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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 June 30, 2024
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: 781-755-6868
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
(check one):
Large accelerated filer ☒Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares outstanding of the issuer’s classes of common stock, as of July 31, 2024
Common stock, $1.00 Par Value – 57,137,005 shares
1

Crane NXT, Co.
Table of Contents
Form 10-Q
  Page
Part I - Financial Information
Page 3
Page 4
Page 5
Page 7
Page 9
Page 11
Page 26
Page 35
Page 35
Part II - Other Information
Page 36
Page 36
Page 36
Page 36
Page 36
Page 36
Page 37
Page 38
2

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months EndedSix Months Ended
June 30, June 30,
(in millions, except per share data)2024202320242023
Net sales$370.6 $352.4 $684.2 $681.5 
Operating costs and expenses:
Cost of sales209.7 184.0 370.9 358.4 
Selling, general and administrative93.3 99.6 187.6 188.4 
Restructuring charges, net— — 2.7 — 
Operating profit67.6 68.8 123.0 134.7 
Other income (expense):
Interest income0.40.2 1.00.4 
Interest expense(12.4)(14.1)(22.3)(24.5)
Related party interest expense— — — (2.5)
Miscellaneous (expense) income, net(0.2)1.0 0.42.4 
Total other expense, net(12.2)(12.9)(20.9)(24.2)
Income before income taxes55.4 55.9 102.1 110.5 
Provision for income taxes13.8 12.7 22.723.6 
Net income attributable to common shareholders$41.6 $43.2 $79.4 $86.9 
Earnings per share:
Basic$0.73 $0.76 $1.39 $1.53 
Diluted$0.72 $0.75 $1.38 $1.51 
Average shares outstanding:
Basic57.156.857.156.8
Diluted57.857.457.757.4
Dividends per share$0.16 $0.14 $0.32 $0.14 
 
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 EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Net income attributable to common shareholders$41.6 $43.2 $79.4 $86.9 
Components of other comprehensive (loss) income, net of tax
Currency translation adjustment(8.6)(3.1)(35.3)1.8 
Changes in pension and postretirement plan assets and benefit obligation, net of tax(0.5)(0.5)(0.9)(1.0)
Other comprehensive (loss) income, net of tax(9.1)(3.6)(36.2)0.8 
Comprehensive income attributable to common shareholders$32.5 $39.6 $43.2 $87.7 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
4

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(UNAUDITED) 
(in millions)June 30,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$175.5 $227.2 
Accounts receivable, net of allowance for credit losses of $10.5 as of June 30, 2024 and $11.8 as of December 31, 2023
225.4 214.9 
U.S. and foreign taxes on income5.1 — 
Inventories, net:
Finished goods45.3 35.6 
Finished parts and subassemblies24.3 22.7 
Work in process12.9 6.4 
Raw materials88.5 92.4 
Inventories, net171.0 157.1 
Other current assets54.9 45.2 
Total current assets631.9 644.4 
Property, plant and equipment:
Cost585.9 564.1 
Less: accumulated depreciation314.7 302.9 
Property, plant and equipment, net271.2 261.2 
Long-term deferred tax assets3.7 2.7 
Intangible assets, net443.6 308.9 
Goodwill950.4 841.2 
Other assets86.7 71.0 
Total assets$2,387.5 $2,129.4 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
5

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(UNAUDITED)
 
(in millions, except per share and share data)June 30,
2024		December 31,
2023
Liabilities and equity
Current liabilities:
Short-term borrowings$220.2 $4.6 
Accounts payable101.3 106.5 
Accrued liabilities205.4 210.5 
U.S. and foreign taxes on income— 12.8 
Total current liabilities526.9 334.4 
Long-term debt638.9 640.3 
Accrued pension and postretirement benefits21.9 22.5 
Long-term deferred tax liability132.2 104.5 
Other liabilities77.8 63.7 
Total liabilities1,397.7 1,165.4 
Commitments and contingencies (Note 12)
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized
— — 
Common shares, par value $1.00; 200,000,000 shares authorized, 72,441,647 shares issued
72.4 72.4 
Capital surplus1,716.8 1,728.1 
Retained earnings182.0 120.9 
Accumulated other comprehensive loss(154.8)(118.6)
Treasury stock(826.6)(838.8)
Total equity989.8 964.0 
Total liabilities and equity$2,387.5 $2,129.4 
Share data:
Common shares issued72,441,647 72,441,647 
Less: Common shares held in treasury15,306,094 15,544,190 
Common shares outstanding57,135,553 56,897,457 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
6

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
(in millions)20242023
Operating activities:
Net income attributable to common shareholders$79.4 $86.9 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization38.7 38.5 
Stock-based compensation expense4.9 4.7 
Unrealized loss on forward contracts0.2 — 
Defined benefit plans and postretirement credit(0.3)(0.4)
Deferred income taxes0.2 4.8 
Cash used for operating working capital(58.4)(36.7)
Other1.6 (2.8)
Total provided by operating activities66.3 95.0 
Investing activities:
Payment for acquisition, net of cash acquired(269.8)— 
Capital expenditures(21.4)(8.5)
Proceeds from settlement of forward contracts0.1 — 
Total used for investing activities(291.1)(8.5)
Financing activities:
Dividends paid(18.3)(7.9)
Proceeds from stock options exercised1.91.9
Payment of tax withholding on equity awards vested (6.4)—
Debt issuance costs—(5.2)
Repayment of long-term debt—(300.0)
Proceeds from revolving credit facility280.0—
Repayment of revolving credit facility(65.0)—
Proceeds from term loan—350.0
Repayment of term loan(2.0)(50.0)
Net transfers to Crane— (32.5)
Total provided by (used for) financing activities 190.2 (43.7)
Effect of exchange rates on cash, cash equivalents and restricted cash(9.5)3.4 
Decrease in cash, cash equivalents and restricted cash(44.1)46.2 
Cash and cash equivalents at beginning of period227.2 230.7 
Cash, cash equivalents and restricted cash at end of period1
$183.1 $276.9 
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 $1.4 million and $0.0 million as of June 30, 2024, and June 30, 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 June 30, 2024, and June 30, 2023, respectively.
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.


7

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
(in millions)20242023
Detail of cash used for operating working capital:
Accounts receivable$1.1 $5.9 
Inventories(3.1)(18.4)
Other current assets(4.5)(3.9)
Accounts payable(9.5)(8.8)
Accrued liabilities(25.4)(12.3)
U.S. and foreign taxes on income(17.0)0.8 
Total$(58.4)$(36.7)
Supplemental disclosure of cash flow information:
Interest paid$19.2 $19.8 
Income taxes paid$41.7 $28.9 
Unpaid capital expenditures$3.5 $1.6 
See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
8


CRANE 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
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 
Net income attributable to common shareholders— — 41.6 — — 41.6 
Cash dividends ($0.16 per share)
— — (9.2)— — (9.2)
Exercise of stock options of 8,933 shares
— — — — 0.3 0.3 
Impact from settlement of share-based awards, net of shares acquired— (1.1)— — 0.8 (0.3)
Stock-based compensation expense— 2.4 — — — 2.4 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — (0.5)— (0.5)
Currency translation adjustment— — — (8.6)— (8.6)
Balance as of June 30, 2024$72.4 $1,716.8 $182.0 $(154.8)$(826.6)$989.8 



9

CRANE NXT, CO. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(in millions)Common
Shares
Issued at
Par Value		Capital
Surplus		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Crane Net InvestmentTotal
Balance as of December 31, 2022$— $— $— $(131.5)$— $915.3 $783.8 
Net income attributable to common shareholders— — — — — 43.7 43.7 
Stock-based compensation expense— — — — — 2.3 2.3 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — (0.5)— — (0.5)
Currency translation adjustment— — — 4.9 — — 4.9 
Net transfers to Crane— — — — — (393.1)(393.1)
Balance as of March 31, 2023$— $— $— $(127.1)$— $568.2 $441.1 
Net income attributable to common shareholders— — 43.2 — — — 43.2 
Cash dividends ($0.14 per share)
— — (7.9)— — — (7.9)
Dividend from Crane— — — — — 275.0 275.0 
Net transfers from Crane— — — — — 103.9 103.9 
Reclassification of Crane Net Investment to Common Stock, Treasury Stock and Capital Surplus72.4 1,722.8 — — (848.1)(947.1)— 
Exercise of stock options, net of shares reacquired, of 64,105 shares
— — — — 1.9 — 1.9 
Impact from settlement of share-based awards, net of shares acquired— (1.8)— — 1.8 — — 
Stock-based compensation expense— 1.9 — — — — 1.9 
Stock-based compensation reclassification1
— (0.3)— — — — (0.3)
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — (0.5)— — (0.5)
Currency translation adjustment— — — (3.1)— — (3.1)
Balance as of June 30, 2023$72.4 $1,722.6 $35.3 $(130.7)$(844.4)$— $855.2 
1 Reclassification of stock-based compensation due to modification resulting from equity award conversions. See Note 1, “Organization and Basis of Presentation” for additional information.

See Notes to Unaudited Consolidated and Combined Condensed Financial Statements.
10
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

Note 1 - Organization and Basis of Presentation
Crane NXT, Co. is a leading provider of trusted technology solutions to secure, detect, and authenticate our customers’ most valuable assets. We are comprised of two reporting segments: Crane Payment Innovations (“CPI”) and Security and Authentication Technologies (“SAT”). Our primary end markets include governments and a wide range of consumer related end markets including retail and gaming. See Note 4, “Segment Results” for the relative size of these segments in relation to the total company (both net sales and total assets).
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References 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 prior 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 $1.2 million and $1.9 million as of June 30, 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.

11
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Basis of Presentation
The accompanying Unaudited 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, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These Unaudited 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 for the year ended December 31, 2023, previously filed on Form 10-K on February 22, 2024.
The 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 cash by the 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 Business are deemed to have been settled immediately through “Crane 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 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.

12
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 other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Consolidated and Combined Condensed Statements 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 $15.2 million and $17.0 million for the three-and-six months ended June 30, 2023 recorded in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations. Expenses primarily consisted of professional service fees.
13
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 June 30, 2024, we had net outstanding payables with SpinCo and its subsidiaries of less than $0.1 million related to the Transition Services Agreement and net outstanding receivables with SpinCo and its subsidiaries of $6.5 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 - Acquisition
Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities.
OpSec Acquisition
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 customary purchase price adjustments. The amount paid, net of cash acquired, was $269.8 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 13, “Financing”) and cash on hand to fund the acquisition.

OpSec is a global leader in authentication and brand integrity with a heritage that spans four decades. OpSec serves brand owners, licensors, and media rights owners, helping them build intangible value and mitigate vulnerability across both physical and digital domains. OpSec also provides high-security and compliance solutions to governments. The acquisition of OpSec expands the Company’s capabilities across the entire authentication value chain, creating a leading brand and product authentication platform. In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business.


14
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Allocation of Consideration Transferred to Net Assets Acquired

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by ASC 805. The purchase price allocation is preliminary, pending our evaluation and determination of post-closing and final working capital adjustments. Potential adjustments made are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Total current assets$36.8 
Property, plant and equipment17.3 
Other assets9.8 
Intangible assets158.3 
Goodwill123.1 
Total assets acquired$345.3 
Total current liabilities$33.6 
Other liabilities41.9 
Total assumed liabilities$75.5 
Net assets acquired$269.8 

The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 14, “Fair Value Measurements” for further details.
The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (in millions)Intangible Fair ValueWeighted Average Life (in years)
Intellectual property rights$4.3 9.0
Customer relationships115.5 19.3
Developed technology36.5 5.7
Backlog2.0 0.7
Total acquired intangible assets$158.3 

The intellectual property rights intangible asset category consists of trade names. The fair values of the trade names were determined by using an “income approach”, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the Company’s ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 9 years.

The fair values of the developed technology intangible assets were also determined by the relief-from-royalty approach. Similarly, this approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of the technology. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the Company’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 3 to 6 years.
15
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS

The fair values of the customer relationships and backlog intangible assets were determined by using an “income approach”, which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. The Company’s estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 16 to 20 years.
Supplemental Pro Forma Data
OpSec’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024. The following unaudited pro forma consolidated and combined information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma consolidated and combined net sales for the three-and-six months ended June 30, 2024 would have been $382.0 million and $729.4 million, respectively. The unaudited pro forma consolidated and combined net sales for the three-and-six months ended June 30, 2023 would have been $379.3 million and $738.1 million, respectively. The unaudited pro forma consolidated and combined net income attributable to common shareholders for the three-and-six months ended June 30, 2024 would have been $47.8 million and $88.8 million, respectively. The unaudited pro forma consolidated and combined net income attributable to common shareholders for the three-and-six months ended June 30, 2023 would have been $32.7 million and $67.5 million, respectively. The unaudited pro forma consolidated and combined information is provided for illustrative purposes only and is not indicative of our actual consolidated and combined results of operations or consolidated financial position.
Acquisition-Related Costs
Acquisition-related costs are expensed as incurred. For the three-and-six months ended June 30, 2024, we recorded $6.1 million and $10.0 million, respectively, of integration and transaction costs in our Unaudited Consolidated and Combined Condensed Statements of Operations.
In addition, the Company recorded $4.0 million of inventory step-up amortization within “Cost of sales” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
Note 4 - Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources.
In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business. The CPI segment remains unchanged. This updated structure is consistent with how the Chief Operating Decision Maker evaluates performance and allocates resources, and better aligns with our mission to secure, detect and authenticate our customers’ most valuable assets.

As of June 30, 2024, we had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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 June 30, 2024, is as follows:
Crane Payment Innovations
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.

16
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Security and Authentication Technologies
Security and Authentication Technologies provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection and authentication solutions, serving various brands, as well as government agencies and financial institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.
Financial information by reportable segment is set forth below.
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Net sales:
Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies146.2 126.5 250.8 231.8 
Total$370.6 $352.4 $684.2 $681.5 
Operating profit:
Crane Payment Innovations$61.4 $64.8 $114.1 $126.6 
Security and Authentication Technologies24.0 34.7 44.2 52.3 
Corporate (17.8)(30.7)(35.3)(44.2)
Total$67.6 $68.8 $123.0 $134.7 
Interest income0.4 0.2 1.0 0.4 
Interest expense(12.4)(14.1)(22.3)(24.5)
Related party interest expense— — — (2.5)
Miscellaneous (expense) income, net(0.2)1.0 0.4 2.4 
Income before income taxes$55.4 $55.9 $102.1 $110.5 
(in millions)June 30, 2024December 31, 2023
Assets:
Crane Payment Innovations$1,197.8 $1,279.1 
Security and Authentication Technologies1,165.9 814.4 
Corporate 23.8 35.9 
Total$2,387.5 $2,129.4 

(in millions)June 30, 2024December 31, 2023
Goodwill:
Crane Payment Innovations$611.4 $626.7 
Security and Authentication Technologies339.0 214.5 
Total$950.4 $841.2 


17
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Note 5 - Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Crane Payment Innovations
Products$190.6 $193.1 $367.0 $385.8 
Services33.8 32.8 66.4 63.9 
Total Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies
Banknotes and Security Products$124.1 $125.5 $227.5 $229.5 
Authentication Products and Solutions22.1 1.0 23.3 2.3 
Total Security and Authentication Technologies$146.2 $126.5 $250.8 $231.8 
Net sales$370.6 $352.4 $684.2 $681.5 

Remaining Performance Obligations
The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled. As of June 30, 2024, our performance obligations were $501.9 million. We expect to recognize approximately 76% of our remaining performance obligations as revenue in 2024, 20% in 2025 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 Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Consolidated and Condensed 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)June 30, 2024December 31, 2023
Contract assets$34.5 $30.3 
Contract liabilities$98.3 $92.5 
We recognized revenue of $20.5 million and $48.2 million during the three-and-six months ended June 30, 2024, related to contract liabilities as of December 31, 2023.
18
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Note 6 - Earnings Per Share
Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units 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.
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. The weighted average number of common shares outstanding during the three-and-six-months ended June 30, 2023 was based on the weighted average number of common shares after the Separation.
Three Months EndedSix Months Ended
June 30, June 30,
(in millions, except per share data)2024202320242023
Net income attributable to common shareholders$41.6 $43.2 $79.4 $86.9 
Average basic shares outstanding57.1 56.8 57.156.8 
Effect of dilutive share-based awards0.7 0.6 0.6 0.6 
Average diluted shares outstanding57.8 57.4 57.7 57.4 
Earnings per basic share$0.73 $0.76 $1.39 $1.53 
Earnings per diluted share$0.72 $0.75 $1.38 $1.51 
Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive were 0.3 million for the three-and-six-months ended June 30, 2024, and 0.5 million for the three-and-six-months ended June 30, 2023.
Note 7 - Changes in Accumulated Other Comprehensive Loss
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Condensed Balance Sheets.
(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— (35.3)(35.3)
Amounts reclassified from accumulated other comprehensive loss(0.9)— (0.9)
Net period other comprehensive loss(0.9)(35.3)(36.2)
Balance as of June 30, 2024$2.9 $(157.7)$(154.8)
(a) Net of tax detriment of $1.3 million and $1.5 million as of June 30, 2024 and December 31, 2023, respectively.
19
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-and-six month periods ended June 30, 2024, and 2023. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Unaudited Consolidated and Combined Condensed Statements of Operations.
Three Months Ended June 30, Six Months Ended June 30,
(in millions)2024202320242023
Amortization of pension components:
Prior service costs$(0.2)$(0.2)$(0.4)$(0.4)
Net loss— — 0.1 — 
Amortization of postretirement components:
Prior service costs(0.2)(0.2)(0.4)(0.5)
Net gain(0.2)(0.2)(0.4)(0.3)
Total before tax$(0.6)$(0.6)$(1.1)$(1.2)
Tax impact(0.1)(0.1)(0.2)(0.2)
Total reclassifications for the period$(0.5)$(0.5)$(0.9)$(1.0)
Note 8 - Pension and Postretirement Benefits
For all plans, the components of net periodic benefit for the three months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$0.6 $0.4 $— $— 
Interest cost0.5 0.6 0.2 0.2 
Expected return on plan assets(0.8)(0.8)— — 
Amortization of prior service cost(0.2)(0.2)(0.2)(0.2)
Amortization of net gain— — (0.2)(0.2)
Net periodic expense (benefit)$0.1 $— $(0.2)$(0.2)
For all plans, the components of net periodic benefit for the six months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$1.1 $0.9 $— $— 
Interest cost1.0 1.1 0.3 0.4 
Expected return on plan assets(1.6)(1.6)— — 
Amortization of prior service cost(0.4)(0.4)(0.4)(0.5)
Amortization of net loss (gain)0.1 — (0.4)(0.3)
Net periodic expense (benefit)$0.2 $— $(0.5)$(0.4)
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 Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Consolidated and Combined Condensed Statements of Operations.
We expect to contribute the following to our pension and postretirement plans:
(in millions)PensionPostretirement
Expected contributions in 2024
$2.0 $1.3 
Amounts contributed during the six months ended June 30, 2024
$1.1 $1.2 

20
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Note 9 - Income Taxes
Effective Tax Rates
Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented.
Our effective tax rates are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2024202320242023
Effective Tax Rate25.0%22.7%22.3%21.4%
Our effective tax rates for the three-and-six months ended June 30, 2024 are higher than in the prior year’s comparable periods primarily due to the mix of non-U.S. earnings.
Our effective tax rates for the three-and-six months ended June 30, 2024 are higher than the statutory U.S. federal tax rate of 21% primarily due to the mix of non-U.S. earnings.
The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon by over 140 member jurisdictions including the United States. Pillar 2 addresses the risks associated with profit shifting to entities in low tax jurisdictions. We have adopted Pillar 2 and the impact of this adoption on our business was approximately $2 million.
The Tax Matters Agreement, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits (including any taxes imposed that are attributable to the failure of the Distribution and certain related transactions to qualify as a transaction that is tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Although enforceable as between the parties, the Tax Matters Agreement will not be binding on the Internal Revenue Service or other tax authorities.
As of June 30, 2024 and December 31, 2023, we had gross unrecognized tax benefits of $18.2 million and $19.3 million, respectively included in “Other liabilities” in our Unaudited Consolidated and Condensed Balance Sheets.
Note 10 - Goodwill and Intangible Assets
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions— 123.1 123.1 
Currency translation(15.3)1.4 (13.9)
Balance as of June 30, 2024
$611.4 $339.0 $950.4 
As of June 30, 2024, we had $443.6 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2023, we had $308.9 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives.
Changes to intangible assets are as follows:
(in millions)Six Months Ended June 30, 2024
Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization$308.9 $344.9 
Additions 159.3 — 
Amortization expense(20.2)(35.9)
Currency translation and other(4.4)(0.1)
Balance at end of period, net of accumulated amortization$443.6 $308.9 
21
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
A summary of intangible assets are as follows:
June 30, 2024December 31, 2023
(in millions)Weighted  Average
Amortization Period of Finite Lived Assets
(in years)		Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights11.3$66.2 $15.0 $51.2 $62.2 $15.0 $47.2 
Customer relationships and backlog18.9611.7 277.5 334.2 504.4 269.5 234.9 
Developed Technology6.963.6 22.6 41.0 26.3 21.2 5.1 
Other9.972.6 55.4 17.2 73.5 51.8 21.7 
Total18.0$814.1 $370.5 $443.6 $666.4 $357.5 $308.9 
Future amortization expense associated with intangible assets is expected to be:
(in millions)
Remainder of 2024$26.4 
202544.1 
202643.9 
202741.5 
202837.6 
2029 and after204.6 
Note 11 - Accrued Liabilities
Accrued liabilities consist of: 
(in millions)June 30,
2024		December 31,
2023
Contract liabilities$94.2 $92.5 
Employee related expenses44.0 62.3 
Current lease liabilities7.9 7.2 
Accrued interest7.6 6.3 
Warranty5.9 5.6 
Other45.8 36.6 
Total$205.4 $210.5 

Note 12 - Commitments and Contingencies
We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of June 30, 2024, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters.
22
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED 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 June 30, 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 June 30, 2024, there was no reasonable possibility that such a tax liability will be incurred in connection with the Distribution.

