CRANE NXT, CO., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-1657    
Entity Registrant Name CRANE NXT, CO.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 88-0706021    
Entity Address, Address Line One 950 Winter Street 4th Floor North    
Entity Address, City or Town Waltham    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02451    
City Area Code 781    
Local Phone Number 755-6868    
Title of 12(b) Security Common Stock, par value $1.00    
Trading Symbol CXT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,639,200,410
Entity Common Stock, Shares Outstanding   57,443,573  
Documents Incorporated by Reference Portions of the registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000025445    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Stamford, Connecticut
Auditor Firm ID 34
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net sales $ 1,656,700,000 $ 1,486,800,000 $ 1,391,300,000
Operating costs and expenses:      
Cost of sales 952,900,000 821,700,000 737,200,000
Selling, general and administrative 440,300,000 386,200,000 366,800,000
Restructuring charges 16,800,000 10,100,000 500,000
Operating profit 246,700,000 268,800,000 286,800,000
Other income (expense):      
Interest income 1,000,000.0 1,600,000 1,100,000
Equity investment (loss) gain (11,500,000) 800,000 0
Miscellaneous income, net 5,100,000 3,000,000.0 2,500,000
Total other expense, net (65,700,000) (42,400,000) (47,000,000.0)
Income before income taxes 181,000,000.0 226,400,000 239,800,000
Provision for income taxes 35,900,000 42,300,000 51,500,000
Net income before allocation to noncontrolling interest 145,100,000 184,100,000 188,300,000
Net Income (Loss) Attributable to Noncontrolling Interest $ 0 $ 0 $ 0
Earnings per share:      
Basic (in dollars per share) $ 2.53 $ 3.22 $ 3.31
Diluted (in dollars per share) $ 2.50 $ 3.19 $ 3.28
Average shares outstanding:      
Basic (in shares) 57.4 57.1 56.8
Diluted (in shares) 58.0 57.8 57.5
Net income $ 145,100,000 $ 184,100,000 $ 188,300,000
Nonrelated Party      
Other income (expense):      
Interest expense 60,300,000 47,800,000 48,100,000
Related Party      
Other income (expense):      
Interest expense $ 0 $ 0 $ 2,500,000
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income before allocation to noncontrolling interest $ 145,100,000 $ 184,100,000 $ 188,300,000
Components of other comprehensive income (loss), net of tax      
Currency translation adjustment 72,200,000 (50,900,000) 18,100,000
Changes in pension and postretirement plan assets and benefit obligation, net of tax 500,000 (3,100,000) (5,200,000)
Other comprehensive income (loss), net of tax 72,700,000 (54,000,000.0) 12,900,000
Comprehensive income attributable to common shareholders 217,800,000 130,100,000 201,200,000
Less: Noncontrolling interest in comprehensive income 0 0 0
Comprehensive income attributable to common shareholders $ 217,800,000 $ 130,100,000 $ 201,200,000
v3.25.4
CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 233,800,000 $ 165,800,000
Accounts receivable, net 351,800,000 265,900,000
U.S. and foreign taxes on income 12,700,000 8,600,000
Inventories, net 169,500,000 144,800,000
Other current assets 85,100,000 57,400,000
Total current assets 852,900,000 642,500,000
Property, plant and equipment, net 303,800,000 272,300,000
Long-term deferred tax assets 2,500,000 2,200,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 139,400,000 1,300,000
Intangible assets, net 557,200,000 419,300,000
Goodwill 1,164,000,000 956,600,000
Other assets 96,600,000 92,300,000
Total assets 3,116,400,000 2,386,500,000
Current liabilities:    
Short-term borrowings 135,100,000 210,000,000.0
Accounts payable 132,300,000 116,600,000
Accrued liabilities 273,000,000.0 211,200,000
U.S. and foreign taxes on income 28,700,000 24,600,000
Total current liabilities 569,100,000 562,400,000
Long-term debt 1,004,400,000 540,600,000
Accrued pension and postretirement benefits 19,100,000 19,400,000
Long-term deferred tax liability 151,000,000.0 119,000,000.0
Other liabilities 116,000,000.0 80,200,000
Total liabilities 1,859,600,000 1,321,600,000
Commitments and contingencies (Note 13)
Redeemable noncontrolling Interests 6,900,000 0
Equity:    
Preferred shares, par value 0.01; 5,000,000 shares authorized 0 0
Common shares, par value $1.00; 200,000,000 shares authorized; 72,441,647 shares issued; 57,441,541 shares and 57,197,147 shares outstanding as of December 31, 2025 and 2024, respectively 72,400,000 72,400,000
Capital surplus 1,716,500,000 1,719,900,000
Retained earnings 374,500,000 268,400,000
Accumulated other comprehensive loss (99,900,000) (172,600,000)
Treasury stock; 15,000,106 and 15,244,500 treasury shares as of December 31, 2025 and 2024, respectively (810,500,000) (823,200,000)
Total shareholders’ equity 1,253,000,000 1,064,900,000
Nonredeemable noncontrolling interests (3,100,000) 0
Total equity 1,249,900,000 1,064,900,000
Total liabilities, redeemable noncontrolling interests, and equity $ 3,116,400,000 $ 2,386,500,000
Common shares, outstanding (in shares) 57,441,541 57,197,147
Preferred shares, authorized (in shares) 5,000,000 5,000,000
Preferred shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, authorized (in shares) 200,000,000 200,000,000
Common shares, par value (in dollars per share) $ 1.00 $ 1.00
Common shares, issued (in shares) 72,441,647 72,441,647
v3.25.4
CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred shares, par value (in dollars per share) $ 0.01 $ 0.01
Preferred shares, authorized (in shares) 5,000,000 5,000,000
Common shares, par value (in dollars per share) $ 1.00 $ 1.00
Common shares, authorized (in shares) 200,000,000 200,000,000
Common shares, issued (in shares) 72,441,647 72,441,647
Common shares, outstanding (in shares) 57,441,541 57,197,147
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income before allocation to noncontrolling interest $ 145.1 $ 184.1 $ 188.3
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Loss (income) from equity investments 11.5 (0.8) 0.0
Depreciation and amortization 106.6 86.8 77.6
Stock-based compensation expense 12.7 10.6 10.3
(Gain) loss on forward contracts (4.7) 3.0 0.0
Defined benefit plans and postretirement credit (0.8) (2.1) (1.1)
Deferred income taxes (14.8) (17.6) 7.6
Cash used for operating working capital (17.0) (50.6) 0.0
Other 2.9 0.7 (6.4)
Total provided by operating activities 241.5 214.1 276.3
Investing activities:      
Payment for acquisitions, net of cash acquired (391.1) (269.9) 0.0
Purchase of investments (116.5) 0.0 0.0
Capital expenditures (43.2) (45.4) (31.1)
Settlement of forward contracts 1.7 (2.7) 0.0
Payments for (Proceeds from) Productive Assets 0.1 0.0 0.0
Total used for investing activities (549.0) (318.0) (31.1)
Financing activities:      
Dividends paid (39.0) (36.6) (23.7)
Proceeds from share subscriptions 21.4 0.0 0.0
Proceeds from stock options exercised 2.6 3.3 5.0
Payment of tax withholding on equity awards vested (6.2) (6.9) (0.6)
Debt issuance costs (22.3) (2.7) (5.7)
Repayment of long-term debt 0.0 0.0 (300.0)
Proceeds from revolving credit facility 406.5 448.5 20.0
Repayment of revolving credit facility (490.5) (238.5) (20.0)
Proceeds from term loans 532.0 0.0 350.0
Repayment of term loan (40.9) (105.0) (245.0)
Net transfers to Crane 0.0 0.0 (32.5)
Total provided by (used for) financing activities 363.6 62.1 (252.5)
Effect of exchange rates on cash, cash equivalents and restricted cash 16.7 (12.0) 3.8
Increase (decrease) in cash, cash equivalents and restricted cash 72.8 (53.8) (3.5)
Cash, cash equivalents and restricted cash at beginning of period 173.4 227.2 230.7
Cash, cash equivalents and restricted cash at end of period 246.2 173.4 227.2
Detail of cash (used for) provided by operating working capital      
Accounts receivable (46.8) (44.4) (6.3)
Inventories 5.2 21.3 (1.0)
Other current assets (16.4) (9.0) 0.0
Accounts payable 5.9 5.7 (6.8)
Accrued liabilities 37.0 (28.4) (2.5)
U.S. and foreign taxes on income (1.9) 4.2 16.6
Total 17.0 50.6 0.0
Supplemental disclosure of cash flow information:      
Interest paid 55.6 44.1 45.1
Income taxes paid, net 50.9 63.8 46.0
Unpaid capital expenditures 2.5 7.2 7.1
Non-cash investing activities $ 21.3 $ 0.0 $ 0.0
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($)
Total
Total Share-holders’ Equity
Common Shares Issued at Par Value
Capital Surplus
Retained Earnings
Accumulated Other Comprehen- sive Loss
Treasury Stock
Crane Net Investment
Non-controlling Interest
Beginning balance at Dec. 31, 2022 $ 783,800,000 $ 783,800,000 $ 0 $ 0 $ 0 $ (131,500,000) $ 0 $ 915,300,000 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 188,300,000 188,300,000     144,600,000     43,700,000  
Net income 188,300,000                
Dividends, Common Stock         (23,700,000)        
Cash dividends (23,700,000) (23,700,000)              
Dividend from Crane 275,000,000.0 275,000,000.0           275,000,000.0  
Net Transfers to Crane (285,200,000) (285,200,000)           (285,200,000)  
Reclassification of Crane Net Investment to Common Stock, Treasury Stock and Capital Surplus     72,400,000 1,726,800,000     (848,100,000) (951,100,000)  
Exercise of stock options, net of shares reacquired 5,000,000.0 5,000,000.0         5,000,000.0    
Stock-based compensation 8,800,000 8,800,000   6,500,000       2,300,000  
Stock-based compensation reclassification [1] (300,000) (300,000)   (300,000)          
Impact from settlement of share-based awards, net of shares acquired (600,000) (600,000)   (4,900,000)          
Impact from settlement of share-based awards, net of shares acquired             4,300,000    
Changes in pension and postretirement plan assets and benefit obligation, net of tax (5,200,000) (5,200,000)       (5,200,000)      
Currency translation adjustment 18,100,000 18,100,000       18,100,000      
Ending balance at Dec. 31, 2023 964,000,000.0 964,000,000.0 72,400,000 1,728,100,000 120,900,000 (118,600,000) (838,800,000) 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 184,100,000                
Net income 184,100,000 184,100,000     184,100,000        
Cash dividends (36,600,000) (36,600,000)     (36,600,000)        
Exercise of stock options, net of shares reacquired 3,300,000 3,300,000         3,300,000    
Stock-based compensation 9,800,000 9,800,000   9,800,000          
Impact from settlement of share-based awards, net of shares acquired (5,700,000) (5,700,000)   (18,000,000.0)     12,300,000    
Changes in pension and postretirement plan assets and benefit obligation, net of tax (3,100,000) (3,100,000)       (3,100,000)      
Currency translation adjustment (50,900,000) (50,900,000)       (50,900,000)      
Ending balance at Dec. 31, 2024 1,064,900,000 1,064,900,000 72,400,000 1,719,900,000 268,400,000 (172,600,000) (823,200,000) 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Noncontrolling interest of acquired entity (3,600,000)               (3,600,000)
Net income 145,100,000                
Net income 145,100,000 145,100,000     145,100,000        
Cash dividends (39,000,000.0) (39,000,000.0)     (39,000,000.0)        
Redeemable noncontrolling interest adjustment 0 (500,000)   (500,000)         500,000
Exercise of stock options, net of shares reacquired 2,600,000 2,600,000         2,600,000    
Stock-based compensation 12,200,000 12,200,000   12,200,000          
Impact from settlement of share-based awards, net of shares acquired (5,000,000.0) (5,000,000.0)   (15,100,000)     10,100,000    
Changes in pension and postretirement plan assets and benefit obligation, net of tax 500,000 500,000       500,000      
Currency translation adjustment 72,200,000 72,200,000       72,200,000      
Ending balance at Dec. 31, 2025 $ 1,249,900,000 $ 1,253,000,000 $ 72,400,000 $ 1,716,500,000 $ 374,500,000 $ (99,900,000) $ (810,500,000) $ 0 $ (3,100,000)
[1] Reclassification of stock-based compensation due to modification resulting from equity award conversions. See Note 8, “Stock-Based Compensation Plans” for additional information.
v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends per share (in dollars per share) $ 0.68 $ 0.64 $ 0.42
Shares reacquired (in shares) 86,634 118,896 158,132
v3.25.4
Nature of Operations and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Nature of Operations and Significant Accounting Policies Nature of Operations and Significant Accounting Policies
Nature of Operations
Crane NXT, Co. is a leading provider of trusted technology solutions to secure, detect, and authenticate our customers’ most valuable assets. We are comprised of two reporting segments: Crane Payment Innovations (“CPI”) and Security and Authentication Technologies (“SAT”). Our primary end markets include governments, brands, financial institutions and a wide range of consumer related end markets including convenience merchandising (vending), retail and gaming. See Note 4, “Segment Results” for the relative size of these segments in relation to the total company (both net sales and total assets).
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References to the “Business” refer to our business, including prior to the Separation (as defined below) when it was a business of Crane Holdings, Co. References herein to “Holdings” refer to Crane Holdings, Co. and its subsidiaries prior to the consummation of the Separation unless the context implies otherwise.
Separation
On April 3, 2023, Holdings was separated (the “Separation”) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (“SpinCo”), through a pro-rata distribution (the “Distribution”) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed “Crane NXT, Co.” on April 3, 2023. Following the consummation of the Separation, our common stock is listed under the symbol “CXT” on the New York Stock Exchange.
Due to SpinCo’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to ours, among other factors, SpinCo was considered to be the “accounting spinnor” and therefore is the “accounting successor” to Holdings for accounting purposes, notwithstanding the legal form of the Separation. As such, our financial statements for periods prior to the Separation are comprised of combined carve-out financial statements representing only our operations, assets, liabilities and equity on a stand-alone basis derived from the consolidated financial statements and accounting records of Holdings.
The primary source of the cash on hand as of the date of Separation was due to a transfer from Holdings to us as part of the Separation.
Separation Agreements
On April 3, 2023, we entered into definitive agreements with SpinCo in connection with the Separation. The agreements set forth the terms and conditions of the Separation and provide a framework for our relationship with SpinCo following the Separation, including the allocation between us and SpinCo of our and SpinCo’s assets, liabilities and obligations attributable to periods prior to, at and after the Separation. These agreements include the Separation and Distribution Agreement, which contains certain key provisions related to the Separation, as well as a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement and an Intellectual Property Matters Agreement. As of December 31, 2024, the term of the Transition Services Agreement has expired.
Significant Accounting Policies
Accounting Principles. Our Consolidated and Combined Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the years presented. All such adjustments are of a normal recurring nature. The Consolidated and Combined Financial Statements include the accounts of Crane NXT, Co. and our subsidiaries.
Basis of presentation. The Business' financial statements for periods prior to the Separation are prepared on a "carve-out" basis, as described below. Prior to the Separation, the Business operated as Holdings’ Payment & Merchandising Technologies (“P&MT”) segment; consequently, stand-alone financial statements for periods prior to the Separation were not prepared for the Business.
The Consolidated and Combined Financial Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Prior to the Separation, costs for certain functions and services performed by centralized Holdings organizations were directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Holdings (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Holdings have been deemed settled in cash by the Business to Holdings in the period in which the cost was recorded in the Consolidated and Combined Statements of Operations. As more fully described in Note 10, “Income Taxes”, current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Holdings in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded.
Prior to the Separation, Holdings used a centralized approach to cash management and financing its operations. Accordingly, none of the cash of Holdings has been allocated to the Business in the Consolidated and Combined Financial Statements. However, cash balances primarily associated with certain of our foreign entities that did not participate in Holdings’ cash management program have been included in the Consolidated and Combined Financial Statements. Transactions between Holdings and the Business were deemed to have been settled immediately through “Crane Net Investment.” The net effect of the deemed settled transactions is reflected in the Consolidated and Combined Statements of Cash Flows as “Net transfers to Crane” within financing activities.
All intercompany accounts and transactions within the Business were eliminated in the preparation of the Consolidated and Combined Financial Statements. The Consolidated and Combined Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business.
All allocations and estimates in the Consolidated and Combined Financial Statements are based on assumptions that management believes are reasonable. However, for the periods prior to the Separation, the Consolidated and Combined Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented.
Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures.
Use of Estimates. Our accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, revenue recognition, taxes and contingencies.
Currency Translation.  Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive loss in a separate component of equity.
Non-cash Investing Activities.  Total consideration for the Company’s acquisition of a 32.3% equity interest in Antares Vision was $137.8 million, consisting of $116.5 million in cash and $21.3 million of non‑cash consideration. The non‑cash consideration included $6.9 million of ordinary shares issued to Regolo S.p.A. at closing of the first phase and a $14.4 million obligation to issue additional ordinary shares to Regolo S.p.A. upon completion of the mandatory tender offer. See Note 3, “Acquisitions” for further details. The $21.3 million non‑cash component represents a non‑cash investing activity and is excluded from the Consolidated Statements of Cash Flows.
Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer.
We primarily generate revenue through the manufacture and sale of technology solutions including advanced detection and sensing systems, software to authenticate and manage transactions, micro-optics materials technology, and anti-counterfeiting technology including micro-optics and micro lithography. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government and certain foreign governments, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract contains clauses indicating that the customer owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated monthly. In 2025, the Company recognized approximately $225 million in revenue over time related to products.
When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer.
Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period.
Payment for most products is due within a limited time period after shipment or delivery, typically within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit.
When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time for payment from a customer to become due, we record a contract asset. Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer.
We pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less.
See Note 5, “Revenue” for further details.
Cost of Sales. Cost of sales includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of sales includes allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. We accrue warranty liabilities when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
Selling, General and Administrative Expenses. Selling, general and administrative expenses are recognized as incurred, or as allocated based on methodologies further discussed in Note 2, “Related Parties.” Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals.
Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted.
Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition.
We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.
We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes line of our Consolidated and Combined Statements of Operations, while accrued interest and penalties are included within the related tax liability line of our Consolidated Balance Sheets. 
Income taxes as presented herein, for periods prior to the Separation, attribute current and deferred income taxes of Holdings to the Business’ stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by ASC 740. Accordingly, the Business’ income tax provision was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group members were separate taxpayers. As a result, actual transactions included in the consolidated financial statements of Holdings may not be included in the separate Consolidated and Combined Financial Statements of the Business. Similarly, the tax treatment of certain items reflected in the Consolidated and Combined Financial Statements of the Business may not be reflected in the consolidated financial statements and tax returns of Holdings. Therefore, such items as net operating losses, credit carry forwards and valuation allowances may exist in the stand-alone financial statements that may or may not exist in Holdings’ consolidated financial statements. As such, the income taxes of the Business as presented in the Consolidated and Combined Financial Statements may not be indicative of the income taxes that the Business will generate in the future.
Obligations for income taxes in jurisdictions where the Business files a combined tax return with Holdings were deemed settled with Holdings and are reflected within “Net transfers to Crane” as a financing activity in the Consolidated and Combined Statements of Cash Flows.
Research and Development. We conduct research and development activities for the purpose of developing new products and enhancing existing products. Research and development costs are expensed as incurred.
See Note 6, “Research and Development” for further details.
Capitalized Software Development Costs. We sell and market software that is integral to the functionality we provide to customers. Internal and external costs incurred for developing this software are charged to research and development expense until technological feasibility has been established, at which point the development costs are capitalized. Capitalized software development costs primarily include payroll, benefits and other headcount related expenses. Once the services are available for general release to customers, no additional costs are capitalized. Capitalized software development costs, net of impairment and accumulated amortization, were $7.0 million and $3.7 million as of December 31, 2025, and December 31, 2024, respectively, and are included in “Intangible assets, net” in the Consolidated Balance Sheets.
Stock-Based Compensation. We provide long-term incentive compensation through stock options, restricted share units, performance-based restricted share units and deferred stock units.
The Company recognizes stock-based compensation expense at the grant date based on the fair value of the award and recognizes the fair value on a straight-line basis over the vesting period, or as performance goals are achieved.
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options, with model assumptions including dividend yield, expected volatility, the risk-free interest rate and the expected life of the awards.
See Note 8, “Stock-Based Compensation Plans” for further details.
Earnings Per Share. Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units that were issued to Crane NXT and SpinCo employees and directors. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.
The weighted average number of common shares outstanding for the year ended December 31, 2025, 2024 and 2023, were based on the weighted average number of common shares after the Separation.
(in millions, except per share data) For the year ended December 31,202520242023
Net income attributable to common shareholders$145.1 $184.1 $188.3 
Average basic shares outstanding57.457.156.8
Effect of dilutive share-based awards0.60.70.7
Average diluted shares outstanding58.057.857.5
Basic earnings per share$2.53 $3.22 $3.31 
Diluted earnings per share$2.50 $3.19 $3.28 
The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options. During 2025, 2024 and 2023, the number of stock options excluded from the computation was 0.3 million, 0.2 million and 0.4 million, respectively.
Business Combinations. Acquisitions are accounted for in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”). Accordingly, we make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, we refine estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. We will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.
To allocate the consideration transferred for our acquisitions, the fair values of all identifiable assets and liabilities must be established. For accounting and financial reporting purposes, fair value is defined under ASC Topic 820, “Fair Value Measurement and Disclosure” as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results.
See Note 3, “Acquisitions” for further details.
Equity Method Investments. The Company accounts for investments in joint ventures or other entities over which it has significant influence but does not have voting control using the equity method. Investments in entities over which the Company does not have significant influence or control are not material and are carried at cost.
Fair Value Measurements. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The standards describe three levels of inputs that may be used to measure fair value:
Level 1: Quoted prices in active markets for identical or similar assets and liabilities.
Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Valuation Technique
The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding.
We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. We have foreign exchange contracts not designated as hedging instruments 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.
As a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The modification of the performance-based restricted share units resulted in a liability recorded upon Separation for awards that will be settled in SpinCo’s shares. The amount of the liability is measured at fair value using Level 1 inputs such as the quoted market price of the underlying company’s stock.
Long-term debt rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt is measured using Level 2 inputs.
As a result of the OpSec acquisition, we assumed a contingent liability related to a prior OpSec acquisition. The amount of the liability is measured at fair value using Level 3 inputs as the fair value is determined by estimating the net present value of the expected cash flows based on the probability of the achievement of the contingent revenue targets. See Note 3, “Acquisitions” for further details.
See Note 15, “Fair Value Measurements” for further details.
Net Investment Hedges. In December 2025, the Company designated its euro‑denominated Term Loan B debt as a net investment hedge of certain foreign operations. The objective of this designation is to mitigate the impact of foreign currency exchange rate fluctuations on the Company’s net investments in those subsidiaries. For hedges that qualify for net investment hedge accounting, the effective portion of changes in the carrying amount of the designated debt is recorded in Currency Translation Adjustment (“CTA”), a component of Accumulated Other Comprehensive Income (“AOCI”), until the related net investment is sold or substantially liquidated. We recorded $0.2 million gain in CTA for the year ended December 31, 2025.
Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. Prior to the Separation, the Business participated in Holdings’ centralized cash management and financing programs (see Note 2, “Related Parties” for additional information). The cash reflected on the Consolidated Balance Sheets represents cash on hand at certain foreign entities that did not participate in the centralized cash management program and are specifically identifiable to the Business.
Restricted Cash. Cash that is legally restricted as to its withdrawal or usage is classified as restricted cash. For the years ended December 31, 2025 and 2024, restricted cash is primarily related to guarantees on future obligations. Current restricted cash, included within “Other current assets” in our Consolidated Balance Sheets, was $5.3 million and 0.8 million as of December 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Consolidated Balance Sheets, was $7.2 million and 6.8 million as of December 31, 2025, and 2024, respectively.
Accounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for credit losses was $8.9 million and $7.7 million as of December 31, 2025, and 2024, respectively. The allowance for credit losses activity was not material to our financial results for the years ended December 31, 2025, and 2024. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the nature of our customers, their credit worthiness, their relatively small account balances within our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited.
Inventories, net. Inventories consist of the following:
(in millions) December 31,20252024
Finished goods$26.6 $19.2 
Finished parts and subassemblies23.8 24.3 
Work in process29.4 14.3 
Raw materials89.7 87.0 
Total inventories, net$169.5 $144.8 
Inventories, net include the costs of material, labor and overhead and are stated at the lower of cost or net realizable value. The cost for certain inventories in the U.S. is determined using the last-in, first-out (“LIFO”) method and the first-in, first-out (“FIFO”) method is primarily used for all other inventories. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $11.0 million and $12.2 million as of December 31, 2025, and 2024, respectively. The liquidation of LIFO inventory did not have a significant impact on our financial results for the years ended December 31, 2025, and 2024. The reserve for excess and obsolete inventory was $25.3 million and $31.5 million as of December 31, 2025, and 2024, respectively. The reserve for excess and obsolete inventory activity was not material to our financial results for the years ended December 31, 2025, and 2024.
Valuation of Long-Lived Assets. We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired, and a loss is recognized based on the amount by which the carrying amount exceeds the estimated fair value. For the years ended December 31, 2025, 2024 and 2023, there were no significant impairment charges identified.
Property, Plant and Equipment, net. Property, plant and equipment, net consists of the following: 
(in millions) December 31,20252024
Land$35.1 $33.6 
Buildings and improvements146.4 121.4 
Machinery and equipment507.4 444.8 
Gross property, plant and equipment688.9 599.8 
Less: accumulated depreciation385.1 327.5 
Property, plant and equipment, net$303.8 $272.3 
Property, plant and equipment is stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and 3 to 10 years for machinery and equipment. Depreciation expense was $44.9 million, $37.7 million and $39.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Goodwill and Other Intangible Assets. Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) and assess the carrying value of goodwill annually during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment.
We determine the fair value of each reporting unit for our goodwill impairment testing. 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 December 31, 2025, we had three reporting units. The fair value of each reporting unit is determined using a combination of the income approach, using discounted cash flows, and the market approach using comparable public company multiples. Assumptions are reviewed to ensure that the income approach and the market approach do not result in significantly different fair value calculations. Based on the results of our most recent annual impairment test in the fourth quarter of 2025, the reporting unit fair values were higher than their carrying values. No impairment charges have been required during 2025, 2024 and 2023.
