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Item 1. Financial Statements

2025-07-31 compared with 2025-05-01 · 166 added, 135 removed, 603 unchanged (33% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share data) 2025 2024 2025 2024

2 unchanged sentences

Cost of sales 334.9 317.1 654.9 620.5

Selling, general and administrative 136.5 125.5

Engineering, selling and administrative 139.4 122.2 275.9 247.7

Operating profit 102.9 89.3 204.0 170.6

Other (expense) income:

Other income (expense):

Interest income 2.9 1.3 6.1 2.5

Interest expense ( 4.3 ) ( 7.4 ) ( 8.8 ) ( 14.6 )

Miscellaneous expense, net ( 1.0 ) ( 1.2 )

Total other expense, net ( 2.3 ) ( 7.2 )

Miscellaneous income, net 3.1 1.3 2.1 0.1

Total other income (expense), net 1.7 ( 4.8 ) ( 0.6 ) ( 12.0 )

Income from continuing operations before income taxes 104.6 84.5 203.4 158.6

18 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

10 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions) March 31,

(in millions) June 30,

2025 December 31,

1 unchanged sentence

Cash and cash equivalents $ 332.2 $ 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

Accounts receivable, net of allowance for doubtful accounts of $ 8.3 as of June 30, 2025 and $ 8.7 as of December 31, 2024

Inventories, net:

19 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share and share data) March 31,

(in millions, except per share and share data) June 30,

2025 December 31,

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Retained earnings 1,384.9 1,217.8

Accumulated other comprehensive loss ( 40.9 ) ( 61.9 )

Accumulated other comprehensive income (loss) 3.5 ( 61.9 )

Total shareholders’ equity 1,886.3 1,638.7

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(in millions) 2025 2024

11 unchanged sentences

Other ( 0.6 ) ( 1.2 )

Total used for operating activities from continuing operations ( 46.2 ) ( 70.9 )

Total provided by (used for) operating activities from continuing operations 58.8 ( 19.6 )

Investing activities:

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Cash and cash equivalents of continuing operations at end of period $ 332.2 $ 229.3

(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.

(a) For the six months ended June 30, 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.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(in millions) 2025 2024

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BALANCE MARCH 31, 2025 57.5 $ 428.6 $ 1,311.7 $ ( 40.9 ) $ 1,756.9 $ 2.3 $ 1,759.2

Net income — — 86.4 — 86.4 — 86.4

Cash dividends ($ 0.23 per share)

— — ( 13.2 ) — ( 13.2 ) — ( 13.2 )

Exercise of stock options — 1.7 — — 1.7 — 1.7

Impact from settlement of share-based awards, net of shares acquired — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 10.3 — — 10.3 — 10.3

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.7 2.7 — 2.7

Currency translation adjustment — — — 41.7 41.7 — 41.7

BALANCE JUNE 30, 2025 57.5 $ 440.4 $ 1,384.9 $ 3.5 $ 1,886.3 $ 2.3 $ 1,888.6

(in millions, except share data) Common

17 unchanged sentences

BALANCE MARCH 31, 2024 57.1 $ 401.0 $ 1,013.8 $ ( 67.3 ) $ 1,404.6 $ 2.4 $ 1,407.0

Net income — — 71.6 — 71.6 — 71.6

Cash dividends ($ 0.205 per share)

— — ( 11.7 ) — ( 11.7 ) — ( 11.7 )

Exercise of stock options 0.1 3.5 — — 3.6 — 3.6

Impact from settlement of share-based awards, net of shares acquired — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 5.7 — — 5.7 — 5.7

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 3.0 3.0 — 3.0

Currency translation adjustment — — — ( 3.3 ) ( 3.3 ) — ( 3.3 )

BALANCE JUNE 30, 2024 57.2 $ 410.0 $ 1,073.7 $ ( 67.6 ) $ 1,473.3 $ 2.4 $ 1,475.7

See Notes to Condensed Consolidated Financial Statements.

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Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $ 208.0 million, on a cash-free and debt-free basis.

In connection with the divestiture, the Company recognized a pre-tax gain of $ 35.7 million, subject to a net working capital adjustment and was recorded in income from discontinued operations.

During the second quarter of 2025, the Company received $ 7.8 million related to a final working capital adjustment.

