Net income attributable to common shareholders
Adjustments to reconcile net income to net cash flows provided by operating activities:
Adjustments to reconcile net income to net cash flows provided by operating activities:
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization
Depreciation and amortization
Depreciation and amortizationDepreciation and amortization28.6 28.6 
Stock-based compensation expenseStock-based compensation expense6.3 5.9 
Defined benefit plans and postretirement credit5.3 (2.7)
Deferred income taxes
Deferred income taxes
Deferred income taxesDeferred income taxes(0.1)(0.9)
Cash used for operating working capitalCash used for operating working capital(215.0)(183.7)
Defined benefit plans and postretirement contributions(1.8)(2.8)
Environmental payments, net of reimbursements(1.3)(1.3)
Asbestos related payments, net of insurance recoveries— (7.5)
OtherOther1.5 3.9 
Total used for operating activities(70.8)(55.5)
Other
Other
Total provided by operating activities
Investing activities:Investing activities:
Proceeds from disposition of capital assets0.1 — 
Capital expenditures
Capital expenditures
Capital expendituresCapital expenditures(12.9)(13.0)
Total used for investing activitiesTotal used for investing activities(12.8)(13.0)
Total used for investing activities
Total used for investing activities
Financing activities:Financing activities:
Dividends paidDividends paid(26.6)(26.7)
Reacquisition of shares on open market—(175.8)
Stock options exercised, net of shares reacquired12.80.7
Dividends paid
Dividends paid(9.1)—
Proceeds from stock options exercised
Proceeds from stock options exercised
Proceeds from stock options exercised1.6—
Payment of tax withholding on equity awards vestedPayment of tax withholding on equity awards vested(6.2)—
Debt issuance costsDebt issuance costs(4.0)—Debt issuance costs—(4.0)
Net borrowings from issuance of commercial paper with maturities of 90 days or less—104.0
Proceeds from revolving credit facility
Proceeds from revolving credit facility
Proceeds from revolving credit facility30.0—
Repayment of revolving credit facilityRepayment of revolving credit facility(5.0)—
Proceeds from term loanProceeds from term loan350.0—Proceeds from term loan—350.0
Repayment of term loanRepayment of term loan(400.0)—Repayment of term loan(0.7)—
Total used for financing activities(67.8)(97.8)
Effect of exchange rates on cash and cash equivalents4.0 (5.1)
Decrease in cash and cash equivalents(147.4)(171.4)
Net transfers to Crane
Total provided by (used for) financing activities
Effect of exchange rates on cash, cash equivalents and restricted cash
Decrease in cash, cash equivalents and restricted cash
Cash and cash equivalents at beginning of periodCash and cash equivalents at beginning of period657.6 478.6 
Cash and cash equivalents at end of period$510.2 $307.2 
Cash, cash equivalents and restricted cash at end of period1
1 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $0.1 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.2 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively.
1 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $0.1 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.2 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively.
1 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $0.1 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.2 million and $0.0 million as of March 31, 2024, and March 31, 2023, respectively.
See Notes to Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.


87

CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31,
Three Months EndedThree Months Ended
March 31,March 31,
(in millions)(in millions)20232022(in millions)20242023
Detail of cash used for operating working capital:Detail of cash used for operating working capital:
Accounts receivable
Accounts receivable
Accounts receivableAccounts receivable$(22.4)$(52.0)
InventoriesInventories(50.3)(35.2)
Other current assetsOther current assets(16.5)(5.9)
Accounts payableAccounts payable(40.7)(9.3)
Accrued liabilitiesAccrued liabilities(69.9)(100.1)
U.S. and foreign taxes on incomeU.S. and foreign taxes on income(15.2)18.8 
TotalTotal$(215.0)$(183.7)
Supplemental disclosure of cash flow information:Supplemental disclosure of cash flow information:
Supplemental disclosure of cash flow information:
Supplemental disclosure of cash flow information:
Interest paid
Interest paid
Interest paidInterest paid$14.3 $7.4 
Income taxes paidIncome taxes paid$42.3 $13.7 
Unpaid capital expenditures
See Notes to Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.
98


CRANE HOLDINGS,NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED 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
Share- holders’
Equity		Non-controlling
Interest		Total
Equity
BALANCE DECEMBER 31, 202272.4 $373.8 $2,822.8 $(503.3)$(864.3)$1,901.4 $2.6 $1,904.0 
Net income— — 105.7 — — 105.7 — 105.7 
Cash dividends ($0.47 per share)— — (26.6)— — (26.6)— (26.6)
Exercise of stock options, net of shares reacquired of 297,539 shares— — — — 19.8 19.8 — 19.8 
Impact from settlement of share-based awards, net of shares acquired— (3.3)— — (3.6)(6.9)— (6.9)
Stock-based compensation expense— 6.3 — — — 6.3 — 6.3 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 2.7 — 2.7 — 2.7 
Currency translation adjustment— — — 12.8 — 12.8 (0.1)12.7 
BALANCE MARCH 31, 202372.4 $376.8 $2,901.9 $(487.8)$(848.1)$2,015.2 $2.5 $2,017.7 

(in millions, except share data)Common
Shares
Issued at
Par Value		Capital
Surplus		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Share- holders’
Equity		Non-controlling
Interest		Total
Equity
BALANCE DECEMBER 31, 202172.4 $363.9 $2,527.3 $(440.2)$(691.1)$1,832.3 $2.8 $1,835.1 
Net income— — 105.0 — — 105.0 — 105.0 
Cash dividends ($0.47 per share)— — (26.4)— — (26.4)— (26.4)
Reacquisition on open market of 1,699,949 shares— — — — (175.8)(175.8)— (175.8)
Exercise of stock options, net of shares reacquired of 79,214 shares— — — — 6.1 6.1 — 6.1 
Impact from settlement of share-based awards, net of shares acquired— (5.1)— — (0.3)(5.4)— (5.4)
Stock-based compensation expense— 5.9 — — — 5.9 — 5.9 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 3.3 — 3.3 — 3.3 
Currency translation adjustment— — — (21.7)— (21.7)0.1 (21.6)
BALANCE MARCH 31, 202272.4 $364.7 $2,605.9 $(458.6)$(861.1)$1,723.3 $2.9 $1,726.2 
(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, 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 


(in millions)Crane Net InvestmentAccumulated
Other
Comprehensive
Loss		Total
Balance as of December 31, 2022$915.3 $(131.5)$783.8 
Net income attributable to common shareholders43.7 — 43.7 
Stock-based compensation expense2.3 — 2.3 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— (0.5)(0.5)
Currency translation adjustment— 4.9 4.9 
Net transfers to Crane(393.1)— (393.1)
Balance as of March 31, 2023$568.2 $(127.1)$441.1 
See Notes to Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.
109
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED 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 Crane Currency. Our primary end markets include governments and a wide range of consumer related end markets including retail and gaming. See Note 3, “Segment Results” for the relative size of these segments in relation to the total company (both net sales and total assets).
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References to the “Business” refer to our business, including prior to the Separation (as defined below) when it was a business of Crane Holdings, Co. References herein to “Holdings” refer to Crane Holdings, Co. and its subsidiaries prior to the consummation of the Separation unless the context implies otherwise.
Separation
On April 3, 2023, Holdings was separated (the “Separation”) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (“SpinCo”) through a pro-rata distribution (the “Distribution”) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed “Crane NXT, Co.” on April 3, 2023. Following the consummation of the Separation, our common stock is listed under the symbol “CXT” on the New York Stock Exchange.
Due to SpinCo’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to ours, among other factors, SpinCo was considered to be the “accounting spinnor” and therefore is the “accounting successor” to Holdings for accounting purposes, notwithstanding the legal form of the Separation. Therefore, following the Separation, our historical financial statements are comprised solely of combined carve-out financial statements representing only our operations, assets, liabilities and equity on a stand-alone basis derived from the consolidated financial statements and accounting records of Holdings.
Prior to the Separation, Crane NXT employees and directors participated in Holdings equity incentive plans and received equity awards under those plans in the form of stock options, restricted share units, performance-based and time-based restricted share units and deferred stock units in respect of Holdings common shares. Crane NXT Unaudited Consolidated and Combined Condensed Financial Statements reflect compensation expense for these stock-based plans associated with the portion of the Holdings equity incentive plans in which Crane NXT employees and directors participated.
As a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The exchanged awards are subject to the same service vesting requirements as the original awards. The modification of the performance-based restricted share units resulted in a liability recorded upon Separation. The amount of the liability was $1.0 million and $1.9 million as of March 31, 2024, and December 31, 2023, respectively.
Separation Agreements
On April 3, 2023, we entered into definitive agreements with SpinCo in connection with the Separation.The agreements set forth the terms and conditions of the Separation and provide a framework for our relationship with SpinCo following the Separation, including the allocation between us and SpinCo of our and SpinCo’s assets, liabilities and obligations attributable to periods prior to, at and after the Separation. These agreements include the Separation and Distribution Agreement, which contains certain key provisions related to the Separation, as well as a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement and an Intellectual Property Matters Agreement.

