Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | CRANE NXT, CO. |
Entity Central Index Key | 0000025445 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay versus Performance Table Tabular disclosure for the PEO (CEO) and the average NEO (excluding the PEO) for reporting years 2022, 2021, and 2020 is shown in the table below: Year (1) (a) Summary (2) (b) Compensation (3) (c) Average Non-PEO NEOs (4) (d) Average Non-PEO (5) (e) Value of Initial Fixed $100 Net Income (8) (h) Adjusted (9) (i) Total (6) (f) Peer Group (7) (g) 2022 $ 9,316,556 $ 10,823,056 $ 2,368,300 $ 2,520,280 $ 124 $ 133 $ 401.1 $ 7.87 2021 $ 9,484,490 $ 13,917,645 $ 2,183,277 $ 2,995,405 $ 123 $ 150 $ 435.4 $ 7.08 2020 $ 6,361,666 $ 2,420,223 $ 1,595,008 $ 1,044,106 $ 92 $ 118 $ 181.0 $ 3.84 (1) The Pay Versus Performance table reflects required disclosures for fiscal years 2022, 2021, and 2020. (2) For fiscal years 2022, 2021, and 2020, Mr. Mitchell was the Principal Executive Officer (PEO) for the Company. (3) Compensation Actually Paid (CAP) is calculated from the PEO’s SCT compensation total, less the amounts reported in the SCT equity awards (i.e., RSUs, PRSUs, and stock options); adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; PEO SCT Total to CAP Reconciliation: Year Salary Bonus and Non-Equity All Other (i) Stock Options Change in SCT Total Deductions (ii) Additions (iii) CAP 2022 $ 1,200,000 $ 1,919,520 $ 287,464 $ 4,569,575 $ 1,339,997 $ 0 $ 9,316,556 ($ 5,909,572 ) $ 7,416,072 $ 10,823,056 2021 $ 1,177,990 $ 2,880,000 $ 195,104 $ 3,956,400 $ 1,274,996 $ 0 $ 9,484,490 ($ 5,231,396 ) $ 9,664,551 $ 13,917,645 2020 $ 857,475 $ 156,663 $ 116,063 $ 3,156,256 $ 1,890,003 $ 185,206 $ 6,361,666 ($ 5,231,465 ) $ 1,290,022 $ 2,420,223 i. Reflects the PEO’s All Other Compensation reported in the SCT for each year shown. ii. Represents the grant date fair value of equity-based awards granted each year and change in pension value. iii. Additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity awards were revalued using the Monte Carlo values for the PRSUs (which vest based on relative TSR) and the Black-Scholes values for the options. Because the Company includes the amount of cash dividends paid with respect to unvested TRSUs as compensation in the All Other Compensation column of the SCT, no adjustments were made for purposes of calculating CAP. Dividends or dividend equivalents do not accrue on stock options of PRSUs. There were no service cost additions to be made with respect to pension values because the Company’s pension plan was previously frozen. Equity Reconciliation Detail for PEO Year Year End Fair Value of Year over Year Change Year over Year Change Total Equity Value 2022 $ 6,122,264 $ 1,872,556 ($ 578,748 ) $ 7,416,072 2021 $ 7,744,303 $ 3,173,397 ($ 1,253,149 ) $ 9,664,551 2020 $ 3,908,297 ($ 1,061,793 ) ($ 1,556,482 ) $ 1,290,022 (4) Each of the three fiscal years presented include the average SCT totals of the Non-PEO (5) Average CAP is calculated by averaging the following (each year) for the non-PEO year-end; Average Non-PEO Year Salary Bonus and Non-Equity Other (i) Stock Options Change in SCT Total Deductions (ii) Additions (iii) CAP 2022 $ 452,766 $ 549,578 $ 64,386 $ 1,129,697 $ 171,872 $ 0 $ 2,368,300 ($ 1,301,570 ) $ 1,453,550 $ 2,520,280 2021 $ 535,698 $ 773,177 $ 55,676 $ 618,725 $ 200,002 $ 0 $ 2,183,277 ($ 818,727 ) $ 1,630,855 $ 2,995,405 2020 $ 473,430 $ 238,771 $ 51,190 $ 547,660 $ 271,252 $ 12,705 $ 1,595,008 ($ 831,617 ) $ 280,715 $ 1,044,106 i. Reflects the average of all the NEOs’ All Other Compensation reported in the SCT for each year shown. ii. Represents the average of the NEOs’ grant date fair value of equity-based awards granted each year and average change in pension value. iii. Additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity awards were revalued using the Monte Carlo values for the PRSUs (which vest based on relative TSR) and the Black-Scholes values for the options. Because the Company includes the amount of cash dividends paid with respect to unvested TRSUs as compensation in the All Other Compensation column of the SCT, no adjustments were made for purposes of calculating CAP. Dividends or dividend equivalents do not accrue on stock options of PRSUs. There were no service cost additions to be made with respect to pension values because the Company’s pension plan was previously frozen. Equity Reconciliation Detail for Non-PEO Year Year End Fair Value of Year over Year Change Year over Year Change Total Equity Value 2022 $ 1,300,604 $ 216,426 ($ 63,480 ) $ 1,453,550 2021 $ 1,206,172 $ 498,361 ($ 73,678 ) $ 1,630,855 2020 $ 655,526 ($ 151,542 ) ($ 223,269 ) $ 280,715 (6) The amount represents the value of an initial fixed $100 investment in Company stock on December 31, 2019, assuming reinvestment of all dividends. (7) Peer group companies include those comprising the S&P 400 MidCap Capital Goods Index, which Crane also uses in its stock performance graph disclosure in the Form 10-K. (8) Represents the Company’s Net Earnings (Loss) Attributable to Crane (in millions) for each applicable fiscal year-end. (9) Adjusted EPS is calculated as Earnings from continuing operations per diluted share excluding special items, as used for determining annual incentive compensation awards. | ||