In connection with the divestiture, the Company recognized a pre-tax gain of $ 43.5 million, recorded in income from discontinued operations.

As a result of the sale, the operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented.

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See Note 3, “Discontinued Operations,” in the Notes to Financial Statements for additional details.

The Company entered into a Transition Services Agreement ("TSA") with KPS Capital Partners, L.P (“KPS”), which is designed to ensure and facilitate an orderly transfer of business operations.

The services provided under the TSA include, but are not limited to, shared systems and support, primarily related to IT, payroll and benefits.

These services terminate at various times up to twelve months from the date of sale.

Amounts received under the TSA were not material for the three months ended March 31, 2025.

Liability Performance-Based Restricted Share Units

As a result of the separation into two independent, publicly-traded companies, Crane NXT, Co.

and Crane Company (the “Separation”), certain executives hold performance-based restricted share units (“PRSUs”) that have undergone an equity-to-liability modification and are denominated in Crane NXT, Co.

The outstanding PRSUs relate to grants made prior to the Separation transaction and accordingly will vest in February 2026.

As of March 31, 2025 and 2024, 88,505 and 101,182 units vested and were settled by Crane NXT Co, respectively.

As a result of the April 3, 2023 separation into two independent, publicly-traded companies, Crane NXT, Co.

and Crane Company (the “Separation”), certain executives hold 3-year, cliff vesting performance-based restricted share units (“PRSUs”) that have undergone an equity-to-liability modification and are denominated in Crane NXT, Co.

The outstanding PRSUs relate to grants made prior to the Separation transaction and will complete vesting in February 2026.

During the first quarter of 2025 and 2024, 88,505 and 101,182 units vested and were settled by Crane NXT Co., respectively.

The impact from the settlement of this liability was reflected on the Condensed Consolidated Statement of Changes in Equity as a $ 5.7 million and $ 6.1 million capital contribution as of March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31, 2024, the liability balance was $ 2.5 million and $ 7.4 million, respectively, and included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements - Not Yet Adopted as of March 31, 2025

As of June 30, 2025 and December 31, 2024, the liability balance was $ 2.8 million and $ 7.4 million, respectively, and included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements - Not Yet Adopted as of June 30, 2025

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.

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The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis.

We are currently evaluating this guidance to determine the impact on our disclosures.

This accounting standard will enhance tax disclosures in the Company's annual reporting but has no impact on reported income tax expense or related tax assets or liabilities.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

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We are currently evaluating this guidance to determine the impact on our disclosures.

Recent Accounting Pronouncements - Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments improve reportable segment disclosure

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

requirements, primarily through enhanced disclosures about significant segment expenses.

In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.

The amendments were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted the standard for its annual reporting effective January 1, 2024.

The Company considered the applicability and impact of all 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 Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Acquisitions

Entry into a Definitive Agreement to Acquire Precision Sensors & Instrumentation

On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Precision Sensors & Instrumentation (“PSI”).

PSI is a leading provider of sensor-based technologies for aerospace, nuclear and process industries.

The purchase price of the transaction is $ 1,150.0 million, subject to post-closing adjustments.

The transaction is expected to close at the end of 2025 or early 2026, contingent upon regulatory approvals and the satisfaction of customary closing conditions.

We intend to finance the acquisition with a combination of cash on hand and additional debt.

PSI is expected to have 2025 sales of approximately $ 390 million.

Technifab Acquisition

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Engineered Materials

Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $ 208.0 million on a cash-free and debt-free basis.

During the second quarter of 2025, the Company received $ 7.8 million related to a final working capital adjustment.

The following represents financial results from Engineered Materials included in discontinued operations:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

1 unchanged sentence

Cost of sales — 40.2 — 81.6

Selling, general and administrative — 5.6

Engineering, selling and administrative — 5.1 — 10.7

Operating profit — 7.3 — 15.4

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Other current assets 1.4

Current assets held for sale (a)

Property, plant and equipment, net 25.3

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Goodwill 171.3

Long-term assets held for sale (a)

Assets held for sale $ 217.9

Current assets held for sale $ 217.9

Accounts payable 16.8

Accrued liabilities 7.9

Current liabilities held for sale (a)

Long-term deferred tax liability 19.2

Other liabilities 0.2

Long-term liabilities held for sale (a)

Liabilities held for sale $ 44.1

(a) We closed on this transaction within one year from the date of our entry into the agreement, and therefore have presented all assets and liabilities as current as of December 31, 2024.