Furthermore, to evaluate the sensitivity of the fair value calculations on the goodwill impairment test, we applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in a fair value calculation significantly exceeding our carrying value for each of our reporting units, except for the Crane Authentication reporting unit, which is composed OpSec and De La Rue, acquired in 2024 and 2025, respectively. Goodwill associated with Crane Authentication represents 27.9% of the Company’s total goodwill. While we believe we have made reasonable estimates and assumptions to calculate the fair value of all our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, or if factors outside management control, such as interest rates or other market conditions change, goodwill and other intangible assets may then be determined to be impaired and a charge would need to be taken against net earnings.
The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in factors outside management control such as market conditions, and management judgment is necessary in applying them to the analysis of impairment. The estimated cost of capital used in the discounted cash flow analysis varies for each reporting unit and ranged between 11.0% and 12.0% (a weighted average of 11.5%), at our most recent annual goodwill impairment assessment.
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions (see Note 3)— 133.7 $133.7 
Currency translation(17.6)(0.7)(18.3)
Balance as of December 31, 2024
$609.1 $347.5 $956.6 
Additions (see Note 3)— 188.5 $188.5 
Currency translation and other15.1 3.8 18.9 
Balance as of December 31, 2025
$624.2 $539.8 $1,164.0 
Intangibles with indefinite useful lives, consist of trademarks and tradenames. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using the relief from royalty method.
We amortize the cost of definite-lived intangibles over their estimated useful lives. In addition to an annual assessment for impairment of indefinite-lived intangible assets, we review all our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. No significant impairment charges have been required during 2025, 2024 and 2023.
As of December 31, 2025, we had $557.2 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives included within intellectual property rights. As of December 31, 2024, we had $419.3 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives included within intellectual property rights.
Changes to intangible assets are as follows:
(in millions) December 31,202520242023
Balance at beginning of period, net of accumulated amortization$419.3 $308.9 $344.9 
Additions191.1 161.8 — 
Amortization expense(59.5)(47.0)(35.9)
Currency translation and other6.3 (4.4)(0.1)
Balance at end of period, net of accumulated amortization$557.2 $419.3 $308.9 
A summary of intangible assets follows:
(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		December 31, 2025December 31, 2024
Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights6.3$66.0 $18.4 $47.6 $65.5 $15.4 $50.1 
Customer relationships and backlog18.9767.9 339.2 428.7 610.5 293.9 316.6 
Developed Technology6.0113.2 42.2 71.0 66.4 26.8 39.6 
Other12.375.0 65.1 9.9 71.8 58.8 13.0 
Total18.1$1,022.1 $464.9 $557.2 $814.2 $394.9 $419.3 
Future amortization expense associated with intangibles is expected to be:
Year(in millions)
2026$65.2 
2027$61.0 
2028$55.9 
2029$53.7 
2030$32.0 
2031 and after$243.9 
Crane Net Investment. Prior to the Separation, the Consolidated and Combined Statements of Changes in Equity include net cash transfers between Holdings and the Business as well as related party receivables and payables between the Business and other Holdings affiliates.
Redeemable Noncontrolling Interests. Noncontrolling interests with redemption features that are not solely within the control of the Company are classified as redeemable noncontrolling interests and presented as temporary equity between total liabilities and total equity in our Consolidated Balance Sheet. The redeemable noncontrolling interest was initially measured at fair value at the date of the acquisition of the 32.3% equity interest in Antares Vision (see Note 3 Acquisitions). At each reporting date after initial recognition, the redeemable noncontrolling interest is subsequently measured to the higher of i) the initial carrying amount, adjusted for the noncontrolling interest’s share of accumulated earnings or losses, contributions and distributions, or ii) the redemption value, assuming it was redeemable at the reporting date. Changes in fair value of redeemable noncontrolling interest are recognized as an adjustment to capital surplus.
The following table presents the reconciliation of changes in the Company’s redeemable noncontrolling interest:
(in millions)
Balance as of December 31, 2024$— 
Redeemable noncontrolling interest (See Note 3 “Acquisitions”)6.9 
Net loss attributable to redeemable noncontrolling interest(0.5)
Redeemable noncontrolling interest redemption value*0.5 
Foreign currency translation— 
Balance as of December 31, 2025$6.9 
*Adjustment of the carrying value of redeemable noncontrolling interest to the estimated redemption value was recognized in
capital surplus.
Accumulated Other Comprehensive Loss. The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets.
(in millions)Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment
 Total (a)
Balance as of December 31, 2022$9.0 $(140.5)$(131.5)
Other comprehensive (loss) income before reclassifications(3.2)18.1 14.9 
Amounts reclassified from accumulated other comprehensive income(2.0)— (2.0)
Net period other comprehensive (loss) income(5.2)18.1 12.9 
Balance as of December 31, 20233.8 (122.4)(118.6)
Other comprehensive loss before reclassifications— (50.9)(50.9)
Amounts reclassified from accumulated other comprehensive income(3.1)— (3.1)
Net period other comprehensive loss(3.1)(50.9)(54.0)
Balance as of December 31, 20240.7 (173.3)(172.6)
Other comprehensive income before reclassifications1.6 72.2 73.8 
Amounts reclassified from accumulated other comprehensive income(1.1)— (1.1)
Net period other comprehensive income0.5 72.2 72.7 
Balance as of December 31, 2025$1.2 $(101.1)$(99.9)
(a)
 Net of tax detriment of $1.1 million, $1.3 million and $1.5 million for December 31, 2025, 2024 and 2023, respectively.
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2025, 2024 and 2023. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated and Combined Statements of Operations.
(in millions) Amount Reclassified from Accumulated Other Comprehensive Loss
 December 31,202520242023
Amortization of pension items:
Prior service costs$(0.7)$(0.8)$(0.7)
Net loss0.2 0.3 — 
Amortization of postretirement items:
Prior service costs— (0.9)(1.1)
Net gain(0.8)(0.9)(0.7)
Other— (1.4)— 
Total before tax$(1.3)$(3.7)$(2.5)
Tax impact(0.2)(0.6)(0.5)
Total reclassifications for the period$(1.1)$(3.1)$(2.0)
Recent Accounting Pronouncements
Recently Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which intends to improve the transparency of income tax disclosures. The new standard requires public entities to provide greater disaggregation in their rate reconciliation, including new requirements to present reconciling items on a gross basis within specified categories, to disclose both percentages and dollar amounts, and to disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meets a quantitative threshold. The guidance also includes new requirements to provide users of the financial statements with better information on future cash flow prospects. The standard is effective for all public entities for annual periods beginning after December 15, 2024, on a prospective basis, with a retrospective option, and early adoption permitted for annual financial statements that have not yet been issued. The Company adopted the standard on a prospective basis for the year ended December 31, 2025. See Note 10, “Income Taxes” reflecting the Company’s adoption of this standard.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The standard requires disclosure of these expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The update eliminates the previous project stage model and introduces a “probable-to-complete” threshold for capitalization. It also consolidates guidance for website development costs under Subtopic 350-40. The ASU is effective for fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.
The Company considered the applicability and impact of other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Consolidated and Combined Statements of Operations, Consolidated Balance Sheets and Consolidated and Combined Cash Flows.
v3.25.4
Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Parties Related Parties
Prior to the Separation, the Business was managed and operated in the normal course of business with other affiliates of Holdings. Accordingly, certain shared costs were allocated to the Business and are reflected as expenses in the Consolidated and Combined Financial Statements.
Allocated Centralized Costs
The Consolidated and Combined Financial Statements were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Holdings for the periods prior to the Separation.
Prior to the Separation, Holdings incurred corporate costs for services provided to the Business as well as other Holdings businesses. These services included treasury, tax, accounting, human resources, audit, legal, purchasing, information technology and other such services. The costs associated with these services generally included all payroll and benefit costs, as well as overhead costs related to the support functions. Holdings also allocated costs associated with corporate insurance coverage and medical, pension, post-retirement and other health plan costs for employees participating in Holdings sponsored plans. Allocations were based on several utilization measures including headcount, proportionate usage and relative net sales. All such amounts were deemed incurred and settled by the Business in the period in which the costs were recorded.
The allocated centralized costs for the Business were $13.5 million for the year ended December 31, 2023. These costs are included in “Selling, general and administrative” in the Consolidated and Combined Statements of Operations.
In the opinion of our management, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided to or for the benefit received by the Business during periods prior to the Separation. The amounts that would have been or will be incurred on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Business operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein.
Separation Costs
In connection with the Separation, we have incurred expenses of $0.6 million and $20.9 million for the years ended December 31, 2024, and 2023, respectively, recorded in “Selling, general and administrative” in the Consolidated and Combined Statements of Operations. Expenses primarily consisted of professional service fees. There were no significant Separation related expenses for the year ended December 31, 2025.
Cash Management and Financing. Prior to the Separation, the Business participated in Holdings’ centralized cash management and daily cash sweeps. Disbursements were made through centralized accounts payable systems which were operated by Holdings. Cash receipts were transferred to centralized accounts, which were also maintained by Holdings. As cash was received and disbursed by Holdings, it was accounted for by the Business through “Crane Net Investment.” Historically, Holdings had centrally managed and swept cash for most domestic and certain European entities. However, certain legal entities did not participate in Holdings’ centralized cash management program for a variety of reasons.
As a result of the Separation, a one-time cash dividend of $275 million was issued on April 3, 2023, prior to the Separation, from SpinCo to Holdings, as well as a cash transfer of $84 million from Holdings to us. These contributions of net assets are recorded on the Consolidated and Combined Statements of Changes in Equity through “Crane Net Investment.”
Accounts Receivable and Payable. Certain related party transactions between the Business and Holdings have been included within “Crane Net Investment” in the Consolidated and Combined Statement of Changes in Equity in the historical periods presented when the related party transactions were not settled in cash. We recorded related party interest expense related to the loan activity with Holdings and its affiliates of $2.5 million for the year ended December 31, 2023, which are included in the Business’ results as “Related party interest expense” in the Consolidated and Combined Statements of Operations. The total effect of the settlement of these related party transactions is reflected with “Net transfers to Crane” as a financing activity in the Consolidated and Combined Statements of Cash Flows. There was no related party interest expense for the years ended December 31, 2025 and 2024.
Additionally, after the Separation, SpinCo and its subsidiaries were identified as related parties. As of December 31, 2025, and 2024, we have net outstanding receivables from SpinCo and its subsidiaries of $1.9 million and $0.7 million, respectively, related to indemnification under the tax matters agreement.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Antares Vision Acquisition
On December 16, 2025, Crane NXT, through a newly formed Italian joint stock company (“ITT”), initiated a multi-phase acquisition of Antares Vision S.p.A. (“Antares Vision”). In the first phase, Crane NXT acquired a 32.3% equity interest in Antares Vision for €117.3 million (approximately $137.8 million), at a purchase price of €5.00 per share.
Antares Vision is a global provider of inspection and detection systems that ensure product safety and quality control. Antares Vision also provides track and trace software solutions that help prevent counterfeiting and provides visibility of products throughout the supply chain. The transaction advances Crane NXT’s strategy to provide trusted technology solutions that secure, detect and authenticate its customers’ most valuable assets, and expands the Company’s portfolio in growing end markets, including Life Sciences and Food and Beverage.
The Company accounts for its investment in Antares Vision in the first phase under equity method accounting since it exercises significant influence over Antares Vision, but does not have a controlling financial interest. The Company recorded its investment at cost of $137.8 million in the Consolidated Balance Sheet at December 31, 2025.
Following the initial investment, Crane NXT will launch a mandatory tender offer under applicable Italian law to acquire the remaining publicly traded shares at the same per-share price. Upon completion of the mandatory tender offer, Crane NXT will implement steps aimed at delisting Antares Vision and acquire the remaining stake owned by Regolo S.p.A. As a result of the transaction, Antares Vision will become a subsidiary of Crane NXT. The final phase of the transaction is anticipated to finalize in 2026. The acquisition is funded through the Term Loan B (as described in Note 14, “Financing”).
Under the terms of the Investor and Shareholders’ Agreement (“ISA”), the Company is required to issue ordinary shares and grant Class B shares of ITT to certain Antares Vision personnel at €5.00 per share in multiple tranches aligned with the acquisition steps (the “Reinvestment”). In connection with the first phase, the Company issued 1,173,379 ordinary shares and granted 1,173,379 Class B shares of ITT for $6.9 million each, or $13.8 million in total.
The ordinary shares are classified as a redeemable noncontrolling interest and are presented in temporary equity in the Consolidated Balance Sheet as “Redeemable noncontrolling interest”.
The Class B shares are accounted for as stock‑based compensation granted to employees of an equity‑method investee under ASC Topic 718 “Compensation - Stock Compensation” (“ASC 718”) and under ASC Topic 323, “Investments - Equity Method and Joint Ventures” (“ASC 323”). Under the ISA, the Class B shares convert into ordinary shares of ITT based on a multiplier dependent on revenue and EBIT target achievement for the year ended December 31, 2028. The multiplier ranges from zero to three depending on the achievement of these targets as of the specified conversion date. Once converted to ordinary shares, the Class B shares are subject to immediately exercisable call and put features and as such, they are liability-classified instruments.
Since Class B shares are subject to performance conditions with no service conditions, they are expensed, when the performance conditions are deemed probable of being achieved and are based on the fair value of the Class B shares at that time. The fair value of Class B shares are based on the estimated fair value of ITT using a market approach and management’s best estimate of the expected performance outcome under the awards’ performance‑based conversion features. Because the number of ordinary shares issuable upon conversion varies based on performance, the estimated fair value incorporates expected performance against these targets. These estimates involve significant judgment and are subject to inherent uncertainty, and actual results may differ from current expectations, which could result in adjustments to compensation expense in future periods.
The liability is remeasured each reporting period until settlement. As of December 31, 2025, the performance condition was considered probable of achievement, and the Company recognized $12.0 million of stock-based compensation expense within “Equity investment (loss) gain” in the Consolidated and Combined Statements of Operations.
De La Rue Acquisition
On May 1, 2025, we acquired De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million on a cash-free and debt-free basis, subject to customary purchase price adjustments. The amount paid, net of cash acquired and working capital adjustments, was $394.0 million. We utilized the Term Loan A to fund the acquisition (as described in Note 14, “Financing”). In September 2025, we received $2.9 million related to the final working capital adjustment of the DLR acquisition, resulting in net cash paid of $391.1 million.
DLR is a leading global provider of digital and physical security and authentication technologies to governments and brands, and expands our portfolio of authentication solutions.
DLR is part of a joint venture (the “Joint Venture”) that manufactures and sells tax stamps for the government of Ghana. DLR owns 49% of the share capital but maintains control of the Joint Venture through board governance rights. As such, we have consolidated the Joint Venture and recorded a noncontrolling interest in our Consolidated and Combined Financial Statements.
Allocation of Consideration Transferred to Net Assets Acquired
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of DLR, pending the finalization of certain tangible assets and liabilities to be completed within the measurement period as required by ASC Topic 805 “Business Combination” (“ASC 805”). Potential adjustments are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Accounts receivable, net$19.9 
Inventories, net20.8 
Other current assets6.7 
Property, plant and equipment27.5 
Other non-current assets5.3 
Intangible assets184.4 
Goodwill188.5 
Total assets acquired$453.1 
Total current liabilities$16.3 
Other liabilities45.7 
Total assumed liabilities$62.0 
Net assets acquired$391.1 
The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (in millions)Intangible Fair ValueWeighted Average Life (in years)
Customer relationships$141.0 18.2
Developed technology40.7 5.0
Backlog2.7 0.9
Total acquired intangible assets$184.4 
The fair values of the customer relationships and backlog intangible assets were determined by using an “income approach”, which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. The Company’s estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 12 to 21 years.
The fair values of the developed technology intangible assets were determined by the relief-from-royalty approach. Similarly, this approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of the technology. Therefore, a portion of DLR’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the Company’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 5 years.
OpSec Acquisition
On May 3, 2024, we acquired OpSec Security (“OpSec”), for a base purchase price of $270 million on a cash-free and debt-free basis. The amount paid, net of cash acquired, was $268.4 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 14, “Financing”) and cash on hand to fund the acquisition.
OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions. In connection with the acquisition of OpSec, we renamed our “Crane Currency” reportable segment to “Security and Authentication Technologies,” which consists of the Crane Currency business and the acquired Crane Authentication business comprised of the acquired OpSec and De La Rue businesses.
Allocation of Consideration Transferred to Net Assets Acquired
The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec. The fair value of certain assets and liabilities has been completed as required by ASC 805.
Net assets acquired (in millions)
Total current assets$33.5 
Property, plant and equipment17.3 
Other assets6.9 
Intangible assets155.5 
Goodwill134.3 
Total assets acquired$347.5 
Total current liabilities$37.9 
Other liabilities41.2 
Total assumed liabilities$79.1 
Net assets acquired$268.4 
The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of October 2027, an extension from the original expiry date at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 15, “Fair Value Measurements” for further details.
The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes.
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life
Customer relationships$115.5 19.3
Developed technology36.5 5.7
Backlog2.0 0.7
Intellectual property rights1.5 5.0
Total acquired intangible assets$155.5 
The intellectual property rights intangible asset category consists of trade names. The fair values of the trade names were determined by using an “income approach,” specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach assumes that in lieu of ownership, a company would be willing to pay a royalty to exploit the related benefits of this asset. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the Company’s ownership. The trade names are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 5 years.
The fair values of the developed technology intangible assets were also determined by the relief-from-royalty approach. Similarly, this approach assumes that in lieu of ownership, a company would be willing to pay a royalty to exploit the related benefits of the technology. Therefore, a portion of OpSec’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the Company’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 3 to 6 years.
The fair values of the customer relationships and backlog intangible assets were determined by using an “income approach,” which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. The Company’s estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, after market retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship is being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 16 to 20 years.
Supplemental and Pro Forma Data
DLR results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 1, 2025. OpSec results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024.
During the period since acquisition, DLR contributed net sales of $89.4 million, resulting in operating loss of $7.9 million for the year ended December 31, 2025. The operating loss was driven by acquisition related amortization, fair value step-up and transaction costs.
The following unaudited pro forma consolidated and combined information assumes that the DLR acquisition was completed on January 1, 2024 and the OpSec acquisition was completed on January 1, 2023. The unaudited pro forma consolidated and combined information for both acquisitions is provided for illustrative purposes only and is not indicative of our actual consolidated and combined results of operations or consolidated financial position.
(in millions) For the year ended December 31,202520242023
Net sales$1,699.6 $1,667.2 $1,507.7 
Net income attributable to common shareholders$160.3 $164.4 $161.1 
Acquisition-Related Costs
For the year ended December 31, 2025 and 2024, we recorded $24.1 million and $17.9 million, respectively, of acquisition-related costs within “Selling, general and administrative” in our Consolidated and Combined Statements of Operations.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature; or corporate organizational and functional expenses of a governance nature.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
We had two reportable segments: Crane Payment Innovations and Security and Authentication Technologies. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, certain property, plant and equipment, and certain other assets. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.
A brief description of each of our segments is as follows:
Crane Payment Innovations
CPI provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, and processing systems, field service solutions, and remote diagnostics and productivity software solutions. Key research and development and manufacturing facilities are located in the United States, the United Kingdom, Mexico, Japan, and Germany, with additional sales offices across the world.
Security and Authentication Technologies
SAT provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products. SAT also provides brand protection, authentication solutions, and digital content protection across online marketplaces, social media platforms, and websites. These solutions serve various brands, as well as government agencies and financial institutions. Key research and development and manufacturing facilities are located in the United States, United Kingdom, Sweden and Malta.
The chief operating decision maker is our Chief Executive Officer (“CEO”). The CEO assesses the segments’ performance by using each segments’ net sales and operating profit. The CEO uses net sales and operating profit for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly, quarterly and annual basis for net sales and operating profit when making decisions about the allocation of operating and capital resources to each segment. The CEO also uses segment net sales and operating profit for assessing the performance of each segment by comparing the results of each segment with one another and with prior year’s performance, and in determining the compensation of certain employees directly responsible for segment performance.
Financial information by reportable segment is set forth below:
(in millions) Year ended December 31, 2025
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$846.6 $810.1 $1,656.7 
Less:
Cost of operations379.1 401.1 
Selling and administrative expense157.8 154.0 
Engineering expense34.9 38.1 
Other segment items (a)
53.2 119.5 
Segment operating profit221.6 97.4 319.0 
Corporate costs(72.3)
Operating profit246.7 
Interest income1.0 
Interest expense(60.3)
Equity investment loss(11.5)
Miscellaneous income, net5.1 
Income before income taxes$181.0 
(in millions) Year ended December 31, 2024
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$873.2 $613.6 $1,486.8 
Less:
Cost of operations394.2 323.6 
Selling and administrative expense160.6 94.2 
Engineering expense43.8 27.2 
Other segment items (a)
46.2 57.7 
Segment operating profit228.4 110.9 339.3 
Corporate costs(70.5)
Operating profit268.8 
Interest income1.6 
Interest expense(47.8)
Equity investment gain0.8 
Miscellaneous income, net3.0 
Income before income taxes$226.4 
(in millions) Year ended December 31, 2023
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$886.4 $504.9 $1,391.3 
Less:
Cost of operations373.3 297.6 
Selling and administrative expense152.9 72.1 
Engineering expense51.5 18.7 
Other segment items (a)
65.9 0.2 
Segment operating profit242.8 116.3 359.1 
Corporate costs(72.3)
Operating profit286.8 
Interest income1.1 
Interest expense(48.1)
Related party interest expense(2.5)
Miscellaneous income, net2.5 
Income before income taxes$239.8 
(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.

(in millions) December 31, 202520242023
Depreciation and amortization:
Crane Payment Innovations$29.1 $29.3 $31.2 
Security and Authentication Technologies74.9 55.1 44.2 
Corporate2.6 2.4 2.2 
Total$106.6 $86.8 $77.6 

(in millions) December 31, 202520242023
Capital expenditures
Crane Payment Innovations$7.7 $7.9 $7.6 
Security and Authentication Technologies30.7 37.5 25.9 
Corporate0.1 0.1 1.6 
Total$38.5 $45.5 $35.1 

Net sales by geographic region:
(in millions) December 31,202520242023
Net sales (a)
North America$829.3 $804.8 $787.1 
Western Europe190.2 162.1 196.3 
Rest of the World637.2 519.9 407.9 
Total net sales$1,656.7 $1,486.8 $1,391.3 
(a)
Net sales by geographic region are based on the destination of the sale.
Balance sheet items by reportable segment is set forth below:
(in millions) December 31,20252024
Goodwill:
Crane Payment Innovations$624.2 $609.1 
Security and Authentication Technologies539.8 347.5 
Total goodwill$1,164.0 $956.6 
Assets:
Crane Payment Innovations$1,183.0 $1,187.1 
Security and Authentication Technologies1,734.9 1,178.2 
Corporate 198.5 21.2 
Total assets$3,116.4 $2,386.5 
Long-lived assets by geographic region:
(in millions) December 31,20252024
Long-lived assets (a)
North America$186.8 $187.3 
Western Europe165.9 129.1 
Rest of the World18.4 16.3 
Total long-lived assets$371.1 $332.7 
(a)
Long-lived assets, net by geographic region are based on the location of the business unit and consist of property, plant and equipment and operating lease assets.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
(in millions) December 31,202520242023
Crane Payment Innovations
Products$709.4 $739.9 $758.7 
Services137.2 133.3 127.7 
Total Crane Payment Innovations$846.6 $873.2 $886.4 
Security and Authentication Technologies
Banknotes and Security Products$592.4 $521.9 $500.4 
Authentication Products and Solutions217.791.74.5
Total Security and Authentication Technologies$810.1 $613.6 $504.9 
Total Net Sales$1,656.7 $1,486.8 $1,391.3 
Remaining Performance Obligations
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 December 31, 2025, backlog was $492.8 million. We expect to recognize approximately 98% of our remaining performance obligations as revenue in 2026 and 2% in 2027.
Contract Assets and Contract Liabilities
Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, and certain international government contracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer.
We report contract assets, which are included within “Other current assets”, current contract liabilities, which are included within “Accrued liabilities” and long-term contract liabilities, which are included within “Other liabilities” on our Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:
(in millions) December 31,20252024
Contract assets$56.1 $37.8 
Contract liabilities$87.3 $71.4 
Long-term contract liabilities$17.0 $13.5 
During 2025 we recognized revenue of $66.6 million related to contract liabilities as of December 31, 2024.
The business had one individually significant customer within the Security and Authentication Technologies segment with net sales of $210.7 million, $209.2 million and $213.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Research and Development
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Research and Development Research and Development
Research and development costs are expensed when incurred and are included in “Selling, general and administrative” in our Consolidated and Combined Statements of Operations.
(in millions) December 31,202520242023
Research and Development Costs$46.0 $39.5 $42.8 
v3.25.4
Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits Pension and Postretirement Benefits
Pension Plan
A number of our non-U.S. subsidiaries sponsor defined benefit pension plans that provide ongoing benefits for approximately 5% of all non-U.S. employees as of December 31, 2025. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. Additionally, in the United States, we sponsor a defined benefit pension plan that covers less than 1% of U.S. employees as of December 31, 2025. The benefits are based on years of service and compensation. Charges to expense are based upon costs computed by an independent actuary. The plan is funded on a pay-as-you-go basis.
Postretirement Plans
Postretirement health care benefits are provided for certain employees hired before July 1, 2013, who meet minimum age and service requirements.
A summary of the projected benefit obligations, fair value of plan assets and funded status for the plans is as follows:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$69.1 $77.6 $11.5 $12.7 
Service cost2.2 2.0 0.1 0.1 
Interest cost1.7 1.9 0.6 0.6 
Plan participants’ contributions0.3 0.4 — — 
Actuarial (gain) loss(1.6)(1.0)0.3 (0.4)
Settlements(10.6)(2.3)— — 
Curtailments(2.3)— — — 
Benefits paid(2.5)(5.5)(1.4)(1.5)
Foreign currency exchange and other9.1 (3.9)— — 
Administrative expenses paid(0.3)(0.1)— — 
Benefit obligation at end of year$65.1 $69.1 $11.1 $11.5 
Change in plan assets:
Fair value of plan assets at beginning of year$76.5 $83.5 $— $— 
Actual return on plan assets2.9 3.8 — — 
Employer contributions1.2 1.6 1.4 1.5 
Plan participants’ contributions0.3 0.4 — — 
Settlements(10.6)(2.3)— — 
Benefits paid(2.5)(5.5)(1.4)(1.5)
Foreign currency exchange and other9.0 (4.2)— — 
Administrative expenses paid(0.6)(0.8)— — 
Fair value of plan assets at end of year$76.2 $76.5 $— $— 
Funded status$11.1 $7.4 $(11.1)$(11.5)
In the U.S., 2025 actuarial gains in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the non-U.S., countries, 2025 actuarial gains in the projected benefit obligation were primarily the result of increases in discount rates, decreases in UK inflation, and updates to Switzerland withdrawal and lump sum take rates. Other sources of gains or losses such as plan experience, updated census data, and minor adjustments to other actuarial assumptions generated combined losses well under 1% of expected year end obligations.