10
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Basis of Presentation
The accompanying unaudited condensed consolidated financial statementsUnaudited Consolidated and Combined Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q 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 interim condensed consolidated financial statementsUnaudited Consolidated and Combined Condensed Financial Statements should be read in conjunction with the Crane NXT Consolidated and Combined Financial Statements and Notes to Consolidated and Combined Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022.2023, previously filed on Form 10-K on February 22, 2024.
AsThe Business' financial statements for periods prior to the Separation are prepared on a "carve-out" basis, as described below.
Basis of Presentation Prior to the Separation
Prior to the Separation, the Business operated as Holdings’ Payment & Merchandising Technologies (“P&MT”) segment; consequently, stand-alone financial statements for periods prior to the Separation were not prepared for the Business.
The Unaudited Consolidated and Combined Condensed Financial Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Prior to the Separation, costs for certain functions and services performed by centralized Holdings organizations were directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Holdings (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Holdings have been deemed settled in these notes,cash by the terms "we," "us," "our,"Business to Holdings in the period in which the cost was recorded in the Unaudited Consolidated and Combined Condensed Statements of Operations. Current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Holdings in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded.
Prior to the Separation, Holdings used a centralized approach to cash management and financing its operations. Accordingly, none of the cash of Holdings has been allocated to the Business in the Unaudited Consolidated and Combined Condensed Financial Statements. However, cash balances primarily associated with certain of our foreign entities that did not participate in Holdings’ cash management program have been included in the Unaudited Consolidated and Combined Condensed Financial Statements. Transactions between Holdings and the "Company" mean Crane Holdings, Co., which was renamedBusiness are deemed to have been settled immediately through “Crane NXT, Co.Net Investment.” The net effect of the deemed settled transactions is reflected in the Unaudited Consolidated and Combined Condensed Statements of Cash Flows as “Net transfers to Crane” within financing activities and in the Unaudited Consolidated and Combined Condensed Statements of Changes in Equity as “Crane Net Investment.”
All intercompany accounts and transactions within the Business have been eliminated in the preparation of the Unaudited Consolidated and Combined Condensed Financial Statements. The Unaudited Consolidated and Combined Condensed Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business.
All allocations and estimates in the Unaudited Consolidated and Combined Condensed Financial Statements are based on April 3, 2023.assumptions that management believes are reasonable. However, for the periods prior to the Separation, the Unaudited Consolidated and Combined Condensed Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented.
Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation.
Separation
On April 3, 2023, the Company, was separated into two independent, publicly-traded companies, in a transaction in which the Company retained its Payment & Merchandising Technologies segment and spun off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to the Company’s stockholders (the “Separation”).
11
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Recent Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which intends to improve reportable segment disclosure requirements. The new standard includes new requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within the reported segment's profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported segment's profit or loss to assess performance and allocate resources. The standard is effective for all public entities for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, applied retrospectively with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Consolidated and Combined Financial Statements and Disclosures. We do not expect the new standard to have a material impact on our disclosures.

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 Consolidated and Combined Financial Statements and Disclosures. We do not expect the new standard to have a material impact on our disclosures.

The Company considered the applicability and impact of allother 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 Consolidated and Combined Condensed Consolidated StatementStatements of Operations, Balance Sheets and Cash Flows.
Note 2 - Related Parties
Prior to the Separation, the Business was managed and operated in the normal course of business with other affiliates of Holdings. Accordingly, certain shared costs were allocated to the Business and are reflected as expenses in the Unaudited Consolidated and Combined Condensed Financial Statements.
Allocated Centralized Costs. The Unaudited Consolidated and Combined Condensed Financial Statements were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Holdings for the periods prior to the Separation.
Prior to the Separation, Holdings incurred corporate costs for services provided to the Business as well as other Holdings businesses. These services included treasury, tax, accounting, human resources, audit, legal, purchasing, information technology and other such services. The costs associated with these services generally included all payroll and benefit costs, as well as overhead costs related to the support functions. Holdings also allocated costs associated with corporate insurance coverage and medical, pension, post-retirement and other health plan costs for employees participating in Holdings sponsored plans. Allocations were based on several utilization measures including headcount, proportionate usage and relative net sales. All such amounts were deemed incurred and settled by the Business in the period in which the costs were recorded.
The allocated centralized costs for the Business were $13.5 million for the three months ended March 31, 2023. These costs are included in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
In the opinion of our management, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided to or for the benefit received by the Business during 2023 prior to the Separation. The amounts that would have been or will be incurred on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Business operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein.
Separation Costs. In connection with the Separation, we incurred transaction related expenses of $1.8 million for the three months ended March 31, 2023, recorded in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations. Expenses primarily consisted of professional service fees.
12
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Cash Management and Financing. Prior to the Separation, the Business participated in Holdings’ centralized cash management and daily cash sweeps. Disbursements were made through centralized accounts payable systems which were operated by Holdings. Cash receipts were transferred to centralized accounts, which were also maintained by Holdings. As cash was received and disbursed by Holdings, it was accounted for by the Business through “Crane Net Investment.” Historically, Holdings had centrally managed and swept cash for most domestic and certain European entities. However, certain legal entities did not participate in Holdings’ centralized cash management program for a variety of reasons.
Accounts Receivable and Payable. Certain related party transactions between the Business and Holdings have been included within “Crane Net Investment” in the Unaudited Consolidated and Combined Condensed Statements of Changes in Equity in the historical periods presented when the related party transactions were not settled in cash.
We recorded related party interest expense related to the loan activity with Holdings and its affiliates of $2.5 million for the three months ended March 31, 2023, which are included in the Business’ results as “Related party interest expense” in the Unaudited Consolidated and Combined Condensed Statements of Operations. The total effect of the settlement of these related party transactions is reflected within “Net transfers to Crane” as a financing activity in the Unaudited Consolidated and Combined Condensed Statements of Cash Flows.
After the Separation, SpinCo and its subsidiaries were identified as related parties. As of March 31, 2024, we had net outstanding payables with SpinCo and its subsidiaries of $0.1 million related to the transition services agreement and net outstanding receivables with SpinCo and its subsidiaries of $6.6 million related to indemnification under the tax matters agreement. As of December 31, 2023, we had net outstanding receivables with SpinCo and its subsidiaries of $0.3 million related to the transition services agreement and $4.5 million related to indemnification under the tax matters agreement.
Note 3 - Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of March 31, 2023,2024, we had fourtwo reportable segments: Aerospace & Electronics, Process Flow Technologies,Crane Payment & Merchandising TechnologiesInnovations and Engineered Materials.Crane Currency. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.
A brief description of each of our segments as of March 31, 2023 are2024, is as follows:
Aerospace & Electronics
The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions.
Process Flow Technologies
The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.
Payment & Merchandising Technologies
The Payment & Merchandising Technologies segment consists of Crane Payment Innovations (“CPI”) and Crane Currency.
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.
Crane Currency
Crane Currency provides advanceadvanced security solutions based on proprietary micro-optic technology for securing physical products, including banknotes, consumer goods and industrial products. Facilities are located in the global banknote industry.United States, Sweden and Malta.

1113
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Engineered Materials
The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). In the second quarter of 2022, Engineered Materials segment was no longer classified as held for sale and as such, the results of Engineered Materials segment are presented as continuing operations from second quarter of 2022. This change was applied on retroactive basis.
Financial information by reportable segment is set forth below.

Three Months Ended
March 31,
(in millions)20242023
Net sales:
Crane Payment Innovations$209.0 $223.8 
Crane Currency104.6 105.3 
Total$313.6 $329.1 
Operating profit:
Crane Payment Innovations$52.7 $61.8 
Crane Currency20.2 17.6 
Corporate(17.5)(13.5)
Total$55.4 $65.9 
Interest income0.6 0.2 
Interest expense(9.9)(10.4)
Related party interest expense— (2.5)
Miscellaneous income, net0.6 1.4 
Income before income taxes$46.7 $54.6 
Three Months Ended
March 31,
(in millions)20232022
Net sales:
Aerospace & Electronics$180.1 $157.2 
Process Flow Technologies271.4 311.3 
Payment & Merchandising Technologies329.1 332.6 
Engineered Materials62.3 70.4 
Total$842.9 $871.5 
Operating profit:
Aerospace & Electronics$37.7 $28.1 
Process Flow Technologies63.3 49.0 
Payment & Merchandising Technologies79.4 84.2 
Engineered Materials11.4 13.4 
Corporate(39.6)(27.7)
Total$152.2 $147.0 
Interest income1.0 0.3 
Interest expense(17.0)(11.1)
Miscellaneous (expense) income, net(2.4)3.5 
Income before income taxes$133.8 $139.7 
(in millions)March 31, 2024December 31, 2023
Assets:
Crane Payment Innovations$1,240.6 $1,279.1 
Crane Currency839.4 814.4 
Corporate18.7 35.9 
Total$2,098.7 $2,129.4 

(in millions)March 31, 2023December 31, 2022
Assets:
Aerospace & Electronics$698.9 $663.3 
Process Flow Technologies1,073.3 1,064.7 
Payment & Merchandising Technologies2,103.5 2,125.9 
Engineered Materials231.2 218.6 
Corporate229.1 317.7 
Total$4,336.0 $4,390.2 
(in millions)March 31, 2023December 31, 2022
Goodwill:
Aerospace & Electronics$202.3 $202.3 
Process Flow Technologies319.5 317.3 
Payment & Merchandising Technologies837.8836.6
Engineered Materials171.3 171.3 
Total$1,530.9 $1,527.5 
(in millions)March 31, 2024December 31, 2023
Goodwill:
Crane Payment Innovations$616.1 $626.7 
Crane Currency214.0 214.5 
Total$830.1 $841.2 