Current liabilities held for sale $ 44.1

Note 4 - Segment Results

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Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2024.

We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices.

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Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets.

The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

critical environments.

The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments.

Products and services are organized into six integrated solutions:

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Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally.

Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets.

Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

industrial, and to a lesser extent, municipal markets.

Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

Financial information by reportable segment is set forth below.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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TOTAL COST OF SALES $ 334.9 $ 317.1 $ 654.9 $ 620.5

Selling, general and administrative:

Engineering, selling and administrative:

Aerospace & Electronics $ 38.0 $ 34.3 $ 74.5 $ 70.2

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Corporate 28.9 22.9 55.2 46.8

TOTAL SELLING, GENERAL AND ADMINISTRATIVE $ 136.5 $ 125.5

TOTAL ENGINEERING, SELLING AND ADMINISTRATIVE $ 139.4 $ 122.2 $ 275.9 $ 247.7

Operating profit:

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Interest expense ( 4.3 ) ( 7.4 ) ( 8.8 ) ( 14.6 )

Miscellaneous expense, net ( 1.0 ) ( 1.2 )

Miscellaneous income, net 3.1 1.3 2.1 0.1

Income from continuing operations before income taxes $ 104.6 $ 84.5 $ 203.4 $ 158.6

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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Process Flow Technologies 8.2 7.3 16.2 13.6

Corporate 0.1 0.1 0.1 0.1

TOTAL DEPRECIATION AND AMORTIZATION $ 13.1 $ 12.8 $ 25.6 $ 24.7

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended

Six Months Ended

(in millions) 2025 2024

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TOTAL CAPITAL EXPENDITURES $ 30.3 $ 14.7

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Aerospace & Electronics $ 947.2 $ 896.2

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TOTAL ASSETS $ 2,516.6 $ 2,641.9

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Aerospace & Electronics $ 248.7 $ 248.5

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The following table presents net sales disaggregated by product line for each segment:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog.

As of March 31, 2025, total backlog was $ 1,350.0 million.

As of June 30, 2025, total backlog was $ 1,455.9 million.

We expect to recognize approximately 55 % of our remaining performance obligations as revenue in 2025, an additional 36 % in 2026 and the balance thereafter.

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Net contract assets and contract liabilities consisted of the following:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Contract assets $ 76.4 $ 65.7

Contract liabilities $ 36.1 $ 36.3

We recognized revenue of $ 16.3 million during the three months ended March 31, 2025, related to contract liabilities as of December 31, 2024.

We recognized revenue of $ 9.3 million and $ 25.6 million during the three and six months ended June 30, 2025, related to contract liabilities as of December 31, 2024.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share data) 2025 2024 2025 2024

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Earnings per diluted share $ 1.47 $ 1.23 $ 3.31 $ 2.34

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti-dilutive was 0.2 million for both the three months periods ended March 31, 2025 and 2024.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 7 - Changes in Accumulated Other Comprehensive Loss

The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Condensed Consolidated Balance Sheets.

Note 7 - Changes in Accumulated Other Comprehensive Income (Loss)

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets.

(in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total (a)

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Net period other comprehensive income 5.4 60.0 65.4

Balance as of March 31, 2025 $ ( 241.6 ) $ 200.7 $ ( 40.9 )

(a) Net of tax benefit of $ 93.3 million and $ 94.2 million as of March 31, 2025 and December 31, 2024, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2025 and 2024.

Amortization of pension and postretirement components has been recorded within “Miscellaneous expense, net” on our Condensed Consolidated Statements of Operations.

Three Months Ended March 31,

Balance as of June 30, 2025 $ ( 238.9 ) $ 242.4 $ 3.5

(a) Net of tax benefit of $ 92.3 million and $ 94.2 million as of June 30, 2025 and December 31, 2024, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024.

Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2025 2024 2025 2024

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Note 8 - Defined Benefit and Postretirement Benefits

For all plans, the components of net periodic benefit for the three months ended March 31, 2025, and 2024 are as follows:

For all plans, the components of net periodic benefit for the three months ended June 30, 2025, and 2024 are as follows:

Pension Postretirement

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$ 2.1 $ 1.0 $ — $ ( 0.1 )

(a) Includes $ 0.1 million of pension net periodic loss related to discontinued operations for the three months ended March 31, 2024.

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income (expense), net” in our Condensed Consolidated Statements of Operations.

Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in our Condensed Consolidated Statements of Operations.

(a) Includes $ 0.1 million of pension net periodic loss related to discontinued operations for the three months ended June 30, 2024.

For all plans, the components of net periodic benefit for the six months ended June 30, 2025, and 2024 are as follows:

Pension Postretirement

(in millions) 2025 2024 2025 2024

Service cost $ 1.7 $ 1.8 $ — $ —

Interest cost 17.2 17.3 0.1 0.1

Expected return on plan assets ( 22.1 ) ( 25.0 ) — —

Amortization of prior service cost 0.4 0.4 — —

Amortization of net loss (gain) 7.0 7.5 ( 0.2 ) ( 0.2 )

Net periodic loss (benefit) (a)

$ 4.2 $ 2.0 $ ( 0.1 ) $ ( 0.1 )

(a) Includes $ 0.3 million of pension net periodic loss related to discontinued operations for the six months ended June 30, 2024.

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Condensed Consolidated Statements of Operations.

Service cost is recorded within “Cost of sales” and “ Engineering, selling, and administrative” in our Condensed Consolidated Statements of Operations.

We expect to contribute the following to our pension and postretirement plans:

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Expected contributions in 2025 $ 16.8 $ 0.4

Amounts contributed during the three months ended March 31, 2025

Amounts contributed during the six months ended June 30, 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Our effective tax rates are as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Effective Tax Rate 23.2 % 21.6 % 22.0 % 21.1 %

Our effective tax rate for the three months ended March 31, 2025, is slightly higher than the prior year’s comparable period due to a lower statutory U.S.

deduction related to our non-U.S.

subsidiaries’ income and slightly higher statutorily non-deductible costs, partially offset by excess share-based compensation benefits.

Our effective tax rate for the three months ended March 31, 2025 is approximately equal to the statutory U.S.

federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

Our effective tax rate for the three months ending June 30, 2025 is higher than the prior year’s comparable period primarily due to higher statutorily non-deductible costs and lower benefit related to share-based compensation, partially offset by lower non-U.S.

Our effective tax rate for six months ending June 30, 2025 is higher than the prior year’s comparable period primarily due to higher statutorily non-deductible costs, partially offset by greater benefit related to share-based compensation.

Our effective tax rate for the three months and six months ended June 30, 2025 is higher than the statutory U.S.

federal tax rate of 21%, are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S.

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Unrecognized Tax Benefits

During the three months ended March 31, 2025, our gross unrecognized tax benefits, excluding interest and penalties, increased by $ 0.5 million, primarily due to increases in tax positions taken in the current and prior period.

During the three months ended March 31, 2025, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $ 0.6 million.

During the three months and six months ended June 30, 2025, our gross unrecognized tax benefits, excluding interest and penalties, increased by $ 0.3 million, and $ 0.8 million, respectively, primarily due to increases in tax positions taken in the current and prior period, partially offset by reductions from the expiration of statutes of limitations.

During the three months and six months ended June 30, 2025, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $ 0.2 million and $ 0.9 million, respectively.

The difference between these amounts relates to offsetting tax effects from other tax jurisdictions, and interest expense, net of deferred taxes.

During the three months ended March 31, 2025, we recognized $ 0.2 million of interest expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations.

As of March 31, 2025 and December 31, 2024, the total amount of accrued interest and penalty expenses related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $ 2.9 million and $ 2.7 million, respectively.

During the three months and six months ended June 30, 2025, we recognized $( 0.1 ) million and $ 0.1 million, respectively, of interest (income)/expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations.

As of June 30, 2025 and December 31, 2024, the total amount of accrued interest and penalty expenses related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $ 2.9 million and $ 2.7 million, respectively.

During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $ 0.1 million due to expiration of statutes of limitations and settlements with tax authorities.

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A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit.