Note 13 - Financing
Our debt consisted of the following:
(in millions)June 30,
2024		December 31,
2023
Term Facility$5.2 $4.6 
Revolving Facility215.0 — 
Total short-term borrowings (a)
$220.2 $4.6 
Term Facility$96.4 $98.5 
6.55% notes due November 2036
198.6 198.6 
4.20% notes due March 2048
346.7 346.6 
Other deferred financing costs associated with credit facilities(2.8)(3.4)
Total long-term debt (a)
$638.9 $640.3 
(a) Debt discounts and debt issuance costs totaled $9.0 million and $10.1 million as of June 30, 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 - 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, three-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. In the six months ended June 30, 2024, we drew down $280.0 million, primarily to fund the OpSec acquisition, and repaid $65.0 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 Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin as determined by the lower of corporate family credit ratings issued by Moody’s and S&P (the “Ratings”) and our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, investments, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.

23
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Note 14 - 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.
We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage 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 notional value of $10.7 million as of June 30, 2024. 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 liability amounts are recorded within “Accrued liabilities” on our Consolidated and Condensed Balance Sheets and were $0.2 million as of June 30, 2024. We had no such hedging instruments as of December 31, 2023.
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 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 price of the underlying company’s stock. The fair value of the liability was $1.2 million and $1.9 million as of June 30, 2024, and December 31, 2023, respectively.
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 notes due, measured using Level 2 inputs, was $448.4 million and $469.5 million as of June 30, 2024, and December 31, 2023, respectively.
As a result of the OpSec acquisition, we assumed OpSec’s contingent liability related to a prior OpSec acquisition. The amount of the liability is measured at fair value using level 3 inputs as the fair value is determined by estimating the net present value of the expected cash flows based on the probability of the achievement of the contingent revenue targets. The fair value of the liability is recorded within “Other liabilities” on our Consolidated and Condensed Balance Sheets and was $1.5 million as of June 30, 2024. We had no such contingent liabilities as of December 31, 2023. See Note 3, “Acquisition” for further details.




24
NOTES TO THE UNAUDITED CONSOLIDATED AND COMBINED CONDENSED FINANCIAL STATEMENTS
Note 15 - Restructuring
2024 Restructuring - In the first quarter of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $2.7 million of cumulative severance charges, net through June 30, 2024. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the restructuring program in 2025.
2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative restructuring charges, net through June 30, 2024, of which $5.8 million related to severance and $0.9 million related to other costs. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the program in 2024.
The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions)2024 Restructuring2022 RestructuringTotal
Severance:
Balance as of December 31, 2023 (a)
$— $0.6 $0.6 
Expense (b)
2.7 — 2.7 
Utilization(2.2)(0.4)(2.6)
Balance as of June 30, 2024 (a)
$0.5 $0.2 $0.7 
(a)
Included within “Accrued Liabilities” in the Unaudited Consolidated and Condensed Balance Sheets.
(b)
Included within “Restructuring charges, net” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
25
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains information about Crane NXT, Co., some of which includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. Investors can identify forward-looking statements by the use of terms such as “believes,” “contemplates,” “expects,” “may,” “could,” “should,” “would,” or “anticipates,” other similar phrases, or the negatives of these terms.
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References 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.
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 sales” exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated.
We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution investors that these statements are not guarantees of future performance and involve risks and uncertainties. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. There are a number of other factors that could cause actual results or outcomes to differ materially from those expressed or implied in the forward-looking statements. Such factors also include, among others: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; fluctuation in the prices of, or disruption in its ability to source, components and raw 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 its business as planned; being unable to identify or complete acquisitions, or to successfully integrate the businesses 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; additional tax expenses or exposures; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company; and other risks noted in reports that we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent reports and other documents filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements to reflect any future events or circumstances.


26
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Recent Transactions
Credit Facilities
We are party to a senior secured credit agreement (the “Credit Agreement”) entered into on March 17, 2023, which provides for (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 June 30, 2024, we drew down $215.0 million, net 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 six months ended June 30, 2024. We expect to substantially complete these restructuring actions in 2025.
OpSec Acquisition
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 customary purchase price adjustments. We utilized $210 million from our Revolving Facility and cash on hand to fund the acquisition. OpSec is a global leader in brand protection and authentication solutions, serving the world’s most recognized brands, as well as government agencies and financial institutions. In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business.
Basis of Presentation
See Note 1, “Organization and Basis of Presentation” for more details on financial statement presentation basis and Note 2, “Related Parties” for expense allocation methodologies on carve-out financial information.
27
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results from Operations – Three Month Periods Ended June 30,
The following information should be read in conjunction with our Unaudited Consolidated and Combined Condensed financial statements and related notes. All comparisons below refer to the second quarter 2024 versus the second quarter 2023, unless otherwise specified.
 Three Months Ended June 30, Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales$370.6 $352.4 $18.2 5.2 %
Cost of sales$209.7 $184.0 $(25.7)(14.0)%
as a percentage of sales56.6 %52.2 %
Selling, general and administrative$93.3 $99.6 $6.3 6.3 %
as a percentage of sales25.2 %28.3 %
Operating profit$67.6 $68.8 $(1.2)(1.7)%
Operating margin18.2 %19.5 %
Other income (expense):
Interest income0.4 0.2 0.2 100.0 %
Interest expense(12.4)(14.1)1.7 12.1 %
Miscellaneous (expense) income, net(0.2)1.0 (1.2)(120.0)%
Total other expense, net(12.2)(12.9)0.7 5.4 %
Income before income taxes55.4 55.9 (0.5)(0.9)%
Provision for income taxes13.8 12.7 (1.1)(8.7)%
Net income attributable to common shareholders$41.6 $43.2 $(1.6)(3.7)%
Sales increased by $18.2 million, or 5.2%, to $370.6 million in 2024. The change in sales included:
•benefit in sales from the May 2024 OpSec acquisition of $20.5 million, or 5.8%,
•core sales growth of $2.9 million, or 0.8%, driven primarily by higher core sales at CPI; and
•unfavorable foreign currency translation of $5.2 million, or 1.4%.
Cost of sales increased by $25.7 million, or 14.0%, to $209.7 million in 2024. The increase was driven primarily by the impact from the OpSec acquisition, unfavorable mix in CPI, and higher material and other manufacturing costs in SAT, partially offset by productivity gains.
Selling, general and administrative expenses decreased by $6.3 million, or 6.3%, to $93.3 million in 2024. The decrease was driven primarily by lower transaction related expenses, cost saving actions, and favorable foreign currency translation, partially offset by the impact from the OpSec acquisition.
Operating profit decreased by $1.2 million, or 1.7%, to $67.6 million in 2024. The decrease was primarily driven by unfavorable product mix at CPI, and the impact from the OpSec acquisition, partially offset by lower transaction related expenses, and productivity gains.
Our effective tax rate for the three months ended June 30, 2024 is higher than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.

28
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment Results of Operations - Three Month Periods Ended June 30,
Crane Payment Innovations
Three Months Ended June 30, Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales by product line:
Payment Acceptance and Dispensing Products$190.6 $193.1 $(2.5)(1.3)%
Services33.8 32.8 1.0 3.0 %
Total net sales$224.4 $225.9 $(1.5)(0.7)%
Cost of sales$114.6 $111.8 $(2.8)(2.5)%
as a percentage of sales51.1 %49.5 %
Selling, general and administrative$48.4 $49.3 $0.9 1.8 %
as a percentage of sales21.6 %21.8 %
Operating profit$61.4 $64.8 $(3.4)(5.2)%
Operating margin27.4 %28.7 %
Sales decreased by $1.5 million, or 0.7%, to $224.4 million in 2024, driven by unfavorable foreign currency translation of $4.2 million, or 1.9%, partially offset by higher core sales of $2.7 million, or 1.2%.
•Sales of Payment Acceptance and Dispensing Products decreased by $2.5 million, or 1.3%, to $190.6 million in 2024. The decrease was driven by unfavorable foreign currency translation of $4.2 million, or 2.2%, partially offset by higher core sales of $1.7 million, or 0.9%. Unfavorable foreign currency translation primarily reflected the weakening of the Japanese yen against the U.S. dollar, partially offset by the strengthening of the British pound against the U.S. dollar.
•Service revenue increased by $1.0 million, or 3.0%, to $33.8 million in 2024, primarily driven by favorable pricing.
Cost of sales increased by $2.8 million, or 2.5%, to $114.6 million, as lower material and other manufacturing costs, productivity gains and favorable foreign currency translation were more than offset by unfavorable mix.
Selling, general and administrative expense decreased by $0.9 million, or 1.8%, to $48.4 million, primarily due to lower compensation and benefits through cost saving actions, and favorable foreign currency translation.
Operating profit decreased by $3.4 million, or 5.2%, to $61.4 million in 2024. The decrease primarily reflected unfavorable mix of $13.2 million, or 20.3%, partially offset by lower material and other manufacturing costs, and productivity gains of $8.1 million, or 12.5%.





29
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Security and Authentication Technologies
Three Months Ended June 30, Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales by product line:
Banknotes and Security Products$124.1 $125.5 $(1.4)(1.1)%
Authentication Products and Solutions22.1 1.0 21.1 NM
Total net sales$146.2 $126.5 $19.7 15.6 %
Cost of sales$95.1 $72.2 $(22.9)(31.7)%
as a percentage of sales65.0 %57.1 %
Selling, general and administrative$27.1 $19.6 $(7.5)(38.3)%
as a percentage of sales18.5 %15.5 %
Operating profit$24.0 $34.7 $(10.7)(30.8)%
Operating margin16.4 %27.4 %
Sales increased by $19.7 million, or 15.6%, to $146.2 million in 2024, primarily driven by the sales benefit from the OpSec acquisition of $20.5 million, or 16.2%.
•Banknote and security product sales decreased by $1.4 million, or 1.1%, to $124.1 million in 2024, reflecting lower core sales predominantly driven by lower volumes in international markets impacted by the timing of shipments, and unfavorable foreign currency translation, as the Swedish krona and the euro weakened against the U.S. dollar.
•Authentication products and solutions sales increased to $22.1 million in 2024, primarily driven by the sales benefit from the OpSec acquisition.
Cost of sales increased by $22.9 million, or 31.7%, to $95.1 million in 2024, primarily due to the impact from the OpSec acquisition, and higher material and other manufacturing costs, partially offset by productivity gains.
Selling, general and administrative expense increased by $7.5 million, or 38.3%, to $27.1 million in 2024, primarily due to the impact from the OpSec acquisition.
Operating profit decreased by $10.7 million, or 30.8%, to $24.0 million in 2024, reflecting higher material and other manufacturing costs net of favorable pricing of $8.0 million, or 23.1%, and the impact from the OpSec acquisition of $5.4 million, or 15.6%, partially offset by productivity gains of $5.2 million, or 15.0%.
30
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results from Operations – Six Month Periods Ended June 30,
The following information should be read in conjunction with our Unaudited Consolidated and Combined Condensed Financial Statements and related notes. All comparisons below refer to the first six months of 2024 versus the first six months of 2023, unless otherwise specified.
Six Months Ended June 30, Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales$684.2 $681.5 $2.7 0.4 %
Cost of sales$370.9 $358.4 $(12.5)(3.5)%
as a percentage of sales54.2 %52.6 %
Selling, general and administrative
$187.6 $188.4 $0.8 0.4 %
as a percentage of sales27.4 %27.6 %
Restructuring charges, net$2.7 $— $(2.7)NM
Operating profit$123.0 $134.7 $(11.7)(8.7)%
Operating margin18.0 %19.8 %
Other income (expense):
Interest income1.0 0.4 0.6 150.0 %
Interest expense(22.3)(24.5)2.2 9.0 %
Related party interest expense— (2.5)2.5 NM
Miscellaneous income, net0.4 2.4 (2.0)(83.3)%
Total other expense, net(20.9)(24.2)3.3 13.6 %
Income before income taxes102.1 110.5 (8.4)(7.6)%
Provision for income taxes22.7 23.6 0.9 3.8 %
Net income attributable to common shareholders$79.4 $86.9 $(7.5)(8.6)%
Sales increased by $2.7 million, or 0.4%, to $684.2 million in 2024. The change in sales included:
•sales benefit from the OpSec acquisition of $20.5 million, or 3.0%,
•core sales decline of $11.0 million, or 1.6%, driven primarily by lower volumes at CPI, and
•unfavorable foreign currency translation of $6.8 million, or 1.0%.
Cost of sales increased by $12.5 million, or 3.5%, to $370.9 million in 2024. The increase was driven primarily by unfavorable mix, and the impact of the OpSec acquisition, partially offset by productivity gains, the impact of lower sales volumes, and favorable foreign currency translation.
Selling, general and administrative expenses decreased by $0.8 million, or 0.4%, to $187.6 million in 2024. The decrease was driven primarily by cost saving actions, favorable foreign currency translation, and productivity gains, partially offset by the impact from the OpSec acquisition.
Operating profit decreased by $11.7 million, or 8.7%, to $123.0 million in 2024. The decrease was primarily driven by CPI unfavorable mix and lower volumes, as well as the impact from the OpSec acquisition, partially offset by favorable pricing across both segments and productivity gains.
Our effective tax rate for the six months ended June 30, 2024 is higher than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.

31
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment Results of Operations - Six Month Periods Ended June 30,
Crane Payment Innovations
Six Months Ended June 30,Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales by product line:
Payment Acceptance and Dispensing Products$367.0 $385.8 $(18.8)(4.9)%
Services66.4 63.9 2.5 3.9 %
Total net sales$433.4 $449.7 $(16.3)(3.6)%
Cost of sales$219.4 $219.2 $(0.2)(0.1)%
as a percentage of sales50.6 %48.7 %
Selling, general and administrative$97.2 $103.9 $6.7 6.4 %
as a percentage of sales22.4 %23.1 %
Restructuring charges, net$2.7 $— $(2.7)NM
Operating profit$114.1 $126.6 $(12.5)(9.9)%
Operating margin26.3 %28.2 %
Sales decreased by $16.3 million, or 3.6%, to $433.4 million in 2024, driven by lower core sales of $9.9 million, or 2.2%, and unfavorable foreign currency translation of $6.4 million, or 1.4%.
•Sales of Payment Acceptance and Dispensing Products decreased $18.8 million, or 4.9%, to $367.0 million in 2024. The decrease reflected lower core sales of $12.4 million, or 3.2%, as favorable pricing was more than offset by lower volumes primarily in gaming as customers adjust inventory levels to reflect reduced lead times. Included in the sales decrease is unfavorable foreign currency translation of $6.4 million, or 1.7%, primarily reflecting the weakening of the Japanese yen against the U.S. dollar, partially offset by the strengthening of the British pound against the U.S. dollar.
•Service revenue increased by $2.5 million, or 3.9%, to $66.4 million in 2024, primarily driven by favorable pricing.
Cost of sales increased by $0.2 million, or 0.1%, to $219.4 million in 2024, as lower manufacturing costs, the impact of lower sales volumes, productivity gains and favorable foreign currency translation were more than offset by unfavorable mix.
Selling, general and administrative expense decreased by $6.7 million, or 6.4%, to $97.2 million in 2024, primarily due to cost saving actions, and lower reserves on customer receivables driven by higher collections.
Operating profit decreased by $12.5 million, or 9.9%, to $114.1 million in 2024. The decrease primarily reflected unfavorable mix of $24.3 million, or 19.2%, and lower volumes of $11.9 million, or 9.4%, partially offset by favorable pricing, lower manufacturing costs and productivity gains of $24.4 million, or 19.2%. Cost saving actions of $4.9 million, or 3.9%, were mostly offset by restructuring charges and unfavorable foreign currency translation.













32
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Security and Authentication Technologies
Six Months Ended June 30,Favorable/(Unfavorable) Change
(in millions)20242023$%
Net sales by product line:
Banknotes and Security Products$227.5 $229.5 $(2.0)(0.9)%
Authentication Products and Solutions23.3 2.3 21.0 NM
Net sales$250.8 $231.8 $19.0 8.2 %
Cost of sales$151.5 $139.2 $(12.3)(8.8)%
as a percentage of sales60.4 %60.1 %
Selling, general and administrative$55.1 $40.3 $(14.8)(36.7)%
as a percentage of sales22.0 %17.4 %
Operating profit$44.2 $52.3 $(8.1)(15.5)%
Operating margin17.7 %22.6 %
Sales increased by $19.0 million, or 8.2%, to $250.8 million in 2024, reflecting the sales benefit from the OpSec acquisition of $20.5 million, or 8.8%, partially offset by lower core sales of $1.0 million, or 0.4%.
•Banknote and security product sales decreased by $2.0 million, or 0.9%, to $227.5 million in 2024, reflecting lower core sales predominantly driven by lower volumes in international markets impacted by the timing of shipments, and unfavorable foreign currency translation, as the Swedish krona weakened against the U.S. dollar.
•Authentication products and solutions sales increased by $21.0 million to $23.3 million in 2024, primarily driven by the sales benefit from the OpSec acquisition.
Cost of sales increased by $12.3 million, or 8.8%, to $151.5 million in 2024, primarily due to the impact of the OpSec acquisition, and higher material and other manufacturing costs, partially offset by productivity gains, favorable mix, and the impact of lower sales volumes.
Selling, general and administrative expense increased by $14.8 million, or 36.7%, to $55.1 million in 2024, primarily due to higher compensation and benefits, higher engineering costs associated with the U.S. Currency redesign program, and the impact of the OpSec acquisition.
Operating profit decreased by $8.1 million, or 15.5%, to $44.2 million in 2024, reflecting higher compensation, benefits and engineering costs of $7.3 million, or 13.9%, the impact of the OpSec acquisition of $5.4 million, or 10.3%, lower sales volumes of $4.7 million, or 9.1%, and higher material and other manufacturing costs net of favorable pricing of $3.6 million, or 6.8%, partially offset by productivity gains of $8.8 million, or 16.8%, and favorable mix of $4.6 million, or 8.8%.
33
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Six Months Ended June 30,
(in millions)20242023
Net cash provided by (used for):
Operating activities$66.3 $95.0 
Investing activities(291.1)(8.5)
Financing activities190.2(43.7)
Effect of exchange rates on cash, cash equivalents and restricted cash(9.5)3.4
Decrease in cash, cash equivalents and restricted cash$(44.1)$46.2 

Our operating philosophy is to deploy cash provided from operating activities, when appropriate, to provide value to stockholders by reinvesting in existing businesses, by making acquisitions that will strengthen and complement our portfolio, by divesting businesses that are no longer strategic or aligned with our portfolio and where such divestitures can generate capacity for strategic investments and initiatives that further optimize our portfolio, by paying dividends and/or repurchasing 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 Facility and our term facility, is expected to be sufficient to finance our short- and long-term capital requirements. In the six months ended June 30, 2024, we drew down $280.0 million and repaid $65.0 million on our Revolving Facility.
Operating Activities
Cash provided by operating activities was $66.3 million in the first six months of 2024, as compared to $95.0 million during the same period last year. The decrease in cash provided by operating activities was primarily driven by increased working capital requirements.
Investing Activities
Cash used for investing activities consists of cash used for capital expenditures and acquisitions. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Cash used for investing activities was $291.1 million in the first six months of 2024, as compared to $8.5 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by the acquisition of OpSec.
Financing Activities
Cash provided by (used for) financing activities consists primarily of dividend payments to shareholders, repayments of indebtedness, and proceeds from our credit facilities.
Cash provided by financing activities was $190.2 million during the first six months of 2024 compared to cash used for financing activities of $43.7 million in the comparable period last year. The increase in cash provided by financing activities was primarily driven by higher net proceeds from the Revolving Facility used to fund the acquisition of OpSec.