12
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 34 - Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
Three Months Ended
March 31,
(in millions)20232022
Aerospace & Electronics
Commercial Original Equipment$68.4 $58.7 
Military and Other Original Equipment61.9 57.4 
Commercial Aftermarket Products37.9 28.6 
Military Aftermarket Products11.9 12.5 
Total Aerospace & Electronics$180.1 $157.2 
Process Flow Technologies
Process Valves and Related Products$202.9 $182.9 
Commercial Valves30.6 98.2 
Pumps and Systems37.9 30.2 
Total Process Flow Technologies$271.4 $311.3 
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products$223.8 $211.0 
Banknotes and Security Products105.3 121.6 
Total Payment & Merchandising Technologies$329.1 $332.6 
Engineered Materials
FRP - Recreational Vehicles$20.3 $35.7 
FRP - Building Products32.3 27.4 
FRP - Transportation9.7 7.3 
Total Engineered Materials$62.3 $70.4 
Net sales$842.9 $871.5 
Three Months Ended
March 31,
(in millions)20242023
Crane Payment Innovations
Products$176.4 $192.7 
Services32.6 31.1 
Total Crane Payment Innovations$209.0 $223.8 
Crane Currency Products$104.6 $105.3 
Net sales$313.6 $329.1 
14
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Remaining Performance Obligations
The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog.fulfilled. As of March 31, 2023, total backlog was $1,580.52024, our performance obligations were $422.0 million. We expect to recognize approximately 84%83% of our remaining performance obligations as revenue in 2023, an additional 14%2024, 11% in 20242025 and the balance thereafter.
Contract Assets and Contract Liabilities
Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Unaudited Consolidated and Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Consolidated and 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, 2023December 31, 2022
Contract assets$97.0 $88.6 
Contract liabilities$150.4 $142.9 
13
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions)March 31, 2024December 31, 2023
Contract assets$41.7 $30.3 
Contract liabilities$86.3 $92.5 
We recognized revenue of $38.1$27.7 million during the three-month periodthree months ended March 31, 2023,2024, related to contract liabilities as of December 31, 2022.2023.
Note 45 - 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.units that were issued to Crane NXT and SpinCo employees and directors. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.
Three Months Ended
March 31,
(in millions, except per share data)20232022
Net income attributable to common shareholders$105.7 $105.0 
Average basic shares outstanding56.5 57.1 
Effect of dilutive share-based awards0.8 0.8 
Average diluted shares outstanding57.3 57.9 
Earnings per basic share$1.87 $1.84 
Earnings per diluted share$1.84 $1.81 
On April 3, 2023, 56.7 million shares of our common stock, par value $1.00 per share, were distributed to Holdings stockholders of record as of March 23, 2023. This share amount is utilized for the calculation of basic and diluted earnings per share for periods presented prior to the Separation and such shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no Crane NXT stock-based awards outstanding prior to the Separation.

Three Months Ended
March 31,
(in millions, except per share data)20242023
Net income attributable to common shareholders$37.8 $43.7 
Average basic shares outstanding57.056.7 
Effect of dilutive share-based awards0.7 — 
Average diluted shares outstanding57.7 56.7 
Earnings per basic share$0.66 $0.77 
Earnings per diluted share$0.66 $0.77 
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 was 0.4 million andwere 0.3 million for the three months ended March 31, 2023, and 2022, respectively.



2024.
1415
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 56 - Changes in Accumulated Other Comprehensive Loss
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Condensed Consolidated Balance Sheets.
(in millions)Defined Benefit Pension and Postretirement Items Currency Translation Adjustment
 Total a
Balance as of December 31, 2022$(271.9)$(231.4)$(503.3)
Other comprehensive income (loss) before reclassifications— 12.8 12.8 
Amounts reclassified from accumulated other comprehensive loss2.7 — 2.7 
Net period other comprehensive income (loss)2.7 12.8 15.5 
Balance as of March 31, 2023$(269.2)$(218.6)$(487.8)
(in millions)
Pension and Postretirement Benefits (a)
 Currency Translation Adjustment Total
Balance as of December 31, 2023$3.8 $(122.4)$(118.6)
Other comprehensive loss before reclassifications— (26.7)(26.7)
Amounts reclassified from accumulated other comprehensive loss(0.4)— (0.4)
Net period other comprehensive loss(0.4)(26.7)(27.1)
Balance as of March 31, 2024$3.4 $(149.1)$(145.7)
a
(a) Net of tax benefitdetriment of $107.3$1.4 million and $106.6$1.5 million as of March 31, 20232024 and December 31, 2022,2023, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2023,2024, and 2022.2023. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Unaudited Consolidated and Combined Condensed Consolidated Statements of Operations.
Three Months Ended March 31,
(in millions)20232022
Amortization of pension items:
Net loss3.8 4.8 
Amortization of postretirement items:
Prior service costs(0.2)(0.3)
Net gain(0.2)— 
Total before tax$3.4 $4.5 
Tax impact0.7 1.2 
Total reclassifications for the period$2.7 $3.3 

15
Three Months Ended March 31,
(in millions)20242023
Amortization of pension components:
Prior service costs$(0.2)$(0.2)
Net loss0.1 — 
Amortization of postretirement components:
Prior service costs(0.2)(0.3)
Net gain(0.2)(0.1)
Total before tax$(0.5)$(0.6)
Tax impact(0.1)(0.1)
Total reclassifications for the period$(0.4)$(0.5)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 67 - Defined BenefitPension and Postretirement Benefits
For all plans, the components of net periodic benefit for the three months ended March 31, 2023,2024, and 20222023 are as follows:
PensionPostretirement
PensionPensionPostretirement
(in millions)(in millions)2023202220232022(in millions)2024202320242023
Service costService cost$1.3 $1.3 $— $0.1 
Interest costInterest cost9.5 5.2 0.2 0.2 
Expected return on plan assetsExpected return on plan assets(12.2)(13.9)— — 
Amortization of prior service costAmortization of prior service cost— — (0.2)(0.3)
Amortization of prior service cost
Amortization of prior service cost
Amortization of net (gain) lossAmortization of net (gain) loss3.8 4.8 (0.2)— 
Settlement loss1.8 — — — 
Curtailment loss1.1 — — — 
Net periodic loss (benefit)$5.3 $(2.6)$(0.2)$— 
Net periodic expense (benefit)
Net periodic expense (benefit)
Net periodic expense (benefit)

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

We expect to contribute the following to our pension and postretirement plans:
(in millions)PensionPostretirement
Expected contributions in 2023$20.0 $2.3 
Amounts contributed during the three months ended March 31, 2023$0.3 $1.5 
(in millions)PensionPostretirement
Expected contributions in 2024$2.0 $1.3 
Amounts contributed during the three months ended March 31, 2024$0.8 $1.0 
16
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 78 - 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,
20232022
Effective Tax Rate21.0%25.0%

Three Months Ended March 31,
20242023
Effective Tax Rate19.0%20.0%
Our effective tax rate for the three months ended March 31, 20232024 is lower than the prior year’s comparable period primarily due to the greater benefit related to share-baseda higher equity compensation partially offset by higher non-U.S. taxes.deduction.
Our effective tax rate attributable to continuing operations for the three months ended March 31, 20232024 is equal tolower than the statutory U.S. federal tax rate of 21%. primarily due to a higher equity compensation deduction.
The effectiveOrganization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax rateof 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 have adopted Pillar 2 and the impact of this adoption on our business is immaterial.
The Tax Matters Agreement, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the resultSeparation with respect to tax liabilities and benefits (including any taxes imposed that are attributable to the failure of permanent increasesthe Distribution and decreasescertain related transactions to qualify as a transaction that net against eachis 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 offset.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.

Unrecognized Tax Benefits
During the three months endedAs of March 31, 2023, our2024, we had gross unrecognized tax benefits excluding interest and penalties, increased by $0.5of $19.3 million primarily due to increasesincluded in tax positions taken in the current periods, partially offset by reductions as a result of positions taken during prior period. During the three months ended March 31, 2023, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $0.8 million . The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes.

During the three months ended March 31, 2023, we recognized $0.5 million of interest expense related to unrecognized tax benefits“Other liabilities” in our Unaudited Consolidated and Condensed Consolidated Statement of Operations. As of March 31, 2023 and December 31, 2022, the total amount of accrued interest and penalty expense related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $5.3 million and $4.8 million, respectively.

During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $13.4 million due to expiration of statutes of limitations and settlements with tax authorities. However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled.

17
Sheets.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 89 - Goodwill and Intangible Assets
Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2023, we had six reporting units.
Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

Changes to goodwill are as follows:
(in millions)Aerospace & ElectronicsProcess Flow TechnologiesPayment & Merchandising TechnologiesEngineered MaterialsTotal
Balance as of December 31, 2022$202.3 $317.3 $836.6 $171.3 $1,527.5 
Currency translation— 2.2 1.2 — 3.4 
Balance as of March 31, 2023$202.3 $319.5 $837.8 $171.3 $1,530.9 
(in millions)Crane Payment InnovationsCrane CurrencyTotal
Balance as of December 31, 2023$626.7 $214.5 $841.2 
Currency translation(10.6)(0.5)(11.1)
Balance as of March 31, 2024$616.1 $214.0 $830.1 
As of March 31, 2023,2024, we had $406.5$297.0 million of net intangible assets, of which $67.4$45.5 million were intangibles with indefinite useful lives. As of December 31, 2022,2023, we had $416.6$308.9 million of net intangible assets, of which $67.3$45.5 million were intangibles with indefinite useful lives.
Changes to intangible assets are as follows:
(in millions)Three Months Ended
March 31, 2023		Year Ended December 31, 2022
Balance at beginning of period, net of accumulated amortization$416.6 $467.1 
Amortization expense(10.4)(41.7)
Currency translation and other0.3 (8.8)
Balance at end of period, net of accumulated amortization$406.5 $416.6 


(in millions)Three Months Ended March 31, 2024Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization$308.9 $344.9 
Amortization expense(8.9)(35.9)
Currency translation and other(3.0)(0.1)
Balance at end of period, net of accumulated amortization$297.0 $308.9 
1817
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A summary of intangible assets are as follows:
March 31, 2023December 31, 2022
March 31, 2024March 31, 2024December 31, 2023
(in millions)(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net(in millions)Weighted Average
Amortization Period of Finite Lived Assets
(in years)		Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rightsIntellectual property rights15.1$132.4 $59.5 $72.9 $132.1 $59.1 $73.0 
Customer relationships and backlogCustomer relationships and backlog18.4636.2 338.3 297.9 635.5 329.8 305.7 
Drawings40.011.1 10.7 0.4 11.1 10.7 0.4 
OtherOther11.7141.8 106.5 35.3 141.3 103.8 37.5 
TotalTotal18.0$921.5 $515.0 $406.5 $920.0 $503.4 $416.6 
Future amortization expense associated with intangible assets is expected to be:
(in millions)(in millions)
Remainder of 2023$31.4 
202441.1 
Remainder of 2024
Remainder of 2024
Remainder of 2024
2025202535.7 
2026202635.5 
2027202734.9 
2028 and after160.5 
2028
2029 and after
Note 910 - Accrued Liabilities
Accrued liabilities consist of: 
(in millions)(in millions)March 31,
2023		December 31,
2022		(in millions)March 31,
2024		December 31,
2023
Contract liabilities
Employee related expensesEmployee related expenses$86.3 $156.6 
Current lease liabilities
Accrued interest
WarrantyWarranty8.7 7.4 
Current lease liabilities16.2 19.0 
Contract liabilities150.4 142.9 
OtherOther134.3 138.3 
TotalTotal$395.9 $464.2 


19
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1011 - Commitments and Contingencies
Environmental Matters

For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of March 31, 2023 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below. On June 21, 2021, we completed the sale of substantially all of the property associated with what we have historically called the Goodyear Site for $8.7 million, retaining only a small parcel on which our remediation and treatment systems are located. We will continue to be responsible for all remediation costs associated with the Goodyear Site.

