cr-20250331

false2025Q1000194401312/31P9MP1YRestructuring

In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 160 employees, or about 2% of our global workforce. We expect to complete the program in the fourth quarter of 2024.

Our restructuring liability was $2.3 million and $4.7 million, as of March 31, 2025 and December 31, 2023, respectively.

16022.34.7xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecr:reportcr:componentutr:acrecr:plaintiffcr:employee00019440132025-01-012025-03-3100019440132025-04-3000019440132024-01-012024-03-3100019440132025-03-3100019440132024-12-3100019440132023-12-3100019440132024-03-310001944013us-gaap:CommonStockMember2024-12-310001944013us-gaap:AdditionalPaidInCapitalMember2024-12-310001944013us-gaap:RetainedEarningsMember2024-12-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001944013us-gaap:ParentMember2024-12-310001944013us-gaap:NoncontrollingInterestMember2024-12-310001944013us-gaap:RetainedEarningsMember2025-01-012025-03-310001944013us-gaap:ParentMember2025-01-012025-03-310001944013us-gaap:CommonStockMember2025-01-012025-03-310001944013us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:CommonStockMember2025-03-310001944013us-gaap:AdditionalPaidInCapitalMember2025-03-310001944013us-gaap:RetainedEarningsMember2025-03-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001944013us-gaap:ParentMember2025-03-310001944013us-gaap:NoncontrollingInterestMember2025-03-310001944013us-gaap:CommonStockMember2023-12-310001944013us-gaap:AdditionalPaidInCapitalMember2023-12-310001944013us-gaap:RetainedEarningsMember2023-12-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001944013us-gaap:ParentMember2023-12-310001944013us-gaap:NoncontrollingInterestMember2023-12-310001944013us-gaap:RetainedEarningsMember2024-01-012024-03-310001944013us-gaap:ParentMember2024-01-012024-03-310001944013us-gaap:CommonStockMember2024-01-012024-03-310001944013us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001944013us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001944013us-gaap:CommonStockMember2024-03-310001944013us-gaap:AdditionalPaidInCapitalMember2024-03-310001944013us-gaap:RetainedEarningsMember2024-03-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001944013us-gaap:ParentMember2024-03-310001944013us-gaap:NoncontrollingInterestMember2024-03-310001944013us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercr:EngineeredMaterialsMember2025-01-010001944013us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercr:EngineeredMaterialsMember2025-01-012025-01-010001944013cr:PerformanceBasedRestrictedShareUnitsMemberus-gaap:RelatedPartyMembercr:CraneNXTCoCraneHoldingsCoMember2025-01-012025-03-310001944013cr:PerformanceBasedRestrictedShareUnitsMemberus-gaap:RelatedPartyMembercr:CraneNXTCoCraneHoldingsCoMember2024-01-012024-03-310001944013us-gaap:RelatedPartyMembercr:CraneNXTCoCraneHoldingsCoMember2025-01-012025-03-310001944013us-gaap:RelatedPartyMembercr:CraneNXTCoCraneHoldingsCoMember2024-01-012024-03-310001944013cr:PerformanceBasedRestrictedShareUnitsMember2025-03-310001944013cr:PerformanceBasedRestrictedShareUnitsMember2024-12-310001944013cr:TechnifabMember2024-11-012024-11-010001944013cr:TechnifabMember2025-01-012025-03-310001944013cr:EngineeredMaterialsMember2025-01-012025-03-310001944013cr:EngineeredMaterialsMember2024-01-012024-03-310001944013cr:EngineeredMaterialsMember2024-12-310001944013cr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013cr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013cr:ProcessFlowTechnologiesMember2025-01-012025-03-310001944013cr:ProcessFlowTechnologiesMember2024-01-012024-03-310001944013us-gaap:OperatingSegmentsMembercr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013us-gaap:OperatingSegmentsMembercr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013us-gaap:OperatingSegmentsMembercr:ProcessFlowTechnologiesMember2025-01-012025-03-310001944013us-gaap:OperatingSegmentsMembercr:ProcessFlowTechnologiesMember2024-01-012024-03-310001944013us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001944013us-gaap:CorporateNonSegmentMember2024-01-012024-03-310001944013us-gaap:OperatingSegmentsMembercr:AerospaceAndElectronicsMember2025-03-310001944013us-gaap:OperatingSegmentsMembercr:AerospaceAndElectronicsMember2024-12-310001944013us-gaap:OperatingSegmentsMembercr:ProcessFlowTechnologiesMember2025-03-310001944013us-gaap:OperatingSegmentsMembercr:ProcessFlowTechnologiesMember2024-12-310001944013us-gaap:CorporateNonSegmentMember2025-03-310001944013us-gaap:CorporateNonSegmentMember2024-12-310001944013us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentDiscontinuedOperationsMember2025-03-310001944013us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentDiscontinuedOperationsMember2024-12-310001944013cr:AerospaceAndElectronicsMember2025-03-310001944013cr:AerospaceAndElectronicsMember2024-12-310001944013cr:ProcessFlowTechnologiesMember2025-03-310001944013cr:ProcessFlowTechnologiesMember2024-12-310001944013cr:CommercialOriginalEquipmentMembercr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013cr:CommercialOriginalEquipmentMembercr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013cr:MilitaryandOtherOriginalEquipmentMembercr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013cr:MilitaryandOtherOriginalEquipmentMembercr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013cr:CommercialAftermarketProductsMembercr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013cr:CommercialAftermarketProductsMembercr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013cr:MilitaryAftermarketProductsMembercr:AerospaceAndElectronicsMember2025-01-012025-03-310001944013cr:MilitaryAftermarketProductsMembercr:AerospaceAndElectronicsMember2024-01-012024-03-310001944013cr:ProcessValvesandRelatedProductsMembercr:ProcessFlowTechnologiesMember2025-01-012025-03-310001944013cr:ProcessValvesandRelatedProductsMembercr:ProcessFlowTechnologiesMember2024-01-012024-03-310001944013cr:CommercialValvesMembercr:ProcessFlowTechnologiesMember2025-01-012025-03-310001944013cr:CommercialValvesMembercr:ProcessFlowTechnologiesMember2024-01-012024-03-310001944013cr:PumpsSystemsMembercr:ProcessFlowTechnologiesMember2025-01-012025-03-310001944013cr:PumpsSystemsMembercr:ProcessFlowTechnologiesMember2024-01-012024-03-310001944013