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


34

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, 2023.

Item 4. Controls and Procedures
OpSec Acquisition. We completed the acquisition of OpSec on May 3, 2024. We are in the process of integrating OpSec’s processes and controls over financial reporting and will be completed within the time provided by the applicable rules and regulations of the SEC for a recently acquired business. As such, the scope of our assessment of internal control over financial reporting does not yet include OpSec. OpSec represented 14.3% of our consolidated total assets and 5.5% of our consolidated revenue as of and for the three months ended June 30, 2024.
Disclosure Controls and Procedures. Crane NXT’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of Crane NXT’s disclosure controls and procedures as of the end of the period covered by this quarterly report. Crane NXT’s disclosure controls and procedures are designed to ensure that information required to be disclosed by Crane NXT in the reports that are filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the information is accumulated and communicated to Crane NXT’s Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding required disclosure. Based on this evaluation, Crane NXT’s Chief Executive Officer and Chief Financial Officer have concluded that these controls 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 June 30, 2024, there have been no changes in Crane NXT’s internal control over financial reporting, identified in connection with our evaluation thereof, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.


35

Part II: Other Information

Item 1. Legal Proceedings
Discussion of legal matters is incorporated by reference from Part 1, Item 1, Note 12, “Commitments and Contingencies,” of this Quarterly Report on Form 10-Q, and should be considered an integral part of Part II, Item 1, “Legal Proceedings.”
Item 1A. Risk Factors
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, 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 June 30, 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
During the fiscal quarter ended June 30, 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.”

36

Item 6. Exhibits
Exhibit 10.1*
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

 

 
37

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
August 7, 2024By/s/ Aaron Saak
Aaron Saak
President and Chief Executive Officer
DateBy/s/ Christina Cristiano
August 7, 2024Christina Cristiano
Senior Vice President and Chief Financial Officer
 
38

Exhibit 10.1
April 30, 2024

PRIVATE & CONFIDENTIAL

Sam Keayes
[Address Omitted]
[Email Address Omitted]

Dear Sam,

We are pleased to extend you this offer of employment as set forth in the Employment Contract (the "Agreement") below. This offer will remain in effect until May 2, 2024, and you may accept it, including the covenants in Appendix A, by countersigning where indicated at the bottom of this contract.

EMPLOYMENT CONTRACT

This Agreement sets out the terms and conditions of employment between Crane Payment Innovations, Limited, with company number 1687894 whose registered office is at Coin House New Coin Street, Royton, Oldham, Lancashire, United Kingdom, 0L2 6JZ, United Kingdom (the "Company"), and Sam Keayes of [Address Omitted] ("you"), and contains information which the Company is obliged to give you under the Employment Rights Act 1996.

1.    Conditions and Warranties

1.1    This Agreement and your employment under this Agreement are conditioned upon the following:

1.1.1    you having and maintaining during the course of this employment, the right to be lawfully employed by the Company in the role set out in this Agreement; and

1.1.2    such checks as the Company determines are necessary for the position offered being satisfactory to the Company;

1.1.3    you being free from any obligations owed to a third party which might prevent you from starting work on the date mentioned below or from properly performing the duties of your position; and

1.1.4    Crane NXT, though CA-MC Acquisition UK Ltd., completing its acquisition of OpSec Security, through Orca Midco Ltd (the "Transaction").

1.2    You warrant that you are entitled to work in the United Kingdom in the capacity for which you are being hired by the Company and will notify the Company immediately if you should cease to be so entitled during your employment with the Company. You will prior to starting work and as and when requested thereafter, provide such original documents to the Company evidencing your ability to work lawfully in the United Kingdom as the Company may require.

2.    Commencement, Term of Employment, and Probation

2.1    Subject to the conditions above and the successful completion of our hiring requirements, your employment with the Company under the terms of this Agreement shall commence upon completion of the Transaction. (the "Commencement Date"). The Transaction is currently expected to complete on May 3, 2024. If the Transaction does not reach completion, then this Agreement shall not come into effect. Provided that it does come into effect, this Agreement shall continue, subject to the remaining terms of this Agreement, until terminated as provided in Clause 14.



2.2    Your period of continuous employment (for the purposes of calculating any entitlements under employment legislation) commenced on 28 January 2019.

3.    General Definitions & Interpretations

3.1    The following terms shall have the following meanings unless the context requires otherwise:

i.    "Board" means the board of directors of the Group or any person or committee of the Board duly appointed by it.

ii.    "Basic Salary" means the salary set out in Clause 5.1 as may be increased from time to time by the Company.

iii.    "Group" means Crane NXT, Co. (NYSE: CXT) and any group undertaking (as such term is defined in section 1161(5) of the Companies Act 2006) of the same in any jurisdiction from time to time.

iv.    "Group Company" means any member of the Group in any jurisdiction from time to time, including the Company.

v.    "Termination" means the termination of your employment under this Agreement however caused, whether lawful or not, and "Termination Date" means the date of Termination.

4.    Duties

4.1    You will be employed in the position of Senior Vice President, Security and Authentication Technology Platform and will report to the Group's Chief Executive Officer. The Company reserves the right to change your reporting line, and to require you at any time during your employment to undertake other duties from time to time, as the Company reasonably requires.

4.2    The Company may require you (as part of your duties of employment) to perform duties or services not only for the Company but also for any Group Company. The Company may at its sole discretion assign your employment to any Group Company on the same terms and conditions as set out, or referred to, in this Agreement.

4.3    The Company may from time to time appoint any individual to act jointly with you in sharing and carrying out your duties under this Agreement.

4.4    During your employment by the Company you shall:

4.4.1    comply with all reasonable and lawful directions of the Company;

4.4.2    devote the whole of your working time, attention and abilities to the business of the Company and such Group Companies for whom you are required to perform services;

4.4.3    not undertake any work (paid or unpaid} as an employee, contractor or in any other capacity for, or otherwise be concerned (whether as principal, servant or agent, and whether on your own behalf or on behalf of or in association with any other person) with, any third party (other than a Group Company) without express written permission from the Board;

4.4.4    disclose promptly on request to the Board your interests in any business other than that of a Group Company and notify the Board immediately of any change in their external interests;



4.4.5    faithfully and diligently exercise such powers and perform such duties for each Group Company as may from time to time be assigned by the Company;

4.4.6    comply with all reasonable and lawful directions given by the Board;

4.4.7    promptly make such reports to the Board in connection with the affairs of each Group Company on such matters and at such times as are reasonably required;

4.4.8    report your own wrongdoing and any wrongdoing or proposed or potential wrongdoing of any other employee, officer or consultant of any Group Company to the Board immediately on becoming aware of it;

4.4.9    use your utmost endeavours to promote, protect, develop and extend the business of each Group Company;

4.4.10    comply with your common law, statutory, regulatory and fiduciary duties; and

4.4.11    at all times conduct the business of each Group Company for which you are responsible in a lawful and ethical manner.

4.5    Clauses 4.4.3 and 4.4.4 will not prevent you from being interested, for investment purposes only, as a member, debenture holder or beneficial owner of any stock, shares or debentures which are listed or dealt in on a Recognised Investment Exchange (as defined in section 285 of the Financial Services and Markets Act 2000) and which do not represent more than 4% of the total share or loan capital from time to time in issue in such company.

5.    Basic Salary

5.1    The Company shall pay you a salary of £396,722 gross per annum or at such other rate as may from time to time be agreed between the Company and you ("Basic Salary") subject to deductions required and permitted by law.

5.2    Basic Salary is payable in equal monthly instalments, in line with the time and manner currently paid to you. The Company may alter this payment pattern or method of payment subject to providing you with reasonable notice (of at least 7 days) of the Company's intention to do so.

5.3    Salaries are reviewed annually although whether or not there will be any increase to your Basic Salary will be within the Company's discretion.

5.4    You authorise the Company at any time during your employment and on termination of this Agreement to deduct from your Basic Salary or other payments otherwise owed to you, to the fullest extent permitted by law, any sums due from you to the Company or any Group Company including, but not limited to, any overpayment of salary or holiday pay, benefits and/or expenses, loans or advances made to you by the Company, the cost of repairing any damage or loss of the Company's property caused by you (and of recovering it), and any monies owed on a corporate credit card which are not subject to reimbursement by the Company. After application of the above amounts, if monies are still outstanding, the Company shall notify you of the amount owed and you shall promptly pay such amount to the Company.




6.    Incentive Schemes and Allowances

Bonus

6.1    You are eligible to participate in the Company's discretionary annual bonus plan in effect from time to time. Your annual bonus target is 70% of Basic Salary. The bonus plan year runs from January 1 - December 31, and will be paid as set forth in separate documentation to be provided to you by the Company. Each annual bonus will generally be paid by March 1 or such a later date, as is consistent with Company's normal payroll policies and annual bonus plan document ("Plan"). Payment of such annual bonus is subject to you remaining employed through the payment date of such bonus and is subject to the applicable Plan as may be in place, and such individual, team or corporate targets as the Board may communicate, from time to time. For the avoidance of doubt, any bonus, if awarded, does not become due and payable until the date of payment of any bonus.

6.2    You shall have no right to any annual bonus (whether on a pro rata basis or otherwise) if:

6.2.1    you have an unexpired disciplinary warning on file on the date when the bonus might otherwise have been payable;

6.2.2    you are subject to any unconcluded disciplinary action or investigation (whether internal or external) on the date any bonus is being considered and/or on the date when the bonus might otherwise have been payable (although the Company may reconsider the matter upon the conclusion of the disciplinary action or investigation in question);

6.2.3    your employment terminates or if you are for any reason under notice of termination (whether given by you or by the Company) at or prior to the date when the bonus might otherwise have been payable.

6.3    Other than as set forth in this Agreement, there is no contractual entitlement to any increase in your annual bonus, if any. Your entitlement to participate in any form of incentive plan, including but not limited to the annual bonus, and the amount of any bonus or other incentive you may receive under any such plans, will be determined by the Company in its absolute sole discretion. For the avoidance of doubt, the amount of any bonus or other form of incentive may be zero.

6.4    All amounts you are eligible to receive under this clause will be paid to you less statutory deductions such as income tax and National Insurance.

6.5    The Company reserves the right, at any time, to vary or withdraw the annual bonus and/or any other incentive plan in which you may, from time to time, be eligible to participate, without notice and without entitling you to compensation, other than any specific sums or specific benefits already confirmed, in writing, by the Company to be payable to you, in accordance with the above sub-clauses at the date on which the arrangement is varied or withdrawn. The Company's ability to vary shall include but shall not be limited to any changes it elects, in its sole discretion, to make to the rules, eligibility criteria and/or incentive levels.

6.6    Payment of a bonus, commission, or any other form of incentive in one period does not guarantee payment in a subsequent year, half-year or other period.



6.7    The provision of any bonus, commission, share incentive scheme, or other incentive scheme whatsoever, provided from time to time by the Company or a Group Company, does not in any way prevent the Company from terminating this Agreement for any reason, even if to do so, lawfully or unlawfully, would deprive you of the benefits of participation in any such scheme. If on termination of your employment, whether lawfully or unlawfully, or in breach of contract, you lose any of the rights or benefits under the applicable variable compensation scheme or in relation to any awards or options you held immediately prior to such termination of your employment and/or this Agreement ("Other Awards") which you would not have lost had the Agreement not been terminated (for example, you are not employed as at a vesting date and therefore options which would have vested on that date lapse) you shall not be entitled by way of damages to be compensated for the loss of rights or benefits under the applicable plan or in respect of any Other Awards. The foregoing covers claims for loss or compensation not only in relation to rights under the Plan rules, or any other plan rules, but also under any separate but related documents e.g., individual award agreements or letters.

6.8    If at any time in the six-year period after any bonus is paid to you the Company or Group is required to restate its accounts to a material extent or the Board becomes aware of any material malfeasance on your part that would have entitled to the Company to terminate your employment in
accordance with clause 14.3, then the Board shall be entitled to recalculate the bonus that they would have awarded you in each financial year had these facts been known at the time the bonus was awarded. You shall, if so required by the Board and without prejudice to the Company's other remedies, repay on demand (on a gross basis) the difference between such recalculated bonuses and the bonuses actually paid to you.

Equity

6.9    You may from time to time receive awards under the Group's Crane NXT, Co. 2018 Amended & Restated Stock Incentive Plan (the "Plan). Your participation and the terms attaching to any such awards are at the absolute discretion of the Board. If at the Company's or the Board's discretion you are granted options or other equity awards under the Plan then those options or awards shall be governed by the rules of the Plan which may be varied from time to time. Any such options or awards and any participation in the Plan are not benefits conferred by this contract of employment. You do not have any right to receive further awards under the Plan.

6.10    You are required to attain and then retain a minimum of four (4) times your Basic Salary in common stock under the Group's stock ownership policy. While there is not a specific time horizon to reach that level, you will be required to retain at least 50% of net shares received in each vesting cycle or subsequent individual equity transaction until you reach the required stock-holding requirement.

Expenses

6.11    You will be reimbursed all out of pocket expenses wholly, exclusively and necessarily incurred personally in the performance of your duties for the Company and the Group on hotel, travelling, and other similar items provided that you comply with the Company's current policy relating to expenses and produce to the Company satisfactory evidence of expenditure.

Car Allowance and Pension Stipend

6.12    The Company will, during the term of this Agreement, pay to you with your Basic Salary i) a gross monthly car allowance at the rate of £11,000 per annum (or such higher rate as may from time to time be notified to you) (the "Car Allowance") and ii) a gross monthly stipend in lieu of any enhanced pension contribution in excess of the Company's statutory obligations at the rate of £14,000 per annum (the "Pension Stipend").



6.13    The Car Allowance and Pension Stipend are non pensionable and will be subject to statutory deductions. The Car Allowance Is paid on the basis that you provide your own car for business and personal use during the continuance of your employment and pay all costs related to it (including fuel, licence, insurance, repairs and maintenance), ensure that at all times the car is in the condition required by law and insured for business purposes, indemnify the Company against all losses suffered in connection with the car which are not covered by insurance and the car used is of a type and in a condition suitable for business purposes and commensurate with your status.

7.    Place of Work

7.1    Your normal place of work will be at the Company's office(s) located in the United Kingdom, but the Company reserves the right to change this to any alternative office within 1.5 hours commuting time of your home, or your current commuting time if greater, giving you at least one month's notice of the change.

7.2    The Company, may, in its sole discretion, from time to time, require you to carry out your duties from home. This does not give you a contractual right to work from home, and if the Company does exercise its discretion to require you to work from home, this will not amount to a contractual variation of your main place of work as identified above.

7.3    You agree to travel (both within and outside of the UK) as may be required for the proper and efficient performance of your duties of employment. Unless otherwise agreed, you will not be required to work outside the UK for continuous periods of more than 1 month.

8.    Hours of Work

8.1    Your normal hours of work are 8:30 a.m. to 5:00 p.m. Monday to Friday. You will also be required to work such additional hours as may be necessary for the proper and efficient performance of your duties or for such reasons as training, holiday cover, sickness, or general operational requirements. Moreover, you may on occasions be required to work on a Saturday and/or Sunday. There will be no additional payment for hours worked in excess of your normal hours of work.

8.2    You agree that the limit on weekly working time contained in Regulation 4 of The Working Time Regulations 1998 does not apply because Regulation 20 applies to you.

8.3    If we request, you must keep such records and permit such monitoring or restrictions of your working time as we require.

9.    Annual Leave, Public Holidays

9.1    The Company observes the usual public holidays In England & Wales. The Company reserves the right to change its holiday schedule upon written notice (including via email) at any time.

9.2    The Company's holiday year runs from 1st January to 31st December. You shall be entitled to 27 days' paid annual leave each year in addition to the bank and statutory holidays above (together referred to as "holiday").

9.3    In the holiday year, you will be deemed to take the 4 weeks of Regulation 13 of the Working Time Regulations 1998 holiday before the 1.6 weeks of Regulation 13A holiday, and all statutory holiday before non-statutory holiday.

9.4    For the purpose of calculating holiday pay, one day of pay shall normally be calculated as 1/260 of your annual full-time equivalent Basic Salary. Additional amounts will be factored in only if required by applicable law.



9.5    After the first year of service there is no deemed accrual. Annual leave may be taken at times and for a duration agreed with your manager. At least two weeks of prior written notice must be given for any annual leave days taken. Part of your holiday entitlement may be used to cover public holidays and Company closedown periods. The Company reserves the right to require the taking of holiday at other particular times during holiday year e.g. during any period of Garden Leave (as defined below), during a notice period, or over a non-busy time.

9.6    Upon notice of termination of your employment by you or the Company, the Company may, at its sole discretion, either require you to take all or part of any accrued but untaken holiday entitlement during any notice period or may, at its discretion, make a payment in lieu of part or all of your accrued but untaken holiday entitlement as at the Termination Date, subject to legal and required deductions.

9.7    Unless otherwise set forth in Company policies as may be in effect at the time, or as required by law, you may not carry over unused holiday entitlement from one holiday year to the next.

9.8    Holiday entitlement during extended periods of sickness absence will be determined by the Company in accordance with the relevant legislation, as amended. Carryover in cases of long-term sickness (more than 4 weeks) where the holiday could not reasonably have been used within the holiday year shall be limited to the first 4 weeks' statutory holiday entitlement per holiday year and shall be carried over no more than 18 months after the end of the relevant holiday year.

9.9    If you are absent from work on unpaid long-term sick leave and wish to make use of all or part of your unused holiday entitlement, at the discretion of the Company you may be permitted to do so and, if any holiday is taken during such period, you will be paid for this leave on the usual terms. For the avoidance of doubt, any period of holiday taken during sickness absences will also be regarded as a continuation of that sickness absence and will not constitute a return to work.

9.10    Any holiday due to you by the Company upon termination of your employment shall be calculated by establishing the number of holiday days to which you are entitled in the holiday year up to the date of termination and subtracting from this the number of days taken during the current holiday year. The number of days remaining, if any, will be paid at the rate of 1/2601h of your full-time equivalent annual Basic Salary for each untaken day of your entitlement. However, if we have dismissed you or would be entitled to dismiss you for gross misconduct or you have resigned without giving the required notice, such payment shall be limited to your remaining statutory entitlement under the Working Time Regulations 1998, if any, and any holiday taken shall be deemed first to have been taken in satisfaction of that statutory entitlement.

9.11    If at the date on which your employment terminates you have taken more holiday than your entitlement, you authorise the Company to deduct the amount owing from any payments due to you and you will be required to make a payment to the Company of any additional amount owed by you on the Termination Date calculated at 11260th of your annual full-time equivalent Basic Salary for each excess day.