Company Selected Measure Name | Adjusted EPS | ||
Named Executive Officers, Footnote [Text Block] | Each of the three fiscal years presented include the average SCT totals of the Non-PEO | ||
Peer Group Issuers, Footnote [Text Block] | Peer group companies include those comprising the S&P 400 MidCap Capital Goods Index, which Crane also uses in its stock performance graph disclosure in the Form 10-K. | ||
PEO Total Compensation Amount | $ 9,316,556 | $ 9,484,490 | $ 6,361,666 |
PEO Actually Paid Compensation Amount | $ 10,823,056 | 13,917,645 | 2,420,223 |
Adjustment To PEO Compensation, Footnote [Text Block] | PEO SCT Total to CAP Reconciliation: Year Salary Bonus and Non-Equity All Other (i) Stock Options Change in SCT Total Deductions (ii) Additions (iii) CAP 2022 $ 1,200,000 $ 1,919,520 $ 287,464 $ 4,569,575 $ 1,339,997 $ 0 $ 9,316,556 ($ 5,909,572 ) $ 7,416,072 $ 10,823,056 2021 $ 1,177,990 $ 2,880,000 $ 195,104 $ 3,956,400 $ 1,274,996 $ 0 $ 9,484,490 ($ 5,231,396 ) $ 9,664,551 $ 13,917,645 2020 $ 857,475 $ 156,663 $ 116,063 $ 3,156,256 $ 1,890,003 $ 185,206 $ 6,361,666 ($ 5,231,465 ) $ 1,290,022 $ 2,420,223 i. Reflects the PEO’s All Other Compensation reported in the SCT for each year shown. ii. Represents the grant date fair value of equity-based awards granted each year and change in pension value. iii. Additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity awards were revalued using the Monte Carlo values for the PRSUs (which vest based on relative TSR) and the Black-Scholes values for the options. Because the Company includes the amount of cash dividends paid with respect to unvested TRSUs as compensation in the All Other Compensation column of the SCT, no adjustments were made for purposes of calculating CAP. Dividends or dividend equivalents do not accrue on stock options of PRSUs. There were no service cost additions to be made with respect to pension values because the Company’s pension plan was previously frozen. Equity Reconciliation Detail for PEO Year Year End Fair Value of Year over Year Change Year over Year Change Total Equity Value 2022 $ 6,122,264 $ 1,872,556 ($ 578,748 ) $ 7,416,072 2021 $ 7,744,303 $ 3,173,397 ($ 1,253,149 ) $ 9,664,551 2020 $ 3,908,297 ($ 1,061,793 ) ($ 1,556,482 ) $ 1,290,022 | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,368,300 | 2,183,277 | 1,595,008 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,520,280 | 2,995,405 | 1,044,106 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Average Non-PEO Year Salary Bonus and Non-Equity Other (i) Stock Options Change in SCT Total Deductions (ii) Additions (iii) CAP 2022 $ 452,766 $ 549,578 $ 64,386 $ 1,129,697 $ 171,872 $ 0 $ 2,368,300 ($ 1,301,570 ) $ 1,453,550 $ 2,520,280 2021 $ 535,698 $ 773,177 $ 55,676 $ 618,725 $ 200,002 $ 0 $ 2,183,277 ($ 818,727 ) $ 1,630,855 $ 2,995,405 2020 $ 473,430 $ 238,771 $ 51,190 $ 547,660 $ 271,252 $ 12,705 $ 1,595,008 ($ 831,617 ) $ 280,715 $ 1,044,106 i. Reflects the average of all the NEOs’ All Other Compensation reported in the SCT for each year shown. ii. Represents the average of the NEOs’ grant date fair value of equity-based awards granted each year and average change in pension value. iii. Additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity awards were revalued using the Monte Carlo values for the PRSUs (which vest based on relative TSR) and the Black-Scholes values for the options. Because the Company includes the amount of cash dividends paid with respect to unvested TRSUs as compensation in the All Other Compensation column of the SCT, no adjustments were made for purposes of calculating CAP. Dividends or dividend equivalents do not accrue on stock options of PRSUs. There were no service cost additions to be made with respect to pension values because the Company’s pension plan was previously frozen. Equity Reconciliation Detail for Non-PEO Year Year End Fair Value of Year over Year Change Year over Year Change Total Equity Value 2022 $ 1,300,604 $ 216,426 ($ 63,480 ) $ 1,453,550 2021 $ 1,206,172 $ 498,361 ($ 73,678 ) $ 1,630,855 2020 $ 655,526 ($ 151,542 ) ($ 223,269 ) $ 280,715 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship between CAP and TSR The chart below reflects the relationship between the PEO and Average Non-PEO | ||
Compensation Actually Paid vs. Net Income [Text Block] | Relationship between CAP and GAAP Net Income The chart below reflects the relationship between the PEO and Average Non-PEO | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship between CAP and the Company-Selected Measure (Adjusted EPS) The chart below reflects the relationship between the PEO and Average Non-PEO | ||