On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into the a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”). Pursuant to the terms of the Redco Purchase Agreement, Crane Company and Redco Buyer will each indemnify the other for breaches of representations and warranties, breaches of covenants and obligations and certain liabilities, subject to the terms of the Redco Purchase Agreement. Such covenants and obligations include obligations of Crane Company to indemnify Redco and its affiliates for all other historical liabilities of Redco, which include certain potential environmental liabilities. Crane Holdings, Co. guaranteed the full payment and performance of Crane Company’s indemnification obligations under the Redco Purchase Agreement. On April 3, 2023, Crane Holdings, Co. completed the Separation, pursuant to which, among other things, all outstanding shares of Crane Company were distributed to Crane Holdings, Co.’s stockholders. Upon completion of the Separation, pursuant to the terms of the Redco Purchase Agreement, Crane Holdings, Co was released from its guarantee of Crane Company’s indemnification obligations under the Redco Purchase Agreement. Prior to the effective date of the Redco Sale, the U.S. Department of Justice agreed that Crane Holdings, Co. and, following completion of the Separation, Crane Company will be primarily liable for the Goodyear Site. The New Jersey Department of Environmental Protection agreed to transfer the liability of the Roseland Site to Crane Holdings, Co., and to further transfer this environmental liability to Crane Company upon effectiveness of the Separation. The potential liability for the Crab Orchard Site referenced below remains a direct obligation of Redco. As noted above, however, Crane Company, and Crane Holdings, Co. (as guarantor until the completion of the Separation), agreed to indemnify Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities.Thus, references below to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to the Redco Buyer on the Crab Orchard Site.

Goodyear Site
The Goodyear Site was operated by Unidynamics/Phoenix, Inc. (“UPI”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired UPI’s parent company, UniDynamics Corporation. UPI was an indirect subsidiary of Crane Holdings, Co. pre-Separation and became an indirect subsidiary of Crane Company following completion of the Separation. UPI manufactured explosive and pyrotechnic compounds, including components for critical military programs, for the U.S. Government at the Goodyear Site from 1962 to 1993, under contracts with the U.S. Department of Defense and other government agencies and certain of their prime contractors. In 1990, the U.S. Environmental Protection Agency (“EPA”) issued administrative orders requiring UPI to design and conduct certain remedial actions, which UPI has done. Groundwater extraction and treatment systems have been in operation at the Goodyear Site since 1994. On July 26, 2006, we entered a consent decree with the EPA with respect to the Goodyear Site providing for, among other things, a work plan for further investigation and remediation activities (inclusive of a supplemental remediation investigation and feasibility study). During the third quarter of 2014, the EPA issued a Record of Decision (“ROD”) amendment permitting, among other things, additional source area remediation resulting in us recording a charge of $49.0 million, extending the accrued costs through 2022. Following the 2014 ROD amendment, we continued our remediation activities and explored an alternative strategy to accelerate remediation of the site. During the fourth quarter of 2019, we received conceptual agreement from the EPA on our alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, in 2019, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan.  The total estimated gross liability was $23.7 million and $24.8 million as of March 31, 2023 and December 31, 2022, respectively and as described below, a portion is reimbursable by the U.S. Government. The current portion of the total estimated liability was $7.8 million and $7.7 million as of March 31, 2023 and December 31, 2022, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period. It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular,
20
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years.

On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. As of March 31, 2023 and December 31, 2022, we recorded a receivable of $4.7 million and $4.8 million, respectively, for the expected reimbursements from the U.S. Government in respect of the aggregate liability as at that date. The receivable is reduced as reimbursements and other payments from the U.S. Government are received.
Other Environmental Matters
Roseland, NJ Site
The Roseland Site was operated by Resistoflex Corporation (“Resistoflex”), which became an indirect subsidiary in 1985 when Crane Co. (n/k/a Redco) acquired Resistoflex’s parent company, UniDynamics Corporation. Resistoflex manufactured specialty lined pipe and fittings at the site from the 1950s until it was closed in the mid-1980s. We undertook an extensive soil remediation effort at the Roseland Site following our closure and had been monitoring the Site’s condition in the years that followed. In response to changes in remediation standards, in 2014 we began to conduct further site characterization and delineation studies at the Site. We are in the late stages of our remediation activities at the Site, which include a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, all in accordance with the New Jersey Department of Environmental Protection guidelines and directives.

Marion, IL Site
Crane Co. (n/k/a Redco) has been identified as a potentially responsible party (“PRP”) with respect to environmental contamination at the Crab Orchard National Wildlife Refuge Superfund Site (the “Crab Orchard Site”). The Crab Orchard Site is located near Marion, Illinois, and consists of approximately 55,000 acres. Beginning in 1941, the United States used the Crab Orchard Site for the production of ordnance and other related products for use in World War II. In 1947, about half of the Crab Orchard Site was leased to a variety of industrial tenants whose activities (which continue to this day) included manufacturing ordnance and explosives. Unidynamics Corporation formerly leased portions of the Crab Orchard Site and conducted manufacturing operations at the Crab Orchard Site from 1952 until 1964. General Dynamics Ordnance and Tactical Systems, Inc. (“GD-OTS”) is in the process of conducting a remedial investigation and feasibility study (“RI-FS”) for a portion of the Crab Orchard Site (the “AUS-OU”), which includes an area where we maintained operations, pursuant to an Administrative Order on Consent (the “AOC”). A remedial investigation report was approved in February 2015, and work on the feasibility study is underway. It is unclear when the final feasibility study will be completed, or when a final Record of Decision (“ROD”) may be issued.As noted above, we have agreed to indemnify Redco Buyer against the Crab Orchard environmental liabilities, and accordingly we act as Redco’s agent with respect to such liabilities.

GD-OTS asked Crane Co. (n/k/a Redco) to participate in a voluntary, multi-party mediation exercise with respect to response costs that GD-OTS has incurred or will incur with respect to the AUS-OU, and Crane Co. (n/k/a Redco), the U.S. Government, and other PRPs entered into a non-binding mediation agreement in 2015. We have stepped into Redco’s position as a participant in the mediation.The first phase of the mediation, involving certain former munitions or ordnance storage areas, began in November 2017, but did not result in a multi-party settlement agreement. Subsequently, Redco entered discussions directly with GD-OTS and reached an agreement, as of July 13, 2021, to contribute toward GD-OTS’s past RI-FS costs associated with the first-phase areas for an immaterial amount. We, as indemnitor, have also agreed to pay a modest percentage of future RI-FS costs and the United States’ claimed past response costs relative to the first-phase areas, a sum that has proven to be and we expect to continue to be, in the aggregate, an immaterial amount. We understand that GD-OTS has also reached agreements with the U.S. Government and the other participating PRPs related to the first-phase areas of concern.

Negotiations between GD-OTS, the U.S. Government and remaining participants are underway with respect to resolution of the U.S. Government’s liability for, and contribution claims with respect to, RI/FS costs associated with the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities.The participants have reached agreement in principle on a framework for resolving the U.S. Government’s share of RI/FS costs, subject to consummation of a mutually-agreeable consent decree, but we at present cannot predict whetheror whenthese negotiations will result in a definitive agreement. Further, negotiations are ongoing between us and GD-OTS
21
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
regarding a potential resolution of GD-OTS’ claim for costs that it has incurred in performing its obligations under the AOC. We at present cannot predict when any determination of the ultimate allocable shares of GD-OTS and U.S. Government response costs for which we may be liable is likely to be completed. None of these discussions address responsibility for the performance of, or payment of costs incurred in connection with, any remedial design or remedial action that may be required pursuant to the ROD (when it is ultimately issued). It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made. Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing coverage, subject to reservations of rights.

Asbestos Liability
As a result of the Redco Sale, all asbestos obligations and liabilities, related insurance assets and associated deferred tax assets of Redco were removed from the Company’s condensed consolidated balance sheets effective August 12, 2022 and the Company no longer has any obligation with respect to pending and future asbestos claims.
The gross settlement and defense costs incurred for the periods presented was as follows:
Three Months Ended
March 31,
 (in millions)20232022
Settlement / indemnity costs incurred$— $10.5 
Defense costs incurred— 2.5 
Total costs incurred$— $13.0 
The total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the periods presented was as follows:
Three Months Ended
March 31,
 (in millions)20232022
Settlement / indemnity payments$— $9.6 
Defense payments— 2.1 
Insurance receipts— (4.2)
Pre-tax cash payments, net$— $7.5 

Other Proceedings
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 of the 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, 2023,2024, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.
2218
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On April 3, 2023, Crane NXT and SpinCo entered into a Tax Matters Agreement which, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits. The agreement specifies the allocation of tax liabilities between us and SpinCo, and we and SpinCo agreed to indemnify each other for any amounts for which they are not responsible. As of March 31, 2024, there were no amounts owing to SpinCo pursuant to this agreement. The Tax Matters Agreement also specifies allocation of tax liabilities in the event that the Distribution is determined not to be tax-free. We believe that as of March 31, 2024, there was no reasonable possibility that such a tax liability will be incurred in connection with the Distribution.