10.    Notification of Incapacity and Sick Pay

10.1    You will be paid Statutory Sick Pay ("SSP") when you are eligible to receive it under the legislation and regulations from time to time in force. Monday to Friday (inclusive) in each week shall be qualifying days for the purposes of the legislation relating to SSP. The Company may in its sole and absolute discretion pay you an amount equal to your Basic Salary ("Company Sick Pay") for the first 13 weeks of sickness absence in any rolling 12-month period, subject to such conditions as the Board may specify. Company Sick Pay will include any entitlement to SSP or any benefits provided by virtue of any permanent health insurance scheme. Company Sick Pay is also subject to your compliance with this Agreement and will not be paid in respect of any period of illness whilst the Company is addressing performance or disciplinary issues.



10.2    You must comply with the Company sickness absence reporting procedures. Payment of salary and any other allowances will be suspended automatically after three working days of absence without explanation. The Company will make efforts to contact you in such a case to discuss reasons for the absence and the likely date of return. Unexplained absence may be treated as set forth in Clause 14.2.

10.3    Not all duties express and implied are suspended during sickness absence. You may be given reasonable and/or lawful instructions during any period of sick leave. Unreasonable refusal to comply with such an instruction or failure to comply with the Company's reporting requirements and/or the Company's sickness absence policy in force from time to time could render you liable to the cessation of sick pay and/or disciplinary action.

10.4    In the event that you are, by reason of your sickness or other medical incapacity, absent from work and/or unable to perform all of your duties under this Agreement for any period, the Company may, in its sole discretion, reassign any or all of your duties.

10.5    If you are sick and absent from work, you must take all reasonable steps to assist in improving your health and facilitating your return to work. This includes, undertaking any treatment which is reasonably recommended to you by a medical practitioner (including a doctor, nurse, occupational health therapist or consultant).

10.6    At any stage of sickness absence you may be asked to be examined by a Company-nominated medical practitioner, and may be requested to give permission, by completing a consent form, for such practitioner or your own doctor to provide a medical report to the Company. You may be requested to be referred to and assessed by an occupational health consultant paid for by the Company, and to have a return to work plan shared with the Company and/ or with your doctor. You agree that you will undergo a medical examination by a medical practitioner appointed by the Company, engage with an occupational health consultant, and give consent at any stage. Copies of any reports provided to the Company by such a medical practitioner and/or an occupational health consultant shall be made available to your own doctor. The fees and expenses incurred in the provision of such a medical examination or occupational health services and of obtaining access to such health records and occupational health reports shall be borne by the Company.
10.7    Any outstanding or prospective entitlement to SSP, private medical insurance cover, income protection, or any other benefit will not prevent the Company from exercising its right to terminate your employment for any reason in accordance with this Agreement while you are absent from work due to ill health or injury.
10.8    If the illness, accident or other incapacity has been, or appears to be, caused by the negligence of a third party in respect of which damages are or may be recoverable, you will immediately notify the Company of that fact and of any claim, compromise, settlement or judgment made or awarded in connection with it. You will also give to the Company all particulars that may reasonably be required and will, if required, refund all or such part of the sums paid to you or for your benefit by way of salary, bonus or benefits during the relevant period as the Company may reasonably determine. The amount to be refunded will not, however, exceed the amount of damages or compensation and interest recovered by you, less any unrecovered costs borne by you in connection with the recovery of such damages or compensation, and will not exceed the total remuneration paid to you by way of salary, bonus and benefits in respect of the period of such illness, accident or other incapacity.

11.    Other Paid Leaves

The details of any paid leave entitlement which is in addition to annual leave, including all statutory paid leave entitlements such as maternity, paternity, adoption, parental, shared parental, parental bereavement leave and pay, are in the Company's non-contractual policies.



12.    Benefits

12.1    On the commencement of your employment under this Agreement, you will be entitled to participate in the Company's Private Healthcare Scheme. You may also be entitled to participate in other Company benefit schemes from time to time.

12.2    The benefits in this clause are non-contractual and the terms of each scheme may be varied or the scheme withdrawn. Your entitlements under each of those benefits and any other benefits (including any stock or equity scheme) are subject to the scheme terms and rules as amended from time to time. Further details of these schemes can be obtained from the Human Resources Department.

12.3    Your participation in any schemes that the Company may provide from time to time may be a benefit in respect of which you may be liable to pay income tax and you should seek personal tax advice if you are unsure of their impact.

12.4    The provision of any such scheme that the Company or any Group Company may provide from time to time does not in any way prevent the Company from terminating this Agreement even if to do so, lawfully or unlawfully, would deprive you of membership of or cover under any such scheme in which you have participated. Your participation in such a scheme shall automatically cease (without any entitlement to compensation for loss of rights under the scheme) upon the termination of your employment for any reasons, howsoever caused.

12.5    The decision as to whether benefits are payable under any scheme is for the insurer or Plan administrator. The Company is not obliged to make payment to you under any of such schemes unless it has received full payment from the scheme providers for that purpose.
13.    Pension

13.1    The Company intends to comply with its employer pension duties in accordance with Part 1 of the Pensions Act 2008. Unless you opt out, the Company will make a pension contribution equivalent to 7% of the Basic Salary each month during the employment and will require you to make a matched contribution equivalent to 7% of the Basic Salary which will be deducted from your salary each month. The maximum combined pension contribution is £10,000 in any given tax year, and contributions from both you and the Company will cease for the remainder of the tax year once that threshold is met each tax year. There is no cash alternative and you may be required to periodically renew any opt out.

13.2    The Pension Scheme shall be kept under review and changes to it may be made from time to time. The Company reserves the right to terminate or substitute another scheme for the Pension Scheme.

14.    Notice and Termination

14.1    This Agreement and your employment may be terminated by either party giving the other not less than six months' prior notice in writing.

14.2        You may, at the Company's sole option, be deemed to have resigned if you are absent without authorisation or communication to the Company for more than 5 consecutive days; in that case only, the fifth day of your absence shall be deemed your de facto written notice of resignation, thereby beginning the notice period set forth in Clause 14.1 as if you had submitted that notice in writing.

14.3    Notwithstanding the sub-clauses above, the company may terminate your employment without notice and without payment in lieu of notice or of compensation (and without being required to serve notice or make any payment in lieu of notice or other payment) if (amongst other things):



14.3.1    the Company reasonably believes that you are guilty of gross misconduct including but not limited to: dishonesty, physical violence or threats of violence, theft or fraud, deliberate disclosure of sensitive or confidential information to a third party, or other gross misconduct; or

14.3.2    you are guilty of gross incompetence or wilful neglect of duty, or commit any other serious breach or persistently breach the terms of your employment; or

14.3.3    you act in any manner (whether in the course of your duties or otherwise) which the Company believes is likely to bring you, the Company and/or any Group Company into disrepute or prejudice the interests of the Company or any Group Company; or

14.3.4    you refuse to comply with a lawful instruction given to you by your manager or on behalf of the Company; or

14.3.5    you cease to be entitled to work in the United Kingdom in accordance with the relevant provisions of the Immigration Act 2016 and such other applicable law as may be in effect from time to time.
The foregoing are non-exhaustive examples of conduct that would entitle the Company to terminate your employment summarily. Any delay by the Company in exercising such right to terminate shall not constitute a waiver of it. This clause will not restrict any other right the Company may have (whether at common law or otherwise) to terminate your employment summarily.

14.4    The Company may suspend you from work with pay during any investigation into alleged misconduct, during any disciplinary process and during any redundancy consultation. You will continue to receive Basic Salary and contractual benefits during any such period of suspension.

14.5    The Company may, in its sole and absolute discretion, terminate your employment under this Agreement (or, where you have given notice of your resignation bring forward the notified Termination Date), at any time and with immediate effect by notifying you that the Company is exercising its right under this Clause 14 and that it will make you a payment in lieu of notice ("PILON").

14.5.1    The PILON will be equal to the Basic Salary (as at the Termination Date) which you would have been entitled to receive under this Agreement during the notice period referred to at Clause 14.1 (or, if notice has already been given, during the remainder of the notice period) less deductions required and permitted by law. Any PILON will not include any element in relation to any benefit, bonus or commission payment that might otherwise have been due to you (if applicable) and any payment in respect of any pro rata holiday entitlement to which you would have been entitled during the period for which the PILON is made.

14.5.2    This Clause 14.5 applies whether or not notice has been, or will be, served by either you or the Company. You have no automatic entitlement to receive this PILON unless the Company informs you in writing that it has decided to terminate your employment in this way.

14.5.3    For the avoidance of doubt, you and the Company agree that where you have given notice of resignation and the Company has exercised its right to bring forward the Termination Date pursuant to this Clause 14.5, this only alters how and when the resignation takes effect and does not constitute a dismissal by the Company.




14.6    During all or any part of your notice period, regardless whether the notice has been given by you or the Company, the Company may without breaching the terms of this Agreement or giving rise to any claim by you against the Company, exclude you from the work premises, require you not to work and/or not to undertake all or any of your duties of employment, provided that you continue to be paid and enjoy your contractual benefits until your employment terminates in accordance with the terms of this Agreement. This is called "Garden Leave". You shall continue to owe the Company all legal duties and obligations (whether express or implied) during any period of Garden Leave. During any period of Garden Leave:

14.6.1    you will continue to receive contractual pay and benefits (but excluding bonus or any entitlement to share options);
14.6.2    the Company will be under no obligation to provide any work to you and you will have no right to perform any services for the Company or any Group Company;

14.6.3    you will remain readily contactable and available for work. In the event that you are not available for work having been so requested by the Company, you will, notwithstanding any other provision of this Agreement, forfeit any right to salary and contractual benefits;

14.6.4    the Company may require you to deliver up any Confidential Information or property of the Company and you will confirm your compliance with this clause in writing if requested to do so by the Company;

14.6.5    the Company may require you to take any outstanding holiday entitlement; and

14.6.6    the Company may announce to employees, suppliers and customers that you have been given notice of termination or have indicated an intention to resign (as the case may be), and may instruct you not to directly or indirectly communicate orally or in writing with suppliers, customers, officers, employees, shareholders, agents or representatives of the Company.

14.7    If you fail to give notice of termination in accordance with this clause, the Company may elect by notice in writing to you not to accept such breach of this Agreement and if such election is made this Agreement shall remain in full force and effect.

14.8    The termination of your employment will be without prejudice to any right the Company may have in respect of any breach by you of the provisions of this Agreement which may have occurred prior to such termination.

14.9    You will not at any time after the termination of your employment with the Company represent yourself as still having any connection with the Company or any Group Company, save as a former employee for the purpose of communicating with prospective employers or complying with any applicable statutory requirements.

14.10    The rights of the Company to terminate your employment under the terms of this Agreement apply even when such termination would or might cause you to forfeit any entitlement to sick pay, salary, income protection, or other benefits.




15.    Confidential Information

15.1    You accept and agree that as a natural and inevitable consequence of your employment and the carrying out of duties associated with such employment, you will obtain, have access to, create and become aware of Confidential Information as well as have personal knowledge of, and influence over, the Company's and/or any Group Company's suppliers, customers, clients, consultants and employees such that you will be placed in a position whereby you may cause commercial and irreparable damage to the legitimate business interests of the Company and/or any Group Company by using such Confidential Information, personal knowledge and/or influence for the benefit of any other entity or person.
15.2    In order to protect and maintain the Company's legitimate business interests you agree that (i) during and (ii) after the termination of your employment (for so long thereafter as the Confidential Information remains competitively sensitive), and without prejudice to your common law duties, you will not directly or indirectly (unless authorised to do so by the Company or by a Court):

15.2.1    disclose to any other person, company or organisation whatsoever; and/or

15.2.2        make use of, for your own benefit or for the benefit of any other person, company or organisation whatsoever; and/or

15.2.3    through any failure to exercise all due care and diligence cause or permit any unauthorised disclosure of any trade secrets and/or Confidential Information that has or will come to your knowledge during your employment, or has been or will be given to you in confidence by the Company and/or any Group Company, or which you as a person of honesty and reasonable intelligence should reasonably treat as confidential, whether or not the same is specifically marked as confidential.

15.3    No trade secrets and/ or Confidential Information may be reproduced (except in the proper exercise of your duties) or given to the press or any publication whatsoever or in the form of a paper to a professional body without the prior written consent of the Company.

15.4    You shall on the Termination Date return to the Company any records in any form of trade secrets and/or Confidential Information acquired or received by you during the course of your employment and shall not retain any copy, summary or precis of the same.

15.5    The term "Confidential Information" shall include any information relating to the business and/or the financial affairs of the Company and/or any Group Company or any of its customers, clients, suppliers, agents or distributors (actual or potential) and in particular shall include:

15.5.1    all information and any idea in whatever form, tangible or intangible, whether disclosed to or learned or developed by you, pertaining in any manner to the business of the Company and/or any Group Company or to the clients/customers, consultants, business associates, suppliers or employees of the same;

15.5.2    all client/customer lists and all lists or other compilations containing client, customer or vendor information;

15.5.3    all information about products, proposed products, product development, research, techniques, processes, costs, profits, markets, marketing plans, strategies, forecasts, sales and commissions;

15.5.4    plans for the future development of new product or service concepts;

15.5.5    all techniques or processes, documents, books, papers, computer systems and software, databases and other data of any kind and description, including electronic data recorded or retrieved by any means;



15.5.6    all information relating to the remuneration and terms of employment of other employees;

15.5.7    all information (including all negotiations) relating to, or in any way connected with, actual or proposed transactions affecting the Company and/or any Group Company and/or its or their business;

15.5.8    all commercial information including the terms of commercial agreements or intended or proposed commercial agreements as well as any and all negotiations regarding, towards or arising out of commercial agreements or proposed commercial agreements;

15.5.9    all information which the Company and/or any Group Company treats as confidential or expressly designates as "Confidential Information";

15.5.10    the business methods and information of the Company and/or any Group Company (including prices charged or discounts given to agents or obtained from suppliers, marketing and advertising programmes and costings, budgets, forecasts turnover, sales targets or other financial information);

15.5.11    lists and particulars of the Company and/or any Group Company's clients, suppliers, agents and distributors and the individual contact or contacts at such clients, suppliers, agents and distributors;

15.5.12    any know-how or trade secrets or other matters connected with the products or services marketed and/or provided by the Company and/or any Group Company;

15.5.13    any information in respect of which the Company and/or any Group Company is bound by an obligation of confidence to any third party; and

15.5.14    any compilation of information which in its individual parts may not be Confidential Information but which derives its commercial value and its confidential nature from its aggregation.

15.6    The restrictions in sub-Clauses 15.2 through 15.4 will not apply to any information that you can demonstrate (i) was known to you prior to the commencement of your employment by the Company, or (ii) is in the public domain, other than by way of unauthorised disclosure or breach of sub­ Clauses 15.1 through 15.4 (whether by you or any other person).

15.7    This Agreement including Appendix A shall not prevent you from:

15.7.1    disclosing any information that you are entitled to disclose under Part IVA Employment Rights Act 1996, provided that any disclosure is made in accordance with the provisions of that Act
and in accordance with the Company's policy;

15.7.2    disclosing Confidential Information where it is required to be disclosed by judicial, administrative, governmental or regulatory process in connection with any action, suit, proceeding or claim or otherwise by applicable law;

15.7.3    making a disclosure to regulated health and legal professionals who owe you a duty of confidentiality;

15.7.4    reporting misconduct, or a serious breach of applicable regulatory requirements to a law enforcement agency or any body responsible for supervising or regulating the matters in question; or

15.7.5    co-operating with a criminal investigation or prosecution.




16.    Intellectual Property, and Restrictive Covenants

16.1    You agree as a condition of your employment to the terms and conditions set forth in the Company's Intellectual Property, and Restrictive Covenants Agreement attached as Appendix A and incorporated herein.

16.2    If the Company transfers all or any part of its business to a third party (the "Transferee"), the restrictions contained Appendix A shall with effect from you becoming an employee of the Transferee, apply to you as if references to the Company included the Transferee and references to any Group Company were construed accordingly, and as if the references to defined terms in respect of the Company including but not limited to "Customer", "Prospective Customer" and "Critical Employee", applied to the customers, prospective customers and critical employees of the Transferee and their respective Group Companies. You agree to execute any such documents as may be required to effectuate said benefit.

17.    Company Property

17.1    At any time on request and in any event upon the termination of your employment:

17.1.1    you shall return all property belonging to the Company including (but not limited to) any company credit card, keys, security pass, identity badge, mobile telephone, laptop computer and alt documents and copies (whether written, printed, electronic, recorded or otherwise and wherever located) made, compiled or acquired by you during your employment with the Company or relating to the business or affairs of the Company;

17.1.2    you will (1) copy to the Company and then (2) irretrievably delete from,

i.    any device and

ii.    from any form of data memory or data storage

which is used by or which is in your possession or under your control or accessible by you including but not limited to cloud storage, alt (1) documents, (2) drawings, (3)
graphics, (4) communications and (5) information belonging to, obtained from, or prepared for or in relation to the Company or any Group Company or any of its or their respective customers or clients;

17.1.3    you shall inform the Company of any passwords used by you in order to access such documents, drawings, graphics, communications and information and

17.1.4    you consent to the Company reviewing all the data including personal data therein.

17.2    You shall not copy, delete or alter any information created, stored or contained on any Company-owned electronic media equipment and/or systems before you return the information and property per the above clauses.

18.    Disciplinary and Grievance Procedure

18.1    The Company generally deals with disciplinary and grievance matters in accordance with the Company's disciplinary and grievance policies, copies of which are available on request.

18.2    The disciplinary and grievance procedures may be altered by the Company from time to time, or may not be applied if in the Company's sole discretion it is not appropriate to do so in a particular situation. They do not form part of this Agreement and are not contractually binding.



18.3    The Company reserves the right to suspend you on full pay and not provide you with work pending the making and completion of the investigation of any matter relating to any disciplinary or grievance situation.

19.    Rules, Policies and Procedures

19.1    You agree at all times to comply with the Company's rules, policies and procedures in place from time to time. They are non-contractual and do not form part of this Agreement. The Company reserves the right to modify, withdraw or initiate rules, policies or procedure as it deems fit. In case of any conflict between Company rules, policies and procedures, and this Agreement, the terms of this Agreement shall prevail.

19.2    You will at all times keep the Company informed of your permanent home address, email address and telephone number if it should change from that set forth above.

20.    Directorships

20.1    You shall, if requested by the Company or the Board during the employment, serve as director of any Group Company as required from time to time. If so appointed, you will:

20.1.1    comply with the articles of association (as amended from time to time) of any Group Company of which you are a director or otherwise responsible; and

20.1.2    not do anything that would cause your disqualification as a director.
20.2    On Termination or at any time at the Company's or the Board's request, you shall:

20.2.1    immediately resign, without any claim for compensation, from any directorships in any Group Company; and

20.2.2    transfer to the Company or as it may direct, without payment, any shares or other securities held by you in any Group Company, which are held as a nominee or trustee for or for the benefit of, any Group Company and deliver to the Company the related certificates and do all acts or things necessary to give effect to the same.

20.3    Except with the prior approval of the Board or as required by this Agreement you shall not resign as a director of any Group Company.

20.4    By way of security for your obligations under this Agreement, you hereby irrevocably appoint the Company to be your attorney to execute and do any such instrument or thing and generally to use your name for the purpose of giving the Company or its nominee the full benefit of this clause 20.

21.    Data Protection

21.1    We will process personal data about you in accordance with the Company's employee privacy notice, a copy of which is available on request.

21.2    You shall comply with the Company's data protection policy and any instructions, processes or procedures issued under it when handling personal data in the course of your employment, including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company. You must also comply with any applicable IT & Communication Systems policy. Failure to comply with the data protection policy, any instructions, processes or procedures issued under it, or any of the other policies listed in this paragraph may be dealt with under the Company's disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal.



22.    Training

As at the date of this Agreement, there are no current requirements or entitlements for you to undertake any specific training in connection with your employment. In the future, you may be entitled or required to take part in various training courses which the Company may provide or facilitate access to from time to time. Specific details of any courses that might be available to you will be provided to you in due course.

23.    Collective Agreement

There are no collective agreements in force which relate to your employment.

24.    Changes to your Terms of Employment

24.1    In addition to reserving the right to make the specific changes set forth above, the Company reserves the right to make reasonable changes to any of your terms and conditions of employment. Minor changes of details (e.g. in procedures) may be made from time to time and will be effected by a general notice to employees.
24.2    You will be notified in writing of any significant change to the particulars of your employment at the earliest opportunity and in any event within one month of the change.

24.3    No terms shall be implied into this Agreement by custom and practice.

25.    Notices

25.1    The Company may deliver any documents related to your employment and request your consent to matters by electronic means. You hereby consent to receive such documents by electronic delivery and, if applicable, to execute such documents via electronic signatures, click-through acceptance of terms, or other online system as may be established and maintained by the Company.

25.2    Any notice to a party under this Agreement shall be in writing signed by or on behalf of the party giving it and shall, unless delivered to a party personally, be hand delivered, or sent by email, or by prepaid first-class post to, in your case, your Company email (if you are still employed), last known personal email, and/or residential address or, in the case of the Company, your manager's Company email, or the Company's registered office marked to the attention of the General Counsel.

25.3    A notice shall be deemed to have been delivered:

25.3.1    at the time of delivery if delivered personally to a party or to the specified address;

25.3.2    on the second working day after posting by first class prepaid post; or

25.3.3    two hours after transmission if served by email on a business day prior to 3pm or in any other case at 10 am on the business day after the date of transmission based on the usual applicable time zone of the recipient (in your case this will be the time zone of your contractual place of work).




26.    Entire Agreement

This Agreement including Appendix A hereto together with the Indemnity Agreement between you and the Company dated effective as of the closing of Crane NXT's acquisition of OpSec Security, between Crane NXT (the "Indemnity Agreement") contain the entire understanding between the parties as to the subject matter contained herein and, together, supersede all (if any) subsisting or previous agreements, arrangements and understandings or parts of agreements, arrangements or understandings (as appropriate) relating to the subject matter hereof which such agreements, arrangements and understandings (or parts thereof) shall be deemed to have been terminated by mutual consent without liability on either party but without prejudice to accrued rights and liabilities. To the extent that there is any conflict between the terms of this Agreement and the Indemnity Agreement, the terms of this Agreement shall prevail.
27.    Choice of Laws and Submission of Jurisdiction

This Agreement is governed by and shall be construed and enforced in accordance with the laws of England and Wales, and the parties to this Agreement hereby submit to the exclusive jurisdiction of the English courts; provided, however, that the Company and you may seek to enforce a judgment in relation to Appendix A issued by the above-named courts in any proper jurisdiction.

28.    Miscellaneous

28.1    In this Agreement, unless the context otherwise requires:

28.1.1    words in the singular include the plural and in the plural include the singular;

28.1.2    any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

28.1.3    the headings are inserted for convenience only and shall not affect its construction;

28.1.4    reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension or re-enactment and includes any subordinate legislation for the time being in force made under it;

28.1.5    the Appendices shall form part of this Agreement, shall have effect as if set out in full in the body of this Agreement and any reference to this Agreement includes the Appendices; and

28.1.6    reference to any regulator or other body includes a reference to any successor.

28.2    You acknowledge that you have had the opportunity to take independent legal advice in relation to the undertakings contained in this Agreement.

28.3    This clause applies if you subscribe for or are awarded shares in the Company or any Group Company or participate in any share option, restricted share, restricted share unit, long term incentive, carried interest, co-invest or any other form of profit sharing, incentive, bonus or equity plan or arrangement (each, an "Incentive") or may do so. Upon termination of employment, your rights (if any) in respect of each Incentive shall be solely determined by the articles of association, rules or other documents governing each Incentive which are in force on the Termination Date and you hereby irrevocably waive all claims or rights of action in respect of the loss of any rights or benefits under or in respect of any Incentive granted or not yet granted to you (including any loss relating to the lapse of, or their ineligibility to exercise, any share options, the value of any shares, the operation of any compulsory transfer provisions or the operation of any vesting criteria).



28.4    The termination of your employment under this Agreement will not affect any of the provisions of this Agreement which expressly operate or lawfully have effect after termination and will not prejudice any right of action already accrued to either party in respect of any breach of any terms of this Agreement by the other party.

28.5    With the exception of Group Companies and assignees of the Company who may enforce the rights and benefits of this Agreement pursuant to Section 1 of the Contracts (Rights of Third Parties) Act 1999:

28.5.1    a person who is not a party to this Agreement will not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement; and

28.5.2    the parties to this Agreement may vary or terminate this Agreement by agreement between them without requiring the consent of any Group Company or assignees of the Company and without needing to comply with Section 2(1) of the Contracts (Rights of Third Parties) Act 1999.

28.6    If your employment is terminated at any time by reason of any reconstruction or amalgamation of any Group Company, whether by winding up or otherwise, and you are offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material extent than the terms of this Agreement, you acknowledge and agree that you shall have no claim against the Company or against the concern or undertaking, arising out of or connected with such termination.

28.7    The failure by the Company to require strict performance by you of any obligation under this Agreement or failure by the Company to exercise any of its rights under this Agreement shall not waive or diminish its rights to require strict performance of such obligation ,or to exercise such rights.

28.8    This Agreement may be executed electronically including via DocuSign or PDF and in one or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument, binding on the parties.
EXECUTION:

Executed and delivered as a Deed by you and executed as an Agreement under hand by the Company on the date stated at the beginning of this Agreement.

Signed by Aaron W. Saak
for and on behalf of Crane Payment             /s/ Aaron W. Saak_________
Innovations, Ltd.                    Signature


Signed as a deed by Sam Keayes            /s/ Sam Keayes___________
in the presence of:                    Signature


/s/ Jennifer Kartono_______________
Witness’s Signature
Name of witness                        Jennifer Kartono
Address of witness                    [Address omitted]
Occupation of witness                    SVP, Chief Human Resources Officer
    



APPENDIX A

INTELLECTUAL PROPERTY AND RESTRICTIVE COVENANTS

The Intellectual Property and Restrictive Covenants are part of and incorporated into the Contract of Employment to which they are attached as Appendix A. Terms used herein not specifically defined shall have the meaning provided in the Contract of Employment.

Whereas the Company provides or plans to provide during the Restricted Period, the Restricted Goods and the Restricted Services within the Restricted Area, and whereas the Company wishes legitimately to protect its Confidential Information, trade connections, Suppliers, goodwill, skills base, workforce stability and Customers, and since you are likely to obtain in the course of your employment with the Company or any Group Company knowledge of Confidential Information relating to the Company and any Group Company, as well as influence over Critical Employees, Customers ,and Suppliers, you hereby agree as follows:

Each of the restrictions contained herein, each definition set out below, each limb of such definition and each operative word within each sub-paragraph or definition is intended to be an entirely separate, severable and independent restriction, notwithstanding that they are combined together for the sake of brevity, and you agree not to advance any argument to the contrary. In the event that any of the restrictions shall be held to be void or ineffective but would be valid and effective if some part of the wording thereof were deleted such restriction shall apply with such modification as may be necessary to make it valid and effective. If such a deletion applies to a definition, such deletion shall not apply to any other restriction, so that each definition is deemed to be repeated each time it is used.

1.    Definitions

1.1    "Critical Employee" means any person who was at any time during the Relevant Period employed or engaged or engaged by or seconded or assigned to the Company or any Group Company in a senior, managerial, sales, marketing, technical or supervisory capacity; and

1.1.1    for or with whom, during the Relevant Period you have had

(a)    direct or indirect managerial responsibility; and/or

(b)    material contact or dealings;

and

1.1.2    who, during the Relevant Period:

(a)    had material contact with Customers or Prospective Customers or Suppliers in performing his/her duties of employment with the Company or any Group Company; and/or

(b)    who is in possession of Confidential Information about Customers or Prospective Customers or Suppliers.

1.2    "Customer" means any person, consultant, firm, company, business entity or other organisation whatsoever to which the Company or any Group Company distributed, sold or supplied goods or services which are the same as or similar to the Restricted Goods or Restricted Services during the Relevant Period and with which, during that period:
1.2.1    you, or

1.2.2    any employee under your direct or indirect supervision,



had material dealings in the course of employment with the Company or any Group Company, or about whom you were in possession of Confidential Information, but always excluding therefrom any division, branch or office of such person, firm, company or other organisation whatsoever with which you and/or any such employee had no dealings during that period. You agree that the restrictions in this Agreement shall apply in relation to all Customers notwithstanding that such Customers may have been introduced to the Company or any Group Company by you.

1.3    "Group Company" or "Group" means the Company and any group undertaking (as such term is defined in section 1161(5) of the Companies Act 2006) of the Company in any jurisdiction from time to time;

1.4    "Intellectual Property Rights" means all copyrights and related rights, patents, utility models, trademarks, rights in designs, rights in data, database rights and rights in computer software, moral rights (as defined in the Copyright Designs and Patents Act 1988), rights in Confidential Information (including know how and trade secrets), rights in designs and Inventions, trade, business and company names, internet domain names, e-mail addresses and rights in get up and goodwill including the right to sue for passing off or unfair competition, in each case whether registered or unregistered or the subject of a pending application for registration and all other intellectual property rights or rights of a similar nature or any other form of protection which subsists in the past, present or future anywhere in the world in any work, Invention or any other similar thing created by you (including in conjunction with any third party) in the course of your employment by the Company or a Group Company;

1.5    "Invention" means any invention, development, process, plan, design, formula, specification, programme or other matter or work whatsoever which you make, develop or discover, either alone or with others, during the course of your duties of employment for the Company or a Group Company whether or not during working hours, whether or not using Company premises or resources and whether or not recorded in material form;

1.6    "Permitted Investment" means holding an investment by way of shares or other securities of not more than 5% of the total issued share capital of any company, whether or not it is listed or dealt in on a recognised investment exchange.

1.7    "Prospective Customer" means any person, firm, company or other organisation whatsoever with which the Company or any Group Company had discussions during the Relevant Period regarding the possible distribution, sale or supply of Restricted Goods or Restricted Services and

1.7.1    with which, during such period:

(a)    you, or

(b)    any employee who was under your direct or indirect supervision,
had material dealings in the course of employment by the Company or any Group Company; or

1.7.2    about whom you were in possession of Confidential Information,

but always excluding therefrom any division, branch or office of that person firm, company or other organisation, with which you and/or any such employee had no dealings during that period.

1.8    "Relevant Period" means the period of 12 months immediately preceding the start of the Restricted Period;

1.9    "Restricted Area" means the United Kingdom, any country within the European Union and any other country in the world where the Company or any Group Company during the Relevant Period is providing


or supplying, or is planning to provide or supply, any Restricted Goods or Restricted Services and in or for which, during the Relevant Period:

1.9.1    you, or

1.9.2    any employee under your supervision,

performed material duties for the Company or relevant Group Company. For the purposes of this Agreement, acts done by you or any employee under your direct or indirect supervision outside the Restricted Area shall nonetheless be deemed to be done within the Restricted Area where their primary purpose is to distribute, sell, supply or otherwise deal with Restricted Goods or Restricted Services in the Restricted Area;

1.10    "Restricted Goods" means:

1.10.1    any products provided by the Company or any Group Company as at the Termination Date, 'Or which the Company or any Group Company has planned to start providing within six months of the Termination Date; and

1.10.2    with which your duties were materially concerned or for which you, or any employee who was under your supervision, were responsible during the Relevant Period;

or any products of the same type or materially similar to such products.

1.11    "Restricted Period" means the period commencing on the earlier of (i) the Termination Date, (ii) the date on which you commence Garden Leave, or (iii) such date on which you cease providing services to the Company or any Group Company, and continuing for 12 months thereafter.

1.12    "Restricted Services" means any services:

1.12.1    provided or supplied by the Company or any Group Company as at the Termination Date or which the Company or any Group Company has planned to start providing or supplying within six months of the Termination Date; and

1.12.2    with which your duties were materially concerned or for which you, or any employee who was under your supervision, were responsible during the Relevant Period;
or any services of the same type or materially similar to such services.

1.13    "Securities" means any shares, debentures (whether or not secured), warrants or options to purchase any shares or debentures; and

1.14    "Supplier" means any supplier, agent, distributor or other person who, during the Relevant Period was in the habit of dealing with the Company or any Group Company and with which, during that period, you, or any employee under your direct or indirect supervision, had material dealings in the course of employment with the Company;

The restrictions imposed in this Agreement apply to you acting:

a)    directly or indirectly; and

b)    on your own behalf or on behalf of, or in conjunction with, any firm, company or person.




2.    Assignment of Intellectual Property

2.1    You acknowledge that the Company is the sole owner of any and all Intellectual Property Rights and insofar as any of the Intellectual Property Rights are not automatically vested in the Company and in consideration of the Basic Salary payable to you under the terms of this Agreement you hereby irrevocably assign to the Company absolutely with full title guarantee all right, title and interest in and to (including by way of present assignment of future Intellectual Property Rights) and all other rights and interests of whatsoever nature in and to the Intellectual Property Rights including the right to take proceedings and recover damages and obtain all other remedies for past infringements in respect thereof throughout the Universe for the full period of copyright (and of any analogous rights) and all revivals, renewals, extensions and novations thereof and thereafter (so far as possible) in perpetuity together with the right to the same in any manner and through any media (whether now known or hereinafter invented) as the Company shall in its absolute discretion decide.

2.2    All records, documents, papers (including copies and summaries thereof) and other copyright protected works made or acquired by you in the course of your employment shall, together with all the Intellectual Property Rights in all such works, be and at all times remain the absolute property of the Company.

2.3    To the extent permissible by any applicable laws, you hereby irrevocably assign with full title guarantee (including by way of present assignment of future rights) to the Company all right, title and interest in and to any 'performers property rights' as that term is understood in Chapter II of Part II of the Copyright, Designs and Patents Act 1988 and any equivalent rights under any similar legislation in any other part of the world including without limitation all relevant reproduction, distribution, lending and rental rights and the making available right arising out of your employment throughout the world and you hereby irrevocably and unconditionally confirm that the Basic Salary payable to you under the terms of this Agreement includes equitable remuneration for the right to exploit all such rental rights.

2.4    You hereby irrevocably and unconditionally waive all rights granted by Chapter IV of Part I of the Copyright, Designs and Patents Act 1988 and all similar rights in other jurisdictions that vest in you (whether before, on or after the date hereof) in connection with your authorship of any copyright works in the course of your employment with the Company, wherever in the world enforceable, including without limitation the right to be identified as the author of any such works and the right not to have any such works subjected to derogatory treatment.

2.5    The Company and you both acknowledge and accept the provisions of Sections 39 to 42 of the Patents Act 1977 ("the Act") relating to the ownership of employees' inventions and the compensation of employees for certain inventions.

2.6    You agree that, by virtue of the nature of your duties and the responsibility arising from them, you have and shall have at all times a special obligation to further the interests of the Company within the meaning of Section 39(1)(b) of the Act.

2.7    You agree that all rights to and in any Invention shall belong to and be the property of the Company. You agree to immediately tell the Company about any Inventions and that you will keep confidential any and all information in any way relating to the Inventions unless otherwise authorised by the Company. You also agree to provide the Company with all materials embodying or relating to the Inventions, regardless of format.

2.8    To the extent that you make, discover or develop any invention, development, process, plan, design, formula, specification, program or other matter or work whatsoever which do not belong to the Company further to the previous sub-clause above but which:

2.8.1    you make (wholly or partly, either alone or with others) using the Company's or any Group Company's equipment; or



2.8.2    which you make (wholly or partly, alone or with others) using information obtained during the course of your employment; or

2.8.3    which is or may be relevant to or related to the Company's or any Group Company's existing or future business (collectively "Employee Rights"),

you agree to immediately inform the Company of the Employee Rights and, at the request and cost of the Company (and notwithstanding the termination of your employment) to immediately license or assign (as requested by the Company) all aspects of the Employee Rights to the Company and to deliver to the Company all documents and other materials relating to the Employee Rights. The Company shall pay you compensation for the licence or assignment as the Company shall determine in its absolute discretion, subject to Section 40 of the Act.

2.9    You also agree, at the request and cost of the Company (and notwithstanding the termination of your employment) to sign and execute all such documents and do all such acts as the Company may reasonably require:

2.9.1    to apply for and obtain in the sole name of the Company alone (unless the Company otherwise directs) patent, registered design, or other protection of any nature whatsoever in respect of the Inventions in any country throughout the world and, when so obtained or vested, to renew and maintain the same;
2.9.2    to resist any objection or opposition to obtaining, and any petitions or applications for revocation of, any such patent, registered design or other protection;

2.9.3        to bring any proceedings for infringement of any such patent, registered design or other protection, the Company having sole control of all aspects of such proceedings and/or disputes relating to the same; and

2.9.4    to otherwise to give effect to the assignments, waivers and licences contemplated under this clause.

2.10    The Company shall decide, in its sole discretion, whether to apply for patent, registered design or other protection in respect of the Inventions and reserves the right to work any of the Inventions as a secret process.

2.11    If anything created by you prior to your employment relates to the Company's actual or proposed business, you will list it on Annex A /s/ SK in a manner that does not violate any third party rights or disclose any confidential information. If you fail to initial above, it shall be presumed that no such creation exists.

3.    Non-Competition

3.1    You agree that you will not (without the Company's prior written consent), during your employment, and during the Restricted Period within the Restricted Area, and whether on your own account or in conjunction with or on behalf of any other person, firm, company, business entity or other organisation whatsoever, (and whether as an employee, director, principal, agent, consultant or in any other capacity whatsoever), directly or indirectly:

3.1.1    be employed by; or

3.1.2    be engaged in; or



3.1.3    be materially interested in; or

3.1.4    render services to,

any business which provides or supplies Restricted Goods and/or Restricted Services within the Restricted Area, if

(a)    the business

(i)    is in competition with the Company and/or any Group Company with respect to Restricted Goods or Restricted Services in the Restricted Area, or

(ii)    is intending to compete with the Company and/or any Group Company with respect to Restricted Goods or Restricted Services in the Restricted Area, during the Restricted Period; or

(b) it is likely to result in the intentional or unintentional disclosure or use of Confidential Information by you in order for you to properly discharge your duties or to further your interest in, that business.

3.2    Subject to Clause 3.1(b) of Appendix A, this Clause 3 of Appendix A shall not prevent you from:
3.2.1    holding a Permitted Investment; or

3.2.2    being engaged or concerned in any business concern during the Restricted Period, provided that your duties or work shall relate solely to services or activities of a kind with which you were not concerned to a material extent during the Relevant Period.

4.    Non-Solicitation of Customers

4.1    You agree that you will not, during your employment and the Restricted Period, without the Company's prior written consent, whether on your own behalf or in conjunction with any person, firm, company, business entity or other organisation whatsoever, (and whether as an employee, director, agent, principal, consultant or in any other capacity whatsoever), directly or indirectly, in competition with the Company and/or any Group Company:

4.1.1    solicit business from; or assist in soliciting business from; or canvas any Customer or Prospective Customer in respect of Restricted Goods or Restricted Services; and/or

4.1.2    accept orders or custom from; or facilitate the acceptance of orders or custom from; or act for; or have any business dealings with any Customer or Prospective Customer in respect of Restricted Goods or Restricted Services.

5.    Non-Solicitation of Critical Employees

5.1    You agree that you will not, during the course of your employment or during the Restricted Period, without the Company's prior written consent, whether on your own behalf or in conjunction with any person, firm, company, business entity or other organisation whatsoever, (and whether as an employee, director, agent, principal, consultant or in any other capacity whatsoever), directly or indirectly:

5.1.1    solicit; or induce; or endeavour to solicit or induce; or assist or facilitate any other person to solicit or induce (including but not limited to by providing such person with information about the Critical Employee) any person who, on the Termination Date, was a Critical Employee to cease working for or


providing services to the Company or any Group Company, whether or not any such person would thereby commit a breach of contract; and/or

5.1.2    employ; or otherwise engage any Critical Employee in the business of researching into, developing or otherwise dealing with goods or services which are the same as or similar to Restricted Goods or Restricted Services if that business is, or seeks to be at that time or in the future, in competition with the Company and/or any Group Company.

6.    Interference with Suppliers

6.1    You agree that you will not, during the course of your employment and during the Restricted Period, without the Company's prior written consent, whether on your own behalf or in conjunction with any person, firm, company, business entity or other organisation whatsoever, (and whether as an employee, director, agent, principal, consultant or in any other capacity whatsoever), directly or indirectly:
6.1.1    solicit; or induce; or endeavour to solicit or induce any Supplier to cease to deal with the Company and/or any Group Company; and/or

6.1.2    interfere in any way with any relationship, or the supply of goods or services, between a Supplier and the Company or any Group Company.

7.    Notifiable Offer

7.1    You hereby undertake that you will immediately notify the Company of any offer of employment or any other engagement or arrangement made to you by any third party or parties which may give rise to a breach of one or more of the covenants contained in the Non-Competition Clause and the Non­ Solicitation of Employees, Customers and Suppliers Clauses of Appendix A ("Notifiable Offer").

7.2    You acknowledge and agree that you shall be obliged to draw the provisions of the covenants contained In the Non-Competition Clause of Appendix A and the Non-Solicitation of Employees, Customers and Suppliers Clauses of Appendix A to the attention of any third party who may, at any time during your employment or during the Restricted Period, offer to employ or engage you and for whom you intend to work at any time during the Restricted Period, prior to entering into any contractually binding agreement to perform work for such third party.

7.3    The Company reserves the right to inform any third party or parties of the existence of the covenants contained in the Non-Competition Clause of Appendix A and the Non-Solicitation of Employees, Customers and Suppliers Clauses of Appendix A.

8.    Agreement or Undertaking with Group Company

8.1    The Company contracts as trustee and agent for the benefit of each Group Company. You acknowledge that the provisions of this Appendix constitute severable undertakings given for the benefit of the Company and all other Group Companies and may be enforced by the Company on its own behalf or on behalf of any Group Company. The benefit of each agreement and obligation imposed upon you under this Appendix A may be assigned to and enforced by all successors and assigns for the time being of the Company and its Group Companies and such agreements and obligations will operate and remain binding notwithstanding the termination of your employment.

8.2    You hereby agree that you will at the request and cost of the Company enter into a direct agreement or undertaking with any Group Company whereby you will accept restrictions and provisions corresponding to the restrictions and provisions herein (or such of them as may be appropriate in the circumstances) in relation to such activities and such area and for such a period as such Group Company may reasonably require for the protection of its legitimate business interests.



8.3    You agree that if you have material business dealings in other foreign jurisdictions on behalf of any Group Company, you will enter into undertakings providing the same level of protection for each such Group Company with such modifications (if any) as are necessary to render such undertakings enforceable in those jurisdictions.
9.    Transfer of Business or Undertaking to Third Party

If the Company transfers all or any part of its business to a third party (the "Transferee"), the clauses contained this Agreement including of Appendix A shall with effect from you becoming an employee of the Transferee, apply to you as if references to the Company included the Transferee and references to any Group Company were construed accordingly, and as if the references to defined terms in respect of the Company including but not limited to "Customer", "Prospective Customer" and "Critical Employee", applied to the customers, prospective customers and critical employees of the Transferee and their respective Group Companies. You agree to execute any such documents as may be required to effectuate the benefits of this clause for such Transferee and their respective Group Companies.


ANNEX A
[Employee to insert anything created by employee prior to employment that relates to the Company's actual or proposed business]



Exhibit 31.1
CERTIFICATION
I, Aaron Saak, certify that:
(1)I have reviewed this Quarterly Report on Form 10-Q of Crane NXT, Co.;
(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
By /s/ Aaron Saak
Aaron Saak
President and Chief Executive Officer
August 7, 2024



Exhibit 31.2
CERTIFICATION
I, Christina Cristiano, certify that:
(1)I have reviewed this Quarterly Report on Form 10-Q of Crane NXT, Co.;
(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
By /s/ Christina Cristiano
Christina Cristiano
Principal Financial Officer
August 7, 2024



Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Crane NXT, Co. (the “Registrant”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aaron Saak, President and Chief Executive Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.
 
By /s/ Aaron Saak
Aaron Saak
President and Chief Executive Officer
August 7, 2024



Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Crane NXT, Co. (the “Registrant”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christina Cristiano, Principal Financial Officer of the Registrant, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, hereby certify to the best of my knowledge that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
This Certification accompanies this Quarterly Report on Form 10-Q and shall not be treated as having been filed as part of this Quarterly Report on Form 10-Q.
 
By /s/ Christina Cristiano
Christina Cristiano
Principal Financial Officer
August 7, 2024


v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-1657  
Entity Registrant Name CRANE NXT, CO.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0706021  
Entity Address, Address Line One 950 Winter Street 4th Floor North  
Entity Address, City or Town Waltham  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02451  
City Area Code 781  
Local Phone Number 755-6868  
Title of 12(b) Security Common Stock, par value $1.00  
Trading Symbol CXT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   57,137,005
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000025445  
Current Fiscal Year End Date --12-31  
v3.24.2.u1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net sales $ 370.6 $ 352.4 $ 684.2 $ 681.5
Operating costs and expenses:        
Cost of sales 209.7 184.0 370.9 358.4
Selling, general and administrative 93.3 99.6 187.6 188.4
Restructuring charges, net 0.0 0.0 2.7 0.0
Operating profit 67.6 68.8 123.0 134.7
Other income (expense):        
Interest income 0.4 0.2 1.0 0.4
Miscellaneous (expense) income, net (0.2) 1.0 0.4 2.4
Total other expense, net (12.2) (12.9) (20.9) (24.2)
Income before income taxes 55.4 55.9 102.1 110.5
Provision for income taxes 13.8 12.7 22.7 23.6
Net income attributable to common shareholders $ 41.6 $ 43.2 $ 79.4 $ 86.9
Earnings per share:        
Basic (in dollars per share) $ 0.73 $ 0.76 $ 1.39 $ 1.53
Diluted (in dollars per share) $ 0.72 $ 0.75 $ 1.38 $ 1.51
Average shares outstanding:        
Basic (in shares) 57.1 56.8 57.1 56.8
Diluted (in shares) 57.8 57.4 57.7 57.4
Dividends per share (in dollars per share) $ 0.16 $ 0.14 $ 0.32 $ 0.14
Nonrelated Party        
Other income (expense):        
Interest expense $ (12.4) $ (14.1) $ (22.3) $ (24.5)
Related Party        
Other income (expense):        
Interest expense $ 0.0 $ 0.0 $ 0.0 $ (2.5)
v3.24.2.u1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income attributable to common shareholders $ 41.6 $ 43.2 $ 79.4 $ 86.9
Components of other comprehensive (loss) income, net of tax        
Currency translation adjustment (8.6) (3.1) (35.3) 1.8
Changes in pension and postretirement plan assets and benefit obligation, net of tax (0.5) (0.5) (0.9) (1.0)
Other comprehensive (loss) income, net of tax (9.1) (3.6) (36.2) 0.8
Comprehensive income attributable to common shareholders $ 32.5 $ 39.6 $ 43.2 $ 87.7
v3.24.2.u1
CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Current assets:      
Cash and cash equivalents $ 175.5 $ 227.2  
Accounts receivable, net of allowance for credit losses of $10.5 as of June 30, 2024 and $11.8 as of December 31, 2023 225.4 214.9  
U.S. and foreign taxes on income 5.1   $ 0.0
Inventories, net:      
Finished goods 45.3 35.6  
Finished parts and subassemblies 24.3 22.7  
Work in process 12.9 6.4  
Raw materials 88.5 92.4  
Inventories, net 171.0 157.1  
Other current assets 54.9 45.2  
Total current assets 631.9 644.4  
Property, plant and equipment:      
Cost 585.9 564.1  
Less: accumulated depreciation 314.7 302.9  
Property, plant and equipment, net 271.2 261.2  
Long-term deferred tax assets 3.7 2.7  
Intangible assets, net 443.6 308.9  
Goodwill 950.4 841.2  
Other assets 86.7 71.0  
Total assets 2,387.5 2,129.4  
Current liabilities:      
Short-term borrowings 220.2 4.6  
Accounts payable 101.3 106.5  
Accrued liabilities 205.4 210.5  
U.S. and foreign taxes on income 0.0 12.8  
Total current liabilities 526.9 334.4  
Long-term debt 638.9 640.3  
Accrued pension and postretirement benefits 21.9 22.5  
Long-term deferred tax liability 132.2 104.5  
Other liabilities 77.8 63.7  
Total liabilities 1,397.7 1,165.4  
Commitments and contingencies (Note 12)  
Equity:      
Preferred shares, par value $0.01; 5,000,000 shares authorized 0.0 0.0  
Common shares, par value $1.00; 200,000,000 shares authorized, 72,441,647 shares issued 72.4 72.4  
Capital surplus 1,716.8 1,728.1  
Retained earnings 182.0 120.9  
Accumulated other comprehensive loss (154.8) (118.6)  
Treasury stock (826.6) (838.8)  
Total equity 989.8 964.0 $ 855.2
Total liabilities and equity $ 2,387.5 $ 2,129.4  
Share data:      
Common shares issued (in shares) 72,441,647 72,441,647  
Less: Common shares held in treasury (in shares) 15,306,094 15,544,190  
Common shares outstanding (in shares) 57,135,553 56,897,457  
v3.24.2.u1
CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 10.5 $ 11.8
Preferred shares, par value (in dollars per share) $ 0.01 $ 0.01
Preferred shares, shares authorized (in shares) 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 72,441,647 72,441,647
v3.24.2.u1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income attributable to common shareholders $ 79.4 $ 86.9
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization 38.7 38.5
Stock-based compensation expense 4.9 4.7
Unrealized loss on forward contracts 0.2 0.0
Defined benefit plans and postretirement credit (0.3) (0.4)
Deferred income taxes 0.2 4.8
Cash used for operating working capital (58.4) (36.7)
Other 1.6 (2.8)
Total provided by operating activities 66.3 95.0
Investing activities:    
Payment for acquisition, net of cash acquired (269.8) 0.0
Capital expenditures (21.4) (8.5)
Proceeds from settlement of forward contracts 0.1 0.0
Total used for investing activities (291.1) (8.5)
Financing activities:    
Dividends paid (18.3) (7.9)
Proceeds from stock options exercised 1.9 1.9
Payment of tax withholding on equity awards vested (6.4) 0.0
Debt issuance costs 0.0 (5.2)
Repayment of long-term debt 0.0 300.0
Proceeds from revolving credit facility 280.0 0.0
Repayment of revolving credit facility (65.0) 0.0
Proceeds from term loan 0.0 350.0
Repayment of term loan (2.0) (50.0)
Net transfers to Crane 0.0 (32.5)
Total provided by (used for) financing activities 190.2 (43.7)
Effect of exchange rates on cash, cash equivalents and restricted cash (9.5) 3.4
Decrease in cash, cash equivalents and restricted cash (44.1) 46.2
Cash and cash equivalents at beginning of period 227.2 230.7
Cash, cash equivalents and restricted cash at end of period [1] 183.1 276.9
Current restricted cash 1.4 0.0
Noncurrent restricted cash 6.2 0.0
Detail of cash used for operating working capital:    
Accounts receivable 1.1 5.9
Inventories (3.1) (18.4)
Other current assets (4.5) (3.9)
Accounts payable (9.5) (8.8)
Accrued liabilities (25.4) (12.3)
U.S. and foreign taxes on income (17.0) 0.8
Total (58.4) (36.7)
Supplemental disclosure of cash flow information:    
Interest paid 19.2 19.8
Income taxes paid 41.7 28.9
Unpaid capital expenditures $ 3.5 $ 1.6
[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 $1.4 million and $0.0 million as of June 30, 2024, and June 30, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.2 million and $0.0 million as of June 30, 2024, and June 30, 2023, respectively.
v3.24.2.u1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Shares Issued at Par Value
Capital Surplus
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Crane Net Investment
Beginning balance at Dec. 31, 2022 $ 783.8 $ 0.0 $ 0.0 $ 0.0 $ (131.5) $ 0.0 $ 915.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 43.7           43.7
Stock-based compensation expense 2.3           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)
Ending balance at Mar. 31, 2023 441.1 0.0 0.0 0.0 (127.1) 0.0 568.2
Beginning balance at Dec. 31, 2022 783.8 0.0 0.0 0.0 (131.5) 0.0 915.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 86.9            
Changes in pension and postretirement plan assets and benefit obligation, net of tax (1.0)            
Currency translation adjustment 1.8            
Ending balance at Jun. 30, 2023 855.2 72.4 1,722.6 35.3 (130.7) (844.4) 0.0
Beginning balance at Mar. 31, 2023 441.1 0.0 0.0 0.0 (127.1) 0.0 568.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 43.2     43.2      
Cash dividends (7.9)     (7.9)      
Exercise of stock options 1.9         1.9  
Impact from settlement of share-based awards, net of shares acquired 0.0   (1.8)     1.8  
Stock-based compensation expense 1.9   1.9        
Stock-based compensation reclassification [1] (0.3)   (0.3)        
Changes in pension and postretirement plan assets and benefit obligation, net of tax (0.5)       (0.5)    
Currency translation adjustment (3.1)       (3.1)    
Dividend from Crane 275.0           275.0
Reclassification of Crane Net Investment to Common Stock, Treasury Stock and Capital Surplus 0.0 72.4 1,722.8     (848.1) (947.1)
Net transfers to Crane 103.9           103.9
Ending balance at Jun. 30, 2023 855.2 72.4 1,722.6 35.3 (130.7) (844.4) $ 0.0
Beginning balance at Dec. 31, 2023 964.0 72.4 1,728.1 120.9 (118.6) (838.8)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 37.8     37.8      
Cash dividends (9.1)     (9.1)      
Exercise of stock options 1.6         1.6  
Impact from settlement of share-based awards, net of shares acquired (5.2)   (14.7)     9.5  
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)    
Ending balance at Mar. 31, 2024 964.1 72.4 1,715.5 149.6 (145.7) (827.7)  
Beginning balance at Dec. 31, 2023 964.0 72.4 1,728.1 120.9 (118.6) (838.8)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 79.4            
Changes in pension and postretirement plan assets and benefit obligation, net of tax (0.9)            
Currency translation adjustment (35.3)            
Ending balance at Jun. 30, 2024 989.8 72.4 1,716.8 182.0 (154.8) (826.6)  
Beginning balance at Mar. 31, 2024 964.1 72.4 1,715.5 149.6 (145.7) (827.7)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to common shareholders 41.6     41.6      
Cash dividends (9.2)     (9.2)      
Exercise of stock options 0.3         0.3  
Impact from settlement of share-based awards, net of shares acquired (0.3)   (1.1)     0.8  
Stock-based compensation expense 2.4   2.4        
Changes in pension and postretirement plan assets and benefit obligation, net of tax (0.5)       (0.5)    
Currency translation adjustment (8.6)       (8.6)    
Ending balance at Jun. 30, 2024 $ 989.8 $ 72.4 $ 1,716.8 $ 182.0 $ (154.8) $ (826.6)  
[1] Reclassification of stock-based compensation due to modification resulting from equity award conversions. See Note 1, “Organization and Basis of Presentation” for additional information.
v3.24.2.u1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends per share (in dollars per share) $ 0.16 $ 0.16 $ 0.14
Stock options exercised, net of shares reacquired (in shares) 8,933 57,564 64,105
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Organization and Basis of Presentation
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Crane NXT, Co. is a leading provider of trusted technology solutions to secure, detect, and authenticate our customers’ most valuable assets. We are comprised of two reporting segments: Crane Payment Innovations (“CPI”) and Security and Authentication Technologies (“SAT”). Our primary end markets include governments and a wide range of consumer related end markets including retail and gaming. See Note 4, “Segment Results” for the relative size of these segments in relation to the total company (both net sales and total assets).
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References 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 prior 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 $1.2 million and $1.9 million as of June 30, 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.
Basis of Presentation
The accompanying Unaudited 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, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These Unaudited 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 for the year ended December 31, 2023, previously filed on Form 10-K on February 22, 2024.
The 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 cash by the 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 Business are deemed to have been settled immediately through “Crane 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 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.
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 other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Consolidated and Combined Condensed Statements of Operations, Balance Sheets and Cash Flows.
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Related Parties
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Parties 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 $15.2 million and $17.0 million for the three-and-six months ended June 30, 2023 recorded in “Selling, general and administrative” in the Unaudited Consolidated and Combined Condensed Statements of Operations. Expenses primarily consisted of professional service fees.
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 June 30, 2024, we had net outstanding payables with SpinCo and its subsidiaries of less than $0.1 million related to the Transition Services Agreement and net outstanding receivables with SpinCo and its subsidiaries of $6.5 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.
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Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisition
Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities.
OpSec Acquisition
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 customary purchase price adjustments. The amount paid, net of cash acquired, was $269.8 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 13, “Financing”) and cash on hand to fund the acquisition.

OpSec is a global leader in authentication and brand integrity with a heritage that spans four decades. OpSec serves brand owners, licensors, and media rights owners, helping them build intangible value and mitigate vulnerability across both physical and digital domains. OpSec also provides high-security and compliance solutions to governments. The acquisition of OpSec expands the Company’s capabilities across the entire authentication value chain, creating a leading brand and product authentication platform. In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business.
Allocation of Consideration Transferred to Net Assets Acquired

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by ASC 805. The purchase price allocation is preliminary, pending our evaluation and determination of post-closing and final working capital adjustments. Potential adjustments made are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Total current assets$36.8 
Property, plant and equipment17.3 
Other assets9.8 
Intangible assets158.3 
Goodwill123.1 
Total assets acquired$345.3 
Total current liabilities$33.6 
Other liabilities41.9 
Total assumed liabilities$75.5 
Net assets acquired$269.8 

The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 14, “Fair Value Measurements” for further details.
The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (in millions)Intangible Fair ValueWeighted Average Life (in years)
Intellectual property rights$4.3 9.0
Customer relationships115.5 19.3
Developed technology36.5 5.7
Backlog2.0 0.7
Total acquired intangible assets$158.3 

The intellectual property rights intangible asset category consists of trade names. The fair values of the trade names were determined by using an “income approach”, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the Company’s ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 9 years.

The fair values of the developed technology intangible assets were also determined by the relief-from-royalty approach. Similarly, this approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of the technology. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the Company’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 3 to 6 years.
The fair values of the customer relationships and backlog intangible assets were determined by using an “income approach”, which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. The Company’s estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 16 to 20 years.
Supplemental Pro Forma Data
OpSec’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024. The following unaudited pro forma consolidated and combined information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma consolidated and combined net sales for the three-and-six months ended June 30, 2024 would have been $382.0 million and $729.4 million, respectively. The unaudited pro forma consolidated and combined net sales for the three-and-six months ended June 30, 2023 would have been $379.3 million and $738.1 million, respectively. The unaudited pro forma consolidated and combined net income attributable to common shareholders for the three-and-six months ended June 30, 2024 would have been $47.8 million and $88.8 million, respectively. The unaudited pro forma consolidated and combined net income attributable to common shareholders for the three-and-six months ended June 30, 2023 would have been $32.7 million and $67.5 million, respectively. The unaudited pro forma consolidated and combined information is provided for illustrative purposes only and is not indicative of our actual consolidated and combined results of operations or consolidated financial position.
Acquisition-Related Costs
Acquisition-related costs are expensed as incurred. For the three-and-six months ended June 30, 2024, we recorded $6.1 million and $10.0 million, respectively, of integration and transaction costs in our Unaudited Consolidated and Combined Condensed Statements of Operations.
In addition, the Company recorded $4.0 million of inventory step-up amortization within “Cost of sales” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
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Segment Results
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Results Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources.
In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired OpSec business. The CPI segment remains unchanged. This updated structure is consistent with how the Chief Operating Decision Maker evaluates performance and allocates resources, and better aligns with our mission to secure, detect and authenticate our customers’ most valuable assets.