As of March 31, 2025, we had three reporting units.

As of June 30, 2025, we had three reporting units.

Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment.

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Currency translation 0.2 22.9 23.1

Balance as of March 31, 2025 $ 248.6 $ 420.8 $ 669.4

(a) For the period ended March 31, 2025, adjustments within the Process Flow Technologies segment of $ 0.2 million relate to the Technifab final working capital adjustment.

Balance as of June 30, 2025 $ 248.7 $ 436.2 $ 684.9

(a) For the period ended June 30, 2025, adjustments within the Process Flow Technologies segment of $ 0.2 million relate to the Technifab final working capital adjustment.

See Note 2 for further information.

As of March 31, 2025, we had $ 157.3 million of net intangible assets, of which $ 21.9 million were intangibles with indefinite useful lives.

As of June 30, 2025, we had $ 156.1 million of net intangible assets, of which $ 23.0 million were intangibles with indefinite useful lives.

As of December 31, 2024, we had $ 159.9 million of net intangible assets, of which $ 21.4 million were intangibles with indefinite useful lives.

Changes to intangible assets are as follows:

(in millions) Three Months Ended

March 31, 2025 Year Ended December 31, 2024

(in millions) Six Months Ended June 30,2025 Year Ended December 31, 2024

Balance at beginning of period, net of accumulated amortization $ 159.9 $ 87.1

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and Technifab.

See Note 2 for further information.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A summary of intangible assets are as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

( dollars in millions )

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Accrued liabilities consist of:

(in millions) March 31,

(in millions) June 30,

2025 December 31,

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Generally, third party specialists assist in the estimation of remediation costs.

The environmental remediation liability as of March 31, 2025 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

The environmental remediation liability as of June 30, 2025 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co., (“Redco”)) a then wholly-owned subsidiary of Crane Company that held liabilities including asbestos liabilities and related insurance assets, entered into a Stock Purchase Agreement (the “Redco Purchase Agreement”) with Spruce Lake Liability Management Holdco LLC (“Redco Buyer”), an unrelated third party long-term liability management company specializing in the acquisition and management of legacy corporate liabilities, whereby Crane Company transferred to Redco Buyer all of the issued and outstanding shares of Redco (the “Redco Sale”).

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As noted above, however, Crane Company has agreed to indemnify Redco and Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities.

Thus, references below in this Note 12 to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to and agent for the Redco Buyer on the Crab Orchard Site.

Goodyear Site

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groundwater treatment to monitoring only.

This report will be submitted to the EPA for approval and in combination with regulatory discussions and consultations, is expected to provide clarity on future remedial requirements at the site and associated costs.

The total estimated gross liability was $ 15.4 million and $ 16.4 million as of March 31, 2025 and December 31, 2024, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of March 31, 2025 and December 31, 2024, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

This report will be submitted to the EPA for approval and in combination with regulatory discussions and consultations, and is expected to provide clarity on future remedial requirements at the site and associated costs.

The total estimated gross liability was $ 14.4 million and $ 16.4 million as of June 30, 2025 and December 31, 2024, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of June 30, 2025 and December 31, 2024, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years.

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Government reimburses us for 21 % of qualifying costs of investigation and remediation activities at the Goodyear Site.

As of March 31, 2025 and December 31, 2024, we recorded a receivable of $ 3.0 million, respectively, for the expected reimbursements from the U.S.

As of June 30, 2025 and December 31, 2024, we recorded a receivable of $ 2.6 million and $ 3.0 million, respectively, for the expected reimbursements from the U.S.

Government in respect of the aggregate liability as at that date.

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We have completed a comprehensive delineation of contaminants of concern in soil, groundwater, surface water, sediment, and indoor air in certain buildings, as well as required soil and groundwater remediation at the site all in accordance with the New Jersey Department of Environmental Protection guidelines and directives.

We submitted our remediation completion reports to the New Jersey Department of Environmental Protection and are awaiting feedback and acceptance.

We submitted our remediation completion reports in Mach of 2024 and April of 2021 to the New Jersey Department of Environmental Protection and are awaiting feedback and acceptance.

We anticipate that only periodic monitoring will be required at the site for the near to medium term.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Following negotiations between GD-OTS, the U.S.