Note 1112 - Financing
Our debt consisted of the following:
(in millions)March 31,
2023		December 31,
2022
4.45% notes due December 2023 a
$299.8 $299.7 
Term Facility8.7 — 
364-Day Credit Agreement
— 399.6 
Total short-term borrowings$308.5 $699.3 
Term Facility a
$339.3 $— 
6.55% notes due November 2036 a
198.6 198.6 
4.20% notes due March 2048 a
346.5 346.5 
Other deferred financing costs associated with credit facilities(3.7)(1.4)
Total long-term debt$880.7 $543.7 
(a) Debt discounts and debt issuance costs totaled $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.

(in millions)March 31,
2024		December 31,
2023
Term Facility$5.2 $4.6 
Revolving Facility25.0 — 
Total short-term borrowings (a)
$30.2 $4.6 
Term Facility$97.4 $98.5 
6.55% notes due November 2036198.6 198.6 
4.20% notes due March 2048346.6 346.6 
Other deferred financing costs associated with credit facilities(3.0)(3.4)
Total long-term debt (a)
$639.6 $640.3 
(a) Debt discounts and debt issuance costs totaled $9.5 million and $10.1 million as of March 31, 2024, and December 31, 2023, 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 – FacilitiOn March 17, 2023, the Company entered intoes - We are party to a new senior secured credit agreement (the “Credit Agreement”), entered into on March 17, 2023, which provides for (i) a $500 million, 5-yearfive-year revolving credit facility (the “Revolving Facility”) and (ii) a $350 million, 3-yearthree-year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type. On In the three months ended March 31, 2023, the Company borrowed the full amount of the Term2024, we drew down $30.0 million and repaid $5.0 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. Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs. Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum equal to (1) adjusted term SOFRSecured 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 based onby the lower of thecorporate family credit ratings of our senior, unsecured long-term debtissued 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.

The $650 million revolving credit facility and commercial paper program disclosed below were replaced by commitments under the new $500 million, 5-year Revolving Credit Agreement, with funding available upon Separation, subject to customary conditions precedent for facilities of this type. The commercial paper program will no longer be available upon Separation.

364-Day Credit Agreement- On August 11, 2022, the Company entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”) under which it borrowed term loans denominated in U.S. dollars (the “Term Loans”) in an aggregate principal amount of $400 million. Interest on the Term Loans accrued at a rate per annum equal to, at the Company’s option, (a) a base rate (determined in a customary manner), plus a margin of 0.25% or 0.50% that was determined based upon the ratings by S&P and Moody’s of the Company’s senior unsecured long-term debt (the “Index Debt Rating”) or (b) an adjusted Term SOFR (determined in a customary manner) for an interest period to be selected by the Company, plus a margin of 1.25% or 1.50% that was determined based upon the Index Debt Rating. During the first quarter of 2023, the Company repaid the remaining principal of $400 million under the 364-Day Credit Agreement.
2319
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Commercial paper program - On July 28, 2021, we increased the size of the commercial paper program (“CP Program”) to permit the issuance of short-term, unsecured commercial paper notes in an aggregate principal amount not to exceed $650 million at any time outstanding. Prior to this increase, the CP Program permitted us to issue commercial paper notes in an aggregate principal amount not to exceed $550 million at any time outstanding. The notes ranked at least pari passu with all of our other unsecured and unsubordinated indebtedness. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the commercial paper program.
Revolving Credit Facility - On July 28, 2021, we entered into a $650 million, 5-year Revolving Credit Agreement (the “2021 Facility”). The 2021 Facility allowed us to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. Interest on loans made under the 2021 Facility accrued, at our option, at a rate per annum equal to (1) a base rate, plus a margin ranging from 0.00% to 0.50% depending upon the ratings by S&P and Moody’s of our senior unsecured long-term debt (the "Index Debt Rating"), or (2) an adjusted LIBO rate or the applicable replacement rate (determined based on “hardwired” LIBOR transition provisions consistent with those published by the Alternative References Rates Committee) for an interest period to be selected by us, plus a margin ranging from 0.805% to 1.50% depending upon the Index Debt Rating. The 2021 Facility contained customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and hedging arrangements. We also were required to maintain a debt to capitalization ratio not to exceed 0.65 to 1.00 at all times. The 2021 Facility also provided for 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 of us. As of March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the 2021 Facility.
Note 1213 - Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The standards describe three levels of inputs that may be used to measure fair value:
Level 1: Quoted prices in active markets for identical or similar assets and liabilities.
Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Valuation Technique
The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding.
24
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We are exposed to certain risks related to our ongoing business operations, includingAs a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The modification of the performance-based restricted share units resulted in a liability recorded upon Separation for awards that will be settled in SpinCo’s shares. The amount of the liability is measured at fair value using level 1 inputs such as the quoted market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manageprice of the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Foreign exchange contracts not designated as hedging instruments had a notionalunderlying company’s stock. The fair value of $4.9the liability was $1.0 million and $89.7$1.9 million as of March 31, 20232024, and December 31, 2022,2023, respectively. Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates. Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy. Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $0.1 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively. Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and there were no derivative liabilities as of March 31, 2023 and December 31, 2022, respectively.
Available-for-sale securities consist of rabbi trust investments that hold marketable securities for the benefit of participants in our Supplemental Executive Retirement Plan. These investments are measured at fair value using quoted market prices in an active market and are therefore classified within Level 1 of the valuation hierarchy. The fair value of available-for-sale securities was $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on our Condensed Consolidated Balance Sheets.
Long-term debt rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of total debt,notes due, measured using Level 2 inputs, was $779.0$454.4 million and $753.1$469.5 million as of March 31, 20232024, and December 31, 2022,2023, respectively.
25
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1314 - Restructuring
Overview2024 Restructuring - In the first quarter of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $2.7 million of severance charges during the three months ended March 31, 2024. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the restructuring program in 2025.
2022 RepositioningRestructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 300 employees, or about 3% of our global workforce. We expect to complete the program in the first quarterCPI, incurring $6.7 million of 2024.
2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. We expect to complete the program in the fourth quarter of 2023.
The following table summarizes the cumulative restructuring costs,charges, net incurred through March 31, 2023. As2024, of March 31, 2023, wewhich $5.8 million related to severance and $0.9 million related to other costs. We do not expect to incur additional facility consolidation costs to complete these actions. We expect to substantially complete the program in 2024 in the U.S., with foreign jurisdictions extending through 2026.
Cumulative Restructuring Costs, Net
(in millions)SeveranceOtherTotal
Aerospace & Electronics$1.5 $— $1.5 
Process Flow Technologies6.3 — 6.3 
Payment & Merchandising Technologies5.7 0.5 6.2 
Engineered Materials0.4 — 0.4 
2022 Repositioning$13.9 $0.5 $14.4 
Process Flow Technologies$14.9 $(2.8)$12.1 
2019 Repositioning$14.9 $(2.8)$12.1 

Restructuring Liability
20
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
The following table summarizes the accrual balances related to eachthese restructuring charges by program:
(in millions)(in millions)2022 Repositioning2019 RepositioningTotal
(in millions)
(in millions)2024 Restructuring2022 RestructuringTotal
Severance:Severance:
Balance as of December 31, 2022 (a)
$14.2 $2.4 $16.6 
Balance as of December 31, 2023 (a)
Balance as of December 31, 2023 (a)
Balance as of December 31, 2023 (a)
Expense (b)
UtilizationUtilization(4.1)(1.0)(5.1)
Balance as of March 31, 2023 (a)
$10.1 $1.4 $11.5 
Utilization
Utilization
Balance as of March 31, 2024 (a)
(a)Included within Accrued Liabilities“Accrued Liabilities” in the Unaudited Consolidated and Condensed Consolidated Balance Sheets.
(b)Included within “Restructuring charges, net” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
Note 15 - Subsequent Events
On May 3, 2024, we acquired the OpSec Security business (“OpSec”), for a base purchase price of $270 million on a cash-free and debt-free basis, subject to a later adjustment reflecting OpSec’s net working capital, cash, the assumption of certain debt-like items, and OpSec's transaction expenses. We utilized $210 million from our Revolving Facility and cash on hand to fund the acquisition. Transaction costs incurred for the quarter ended March 31, 2024 were $3.9 million.

OpSec is a global leader in brand protection and authentication solutions, serving the world’s most recognized brands, as well as government agencies and financial institutions.

The Company is in process of determining the purchase price allocation and therefore the related disclosure is not practicable, due to the timing of the acquisition.

26
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 14- Subsequent Event
Dividend from Crane Company

Prior to the consummation of the Separation, the Board of Directors of Crane Company declared a one-time cash dividend in the amount of $275 million to Crane Holdings, Co., its sole stockholder at that time, and paid such dividend on April 3, 2023, prior to the consummation of the Separation.

The Separation and Distribution

On April 3, 2023, the Separation was completed. In connection with the Separation, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation.

4.45% Senior Notes due 2023

On April 4, 2023, the Company redeemed all of its outstanding 4.45% senior notes due 2023, of which $300 million aggregate principal amount was outstanding upon redemption.