2025-04-01

2025-03-310001944013

2026-01-01

2025-03-310001944013

2027-01-01

2025-03-310001944013us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001944013us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001944013us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310001944013us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310001944013us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310001944013us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001944013us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001944013us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310001944013us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:SegmentContinuingOperationsMember2024-01-012024-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SegmentContinuingOperationsMember2024-01-012024-03-310001944013us-gaap:PensionPlansDefinedBenefitMemberus-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-03-310001944013us-gaap:PensionPlansDefinedBenefitMember2025-03-310001944013us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-03-3100019440132024-01-012024-12-310001944013cr:IntellectualPropertyRightsMember2025-03-310001944013cr:IntellectualPropertyRightsMember2024-12-310001944013us-gaap:CustomerRelationshipsMember2025-03-310001944013us-gaap:CustomerRelationshipsMember2024-12-310001944013cr:DrawingsMember2025-03-310001944013cr:DrawingsMember2024-12-310001944013us-gaap:OtherIntangibleAssetsMember2025-03-310001944013us-gaap:OtherIntangibleAssetsMember2024-12-310001944013cr:EnvironmentalClaimsForSiteInGoodyearArizonaMember2014-07-012014-09-300001944013cr:EnvironmentalClaimsForSiteInGoodyearArizonaMember2019-01-012019-12-310001944013cr:EnvironmentalClaimsForSiteInGoodyearArizonaMember2025-03-310001944013cr:EnvironmentalClaimsForSiteInGoodyearArizonaMember2024-12-310001944013cr:EnvironmentalClaimsForCrabOrchardNationalWildlifeRefugeSuperfundSiteMember2025-03-310001944013cr:LyondellBasellMember2023-07-012023-07-310001944013us-gaap:LossFromCatastrophesMember2025-01-012025-03-310001944013us-gaap:LossFromCatastrophesMember2025-03-310001944013us-gaap:LossFromCatastrophesMember2024-09-012025-03-310001944013us-gaap:LossFromCatastrophesMemberus-gaap:EnvironmentalIssueMember2025-01-012025-03-310001944013us-gaap:LossFromCatastrophesMemberus-gaap:PropertyPlantAndEquipmentMember2025-01-012025-03-310001944013us-gaap:LossFromCatastrophesMemberus-gaap:InventoriesMember2025-01-012025-03-310001944013us-gaap:LossFromCatastrophesMemberus-gaap:OtherAssetsMember2025-01-012025-03-310001944013us-gaap:LossFromCatastrophesMember2024-12-310001944013cr:ThreeYearTermLoanFacilityMember2025-03-310001944013cr:ThreeYearTermLoanFacilityMember2024-12-310001944013us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-03-170001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-03-172023-03-170001944013cr:ThreeYearTermLoanFacilityMemberus-gaap:LineOfCreditMember2023-03-170001944013cr:ThreeYearTermLoanFacilityMemberus-gaap:LineOfCreditMember2023-03-172023-03-170001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-020001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-030001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-032023-10-030001944013cr:VariableRateComponentOneMembercr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2023-03-172023-03-170001944013cr:VariableRateComponentOneMembercr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2023-03-172023-03-170001944013cr:VariableRateComponentTwoMembercr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MinimumMember2023-03-172023-03-170001944013cr:VariableRateComponentTwoMembercr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MaximumMember2023-03-172023-03-170001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMember2023-03-172023-03-170001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2023-03-172023-03-170001944013cr:FiveYearRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-03-170001944013cr:A2022RepositioningActionsMember2022-10-012022-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Mark One:


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

For the Quarterly Period Ended March 31, 2025


☐			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: 1-41570

CRANE COMPANY

(Exact name of registrant as specified in its charter)



Delaware						88-2846451
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


100 First Stamford Place	Stamford	CT	06902
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 203-363-7300

(Not Applicable)

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

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



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

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

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

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

(check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

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

Common stock, $1.00 Par Value – 57,501,189 shares

Crane Company

Table of Contents

Form 10-Q

Page

Part I - Financial Information

Item 1.

Financial Statements

Condensed Consolidated Statements of Operations

Page 3

Condensed Consolidated Statements of Comprehensive Income

Page 4

Condensed Consolidated Balance Sheets

Page 5

Condensed Consolidated Statements of Cash Flows

Page 7

Condensed Consolidated Statements of Changes in Equity

Page 9

Notes to Condensed Consolidated Financial Statements

Page 10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Page 28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Page 35

Item 4.

Controls and Procedures

Page 35

Part II - Other Information

Page 36

Page 36

Unregistered Sales of Equity Securities and Use of Proceeds

Page 36

Item 3.

Defaults Upon Senior Securities

Page 36

Item 4.

Mine Safety Disclosures

Page 36

Page 36

Page 37

Page 38

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions, except per share data)	2025		2024
Net sales	$	557.6	$	510.2
Operating costs and expenses:
Cost of sales	320.0		303.4
Selling, general and administrative	136.5		125.5
Operating profit	101.1		81.3
Other (expense) income:
Interest income	3.2		1.2
Interest expense	(4.5)		(7.2)
Miscellaneous expense, net	(1.0)		(1.2)
Total other expense, net	(2.3)		(7.2)
Income from continuing operations before income taxes	98.8		74.1
Provision for income taxes	20.5		15.3
Net income from continuing operations attributable to common shareholders	78.3		58.8
Income from discontinued operations, net of tax (Note 3)	28.8		6.0
Net income attributable to common shareholders	$	107.1	$	64.8

Earnings per basic share:
Earnings per basic share from continuing operations	$	1.36	$	1.03
Earnings per basic share from discontinued operations	0.50		0.11
Earnings per basic share	$	1.86	$	1.14

Earnings per diluted share:
Earnings per diluted share from continuing operations	$	1.34	$	1.02
Earnings per diluted share from discontinued operations	0.49		0.10
Earnings per diluted share	$	1.83	$	1.12

Average shares outstanding:
Basic	57.4		57.0
Diluted	58.5		58.1

Dividends per share	$	0.23	$	0.205

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2025		2024
Net income attributable to common shareholders	$	107.1	$	64.8
Components of other comprehensive income (loss), net of tax
Currency translation adjustment	18.3		(12.4)
Changes in pension and postretirement plan assets and benefit obligation, net of tax	2.7		3.0
Other comprehensive income (loss), net of tax	21.0		(9.4)
Comprehensive income before allocation to noncontrolling interests	128.1		55.4
Less: Noncontrolling interests in comprehensive income	—		(0.1)
Comprehensive income attributable to common shareholders	$	128.1	$	55.5

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions)	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	435.1	$	306.7
Accounts receivable, net of allowance for doubtful accounts of $9.3 as of March 31, 2025 and $8.7 as of December 31, 2024	384.4		339.1
Inventories, net:
Finished goods	70.4		64.2
Finished parts and subassemblies	48.3		50.7
Work in process	59.0		51.4
Raw materials	213.9		214.1
Inventories, net	391.6		380.4
Other current assets	162.4		159.1
Current assets held for sale	—		217.9
Total current assets	1,373.5		1,403.2
Property, plant and equipment:
Cost	704.1		682.9
Less: accumulated depreciation	434.0		421.6
Property, plant and equipment, net	270.1		261.3
Long-term deferred tax assets	7.4		11.2
Other assets	144.4		144.7
Intangible assets, net	157.3		159.9
Goodwill	669.4		661.6

Total assets	$	2,622.1	$	2,641.9

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions, except per share and share data)	March 31, 2025		December 31, 2024
Liabilities and equity
Current liabilities:
Current maturities of long-term debt	$	247.1	$	—
Accounts payable	149.6		188.2
Accrued liabilities	244.4		303.2
U.S. and foreign taxes on income	18.4		7.9
Current liabilities held for sale	—		44.1
Total current liabilities	659.5		543.4
Long-term debt, net	—		247.0
Accrued pension and postretirement benefits	68.7		69.6
Long-term deferred tax liability	35.9		34.8
Other liabilities	98.8		106.1

Total liabilities	862.9		1,000.9
Commitments and contingencies (Note 12)
Equity:

Common shares, par value $1.00; 66,475,307 shares authorized; 57,497,701 and 57,290,198 shares issued and outstanding, respectively	57.5		57.3
Capital surplus	428.6		425.5
Retained earnings	1,311.7		1,217.8
Accumulated other comprehensive loss	(40.9)		(61.9)

Total shareholders’ equity	1,756.9		1,638.7
Noncontrolling interests	2.3		2.3
Total equity	1,759.2		1,641.0
Total liabilities and equity	$	2,622.1	$	2,641.9

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2025		2024
Operating activities:
Net income attributable to common shareholders	$	107.1	$	64.8
Less: Income from discontinued operations, net of tax	28.8		6.0
Net income from continuing operations attributable to common shareholders	78.3		58.8
Depreciation and amortization	12.5		11.9
Stock-based compensation expense	9.3		6.5
Defined benefit plans and postretirement cost	2.0		0.8
Deferred income taxes	—		(3.1)
Cash used for operating working capital	(146.4)		(143.0)
Defined benefit plans and postretirement contributions	(0.6)		(0.6)
Environmental payments, net of reimbursements	(1.1)		(1.4)
Other	(0.2)		(0.8)
Total used for operating activities from continuing operations	(46.2)		(70.9)
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments	(0.2)		(105.6)
Capital expenditures	(14.2)		(8.0)
Other investing activities	—		0.2
Total used for investing activities from continuing operations	(14.4)		(113.4)
Financing activities:
Dividends paid	(13.2)		(11.7)
Net payments related to employee stock plans	(10.4)		(8.5)
Proceeds from debt	—		140.0
Repayments of debt	—		(31.9)
Total (used for) provided by financing activities from continuing and discontinued operations	(23.6)		87.9
Discontinued Operations:
Total provided by operating activities	—		(9.0)
Total provided by (used for) investing activities(a)	207.7		(1.1)
Increase (decrease) in cash and cash equivalents from discontinued operations	207.7		(10.1)
Effect of exchange rates on cash and cash equivalents	4.9		(3.7)
Increase (decrease) in cash and cash equivalents	128.4		(110.2)
Cash and cash equivalents at beginning of period	306.7		329.6
Cash and cash equivalents of continuing operations at end of period	$	435.1	$	219.4


(a) For the three months ended March 31, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment. See Note 3, “Discontinued Operations” for additional information.

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2025		2024
Detail of cash used for operating working capital from continuing operations:
Accounts receivable	$	(42.1)	$	(36.6)
Inventories	(8.4)		(19.4)
Other current assets	(7.9)		(11.8)
Accounts payable	(40.7)		(20.5)
Accrued liabilities	(60.2)		(51.9)
U.S. and foreign taxes on income	12.9		(2.8)
Total	$	(146.4)	$	(143.0)

Supplemental disclosure of cash flow information:
Interest paid	$	3.8	$	5.8
Income taxes paid	$	7.6	$	20.0

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(in millions, except share data)	Common Shares Issued at Par Value	Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Total Share- holders’ Equity		Non-controlling Interest		Total Equity
BALANCE DECEMBER 31, 2024	57.3	$	425.5	$	1,217.8	$	(61.9)	$	1,638.7	$	2.3	$	1,641.0
Net income	—	—		107.1		—		107.1		—		107.1
Cash dividends ($0.23 per share)	—	—		(13.2)		—		(13.2)		—		(13.2)

Exercise of stock options	0.1	4.0		—		—		4.1		—		4.1
Impact from settlement of share-based awards, net of shares acquired	0.1	(14.6)		—		—		(14.5)		—		(14.5)
Impact from settlement of liability PRSUs (Note 1)	—	5.7		—		—		5.7		—		5.7
Stock-based compensation expense	—	8.0		—		—		8.0		—		8.0
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		2.7		2.7		—		2.7
Currency translation adjustment	—	—		—		18.3		18.3		—		18.3
BALANCE MARCH 31, 2025	57.5	$	428.6	$	1,311.7	$	(40.9)	$	1,756.9	$	2.3	$	1,759.2


(in millions, except share data)	Common Shares Issued at Par Value	Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Total Share- holders’ Equity		Non-controlling Interest		Total Equity
BALANCE DECEMBER 31, 2023	56.9	$	398.2	$	960.7	$	(58.0)	$	1,357.8	$	2.5	$	1,360.3
Net income	—	—		64.8		—		64.8		—		64.8
Cash dividends ($0.205 per share)	—	—		(11.7)		—		(11.7)		—		(11.7)
Exercise of stock options	0.1	2.4		—		—		2.5		—

SEC Form 10-Q filed by Crane Company