Ensuing negotiations between GD-OTS, the U.S.

Government and remaining participants with respect to resolution of the U.S.

Government’s liability for, and contribution claims with respect to, RI/FS costs associated with the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities, have resulted in agreement upon the terms of a consent decree for resolving the U.S.

Government’s share of RI/FS costs, which was lodged for entry with the United States District Court for the Southern District of Illinois on January 10, 2025.

As part of these negotiations, and in order to obtain the protections provided by the draft consent decree, we have reached agreement with GD-OTS on our contribution to the United States’ claimed past response costs, for an immaterial sum, and have executed separate settlement and escrow agreements to memorialize the parties’ agreement with respect to the United States’ response costs.

Negotiations remain ongoing between us and GD-OTS regarding a potential resolution of GD-OTS’ claim for costs that it has incurred and expects to incur in performing its obligations under the AOC.

Government’s liability for, and contribution claims with respect to, RI/FS costs associated with the remaining areas of the site, including those portions of the Crab Orchard Site where Redco’s predecessor conducted manufacturing and research activities, have resulted in the consummation of a consent decree for resolving the U.S.

Government’s share of RI/FS costs and our liability to the United States for its claimed past response costs, which was entered by the United States District Court for the Southern District of Illinois on June 12, 2025.

In addition, we have entered into separate settlement and escrow agreements to memorialize the parties’ agreement with respect to their respective contributions to the United States’ response costs, pursuant to which we made an immaterial payment.

There has not been a resolution of GD-OTS’ claim against us for costs that GD-OTS has incurred and expects to incur in performing its obligations under the AOC.

We at present cannot predict when any determination of the ultimate allocable share of GD-OTS response costs for which we may be liable is likely to be completed.

None of these discussions address responsibility for the performance of, or payment of costs incurred in connection with, any remedial design or remedial action that may be required pursuant to the ROD (when it is ultimately issued).

Further, none of these discussions, or the recently-entered consent decree, address responsibility for the performance of, or payment of costs incurred in connection with, any remedial design or remedial action that may be required pursuant to the ROD (when it is ultimately issued).

It is not possible at this time to reasonably estimate the total amount of any obligation for remediation of the Crab Orchard Site as a whole because the allocation among PRPs, selection of remediation alternatives, and concurrence of regulatory authorities have not yet advanced to the stage where a reasonable estimate can be made.

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The multi-district lawsuits were consolidated for proceedings in state court in Harris County, Texas, and were pending since 2021, when the initial set of defendants were sued.

Crane is alleged to have manufactured a valve involved in the incident.

Plaintiffs also added other defendants to the suits in July 2023 who allegedly either sold or serviced the subject valve or a valve accessory, and discovery for the newly added defendants began moving forward in February 2024.

Crane was alleged to have manufactured a valve involved in the incident.

Plaintiffs added other defendants to the suits in July 2023 who allegedly either sold or serviced the subject valve or a valve accessory, and discovery for the newly added defendants began moving forward in February 2024.

Crane had valid defenses, and insurance coverage that attached after a modest self-insured retention.

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An initial settlement agreement was reached with a portion of the claimants in September 2024, and final settlement agreements were reached with all remaining claimants in February 2025.

The entire settlement amount, except for our modest deductible obligation, was within our coverage limits and the insurance carriers have committed to fully fund the settlements.

We recognized a liability as of March 31, 2025 and December 31, 2024 for the settled claims.

In conjunction with the liability, a corresponding receivable was recorded as these matters were fully insured.

There is no material loss related to this matter as it is covered by insurance.

Marion Site Hurricane Damage and Recovery

The entire settlement amount, except for our modest deductible obligation, was within our coverage limits and the insurance carriers have fully funded the settlements as of June 30, 2025.

There is no material loss related to this matter as it was covered by insurance.

Marion, NC Site Hurricane Damage and Recovery

In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene.

Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered.

The recovery related to business interruption will be recognized when realized and received.

We are working with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds may lag behind actual losses incurred.

For the three months ended March 31, 2025, we incurred expenses of $ 5.6 million primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

As of March 31, 2025, we have an insurance receivable of $ 8.4 million, which is net of the $ 0.5 million deductible.

The recovery related to business interruption is recognized when realized and received.