In the U.S., 2024 actuarial gains in the projected benefit obligation were primarily the result of the loss of one of the participants who had the largest benefit and an increase in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the non-U.S. countries, 2024 actuarial gains in the projected benefit obligation were primarily the result of decreases in interest crediting rates and the mortality update for a United Kingdom entity, offset by the overall decrease in discount rates and increase in United Kingdom inflation. Other sources of gains or losses such as plan experience, updated census data, and minor adjustments to other actuarial assumptions generated combined losses well under 1% of expected year end obligations.
Amounts recognized on our Consolidated Balance Sheets consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Other assets$15.2 $13.6 $— $— 
Accrued liabilities(0.2)(0.4)(1.2)(1.3)
Accrued pension and postretirement benefits(3.9)(5.8)(9.9)(10.2)
Funded status$11.1 $7.4 $(11.1)$(11.5)
Amounts recognized in accumulated other comprehensive loss consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Net actuarial loss (gain)$9.0 $12.2 $(6.3)$(7.4)
Prior service credit (3.5)(5.3)— — 
Total recognized in accumulated other comprehensive loss (gain)$5.5 $6.9 $(6.3)$(7.4)
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are as follows:
 Pension Obligations/Assets
U.S.Non-U.S.Total
(in millions) December 31,202520242025202420252024
Projected benefit obligation$0.3 $0.5 $64.8 $68.6 $65.1 $69.1 
Accumulated benefit obligation$0.3 $0.5 $64.0 $67.1 $64.3 $67.6 
Fair value of plan assets$— $— $76.2 $76.5 $76.2 $76.5 
Information for pension plans with benefit obligation in excess of plan assets is as follows:
(in millions) December 31,20252024
Projected benefit obligation$4.1 $44.0 
Accumulated benefit obligation$4.1 $42.5 
Components of net periodic (benefit) cost are as follows:
Pension BenefitsPostretirement Benefits
(in millions) For the year ended December 31,202520242023202520242023
Net Periodic (Benefit) Cost:
Service cost$2.2 $2.0 $1.9 $0.1 $0.1 $0.1 
Interest cost1.7 1.9 2.1 0.6 0.6 0.8 
Expected return on plan assets(2.9)(3.0)(3.2)— — — 
Amortization of prior service cost(0.7)(0.8)(0.7)— (0.9)(1.1)
Amortization of net loss (gain)0.2 0.3 — (0.8)(0.9)(0.7)
Recognized curtailment loss (gain)(1.7)— (0.1)— — — 
Settlement loss (gain)0.5 — (0.3)— — — 
Other— (1.4)— — — — 
Net periodic cost (benefit)$(0.7)$(1.0)$(0.3)$(0.1)$(1.1)$(0.9)
The weighted average assumptions used to determine benefit obligations are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate4.14 %4.39 %4.02 %5.20 %5.50 %5.00 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.14 %4.39 %4.02 %N/AN/AN/A
Non-U.S. Plans:
Discount rate2.99 %2.52 %2.57 %N/AN/AN/A
Rate of compensation increase1.99 %2.01 %2.03 %N/AN/AN/A
Interest credit rate1.89 %0.97 %1.75 %N/AN/AN/A
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate4.39 %4.02 %5.43 %5.50 %5.40 %5.40 %
Expected rate of return on plan assetsN/AN/AN/AN/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.39 %4.02 %3.62 %N/AN/AN/A
Non-U.S. Plans:
Discount rate2.52 %2.57 %3.17 %N/AN/AN/A
Expected rate of return on plan assets3.62 %4.19 %4.07 %N/AN/AN/A
Rate of compensation increase2.01 %2.03 %2.17 %N/AN/AN/A
Interest credit rate0.97 %1.86 %1.81 %N/AN/AN/A
The long-term expected rate of return on plan assets assumptions were determined with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by us for valuing pension liabilities are based on a review of high-quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations.
For the non-U.S. plans, the 3.62% expected rate of return on assets assumption for 2025 reflected a weighted average of the long-term asset allocation targets for our various non-U.S. plans. As of December 31, 2025, the actual weighted average asset allocation for the non-U.S. plans was 8% equity securities, 35% fixed income securities, 56% alternative assets/other and 1% cash and cash equivalents.
The assumed health care cost trend rates are as follows:
December 31,20252024
Health care cost trend rate assumed for next year8.50 %7.00 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20392035
Assumed health care cost trend rates have a significant effect on the amounts reported for our health care plans.
Plan Assets
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows, along with the actual allocation related to the Dedicated Plans:
  Target AllocationActual Allocation
Asset Category December 31,20252024
Equity securities
5% - 75%
8 %9 %
Fixed income securities
15% - 75%
35 %33 %
Alternative assets/Other
0% - 75% 
56 %58 %
Cash and money market
0% - 10%
1 %— %
Independent investment consultants are retained to assist in executing the plans’ investment strategies. Several factors are evaluated in determining if an investment strategy will be implemented in our pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. We periodically review investment managers and their performance in relation to our plans’ investment objectives.
The primary investment objective of our various plan assets is to ensure that there are sufficient assets to pay benefits when they are due while mitigating associated risk and minimizing employer contributions. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, insurance contracts, alternative assets and cash instruments.
Equity securities include investments in large, mid, and small-capitalization companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, and mortgage-backed securities. Alternative assets include investments in real estate, insurance contracts and hedge funds employing a wide variety of strategies.
The fair value of our pension plan assets as of December 31, 2025, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$0.4 $— $— $— $0.4 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 6.5 6.5 
Collective Trust— — 20.8 13.5 34.3 
Non-U.S. Fixed Income, Government and Corporate— — — 26.9 26.9 
Alternative Investments
Insurance / Annuity Contract(s)— 8.1 — — 8.1 
Total Fair Value$0.4 $8.1 $20.8 $46.9 76.2 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2025, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.
The fair value of our pension plan assets as of December 31, 2024, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$0.2 $— $— $— $0.2 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 6.6 6.6 
Collective Trust— — 19.5 18.2 37.7 
Non-U.S. Fixed Income, Government and Corporate— — — 25.1 25.1 
Alternative Investments
Insurance / Annuity Contract(s)— 6.9 — — 6.9 
Total Fair Value$0.2 $6.9 $19.5 $49.9 $76.5 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2024, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.
Cash Flows  
We expect, based on current actuarial calculations, to contribute cash of approximately $1.2 million to our defined benefit pension plans during 2026. Cash contributions in subsequent years will depend on several factors including the investment performance of plan assets for funded plans.
Estimated Future Benefit Payments  
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions)Pension
Benefits		Postretirement Benefits
2026$3.7 $1.2 
20273.8 1.2 
20284.0 1.0 
20293.9 1.0 
20304.2 1.0 
2031 to 203521.0 4.2 
Total payments$40.6 $9.6 
Supplemental Executive Retirement Plan
We also have a non-qualified Supplemental Executive Retirement Plan (“SERP”). The SERP, which is not funded, is intended to provide retirement benefits for certain executive officers who were formerly employees of Security and Authentication Technologies prior to the acquisition of Crane Currency in 2018. Benefit amounts are based upon years of service and compensation of the participating employees. We recorded no pre-tax settlement gain or loss in 2025 and 2024. We recorded minimal pre-tax settlement gain and loss in 2023. Accrued SERP benefits, which were recorded in Accrued liabilities and Accrued pension and postretirement benefits in the Consolidated Balance Sheets, were $1.3 million and $1.3 million as of December 31, 2025, and 2024, respectively. Employer contributions made to the SERP were $0.1 million, $0.1 million and $0.7 million in 2025, 2024 and 2023, respectively.
Defined Contribution Plans
We sponsor savings and investment plans that are available to our eligible employees including employees of our subsidiaries. We made contributions to the plans of $5.4 million, $5.1 million and $4.5 million in 2025, 2024 and 2023, respectively.
In addition to participant deferral contributions and company matching contributions on those deferrals, we provide a 3% non-matching contribution to eligible participants. We made non-matching contributions to these plans of $6.3 million, $5.8 million and $5.5 million in 2025, 2024 and 2023, respectively.
v3.25.4
Stock-Based Compensation Plans
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
As a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The exchanged awards are subject to the same service vesting requirements as the original awards. Upon the exchange, there were 0.5 million options outstanding related to Crane NXT associates and 0.6 million options outstanding related to SpinCo associates.
The modification of the performance-based restricted share units resulted in a liability recorded upon Separation. The amount of the liability was $1.0 million and $1.6 million as of December 31, 2025, and 2024, respectively.
At December 31, 2025, we had stock-based compensation awards outstanding under the following shareholder-approved plans: the 2013 Stock Incentive Plan (the "2013 Plan"), 2018 Stock Incentive Plan (the "2018 Plan") and 2018 Amended and Restated Stock Incentive Plan (the “2018 Amended & Restated Plan”), applicable to employees and non-employee directors.
The 2013 Plan was approved by the Board of Directors and stockholders at the annual meeting in 2013. The 2013 Plan originally authorized the issuance of up to 9,500,000 shares of stock pursuant to awards under the plan. In 2018, in view of the limited number of shares remaining available under the 2013 Plan, the Board of Directors and stockholders approved the adoption of the 2018 Plan which authorized the issuance of up to 6,500,000 shares of Crane Holdings, Co. stock. In 2021, the Board of Directors and stockholders approved the adoption of the 2018 Amended and Restated Stock Incentive Plan which authorized the issuance of up to 4,710,000 shares of Crane Holdings, Co. stock. No further awards will be made under the 2013 Plan or 2018 Plan.
The stock incentive plans are used to provide long-term incentive compensation through stock options, restricted share units, performance-based restricted share units and deferred stock units.
Stock Options
Options are granted under the Stock Incentive Plan to officers and other key employees at an exercise price equal to the closing price on the date of grant. Unless otherwise determined by the Compensation Committee which administers the plan, options vest in four installments of 25% per year over four years beginning on the first anniversary of the grant date. All options granted to officers and employees after 2014 expire 10 years after the date of grant.
We determine the fair value of each grant using the Black-Scholes option pricing model. The weighted-average assumptions for grants during the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Dividend yield1.17 %1.10 %1.57 %
Volatility35.23 %36.00 %32.33 %
Risk-free interest rate4.11 %4.23 %3.67 %
Expected lives in years7.77.77.7
For 2025 and 2024, expected dividend yield was based on our dividend rate. For 2023, expected dividend yield was based on Holdings’ dividend rate. For 2025 and 2024, expected stock volatility was based on a weighted blend of our available stock price history and the median historical volatility of members of a volatility peer group. For 2023, expected stock volatility was determined based upon Holdings’ historical volatility for the four-year period preceding the date of grant. The risk-free interest rate was based on the yield curve in effect at the time the options were granted, using U.S. constant maturities over the expected life of the option. The expected lives of the awards represented the period of time that options granted are expected to be outstanding.
Activity in Crane NXT’s stock option plans for the year ended December 31, 2025 were as follows:
Option ActivityNumber of
Shares
(in 000’s)		Weighted
Average
Exercise Price		Weighted
Average
Remaining
Life (Years)
Aggregate Intrinsic Value (in millions) (a)
Options outstanding as of January 1, 2025464 $40.82 
Granted106 58.25 
Exercised(39)26.74 
Canceled(15)54.78  
Options outstanding as of December 31, 2025516 $45.06 6.73$3.0 
Options exercisable as of December 31, 2025256 $37.02 5.26$2.8 
(a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at December 31, 2025.

Included in our stock-based compensation was expense recognized for our stock option awards of $1.7 million, $1.4 million and $4.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
During 2025, the weighted-average fair value of options granted was $23.82, the total fair value of shares vested was $1.5 million, and the total intrinsic value of options exercised was $1.2 million.
The total cash received from these option exercises during 2025, 2024 and 2023 was $2.6 million, $3.3 million and $5.0 million, respectively, and is reflected in the Consolidated and Combined Statement of Cash Flows as “Proceeds from stock options exercised” within financing activities. The tax benefit realized for the tax deductions from these option exercises was $0.1 million, $0.4 million and $0.4 million as of December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, there was $3.8 million of total future compensation cost related to unvested share-based awards to be recognized over a weighted-average period of 2.07 years.
Restricted Share Units and Performance-Based Restricted Share Units
Restricted share units vest in four installments of 25% per year over four years beginning on the first anniversary of the grant date and are subject to forfeiture restrictions which lapse over time. The vesting of performance-based restricted share units is determined based on relative total shareholder return for Crane NXT, Co. compared to the S&P Midcap 400 Capital Goods Group over a three-year period, with payout potential ranging from 0% to 200% but capped at 100% if our three-year total shareholder return is negative. The fair value of performance-based restricted share units is calculated using a Monte Carlo pricing model on the date of grant.
Included in our stock-based compensation was expense recognized for our restricted share unit and performance-based restricted share unit awards of $11.0 million, $9.2 million and $5.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The tax benefit for the vesting of the restricted share units was $0.6 million, $0.8 million and $0.5 million as of December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, there was $17.7 million of total future compensation cost related to restricted share unit and performance-based restricted share unit awards, to be recognized over a weighted-average period of 1.79 years.
Changes in our restricted share units for the year ended December 31, 2025 were as follows:
Restricted Share Unit Activity Restricted
Share Units
(in 000’s)		Weighted
Average
Grant-Date
Fair Value
Restricted share units as of January 1, 2025461 $51.07 
Restricted share units granted180 56.96 
Restricted share units vested(159)46.22 
Restricted share units forfeited(42)51.07 
Performance-based restricted share units granted89 63.61 
Performance-based restricted share units vested(14)48.63 
Performance-based restricted share units forfeited(13)62.08 
Restricted share units as of December 31, 2025502 $56.73 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Arrangements that explicitly or implicitly relate to property, plant and equipment are assessed at inception to determine if the arrangement is or contains a lease. Generally, we enter operating leases as the lessee and recognize right-of-use assets and lease liabilities based on the present value of future lease payments over the lease term.
We lease certain vehicles, equipment, manufacturing and non-manufacturing facilities. We have leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, we applied the practical expedient to account for each separate lease component and its associated non-lease component(s) as a single lease component.
We identify variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum.
Certain leases include options to renew for an additional term or company-controlled options to terminate. We generally determine it is not reasonably certain to assume the exercise of renewal options because there is no economic incentive to renew. As termination options often include penalties, we generally determine it is reasonably certain that termination options will not be exercised because there is an economic incentive not to terminate. Therefore, these options generally do not impact the lease term or the determination or classification of the right-of-use asset and lease liability.
We do not enter arrangements where restrictions or covenants are imposed by the lessor that, for example, relate to incurring additional financial obligations. Furthermore, we also have not entered any significant sublease arrangements.
We use our collateralized incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The rate implicit in the lease is generally unknown, as we generally operate in the capacity of the lessee.
Our Consolidated Balance Sheets include the following related to leases:
(in millions) December 31, Classification20252024
Assets
Operating right-of-use assetsOther assets$67.2 $60.4 
Liabilities
Current lease liabilitiesAccrued liabilities$14.6 $10.6 
Long-term lease liabilitiesOther liabilities55.6 52.7 
Total lease liabilities$70.2 $63.3 
The components of lease cost were as follows:
(in millions) December 31,202520242023
Operating lease cost$18.2 $15.4 $11.0 
Variable lease cost2.8 2.4 1.8 
Total lease cost$21.0 $17.8 $12.8 
The weighted average remaining lease terms and discount rates for our operating leases were as follows:
December 31,20252024
Weighted-average remaining lease term (in years) - operating leases13.313.5
Weighted-average discount rate - operating leases5.7 %5.6 %
Supplemental cash flow information related to our operating leases were as follows:
(in millions) December 31,202520242023
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows$12.6 $9.8 $8.2 
Right-of-use assets obtained in exchange for new operating lease liabilities$6.8 $5.3 $16.5 
Future minimum operating lease payments are as follows:
(in millions)December 31, 2025
2026$17.7 
202714.1 
20289.1 
20297.6 
20306.2 
Thereafter47.9 
Total future minimum operating lease payments$102.6 
Imputed interest32.4 
Present value of lease liabilities reported$70.2 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Our income before taxes is as follows:
(in millions) December 31,202520242023
U.S. operations$91.5 $78.2 $97.4 
Non-U.S. operations89.5 148.2 142.4 
Total income before tax$181.0 $226.4 $239.8 
Our provision (benefit) for income taxes consists of: 
(in millions) December 31,202520242023
Current Tax:
U.S. federal$27.8 $29.2 $31.3 
U.S. state and local3.7 (0.1)1.7 
Non-U.S.18.9 28.1 20.6 
Total current tax50.4 57.2 53.6 
Deferred Tax:
U.S. federal (9.2)(13.4)(2.8)
U.S. state and local(0.9)1.3 (0.4)
Non-U.S. (4.4)(2.8)1.1 
Total deferred tax(14.5)(14.9)(2.1)
Total provision for income taxes (a)
$35.9 $42.3 $51.5 
(a) Included in the above amounts are excess tax benefits from share-based compensation of $0.7 million, $1.2 million and $0.9 million in 2025, 2024 and 2023, respectively, which were reflected as reductions in our provision for income taxes in 2025, 2024 and 2023.

A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
(in millions, except %) December 31,2025
In USDPercent of Pre-tax Income
U.S. Federal Statutory Tax Rate$38.0 21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect (a) 3.3 1.8 %
Foreign Tax Effects
    Italy
      Change in Valuation Allowances3.1 1.7 %
      Other(0.4)(0.2)%
    Malta
      Statutory tax rate difference between Malta and United States(2.8)(1.5)%
      Notional Interest Deduction(4.5)(2.5)%
      Other0.6 0.3 %
    United Kingdom(2.3)(1.2)%
    Other foreign jurisdictions2.4 1.3 %
Effects of Changes in Tax Laws or Rates Enacted in the Current Period— — %
Effects of Cross-Border Tax Laws
   Global intangible low-taxed income, net of FTC1.5 0.8 %
   Foreign-derived intangible income(3.8)(2.1)%
   Subpart F income, net of FTC4.2 2.3 %
   U.S. tax on foreign branches, net of FTC(4.1)(2.3)%
Tax Credits
   Research and development tax credits(1.6)(0.9)%
Change in Valuation Allowances1.7 0.9 %
Nontaxable or Nondeductible Items3.7 2.0 %
Changes in Unrecognized Tax Benefits(2.5)(1.4)%
Other Adjustments(0.6)(0.2)%
Effective tax rate$35.9 19.8 %
(a) As of December 31, 2025, state taxes in Illinois, Massachusetts, Maryland, Texas and Utah made up the majority (greater than 50 percent) of the tax effect in this category.
December 31,20242023
Statutory U.S. federal tax rate21.0 %21.0 %
Increase (reduction) from:
Income taxed at non-U.S. rates(1.4)%(2.0)%
Non-U.S. income inclusion, net of tax credits0.5 %2.0 %
State and local taxes, net of federal benefit0.2 %1.0 %
Changes in reserves for uncertain tax positions(2.7)%(1.3)%
U.S. deduction for foreign - derived intangible income(1.0)%(0.8)%
Other2.1 %1.6 %
Effective tax rate18.7 %21.5 %
On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes various changes to the U.S. corporate income tax system including, but not limited to, the immediate expensing of qualifying research and development expenses and the permanent extension of certain provisions initially enacted within the Tax Cuts and Jobs Act. Based on the Company’s evaluation of the provisions, these tax law changes did not have a material impact on the Company’s financial statements.
The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2 tax ”) that has been agreed upon by over 140 member jurisdictions including the United States. Pillar 2 addresses the risks associated with profit shifting to entities in low tax jurisdictions. The Pillar 2 tax liability for the Company in 2025 was approximately $1.3 million. On January 5, 2026, the US Treasury Department and OECD have agreed in principle to adopt a side-by-side tax system that will exempt US parented companies from Pillar 2 taxes starting in 2026.
As of December 31, 2025, we have made the following determinations regarding our non-U.S. earnings:
(in millions)Permanently reinvestedNot permanently reinvested
Amount of earnings$679.6 $107.9 
Associated tax
N/A (a)
$0.1 
(a) Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $679.6 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.

Tax Related to Comprehensive Income
During 2025, 2024 and 2023, tax provisions of $0.6 million, $0.5 million and $0.5 million, respectively, related to changes in pension and post-retirement plan assets and benefit obligations, were recorded to accumulated other comprehensive loss.
Deferred Taxes and Valuation Allowances
The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31,20252024
Deferred tax assets:
Tax loss and credit carryforwards$53.3 $46.1 
Interest Deduction carryforward1.5 — 
Inventories5.6 7.6 
Capitalized Research and Development 16.9 16.1 
Accruals and Reserves9.0 9.5 
Pension and Post Retirement Benefits1.0 3.3 
Other6.2 5.8 
Total$93.5 $88.4 
Less: valuation allowance51.3 43.6 
Total deferred tax assets, net of valuation allowance$42.2 $44.8 
Deferred tax liabilities:
Basis difference in intangible assets$(160.9)$(131.1)
Basis difference in fixed assets(29.7)(29.7)
Other(0.1)(0.8)
Total deferred tax liabilities$(190.7)$(161.6)
Net deferred tax liability$(148.5)$(116.8)
Balance sheet classification:
Long-term deferred tax assets$2.5 $2.2 
Long-term deferred tax liability(151.0)(119.0)
Net deferred tax liability$(148.5)$(116.8)
As of December 31, 2025, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration		U.S.
Federal
Tax
Credits		U.S.
Federal
Tax
Losses		U.S.
State
Tax
Credits		U.S.
State
Tax
Losses		Non-U.S. Tax CreditsNon- U.S.
Tax
Losses		Total
2026-2030$— $— $0.4 $141.2 $— $— 
After 203010.0 0.5 0.7 368.8 — — 
Indefinite— — — 6.5 — 52.1 
Total tax carryforwards$10.0 $0.5 $1.1 $516.5 $— $52.1 
Deferred tax asset on tax carryforwards$10.0 $0.1 $0.8 $28.5 $0.8 $13.1 $53.3 
Valuation allowance on tax carryforwards(10.0)(0.1)(0.4)(27.8)— (13.0)(51.3)
Net deferred tax asset on tax carryforwards$— $— $0.4 $0.7 $0.8 $0.1 $2.0 
As of December 31, 2025, and 2024, we determined that it was more likely than not that $51.3 million and $43.6 million, respectively, of our deferred tax assets related to tax loss and credit carryforwards will not be realized.
Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions)202520242023
Balance of liability as of January 1,$8.1 $16.5 $7.6 
Increase (decrease) as a result of:
Tax positions taken during a prior year(0.5)(1.0)(0.2)
Tax positions taken during the current year0.5 0.4 0.5 
Settlements with taxing authorities— — (0.1)
Lapse of the statute of limitations(2.6)(7.8)(5.2)
Other— — 13.9 
Balance of liability as of December 31,$5.5 $8.1 $16.5 
As of December 31, 2025, 2024 and 2023, the amount of our unrecognized tax benefits that, if recognized, would affect our effective tax rate was $6.1 million, $8.6 million and $18.4 million, respectively. The difference between these amounts and those reflected in the table above relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes. As of December 31, 2025, and 2024, we had gross unrecognized benefits, including interest and penalties of $6.6 million, and $9.4 million, respectively, included in “Other liabilities” in our Consolidated Balance Sheets.
As of December 31, 2023, the Company has recorded a gross unrecognized tax benefit of $13.9 million due to the Separation from SpinCo which is included in the above table as “Other.” As of December 31, 2025, and 2024, the Company had an indemnification receivable of $1.9 million, and $3.1 million, respectively, from SpinCo per the terms of the Tax Matters Agreement described below.
The Tax Matters Agreement specifies the rights, responsibilities, and obligations after the Separation with respect to tax liabilities and benefits. The agreement specifies the portion, if any, of this tax liability for which we and SpinCo will bear responsibility, and we and SpinCo agreed to indemnify each other against any amounts for which they are not responsible.
We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. During the years ended December 31, 2025, 2024 and 2023, we recognized interest and penalty income of $0.2 million, $1.0 million and $0.1 million, respectively, in our Consolidated and Combined Statements of Operations. As of December 31, 2025, and 2024, we had accrued $1.1 million and $1.3 million, respectively, of interest and penalties related to unrecognized tax benefits on our Consolidated Balance Sheets.
Income Taxes Paid
(in millions) December 31,2025
A breakdown of income taxes paid (net of refunds) is as follows:
U.S. Federal$26.2 
U.S. State4.8
Non-U.S.19.9
Total income taxes paid, net$50.9 
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:
U.S. Federal$26.2 
Foreign
Japan$13.7 
United Kingdom$4.2 
Income Tax Examinations
Our income tax returns are subject to examination by the U.S. federal, U.S. state and local, and non-U.S. tax authorities. With few exceptions, the years open to examinations are as follows:
JurisdictionYear
U.S. federal    2022 - 2024
U.S. state and local    2019 - 2024
Non-U.S.    2018 - 2024
Currently, we and our subsidiaries are under examination in various jurisdictions.
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consist of: 
(in millions) December 31,20252024
Employee related expenses$58.5 $53.4 
Contract liabilities87.3 71.4 
Current lease liabilities14.6 10.6 
Accrued interest7.6 6.6 
Warranty10.9 6.2 
Share deposit liabilities1
14.4 — 
Other79.7 63.0 
Total$273.0 $211.2 
1 Share deposit liabilities represent ordinary shares that the Company is obligated to issue related to the acquisition of Antares Vision. See Note 3, “Acquisitions” for further details.
v3.25.4
Other Liabilities
 12 Months Ended
Dec. 31, 2025
Other Liabilities [Abstract]  
Other Liabilities Other Liabilities
A summary of the other liabilities is as follows:
(in millions) December 31,20252024
Long-term lease liabilities$55.6 $52.7 
Long-term contract liabilities17.0 13.5 
Accrued taxes6.6 9.4 
Share deposit liabilities1
21.4 — 
Stock-based compensation liabilities1
12.0 — 
Other3.4 4.6 
Total$116.0 $80.2 
1 Share deposit liabilities represent Class B shares that the Company is obligated to issue related to the acquisition of Antares Vision. The Class B shares that have been granted are accounted for as stock‑based compensation under ASC Topic 718 “Compensation - Stock Compensation” (“ASC 718”). See Note 3, “Acquisitions” for further details.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We regularly review the status of lawsuits, claims and proceedings that have been or may be asserted against us relating to the conduct of our business, including those pertaining to product liability, patent infringement, commercial, employment, employee benefits, environmental and stockholder matters. We record a provision for a liability for such matters when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions, if any, are reviewed quarterly and adjusted as additional information becomes available. If either or both criteria are not met, we assess whether there is at least a reasonable possibility that a loss, or additional losses, may have been incurred. If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable. We believe that as of December 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 Consolidated and Combined Financial Statements for the potential impact of all such matters.
v3.25.4
Financing
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Financing Financing
Our debt as of December 31, 2025, and 2024 consisted of the following:
(in millions) December 31,20252024
Term Loan A$9.1 $— 
Revolving Facility126.0 210.0 
Total short-term borrowings (a)
$135.1 $210.0 
Term Loan A$351.4 $— 
Term Loan B120.7 — 
6.55% notes due November 2036
198.8 198.7 
4.20% notes due March 2048
346.9 346.8 
Other deferred financing costs associated with credit facilities(13.4)(4.9)
Total long-term debt (a)
$1,004.4 $540.6 
(a ) Debt discounts and debt issuance costs totaled $30.7 million and $9.4 million as of December 31, 2025, and 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.
Credit Facilities - On March 17, 2023, we became party to a senior secured credit agreement (the “Credit Agreement”) which originally provided for a $500 million, five-year revolving credit facility (the “Revolving Facility”) and we entered into a $350 million, three-year term loan facility (the “Term Facility”). Funding for both facilities became available in connection with the Separation.
On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Term Loan A”) of £300 million. On the same day, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.
On December 15, 2025, in connection with the closing of the first phase of the Antares Vision acquisition, we amended our Credit Agreement (the “Fifth Amendment”) to provide for a new €430 million senior secured delayed draw term loan facility (the “Term Loan B”) with a maturity date of December 15, 2032. In addition, the Fifth Amendment provides for maturity extensions on our existing Term Loan A and Revolving Facility to December 15, 2030 and increased the Revolving Facility to $800.0 million.
During the year ended December 31, 2025, we borrowed:
•$406.5 million and repaid $490.5 million on the Revolving Facility to fund working capital requirements.
•£300.0 million, or $400.4 million, on the Term Loan A to fund the DLR acquisition and repaid $40.9 million.
• €112.1 million, or $131.6 million, on the Term Loan B to fund the Antares Vision acquisition.
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 premium or penalty, subject to customary borrowing conditions for facilities of this type and the reimbursement of breakage costs. Borrowings under the Term Loan A are prepayable without premium or penalty, subject to customary breakage costs. Borrowings under the Term Loan B are prepayable (i) prior to June 15, 2026, subject to certain customary exceptions, subject to a 1.00% premium if such prepayment is made in connection with a repricing transaction and (ii) on and after June 15, 2026, without premium or penalty, and, in each case, subject to customary reimbursement of breakage costs. Under the Credit Agreement, variable interest rates apply with respect to (i) the Term Loan B, for which the interest rate is determined as an adjusted term Euro Interbank Offered Rate (“EURIBOR”) for the applicable interest period plus a margin ranging from 2.25% to 2.75%, with such margin determined based on our first lien net leverage ratio, (ii) with respect to the Term Loan A, for which the interest rate is determined as, at our election, either (a) a Sterling Overnight Index Average (“SONIA”) for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin as determined by the lower of ratings issued by Moody’s and S&P of senior, unsecured, long-term indebtedness (the “Ratings”) and our total net leverage ratio and (iii) with respect to the Revolving Facility, for which the interest rate is determined as, at our election, either (a) subject to the elected currency, an adjusted Secured Overnight Financing Rate (“SOFR”), EURIBOR or SONIA for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (b) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on the lower of the Ratings and our total net leverage ratio, and (iii) with respect to the Revolving Facility, for which the interest rate is determined as, at our election, either (a) subject to the elected currency, an adjusted Secured Overnight Financing Rate (“SOFR”), EURIBOR or SONIA for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (b) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on the lower of the Ratings and our total net leverage ratio.
We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, based on the lower of the Ratings and our total net leverage ratio. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates, investments, hedging arrangements and amendments to our organizational documents or to certain subordinated debt agreements. As of the last day of each fiscal quarter, our total net leverage ratio cannot exceed (i) prior to the completion of the Antares Vision acquisition, 3.50 to 1.00 (provided that, at our election, such maximum ratio may be increased to 4.00 to 1.00 for specified periods following our consummation of certain material acquisitions) and (ii) after the completion of the Antares Vision acquisition, for the (1) fiscal quarter in which the Antares Vision acquisition is completed, 5.50 to 1.00, (2) for the first fiscal quarter thereafter, 5.25 to 1.00, (3) for the second fiscal quarter thereafter, 5.00 to 1.00, (4) for the third fiscal quarter thereafter, 4.75 to 1.00, (5) for the fourth fiscal quarter thereafter, 4.50 to 1.00 and (6) for any subsequent fiscal quarter, 4.25 to 1.00 (provided that, at our election, for any period in which the completion of the Antares Vision acquisition occurs or any subsequent period, such maximum ratio may be increased by 0.75 to 1.00, but not in excess of 5.50 to 1.00, for specified periods following our consummation of certain material acquisitions). Prior to the completion of the Antares Vision acquisition, as of the last day of each fiscal quarter, our minimum interest coverage ratio must be at least 3.00 to 1.00. The Credit Agreement also includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.
Bridge Facility - In connection with the Antares Vision acquisition (see note 3 “Acquisition”), on September 15, 2025, the Company entered into a commitment for a senior secured 364-day Bridge Facility (“Bridge Facility”) of $602 million and a backstop facility (the “Backstop Facility”) of $831 million. The Backstop Facility was in place until October 7, 2025 when the amendment to the Credit Agreement was ratified. The Bridge Facility was automatically terminated upon securing the Term Loan B, described above.
6.55% notes due November 2036 - In November 2006, we issued 30-year notes having an aggregate principal amount of $200 million. The notes are secured, senior obligations of us that mature on November 15, 2036, and bear interest at 6.55% per annum, payable semi-annually on May 15 and November 15 of each year. The notes have no sinking fund requirement, but may be redeemed, in whole or in part, at our option. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if consequently, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in long-term debt and are amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 6.67%. The notes were issued under an indenture dated as of April 1, 1991. The indentures contain certain restrictions, including a limitation that restricts our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness, enter certain sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries.
4.20% notes due March 2048 - On February 5, 2018, we completed a public offering of $350 million aggregate principal amount of 4.20% Senior Notes due 2048 (the "2048 Notes"). The 2048 Notes bear interest at a rate of 4.20% per annum and mature on March 15, 2048. Interest on the 2048 Notes is payable on March 15 and September 15 of each year, commencing on September 15, 2018. These notes do not contain any material debt covenants or cross default provisions. If there is a change in control of the Company, and if consequently, the notes are rated below investment grade by both Moody’s Investors Service and Standard & Poor’s, then holders of the notes may require us to repurchase them, in whole or in part, for 101% of the principal amount plus accrued and unpaid interest. Debt issuance costs are deferred and included in long-term debt and are amortized as a component of interest expense over the term of the notes. Including debt issuance cost amortization, these notes have an effective annualized interest rate of 4.29%. The notes were issued under an indenture dated as of February 5, 2018. The indentures contain certain restrictions, including a limitation that restricts our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness, enter certain sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries.
Other – As of December 31, 2025, we had open standby letters of credit on our behalf of $97.5 million issued pursuant to a $224.2 million uncommitted Letter of Credit Reimbursement Agreement, and certain other credit lines. As of December 31, 2024, we had open standby letters of credit on our behalf of $38.8 million issued pursuant to a $176.1 million uncommitted Letter of Credit Reimbursement Agreement, and certain other credit lines.
As of December 31, 2025, our total debt to total capitalization ratio was 47.7%, computed as follows:
(in millions)
Short-term borrowings$135.1 
Long-term debt1,004.4 
Total debt$1,139.5 
Equity$1,249.9 
Capitalization$2,389.4 
Total indebtedness to capitalization47.7 %
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables provide information regarding the Company’s assets and liabilities measured at fair value as of December 31, 2025, and 2024.
December 31, 2025 (in millions)
Location on Consolidated Balance SheetsActive Markets for Identical Assets and Liabilities
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3		Total
Fair Value
Liabilities
Foreign exchange contract not designated as hedging instrument1
Accrued Liabilities$— $— $— $— 
Long-term debtLong-term debt$— $440.3 $— $440.3 
Performance-based restricted share units
Other Liabilities$1.0 $— $— $1.0 
Contingent LiabilityOther Liabilities$— $— $1.3 $1.3 
1 Notional value of $11.7 million
December 31, 2024 (in millions)
Location on Consolidated Balance SheetsActive Markets for Identical Assets and Liabilities
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3		Total
Fair Value
Assets
Foreign exchange contract not designated as hedging instrumentAccounts Receivable$— $0.1 $— $0.1 
Liabilities
Foreign exchange contract not designated as hedging instrument1
Accrued Liabilities$— $3.1 $— $3.1 
Long-term debtLong-term debt$— $430.1 $— $430.1 
Performance-based restricted share units
Other Liabilities$1.6 $— $— $1.6 
Contingent LiabilityOther Liabilities$— $— $1.5 $1.5 
1 Notional value of $65.0 million
v3.25.4
Restructuring
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
Overview
2025 Restructuring - In 2025, we initiated restructuring actions as follows:
•We recorded $12.1 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses. Certain remaining actions, including completion of facility‑related exit activities are expected to continue into 2026. Total program costs are expected to be in the range of $15 million to $17 million.
•We recorded $4.7 million of restructuring expense in the CPI segment, predominantly related to severance charges. We continue to evaluate and align CPI’s cost structure with existing economic conditions which could result in additional actions in 2026.
2024 Restructuring - In the first and fourth quarters of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $10.1 million of cumulative severance charges, net through December 31, 2025. We do not expect to incur significant additional costs to complete these actions. We have substantially completed the restructuring program in 2025.
2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $0.5 million of severance charges and other costs for the year ended December 31, 2023. The program was completed in 2025.
Restructuring Charges
We recorded restructuring charges which are reflected in the Consolidated and Combined Statements of Operations, as follows:
(in millions) For the year ended December 31,202520242023
Crane Payment Innovations$4.7 $10.1 $0.5 
Security and Authentication Technologies12.1 — — 
Total restructuring charges$16.8 $10.1 $0.5 
The following table summarizes our restructuring charges by program, cost type and segment for the years ended December 31, 2025, 2024 and 2023:
For the years ended December 31,202520242023
(in millions)SeveranceOtherTotalSeveranceOtherTotalSeveranceOtherTotal
Crane Payment Innovations$4.4 $0.3 $4.7 $— $— $— $— $— $— 
Security and Authentication Technologies10.4 1.7 12.1 — — — — — — 
2025 Restructuring14.8 2.0 16.8 — — — — — — 
Crane Payment Innovations$— $— $— $10.1 $— $10.1 $— $— $— 
2024 Restructuring— — — 10.1 — 10.1 — — — 
Crane Payment Innovations$— $— $— $— $— $— $0.1 $0.4 $0.5 
2022 Restructuring— — — — — — 0.1 0.4 0.5 
Total$14.8 $2.0 $16.8 $10.1 $— $10.1 $0.1 $0.4 $0.5 
The following table summarizes the cumulative restructuring charges incurred through December 31, 2025.
Cumulative Restructuring Charges
(in millions)SeveranceOtherTotal
Crane Payment Innovations$4.4 $0.3 $4.7 
Security and Authentication Technologies10.4 1.7 12.1 
2025 Restructuring$14.8 $2.0 $16.8 
Crane Payment Innovations$10.1 $— $10.1 
2024 Restructuring$10.1 $— $10.1 
Crane Payment Innovations$5.8 $0.9 $6.7 
2022 Restructuring$5.8 $0.9 $6.7 
Restructuring Liability
The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions)2025 Restructuring2024 Restructuring2022 RestructuringTotal
Severance:
Balance as of December 31, 2023 (a)
$— $— $0.6 $0.6 
Expense (b)
— 10.1 — 10.1 
Utilization— (2.9)(0.4)(3.3)
Balance as of December 31, 2024 (a)
$— $7.2 $0.2 $7.4 
Expense (b)
14.8 — — 14.8 
Utilization(7.6)(6.4)(0.2)(14.2)
Balance as of December 31, 2025 (a)
$7.2 $0.8 $— $8.0 
(a)
Included within Accrued Liabilities in the Consolidated Balance Sheets.
(b)Included within “Restructuring charges” in the Consolidated and Combined Statements of Operations.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
Our enterprise risk management includes a comprehensive cybersecurity risk management program with policies, standards, processes and practices based on recognized industry standards and frameworks such as the National Institute of Standards and Technology (NIST), Cybersecurity Framework (CSF) and the Center for Internet Security (CIS) critical security controls.
Our cybersecurity program includes regular training for personnel, an incident response protocol tested at least annually as part of our enterprise-wide crisis response program, cybersecurity insurance, and regular assessments through activities such as penetration testing, and compliance audits performed on our information technology networks and systems by both our internal cybersecurity teams and external service providers.
Although we have continued to invest in our due diligence, onboarding, and monitoring capabilities over external partners with whom we do business, including our third-party vendors and service providers, our control over the security posture of, and ability to monitor the cybersecurity practices of, such external partners remains limited, and there can be no assurance that we can prevent, mitigate, or remediate the risk of any compromise or failure in the cybersecurity infrastructure owned or controlled by such external partners. When we do become aware that an external partner has experienced such compromise or failure, we attempt to mitigate our risk, including by terminating such external partner’s connection to our information technology networks and systems where appropriate.
For more information on cybersecurity risks and how they affect our business, operating results and financial condition, refer to Item 1A, Risk Factors. As of the date of the filing of this Current Report on Form 10-K, we have not identified any risks from a cybersecurity threat or incident that we believe has materially affected or is reasonably likely to materially affect the Company.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our enterprise risk management includes a comprehensive cybersecurity risk management program with policies, standards, processes and practices based on recognized industry standards and frameworks such as the National Institute of Standards and Technology (NIST), Cybersecurity Framework (CSF) and the Center for Internet Security (CIS) critical security controls.
Our cybersecurity program includes regular training for personnel, an incident response protocol tested at least annually as part of our enterprise-wide crisis response program, cybersecurity insurance, and regular assessments through activities such as penetration testing, and compliance audits performed on our information technology networks and systems by both our internal cybersecurity teams and external service providers.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors has charged the Audit Committee with responsibility for monitoring the Company’s processes and procedures for enterprise risk identification, assessment and management, and cybersecurity represents an important component of our overall approach to enterprise risk management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular reports at least twice annually from our Chief Information Security Officers (“CISO”) on a wide range of cybersecurity topics, including our cybersecurity program’s performance, results of assessments, emerging threats, capability enhancements, and recent developments and trends.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular reports at least twice annually from our Chief Information Security Officers (“CISO”) on a wide range of cybersecurity topics, including our cybersecurity program’s performance, results of assessments, emerging threats, capability enhancements, and recent developments and trends.
Cybersecurity Risk Role of Management [Text Block]
Our CISO, who reports to our Chief Financial Officer (“CFO”), leads our cybersecurity program and has more than 20 years of cybersecurity experience. The cybersecurity teams reporting to our CISO are staffed by highly skilled cybersecurity professionals, including both internal staff and external partners, with broad knowledge of cybersecurity issues from experience and through training and certifications. Our cybersecurity teams are responsible for detecting, mitigating, and responding to cybersecurity threats through a network of technologies, capabilities, and best practices on a 24/7 basis. Our CISO, in coordination with our cybersecurity teams, and members of our senior leadership team such as our Chief Executive Officer (“CEO”), CFO and General Counsel (“GC”), works collaboratively across the Company to operate a program designed to protect our business from cybersecurity threats and respond to any cybersecurity incidents in accordance with our incident response and recovery plans in real time.
We have established internal reporting processes designed to ensure that our Board of Directors and the Audit Committee receive information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. In the event of a cybersecurity incident, the materiality of the incident will be evaluated and determined with appropriate input from the CEO, CFO, GC, CISO and other key participants in our cybersecurity program, including external advisors to the extent appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO, who reports to our Chief Financial Officer (“CFO”), leads our cybersecurity program and has more than 20 years of cybersecurity experience. The cybersecurity teams reporting to our CISO are staffed by highly skilled cybersecurity professionals, including both internal staff and external partners, with broad knowledge of cybersecurity issues from experience and through training and certifications. Our cybersecurity teams are responsible for detecting, mitigating, and responding to cybersecurity threats through a network of technologies, capabilities, and best practices on a 24/7 basis. Our CISO, in coordination with our cybersecurity teams, and members of our senior leadership team such as our Chief Executive Officer (“CEO”), CFO and General Counsel (“GC”), works collaboratively across the Company to operate a program designed to protect our business from cybersecurity threats and respond to any cybersecurity incidents in accordance with our incident response and recovery plans in real time.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO, who reports to our Chief Financial Officer (“CFO”), leads our cybersecurity program and has more than 20 years of cybersecurity experience. The cybersecurity teams reporting to our CISO are staffed by highly skilled cybersecurity professionals, including both internal staff and external partners, with broad knowledge of cybersecurity issues from experience and through training and certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our cybersecurity teams are responsible for detecting, mitigating, and responding to cybersecurity threats through a network of technologies, capabilities, and best practices on a 24/7 basis. Our CISO, in coordination with our cybersecurity teams, and members of our senior leadership team such as our Chief Executive Officer (“CEO”), CFO and General Counsel (“GC”), works collaboratively across the Company to operate a program designed to protect our business from cybersecurity threats and respond to any cybersecurity incidents in accordance with our incident response and recovery plans in real time.
We have established internal reporting processes designed to ensure that our Board of Directors and the Audit Committee receive information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. In the event of a cybersecurity incident, the materiality of the incident will be evaluated and determined with appropriate input from the CEO, CFO, GC, CISO and other key participants in our cybersecurity program, including external advisors to the extent appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Nature of Operations and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Accounting Principles and Basis of presentation
Accounting Principles. Our Consolidated and Combined Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the years presented. All such adjustments are of a normal recurring nature. The Consolidated and Combined Financial Statements include the accounts of Crane NXT, Co. and our subsidiaries.
Basis of presentation. The Business' financial statements for periods prior to the Separation are prepared on a "carve-out" basis, as described below. Prior to the Separation, the Business operated as Holdings’ Payment & Merchandising Technologies (“P&MT”) segment; consequently, stand-alone financial statements for periods prior to the Separation were not prepared for the Business.
The Consolidated and Combined Financial Statements of Operations include all revenues and costs directly attributable to the Business, including costs for facilities, functions and services used by the Business. Prior to the Separation, costs for certain functions and services performed by centralized Holdings organizations were directly charged to the Business based on specific identification when possible or reasonable allocation methods such as net sales, headcount, usage or other allocation methods. The results of operations include allocations of costs for administrative functions and services performed on behalf of the Business by centralized groups within Holdings (see Note 2, “Related Parties” for a description of the allocation methodologies). All charges and allocations for facilities, functions and services performed by Holdings have been deemed settled in cash by the Business to Holdings in the period in which the cost was recorded in the Consolidated and Combined Statements of Operations. As more fully described in Note 10, “Income Taxes”, current and deferred income taxes have been determined based on the stand-alone results of the Business. However, because the Business filed group tax returns as part of Holdings in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of income taxes for certain jurisdictions is deemed to have been settled in the period the related tax expense was recorded.
Prior to the Separation, Holdings used a centralized approach to cash management and financing its operations. Accordingly, none of the cash of Holdings has been allocated to the Business in the Consolidated and Combined Financial Statements. However, cash balances primarily associated with certain of our foreign entities that did not participate in Holdings’ cash management program have been included in the Consolidated and Combined Financial Statements. Transactions between Holdings and the Business were deemed to have been settled immediately through “Crane Net Investment.” The net effect of the deemed settled transactions is reflected in the Consolidated and Combined Statements of Cash Flows as “Net transfers to Crane” within financing activities.
All intercompany accounts and transactions within the Business were eliminated in the preparation of the Consolidated and Combined Financial Statements. The Consolidated and Combined Financial Statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business.
All allocations and estimates in the Consolidated and Combined Financial Statements are based on assumptions that management believes are reasonable. However, for the periods prior to the Separation, the Consolidated and Combined Financial Statements included herein may not be indicative of the financial position, results of operations and cash flows of the Business in the future, or if the Business had been a separate, stand-alone entity during the periods presented.
Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures.
Use of Estimates
Use of Estimates. Our accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimated. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary. Estimates are used when accounting for such items as asset valuations, allowance for doubtful accounts, depreciation and amortization, impairment assessments, reserve for excess and obsolete inventory, reserve for warranty provision, restructuring provisions, employee benefits, revenue recognition, taxes and contingencies.
Currency Translation
Currency Translation.  Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated at the rate of exchange in effect on the balance sheet date; results of operations are translated at the monthly average rates of exchange prevailing during the year. The related translation adjustments are included in accumulated other comprehensive loss in a separate component of equity.
Revenue Recognition
Revenue Recognition. In accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers,” we recognize revenue when control of the promised goods or services in a contract transfers to the customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We account for a contract when both parties have approved and committed to the terms, each party’s rights and payment obligations under the contract are identifiable, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration. When shipping and handling activities are performed after the customer obtains control of product, we elect to account for shipping and handling as activities to fulfill the promise to transfer the product. In determining the transaction price of a contract, we exercise judgment to determine the total transaction price when it includes estimates of variable consideration, such as rebates and milestone payments. We generally estimate variable consideration using the expected value method and consider all available information (historical, current, and forecasted) in estimating these amounts. Variable consideration is only included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We elect to exclude from the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer.
We primarily generate revenue through the manufacture and sale of technology solutions including advanced detection and sensing systems, software to authenticate and manage transactions, micro-optics materials technology, and anti-counterfeiting technology including micro-optics and micro lithography. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract. When products are customized or products are sold directly to the U.S. government and certain foreign governments, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract contains clauses indicating that the customer owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated monthly. In 2025, the Company recognized approximately $225 million in revenue over time related to products.
When there are multiple performance obligations in a single contract, the total transaction price is allocated to each performance obligation based on their relative standalone selling prices. We maximize the use of observable data inputs and consider all information (including market conditions, segment-specific factors, and information about the customer or class of customer) that is reasonably available. The standalone selling price for our products and services is generally determined using an observable list price, which differs by class of customer.
Revenue recognized from performance obligations satisfied in previous periods (for example, due to changes in the transaction price or estimates), was not material in any period.
Payment for most products is due within a limited time period after shipment or delivery, typically within 30-90 calendar days of the respective invoice dates. Customers generally do not make large upfront payments. Any advanced payments received do not provide us with a significant benefit of financing, as the payments are meant to secure materials used to fulfill the contract, as opposed to providing us with a significant financing benefit.
When an unconditional right to consideration exists, we record these amounts as receivables. When amounts are dependent on factors other than the passage of time for payment from a customer to become due, we record a contract asset. Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer.
We pay sales commissions related to certain contracts, which qualify as incremental costs of obtaining a contract. However, the sales commissions generally relate to contracts for products or services satisfied at a point in time or over a period of time less than one year. As a result, we apply the practical expedient that allows an entity to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would have been recognized is one year or less.
See Note 5, “Revenue” for further details.
Cost of Sales
Cost of Sales. Cost of sales includes the costs of inventory sold and the related purchase and distribution costs. In addition to material, labor and direct overhead and inventoried cost, cost of sales includes allocations of other expenses that are part of the production process, such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, amortization of production related intangible assets and depreciation expense. We also include costs directly associated with products sold, such as warranty provisions. We accrue warranty liabilities when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses. Selling, general and administrative expenses are recognized as incurred, or as allocated based on methodologies further discussed in Note 2, “Related Parties.” Such expenses include the costs of promoting and selling products and include such items as compensation, advertising, sales commissions and travel. Also included are costs related to compensation for other operating activities such as executive office administrative and engineering functions, as well as general operating expenses such as office supplies, non-income taxes, insurance and office equipment rentals.
Income Taxes
Income Taxes. We account for income taxes in accordance with ASC Topic 740 “Income Taxes” (“ASC 740”) which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred income taxes are recognized for the expected future tax consequences of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. These balances are measured using the enacted tax rates expected to apply in the year(s) in which these temporary differences are expected to reverse. The effect of a change in tax rates on deferred income taxes is recognized in income in the period when the change is enacted.
Based on consideration of all available evidence regarding their utilization, we record net deferred tax assets to the extent that it is more likely than not that they will be realized. Where, based on the weight of all available evidence, it is more likely than not that some amount of a deferred tax asset will not be realized, we establish a valuation allowance for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. The evidence we consider in reaching such conclusions includes, but is not limited to, (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing taxable temporary differences, (3) taxable income in prior carryback year(s) if carryback is permitted under the tax law, (4) cumulative losses in recent years, (5) a history of tax losses or credit carryforwards expiring unused, (6) a carryback or carryforward period that is so brief it limits realization of tax benefits, and (7) a strong earnings history exclusive of the loss that created the carryforward and support showing that the loss is an aberration rather than a continuing condition.
We account for unrecognized tax benefits in accordance with ASC 740, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation, based solely on the technical merits of the position. The tax benefit recognized is the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.
We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes line of our Consolidated and Combined Statements of Operations, while accrued interest and penalties are included within the related tax liability line of our Consolidated Balance Sheets. 
Income taxes as presented herein, for periods prior to the Separation, attribute current and deferred income taxes of Holdings to the Business’ stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by ASC 740. Accordingly, the Business’ income tax provision was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group members were separate taxpayers. As a result, actual transactions included in the consolidated financial statements of Holdings may not be included in the separate Consolidated and Combined Financial Statements of the Business. Similarly, the tax treatment of certain items reflected in the Consolidated and Combined Financial Statements of the Business may not be reflected in the consolidated financial statements and tax returns of Holdings. Therefore, such items as net operating losses, credit carry forwards and valuation allowances may exist in the stand-alone financial statements that may or may not exist in Holdings’ consolidated financial statements. As such, the income taxes of the Business as presented in the Consolidated and Combined Financial Statements may not be indicative of the income taxes that the Business will generate in the future.