2721
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 Quarterly Report on Form 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations contains information about Crane Holdings, Co. (which was renamed to Crane NXT, Co. effective as of immediately following the consummation of the Separation on April 3, 2023), 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. Youcondition. 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,” “our,” “Crane Holdings, Co.”“us” and the “Company”“our” refer to Crane NXT, Co. and our subsidiaries. Prior to April 3, 2023,its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” Accordingly, weunless the context implies otherwise. References to the “Business” refer to our business, including prior to the Separation (as defined below) when it was a business of Crane Holdings, Co. References herein to “Holdings” refer to Crane NXT, Co.as “Crane Holdings, Co.” in certain disclosures that are as of dates or related to periods ended 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. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed “Crane NXT, Co.” on April 3, 2023. Following the consummation of the Separation, our common stock is listed under the symbol “CXT” on the New York Stock Exchange.
References to “core business” or “core"core sales” in this report include sales from acquired businesses starting from and after the first anniversary of the acquisition but exclude currency effects.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 youinvestors 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 including risks and uncertainties related to the ongoing effects of the COVID-19 pandemic, 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: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operations and stock price; the effects of the ongoing coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain;fluctuations; demand for ourits products, which is variable and subject to factors beyond ourits control; governmental regulations and failure to comply with those regulations; fluctuationsfluctuation in the prices of, ouror disruption in its ability to source, components and raw materials;materials, and delays in the distribution of its products; 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; risks associated with conducting a substantial portion of its business outside the U.S.; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow ourits business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the United States; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions;the Company acquires; governmental regulations and failure to comply with those regulations; 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; the ability to protect its intellectual property; significant competition in the Company's markets; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows;exposures; inadequate or ineffective internal controls; specificand risks relatingrelated to our reportable segments,the Separation, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials (as a resultnot obtaining the intended tax treatment of the Separation Crane Holdings, Co. retained its Payment & Merchandising Technologies segment and spun-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane Holdings, Co.’s stockholders); the ability and willingnesstransaction, failure of Crane NXT, Co. and Crane Company to meet and/perform under the various transaction agreements and actual or perform their obligations under any contractual arrangements entered into among the parties in connectionpotential conflicts of interest with the Separation and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; our ability to achieve some or all the benefits that we expect to achieve from the Separation;Crane Company; and other risks noted in reports that we file with the Securities and Exchange Commission,Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2022,2023, and subsequent reports and other documents filed by us with the Securities and Exchange Commission, including any registration statement relating to our business separation.Commission. We do not undertake any obligation to update or revise any forward-looking statements to reflect any future events or circumstances.



2822
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Recent Transactions
SeparationCredit Facilities
We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for (i) a $500 million, five-year revolving credit facility (the “Revolving Facility”) and (ii) a $350 million, 3-year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type.
As of March 31, 2024, we drew down $25.0 million on our Revolving Facility.
2024 Restructuring
In the first quarter of 2024, in response to challenging industry conditions, we initiated workforce reductions in Crane Payment Innovations (“CPI”), incurring $2.7 million of severance charges during the three months ended March 31, 2024. We expect to substantially complete these restructuring actions in 2025.
Acquisition
On AprilMay 3, 2023, Crane Holdings, Co.2024, we acquired the OpSec Security business (“OpSec”), was separated into two independent, publicly-traded companiesfor a base purchase price of $270 million on a cash-free and debt-free basis, subject to a later adjustment reflecting OpSec’s net working capital, cash, the assumption of certain debt-like items, and OpSec's transaction expenses. We utilized $210 million from our Revolving Facility and cash on hand to fund the acquisition. Transaction costs incurred for the quarter ended March 31, 2024 were $3.9 million.
OpSec is a global leader in a transaction inbrand protection and authentication solutions, serving the world’s most recognized brands, as well as government agencies and financial institutions.
2024 Segment Update
In connection with our acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which Crane Holdings, Co. retained its Payment & Merchandising Technologies segment and spun-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane Holdings, Co. stockholders. Upon consummationwill consist of the Separation, eachCrane Currency business and the acquired OpSec business. Our CPI segment will remain unchanged. This updated structure is consistent with how the Chief Operating Decision Maker will allocate resources and assess performance, and better aligns with our mission to secure, detect and authenticate our customers’ most valuable assets. The updated segment presentation will be effective in the second quarter of our stockholders received one share2024 and has no effect on the first quarter’s financial results presented herein.
Basis of Crane Company common stockPresentation
See Note 1, “Organization and Basis of Presentation” for every one share of our common stock heldmore details on March 23, 2023, the record datefinancial statement presentation basis and Note 2, “Related Parties” for the distribution.

expense allocation methodologies on carve-out financial information.
2923
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 condensed consolidated financial statementsUnaudited Consolidated and Combined Condensed Financial Statements and related notes. All comparisons below refer to the first quarter 2023three months of 2024 versus the first quarter 2022,three months of 2023, unless otherwise specified.
First QuarterFavorable/(Unfavorable) Change
Three Months Ended March 31,Three Months Ended March 31,Favorable/(Unfavorable) Change
(dollars in millions)(dollars in millions)20232022$%(dollars in millions)20242023$%
Net salesNet sales$842.9 $871.5 $(28.6)(3.3)%Net sales$313.6 $$329.1 $$(15.5)(4.7)(4.7)%
Cost of salesCost of sales481.3 526.2 44.9 8.5 %
Cost of sales
Cost of sales$161.2 $174.4 $13.2 7.6 %
as a percentage of salesas a percentage of sales57.1 %60.4 %
Selling, general and administrativeSelling, general and administrative209.4 198.3 (11.1)(5.6)%
Selling, general and administrative
Selling, general and administrative$94.3 $88.8 $(5.5)(6.2)%
as a percentage of salesas a percentage of sales24.8 %22.8 %
Restructuring charges, net
Restructuring charges, net
Restructuring charges, net$2.7 $— $(2.7)NM
Operating profitOperating profit$55.4 $65.9 $(10.5)(15.9)%
Operating profit152.2 147.0 5.2 3.5 %
Operating marginOperating margin18.1 %16.9 %
Operating margin
Operating margin
Other income (expense):
Other income (expense):
Other income (expense):Other income (expense):
Interest incomeInterest income1.0 0.3 0.7 233.3 %
Interest income
Interest income0.6 0.2 0.4 200.0 %
Interest expenseInterest expense(17.0)(11.1)(5.9)(53.2)%Interest expense(9.9)(10.4)(10.4)0.5 0.5 4.8 4.8 %
Miscellaneous (expense) income, net(2.4)3.5 (5.9)(168.6)%
Total other expense(18.4)(7.3)(11.1)152.1 %
Related party interest expenseRelated party interest expense— (2.5)2.5 NM
Miscellaneous income, netMiscellaneous income, net0.6 1.4 (0.8)(57.1)%
Total other expense, netTotal other expense, net(8.7)(11.3)2.6 23.0 %
Income before income taxesIncome before income taxes133.8 139.7 (5.9)(4.2)%Income before income taxes46.7 54.6 54.6 (7.9)(7.9)(14.5)(14.5)%
Provision for income taxesProvision for income taxes28.1 34.7 6.6 19.0 %Provision for income taxes8.9 10.9 10.9 2.0 2.0 18.3 18.3 %
Net income attributable to common shareholdersNet income attributable to common shareholders$105.7 $105.0 $0.7 0.7 %
Net income attributable to common shareholders
Net income attributable to common shareholders$37.8 $43.7 $(5.9)(13.5)%
Sales decreased by $28.6$15.5 million, or 3.3%4.7%, to $842.9$313.6 million in 2023.2024. The year-over-year change in sales included:
•an increasea decrease in core sales of $54.2$13.9 million, or 6.2%4.2%, which was driven primarily by higher pricing;lower volumes at Crane Payment Innovations (“CPI”), and
•unfavorable foreign currency translation of $21.0$1.6 million, or 2.4%; and
•a decrease in sales related to the May 2022 divestiture of Crane Supply of $61.7 million, or 7.1%0.5%.
Cost of sales decreased by $44.9$13.2 million, or 8.5%7.6%, to $481.3$161.2 million in 2023.2024. The decrease iswas driven primarily related to the impact of the sale of Crane Supply of $46.0 million, or 8.7%, strongby productivity gains net of $17.2 million, or 3.3%, favorable foreign currency translation of $12.0 million, or 2.3%,inflation, lower manufacturing costs, and the impact of lower sales volumes, of $9.6 million, or 1.8%, partially offset by unfavorable mix of $23.9 million, or 4.5%, and an increase in material, labor and other manufacturing costs of $17.6 million, or 3.3%.mix.
Selling, general and administrative expenses increased by $11.1$5.5 million, or 5.6%6.2%, to $209.4$94.3 million in 20232024. The increase was driven primarily related to a $19.9 million, or 10.0%, increase in administrative expenses,by professional services, including higher transaction related expenses of $11.7$2.3 million, or 5.9%2.6%.
Operating profit decreased by $10.5 million, or 15.9%, to $55.4 million in 2024. The decrease was primarily driven by CPI lower volumes and unfavorable mix, partially offset by the impact of the sale of Crane Supply of $6.0 million, or 3.0%, and favorable foreign currency translation of $4.0 million, or 2.0%.
Operating profit increased by $5.2 million, or 3.5%, to $152.2 million in 2023. The increase primarily reflected higher pricing net of inflation and productivity of $43.9 million, or 29.9%, partially offset by unfavorable mix of $23.9 million, or 16.3%, the impact of the sale of Crane Supply of $9.7 million, or 6.6%, and unfavorable foreign currency translation of $5.1 million, or 3.5%.gains.
Our effective tax rate for the three months ended March 31, 20232024 is lower than the prior year’s comparable period primarily due to a greater benefit related to share-based compensation.

Our effective tax rate for the three months ended March 31, 2023 is equal to the statutory U.S. federal tax rate of 21%. The effective tax rate is the result of permanent increases and decreases that net against each other and offset.

higher equity compensation deduction.