Total Shareholder Return Vs Peer Group [Text Block] | Relationship between CAP and TSR The chart below reflects the relationship between the PEO and Average Non-PEO | ||
Tabular List [Table Text Block] | Pay versus Performance Metrics The table below shows, in compliance with PVP regulations, the most important metrics used to link CAP to Company performance. These measures, along with others, significantly impact annual compensation decisions and outcomes for the executive team. Performance Metric Impact on CAP Adjusted EPS Earnings from continuing operations per diluted share excluding Special Items Determines 75% of the annual incentive payout for the PEO and other corporate NEOs Adjusted Free Cash Flow Cash provided by operating activities, less capital spending Determines 25% of annual incentive payout for the PEO and other corporate NEOs Relative Total Shareholder Return Stock price performance versus a comparator group (S&P 400 MidCap Capital Goods Index) Determines 100% of the PRSU payout, which represents 55% of the annual LTI grant value for the PEO and 50% for other NEOs In addition to the metrics detailed above, compensation decisions are made each year taking into account a number of other factors. Short-term and long-term incentives are subject to formalized performance and payout curves (detailed on page 50), but fixed compensation and target incentive pay levels are set based on individual performance, scope of responsibility, and assessment of pay competitiveness within the market. | ||
Total Shareholder Return Amount | $ 124 | 123 | 92 |
Peer Group Total Shareholder Return Amount | 133 | 150 | 118 |
Net Income (Loss) | $ 401,100,000 | $ 435,400,000 | $ 181,000,000 |
Company Selected Measure Amount | 7.87 | 7.08 | 3.84 |
PEO Name | Mr. Mitchell | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EPS | ||
Non-GAAP Measure Description [Text Block] | Adjusted EPS is calculated as Earnings from continuing operations per diluted share excluding special items, as used for determining annual incentive compensation awards. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Free Cash Flow | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative Total Shareholder Return | ||
PEO [Member] | Salary [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 1,200,000 | $ 1,177,990 | $ 857,475 |
PEO [Member] | Bonus and Non Equity Incentive Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,919,520 | 2,880,000 | 156,663 |
PEO [Member] | All Other Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 287,464 | 195,104 | 116,063 |
PEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,569,575 | 3,956,400 | 3,156,256 |
PEO [Member] | Options Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,339,997 | 1,274,996 | 1,890,003 |
PEO [Member] | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 185,206 |
PEO [Member] | Deductions from SCT Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (5,909,572) | (5,231,396) | (5,231,465) |
PEO [Member] | Additions to SCT Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 7,416,072 | 9,664,551 | 1,290,022 |
PEO [Member] | Year End Fair Value of Equity Awards Granted in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 6,122,264 | 7,744,303 | 3,908,297 |
PEO [Member] | Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,872,556 | 3,173,397 | (1,061,793) |
PEO [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (578,748) | (1,253,149) | (1,556,482) |
Non-PEO NEO [Member] | Salary [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 452,766 | 535,698 | 473,430 |
Non-PEO NEO [Member] | Bonus and Non Equity Incentive Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 549,578 | 773,177 | 238,771 |
Non-PEO NEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,129,697 | 618,725 | 547,660 |
Non-PEO NEO [Member] | Options Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 171,872 | 200,002 | 271,252 |
Non-PEO NEO [Member] | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 12,705 |
Non-PEO NEO [Member] | Deductions from SCT Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,301,570) | (818,727) | (831,617) |
Non-PEO NEO [Member] | Additions to SCT Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,453,550 | 1,630,855 | 280,715 |
Non-PEO NEO [Member] | Other Compensation [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 64,386 | 55,676 | 51,190 |
Non-PEO NEO [Member] | Year End Fair Value of Equity Awards Granted in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,300,604 | 1,206,172 | 655,526 |
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 216,426 | 498,361 | (151,542) |
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (63,480) | $ (73,678) | $ (223,269) |