Obligations for income taxes in jurisdictions where the Business files a combined tax return with Holdings were deemed settled with Holdings and are reflected within “Net transfers to Crane” as a financing activity in the Consolidated and Combined Statements of Cash Flows.
Research and Development
Research and Development. We conduct research and development activities for the purpose of developing new products and enhancing existing products. Research and development costs are expensed as incurred.
See Note 6, “Research and Development” for further details.
Capitalized Software Development Costs. We sell and market software that is integral to the functionality we provide to customers. Internal and external costs incurred for developing this software are charged to research and development expense until technological feasibility has been established, at which point the development costs are capitalized. Capitalized software development costs primarily include payroll, benefits and other headcount related expenses. Once the services are available for general release to customers, no additional costs are capitalized. Capitalized software development costs, net of impairment and accumulated amortization, were $7.0 million and $3.7 million as of December 31, 2025, and December 31, 2024, respectively, and are included in “Intangible assets, net” in the Consolidated Balance Sheets.
Stock-Based Compensation
Stock-Based Compensation. We provide long-term incentive compensation through stock options, restricted share units, performance-based restricted share units and deferred stock units.
The Company recognizes stock-based compensation expense at the grant date based on the fair value of the award and recognizes the fair value on a straight-line basis over the vesting period, or as performance goals are achieved.
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options, with model assumptions including dividend yield, expected volatility, the risk-free interest rate and the expected life of the awards.
See Note 8, “Stock-Based Compensation Plans” for further details.
Earnings Per Share
Earnings Per Share. Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units that were issued to Crane NXT and SpinCo employees and directors. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.
The weighted average number of common shares outstanding for the year ended December 31, 2025, 2024 and 2023, were based on the weighted average number of common shares after the Separation.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy
Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less that are readily convertible to cash and are not subject to significant risk from fluctuations in interest rates. As a result, the carrying amount of cash and cash equivalents approximates fair value. Prior to the Separation, the Business participated in Holdings’ centralized cash management and financing programs (see Note 2, “Related Parties” for additional information). The cash reflected on the Consolidated Balance Sheets represents cash on hand at certain foreign entities that did not participate in the centralized cash management program and are specifically identifiable to the Business.
Restricted Cash. Cash that is legally restricted as to its withdrawal or usage is classified as restricted cash. For the years ended December 31, 2025 and 2024, restricted cash is primarily related to guarantees on future obligations. Current restricted cash, included within “Other current assets” in our Consolidated Balance Sheets, was $5.3 million and 0.8 million as of December 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Consolidated Balance Sheets, was $7.2 million and 6.8 million as of December 31, 2025, and 2024, respectively.
Accounts Receivable, Net
Accounts Receivable, Net. Accounts receivable are carried at net realizable value. The allowance for credit losses was $8.9 million and $7.7 million as of December 31, 2025, and 2024, respectively. The allowance for credit losses activity was not material to our financial results for the years ended December 31, 2025, and 2024. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers, the nature of our customers, their credit worthiness, their relatively small account balances within our customer base and their dispersion across different businesses. We periodically evaluate the financial strength of our customers and believe that our credit risk exposure is limited.
Inventories, net
Inventories, net. Inventories consist of the following:
(in millions) December 31,20252024
Finished goods$26.6 $19.2 
Finished parts and subassemblies23.8 24.3 
Work in process29.4 14.3 
Raw materials89.7 87.0 
Total inventories, net$169.5 $144.8 
Inventories, net include the costs of material, labor and overhead and are stated at the lower of cost or net realizable value. The cost for certain inventories in the U.S. is determined using the last-in, first-out (“LIFO”) method and the first-in, first-out (“FIFO”) method is primarily used for all other inventories.
Valuation of Long-Lived Assets Valuation of Long-Lived Assets. We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the long-lived asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups. If the future undiscounted cash flows are less than the carrying value, then the long-lived asset is considered impaired, and a loss is recognized based on the amount by which the carrying amount exceeds the estimated fair value.
Property, Plant and Equipment, net
Property, Plant and Equipment, net. Property, plant and equipment, net consists of the following: 
(in millions) December 31,20252024
Land$35.1 $33.6 
Buildings and improvements146.4 121.4 
Machinery and equipment507.4 444.8 
Gross property, plant and equipment688.9 599.8 
Less: accumulated depreciation385.1 327.5 
Property, plant and equipment, net$303.8 $272.3 
Property, plant and equipment is stated at cost and depreciation is calculated by the straight-line method over the estimated useful lives of the respective assets, which range from 10 to 25 years for buildings and improvements and 3 to 10 years for machinery and equipment.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets. Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) and assess the carrying value of goodwill annually during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment.
We determine the fair value of each reporting unit for our goodwill impairment testing. 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 December 31, 2025, we had three reporting units. The fair value of each reporting unit is determined using a combination of the income approach, using discounted cash flows, and the market approach using comparable public company multiples. Assumptions are reviewed to ensure that the income approach and the market approach do not result in significantly different fair value calculations. Based on the results of our most recent annual impairment test in the fourth quarter of 2025, the reporting unit fair values were higher than their carrying values. No impairment charges have been required during 2025, 2024 and 2023.
Furthermore, to evaluate the sensitivity of the fair value calculations on the goodwill impairment test, we applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in a fair value calculation significantly exceeding our carrying value for each of our reporting units, except for the Crane Authentication reporting unit, which is composed OpSec and De La Rue, acquired in 2024 and 2025, respectively. Goodwill associated with Crane Authentication represents 27.9% of the Company’s total goodwill. While we believe we have made reasonable estimates and assumptions to calculate the fair value of all our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, or if factors outside management control, such as interest rates or other market conditions change, goodwill and other intangible assets may then be determined to be impaired and a charge would need to be taken against net earnings.
The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions. There are inherent uncertainties related to these assumptions, including changes in factors outside management control such as market conditions, and management judgment is necessary in applying them to the analysis of impairment. The estimated cost of capital used in the discounted cash flow analysis varies for each reporting unit and ranged between 11.0% and 12.0% (a weighted average of 11.5%), at our most recent annual goodwill impairment assessment.
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions (see Note 3)— 133.7 $133.7 
Currency translation(17.6)(0.7)(18.3)
Balance as of December 31, 2024
$609.1 $347.5 $956.6 
Additions (see Note 3)— 188.5 $188.5 
Currency translation and other15.1 3.8 18.9 
Balance as of December 31, 2025
$624.2 $539.8 $1,164.0 
Intangibles with indefinite useful lives, consist of trademarks and tradenames. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using the relief from royalty method.
We amortize the cost of definite-lived intangibles over their estimated useful lives. In addition to an annual assessment for impairment of indefinite-lived intangible assets, we review all our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which intends to improve the transparency of income tax disclosures. The new standard requires public entities to provide greater disaggregation in their rate reconciliation, including new requirements to present reconciling items on a gross basis within specified categories, to disclose both percentages and dollar amounts, and to disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meets a quantitative threshold. The guidance also includes new requirements to provide users of the financial statements with better information on future cash flow prospects. The standard is effective for all public entities for annual periods beginning after December 15, 2024, on a prospective basis, with a retrospective option, and early adoption permitted for annual financial statements that have not yet been issued. The Company adopted the standard on a prospective basis for the year ended December 31, 2025. See Note 10, “Income Taxes” reflecting the Company’s adoption of this standard.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The standard requires disclosure of these expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The update eliminates the previous project stage model and introduces a “probable-to-complete” threshold for capitalization. It also consolidates guidance for website development costs under Subtopic 350-40. The ASU is effective for fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact of this standard on its Financial Statements and Disclosures.
The Company considered the applicability and impact of other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Consolidated and Combined Statements of Operations, Consolidated Balance Sheets and Consolidated and Combined Cash Flows.
Pension Plan and Postretirement Plans
Pension Plan
A number of our non-U.S. subsidiaries sponsor defined benefit pension plans that provide ongoing benefits for approximately 5% of all non-U.S. employees as of December 31, 2025. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. Additionally, in the United States, we sponsor a defined benefit pension plan that covers less than 1% of U.S. employees as of December 31, 2025. The benefits are based on years of service and compensation. Charges to expense are based upon costs computed by an independent actuary. The plan is funded on a pay-as-you-go basis.
Postretirement Plans
Postretirement health care benefits are provided for certain employees hired before July 1, 2013, who meet minimum age and service requirements.
Leases
Arrangements that explicitly or implicitly relate to property, plant and equipment are assessed at inception to determine if the arrangement is or contains a lease. Generally, we enter operating leases as the lessee and recognize right-of-use assets and lease liabilities based on the present value of future lease payments over the lease term.
We lease certain vehicles, equipment, manufacturing and non-manufacturing facilities. We have leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, we applied the practical expedient to account for each separate lease component and its associated non-lease component(s) as a single lease component.
We identify variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum.
Certain leases include options to renew for an additional term or company-controlled options to terminate. We generally determine it is not reasonably certain to assume the exercise of renewal options because there is no economic incentive to renew. As termination options often include penalties, we generally determine it is reasonably certain that termination options will not be exercised because there is an economic incentive not to terminate. Therefore, these options generally do not impact the lease term or the determination or classification of the right-of-use asset and lease liability.
We do not enter arrangements where restrictions or covenants are imposed by the lessor that, for example, relate to incurring additional financial obligations. Furthermore, we also have not entered any significant sublease arrangements.
We use our collateralized incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The rate implicit in the lease is generally unknown, as we generally operate in the capacity of the lessee.
Fair Value Measurements
Fair Value Measurements. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. The standards also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The standards describe three levels of inputs that may be used to measure fair value:
Level 1: Quoted prices in active markets for identical or similar assets and liabilities.
Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 2 assets and liabilities include over-the-counter derivatives, principally forward foreign exchange contracts, whose value is determined using pricing models with inputs that are generally based on published foreign exchange rates and exchange traded prices, adjusted for other specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Valuation Technique
The carrying value of our financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value, without being discounted, due to the short periods during which these amounts are outstanding.
We are exposed to certain risks related to our ongoing business operations, including market risks related to fluctuation in currency exchange. We use foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on our earnings and cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. We have foreign exchange contracts not designated as hedging instruments 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.
As a result of the Separation, all outstanding stock-based compensation awards of Holdings were exchanged for similarly valued stock-based compensation awards of either SpinCo, Crane NXT or both. The modification of the performance-based restricted share units resulted in a liability recorded upon Separation for awards that will be settled in SpinCo’s shares. The amount of the liability is measured at fair value using Level 1 inputs such as the quoted market price of the underlying company’s stock.
Long-term debt rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value for debt issues that are not quoted on an exchange. The estimated fair value of long-term debt is measured using Level 2 inputs.
As a result of the OpSec acquisition, we assumed a contingent liability related to a prior OpSec acquisition. The amount of the liability is measured at fair value using Level 3 inputs as the fair value is determined by estimating the net present value of the expected cash flows based on the probability of the achievement of the contingent revenue targets.
v3.25.4
Compensation Related Costs, Retirement Benefits (Policies)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension Plan and Postretirement Plans
Pension Plan
A number of our non-U.S. subsidiaries sponsor defined benefit pension plans that provide ongoing benefits for approximately 5% of all non-U.S. employees as of December 31, 2025. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. Additionally, in the United States, we sponsor a defined benefit pension plan that covers less than 1% of U.S. employees as of December 31, 2025. The benefits are based on years of service and compensation. Charges to expense are based upon costs computed by an independent actuary. The plan is funded on a pay-as-you-go basis.
Postretirement Plans
Postretirement health care benefits are provided for certain employees hired before July 1, 2013, who meet minimum age and service requirements.
v3.25.4
Nature of Operations and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Earnings Per Share
(in millions, except per share data) For the year ended December 31,202520242023
Net income attributable to common shareholders$145.1 $184.1 $188.3 
Average basic shares outstanding57.457.156.8
Effect of dilutive share-based awards0.60.70.7
Average diluted shares outstanding58.057.857.5
Basic earnings per share$2.53 $3.22 $3.31 
Diluted earnings per share$2.50 $3.19 $3.28 
Summary of Inventories Inventories consist of the following:
(in millions) December 31,20252024
Finished goods$26.6 $19.2 
Finished parts and subassemblies23.8 24.3 
Work in process29.4 14.3 
Raw materials89.7 87.0 
Total inventories, net$169.5 $144.8 
Summary of Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: 
(in millions) December 31,20252024
Land$35.1 $33.6 
Buildings and improvements146.4 121.4 
Machinery and equipment507.4 444.8 
Gross property, plant and equipment688.9 599.8 
Less: accumulated depreciation385.1 327.5 
Property, plant and equipment, net$303.8 $272.3 
Schedule of Changes to Goodwill
Changes to goodwill are as follows:
(in millions) Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Balance as of December 31, 2023
$626.7 $214.5 $841.2 
Additions (see Note 3)— 133.7 $133.7 
Currency translation(17.6)(0.7)(18.3)
Balance as of December 31, 2024
$609.1 $347.5 $956.6 
Additions (see Note 3)— 188.5 $188.5 
Currency translation and other15.1 3.8 18.9 
Balance as of December 31, 2025
$624.2 $539.8 $1,164.0 
Summary of Intangible Assets, Finite
Changes to intangible assets are as follows:
(in millions) December 31,202520242023
Balance at beginning of period, net of accumulated amortization$419.3 $308.9 $344.9 
Additions191.1 161.8 — 
Amortization expense(59.5)(47.0)(35.9)
Currency translation and other6.3 (4.4)(0.1)
Balance at end of period, net of accumulated amortization$557.2 $419.3 $308.9 
A summary of intangible assets follows:
(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		December 31, 2025December 31, 2024
Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights6.3$66.0 $18.4 $47.6 $65.5 $15.4 $50.1 
Customer relationships and backlog18.9767.9 339.2 428.7 610.5 293.9 316.6 
Developed Technology6.0113.2 42.2 71.0 66.4 26.8 39.6 
Other12.375.0 65.1 9.9 71.8 58.8 13.0 
Total18.1$1,022.1 $464.9 $557.2 $814.2 $394.9 $419.3 
Summary of Intangible Assets, Indefinite
Changes to intangible assets are as follows:
(in millions) December 31,202520242023
Balance at beginning of period, net of accumulated amortization$419.3 $308.9 $344.9 
Additions191.1 161.8 — 
Amortization expense(59.5)(47.0)(35.9)
Currency translation and other6.3 (4.4)(0.1)
Balance at end of period, net of accumulated amortization$557.2 $419.3 $308.9 
A summary of intangible assets follows:
(in millions)Weighted Average
Amortization Period of Finite Lived Assets (in years)		December 31, 2025December 31, 2024
Gross
Asset		Accumulated
Amortization		NetGross
Asset		Accumulated
Amortization		Net
Intellectual property rights6.3$66.0 $18.4 $47.6 $65.5 $15.4 $50.1 
Customer relationships and backlog18.9767.9 339.2 428.7 610.5 293.9 316.6 
Developed Technology6.0113.2 42.2 71.0 66.4 26.8 39.6 
Other12.375.0 65.1 9.9 71.8 58.8 13.0 
Total18.1$1,022.1 $464.9 $557.2 $814.2 $394.9 $419.3 
Summary of Future Amortization Expense of Intangibles
Future amortization expense associated with intangibles is expected to be:
Year(in millions)
2026$65.2 
2027$61.0 
2028$55.9 
2029$53.7 
2030$32.0 
2031 and after$243.9 
Schedule of Redeemable Noncontrolling Interest
The following table presents the reconciliation of changes in the Company’s redeemable noncontrolling interest:
(in millions)
Balance as of December 31, 2024$— 
Redeemable noncontrolling interest (See Note 3 “Acquisitions”)6.9 
Net loss attributable to redeemable noncontrolling interest(0.5)
Redeemable noncontrolling interest redemption value*0.5 
Foreign currency translation— 
Balance as of December 31, 2025$6.9 
*Adjustment of the carrying value of redeemable noncontrolling interest to the estimated redemption value was recognized in
capital surplus.
Schedule of Accumulated Other Comprehensive Loss The tables below provide the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets.
(in millions)Defined Benefit Pension and Other Postretirement Items Currency Translation Adjustment
 Total (a)
Balance as of December 31, 2022$9.0 $(140.5)$(131.5)
Other comprehensive (loss) income before reclassifications(3.2)18.1 14.9 
Amounts reclassified from accumulated other comprehensive income(2.0)— (2.0)
Net period other comprehensive (loss) income(5.2)18.1 12.9 
Balance as of December 31, 20233.8 (122.4)(118.6)
Other comprehensive loss before reclassifications— (50.9)(50.9)
Amounts reclassified from accumulated other comprehensive income(3.1)— (3.1)
Net period other comprehensive loss(3.1)(50.9)(54.0)
Balance as of December 31, 20240.7 (173.3)(172.6)
Other comprehensive income before reclassifications1.6 72.2 73.8 
Amounts reclassified from accumulated other comprehensive income(1.1)— (1.1)
Net period other comprehensive income0.5 72.2 72.7 
Balance as of December 31, 2025$1.2 $(101.1)$(99.9)
(a)
 Net of tax detriment of $1.1 million, $1.3 million and $1.5 million for December 31, 2025, 2024 and 2023, respectively.
Amounts Reclassified out of Accumulated Other Comprehensive Loss
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2025, 2024 and 2023. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on the Consolidated and Combined Statements of Operations.
(in millions) Amount Reclassified from Accumulated Other Comprehensive Loss
 December 31,202520242023
Amortization of pension items:
Prior service costs$(0.7)$(0.8)$(0.7)
Net loss0.2 0.3 — 
Amortization of postretirement items:
Prior service costs— (0.9)(1.1)
Net gain(0.8)(0.9)(0.7)
Other— (1.4)— 
Total before tax$(1.3)$(3.7)$(2.5)
Tax impact(0.2)(0.6)(0.5)
Total reclassifications for the period$(1.1)$(3.1)$(2.0)
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed Potential adjustments are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions)
Accounts receivable, net$19.9 
Inventories, net20.8 
Other current assets6.7 
Property, plant and equipment27.5 
Other non-current assets5.3 
Intangible assets184.4 
Goodwill188.5 
Total assets acquired$453.1 
Total current liabilities$16.3 
Other liabilities45.7 
Total assumed liabilities$62.0 
Net assets acquired$391.1 
The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec. The fair value of certain assets and liabilities has been completed as required by ASC 805.
Net assets acquired (in millions)
Total current assets$33.5 
Property, plant and equipment17.3 
Other assets6.9 
Intangible assets155.5 
Goodwill134.3 
Total assets acquired$347.5 
Total current liabilities$37.9 
Other liabilities41.2 
Total assumed liabilities$79.1 
Net assets acquired$268.4 
Schedule of Intangible Assets Acquired
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (in millions)Intangible Fair ValueWeighted Average Life (in years)
Customer relationships$141.0 18.2
Developed technology40.7 5.0
Backlog2.7 0.9
Total acquired intangible assets$184.4 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life
Customer relationships$115.5 19.3
Developed technology36.5 5.7
Backlog2.0 0.7
Intellectual property rights1.5 5.0
Total acquired intangible assets$155.5 
Schedule of Pro Forma Information
(in millions) For the year ended December 31,202520242023
Net sales$1,699.6 $1,667.2 $1,507.7 
Net income attributable to common shareholders$160.3 $164.4 $161.1 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Financial Information by Reportable Segment
Financial information by reportable segment is set forth below:
(in millions) Year ended December 31, 2025
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$846.6 $810.1 $1,656.7 
Less:
Cost of operations379.1 401.1 
Selling and administrative expense157.8 154.0 
Engineering expense34.9 38.1 
Other segment items (a)
53.2 119.5 
Segment operating profit221.6 97.4 319.0 
Corporate costs(72.3)
Operating profit246.7 
Interest income1.0 
Interest expense(60.3)
Equity investment loss(11.5)
Miscellaneous income, net5.1 
Income before income taxes$181.0 
(in millions) Year ended December 31, 2024
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$873.2 $613.6 $1,486.8 
Less:
Cost of operations394.2 323.6 
Selling and administrative expense160.6 94.2 
Engineering expense43.8 27.2 
Other segment items (a)
46.2 57.7 
Segment operating profit228.4 110.9 339.3 
Corporate costs(70.5)
Operating profit268.8 
Interest income1.6 
Interest expense(47.8)
Equity investment gain0.8 
Miscellaneous income, net3.0 
Income before income taxes$226.4 
(in millions) Year ended December 31, 2023
Crane Payment InnovationsSecurity and Authentication TechnologiesTotal
Net Sales$886.4 $504.9 $1,391.3 
Less:
Cost of operations373.3 297.6 
Selling and administrative expense152.9 72.1 
Engineering expense51.5 18.7 
Other segment items (a)
65.9 0.2 
Segment operating profit242.8 116.3 359.1 
Corporate costs(72.3)
Operating profit286.8 
Interest income1.1 
Interest expense(48.1)
Related party interest expense(2.5)
Miscellaneous income, net2.5 
Income before income taxes$239.8 
(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.
Balance sheet items by reportable segment is set forth below:
(in millions) December 31,20252024
Goodwill:
Crane Payment Innovations$624.2 $609.1 
Security and Authentication Technologies539.8 347.5 
Total goodwill$1,164.0 $956.6 
Assets:
Crane Payment Innovations$1,183.0 $1,187.1 
Security and Authentication Technologies1,734.9 1,178.2 
Corporate 198.5 21.2 
Total assets$3,116.4 $2,386.5 
Summary of Financial Information by Geographic Region
Net sales by geographic region:
(in millions) December 31,202520242023
Net sales (a)
North America$829.3 $804.8 $787.1 
Western Europe190.2 162.1 196.3 
Rest of the World637.2 519.9 407.9 
Total net sales$1,656.7 $1,486.8 $1,391.3 
(a)
Net sales by geographic region are based on the destination of the sale.
Long-lived assets by geographic region:
(in millions) December 31,20252024
Long-lived assets (a)
North America$186.8 $187.3 
Western Europe165.9 129.1 
Rest of the World18.4 16.3 
Total long-lived assets$371.1 $332.7 
(a)
Long-lived assets, net by geographic region are based on the location of the business unit and consist of property, plant and equipment and operating lease assets.
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Product Line
The following table presents net sales disaggregated by product line for each segment:
(in millions) December 31,202520242023
Crane Payment Innovations
Products$709.4 $739.9 $758.7 
Services137.2 133.3 127.7 
Total Crane Payment Innovations$846.6 $873.2 $886.4 
Security and Authentication Technologies
Banknotes and Security Products$592.4 $521.9 $500.4 
Authentication Products and Solutions217.791.74.5
Total Security and Authentication Technologies$810.1 $613.6 $504.9 
Total Net Sales$1,656.7 $1,486.8 $1,391.3 
Net Contract Assets and Contract Liabilities
(in millions) December 31,20252024
Contract assets$56.1 $37.8 
Contract liabilities$87.3 $71.4 
Long-term contract liabilities$17.0 $13.5 
v3.25.4
Research and Development (Tables)
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Research and Development Costs
Research and development costs are expensed when incurred and are included in “Selling, general and administrative” in our Consolidated and Combined Statements of Operations.