We are working with our insurance carrier to ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds will lag behind actual losses incurred.

For the three and six months ended June 30, 2025, we incurred expenses of $ 0.2 million and $ 5.8 million, respectively, primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

As of June 30, 2025, we have an insurance receivable of $ 3.6 million, which is net of the $ 0.5 million deductible.

On a cumulative basis, we incurred expenses of $ 29.1 million related to damages caused by the hurricane and received corresponding insurance recoveries of $ 25.0 million.

During the second quarter, we also received insurance proceeds for lost profits of $ 4.0 million, included in Miscellaneous income, net in the Condensed Consolidated Statements of Operations.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the components of Loss from natural disaster, net of insurance recoveries:

Three Months Ended

The following table summarizes the components of Loss from natural disaster, net of insurance recoveries and business interruption proceeds:

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2025

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Total expenses and losses $ 0.2 $ 5.8

Insurance recoveries received — 5.0

Insurance recoveries to be received 0.2 0.8

Loss from natural disaster, net of insurance recoveries $ — $ —

Insurance proceeds for lost profits $ 4.0 $ 4.0

June 30, 2025

Insurance recoveries receivable, net of deductible as of December 31, 2024 $ 2.8

Expenses and losses incurred during the three months ended March 31, 2025 5.6

Insurance recoveries receivable, net of deductible (a)

Changes in receivables 0.8

Insurance recoveries receivable, net of deductible as of June 30,2025 (a)

(a) Included in Other current assets in the Condensed Consolidated Balance Sheets.

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If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable.

We believe that as of March 31, 2025, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

We believe that as of June 30, 2025, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 unchanged sentence

Our debt consisted of the following:

(in millions) March 31,

(in millions) June 30,

2025 December 31,

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Total long-term debt $ — $ 247.0

(a) Debt issuance costs totaled $ 0.4 million and $ 0.5 million as of March 31, 2025 and December 31, 2024, respectively, and have been netted against the aggregate principal amounts.

(a) Debt issuance costs totaled $ 0.3 million and $ 0.5 million as of June 30, 2025 and December 31, 2024, respectively, and have been netted against the aggregate principal amounts.

Credit Facilities – On March 17, 2023, the Company entered into a senior secured credit agreement (the “Credit Agreement”), which provided for (i) a $ 500 million, 5 -year revolving credit facility (the “Revolving Facility”) and (ii) a $ 300 million, 3 -year term loan facility (the “Term Facility”), funding under each of which became available in connection with the Separation.

On April 3, 2023, the Company borrowed the full amount of the Term Facility.

On October 3, 2023, the Company exercised a portion of the accordion feature under its existing revolving credit facility to increase the available borrowing capacity from $ 500 million, to $ 800 million.

The corresponding amendment established incremental revolving commitments in an aggregate amount of $ 300 million and refreshed the incremental capacity under the Company’s existing credit agreement.

On October 3, 2023, the Company exercised a portion of the accordion feature under the Revolving Facility to increase the available borrowing capacity from $ 500 million, to $ 800 million.

The corresponding amendment established incremental revolving commitments in an aggregate amount of $ 300 million and refreshed the incremental capacity under the Credit Agreement.

The Company made principal prepayments of $ 200.0 million and $ 1.9 million on the Term Facility during the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, there were no outstanding borrowings under the 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.

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The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.

The Company was in compliance with all such covenants as of March 31, 2025.

The Company was in compliance with all such covenants as of June 30, 2025.

Note 14 - Fair Value Measurements

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Quoted prices in active markets for identical or similar assets and liabilities.

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 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.

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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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 $ 19.7 million and $ 18.3 million as of March 31, 2025 and December 31, 2024, respectively.

Foreign exchange contracts not designated as hedging instruments had a notional value of $ 21.3 million and $ 18.3 million as of June 30, 2025 and December 31, 2024, respectively.

Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates.

Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and was $ 0.5 million as of March 31, 2025.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and was $ 2.1 million as of June 30, 2025.

The Company had no such derivative receivable as of December 31, 2024.

Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and was $ 1.1 million as of December 31, 2024.

The Company had no such derivative payable as of March 31, 2025.

The Company had no such derivative payable as of June 30, 2025.

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

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements