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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
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(check one): | ||||||||||||||||||||
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☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
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Emerging growth company |
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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. ☐ |
Page | ||||||||||||||||||||
Part I - Financial Information | ||||||||||||||||||||
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Part II - Other Information | ||||||||||||||||||||
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Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(in millions, except per share data) | 2025 | 2024 | |||||||||||||||||||||
Net sales | $ |
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$ |
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|||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales |
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Selling, general and administrative |
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Restructuring charges |
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Operating profit |
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Other income (expense): | |||||||||||||||||||||||
Interest income |
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|||||||||||||||||||||
Interest expense |
(
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(
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|||||||||||||||||||||
Miscellaneous income, net |
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|||||||||||||||||||||
Total other expense, net |
(
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(
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|||||||||||||||||||||
Income before income taxes |
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|||||||||||||||||||||
Provision for income taxes |
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|||||||||||||||||||||
Net income attributable to common shareholders | $ |
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$ |
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|||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ |
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$ |
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|||||||||||||||||||
Diluted | $ |
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$ |
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|||||||||||||||||||
Average shares outstanding: | |||||||||||||||||||||||
Basic |
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|||||||||||||||||||||
Diluted |
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|||||||||||||||||||||
Dividends per share | $ |
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$ |
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Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | ||||||||||||||||||||||||
Net income attributable to common shareholders | $ |
|
$ |
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||||||||||||||||||||||
Components of other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Currency translation adjustment |
|
(
|
||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax |
(
|
(
|
||||||||||||||||||||||||
Other comprehensive income (loss), net of tax |
|
(
|
||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | $ |
|
$ |
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(in millions) |
March 31,
2025 |
December 31,
2024 |
||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||
Accounts receivable, net of allowance for credit losses of $
|
|
|
||||||
U.S. and foreign taxes on income |
|
|
||||||
Inventories, net: | ||||||||
Finished goods |
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||||||
Finished parts and subassemblies |
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||||||
Work in process |
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Raw materials |
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||||||
Inventories, net |
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Other current assets |
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||||||
Total current assets |
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||||||
Property, plant and equipment: | ||||||||
Cost |
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||||||
Less: accumulated depreciation |
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||||||
Property, plant and equipment, net |
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Long-term deferred tax assets |
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|
||||||
Intangible assets, net |
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||||||
Goodwill |
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||||||
Other assets |
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||||||
Total assets | $ |
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$ |
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(in millions, except per share and share data) |
March 31,
2025 |
December 31,
2024 |
||||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Short-term borrowings | $ |