(in millions) December 31,202520242023
Research and Development Costs$46.0 $39.5 $42.8 
v3.25.4
Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status
A summary of the projected benefit obligations, fair value of plan assets and funded status for the plans is as follows:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$69.1 $77.6 $11.5 $12.7 
Service cost2.2 2.0 0.1 0.1 
Interest cost1.7 1.9 0.6 0.6 
Plan participants’ contributions0.3 0.4 — — 
Actuarial (gain) loss(1.6)(1.0)0.3 (0.4)
Settlements(10.6)(2.3)— — 
Curtailments(2.3)— — — 
Benefits paid(2.5)(5.5)(1.4)(1.5)
Foreign currency exchange and other9.1 (3.9)— — 
Administrative expenses paid(0.3)(0.1)— — 
Benefit obligation at end of year$65.1 $69.1 $11.1 $11.5 
Change in plan assets:
Fair value of plan assets at beginning of year$76.5 $83.5 $— $— 
Actual return on plan assets2.9 3.8 — — 
Employer contributions1.2 1.6 1.4 1.5 
Plan participants’ contributions0.3 0.4 — — 
Settlements(10.6)(2.3)— — 
Benefits paid(2.5)(5.5)(1.4)(1.5)
Foreign currency exchange and other9.0 (4.2)— — 
Administrative expenses paid(0.6)(0.8)— — 
Fair value of plan assets at end of year$76.2 $76.5 $— $— 
Funded status$11.1 $7.4 $(11.1)$(11.5)
Schedule of Amounts Recognized on the Consolidated and Combined Balance Sheets
Amounts recognized on our Consolidated Balance Sheets consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Other assets$15.2 $13.6 $— $— 
Accrued liabilities(0.2)(0.4)(1.2)(1.3)
Accrued pension and postretirement benefits(3.9)(5.8)(9.9)(10.2)
Funded status$11.1 $7.4 $(11.1)$(11.5)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Net actuarial loss (gain)$9.0 $12.2 $(6.3)$(7.4)
Prior service credit (3.5)(5.3)— — 
Total recognized in accumulated other comprehensive loss (gain)$5.5 $6.9 $(6.3)$(7.4)
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are as follows:
 Pension Obligations/Assets
U.S.Non-U.S.Total
(in millions) December 31,202520242025202420252024
Projected benefit obligation$0.3 $0.5 $64.8 $68.6 $65.1 $69.1 
Accumulated benefit obligation$0.3 $0.5 $64.0 $67.1 $64.3 $67.6 
Fair value of plan assets$— $— $76.2 $76.5 $76.2 $76.5 
Summary of Information for Pension Plans With Benefit Obligation in Excess of Plan Assets
Information for pension plans with benefit obligation in excess of plan assets is as follows:
(in millions) December 31,20252024
Projected benefit obligation$4.1 $44.0 
Accumulated benefit obligation$4.1 $42.5 
Schedule of Components of Net Periodic (Benefit) Cost
Components of net periodic (benefit) cost are as follows:
Pension BenefitsPostretirement Benefits
(in millions) For the year ended December 31,202520242023202520242023
Net Periodic (Benefit) Cost:
Service cost$2.2 $2.0 $1.9 $0.1 $0.1 $0.1 
Interest cost1.7 1.9 2.1 0.6 0.6 0.8 
Expected return on plan assets(2.9)(3.0)(3.2)— — — 
Amortization of prior service cost(0.7)(0.8)(0.7)— (0.9)(1.1)
Amortization of net loss (gain)0.2 0.3 — (0.8)(0.9)(0.7)
Recognized curtailment loss (gain)(1.7)— (0.1)— — — 
Settlement loss (gain)0.5 — (0.3)— — — 
Other— (1.4)— — — — 
Net periodic cost (benefit)$(0.7)$(1.0)$(0.3)$(0.1)$(1.1)$(0.9)
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
The weighted average assumptions used to determine benefit obligations are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate4.14 %4.39 %4.02 %5.20 %5.50 %5.00 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.14 %4.39 %4.02 %N/AN/AN/A
Non-U.S. Plans:
Discount rate2.99 %2.52 %2.57 %N/AN/AN/A
Rate of compensation increase1.99 %2.01 %2.03 %N/AN/AN/A
Interest credit rate1.89 %0.97 %1.75 %N/AN/AN/A
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate4.39 %4.02 %5.43 %5.50 %5.40 %5.40 %
Expected rate of return on plan assetsN/AN/AN/AN/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.39 %4.02 %3.62 %N/AN/AN/A
Non-U.S. Plans:
Discount rate2.52 %2.57 %3.17 %N/AN/AN/A
Expected rate of return on plan assets3.62 %4.19 %4.07 %N/AN/AN/A
Rate of compensation increase2.01 %2.03 %2.17 %N/AN/AN/A
Interest credit rate0.97 %1.86 %1.81 %N/AN/AN/A
Schedule of Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates are as follows:
December 31,20252024
Health care cost trend rate assumed for next year8.50 %7.00 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20392035
Summary of Pension Plan Allocations and Fair Value of Pension Plan Assets
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows, along with the actual allocation related to the Dedicated Plans:
  Target AllocationActual Allocation
Asset Category December 31,20252024
Equity securities
5% - 75%
8 %9 %
Fixed income securities
15% - 75%
35 %33 %
Alternative assets/Other
0% - 75% 
56 %58 %
Cash and money market
0% - 10%
1 %— %
The fair value of our pension plan assets as of December 31, 2025, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$0.4 $— $— $— $0.4 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 6.5 6.5 
Collective Trust— — 20.8 13.5 34.3 
Non-U.S. Fixed Income, Government and Corporate— — — 26.9 26.9 
Alternative Investments
Insurance / Annuity Contract(s)— 8.1 — — 8.1 
Total Fair Value$0.4 $8.1 $20.8 $46.9 76.2 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
The fair value of our pension plan assets as of December 31, 2024, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$0.2 $— $— $— $0.2 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 6.6 6.6 
Collective Trust— — 19.5 18.2 37.7 
Non-U.S. Fixed Income, Government and Corporate— — — 25.1 25.1 
Alternative Investments
Insurance / Annuity Contract(s)— 6.9 — — 6.9 
Total Fair Value$0.2 $6.9 $19.5 $49.9 $76.5 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
Summary of Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions)Pension
Benefits		Postretirement Benefits
2026$3.7 $1.2 
20273.8 1.2 
20284.0 1.0 
20293.9 1.0 
20304.2 1.0 
2031 to 203521.0 4.2 
Total payments$40.6 $9.6 
v3.25.4
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted-Average Assumptions for Grants The weighted-average assumptions for grants during the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Dividend yield1.17 %1.10 %1.57 %
Volatility35.23 %36.00 %32.33 %
Risk-free interest rate4.11 %4.23 %3.67 %
Expected lives in years7.77.77.7
Summary of Stock Option Plan Activity
Activity in Crane NXT’s stock option plans for the year ended December 31, 2025 were as follows:
Option ActivityNumber of
Shares
(in 000’s)		Weighted
Average
Exercise Price		Weighted
Average
Remaining
Life (Years)
Aggregate Intrinsic Value (in millions) (a)
Options outstanding as of January 1, 2025464 $40.82 
Granted106 58.25 
Exercised(39)26.74 
Canceled(15)54.78  
Options outstanding as of December 31, 2025516 $45.06 6.73$3.0 
Options exercisable as of December 31, 2025256 $37.02 5.26$2.8 
(a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at December 31, 2025.
Summary of Changes in Restricted Share Units
Changes in our restricted share units for the year ended December 31, 2025 were as follows:
Restricted Share Unit Activity Restricted
Share Units
(in 000’s)		Weighted
Average
Grant-Date
Fair Value
Restricted share units as of January 1, 2025461 $51.07 
Restricted share units granted180 56.96 
Restricted share units vested(159)46.22 
Restricted share units forfeited(42)51.07 
Performance-based restricted share units granted89 63.61 
Performance-based restricted share units vested(14)48.63 
Performance-based restricted share units forfeited(13)62.08 
Restricted share units as of December 31, 2025502 $56.73 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Lease Assets and Liabilities
Our Consolidated Balance Sheets include the following related to leases:
(in millions) December 31, Classification20252024
Assets
Operating right-of-use assetsOther assets$67.2 $60.4 
Liabilities
Current lease liabilitiesAccrued liabilities$14.6 $10.6 
Long-term lease liabilitiesOther liabilities55.6 52.7 
Total lease liabilities$70.2 $63.3 
Summary of Operating Leases
The components of lease cost were as follows:
(in millions) December 31,202520242023
Operating lease cost$18.2 $15.4 $11.0 
Variable lease cost2.8 2.4 1.8 
Total lease cost$21.0 $17.8 $12.8 
The weighted average remaining lease terms and discount rates for our operating leases were as follows:
December 31,20252024
Weighted-average remaining lease term (in years) - operating leases13.313.5
Weighted-average discount rate - operating leases5.7 %5.6 %
Supplemental cash flow information related to our operating leases were as follows:
(in millions) December 31,202520242023
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows$12.6 $9.8 $8.2 
Right-of-use assets obtained in exchange for new operating lease liabilities$6.8 $5.3 $16.5 
Future Minimum Operating Lease Payments
Future minimum operating lease payments are as follows:
(in millions)December 31, 2025
2026$17.7 
202714.1 
20289.1 
20297.6 
20306.2 
Thereafter47.9 
Total future minimum operating lease payments$102.6 
Imputed interest32.4 
Present value of lease liabilities reported$70.2 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Taxes
Our income before taxes is as follows:
(in millions) December 31,202520242023
U.S. operations$91.5 $78.2 $97.4 
Non-U.S. operations89.5 148.2 142.4 
Total income before tax$181.0 $226.4 $239.8 
As of December 31, 2025, we have made the following determinations regarding our non-U.S. earnings:
(in millions)Permanently reinvestedNot permanently reinvested
Amount of earnings$679.6 $107.9 
Associated tax
N/A (a)
$0.1 
(a) Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $679.6 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.
Schedule of Provision (Benefit) for Income Taxes
Our provision (benefit) for income taxes consists of: 
(in millions) December 31,202520242023
Current Tax:
U.S. federal$27.8 $29.2 $31.3 
U.S. state and local3.7 (0.1)1.7 
Non-U.S.18.9 28.1 20.6 
Total current tax50.4 57.2 53.6 
Deferred Tax:
U.S. federal (9.2)(13.4)(2.8)
U.S. state and local(0.9)1.3 (0.4)
Non-U.S. (4.4)(2.8)1.1 
Total deferred tax(14.5)(14.9)(2.1)
Total provision for income taxes (a)
$35.9 $42.3 $51.5 
(a) Included in the above amounts are excess tax benefits from share-based compensation of $0.7 million, $1.2 million and $0.9 million in 2025, 2024 and 2023, respectively, which were reflected as reductions in our provision for income taxes in 2025, 2024 and 2023.
Effective Tax Rate Reconciliation
A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
(in millions, except %) December 31,2025
In USDPercent of Pre-tax Income
U.S. Federal Statutory Tax Rate$38.0 21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect (a) 3.3 1.8 %
Foreign Tax Effects
    Italy
      Change in Valuation Allowances3.1 1.7 %
      Other(0.4)(0.2)%
    Malta
      Statutory tax rate difference between Malta and United States(2.8)(1.5)%
      Notional Interest Deduction(4.5)(2.5)%
      Other0.6 0.3 %
    United Kingdom(2.3)(1.2)%
    Other foreign jurisdictions2.4 1.3 %
Effects of Changes in Tax Laws or Rates Enacted in the Current Period— — %
Effects of Cross-Border Tax Laws
   Global intangible low-taxed income, net of FTC1.5 0.8 %
   Foreign-derived intangible income(3.8)(2.1)%
   Subpart F income, net of FTC4.2 2.3 %
   U.S. tax on foreign branches, net of FTC(4.1)(2.3)%
Tax Credits
   Research and development tax credits(1.6)(0.9)%
Change in Valuation Allowances1.7 0.9 %
Nontaxable or Nondeductible Items3.7 2.0 %
Changes in Unrecognized Tax Benefits(2.5)(1.4)%
Other Adjustments(0.6)(0.2)%
Effective tax rate$35.9 19.8 %
(a) As of December 31, 2025, state taxes in Illinois, Massachusetts, Maryland, Texas and Utah made up the majority (greater than 50 percent) of the tax effect in this category.
December 31,20242023
Statutory U.S. federal tax rate21.0 %21.0 %
Increase (reduction) from:
Income taxed at non-U.S. rates(1.4)%(2.0)%
Non-U.S. income inclusion, net of tax credits0.5 %2.0 %
State and local taxes, net of federal benefit0.2 %1.0 %
Changes in reserves for uncertain tax positions(2.7)%(1.3)%
U.S. deduction for foreign - derived intangible income(1.0)%(0.8)%
Other2.1 %1.6 %
Effective tax rate18.7 %21.5 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31,20252024
Deferred tax assets:
Tax loss and credit carryforwards$53.3 $46.1 
Interest Deduction carryforward1.5 — 
Inventories5.6 7.6 
Capitalized Research and Development 16.9 16.1 
Accruals and Reserves9.0 9.5 
Pension and Post Retirement Benefits1.0 3.3 
Other6.2 5.8 
Total$93.5 $88.4 
Less: valuation allowance51.3 43.6 
Total deferred tax assets, net of valuation allowance$42.2 $44.8 
Deferred tax liabilities:
Basis difference in intangible assets$(160.9)$(131.1)
Basis difference in fixed assets(29.7)(29.7)
Other(0.1)(0.8)
Total deferred tax liabilities$(190.7)$(161.6)
Net deferred tax liability$(148.5)$(116.8)
Balance sheet classification:
Long-term deferred tax assets$2.5 $2.2 
Long-term deferred tax liability(151.0)(119.0)
Net deferred tax liability$(148.5)$(116.8)
Summary of Tax Loss and Tax Credit Carryforwards
As of December 31, 2025, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration		U.S.
Federal
Tax
Credits		U.S.
Federal
Tax
Losses		U.S.
State
Tax
Credits		U.S.
State
Tax
Losses		Non-U.S. Tax CreditsNon- U.S.
Tax
Losses		Total
2026-2030$— $— $0.4 $141.2 $— $— 
After 203010.0 0.5 0.7 368.8 — — 
Indefinite— — — 6.5 — 52.1 
Total tax carryforwards$10.0 $0.5 $1.1 $516.5 $— $52.1 
Deferred tax asset on tax carryforwards$10.0 $0.1 $0.8 $28.5 $0.8 $13.1 $53.3 
Valuation allowance on tax carryforwards(10.0)(0.1)(0.4)(27.8)— (13.0)(51.3)
Net deferred tax asset on tax carryforwards$— $— $0.4 $0.7 $0.8 $0.1 $2.0 
Gross Unrecognized Tax Benefits Reconciliation
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions)202520242023
Balance of liability as of January 1,$8.1 $16.5 $7.6 
Increase (decrease) as a result of:
Tax positions taken during a prior year(0.5)(1.0)(0.2)
Tax positions taken during the current year0.5 0.4 0.5 
Settlements with taxing authorities— — (0.1)
Lapse of the statute of limitations(2.6)(7.8)(5.2)
Other— — 13.9 
Balance of liability as of December 31,$5.5 $8.1 $16.5 
Schedule of Income Taxes Paid
Income Taxes Paid
(in millions) December 31,2025
A breakdown of income taxes paid (net of refunds) is as follows:
U.S. Federal$26.2 
U.S. State4.8
Non-U.S.19.9
Total income taxes paid, net$50.9 
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:
U.S. Federal$26.2 
Foreign
Japan$13.7 
United Kingdom$4.2 
Summary of Income Tax Examinations With few exceptions, the years open to examinations are as follows:
JurisdictionYear
U.S. federal    2022 - 2024
U.S. state and local    2019 - 2024
Non-U.S.    2018 - 2024
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of: 
(in millions) December 31,20252024
Employee related expenses$58.5 $53.4 
Contract liabilities87.3 71.4 
Current lease liabilities14.6 10.6 
Accrued interest7.6 6.6 
Warranty10.9 6.2 
Share deposit liabilities1
14.4 — 
Other79.7 63.0 
Total$273.0 $211.2 
1 Share deposit liabilities represent ordinary shares that the Company is obligated to issue related to the acquisition of Antares Vision. See Note 3, “Acquisitions” for further details.
v3.25.4
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities [Abstract]  
Schedule of Other Liabilities
A summary of the other liabilities is as follows:
(in millions) December 31,20252024
Long-term lease liabilities$55.6 $52.7 
Long-term contract liabilities17.0 13.5 
Accrued taxes6.6 9.4 
Share deposit liabilities1
21.4 — 
Stock-based compensation liabilities1
12.0 — 
Other3.4 4.6 
Total$116.0 $80.2 
1 Share deposit liabilities represent Class B shares that the Company is obligated to issue related to the acquisition of Antares Vision. The Class B shares that have been granted are accounted for as stock‑based compensation under ASC Topic 718 “Compensation - Stock Compensation” (“ASC 718”). See Note 3, “Acquisitions” for further details.
v3.25.4
Financing (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Components of Debt
Our debt as of December 31, 2025, and 2024 consisted of the following:
(in millions) December 31,20252024
Term Loan A$9.1 $— 
Revolving Facility126.0 210.0 
Total short-term borrowings (a)
$135.1 $210.0 
Term Loan A$351.4 $— 
Term Loan B120.7 — 
6.55% notes due November 2036
198.8 198.7 
4.20% notes due March 2048
346.9 346.8 
Other deferred financing costs associated with credit facilities(13.4)(4.9)
Total long-term debt (a)
$1,004.4 $540.6 
(a ) Debt discounts and debt issuance costs totaled $30.7 million and $9.4 million as of December 31, 2025, and 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.
Total Indebtedness to Capitalization
As of December 31, 2025, our total debt to total capitalization ratio was 47.7%, computed as follows:
(in millions)
Short-term borrowings$135.1 
Long-term debt1,004.4 
Total debt$1,139.5 
Equity$1,249.9 
Capitalization$2,389.4 
Total indebtedness to capitalization47.7 %
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following tables provide information regarding the Company’s assets and liabilities measured at fair value as of December 31, 2025, and 2024.
December 31, 2025 (in millions)
Location on Consolidated Balance SheetsActive Markets for Identical Assets and Liabilities
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3		Total
Fair Value
Liabilities
Foreign exchange contract not designated as hedging instrument1
Accrued Liabilities$— $— $— $— 
Long-term debtLong-term debt$— $440.3 $— $440.3 
Performance-based restricted share units
Other Liabilities$1.0 $— $— $1.0 
Contingent LiabilityOther Liabilities$— $— $1.3 $1.3 
1 Notional value of $11.7 million
December 31, 2024 (in millions)
Location on Consolidated Balance SheetsActive Markets for Identical Assets and Liabilities
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3		Total
Fair Value
Assets
Foreign exchange contract not designated as hedging instrumentAccounts Receivable$— $0.1 $— $0.1 
Liabilities
Foreign exchange contract not designated as hedging instrument1
Accrued Liabilities$— $3.1 $— $3.1 
Long-term debtLong-term debt$— $430.1 $— $430.1 
Performance-based restricted share units
Other Liabilities$1.6 $— $— $1.6 
Contingent LiabilityOther Liabilities$— $— $1.5 $1.5 
1 Notional value of $65.0 million
v3.25.4
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Restructuring Charges
We recorded restructuring charges which are reflected in the Consolidated and Combined Statements of Operations, as follows:
(in millions) For the year ended December 31,202520242023
Crane Payment Innovations$4.7 $10.1 $0.5 
Security and Authentication Technologies12.1 — — 
Total restructuring charges$16.8 $10.1 $0.5 
The following table summarizes our restructuring charges by program, cost type and segment for the years ended December 31, 2025, 2024 and 2023:
For the years ended December 31,202520242023
(in millions)SeveranceOtherTotalSeveranceOtherTotalSeveranceOtherTotal
Crane Payment Innovations$4.4 $0.3 $4.7 $— $— $— $— $— $— 
Security and Authentication Technologies10.4 1.7 12.1 — — — — — — 
2025 Restructuring14.8 2.0 16.8 — — — — — — 
Crane Payment Innovations$— $— $— $10.1 $— $10.1 $— $— $— 
2024 Restructuring— — — 10.1 — 10.1 — — — 
Crane Payment Innovations$— $— $— $— $— $— $0.1 $0.4 $0.5 
2022 Restructuring— — — — — — 0.1 0.4 0.5 
Total$14.8 $2.0 $16.8 $10.1 $— $10.1 $0.1 $0.4 $0.5 
The following table summarizes the cumulative restructuring charges incurred through December 31, 2025.
Cumulative Restructuring Charges
(in millions)SeveranceOtherTotal
Crane Payment Innovations$4.4 $0.3 $4.7 
Security and Authentication Technologies10.4 1.7 12.1 
2025 Restructuring$14.8 $2.0 $16.8 
Crane Payment Innovations$10.1 $— $10.1 
2024 Restructuring$10.1 $— $10.1 
Crane Payment Innovations$5.8 $0.9 $6.7 
2022 Restructuring$5.8 $0.9 $6.7 
Restructuring Liability
The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions)2025 Restructuring2024 Restructuring2022 RestructuringTotal
Severance:
Balance as of December 31, 2023 (a)
$— $— $0.6 $0.6 
Expense (b)
— 10.1 — 10.1 
Utilization— (2.9)(0.4)(3.3)
Balance as of December 31, 2024 (a)
$— $7.2 $0.2 $7.4 
Expense (b)
14.8 — — 14.8 
Utilization(7.6)(6.4)(0.2)(14.2)
Balance as of December 31, 2025 (a)
$7.2 $0.8 $— $8.0 
(a)
Included within Accrued Liabilities in the Consolidated Balance Sheets.
(b)Included within “Restructuring charges” in the Consolidated and Combined Statements of Operations.
v3.25.4
Nature of Operations and Significant Accounting Policies (Narrative) (Details)
€ in Millions, shares in Millions
 12 Months Ended
Dec. 16, 2025
USD ($)
Dec. 16, 2025
EUR (€)
Dec. 31, 2025
USD ($)
reporting_unit
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Apr. 03, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]              
Cash and cash equivalents     $ 233,800,000 $ 165,800,000      
Noncash consideration for equity method investment     21,300,000 0 $ 0    
Revenue recognized for government contracts in progress     225,000,000        
Capitalized software, net     $ 7,000,000.0 $ 3,700,000      
Number of stock options excluded from computation of earnings per share (in shares) | shares     0.3 0.2 0.4    
Currency translation adjustment     $ 200,000        
Restricted cash, current     5,300,000 $ 800,000      
Restricted cash, noncurrent     7,200,000 6,800,000      
Allowance for credit losses     8,900,000 7,700,000      
Allowance for credit losses activity     0 0      
Increase in value of inventories if LIFO inventories were valued under FIFO     11,000,000.0 12,200,000      
Reserve for excess and obsolete inventory     25,300,000 31,500,000      
Reserve for excess and obsolete inventory activity     0 0      
Impairment of long-lived assets     0 0 $ 0    
Depreciation expense     $ 44,900,000 37,700,000 39,600,000    
Number of reporting units | reporting_unit     3        
Goodwill impairment charges     $ 0 0 0    
Intangible asset impairment charges     0 0 0    
Intangible assets, net     557,200,000 419,300,000 $ 308,900,000   $ 344,900,000
Intangibles with indefinite useful lives     $ 45,500,000 $ 45,500,000      
Minimum              
Schedule of Equity Method Investments [Line Items]              
Estimated cost of capital (percent)     11.00%        
Minimum | Buildings and improvements              
Schedule of Equity Method Investments [Line Items]              
Estimated useful lives of property, plant and equipment     10 years        
Minimum | Machinery and equipment              
Schedule of Equity Method Investments [Line Items]              
Estimated useful lives of property, plant and equipment     3 years        
Maximum              
Schedule of Equity Method Investments [Line Items]              
Estimated cost of capital (percent)     12.00%        
Maximum | Buildings and improvements              
Schedule of Equity Method Investments [Line Items]              
Estimated useful lives of property, plant and equipment     25 years        
Maximum | Machinery and equipment              
Schedule of Equity Method Investments [Line Items]              
Estimated useful lives of property, plant and equipment     10 years        
Weighted Average              
Schedule of Equity Method Investments [Line Items]              
Estimated cost of capital (percent)     11.50%        
Antares Vision              
Schedule of Equity Method Investments [Line Items]              
Equity interest acquired (as a percent) 32.30% 32.30%          
Equity method investment, consideration transferred $ 137,800,000 € 117.3          
Cash consideration for equity method investment 116,500,000            
Noncash consideration for equity method investment 21,300,000            
Obligation to issue shares from equity method investmennt 6,900,000            
Antares Vision | Scenario, Plan              
Schedule of Equity Method Investments [Line Items]              
Obligation to issue shares from equity method investmennt $ 14,400,000            
Related Party              
Schedule of Equity Method Investments [Line Items]              
Cash and cash equivalents           $ 0  
v3.25.4
Nature of Operations and Significant Accounting Policies (Schedule of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Net income $ 145.1 $ 184.1 $ 188.3
Average basic shares outstanding (in shares) 57.4 57.1 56.8
Effect of dilutive share-based awards (in shares) 0.6 0.7 0.7
Average diluted shares outstanding (in shares) 58.0 57.8 57.5
Basic earnings per share (in dollars per share) $ 2.53 $ 3.22 $ 3.31
Diluted earnings per share (in dollars per share) $ 2.50 $ 3.19 $ 3.28
v3.25.4
Nature of Operations and Significant Accounting Policies (Summary of Inventories) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Finished goods $ 26.6 $ 19.2
Finished parts and subassemblies 23.8 24.3
Work in process 29.4 14.3
Raw materials 89.7 87.0
Total inventories, net $ 169.5 $ 144.8
v3.25.4
Nature of Operations and Significant Accounting Policies (Summary of Property, Plant and Equipment, Net) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 688.9 $ 599.8
Less: accumulated depreciation 385.1 327.5
Property, plant and equipment, net 303.8 272.3
Land    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 35.1 33.6
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 146.4 121.4
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 507.4 $ 444.8
v3.25.4
Nature of Operations and Significant Accounting Policies (Schedule of Changes to Goodwill) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Balance at beginning of period $ 956.6 $ 841.2
Additions (see Note 3) 188.5  
Currency translation 18.9 (18.3)
Balance at end of period 1,164.0 956.6
Additions (see Note 3)   (133.7)
Crane Payment Innovations    
Goodwill [Roll Forward]    
Balance at beginning of period 609.1 626.7
Currency translation 15.1 (17.6)
Balance at end of period 624.2 609.1
Security and Authentication Technologies    
Goodwill [Roll Forward]    
Balance at beginning of period 347.5 214.5
Currency translation 3.8 (0.7)
Balance at end of period 539.8 347.5
Payment and Merchandising Technologies [Member]    
Goodwill [Roll Forward]    
Additions (see Note 3) 0.0  
Additions (see Note 3)   0.0
Engineered Materials [Member]    
Goodwill [Roll Forward]    
Additions (see Note 3) $ 188.5  
Additions (see Note 3)   $ (133.7)
v3.25.4
Nature of Operations and Significant Accounting Policies (Schedule of Changes to Intangible Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived and Indefinite-Lived Intangible Assets [Roll Forward]      
Balance at beginning of period, net of accumulated amortization $ 419.3 $ 308.9 $ 344.9
Amortization expense (59.5) (47.0) (35.9)
Currency translation and other 6.3 (4.4) (0.1)
Balance at end of period, net of accumulated amortization 557.2 419.3 308.9
Additions $ 191.1 $ 161.8 $ 0.0
v3.25.4
Nature of Operations and Significant Accounting Policies (Summary of Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Weighted Average Amortization Period of Finite Lived Assets (in years) 18 years 1 month 6 days      