30
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Comprehensive Income
Three Months Ended
March 31,
(in millions)20232022
Net income before allocation to noncontrolling interests$105.7 $105.0 
Components of other comprehensive income (loss), net of tax
Currency translation adjustment12.7 (21.6)
Changes in pension and postretirement plan assets and benefit obligation, net of tax2.7 3.3 
Other comprehensive income (loss), net of tax15.4 (18.3)
Comprehensive income before allocation to noncontrolling interests121.1 86.7 
Less: Noncontrolling interests in comprehensive income(0.1)0.1 
Comprehensive income attributable to common shareholders$121.2 $86.6 
For the three months ended March 31, 2023, comprehensive income before allocation to noncontrolling interests was $121.1 million compared to $86.7 million in the same period of 2022. The $34.4 million increase was primarily driven by a $34.3 million year-over-year favorable impact of foreign currency translation, primarily related to the British pound and euro.
3124
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment Results of Operations - Three Month Periods Ended March 31,
Aerospace & ElectronicsCrane Payment Innovations
 First QuarterFavorable/(Unfavorable) Change
(dollars in millions)20232022$%
Net sales by product line:
Commercial Original Equipment$68.4 $58.7 $9.7 16.5 %
Military Original Equipment61.9 57.4 4.5 7.8 %
Commercial Aftermarket Products37.9 28.6 9.3 32.5 %
Military Aftermarket Products11.9 12.5 (0.6)(4.8)%
Total net sales$180.1 $157.2 $22.9 14.6 %
Cost of sales$111.0 $97.4 $(13.6)(14.0)%
as a percentage of sales61.6 %62.0 %
Selling, general and administrative$31.4 $31.7 $0.3 0.9 %
as a percentage of sales17.4 %20.2 %
Operating profit$37.7 $28.1 $9.6 34.2 %
Operating margin20.9 %17.9 %
Supplemental Data:
Backlog$644.8 $508.4 $136.4 26.8 %
Sales increased $22.9 million, or 14.6%, to $180.1 million in 2023, primarily due to higher volumes and strong pricing.
•Sales of Commercial Original Equipment increased $9.7 million, or 16.5%, to $68.4 million in 2023, reflecting strong demand from aircraft manufacturers as the industry aircraft build rates continue to recover from the COVID-19 related slowdown, partially offset by material availability constraints.
•Sales of Military Original Equipment increased $4.5 million, or 7.8%, to $61.9 million in 2023, primarily reflecting strong demand from defense and space customers.
•Sales of Commercial Aftermarket Products increased $9.3 million, or 32.5%, to $37.9 million in 2023, reflecting continued strong demand from the airlines due to improving air traffic.
•Sales of Military Aftermarket Products decreased $0.6 million, or 4.8%, to $11.9 million in 2023, primarily reflecting timing of government orders for certain programs.
Cost of sales increased by $13.6 million, or 14.0%, to $111.0 million in 2023, primarily reflecting an unfavorable mix of $9.7 million, or 10.0%, increased volumes of $5.7 million, or 5.9%, partially offset by $3.1 million, or 3.2%, of productivity gains.
Operating profit increased by $9.6 million, or 34.2%, to $37.7 million in 2023. The increase primarily reflected higher pricing net of inflation and productivity of $12.0 million, or 42.7%, coupled with the impact from higher volumes of $6.2 million, or 22%, partially offset by an unfavorable mix of $9.7 million, or 34.5%.


32
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Process Flow Technologies
First QuarterFavorable/(Unfavorable) Change
Three Months Ended March 31,Three Months Ended March 31,Favorable/(Unfavorable) Change
(dollars in millions)(dollars in millions)20232022$%(dollars in millions)20242023$%
Net sales by product line:Net sales by product line:
Process Valves and Related Products$202.9 $182.9 $20.0 10.9 %
Commercial Valves30.6 98.2 (67.6)(68.8)%
Pumps and Systems37.9 30.2 7.7 25.5 %
Payment Acceptance and Dispensing Products
Payment Acceptance and Dispensing Products
Payment Acceptance and Dispensing Products$176.4 $192.7 $(16.3)(8.5)%
ServicesServices32.6 31.1 1.5 4.8 %
Total net salesTotal net sales$271.4 $311.3 $(39.9)(12.8)%Total net sales$209.0 $$223.8 $$(14.8)(6.6)(6.6)%
Cost of salesCost of sales$150.1 $196.8 $46.7 23.7 %Cost of sales$104.8 $$107.4 $$2.6 2.4 2.4 %
as a percentage of salesas a percentage of sales55.3 %63.2 %
Selling, general and administrativeSelling, general and administrative$58.0 $65.5 $7.5 11.5 %
Selling, general and administrative
Selling, general and administrative$48.8 $54.6 $5.8 10.6 %
as a percentage of salesas a percentage of sales21.4 %21.0 %
Restructuring charges, net
Restructuring charges, net
Restructuring charges, net$2.7 $— $(2.7)NM
Operating profitOperating profit$63.3 $49.0 $14.3 29.2 %Operating profit$52.7 $$61.8 $$(9.1)(14.7)(14.7)%
Operating marginOperating margin23.3 %15.7 %
Supplemental Data:
Backlog$363.0 $372.4 $(9.4)(2.5)%
Operating margin
Operating margin
Sales decreased by $39.9$14.8 million, or 12.8%6.6%, to $271.4$209.0 million in 2023,2024, driven by a $61.7lower core sales of $12.6 million, or 19.8%, impact from the sale of Crane Supply and $8.3 million, or 2.7%, of unfavorable foreign currency translation, partially offset by core sales growth of $30.2 million, or 9.7%. Core sales growth was driven by higher pricing and volumes.
•Sales of Process Valves and Related Products increased by $20.0 million, or 10.9%, to $202.9 million in 2023, reflecting an increase in core sales, partially offset by unfavorable foreign currency translation as the euro weakened against the U.S. dollar. Sales growth was driven primarily by strength in the Chemical vertical.
•Sales of Commercial Valves decreased by $67.6 million, or 68.8%, to $30.6 million in 2023, primarily driven by the impact of the divestiture of Crane Supply of $61.7 million, or 62.8%5.6%, and to a lesser extent, unfavorable foreign currency translation as the British pound weakened against the U.S. dollar.
•Sales of Pumps & Systems increased by $7.7 million, or 25.5%, to $37.9 million in 2023, reflecting an increase in core sales primarily driven by higher volumes across all key end markets.
Cost of sales decreased by $46.7 million, or 23.7%, to $150.1 million, primarily related to the impact of the sale of Crane Supply of $46.0 million, or 23.4%, productivity gains of $4.9 million, or 2.5%, and favorable foreign currency translation of $4.6 million, or 2.3%, partially offset by increased material, labor and other manufacturing costs and of $5.4 million, or 2.7%, and the impact of the higher volumes of $4.0 million, or 2.0%.
Selling, general and administrative expense decreased by $7.5 million, or 11.5%, to $58.0 million primarily related to the impact of the sale of Crane Supply of $6.0 million, or 9.2%, and favorable foreign currency translation of $1.8 million, or 2.7%.
Operating profit increased by $14.3 million, or 29.2%, to $63.3 million in 2023. The increase is primarily due to higher pricing net of inflation and productivity of $18.6 million, or 38%, the impact of higher volumes of $6.2 million, or 12.7%, partially offset by the impact from the sale of Crane Supply of $9.7 million, or 19.8%.

33
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Payment & Merchandising Technologies
First QuarterFavorable/(Unfavorable) Change
(dollars in millions)20232022$%
Net sales by product line:
Payment Acceptance and Dispensing Products$223.8 $211.0 $12.8 6.1 %
Banknotes and Security Products105.3 121.6 (16.3)(13.4)%
Total net sales$329.1 $332.6 $(3.5)(1.1)%
Cost of sales$174.4 $179.1 $4.7 2.6 %
as a percentage of sales53.0 %53.8 %
Selling, general and administrative$75.3 $69.3 $(6.0)(8.7)%
as a percentage of sales22.9 %20.8 %
Operating profit$79.4 $84.2 $(4.8)(5.7)%
Operating margin24.1 %25.3 %
Supplemental Data:
Backlog$556.0 $429.0 $127.0 29.6 %
Sales decreased $3.5 million, or 1.1%, to $329.1 million in 2023, driven by unfavorable foreign currency translation of $12.4$2.2 million, or 3.7%, partially offset by higher core sales of $8.9 million, or 2.7%1.0%. The higher core sales reflected higher pricing, largely offset by lower volumes.
•Sales of Payment Acceptance and Dispensing Products increased $12.8decreased $16.3 million, or 6.1%8.5%, to $223.8$176.4 million in 2023.2024. The increasedecrease reflected higherlower core sales of $21.7$14.1 million, or 10.3%7.3%, partially offset byprimarily in gaming as customers adjust inventory levels to reflect reduced lead times. Included in the sales decrease is unfavorable foreign currency translation of $8.9$2.2 million, or 4.2%1.1%, primarily due toreflecting the weakening of the Japanese Yen against the U.S. dollar, partially offset by the strengthening of the British pound and Japanese yen weakening against the U.S. dollar. The core sales increase primarily reflected higher component sales.
•Sales of Banknotes and Security Products decreased $16.3Service revenue increased by $1.5 million, or 13.4%4.8%, to $105.3$32.6 million in 2023. The decrease2024, primarily related to lower core sales of $12.8 million, or 10.5%, and unfavorable foreign currency translation of $3.5 million, or 2.9%, as the euro weakened against the U.S. dollar. The core sales decrease primarily reflected lower sales to the U.S. Government.driven by favorable pricing.
Cost of sales decreased by $4.7$2.6 million, or 2.6%2.4%, to $174.4$104.8 million primarily reflecting lower volumes of $9.0 million, or 5.0%, strong productivity of $8.5 million, or 4.7%, and favorable foreign currency translation of $7.4 million, or 4.1%, partiallyin 2024, as unfavorable mix was more than offset by an unfavorable mix $14.2 million, or 7.9%, and increased in material, labor and otherthe impact of lower sales volumes, lower manufacturing costs of $6.0 million, or 3.4%.and productivity gains.
Selling, general and administrative expense increaseddecreased by $6.0$5.8 million, or 8.7%10.6%, to $75.3$48.8 million in 2024, primarily due to lower reserves on customer receivables driven by higher selling and administrative expenses ofcollections.
Operating profit decreased by $9.1 million, or 13.1%14.7%, to $52.7 million in 2024. The decrease primarily reflected unfavorable mix of $11.2 million, or 18.1%, lower volumes of $10.7 million, or 17.3%, partially offset by favorable currency translation of $2.1 million, or 3.0%.
Operating profit decreased by $4.8 million, or 5.7%, to $79.4 million in 2023. The decrease primarily reflected an unfavorable mix of $14.2 million, or 16.9%, lower volumes of $12.0 million, or 14.3%, and unfavorable foreign currency translation of $2.9 million, or 3.4%, partially offset by higher pricing net of inflation and productivity gains of $24.7$14.0 million, or 29.3%22.7%. Restructuring charges of $2.7 million, or 4.4%, were mostly offset by cost saving actions.














3425
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Engineered MaterialsCrane Currency
Three Months Ended March 31,Three Months Ended March 31,Favorable/(Unfavorable) Change
(dollars in millions)(dollars in millions)20242023$%
First QuarterFavorable/(Unfavorable) Change
(dollars in millions)20232022$%
Net sales by product line:
FRP - Recreational Vehicles$20.3 $35.7 $(15.4)(43.1)%
FRP - Building Products32.3 27.4 4.9 17.9 %
FRP - Transportation9.7 7.3 2.4 32.9 %
Total net sales$62.3 $70.4 $(8.1)(11.5)%
Net sales
Net sales
Net sales$104.6 $105.3 $(0.7)(0.7)%
Cost of salesCost of sales$45.8 $52.4 $6.6 12.6 %Cost of sales$56.4 $$67.0 $$10.6 15.8 15.8 %
as a percentage of salesas a percentage of sales73.5 %74.4 %
Selling, general and administrativeSelling, general and administrative$5.1 $4.6 $(0.5)(10.9)%
Selling, general and administrative
Selling, general and administrative$28.0 $20.7 $(7.3)(35.3)%
as a percentage of salesas a percentage of sales8.2 %6.5 %
Operating profit
Operating profit
Operating profitOperating profit$11.4 $13.4 $(2.0)(14.9)%$20.2 $$17.6 $$2.6 14.8 14.8 %
Operating marginOperating margin18.3 %19.0 %
Supplemental Data:
Backlog$16.8 $30.4 $(13.6)(44.7)%
SalesBanknote and security product sales decreased $8.1by $0.7 million, or 11.5%0.7%, to $62.3$104.6 million in 2023,2024, reflecting lower volumes, partially offset by higher pricing. The decrease wascore sales of $1.4 million, or 1.3%, predominantly driven by lower sales to recreational vehicle manufacturers, offset by higher sales to building products customers and transportation customers.

volumes in the U.S. Currency business.
Cost of sales decreased $6.6by $10.6 million, or 12.6%15.8%, to $45.8$56.4 million in 2023,2024, primarily relateddue to favorable mix, the impact of lower sales volumes and productivity gains net of $10.3inflation.
Selling, general and administrative expense increased by $7.3 million, or 19.7%35.3%, to $28.0 million in 2024, primarily due to higher compensation and benefits, and higher engineering costs associated with the U.S. Currency redesign program.
Operating profit increased by $2.6 million, or 14.8%, to $20.2 million in 2024, reflecting favorable mix of $5.0 million, or 28.4%, partially offset by higher raw materials, labor, and other manufacturing costslower volumes of $5.0$2.8 million, or 9.5%15.9%.
Operating profit decreased by $2.0 million, or 14.9%, to $11.4 million in 2023, reflecting the impact from the lower volumes offset by higher pricing, net of inflation.
3526
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Three Months Ended
March 31,
Three Months Ended March 31,Three Months Ended March 31,
(in millions)(in millions)20232022(in millions)20242023
Net cash (used for) provided by:
Net cash provided by (used for):
Operating activities
Operating activities
Operating activitiesOperating activities$(70.8)$(55.5)
Investing activitiesInvesting activities(12.8)(13.0)Investing activities(12.5)(4.0)
Financing activitiesFinancing activities(67.8)(97.8)Financing activities10.6(46.6)
Effect of exchange rates on cash and cash equivalents4.0(5.1)
Decrease in cash and cash equivalents$(147.4)$(171.4)
Effect of exchange rates on cash, cash equivalents and restricted cashEffect of exchange rates on cash, cash equivalents and restricted cash(7.9)2.6
Decrease in cash, cash equivalents and restricted cash

Our operating philosophy is to deploy cash provided from operating activities, when appropriate, to provide value to shareholdersstockholders 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, and by paying dividends and/or repurchasing shares.shares, and by 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 our borrowings available under our revolving credit facility and our term facility, is expected to be sufficient to finance our short- and long-term capital requirements, as well as to fund expected pension contributions.
requirements. In July 2021, we entered a $650 million, 5-year Revolving Credit Agreement, which replaced the existing $550 million revolving credit facility. The $650 million revolving credit facility and the CP Program were replaced by commitments under a new $500 million, 5-year Revolving Credit Agreement that was entered into on March 17, 2023, with funding available upon consummation of the Separation, subject to customary conditions precedent for facilities of this type. As of the Separation, the CP Program is no longer available.
We also entered into a $350 million, 3-year term loan facility. Funding under each facility became available in connection with the Separation, upon the satisfaction of customary conditions of facilities of this type. Onthree months ended March 31, 2023, Crane Holdings, Co. borrowed the full amount of the Term2024, we drew down $30.0 million and repaid $5.0 million on our Revolving Facility.
In August 2022, we entered into a $400 million senior unsecured 364-day Credit Agreement. The proceeds were used to partially fund the $550 million contribution related to the Redco Sale. See Note 10 and Note 11 to our Condensed Consolidated Financial Statements for additional details. On March 31, 2023, we repaid the amount outstanding under the 364-Day Credit Agreement.

On April 3, 2023, prior to the consummation of the Separation, Crane Company paid a dividend to Crane Holdings, Co. in the amount of $275 million.

On April 4, 2023, we redeemed all of our outstanding 4.45% senior notes due 2023, of which $300 million aggregate principal amount was outstanding upon redemption.

Operating Activities
Cash used forprovided by operating activities was $70.8$9.5 million in the first three months of 2023,2024, as compared to $55.5$35.5 million during the same period last year. The increasedecrease in cash used forprovided by operating activities was primarily driven by increased working capital investments supporting higher levels of demand across most businesses.requirements.
Investing Activities
Cash flows relating toused for investing activities consist primarilyconsists of cash used for capital expenditures and cash provided by divestitures of assets. Cash used for investing activities was $12.8 million in the first three months of 2023, as compared to $13.0 in the comparable period of 2022.expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Cash used for investing activities was $12.5 million in the first three months of 2024, as compared to $4.0 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
Financing cash flows consistCash provided by (used for) financing activities consists primarily of dividenddividend payments to shareholders, share repurchases and repayments of indebtedness, proceeds from the issuance of long-term debt and commercial paper and proceeds from thedebt issuance of common stock. cost on new credit facilities.
Cash used forprovided by financing activities was $67.8$10.6 million during the first three months of 20232024 compared to $97.8cash used for financing activities of $46.6 million in the comparable period of 2022.last year. The decreasedincrease in cash used forprovided by financing activities was primarily driven by the absence of $175.8 million in cash used for share repurchases in the prior year.lower net transfers to Crane, partially offset by lower debt proceeds and higher dividend payments.
36



Recent Accounting Pronouncements
Information regarding new accounting pronouncements is included in Note 1 to our Unaudited Consolidated and Combined Condensed Consolidated Financial Statements.


3727

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, 2022.2023.

Item 4. Controls and Procedures
Disclosure Controls and Procedures. The Company’sCrane NXT’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’sCrane NXT’s disclosure controls and procedures as of the end of the period covered by this quarterly report. The Company’sCrane NXT’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the CompanyCrane 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 the Company’sCrane NXT’s Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’sCrane NXT’s Chief Executive Officer and Chief Financial Officer have concluded that these controls are 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, 2023,2024, there have been no changes in the Company’sCrane 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.


3828

Part II: Other Information

Item 1. Legal Proceedings
Discussion of legal matters is incorporated by reference from Part 1, Item 1, Note 10,11, “Commitments and Contingencies”,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

Information regarding risk factors appears in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

2023.

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, 2023.2024. 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
Not applicableDuring the fiscal quarter ended March 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934) adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

3929

Item 6. Exhibits
Exhibit 2.1
Exhibit 3.1
Exhibit 3.2
Exhibit 3.3
Exhibit 10.1*
Exhibit 10.2*
Exhibit 10.3*
Exhibit 10.4*
Exhibit 10.5*
Exhibit 10.6*
Exhibit 10.7
Exhibit 10.8
Exhibit 10.9
Exhibit 10.10
Exhibit 10.11
Exhibit 10.12
Exhibit 31.1*  
Exhibit 31.2*  
Exhibit 32.1**  
Exhibit 32.2**  
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema (filed herewith)
101.CALInline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEFInline XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LABInline XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PREInline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Filed with this report
** Furnished with this report

 

 
4030

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 10, 20238, 2024By/s/ Aaron Saak
Aaron Saak
President and Chief Executive Officer
DateBy/s/ Christina Cristiano
May 10, 20238, 2024Christina Cristiano
Senior Vice President and Chief Financial Officer
 
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