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$ |
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||||
Accounts payable |
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||||||
Accrued liabilities |
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||||||
U.S. and foreign taxes on income |
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Total current liabilities |
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Long-term debt |
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||||||
Accrued pension and postretirement benefits |
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||||||
Long-term deferred tax liability |
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||||||
Other liabilities |
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||||||
Total liabilities |
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|
||||||
Commitments and contingencies (Note 12) |
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|
||||||
Equity: | ||||||||
Preferred shares, par value $
|
|
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||||||
Common shares, par value $
|
|
|
||||||
Capital surplus |
|
|
||||||
Retained earnings |
|
|
||||||
Accumulated other comprehensive loss |
(
|
(
|
||||||
Treasury stock |
(
|
(
|
||||||
Total equity |
|
|
||||||
Total liabilities and equity | $ |
|
$ |
|
||||
Share data: | ||||||||
Common shares issued |
|
|
||||||
Less: Common shares held in treasury |
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|
||||||
Common shares outstanding |
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|
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in millions) | 2025 | 2024 | |||||||||
Operating activities: | |||||||||||
Net income attributable to common shareholders | $ |
|
$ |
|
|||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization |
|
|
|||||||||
Stock-based compensation expense |
|
|
|||||||||
Deferred income taxes |
(
|
|
|||||||||
Cash used for operating working capital |
(
|
(
|
|||||||||
Other |
(
|
|
|||||||||
Total (used for) provided by operating activities |
(
|
|
|||||||||
Investing activities: | |||||||||||
Capital expenditures |
(
|
(
|
|||||||||
Settlement of forward contracts |
(
|
|
|||||||||
Total used for investing activities |
(
|
(
|
|||||||||
Financing activities: | |||||||||||
Dividends paid |
(
|
(
|
|||||||||
Proceeds from stock options exercised |
|
|
|||||||||
Payment of tax withholding on equity awards vested |
(
|
(
|
|||||||||
Debt issuance costs |
(
|
|
|||||||||
Proceeds from revolving credit facility |
|
|
|||||||||
Repayment of revolving credit facility |
(
|
(
|
|||||||||
Repayment of term loan |
|
(
|
|||||||||
Total provided by financing activities |
|
|
|||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
(
|
|||||||||
Increase (decrease) in cash, cash equivalents and restricted cash |
|
(
|
|||||||||
Cash, cash equivalents and restricted cash at beginning of period
1
|
|
|
|||||||||
Cash, cash equivalents and restricted cash at end of period
2
|
$ |
|
$ |
|
|||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in millions) | 2025 | 2024 | |||||||||
Detail of cash used for operating working capital: | |||||||||||
Accounts receivable | $ |
|
$ |
|
|||||||
Inventories |
(
|
(
|
|||||||||
Other current assets |
(
|
(
|
|||||||||
Accounts payable |
(
|
(
|
|||||||||
Accrued liabilities |
(
|
(
|
|||||||||
U.S. and foreign taxes on income |
(
|
|
|||||||||
Total | $ |
(
|
$ |
(
|
|||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ |
|
$ |
|
|||||||
Income taxes paid | $ |
|
$ |
|
|||||||
Unpaid capital expenditures | $ |
|
$ |
|
(in millions, except share data) |
Common
Shares Issued at Par Value |
Capital
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Total | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2024
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||
Cash dividends ($
|
— | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||
Exercise of stock options of
|
— | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||
Impact from settlement of share-based awards, net of shares acquired | — |
(
|
— | — |
|
(
|
|||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||
Balance as of March 31, 2025 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
(in millions) |
Common
Shares Issued at Par Value |
Capital
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Total | |||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
Net income attributable to common shareholders | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||
Cash dividends ($0.16 per share)
|
— | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||
Exercise of stock options of 57,564 shares
|
— | — | — | — |
|
|
|||||||||||||||||||||||||||||
Impact from settlement of share-based awards, net of shares acquired | — |
(
|
— | — |
|
(
|
|||||||||||||||||||||||||||||
Stock-based compensation expense | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
Net assets acquired
(in millions)
|
||||||||
Total current assets | $ |
|
||||||
Property, plant and equipment |
|
|||||||
Other assets |
|
|||||||
Intangible assets |
|
|||||||
Goodwill |
|
|||||||
Total assets acquired | $ |
|
||||||
Total current liabilities | $ |
|
||||||