Gross Asset $ 1,022.1 $ 814.2    
Accumulated Amortization 464.9 394.9    
Net $ 557.2 419.3 $ 308.9 $ 344.9
Technology-Based Intangible Assets        
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Weighted Average Amortization Period of Finite Lived Assets (in years) 6 years      
Gross Asset   66.4    
Accumulated Amortization   26.8    
Net $ 71.0 39.6    
Intellectual property rights        
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Weighted Average Amortization Period of Finite Lived Assets (in years) 6 years 3 months 18 days      
Gross Asset $ 66.0 65.5    
Accumulated Amortization 18.4 15.4    
Net $ 47.6 50.1    
Customer relationships and backlog        
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Weighted Average Amortization Period of Finite Lived Assets (in years) 18 years 10 months 24 days      
Gross Asset $ 767.9 610.5    
Accumulated Amortization 339.2 293.9    
Net $ 428.7 316.6    
Other        
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Weighted Average Amortization Period of Finite Lived Assets (in years) 12 years 3 months 18 days      
Gross Asset $ 75.0 71.8    
Accumulated Amortization 65.1 58.8    
Net 9.9 $ 13.0    
Technology-Based Intangible Assets        
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets By Major Class [Line Items]        
Gross Asset 113.2      
Accumulated Amortization $ 42.2      
v3.25.4
Nature of Operations and Significant Accounting Policies (Summary of Future Amortization Expense of Intangibles) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]  
2026 $ 65.2
2027 61.0
2028 55.9
2029 53.7
2030 32.0
2031 and after $ 243.9
v3.25.4
Nature of Operations and Significant Accounting Policies (Redeemable Noncontrolling Interest) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Redeemable Noncontrolling Interest Rollforward [Roll Forward]  
Balance as of December 31, 2024 $ 0.0
Redeemable noncontrolling interest (See Note 3 “Acquisitions”) 6.9
Net loss attributable to redeemable noncontrolling interest (0.5)
Redeemable noncontrolling interest redemption value 0.5
Foreign currency translation 0.0
Balance as of December 31, 2025 $ 6.9
v3.25.4
Nature of Operations and Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,064.9    
Other comprehensive income before reclassifications 73.8 $ (50.9) $ 14.9
Amounts reclassified from accumulated other comprehensive income (1.1) (3.1) (2.0)
Other comprehensive income (loss), net of tax 72.7 (54.0) 12.9
Ending balance 1,253.0 1,064.9  
Tax (detriment) benefit 1.1 1.3 1.5
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (172.6) (118.6) (131.5)
Ending balance (99.9) (172.6) (118.6)
Defined Benefit Pension and Other Postretirement Items      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 0.7 3.8 9.0
Other comprehensive income before reclassifications 1.6 0.0 (3.2)
Amounts reclassified from accumulated other comprehensive income (1.1) (3.1) (2.0)
Other comprehensive income (loss), net of tax 0.5 (3.1) (5.2)
Ending balance 1.2 0.7 3.8
Currency Translation Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (173.3) (122.4) (140.5)
Other comprehensive income before reclassifications 72.2 (50.9) 18.1
Amounts reclassified from accumulated other comprehensive income 0.0 0.0 0.0
Other comprehensive income (loss), net of tax 72.2 (50.9) 18.1
Ending balance $ (101.1) $ (173.3) $ (122.4)
v3.25.4
Nature of Operations and Significant Accounting Policies (Amounts Reclassified out of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items $ 5.1 $ 3.0 $ 2.5
Income before income taxes 181.0 226.4 239.8
Tax impact 35.9 42.3 51.5
Net income before allocation to noncontrolling interest 145.1 184.1 188.3
Amount Reclassified from Accumulated Other Comprehensive Loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Income before income taxes (1.3) (3.7) (2.5)
Tax impact (0.2) (0.6) (0.5)
Net income before allocation to noncontrolling interest (1.1) (3.1) (2.0)
Amount Reclassified from Accumulated Other Comprehensive Loss | Other      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items 0.0 (1.4) 0.0
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items (0.7) (0.8) (0.7)
Pension | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items 0.2 0.3 0.0
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items 0.0 (0.9) (1.1)
Postretirement | Amount Reclassified from Accumulated Other Comprehensive Loss | Net gain (loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Amortization of pension and postretirement items $ (0.8) $ (0.9) $ (0.7)
v3.25.4
Nature of Operations and Significant Accounting Policies Restricted Cash (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Restricted cash, current $ 5,300,000 $ 800,000
Restricted cash, noncurrent $ 7,200,000 $ 6,800,000
v3.25.4
Related Parties (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 03, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Selling, general and administrative expenses   $ 440.3 $ 386.2 $ 366.8
One-time cash dividend   39.0 36.6 23.7
Accounts receivable, net   351.8 265.9  
Related Party        
Related Party Transaction [Line Items]        
Cash consideration $ 84.0      
Interest expense   0.0 0.0 $ 2.5
Related Party | SpinCo        
Related Party Transaction [Line Items]        
One-time cash dividend $ 275.0      
Allocated Centralized Cost | Related Party        
Related Party Transaction [Line Items]        
Selling, general and administrative expenses     13.5  
Transaction Related Expenses        
Related Party Transaction [Line Items]        
Selling, general and administrative expenses   0.6 20.9  
Transaction Related Expenses | Related Party        
Related Party Transaction [Line Items]        
Selling, general and administrative expenses   24.1 17.9  
Tax Matters Agreement | Related Party | SpinCo        
Related Party Transaction [Line Items]        
Accounts receivable, net   $ 1.9 $ 0.7  
v3.25.4
Acquisitions - (Narrative) (Details)
€ / shares in Units, € in Millions, £ in Millions, $ in Millions
 1 Months Ended 8 Months Ended 12 Months Ended
Dec. 16, 2025
USD ($)
shares
Dec. 16, 2025
EUR (€)
€ / shares
shares
May 01, 2025
GBP (£)
May 03, 2024
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 01, 2025
USD ($)
Business Combination [Line Items]                    
Payments to acquire businesses, net of cash acquired             $ 391.1 $ 269.9 $ 0.0  
Operating loss             (246.7) (268.8) (286.8)  
Selling, general and administrative             440.3 386.2 366.8  
Transaction Related Expenses                    
Business Combination [Line Items]                    
Selling, general and administrative             0.6 20.9    
Transaction Related Expenses | Related Party                    
Business Combination [Line Items]                    
Selling, general and administrative             24.1 17.9    
Trade Names                    
Business Combination [Line Items]                    
Weighted Average Life       5 years            
Maximum | Developed Technology Rights                    
Business Combination [Line Items]                    
Weighted Average Life     21 years 6 years            
Maximum | Customer relationships and backlog                    
Business Combination [Line Items]                    
Weighted Average Life       20 years            
Minimum | Developed Technology Rights                    
Business Combination [Line Items]                    
Weighted Average Life       3 years            
Minimum | Customer relationships and backlog                    
Business Combination [Line Items]                    
Weighted Average Life     12 years 16 years            
De La Rue Authentication Solutions                    
Business Combination [Line Items]                    
Consideration transferred | £     £ 300              
Payments to acquire businesses, gross | £     £ 394              
Proceeds from final working capital adjustments         $ 2.9          
Payments to acquire businesses, net of cash acquired         $ 391.1          
Net cash paid                   $ 391.1
Net sales             1,699.6 1,667.2 $ 1,507.7  
De La Rue Authentication Solutions | Developed Technology Rights                    
Business Combination [Line Items]                    
Weighted Average Life     5 years              
De La Rue Authentication Solutions | Customer relationships and backlog                    
Business Combination [Line Items]                    
Weighted Average Life     18 years 2 months 12 days              
OpSec Security                    
Business Combination [Line Items]                    
Payments to acquire businesses, gross       $ 270.0            
Net cash paid       268.4            
Debt instrument, face amount       210.0            
Assumed contingent liability       1.5            
Net sales           $ 89.4        
Operating loss               $ 7.9    
OpSec Security | Maximum                    
Business Combination [Line Items]                    
Assumed contingent liability       $ 2.2            
Antares Vision                    
Business Combination [Line Items]                    
Equity interest acquired (as a percent)   32.30%                
Equity method investment, consideration transferred $ 137.8 € 117.3                
Equity method investments             137.8      
Stock issued (in shares) | shares 1,173,379 1,173,379                
Shares granted (in shares) | shares 1,173,379 1,173,379                
Obligation to issue shares from equity method investmennt $ 6.9                  
Shares granted in acquisition 6.9                  
Value of stock issued and options granted $ 13.8                  
Stock-based compensation expense             $ 12.0      
Antares Vision | Antares Vision                    
Business Combination [Line Items]                    
Price per share of stock (in dollars per share) | € / shares   € 5.00                
v3.25.4
Acquisitions - (Fair Value of Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
May 01, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2020
Assets Acquired          
Goodwill $ 1,164.0   $ 956.6 $ 841.2  
De La Rue Authentication Solutions          
Assets Acquired          
Accounts receivable, net   $ 19.9      
Inventories, net   20.8      
Other current assets   6.7      
Property, plant and equipment   27.5      
Other non-current assets   5.3      
Intangible assets   184.4      
Goodwill   188.5      
Total assets acquired   453.1      
Liabilities Assumed          
Total current liabilities   16.3      
Other liabilities   45.7      
Total assumed liabilities   62.0      
Net assets acquired   $ 391.1      
Instrumentation & Sampling (I&S)          
Assets Acquired          
Total current assets         $ 33.5
Property, plant and equipment         17.3
Other non-current assets         6.9
Intangible assets         155.5
Goodwill         134.3
Total assets acquired         347.5
Liabilities Assumed          
Total current liabilities         37.9
Other liabilities         41.2
Total assumed liabilities         79.1
Net assets acquired         $ 268.4
v3.25.4
Acquisitions - (Amounts Allocated to Acquired Intangible Assets and Weighted-Average Useful Lives) (Details) - USD ($)
$ in Millions
May 01, 2025
Jan. 31, 2020
De La Rue Authentication Solutions    
Business Combination [Line Items]    
Intangible Fair Value $ 184.4  
De La Rue Authentication Solutions | Customer relationships and backlog    
Business Combination [Line Items]    
Intangible Fair Value $ 141.0  
Weighted Average Life 18 years 2 months 12 days  
De La Rue Authentication Solutions | Developed Technology Rights    
Business Combination [Line Items]    
Intangible Fair Value $ 40.7  
Weighted Average Life 5 years  
De La Rue Authentication Solutions | Intellectual property rights    
Business Combination [Line Items]    
Intangible Fair Value $ 2.7  
Weighted Average Life 10 months 24 days  
Instrumentation & Sampling (I&S)    
Business Combination [Line Items]    
Intangible Fair Value   $ 155.5
Instrumentation & Sampling (I&S) | Customer relationships and backlog    
Business Combination [Line Items]    
Intangible Fair Value   $ 36.5
Weighted Average Life   5 years 8 months 12 days
Instrumentation & Sampling (I&S) | Developed Technology Rights    
Business Combination [Line Items]    
Intangible Fair Value   $ 2.0
Weighted Average Life   8 months 12 days
Instrumentation & Sampling (I&S) | Intellectual property rights    
Business Combination [Line Items]    
Intangible Fair Value   $ 1.5
Weighted Average Life   5 years
Instrumentation & Sampling (I&S) | Customer relationships    
Business Combination [Line Items]    
Intangible Fair Value   $ 115.5
Weighted Average Life   19 years 3 months 18 days
v3.25.4
Acquisitions - Pro Forma Information (Details) - De La Rue Authentication Solutions - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Net sales $ 1,699.6 $ 1,667.2 $ 1,507.7
Net income attributable to common shareholders $ 160.3 $ 164.4 $ 161.1
v3.25.4
Segment Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reporting segments 2
v3.25.4
Segment Information (Financial Information by Reportable Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total net sales $ 1,656.7 $ 1,486.8 $ 1,391.3
Less:      
Selling, general and administrative 440.3 386.2 366.8
Segment operating profit 246.7 268.8 286.8
Interest income 1.0 1.6 1.1
Equity investment (loss) gain (11.5) 0.8 0.0
Miscellaneous income, net 5.1 3.0 2.5
Income before income taxes 181.0 226.4 239.8
Segment, Expenditure, Addition to Long-Lived Assets 38.5 45.5 35.1
Depreciation and amortization 106.6 86.8 77.6
Nonrelated Party      
Less:      
Interest expense (60.3) (47.8) (48.1)
Related Party      
Less:      
Interest expense 0.0 0.0 (2.5)
Operating Segments      
Less:      
Segment operating profit 319.0 339.3 359.1
Plus:      
Less:      
Segment operating profit (72.3) (70.5) (72.3)
Segment, Expenditure, Addition to Long-Lived Assets 0.1 0.1 1.6
Depreciation and amortization 2.6 2.4 2.2
Crane Payment Innovations      
Segment Reporting Information [Line Items]      
Total net sales 846.6 873.2 886.4
Crane Payment Innovations | Operating Segments      
Segment Reporting Information [Line Items]      
Total net sales 846.6 873.2 886.4
Less:      
Cost of operations 379.1 394.2 373.3
Selling, general and administrative 157.8 160.6 152.9
Engineering expense 34.9 43.8 51.5
Other segment items 53.2 46.2 65.9
Segment operating profit 221.6 228.4 242.8
Segment, Expenditure, Addition to Long-Lived Assets 7.7 7.9 7.6
Depreciation and amortization 29.1 29.3 31.2
Security and Authentication Technologies      
Segment Reporting Information [Line Items]      
Total net sales 810.1 613.6 504.9
Security and Authentication Technologies | Operating Segments      
Segment Reporting Information [Line Items]      
Total net sales 810.1 613.6 504.9
Less:      
Cost of operations 401.1 323.6 297.6
Selling, general and administrative 154.0 94.2 72.1
Engineering expense 38.1 27.2 18.7
Other segment items 119.5 57.7 0.2
Segment operating profit 97.4 110.9 116.3
Segment, Expenditure, Addition to Long-Lived Assets 30.7 37.5 25.9
Depreciation and amortization $ 74.9 $ 55.1 $ 44.2
v3.25.4
Segment Information (Net Sales by Geographic Region) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total net sales $ 1,656.7 $ 1,486.8 $ 1,391.3
North America      
Segment Reporting Information [Line Items]      
Total net sales 829.3 804.8 787.1
Western Europe      
Segment Reporting Information [Line Items]      
Total net sales 190.2 162.1 196.3
Rest of the World      
Segment Reporting Information [Line Items]      
Total net sales $ 637.2 $ 519.9 $ 407.9
v3.25.4
Segment Information (Balance Sheet Items by Reportable Segment) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total goodwill $ 1,164.0 $ 956.6 $ 841.2
Total assets 3,116.4 2,386.5  
Plus:      
Segment Reporting Information [Line Items]      
Total assets 198.5 21.2  
Crane Payment Innovations      
Segment Reporting Information [Line Items]      
Total goodwill 624.2 609.1 626.7
Crane Payment Innovations | Operating Segments      
Segment Reporting Information [Line Items]      
Total assets 1,183.0 1,187.1  
Security and Authentication Technologies      
Segment Reporting Information [Line Items]      
Total goodwill 539.8 347.5 $ 214.5
Security and Authentication Technologies | Operating Segments      
Segment Reporting Information [Line Items]      
Total assets $ 1,734.9 $ 1,178.2  
v3.25.4
Segment Information (Long-Lived Assets by Geographic Region) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 371.1 $ 332.7
North America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 186.8 187.3
Western Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 165.9 129.1
Rest of the World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 18.4 $ 16.3
v3.25.4
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total Net Sales $ 1,656.7 $ 1,486.8 $ 1,391.3
Crane Payment Innovations      
Disaggregation of Revenue [Line Items]      
Total Net Sales 846.6 873.2 886.4
Security and Authentication Technologies      
Disaggregation of Revenue [Line Items]      
Total Net Sales 810.1 613.6 504.9
Product | Crane Payment Innovations      
Disaggregation of Revenue [Line Items]      
Total Net Sales 709.4 739.9 758.7
Service | Crane Payment Innovations      
Disaggregation of Revenue [Line Items]      
Total Net Sales 137.2 133.3 127.7
Banknotes and Security Products | Engineered Materials [Member]      
Disaggregation of Revenue [Line Items]      
Net sales 592.4 521.9 500.4
Authentication Products and Solutions | Engineered Materials [Member]      
Disaggregation of Revenue [Line Items]      
Net sales $ 217.7 $ 91.7 $ 4.5
v3.25.4
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, amount $ 492.8    
Increase in contract liability opening balance for revenue recognized 66.6    
Net sales 1,656.7 $ 1,486.8 $ 1,391.3
Security and Authentication Technologies      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net sales 810.1 613.6 504.9
Customer One | Revenue Benchmark | Customer Concentration Risk | Security and Authentication Technologies      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net sales $ 210.7 $ 209.2 $ 213.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, percentage 98.00%    
Remaining performance obligation, expected timing of satisfaction, period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, percentage 2.00%    
Remaining performance obligation, expected timing of satisfaction, period 1 year    
v3.25.4
Revenue (Contract Assets and Contract Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 56.1 $ 37.8
Contract liabilities $ 87.3 $ 71.4
v3.25.4
Research and Development (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Research and Development [Abstract]      
Research and Development Costs $ 46.0 $ 39.5 $ 42.8
v3.25.4
Pension and Postretirement Benefits (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Contributions to defined contribution plans $ 5.4 $ 5.1 $ 4.5
Percentage of non-matching contribution to participants 3.00%    
Non-matching contributions to defined contribution plans $ 6.3 5.8 5.5
Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Projected benefit obligation 65.1 69.1 77.6
Expected future employer cash contributions to defined benefit pension plans 1.2    
Pre-tax settlement gain (loss) (0.5) 0.0 0.3
Employer contributions to SERP 1.2 1.6  
SERP      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Projected benefit obligation 1.3 1.3  
Pre-tax settlement gain (loss) 0.0    
Employer contributions to SERP 0.1 $ 0.1 $ 0.7
U.S.      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actuarial gain (loss) in projected benefit obligation, percent of expected year end obligations   (1.00%)  
U.S. | Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Projected benefit obligation $ 0.3 $ 0.5  
U.S. | Pension Benefits | Maximum      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined benefit pension plan, percentage of covered employees 1.00%    
Non-U.S.      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actuarial gain (loss) in projected benefit obligation, percent of expected year end obligations   (1.00%)  
Non-U.S. | Equity securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual weighted average asset allocation (percent) 8.00% 9.00%  
Non-U.S. | Fixed income securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual weighted average asset allocation (percent) 35.00% 33.00%  
Non-U.S. | Alternative assets/other      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual weighted average asset allocation (percent) 56.00% 58.00%  
Non-U.S. | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual weighted average asset allocation (percent) 1.00% 0.00%  
Non-U.S. | Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined benefit pension plan, percentage of covered employees 5.00%    
Projected benefit obligation $ 64.8 $ 68.6  
Expected rate of return on plan assets (percent) 3.62% 4.19% 4.07%
v3.25.4
Pension and Postretirement Benefits (Summary of Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of year $ 69.1 $ 77.6  
Service cost 2.2 2.0 $ 1.9
Interest cost 1.7 1.9 2.1
Plan participants’ contributions 0.3 0.4  
Actuarial (gain) loss (1.6) (1.0)  
Settlements (10.6) (2.3)  
Curtailments (2.3) 0.0  
Benefits paid (2.5) (5.5)  
Foreign currency exchange and other 9.1 (3.9)  
Administrative expenses paid (0.3) (0.1)  
Benefit obligation at end of year 65.1 69.1 77.6
Change in plan assets:      
Fair value of plan assets at beginning of year 76.5 83.5  
Actual return on plan assets 2.9 3.8  
Employer contributions 1.2 1.6  
Plan participants’ contributions 0.3 0.4  
Settlements (10.6) (2.3)  
Benefits paid (2.5) (5.5)  
Foreign currency exchange and other 9.0 (4.2)  
Administrative expenses paid (0.6) (0.8)  
Fair value of plan assets at end of year 76.2 76.5 83.5
Funded status 11.1 7.4  
Postretirement Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of year 11.5 12.7  
Service cost 0.1 0.1 0.1
Interest cost 0.6 0.6 0.8
Plan participants’ contributions 0.0 0.0  
Actuarial (gain) loss 0.3 (0.4)  
Settlements 0.0 0.0  
Benefits paid (1.4) (1.5)  
Foreign currency exchange and other 0.0 0.0  
Administrative expenses paid 0.0 0.0  
Benefit obligation at end of year 11.1 11.5 12.7
Change in plan assets:      
Fair value of plan assets at beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Employer contributions 1.4 1.5  
Plan participants’ contributions 0.0 0.0  
Settlements 0.0 0.0  
Benefits paid (1.4) (1.5)  
Foreign currency exchange and other 0.0 0.0  
Administrative expenses paid 0.0 0.0  
Fair value of plan assets at end of year 0.0 0.0 $ 0.0
Funded status $ (11.1) $ (11.5)  
v3.25.4
Pension and Postretirement Benefits (Amounts Recognized on Consolidated and Combined Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Accrued pension and postretirement benefits $ (19.1) $ (19.4)
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Other assets 15.2 13.6
Accrued liabilities (0.2) (0.4)
Accrued pension and postretirement benefits (3.9) (5.8)
Funded status 11.1 7.4
Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Other assets 0.0 0.0
Accrued liabilities (1.2) (1.3)
Accrued pension and postretirement benefits (9.9) (10.2)
Funded status $ (11.1) $ (11.5)
v3.25.4
Pension and Postretirement Benefits (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Total recognized in accumulated other comprehensive loss (gain) $ (6.3) $ (7.4)
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss (gain) 9.0 12.2
Prior service credit (3.5) (5.3)
Total recognized in accumulated other comprehensive loss (gain) 5.5 6.9
Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss (gain) (6.3) (7.4)
Prior service credit $ 0.0 $ 0.0
v3.25.4
Pension and Postretirement Benefits (Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets) (Details) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 65.1 $ 69.1 $ 77.6
Accumulated benefit obligation 64.3 67.6  
Fair value of plan assets 76.2 76.5 $ 83.5
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 0.3 0.5  
Accumulated benefit obligation 0.3 0.5  
Fair value of plan assets 0.0 0.0  
Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 64.8 68.6  
Accumulated benefit obligation 64.0 67.1  
Fair value of plan assets $ 76.2 $ 76.5  
v3.25.4
Pension and Postretirement Benefits (Pension Plans With Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 4.1 $ 44.0
Accumulated benefit obligation $ 4.1 $ 42.5
v3.25.4
Pension and Postretirement Benefits (Components of Net Periodic (Benefit) Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 2.2 $ 2.0 $ 1.9
Interest cost 1.7 1.9 2.1
Expected return on plan assets (2.9) (3.0) (3.2)
Amortization of prior service cost (0.7) (0.8) (0.7)
Amortization of net loss (gain) 0.2 0.3 0.0
Recognized curtailment loss (gain) (1.7) 0.0 (0.1)
Settlement loss (gain) 0.5 0.0 (0.3)
Other 0.0 (1.4) 0.0
Net periodic cost (benefit) (0.7) (1.0) (0.3)
Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 0.1 0.1 0.1
Interest cost 0.6 0.6 0.8
Expected return on plan assets 0.0 0.0 0.0
Amortization of prior service cost 0.0 (0.9) (1.1)
Amortization of net loss (gain) (0.8) (0.9) (0.7)
Recognized curtailment loss (gain) 0.0 0.0 0.0
Settlement loss (gain) 0.0 0.0 0.0
Other 0.0 0.0 0.0
Net periodic cost (benefit) $ (0.1) $ (1.1) $ (0.9)
v3.25.4
Pension and Postretirement Benefits (Weighted Average Assumptions Used to Determine Benefit Obligations) (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.14% 4.39% 4.02%
Interest credit rate 4.14% 4.39% 4.02%
U.S. | Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.20% 5.50% 5.00%
Non-U.S. | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.99% 2.52% 2.57%
Rate of compensation increase 1.99% 2.01% 2.03%
Interest credit rate 1.89% 0.97% 1.75%
v3.25.4
Pension and Postretirement Benefits (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.39% 4.02% 5.43%
Interest credit rate 4.39% 4.02% 3.62%
U.S. | Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.50% 5.40% 5.40%
Non-U.S. | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.52% 2.57% 3.17%
Expected rate of return on plan assets 3.62% 4.19% 4.07%
Rate of compensation increase 2.01% 2.03% 2.17%
Interest credit rate 0.97% 1.86% 1.81%
v3.25.4
Pension and Postretirement Benefits (Assumed Health Care Cost Trend Rates) (Details)
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Health care cost trend rate assumed for next year 8.50% 7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50% 4.50%
v3.25.4
Pension and Postretirement Benefits (Pension Plan Target Allocations and Weighted-Average Asset Allocations by Asset Category) (Details) - Non-U.S.