As of June 30, 2024, we had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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 June 30, 2024, is as follows:
Crane Payment Innovations
CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Key research and development and manufacturing facilities are located in the United States, the United Kingdom, Mexico, Japan, and Germany, with additional sales offices across the world.
Security and Authentication Technologies
Security and Authentication Technologies provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection and authentication solutions, serving various brands, as well as government agencies and financial institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.
Financial information by reportable segment is set forth below.
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Net sales:
Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies146.2 126.5 250.8 231.8 
Total$370.6 $352.4 $684.2 $681.5 
Operating profit:
Crane Payment Innovations$61.4 $64.8 $114.1 $126.6 
Security and Authentication Technologies24.0 34.7 44.2 52.3 
Corporate (17.8)(30.7)(35.3)(44.2)
Total$67.6 $68.8 $123.0 $134.7 
Interest income0.4 0.2 1.0 0.4 
Interest expense(12.4)(14.1)(22.3)(24.5)
Related party interest expense— — — (2.5)
Miscellaneous (expense) income, net(0.2)1.0 0.4 2.4 
Income before income taxes$55.4 $55.9 $102.1 $110.5 
(in millions)June 30, 2024December 31, 2023
Assets:
Crane Payment Innovations$1,197.8 $1,279.1 
Security and Authentication Technologies1,165.9 814.4 
Corporate 23.8 35.9 
Total$2,387.5 $2,129.4 

(in millions)June 30, 2024December 31, 2023
Goodwill:
Crane Payment Innovations$611.4 $626.7 
Security and Authentication Technologies339.0 214.5 
Total$950.4 $841.2 
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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Crane Payment Innovations
Products$190.6 $193.1 $367.0 $385.8 
Services33.8 32.8 66.4 63.9 
Total Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies
Banknotes and Security Products$124.1 $125.5 $227.5 $229.5 
Authentication Products and Solutions22.1 1.0 23.3 2.3 
Total Security and Authentication Technologies$146.2 $126.5 $250.8 $231.8 
Net sales$370.6 $352.4 $684.2 $681.5 

Remaining Performance Obligations
The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled. As of June 30, 2024, our performance obligations were $501.9 million. We expect to recognize approximately 76% of our remaining performance obligations as revenue in 2024, 20% in 2025 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 Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Consolidated and Condensed 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)June 30, 2024December 31, 2023
Contract assets$34.5 $30.3 
Contract liabilities$98.3 $92.5 
We recognized revenue of $20.5 million and $48.2 million during the three-and-six months ended June 30, 2024, related to contract liabilities as of December 31, 2023.
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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units 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.
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. The weighted average number of common shares outstanding during the three-and-six-months ended June 30, 2023 was based on the weighted average number of common shares after the Separation.
Three Months EndedSix Months Ended
June 30, June 30,
(in millions, except per share data)2024202320242023
Net income attributable to common shareholders$41.6 $43.2 $79.4 $86.9 
Average basic shares outstanding57.1 56.8 57.156.8 
Effect of dilutive share-based awards0.7 0.6 0.6 0.6 
Average diluted shares outstanding57.8 57.4 57.7 57.4 
Earnings per basic share$0.73 $0.76 $1.39 $1.53 
Earnings per diluted share$0.72 $0.75 $1.38 $1.51 
Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive were 0.3 million for the three-and-six-months ended June 30, 2024, and 0.5 million for the three-and-six-months ended June 30, 2023.
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Changes in Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Condensed Balance Sheets.
(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— (35.3)(35.3)
Amounts reclassified from accumulated other comprehensive loss(0.9)— (0.9)
Net period other comprehensive loss(0.9)(35.3)(36.2)
Balance as of June 30, 2024$2.9 $(157.7)$(154.8)
(a) Net of tax detriment of $1.3 million and $1.5 million as of June 30, 2024 and December 31, 2023, respectively.
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-and-six month periods ended June 30, 2024, and 2023. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Unaudited Consolidated and Combined Condensed Statements of Operations.
Three Months Ended June 30, Six Months Ended June 30,
(in millions)2024202320242023
Amortization of pension components:
Prior service costs$(0.2)$(0.2)$(0.4)$(0.4)
Net loss— — 0.1 — 
Amortization of postretirement components:
Prior service costs(0.2)(0.2)(0.4)(0.5)
Net gain(0.2)(0.2)(0.4)(0.3)
Total before tax$(0.6)$(0.6)$(1.1)$(1.2)
Tax impact(0.1)(0.1)(0.2)(0.2)
Total reclassifications for the period$(0.5)$(0.5)$(0.9)$(1.0)
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Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits Pension and Postretirement Benefits
For all plans, the components of net periodic benefit for the three months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$0.6 $0.4 $— $— 
Interest cost0.5 0.6 0.2 0.2 
Expected return on plan assets(0.8)(0.8)— — 
Amortization of prior service cost(0.2)(0.2)(0.2)(0.2)
Amortization of net gain— — (0.2)(0.2)
Net periodic expense (benefit)$0.1 $— $(0.2)$(0.2)
For all plans, the components of net periodic benefit for the six months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$1.1 $0.9 $— $— 
Interest cost1.0 1.1 0.3 0.4 
Expected return on plan assets(1.6)(1.6)— — 
Amortization of prior service cost(0.4)(0.4)(0.4)(0.5)
Amortization of net loss (gain)0.1 — (0.4)(0.3)
Net periodic expense (benefit)$0.2 $— $(0.5)$(0.4)
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 Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Unaudited Consolidated and Combined Condensed Statements of Operations.
We expect to contribute the following to our pension and postretirement plans:
(in millions)PensionPostretirement
Expected contributions in 2024
$2.0 $1.3 
Amounts contributed during the six months ended June 30, 2024
$1.1 $1.2 
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Effective Tax Rates
Our quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the periods presented.
Our effective tax rates are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2024202320242023
Effective Tax Rate25.0%22.7%22.3%21.4%
Our effective tax rates for the three-and-six months ended June 30, 2024 are higher than in the prior year’s comparable periods primarily due to the mix of non-U.S. earnings.
Our effective tax rates for the three-and-six months ended June 30, 2024 are higher than the statutory U.S. federal tax rate of 21% primarily due to the mix of non-U.S. earnings.
The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon by over 140 member jurisdictions including the United States. Pillar 2 addresses the risks associated with profit shifting to entities in low tax jurisdictions. We have adopted Pillar 2 and the impact of this adoption on our business was approximately $2 million.
The Tax Matters Agreement, among other things, governs our and SpinCo’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits (including any taxes imposed that are attributable to the failure of the Distribution and certain related transactions to qualify as a transaction that is tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Although enforceable as between the parties, the Tax Matters Agreement will not be binding on the Internal Revenue Service or other tax authorities.
As of June 30, 2024 and December 31, 2023, we had gross unrecognized tax benefits of $18.2 million and $19.3 million, respectively included in “Other liabilities” in our Unaudited Consolidated and Condensed Balance Sheets.
v3.24.2.u1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions— 123.1 123.1 
Currency translation(15.3)1.4 (13.9)
Balance as of June 30, 2024
$611.4 $339.0 $950.4 
As of June 30, 2024, we had $443.6 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2023, we had $308.9 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives.
Changes to intangible assets are as follows:
(in millions)Six Months Ended June 30, 2024
Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization$308.9 $344.9 
Additions 159.3 — 
Amortization expense(20.2)(35.9)
Currency translation and other(4.4)(0.1)
Balance at end of period, net of accumulated amortization$443.6 $308.9 
A summary of intangible assets are as follows:
June 30, 2024December 31, 2023
(in millions)Weighted  Average
Amortization Period of Finite Lived Assets
(in years)		Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights11.3$66.2 $15.0 $51.2 $62.2 $15.0 $47.2 
Customer relationships and backlog18.9611.7 277.5 334.2 504.4 269.5 234.9 
Developed Technology6.963.6 22.6 41.0 26.3 21.2 5.1 
Other9.972.6 55.4 17.2 73.5 51.8 21.7 
Total18.0$814.1 $370.5 $443.6 $666.4 $357.5 $308.9 
Future amortization expense associated with intangible assets is expected to be:
(in millions)
Remainder of 2024$26.4 
202544.1 
202643.9 
202741.5 
202837.6 
2029 and after204.6 
v3.24.2.u1
Accrued Liabilities
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consist of: 
(in millions)June 30,
2024		December 31,
2023
Contract liabilities$94.2 $92.5 
Employee related expenses44.0 62.3 
Current lease liabilities7.9 7.2 
Accrued interest7.6 6.3 
Warranty5.9 5.6 
Other45.8 36.6 
Total$205.4 $210.5 
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of June 30, 2024, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters.
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 June 30, 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 June 30, 2024, there was no reasonable possibility that such a tax liability will be incurred in connection with the Distribution.
v3.24.2.u1
Financing
Mar. 17, 2023
Debt Disclosure [Abstract]  
Financing Financing
Our debt consisted of the following:
(in millions)June 30,
2024		December 31,
2023
Term Facility$5.2 $4.6 
Revolving Facility215.0 — 
Total short-term borrowings (a)
$220.2 $4.6 
Term Facility$96.4 $98.5 
6.55% notes due November 2036
198.6 198.6 
4.20% notes due March 2048
346.7 346.6 
Other deferred financing costs associated with credit facilities(2.8)(3.4)
Total long-term debt (a)
$638.9 $640.3 
(a) Debt discounts and debt issuance costs totaled $9.0 million and $10.1 million as of June 30, 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 - 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, three-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. In the six months ended June 30, 2024, we drew down $280.0 million, primarily to fund the OpSec acquisition, and repaid $65.0 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 Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 0.10% for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin as determined by the lower of corporate family credit ratings issued by Moody’s and S&P (the “Ratings”) and our total net leverage ratio. We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, investments, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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.
We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage 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 notional value of $10.7 million as of June 30, 2024. 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 liability amounts are recorded within “Accrued liabilities” on our Consolidated and Condensed Balance Sheets and were $0.2 million as of June 30, 2024. We had no such hedging instruments as of December 31, 2023.
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 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 price of the underlying company’s stock. The fair value of the liability was $1.2 million and $1.9 million as of June 30, 2024, and December 31, 2023, respectively.
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 notes due, measured using Level 2 inputs, was $448.4 million and $469.5 million as of June 30, 2024, and December 31, 2023, respectively.
As a result of the OpSec acquisition, we assumed OpSec’s contingent liability related to a prior OpSec acquisition. The amount of the liability is measured at fair value using level 3 inputs as the fair value is determined by estimating the net present value of the expected cash flows based on the probability of the achievement of the contingent revenue targets. The fair value of the liability is recorded within “Other liabilities” on our Consolidated and Condensed Balance Sheets and was $1.5 million as of June 30, 2024. We had no such contingent liabilities as of December 31, 2023. See Note 3, “Acquisition” for further details.
v3.24.2.u1
Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2024 Restructuring - In the first quarter of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $2.7 million of cumulative severance charges, net through June 30, 2024. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the restructuring program in 2025.
2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative restructuring charges, net through June 30, 2024, of which $5.8 million related to severance and $0.9 million related to other costs. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the program in 2024.
The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions)2024 Restructuring2022 RestructuringTotal
Severance:
Balance as of December 31, 2023 (a)
$— $0.6 $0.6 
Expense (b)
2.7 — 2.7 
Utilization(2.2)(0.4)(2.6)
Balance as of June 30, 2024 (a)
$0.5 $0.2 $0.7 
(a)
Included within “Accrued Liabilities” in the Unaudited Consolidated and Condensed Balance Sheets.
(b)
Included within “Restructuring charges, net” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income attributable to common shareholders $ 41.6 $ 37.8 $ 43.2 $ 43.7 $ 79.4 $ 86.9
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Organization and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Unaudited 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, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These Unaudited 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 for the year ended December 31, 2023, previously filed on Form 10-K on February 22, 2024.
The 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 cash by the 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 Business are deemed to have been settled immediately through “Crane 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 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.
Recent Accounting Pronouncements
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 other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Consolidated and Combined Condensed Statements of Operations, Balance Sheets and Cash Flows.
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.
We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage 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.
v3.24.2.u1
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by ASC 805. The purchase price allocation is preliminary, pending our evaluation and determination of post-closing and final working capital adjustments. Potential adjustments made are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Total current assets$36.8 
Property, plant and equipment17.3 
Other assets9.8 
Intangible assets158.3 
Goodwill123.1 
Total assets acquired$345.3 
Total current liabilities$33.6 
Other liabilities41.9 
Total assumed liabilities$75.5 
Net assets acquired$269.8 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (in millions)Intangible Fair ValueWeighted Average Life (in years)
Intellectual property rights$4.3 9.0
Customer relationships115.5 19.3
Developed technology36.5 5.7
Backlog2.0 0.7
Total acquired intangible assets$158.3 
v3.24.2.u1
Segment Results (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule Of Financial Information By Reportable Segment
Financial information by reportable segment is set forth below.
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Net sales:
Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies146.2 126.5 250.8 231.8 
Total$370.6 $352.4 $684.2 $681.5 
Operating profit:
Crane Payment Innovations$61.4 $64.8 $114.1 $126.6 
Security and Authentication Technologies24.0 34.7 44.2 52.3 
Corporate (17.8)(30.7)(35.3)(44.2)
Total$67.6 $68.8 $123.0 $134.7 
Interest income0.4 0.2 1.0 0.4 
Interest expense(12.4)(14.1)(22.3)(24.5)
Related party interest expense— — — (2.5)
Miscellaneous (expense) income, net(0.2)1.0 0.4 2.4 
Income before income taxes$55.4 $55.9 $102.1 $110.5 
Reconciliation of Segment Assets to Consolidated Assets
(in millions)June 30, 2024December 31, 2023
Assets:
Crane Payment Innovations$1,197.8 $1,279.1 
Security and Authentication Technologies1,165.9 814.4 
Corporate 23.8 35.9 
Total$2,387.5 $2,129.4 
Schedule Of Goodwill By Segment
(in millions)June 30, 2024December 31, 2023
Goodwill:
Crane Payment Innovations$611.4 $626.7 
Security and Authentication Technologies339.0 214.5 
Total$950.4 $841.2 
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Product Line
The following table presents net sales disaggregated by product line for each segment:
Three Months EndedSix Months Ended
June 30, June 30,
(in millions)2024202320242023
Crane Payment Innovations
Products$190.6 $193.1 $367.0 $385.8 
Services33.8 32.8 66.4 63.9 
Total Crane Payment Innovations$224.4 $225.9 $433.4 $449.7 
Security and Authentication Technologies
Banknotes and Security Products$124.1 $125.5 $227.5 $229.5 
Authentication Products and Solutions22.1 1.0 23.3 2.3 
Total Security and Authentication Technologies$146.2 $126.5 $250.8 $231.8 
Net sales$370.6 $352.4 $684.2 $681.5 
Net Contract Assets and Contract Liabilities Net contract assets and contract liabilities consisted of the following:
(in millions)June 30, 2024December 31, 2023
Contract assets$34.5 $30.3 
Contract liabilities$98.3 $92.5 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Share
Three Months EndedSix Months Ended
June 30, June 30,
(in millions, except per share data)2024202320242023
Net income attributable to common shareholders$41.6 $43.2 $79.4 $86.9 
Average basic shares outstanding57.1 56.8 57.156.8 
Effect of dilutive share-based awards0.7 0.6 0.6 0.6 
Average diluted shares outstanding57.8 57.4 57.7 57.4 
Earnings per basic share$0.73 $0.76 $1.39 $1.53 
Earnings per diluted share$0.72 $0.75 $1.38 $1.51 
v3.24.2.u1
Changes in Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Unaudited Consolidated and Condensed Balance Sheets.
(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— (35.3)(35.3)
Amounts reclassified from accumulated other comprehensive loss(0.9)— (0.9)
Net period other comprehensive loss(0.9)(35.3)(36.2)
Balance as of June 30, 2024$2.9 $(157.7)$(154.8)
(a) Net of tax detriment of $1.3 million and $1.5 million as of June 30, 2024 and December 31, 2023, respectively.
Amounts Reclassified out of each Component of AOCI
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three-and-six month periods ended June 30, 2024, and 2023. Amortization of pension and postretirement components has been recorded within “Miscellaneous (expense) income, net” on our Unaudited Consolidated and Combined Condensed Statements of Operations.
Three Months Ended June 30, Six Months Ended June 30,
(in millions)2024202320242023
Amortization of pension components:
Prior service costs$(0.2)$(0.2)$(0.4)$(0.4)
Net loss— — 0.1 — 
Amortization of postretirement components:
Prior service costs(0.2)(0.2)(0.4)(0.5)
Net gain(0.2)(0.2)(0.4)(0.3)
Total before tax$(0.6)$(0.6)$(1.1)$(1.2)
Tax impact(0.1)(0.1)(0.2)(0.2)
Total reclassifications for the period$(0.5)$(0.5)$(0.9)$(1.0)
v3.24.2.u1
Pension and Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit
For all plans, the components of net periodic benefit for the three months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$0.6 $0.4 $— $— 
Interest cost0.5 0.6 0.2 0.2 
Expected return on plan assets(0.8)(0.8)— — 
Amortization of prior service cost(0.2)(0.2)(0.2)(0.2)
Amortization of net gain— — (0.2)(0.2)
Net periodic expense (benefit)$0.1 $— $(0.2)$(0.2)
For all plans, the components of net periodic benefit for the six months ended June 30, 2024, and 2023 are as follows:
PensionPostretirement
(in millions)2024202320242023
Service cost$1.1 $0.9 $— $— 
Interest cost1.0 1.1 0.3 0.4 
Expected return on plan assets(1.6)(1.6)— — 
Amortization of prior service cost(0.4)(0.4)(0.4)(0.5)
Amortization of net loss (gain)0.1 — (0.4)(0.3)
Net periodic expense (benefit)$0.2 $— $(0.5)$(0.4)
Expected Contributions to Pension and Postretirement Plans
We expect to contribute the following to our pension and postretirement plans:
(in millions)PensionPostretirement
Expected contributions in 2024
$2.0 $1.3 
Amounts contributed during the six months ended June 30, 2024
$1.1 $1.2 
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Tax Rates
Our effective tax rates are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2024202320242023
Effective Tax Rate25.0%22.7%22.3%21.4%
v3.24.2.u1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes to Goodwill
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions— 123.1 123.1 
Currency translation(15.3)1.4 (13.9)
Balance as of June 30, 2024
$611.4 $339.0 $950.4 
Summary of Intangible Assets
Changes to intangible assets are as follows:
(in millions)Six Months Ended June 30, 2024
Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization$308.9 $344.9 
Additions 159.3 — 
Amortization expense(20.2)(35.9)
Currency translation and other(4.4)(0.1)
Balance at end of period, net of accumulated amortization$443.6 $308.9 
A summary of intangible assets are as follows:
June 30, 2024December 31, 2023
(in millions)Weighted  Average
Amortization Period of Finite Lived Assets
(in years)		Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights11.3$66.2 $15.0 $51.2 $62.2 $15.0 $47.2 
Customer relationships and backlog18.9611.7 277.5 334.2 504.4 269.5 234.9 
Developed Technology6.963.6 22.6 41.0 26.3 21.2 5.1 
Other9.972.6 55.4 17.2 73.5 51.8 21.7 
Total18.0$814.1 $370.5 $443.6 $666.4 $357.5 $308.9 
Intangible Assets Future Amortization Expense
Future amortization expense associated with intangible assets is expected to be:
(in millions)
Remainder of 2024$26.4 
202544.1 
202643.9 
202741.5 
202837.6 
2029 and after204.6 
v3.24.2.u1
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities [Abstract]  
Schedule Of Accrued Liabilities
Accrued liabilities consist of: 
(in millions)June 30,
2024		December 31,
2023
Contract liabilities$94.2 $92.5 
Employee related expenses44.0 62.3 
Current lease liabilities7.9 7.2 
Accrued interest7.6 6.3 
Warranty5.9 5.6 
Other45.8 36.6 
Total$205.4 $210.5 
v3.24.2.u1
Financing (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Components Of Debt
Our debt consisted of the following:
(in millions)June 30,
2024		December 31,
2023
Term Facility$5.2 $4.6 
Revolving Facility215.0 — 
Total short-term borrowings (a)
$220.2 $4.6 
Term Facility$96.4 $98.5 
6.55% notes due November 2036
198.6 198.6 
4.20% notes due March 2048
346.7 346.6 
Other deferred financing costs associated with credit facilities(2.8)(3.4)
Total long-term debt (a)
$638.9 $640.3 
(a) Debt discounts and debt issuance costs totaled $9.0 million and $10.1 million as of June 30, 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.
v3.24.2.u1
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Program Accrual Balance Reconciliation
The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions)2024 Restructuring2022 RestructuringTotal
Severance:
Balance as of December 31, 2023 (a)
$— $0.6 $0.6 
Expense (b)
2.7 — 2.7 
Utilization(2.2)(0.4)(2.6)
Balance as of June 30, 2024 (a)
$0.5 $0.2 $0.7 
(a)
Included within “Accrued Liabilities” in the Unaudited Consolidated and Condensed Balance Sheets.
(b)
Included within “Restructuring charges, net” in the Unaudited Consolidated and Combined Condensed Statements of Operations.
v3.24.2.u1
Organization and Basis of Presentation (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]    
Number of reportable segments | segment 2  
Performance-based RSUs    
Line of Credit Facility [Line Items]    
Liability for modification of performance-based RSUs | $ $ 1.2 $ 1.9
v3.24.2.u1
Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Selling, general and administrative expenses $ 93.3 $ 99.6 $ 187.6 $ 188.4  
Net outstanding payables 101.3   101.3   $ 106.5
Net outstanding receivables 225.4   225.4   214.9
Related Party          
Related Party Transaction [Line Items]          
Interest expense 0.0 0.0 0.0 2.5  
Related Party | Centralized Cost          
Related Party Transaction [Line Items]          
Selling, general and administrative expenses   13.5      
Related Party | Spinoff Transaction Costs          
Related Party Transaction [Line Items]          
Selling, general and administrative expenses   $ 15.2   $ 17.0  
Related Party | SpinCo | Transition Services Agreement          
Related Party Transaction [Line Items]          
Net outstanding payables 0.1   0.1    
Net outstanding receivables         0.3
Related Party | SpinCo | Tax Matters Agreement          
Related Party Transaction [Line Items]          
Net outstanding receivables $ 6.5   $ 6.5   $ 4.5
v3.24.2.u1
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 03, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Business Acquisition [Line Items]            
Amount paid, net of cash acquired       $ 269.8 $ 0.0  
Contingent acquisition liability   $ 1.5   1.5   $ 0.0
Pro forma net sales   382.0 $ 379.3 729.4 738.1  
Pro forma net income   47.8 $ 32.7 88.8 $ 67.5  
Acquisition-related and integration charges   $ 6.1   10.0    
OpSec            
Business Acquisition [Line Items]            
Cash contributions received $ 270.0          
Amount paid, net of cash acquired 269.8          
Debt instrument, face amount 210.0          
Contingent acquisition liability 1.5          
Amortization       $ 4.0    
OpSec | Maximum            
Business Acquisition [Line Items]            
Contingent acquisition liability $ 2.2          
Intellectual property rights            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 9 years          
Intellectual property rights | OpSec            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 9 years          
Developed technology | Minimum            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 3 years          
Developed technology | Maximum            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 6 years          
Developed technology | OpSec            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 5 years 8 months 12 days          
Customer relationships | Minimum            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 16 years          
Customer relationships | Maximum            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 20 years          
Customer relationships | OpSec            
Business Acquisition [Line Items]            
Weighted Average Life (in years) 19 years 3 months 18 days          
v3.24.2.u1
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Jun. 30, 2024
May 03, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 950.4   $ 841.2
OpSec      
Business Acquisition [Line Items]      
Total current assets   $ 36.8  
Property, plant and equipment   17.3  
Other assets   9.8  
Intangible assets   158.3  
Goodwill   123.1  
Total assets acquired   345.3  
Total current liabilities   33.6  
Other liabilities   41.9  
Total assumed liabilities   75.5  
Net assets acquired   $ 269.8  
v3.24.2.u1
Acquisitions - Acquired Intangible Assets and Weighted Average Useful Life (Details)
$ in Millions
May 03, 2024
USD ($)
OpSec  
Business Acquisition [Line Items]  
Intangible Fair Value $ 158.3
Intellectual property rights  
Business Acquisition [Line Items]  
Weighted Average Life (in years) 9 years
Intellectual property rights | OpSec  
Business Acquisition [Line Items]  
Intangible Fair Value $ 4.3
Weighted Average Life (in years) 9 years
Customer relationships | OpSec  
Business Acquisition [Line Items]  
Intangible Fair Value $ 115.5
Weighted Average Life (in years) 19 years 3 months 18 days
Developed technology | OpSec  
Business Acquisition [Line Items]  
Intangible Fair Value $ 36.5
Weighted Average Life (in years) 5 years 8 months 12 days
Backlog | OpSec  
Business Acquisition [Line Items]  
Intangible Fair Value $ 2.0
Weighted Average Life (in years) 8 months 12 days
v3.24.2.u1
Segment Results (Narrative) (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.2.u1
Segment Results (Schedule Of Financial Information By Reportable Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Net sales $ 370.6 $ 352.4 $ 684.2 $ 681.5
Operating profit: 67.6 68.8 123.0 134.7
Interest income 0.4 0.2 1.0 0.4
Miscellaneous (expense) income, net (0.2) 1.0 0.4 2.4
Income before income taxes 55.4 55.9 102.1 110.5
Nonrelated Party        
Segment Reporting Information [Line Items]        
Interest expense (12.4) (14.1) (22.3) (24.5)
Related Party        
Segment Reporting Information [Line Items]        
Interest expense 0.0 0.0 0.0 (2.5)
Corporate        
Segment Reporting Information [Line Items]        
Operating profit: (17.8) (30.7) (35.3) (44.2)
Crane Payment Innovations        
Segment Reporting Information [Line Items]        
Net sales 224.4 225.9 433.4 449.7
Crane Payment Innovations | Operating Segments        
Segment Reporting Information [Line Items]        
Operating profit: 61.4 64.8 114.1 126.6
Security and Authentication Technologies        
Segment Reporting Information [Line Items]        
Net sales 146.2 126.5 250.8 231.8
Security and Authentication Technologies | Operating Segments        
Segment Reporting Information [Line Items]        
Operating profit: $ 24.0 $ 34.7 $ 44.2 $ 52.3
v3.24.2.u1
Segment Results (Reconciliation of Segment Assets to Consolidated Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 2,387.5 $ 2,129.4
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 23.8 35.9
Crane Payment Innovations | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 1,197.8 1,279.1
Security and Authentication Technologies | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 1,165.9 $ 814.4
v3.24.2.u1
Segment Results (Schedule Of Goodwill By Segment) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Goodwill $ 950.4 $ 841.2
Crane Payment Innovations    
Segment Reporting Information [Line Items]    
Goodwill 611.4 626.7
Security and Authentication Technologies    
Segment Reporting Information [Line Items]    
Goodwill $ 339.0 $ 214.5
v3.24.2.u1
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 370.6 $ 352.4 $ 684.2 $ 681.5
Crane Payment Innovations        
Disaggregation of Revenue [Line Items]        
Net sales 224.4 225.9 433.4 449.7
Security and Authentication Technologies        
Disaggregation of Revenue [Line Items]        
Net sales 146.2 126.5 250.8 231.8
Products | Crane Payment Innovations        
Disaggregation of Revenue [Line Items]        
Net sales 190.6 193.1 367.0 385.8
Services | Crane Payment Innovations        
Disaggregation of Revenue [Line Items]        
Net sales 33.8 32.8 66.4 63.9
Banknotes and Security Products | Security and Authentication Technologies        
Disaggregation of Revenue [Line Items]        
Net sales 124.1 125.5 227.5 229.5
Authentication Products and Solutions | Security and Authentication Technologies        
Disaggregation of Revenue [Line Items]        
Net sales $ 22.1 $ 1.0 $ 23.3 $ 2.3
v3.24.2.u1
Revenue (Narrative) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, amount $ 501.9 $ 501.9
Revenue recognized related to contract liabilities $ 20.5 $ 48.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, percentage 76.00% 76.00%
Remaining performance obligation, expected timing of satisfaction, period 6 months 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, percentage 20.00% 20.00%
Remaining performance obligation, expected timing of satisfaction, period 1 year 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation, expected timing of satisfaction, period
v3.24.2.u1
Revenue (Contract Assets and Contract Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract assets $ 34.5 $ 30.3
Contract liabilities $ 98.3 $ 92.5
v3.24.2.u1
Earnings Per Share (Narrative) (Details) - $ / shares
shares in Millions
 3 Months Ended
Apr. 03, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Earnings Per Share [Abstract]        
Common stock distributions (in shares) 56.7      
Common stock, par value (in dollars per share) $ 1.00 $ 1.00   $ 1.00
Average options excluded from computation of diluted earnings per share   0.3 0.5  
v3.24.2.u1
Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]            
Net income attributable to common shareholders $ 41.6 $ 37.8 $ 43.2 $ 43.7 $ 79.4 $ 86.9
Average basic shares outstanding (in shares) 57.1   56.8   57.1 56.8
Effect of dilutive share-based awards (in shares) 0.7   0.6   0.6 0.6
Average diluted shares outstanding (in shares) 57.8   57.4   57.7 57.4
Earnings per basic share (in dollars per share) $ 0.73   $ 0.76   $ 1.39 $ 1.53
Earnings per diluted share (in dollars per share) $ 0.72   $ 0.75   $ 1.38 $ 1.51
v3.24.2.u1
Changes in Accumulated Other Comprehensive Loss (Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 964.0 $ 964.0
Ending balance 964.1 989.8
Tax detriment 1.5 1.3
Pension and Postretirement Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 3.8 3.8
Other comprehensive loss before reclassifications   0.0
Amounts reclassified from accumulated other comprehensive loss   (0.9)
Net period other comprehensive loss   (0.9)
Ending balance   2.9
Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (122.4) (122.4)
Other comprehensive loss before reclassifications   (35.3)
Amounts reclassified from accumulated other comprehensive loss   0.0
Net period other comprehensive loss   (35.3)
Ending balance   (157.7)
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (118.6) (118.6)
Other comprehensive loss before reclassifications   (35.3)
Amounts reclassified from accumulated other comprehensive loss   (0.9)
Net period other comprehensive loss   (36.2)
Ending balance $ (145.7) $ (154.8)
v3.24.2.u1
Changes in Accumulated Other Comprehensive Loss (Details of Accumulated Other Comprehensive Income Components) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Amortization of pension and postretirement components $ (0.2)   $ 1.0   $ 0.4 $ 2.4
Total before tax 55.4   55.9   102.1 110.5
Tax impact 13.8   12.7   22.7 23.6
Net income attributable to common shareholders 41.6 $ 37.8 43.2 $ 43.7 79.4 86.9
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefits            
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Total before tax (0.6)   (0.6)   (1.1) (1.2)
Tax impact (0.1)   (0.1)   (0.2) (0.2)
Net income attributable to common shareholders (0.5)   (0.5)   (0.9) (1.0)
Pension | Reclassification out of Accumulated Other Comprehensive Income | Prior service costs            
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Amortization of pension and postretirement components (0.2)   (0.2)   (0.4) (0.4)
Pension | Reclassification out of Accumulated Other Comprehensive Income | Net gain (loss)            
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Amortization of pension and postretirement components 0.0   0.0   0.1 0.0
Postretirement | Reclassification out of Accumulated Other Comprehensive Income | Prior service costs            
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Amortization of pension and postretirement components (0.2)   (0.2)   (0.4) (0.5)
Postretirement | Reclassification out of Accumulated Other Comprehensive Income | Net gain (loss)            
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]            
Amortization of pension and postretirement components $ (0.2)   $ (0.2)   $ (0.4) $ (0.3)
v3.24.2.u1
Pension and Postretirement Benefits (Components of Net Periodic Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pension        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 0.6 $ 0.4 $ 1.1 $ 0.9
Interest cost 0.5 0.6 1.0 1.1
Expected return on plan assets (0.8) (0.8) (1.6) (1.6)
Amortization of prior service cost (0.2) (0.2) (0.4) (0.4)
Amortization of net gain 0.0 0.0 0.1 0.0
Net periodic expense (benefit) 0.1 0.0 0.2 0.0
Postretirement        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.0 0.0 0.0 0.0
Interest cost 0.2 0.2 0.3 0.4
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of prior service cost (0.2) (0.2) (0.4) (0.5)
Amortization of net gain (0.2) (0.2) (0.4) (0.3)
Net periodic expense (benefit) $ (0.2) $ (0.2) $ (0.5) $ (0.4)
v3.24.2.u1
Pension and Postretirement Benefits (Expected Contributions to Pension and Postretirement Plans) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contributions in 2024 $ 2.0
Amounts contributed during the six months ended June 30, 2024 1.1
Postretirement  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contributions in 2024 1.3
Amounts contributed during the six months ended June 30, 2024 $ 1.2
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Effective Tax Rate 25.00% 22.70% 22.30% 21.40%  
Pillar 2 adoption expense     $ 2.0    
Gross unrecognized tax benefits $ 18.2   $ 18.2   $ 19.3
v3.24.2.u1
Goodwill and Intangible Assets (Changes to Goodwill) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 841.2
Additions 123.1
Currency translation (13.9)
Ending balance 950.4
Crane Payment Innovations  
Goodwill [Roll Forward]  
Beginning balance 626.7
Additions 0.0
Currency translation (15.3)
Ending balance 611.4
Security and Authentication Technologies  
Goodwill [Roll Forward]  
Beginning balance 214.5
Additions 123.1
Currency translation 1.4
Ending balance $ 339.0
v3.24.2.u1
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Net intangible assets $ 443.6 $ 308.9 $ 344.9
Intangibles with indefinite useful lives $ 45.5 $ 45.5  
v3.24.2.u1
Goodwill and Intangible Assets (Changes to Intangible Assets) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Finite-Lived and Indefinite-Lived Intangible Assets [Roll Forward]      
Balance at beginning of period, net of accumulated amortization $ 308.9 $ 344.9 $ 344.9
Additions 159.3 $ 0.0  
Amortization expense (20.2)   (35.9)
Currency translation and other (4.4)   (0.1)
Balance at end of period, net of accumulated amortization $ 443.6   $ 308.9
v3.24.2.u1
Goodwill and Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted  Average Amortization Period of Finite Lived Assets (in years) 18 years    
Gross Asset $ 814.1 $ 666.4  
Accumulated Amortization 370.5 357.5  
Net $ 443.6 308.9 $ 344.9
Intellectual property rights      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted  Average Amortization Period of Finite Lived Assets (in years) 11 years 3 months 18 days    
Gross Asset $ 66.2 62.2  
Accumulated Amortization 15.0 15.0  
Net $ 51.2 47.2  
Customer relationships and backlog      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted  Average Amortization Period of Finite Lived Assets (in years) 18 years 10 months 24 days    
Gross Asset $ 611.7 504.4  
Accumulated Amortization 277.5 269.5  
Net $ 334.2 234.9  
Developed technology      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted  Average Amortization Period of Finite Lived Assets (in years) 6 years 10 months 24 days    
Gross Asset $ 63.6 26.3  
Accumulated Amortization 22.6 21.2  
Net $ 41.0 5.1  
Other      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted  Average Amortization Period of Finite Lived Assets (in years) 9 years 10 months 24 days    
Gross Asset $ 72.6 73.5  
Accumulated Amortization 55.4 51.8  
Net $ 17.2 $ 21.7  
v3.24.2.u1
Goodwill and Intangible Assets (Future Amortization Expense) (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remainder of 2024 $ 26.4
2025 44.1
2026 43.9
2027 41.5
2028 37.6
2029 and after $ 204.6
v3.24.2.u1
Accrued Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Accrued Liabilities [Abstract]    
Contract liabilities $ 94.2 $ 92.5
Employee related expenses 44.0 62.3
Current lease liabilities 7.9 7.2
Accrued interest 7.6 6.3
Warranty 5.9 5.6
Other 45.8 36.6
Total $ 205.4 $ 210.5
v3.24.2.u1
Commitments and Contingencies (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Tax Matters Agreement  
Other Commitments [Line Items]  
Tax agreement liability $ 0.0
v3.24.2.u1
Financing (Components Of Debt) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total short-term borrowings $ 220.2 $ 4.6
Other deferred financing costs associated with credit facilities (2.8) (3.4)
Total long-term debt 638.9 640.3
Debt discounts and debt issuance costs $ 9.0 10.1
6.55% notes due November 2036    
Debt Instrument [Line Items]    
Debt instrument, interest rate 6.55%  
Long-term debt $ 198.6 198.6
4.20% notes due March 2048    
Debt Instrument [Line Items]    
Debt instrument, interest rate 4.20%  
Long-term debt $ 346.7 346.6
Term Facility | Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Long-term debt 96.4 98.5
Term Facility | Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Total short-term borrowings 5.2 4.6
Revolving Facility | Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Total short-term borrowings $ 215.0 $ 0.0
v3.24.2.u1
Financing (Narrative) (Details)
 6 Months Ended
Mar. 17, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Line of Credit Facility [Line Items]      
Proceeds from revolving credit facility   $ 280,000,000 $ 0
Repayment of revolving credit facility   $ 65,000,000.0 $ 0
Credit Agreement | Line of Credit      
Line of Credit Facility [Line Items]      
Net leverage ratio 3.50    
Maximum net leverage ratio 4.00    
Minimum interest coverage ratio 3.00    
Credit Agreement | Line of Credit | Variable Rate Component One | Minimum | SOFR      
Line of Credit Facility [Line Items]      
Credit spread adjustment 0.10%    
Margin rate 1.50%    
Credit Agreement | Line of Credit | Variable Rate Component One | Maximum | SOFR      
Line of Credit Facility [Line Items]      
Margin rate 2.25%    
Credit Agreement | Line of Credit | Variable Rate Component Two | Minimum | Base Rate      
Line of Credit Facility [Line Items]      
Margin rate 0.50%    
Credit Agreement | Line of Credit | Variable Rate Component Two | Maximum | Base Rate      
Line of Credit Facility [Line Items]      
Margin rate 1.25%    
Revolving Facility | Credit Agreement | Line of Credit      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 500,000,000    
Debt instrument, term 5 years    
Revolving Facility | Credit Agreement | Line of Credit | Minimum      
Line of Credit Facility [Line Items]      
Undrawn commitments fee percentage 0.20%    
Revolving Facility | Credit Agreement | Line of Credit | Maximum      
Line of Credit Facility [Line Items]      
Undrawn commitments fee percentage 0.35%    
Term Facility | Credit Agreement | Line of Credit      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 350,000,000    
Debt instrument, term 3 years    
v3.24.2.u1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Derivative, notional value $ 10.7  
Derivative liability 0.2 $ 0.0
Total debt, estimated fair value 448.4 469.5
Contingent acquisition liability $ 1.5 $ 0.0
v3.24.2.u1
Restructuring (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 21 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]          
Restructuring charges $ 0.0 $ 0.0 $ 2.7 $ 0.0  
2024 Restructuring          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     2.7    
Additional restructuring costs 0.0   0.0   $ 0.0
2024 Restructuring | Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     2.7    
2022 Restructuring          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     0.0   6.7
Additional restructuring costs $ 0.0   $ 0.0   0.0
2022 Restructuring | Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges         5.8
2022 Restructuring | Other Costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges         $ 0.9
v3.24.2.u1
Restructuring (Restructuring Program Accrual Balance Reconciliation) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 21 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Restructuring Reserve [Roll Forward]          
Beginning balance     $ 0.6    
Expense $ 0.0 $ 0.0 2.7 $ 0.0  
Utilization     (2.6)    
Ending balance 0.7   0.7   $ 0.7
2024 Restructuring          
Restructuring Reserve [Roll Forward]          
Beginning balance     0.0    
Expense     2.7    
Utilization     (2.2)    
Ending balance 0.5   0.5   0.5
2022 Restructuring          
Restructuring Reserve [Roll Forward]          
Beginning balance     0.6    
Expense     0.0   6.7
Utilization     (0.4)    
Ending balance $ 0.2   $ 0.2   $ 0.2
v3.24.2.u1
Revenue Recognition and Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]        
Net sales $ 370.6 $ 352.4 $ 684.2 $ 681.5
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