Other liabilities |
|
|||||||
Total assumed liabilities | $ |
|
||||||
Net assets acquired | $ |
|
Intangible Assets (in millions) | Intangible Fair Value | Weighted Average Life (in years) | |||||||||
Intellectual property rights | $ |
|
|
||||||||
Customer relationships |
|
|
|||||||||
Developed technology |
|
|
|||||||||
Backlog |
|
|
|||||||||
Total acquired intangible assets | $ |
|
Three Months Ended
|
|||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(in millions) | 2024 | ||||||||||||||||||||||
Net sales | $ |
|
|||||||||||||||||||||
Net income attributable to common shareholders | $ |
|
(in millions) Three months ended March 31, 2025
|
Crane Payment Innovations | Security and Authentication Technologies | Total | |||||||||||||||||||||||
Net Sales | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Cost of operations |
|
|
||||||||||||||||||||||||
Selling and administrative expense |
|
|
||||||||||||||||||||||||
Engineering expense |
|
|
||||||||||||||||||||||||
Other segment items
(a)
|
|
|
||||||||||||||||||||||||
Segment operating profit | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
Corporate costs |
(
|
|||||||||||||||||||||||||
Operating profit |
|
|||||||||||||||||||||||||
Interest income |
|
|||||||||||||||||||||||||
Interest expense |
(
|
|||||||||||||||||||||||||
Miscellaneous income, net |
|
|||||||||||||||||||||||||
Income before income taxes | $ |
|
||||||||||||||||||||||||
(in millions) Three months ended March 31, 2024
|
Crane Payment Innovations | Security and Authentication Technologies | Total | |||||||||||||||||||||||
Net Sales | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Cost of operations |
|
|
||||||||||||||||||||||||
Selling and administrative expense |
|
|
||||||||||||||||||||||||
Engineering expense |
|
|
||||||||||||||||||||||||
Other segment items
(a)
|
|
(
|
||||||||||||||||||||||||
Segment operating profit | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
Corporate costs |
(
|
|||||||||||||||||||||||||
Operating profit |
|
|||||||||||||||||||||||||
Interest income |
|
|||||||||||||||||||||||||
Interest expense |
(
|
|||||||||||||||||||||||||
Miscellaneous income, net |
|
|||||||||||||||||||||||||
Income before income taxes | $ |
|
(a)
|
Includes other cost of operations such as manufacturing costs, amortization expenses, shipping and handling costs, and certain overhead expenses, as well as corporate allocations. |
Three months ended March 31,
|
|||||||||||
(in millions) | 2025 | 2024 | |||||||||
Capital expenditures: | |||||||||||
Crane Payment Innovations | $ |
|
$ |
|
|||||||
Security and Authentication Technologies |
|
|
|||||||||
Corporate |
|
|
|||||||||
Total | $ |
|
$ |
|
Three months ended March 31,
|
|||||||||||
(in millions) | 2025 | 2024 | |||||||||
Depreciation and amortization: | |||||||||||
Crane Payment Innovations | $ |
|
$ |
|
|||||||
Security and Authentication Technologies |
|
|
|||||||||
Corporate |
|
|
|||||||||
Total | $ |
|
$ |
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
Assets: | |||||||||||
Crane Payment Innovations | $ |
|
$ |
|
|||||||
Security and Authentication Technologies |
|
|
|||||||||
Corporate |
|
|
|||||||||
Total | $ |
|
$ |
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
Goodwill: | |||||||||||
Crane Payment Innovations | $ |
|
$ |
|
|||||||
Security and Authentication Technologies |
|
|
|||||||||
Total | $ |
|
$ |
|
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | ||||||||||||||||||||||||
Crane Payment Innovations | ||||||||||||||||||||||||||
Products | $ |
|
$ |
|
||||||||||||||||||||||
Services |
|
|
||||||||||||||||||||||||
Total Crane Payment Innovations | $ |
|
$ |
|
||||||||||||||||||||||
Security and Authentication Technologies | ||||||||||||||||||||||||||
Banknotes and Security Products | $ |
|
$ |
|
||||||||||||||||||||||
Authentication Products and Solutions |
|
|
||||||||||||||||||||||||
Total Security and Authentication Technologies | $ |
|
$ |
|
||||||||||||||||||||||
Net sales | $ |
|
$ |
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||
Contract assets | $ |
|
$ |
|
|||||||||||||||||||
Current contract liabilities | $ |
|
$ |
|
|||||||||||||||||||
Long-term contract liabilities | $ | 13.2 | $ | 13.5 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(in millions, except per share data) | 2025 | 2024 | |||||||||||||||||||||
Net income attributable to common shareholders | $ |
|
$ |
|
|||||||||||||||||||
Average basic shares outstanding |
|
|
|||||||||||||||||||||
Effect of dilutive share-based awards |
|
|
|||||||||||||||||||||
Average diluted shares outstanding |
|
|
|||||||||||||||||||||
Earnings per basic share | $ |
|
$ |
|
|||||||||||||||||||
Earnings per diluted share | $ |
|
$ |
|
(in millions) |
Pension and Postretirement Benefits
(a)
|
Currency Translation Adjustment | Total | |||||||||||||||||
Balance as of December 31, 2024 | $ |
|
$ |
(
|
$ |
(
|
||||||||||||||
Other comprehensive gain before reclassifications |
|
|
|
|||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss |
(
|
|
(
|
|||||||||||||||||
Net period other comprehensive (loss) income |
(
|
|
|
|||||||||||||||||
Balance as of March 31, 2025 | $ |
|
$ |
(
|
$ |
(
|
(a)
Net of tax detriment of $
|
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | ||||||||||||||||||||||||
Amortization of pension components: | ||||||||||||||||||||||||||
Prior service costs | $ |
(
|
$ |
(
|
||||||||||||||||||||||
Net loss |
|
|
||||||||||||||||||||||||
Amortization of postretirement components: | ||||||||||||||||||||||||||
Prior service costs |
|
(
|
||||||||||||||||||||||||
Net gain |
(
|
(
|
||||||||||||||||||||||||
Total before tax | $ |
(
|
$ |
(
|
||||||||||||||||||||||
Tax impact |
(
|
(
|
||||||||||||||||||||||||
Total reclassifications for the period | $ |
(
|
$ |
(
|
Pension | Postretirement | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Interest cost |
|
|
|
|
|||||||||||||||||||
Expected return on plan assets |
(
|
(
|
|
|
|||||||||||||||||||
Amortization of prior service cost |
(
|
(
|
|
(
|
|||||||||||||||||||
Amortization of net loss (gain) |
|
|
(
|
(
|
|||||||||||||||||||
Net periodic expense (benefit) | $ |
|
$ |
|
$ |
|
$ |
(
|
(in millions) | Pension | Postretirement | |||||||||
Expected contributions in 2025
|
$ |
|
$ |
|
|||||||
Amounts contributed during the three months ended March 31, 2025
|
$ |
|
$ |
|
Three Months Ended March 31, | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
Effective Tax Rate |
|
|
||||||||||||||||||
(in millions) | Crane Payment Innovations | Security and Authentication Technologies | Total | ||||||||
Balance as of December 31, 2024
|
$ |
|
$ |
|
$ |
|
|||||
Currency translation |
|
|
|
||||||||
Balance as of March 31, 2025
|
$ |
|
$ |
|
$ |
|
(in millions) | Three Months Ended March 31, 2025 |
Year Ended December 31, 2024
|
|||||||||
Balance at beginning of period, net of accumulated amortization | $ |
|
$ |
|
|||||||
Additions |
|
|
|||||||||
Amortization expense |
(
|
(
|
|||||||||
Currency translation |
|
(
|
|||||||||
Balance at end of period, net of accumulated amortization | $ |
|
$ |
|
|||||||
Weighted Average
Amortization Period of Finite Lived Assets (in years) |
March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||
(in millions) |
Gross
Asset |
Accumulated
Amortization |
Net |
Gross
Asset |
Accumulated
Amortization |
Net | |||||||||||||||||||||||||||||||||||
Intellectual property rights |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
Customer relationships and backlog |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Developed Technology |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Other |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Total |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(in millions) | |||||
Remainder of 2025 | $ |
|
|||
2026 |
|
||||
2027 |
|
||||
2028 |
|
||||
2029 |
|
||||
2030 and after |
|
(in millions) |
March 31,
2025 |
December 31,
2024 |
|||||||||
Contract liabilities | $ |
|
$ |
|
|||||||
Employee related expenses |
|
|
|||||||||
Current lease liabilities |
|
|
|||||||||
Accrued interest |
|
|
|||||||||
Warranty |
|
|
|||||||||
Other |
|
|
|||||||||
Total | $ |
|
$ |
|
(in millions) |
March 31,
2025 |
December 31,
2024 |
||||||||||||
Revolving Facility | $ |
|
$ |
|
||||||||||
Total short-term borrowings
(a)
|
$ |
|
$ |
|
||||||||||
|
$ |
|
$ |
|
||||||||||
|
|
|
||||||||||||
Other deferred financing costs associated with credit facilities |
(
|
(
|
||||||||||||
Total long-term debt
(a)
|
$ |
|
$ |
|
||||||||||
(a)
Debt discounts and debt issuance costs totaled $
|
March 31, 2025 (in millions)
|
Location on Consolidated Balance Sheets |
Active Markets for Identical Assets and Liabilities
Level 1 |
Other
Observable Inputs Level 2 |
Unobservable
Inputs Level 3 |
Total
Fair Value |
|||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Foreign exchange contract not designated as hedging instrument
1
|
Accounts Receivable | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange contract not designated as hedging instrument
1
|
Accrued Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Long-term debt | Long-term debt | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Performance-based restricted share units
|
Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Contingent Liability | Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
December 31, 2024 (in millions)
|
Location on Consolidated Balance Sheets |
Active Markets for Identical Assets and Liabilities
Level 1 |
Other
Observable Inputs Level 2 |
Unobservable
Inputs Level 3 |
Total
Fair Value |
|||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Foreign exchange contract not designated as hedging instrument
1
|
Accounts Receivable | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange contract not designated as hedging instrument
1
|
Accrued Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Long-term debt | Long-term debt | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Performance-based restricted share units
|
Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Contingent Liability | Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
(in millions) | 2024 Restructuring | 2022 Restructuring | Total | |||||||||||||||||
Severance: | ||||||||||||||||||||
Balance as of December 31, 2024
(a)
|
$ |
|
$ |
|
$ |
|
||||||||||||||
Utilization |
(
|
(
|
(
|
|||||||||||||||||
Balance as of March 31, 2025
(a)
|
$ |
|
$ |
|
$ |
|
(a)
|
Included within “Accrued Liabilities” in the Unaudited Condensed Consolidated Balance Sheets.
|
||||
Three Months Ended March 31, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | $ | % | |||||||||||||||||||
Net sales | $ | 330.3 | $ | 313.6 | $ | 16.7 | 5.3 | % | |||||||||||||||
Cost of sales | $ | 190.1 | $ | 161.2 | $ | (28.9) | (17.9) | % | |||||||||||||||
as a percentage of sales | 57.6 | % | 51.4 | % | |||||||||||||||||||
Selling, general and administrative | $ | 102.9 | $ | 94.3 | $ | (8.6) | (9.1) | % | |||||||||||||||
as a percentage of sales | 31.2 | % | 30.1 | % | |||||||||||||||||||
Restructuring charges | — | 2.7 | 2.7 | NM | |||||||||||||||||||
Operating profit | $ | 37.3 | $ | 55.4 | $ | (18.1) | (32.7) | % | |||||||||||||||
Operating margin | 11.3 | % | 17.7 | % | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 0.2 | 0.6 | (0.4) | (66.7) | % | ||||||||||||||||||
Interest expense | (11.5) | (9.9) | (1.6) | (16.2) | % | ||||||||||||||||||
Miscellaneous income, net | 2.1 | 0.6 | 1.5 | 250.0 | % | ||||||||||||||||||
Total other expense, net | (9.2) | (8.7) | (0.5) | (5.7) | % | ||||||||||||||||||
Income before income taxes | 28.1 | 46.7 | (18.6) | (39.8) | % | ||||||||||||||||||
Provision for income taxes | 6.4 | 8.9 | 2.5 | 28.1 | % | ||||||||||||||||||
Net income attributable to common shareholders | $ | 21.7 | $ | 37.8 | $ | (16.1) | (42.6) | % | |||||||||||||||
Three Months Ended March 31, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | $ | % | |||||||||||||||||||
Net sales by product line: | |||||||||||||||||||||||
Payment Acceptance and Dispensing Products | $ | 169.9 | $ | 176.4 | $ | (6.5) | (3.7) | % | |||||||||||||||
Services | 33.0 | 32.6 | 0.4 | 1.2 | % | ||||||||||||||||||
Total net sales | $ | 202.9 | $ | 209.0 | $ | (6.1) | (2.9) | % | |||||||||||||||
Cost of sales | $ | 103.8 | $ | 104.8 | $ | 1.0 | 1.0 | % | |||||||||||||||
as a percentage of sales | 51.2 | % | 50.1 | % | |||||||||||||||||||
Selling, general and administrative | $ | 49.4 | $ | 48.8 | $ | (0.6) | (1.2) | % | |||||||||||||||
as a percentage of sales | 24.3 | % | 23.3 | % | |||||||||||||||||||
Restructuring charges | $ | — | $ | 2.7 | $ | 2.7 | NM | ||||||||||||||||
Operating profit | $ | 49.7 | $ | 52.7 | $ | (3.0) | (5.7) | % | |||||||||||||||
Operating margin | 24.5 | % | 25.2 | % | |||||||||||||||||||
Three Months Ended March 31, | Favorable/(Unfavorable) Change | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | $ | % | |||||||||||||||||||
Net sales by product line: | |||||||||||||||||||||||
Banknotes and Security Products | $ | 93.4 | $ | 103.4 | $ | (10.0) | (9.7) | % | |||||||||||||||
Authentication Products and Solutions | 34.0 | 1.2 | 32.8 | NM | |||||||||||||||||||
Total net sales | $ | 127.4 | $ | 104.6 | $ | 22.8 | 21.8 | % | |||||||||||||||
Cost of sales | $ | 86.3 | $ | 56.4 | $ | (29.9) | (53.0) | % | |||||||||||||||
as a percentage of sales | 67.7 | % | 53.9 | % | |||||||||||||||||||
Selling, general and administrative | $ | 38.7 | $ | 28.0 | $ | (10.7) | (38.2) | % | |||||||||||||||
as a percentage of sales | 30.4 | % | 26.8 | % | |||||||||||||||||||
Operating profit | $ | 2.4 | $ | 20.2 | $ | (17.8) | (88.1) | % | |||||||||||||||
Operating margin | 1.9 | % | 19.4 | % | |||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2025 | 2024 | ||||||||||||
Net cash (used for) provided by: | ||||||||||||||
Operating activities | $ | (19.1) | $ | 9.5 | ||||||||||
Investing activities | (13.6) | (12.5) | ||||||||||||
Financing activities | 38.0 | 10.6 | ||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | 6.7 | (7.9) | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 12.0 | $ | (0.3) |
Exhibit 10.1 | |||||||||||
Exhibit 31.1* | |||||||||||
Exhibit 31.2* | |||||||||||
Exhibit 32.1** | |||||||||||
Exhibit 32.2** | |||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith) | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith) | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CRANE NXT, CO. | ||||||||
REGISTRANT | ||||||||
Date | ||||||||
May 7, 2025 | By | /s/ Aaron Saak | ||||||
Aaron Saak | ||||||||
President and Chief Executive Officer | ||||||||
Date | By | /s/ Christina Cristiano | ||||||
May 7, 2025 | Christina Cristiano | |||||||
Senior Vice President and Chief Financial Officer |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|