Dec. 31, 2025
Dec. 31, 2024
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Actual Allocation 8.00% 9.00%
Equity securities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 5.00%  
Equity securities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 75.00%  
Fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Actual Allocation 35.00% 33.00%
Fixed income securities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 15.00%  
Fixed income securities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 75.00%  
Alternative assets/Other    
Defined Benefit Plan Disclosure [Line Items]    
Actual Allocation 56.00% 58.00%
Alternative assets/Other | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 0.00%  
Alternative assets/Other | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 75.00%  
Cash and money market    
Defined Benefit Plan Disclosure [Line Items]    
Actual Allocation 1.00% 0.00%
Cash and money market | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 0.00%  
Cash and money market | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
 Target Allocation 10.00%  
v3.25.4
Pension and Postretirement Benefits (Fair Value of Pension Plan Assets) (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value $ 76.2 $ 76.5 $ 83.5
Active Markets for Identical Assets Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.4 0.2  
Other Observable Inputs Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 8.1 6.9  
Unobservable Inputs Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 20.8 19.5  
Net Asset Value ("NAV") Practical Expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 46.9 49.9  
Cash Equivalents and Money Markets      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.4 0.2  
Cash Equivalents and Money Markets | Active Markets for Identical Assets Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.4 0.2  
Cash Equivalents and Money Markets | Other Observable Inputs Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.0 0.0  
Cash Equivalents and Money Markets | Unobservable Inputs Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.0 0.0  
Non-U.S. Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 6.5 6.6  
Non-U.S. Equity Funds | Net Asset Value ("NAV") Practical Expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 6.5 6.6  
Collective Trust      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 34.3 37.7  
Collective Trust | Active Markets for Identical Assets Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.0 0.0  
Collective Trust | Other Observable Inputs Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.0 0.0  
Collective Trust | Unobservable Inputs Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 20.8 19.5  
Collective Trust | Net Asset Value ("NAV") Practical Expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 13.5 18.2  
Non-U.S. Fixed Income, Government and Corporate      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 26.9 25.1  
Non-U.S. Fixed Income, Government and Corporate | Net Asset Value ("NAV") Practical Expedient      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 26.9 25.1  
Insurance / Annuity Contract(s)      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 8.1 6.9  
Insurance / Annuity Contract(s) | Active Markets for Identical Assets Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 0.0 0.0  
Insurance / Annuity Contract(s) | Other Observable Inputs Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value 8.1 6.9  
Insurance / Annuity Contract(s) | Unobservable Inputs Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Total Fair Value $ 0.0 $ 0.0  
v3.25.4
Pension and Postretirement Benefits (Estimated Future Benefit Payments) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 3.7
2027 3.8
2028 4.0
2029 3.9
2030 4.2
2031 to 2035 21.0
Total payments 40.6
Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2026 1.2
2027 1.2
2028 1.0
2029 1.0
2030 1.0
2031 to 2035 4.2
Total payments $ 9.6
v3.25.4
Stock-Based Compensation Plans (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2018
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted, weighted average grant date fair value (in dollars per share) $ 23.82          
Options vested, fair value $ 1.5          
Options exercised, intrinsic value 1.2          
Proceeds from stock options exercised 2.6 $ 3.3 $ 5.0      
Tax benefit realized for tax deductions from option exercises 0.1 0.4 0.4      
Total future compensation costs related to unvested share-based awards 3.8          
Tax benefit for vesting of restricted share units $ 0.7 1.2 0.9      
2013 Stock Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock authorized (in shares)           9,500,000
Further awards to be made (in shares) 0          
2018 Stock Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock authorized (in shares)         6,500,000  
Further awards to be made (in shares) 0          
2021 Stock Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock authorized (in shares)       4,710,000    
Performance-Based Restricted Share Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Modification liability $ 1.0 1.6        
Vesting period 3 years          
Maximum payout potential if shareholder return is negative (percent) 100.00%          
Performance-Based Restricted Share Units | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payout potential (percent) 0.00%          
Performance-Based Restricted Share Units | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payout potential (percent) 200.00%          
Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period 4 years          
Options expiration period 10 years          
Historical volatility period 4 years          
Stock-based compensation expense $ 1.7 1.4 4.8      
Total future compensation costs related to awards, weighted-average period 2 years 25 days          
Stock Options | Share-Based Payment Arrangement, Tranche Four            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Stock Options | Share-Based Payment Arrangement, Tranche Three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Stock Options | Share-Based Payment Arrangement, Tranche Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Stock Options | Share-Based Payment Arrangement, Tranche One            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Restricted Share Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period 4 years          
Tax benefit for vesting of restricted share units $ 0.6 0.8 0.5      
Restricted Share Units | Share-Based Payment Arrangement, Tranche Four            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Restricted Share Units | Share-Based Payment Arrangement, Tranche Three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Restricted Share Units | Share-Based Payment Arrangement, Tranche Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Restricted Share Units | Share-Based Payment Arrangement, Tranche One            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Restricted Share Units and Performance-Based Restricted Share Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense $ 11.0 $ 9.2 $ 5.5      
Total future compensation costs related to awards, weighted-average period 1 year 9 months 14 days          
Total future compensation costs related to restricted share unit and performance-based restricted share unit awards $ 17.7          
v3.25.4
Stock-Based Compensation Plans (Weighted-Average Assumptions for Grants) (Details) - Stock Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.17% 1.10% 1.57%
Volatility 35.23% 36.00% 32.33%
Risk-free interest rate 4.11% 4.23% 3.67%
Expected lives in years 7 years 8 months 12 days 7 years 8 months 12 days 7 years 8 months 12 days
v3.25.4
Stock-Based Compensation Plans (Stock Option Plan Activity) (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Number of Shares (in 000’s)  
Options outstanding, beginning balance (in shares) | shares 464
Converted in Distribution (in shares) | shares 106
Granted (in shares) | shares 106
Exercised (in shares) | shares (39)
Canceled (in shares) | shares (15)
Options outstanding, ending balance (in shares) | shares 516
Options exercisable (in shares) | shares 256
Weighted Average Exercise Price  
Options outstanding, beginning balance (in dollars per share) | $ / shares $ 40.82
Converted in Distribution (in dollars per share) | $ / shares 58.25
Granted (in dollars per share) | $ / shares 58.25
Exercised (in dollars per share) | $ / shares 26.74
Canceled (in dollars per share) | $ / shares 54.78
Options outstanding, ending balance (in dollars per share) | $ / shares 45.06
Options exercisable (in dollars per share) | $ / shares $ 37.02
Weighted average remaining life, Options outstanding (years) 6 years 8 months 23 days
Weighted average remaining life, Options exercisable (years) 5 years 3 months 3 days
Aggregate intrinsic value, Options outstanding | $ $ 3.0
Aggregate intrinsic value, Options exercisable | $ $ 2.8
v3.25.4
Stock-Based Compensation Plans (Changes in Restricted Share Units) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted Share Units and Performance-Based Restricted Share Units  
Restricted Share Units (in 000’s)  
Beginning balance (in shares) | shares 461
Ending balance (in shares) | shares 502
Weighted Average Grant-Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 51.07
Ending balance (in dollars per share) | $ / shares $ 56.73
Restricted Share Units  
Restricted Share Units (in 000’s)  
Granted (in shares) | shares 180
Vested (in shares) | shares (159)
Forfeited (in shares) | shares (42)
Weighted Average Grant-Date Fair Value  
Granted (in dollars per share) | $ / shares $ 56.96
Vested (in dollars per share) | $ / shares 46.22
Forfeited (in dollars per share) | $ / shares $ 51.07
Performance-Based Restricted Share Units  
Restricted Share Units (in 000’s)  
Vested (in shares) | shares (14)
Forfeited (in shares) | shares (13)
Granted (in shares) | shares 89
Weighted Average Grant-Date Fair Value  
Vested (in dollars per share) | $ / shares $ 48.63
Forfeited (in dollars per share) | $ / shares 62.08
Granted (in dollars per share) | $ / shares $ 63.61
v3.25.4
Leases (Summary of Lease Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Operating right-of-use assets $ 67.2 $ 60.4
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Current lease liabilities $ 14.6 $ 10.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Long-term lease liabilities $ 55.6 $ 52.7
Total lease liabilities $ 70.2 $ 63.3
v3.25.4
Leases (Lease Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 18.2 $ 15.4 $ 11.0
Variable lease cost 2.8 2.4 1.8
Total lease cost $ 21.0 $ 17.8 $ 12.8
v3.25.4
Leases (Weighted Average Remaining Lease Terms and Discount Rates) (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) - operating leases 13 years 3 months 18 days 13 years 6 months
Weighted-average discount rate - operating leases 5.70% 5.60%
v3.25.4
Leases (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows $ 12.6 $ 9.8 $ 8.2
Right-of-use assets obtained in exchange for new operating lease liabilities $ 6.8 $ 5.3 $ 16.5
v3.25.4
Leases (Future Minimum Operating Lease Payments) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 17.7  
2027 14.1  
2028 9.1  
2029 7.6  
2030 6.2  
Thereafter 47.9  
Total future minimum operating lease payments 102.6  
Imputed interest 32.4  
Present value of lease liabilities reported $ 70.2 $ 63.3
v3.25.4
Income Taxes (Schedule of Income Before Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. operations $ 91.5 $ 78.2 $ 97.4
Non-U.S. operations 89.5 148.2 142.4
Income before income taxes $ 181.0 $ 226.4 $ 239.8
v3.25.4
Income Taxes (Schedule of Provision (Benefit) for Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Tax:      
U.S. federal $ 27.8 $ 29.2 $ 31.3
U.S. state and local 3.7 (0.1) 1.7
Non-U.S. 18.9 28.1 20.6
Total current tax 50.4 57.2 53.6
Deferred Tax:      
U.S. federal (9.2) (13.4) (2.8)
U.S. state and local (0.9) 1.3 (0.4)
Non-U.S. (4.4) (2.8) 1.1
Total deferred tax (14.5) (14.9) (2.1)
Total provision for income taxes 35.9 42.3 51.5
Excess tax benefits from share-based compensation $ 0.7 $ 1.2 $ 0.9
v3.25.4
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
In USD      
U.S. Federal Statutory Tax Rate $ 38.0    
State and Local Income Taxes, Net of Federal Income Tax Effect 3.3    
Other (0.6)    
Effects of Changes in Tax Laws or Rates Enacted in the Current Period 0.0    
Global intangible low-taxed income, net of FTC 1.5    
Foreign-derived intangible income (3.8)    
Subpart F income, net of FTC 4.2    
U.S. tax on foreign branches, net of FTC (4.1)    
Tax Credits      
Research and development tax credits (1.6)    
Nontaxable or Nondeductible Items 3.7    
Changes in Unrecognized Tax Benefits (2.5)    
Total provision for income taxes $ 35.9 $ 42.3 $ 51.5
Percent of Pre-tax Income      
U.S. Federal Statutory Tax Rate 21.00% 21.00% 21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect 1.80% 0.20% 1.00%
Other (0.20%) 2.10% 1.60%
Statutory tax rate difference   (1.40%) (2.00%)
U.S. tax on foreign branches, net of FTC   0.50% 2.00%
Effects of Changes in Tax Laws or Rates Enacted in the Current Period 0.00%    
Global intangible low-taxed income, net of FTC 0.80%    
Foreign-derived intangible income (2.10%) (1.00%) (0.80%)
Subpart F income, net of FTC 2.30%    
U.S. tax on foreign branches, net of FTC (2.30%)    
Tax Credits      
Research and development tax credits (0.90%)    
Nontaxable or Nondeductible Items 2.00%    
Changes in Unrecognized Tax Benefits (1.40%) 2.70% 1.30%
Effective tax rate 19.80% 18.70% 21.50%
Italy      
In USD      
Change in Valuation Allowances $ 3.1    
Other $ (0.4)    
Percent of Pre-tax Income      
Change in Valuation Allowances 1.70%    
Other (0.20%)    
Malta      
In USD      
Other $ 0.6    
Statutory tax rate difference (2.8)    
Notional Interest Deduction $ (4.5)    
Percent of Pre-tax Income      
Other 0.30%    
Statutory tax rate difference (1.50%)    
Notional Interest Deduction (2.50%)    
United Kingdom      
In USD      
Statutory tax rate difference $ (2.3)    
Percent of Pre-tax Income      
Statutory tax rate difference (1.20%)    
Other foreign jurisdictions      
In USD      
Statutory tax rate difference $ 2.4    
Percent of Pre-tax Income      
Statutory tax rate difference 1.30%    
U.S.      
In USD      
Change in Valuation Allowances $ 1.7    
Percent of Pre-tax Income      
Change in Valuation Allowances 0.90%    
v3.25.4
Income Taxes (Reinvestment of Earnings) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Amount of earnings, permanently reinvested $ 679.6
Amount of earnings, not permanently reinvested 107.9
Associated tax, not permanently reinvested $ 0.1
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Tax Credit Carryforward [Line Items]        
Pillar 2 tax liability $ 1.3      
Tax provision related to changes in pension and post-retirement plan assets and benefit obligations 0.6 $ 0.5 $ 0.5  
Deferred tax assets valuation allowance 51.3 43.6    
Amount of unrecognized tax benefits that would, if recognized, affect the effective tax rate 6.1 8.6 18.4  
Unrecognized tax benefits including interest and penalties expense 6.6 9.4    
Gross unrecognized tax benefit 0.0 0.0 13.9  
Indemnification receivable 1.9 3.1    
Unrecognized tax benefits, interest and penalty (income) (0.2) (1.0) (0.1)  
Unrecognized tax benefits, interest and penalties accrued 1.1 1.3    
Gross unrecognized tax benefits 5.5 8.1 $ 16.5 $ 7.6
Tax Loss and Credit Carryforwards        
Tax Credit Carryforward [Line Items]        
Deferred tax assets valuation allowance $ 51.3 $ 43.6    
v3.25.4
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Tax loss and credit carryforwards $ 53.3 $ 46.1
Interest Deduction carryforward 1.5 0.0
Inventories 5.6 7.6
Capitalized Research and Development 16.9 16.1
Accruals and Reserves 9.0 9.5
Pension and Post Retirement Benefits 1.0 3.3
Other 6.2 5.8
Total 93.5 88.4
Less: valuation allowance 51.3 43.6
Total deferred tax assets, net of valuation allowance 42.2 44.8
Deferred tax liabilities:    
Basis difference in intangible assets (160.9) (131.1)
Basis difference in fixed assets (29.7) (29.7)
Other (0.1) (0.8)
Total deferred tax liabilities (190.7) (161.6)
Net deferred tax liability (148.5) (116.8)
Long-term deferred tax assets 2.5 2.2
Long-term deferred tax liability $ (151.0) $ (119.0)
v3.25.4
Income Taxes (Summary of Tax Loss and Tax Credit Carryforwards) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Tax Credit Carryforward [Line Items]    
Deferred tax asset on tax carryforwards $ 53.3 $ 46.1
Valuation allowance on tax carryforwards (51.3) $ (43.6)
Total    
Tax Credit Carryforward [Line Items]    
Deferred tax asset on tax carryforwards 53.3  
Valuation allowance on tax carryforwards (51.3)  
Net deferred tax asset on tax carryforwards 2.0  
U.S. Federal Tax Credits    
Tax Credit Carryforward [Line Items]    
2026-2030 0.0  
After 2030 10.0  
Indefinite 0.0  
Total tax carryforwards 10.0  
Deferred tax asset on tax carryforwards 10.0  
Valuation allowance on tax carryforwards (10.0)  
Net deferred tax asset on tax carryforwards 0.0  
U.S. Federal Tax Losses    
Tax Credit Carryforward [Line Items]    
2026-2030 0.0  
After 2030 0.5  
Indefinite 0.0  
Total tax carryforwards 0.5  
Deferred tax asset on tax carryforwards 0.1  
Valuation allowance on tax carryforwards (0.1)  
Net deferred tax asset on tax carryforwards 0.0  
U.S. State Tax Credits    
Tax Credit Carryforward [Line Items]    
2026-2030 0.4  
After 2030 0.7  
Indefinite 0.0  
Total tax carryforwards 1.1  
Deferred tax asset on tax carryforwards 0.8  
Valuation allowance on tax carryforwards (0.4)  
Net deferred tax asset on tax carryforwards 0.4  
U.S. State Tax Losses    
Tax Credit Carryforward [Line Items]    
2026-2030 141.2  
After 2030 368.8  
Indefinite 6.5  
Total tax carryforwards 516.5  
Deferred tax asset on tax carryforwards 28.5  
Valuation allowance on tax carryforwards (27.8)  
Net deferred tax asset on tax carryforwards 0.7  
Non- U.S. Tax Losses    
Tax Credit Carryforward [Line Items]    
2026-2030 0.0  
After 2030 0.0  
Indefinite 52.1  
Total tax carryforwards 52.1  
Deferred tax asset on tax carryforwards 13.1  
Valuation allowance on tax carryforwards (13.0)  
Net deferred tax asset on tax carryforwards 0.1  
Non US Tax Credits    
Tax Credit Carryforward [Line Items]    
2026-2030 0.0  
After 2030 0.0  
Indefinite 0.0  
Total tax carryforwards 0.0  
Deferred tax asset on tax carryforwards 0.8  
Valuation allowance on tax carryforwards 0.0  
Net deferred tax asset on tax carryforwards $ 0.8  
v3.25.4
Income Taxes - (Schedule of Income Taxes Paid) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal $ 26.2    
U.S. State 4.8    
Non-U.S. 19.9    
Income taxes paid, net 50.9 $ 63.8 $ 46.0
Japan      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Non-U.S. 13.7    
United Kingdom      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Non-U.S. $ 4.2    
v3.25.4
Income Taxes (Gross Unrecognized Tax Benefits Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance of liability as of January 1, $ 8.1 $ 16.5 $ 7.6
Tax positions taken during a prior year (0.5) (1.0) (0.2)
Tax positions taken during the current year 0.5 0.4 0.5
Settlements with taxing authorities 0.0 0.0 (0.1)
Lapse of the statute of limitations (2.6) (7.8) (5.2)
Other 0.0 0.0 13.9
Balance of liability as of December 31, $ 5.5 $ 8.1 $ 16.5
v3.25.4
Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities [Abstract]    
Employee related expenses $ 58.5 $ 53.4
Contract liabilities 87.3 71.4
Current lease liabilities 14.6 10.6
Accrued interest 7.6 6.6
Warranty 10.9 6.2
Share deposit liabilities 14.4 0.0
Other 79.7 63.0
Total $ 273.0 $ 211.2
v3.25.4
Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Liabilities [Abstract]    
Long-term lease liabilities $ 55.6 $ 52.7
Long-term contract liabilities 17.0 13.5
Accrued taxes 6.6 9.4
Share deposit liabilities 21.4 0.0
Performance-based restricted share units 12.0 0.0
Other 3.4 4.6
Total $ 116.0 $ 80.2
v3.25.4
Financing (Components Of Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Feb. 05, 2018
Nov. 30, 2006
Debt Instrument [Line Items]        
Total short-term borrowings $ 135.1 $ 210.0    
Other deferred financing costs associated with credit facilities (13.4) (4.9)    
Total long-term debt 1,004.4 540.6    
Debt discounts and debt issuance costs $ 30.7 $ 9.4    
6.55% notes due November 2036 | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument, interest rate 6.55% 6.55%   6.55%
Long-term debt $ 198.8 $ 198.7    
4.20% notes due March 2048 | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument, interest rate 4.20% 4.20% 4.20%  
Long-term debt $ 346.9 $ 346.8    
Term Loan A | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Total short-term borrowings 9.1 0.0    
Revolving Credit Facility | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Total short-term borrowings 126.0 210.0    
Secured Debt, Term Loan A | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Long-term debt 351.4 0.0    
Secured Debt, Term Loan B | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Long-term debt $ 120.7 $ 0.0    
v3.25.4
Financing (Narrative) (Details)
€ in Millions, £ in Millions
 1 Months Ended 12 Months Ended
Dec. 15, 2025
USD ($)
Mar. 17, 2023
USD ($)
Feb. 05, 2018
USD ($)
Nov. 30, 2006
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 15, 2025
EUR (€)
Sep. 15, 2025
USD ($)
Dec. 09, 2024
USD ($)
Dec. 09, 2024
GBP (£)
Debt Instrument [Line Items]                        
Proceeds from revolving credit facility         $ 406,500,000   $ 448,500,000 $ 20,000,000.0        
Repayment of revolving credit facility         $ 490,500,000   $ 238,500,000 $ 20,000,000.0        
Total indebtedness to capitalization         0.477              
Bridge Facility | Term Loan A                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                   $ 602,000,000    
Backstp facility | Term Loan A                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                   $ 831,000,000    
6.55% notes due November 2036 | Senior Notes                        
Debt Instrument [Line Items]                        
Debt instrument, term       30 years                
Debt instrument, face amount       $ 200,000,000                
Debt instrument, interest rate       6.55% 6.55%   6.55%          
Redemption price percentage       101.00%                
Effective annualized interest rate       6.67%                
4.20% notes due March 2048 | Senior Notes                        
Debt Instrument [Line Items]                        
Debt instrument, face amount     $ 350,000,000                  
Debt instrument, interest rate     4.20%   4.20%   4.20%          
Redemption price percentage     101.00%                  
Effective annualized interest rate     4.29%                  
Revolving Credit Facility | Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity   $ 500,000,000                    
Proceeds from revolving credit facility | £           £ 406.5            
Repayment of revolving credit facility | £           £ 490.5            
Maximum total net leverage ratio for acquisitions 5.50               5.50      
Increase to total net leverage ratio for acquisitions 0.75               0.75      
Minimum interest coverage ratio 3.00               3.00      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period One                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 3.50               3.50      
Maximum total net leverage ratio for acquisitions 4.00               4.00      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Two                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 5.50               5.50      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Three                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 5.25               5.25      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Four                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 5.00               5.00      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Five                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 4.75               4.75      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Six                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 4.50               4.50      
Revolving Credit Facility | Credit Agreement | Line of Credit | Debt Covenant Period Seven                        
Debt Instrument [Line Items]                        
Maximum total net leverage ratio 4.25               4.25      
Revolving Credit Facility | Credit Agreement | Line of Credit | Minimum                        
Debt Instrument [Line Items]                        
Undrawn commitments fee percentage         0.20% 0.20%            
Revolving Credit Facility | Credit Agreement | Line of Credit | Maximum                        
Debt Instrument [Line Items]                        
Undrawn commitments fee percentage         0.35% 0.35%            
Term Loan A | Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity $ 800,000,000.0 $ 350,000,000                 $ 700,000,000  
Debt instrument, term   3 years                    
Increase to line of credit facility                     $ 200,000,000  
Term Loan A | The Credit Facility | Line of Credit                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                 € 430     £ 300.0
Secured Debt, Term Loan A | Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Proceeds from revolving credit facility         $ 400,400,000 £ 300.0            
Repayment of revolving credit facility | £           £ 40.9            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Minimum | SONIA                        
Debt Instrument [Line Items]                        
Margin rate         1.50% 1.50%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Minimum | Moody's and S&P Ratings                        
Debt Instrument [Line Items]                        
Margin rate         0.50% 0.50%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Minimum | SOFR, EURIBOR or SONIA                        
Debt Instrument [Line Items]                        
Margin rate         1.50% 1.50%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Minimum | Moody's and S&P Ratings and Net Leverage Ratio                        
Debt Instrument [Line Items]                        
Margin rate         0.50% 0.50%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Maximum | SONIA                        
Debt Instrument [Line Items]                        
Margin rate         2.25% 2.25%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Maximum | Moody's and S&P Ratings                        
Debt Instrument [Line Items]                        
Margin rate         1.25% 1.25%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Maximum | SOFR, EURIBOR or SONIA                        
Debt Instrument [Line Items]                        
Margin rate         2.25% 2.25%            
Secured Debt, Term Loan A | Credit Agreement | Line of Credit | Maximum | Moody's and S&P Ratings and Net Leverage Ratio                        
Debt Instrument [Line Items]                        
Margin rate         1.25% 1.25%            
Secured Debt, Term Loan B | Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Proceeds from revolving credit facility         $ 131,600,000 £ 112.1            
Debt prepayment percentage 1.00%                      
Secured Debt, Term Loan B | Credit Agreement | Line of Credit | Minimum                        
Debt Instrument [Line Items]                        
Margin rate         2.25% 2.25%            
Secured Debt, Term Loan B | Credit Agreement | Line of Credit | Maximum                        
Debt Instrument [Line Items]                        
Margin rate         2.75% 2.75%            
Standby Letters of Credit | Letter of Credit Reimbursement Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity         $ 224,200,000   $ 176,100,000          
Open standby letters of credit         $ 97,500,000   $ 38,800,000          
v3.25.4
Financing (Total Indebtedness to Capitalization) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Disclosure [Abstract]        
Short-term borrowings $ 135.1 $ 210.0    
Long-term debt 1,004.4 540.6    
Total debt 1,139.5      
Equity 1,249.9 $ 1,064.9 $ 964.0 $ 783.8
Capitalization $ 2,389.4      
Total indebtedness to capitalization 0.477      
v3.25.4
Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Foreign exchange contract not designated as hedging instrument   $ 0.1
Liabilities    
Foreign exchange contract not designated as hedging instrument $ 0.0 3.1
Long-term debt 440.3 430.1
Performance-based restricted share units 12.0 0.0
Contingent Liability 1.3 1.5
Derivative, notional value $ 11.7 $ 65.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Accounts receivable, net
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Performance-based restricted share units    
Liabilities    
Performance-based restricted share units $ 1.0 $ 1.6
Active Markets for Identical Assets Level 1    
Assets    
Foreign exchange contract not designated as hedging instrument   0.0
Liabilities    
Foreign exchange contract not designated as hedging instrument 0.0 0.0
Long-term debt 0.0  
Contingent Liability 0.0  
Active Markets for Identical Assets Level 1 | Performance-based restricted share units    
Liabilities    
Performance-based restricted share units 1.0 1.6
Other Observable Inputs Level 2    
Assets    
Foreign exchange contract not designated as hedging instrument   0.1
Liabilities    
Foreign exchange contract not designated as hedging instrument 0.0 3.1
Long-term debt 440.3 430.1
Contingent Liability 0.0  
Other Observable Inputs Level 2 | Performance-based restricted share units    
Liabilities    
Performance-based restricted share units 0.0  
Unobservable Inputs Level 3    
Assets    
Foreign exchange contract not designated as hedging instrument   0.0
Liabilities    
Foreign exchange contract not designated as hedging instrument 0.0 0.0
Long-term debt 0.0  
Contingent Liability 1.3 $ 1.5
Unobservable Inputs Level 3 | Performance-based restricted share units    
Liabilities    
Performance-based restricted share units $ 0.0  
v3.25.4
Restructuring (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 16.8 $ 10.1 $ 0.5  
2022 Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0.0 0.0 0.5  
2024 Repositioning Actions        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0.0 10.1 0.0 $ 10.1
Security and Authentication Technologies        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 12.1 0.0 0.0  
Crane Payment Innovations        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 4.7 10.1 0.5  
Crane Payment Innovations | 2022 Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0.0 0.0 0.5  
Crane Payment Innovations | 2024 Repositioning Actions        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 0.0 $ 10.1 $ 0.0  
v3.25.4
Restructuring (Restructuring Charges (Gains) by Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Total restructuring charges $ 16.8 $ 10.1 $ 0.5
Crane Payment Innovations      
Restructuring Cost and Reserve [Line Items]      
Total restructuring charges 4.7 10.1 0.5
Security and Authentication Technologies      
Restructuring Cost and Reserve [Line Items]      
Total restructuring charges $ 12.1 $ 0.0 $ 0.0
v3.25.4
Restructuring (Summary of Restructuring Charges (Gains)) (Details) - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges $ 16.8 $ 10.1 $ 0.5  
Previously Reported        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges     0.5  
Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 14.8 10.1 0.1  
Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 2.0 0.0 0.4  
Crane Payment Innovations        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 4.7 10.1 0.5  
Security and Authentication Technologies        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 12.1 0.0 0.0  
2022 Restructuring        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.5  
2022 Restructuring | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.1  
2022 Restructuring | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.4  
2022 Restructuring | Crane Payment Innovations        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.5  
2022 Restructuring | Crane Payment Innovations | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.1  
2022 Restructuring | Crane Payment Innovations | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.4  
2022 Restructuring        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0    
2024 Repositioning Actions        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 10.1 0.0 $ 10.1
2024 Repositioning Actions | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 10.1 0.0  
2024 Repositioning Actions | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.0  
2024 Repositioning Actions | Crane Payment Innovations        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 10.1 0.0  
2024 Repositioning Actions | Crane Payment Innovations | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 10.1 0.0  
2024 Repositioning Actions | Crane Payment Innovations | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.0 0.0 0.0  
2025 Restructuring        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 16.8 0.0 0.0  
2025 Restructuring | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 14.8 0.0 0.0  
2025 Restructuring | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 2.0 0.0 0.0  
2025 Restructuring | Crane Payment Innovations        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 4.7 0.0 0.0  
2025 Restructuring | Crane Payment Innovations | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 4.4 0.0 0.0  
2025 Restructuring | Crane Payment Innovations | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 0.3 0.0 0.0  
2025 Restructuring | Security and Authentication Technologies Member        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 12.1 0.0 0.0  
2025 Restructuring | Security and Authentication Technologies Member | Severance        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges 10.4      
2025 Restructuring | Security and Authentication Technologies Member | Other        
Restructuring Cost and Reserve [Line Items]        
Total restructuring charges $ 1.7 $ 0.0 $ 0.0  
v3.25.4
Restructuring (Cumulative Restructuring Costs) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges $ 6.7
2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 10.1
2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 16.8
Severance | 2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 5.8
Severance | 2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 10.1
Severance | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 14.8
Other | 2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 0.9
Other | 2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 0.0
Other | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 2.0
Crane Payment Innovations | 2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 6.7
Crane Payment Innovations | 2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 10.1
Crane Payment Innovations | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 4.7
Crane Payment Innovations | Severance | 2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 5.8
Crane Payment Innovations | Severance | 2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 10.1
Crane Payment Innovations | Severance | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 4.4
Crane Payment Innovations | Other | 2022 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 0.9
Crane Payment Innovations | Other | 2024 Repositioning Actions  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 0.0
Crane Payment Innovations | Other | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 0.3
Security and Authentication Technologies Member | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 12.1
Security and Authentication Technologies Member | Severance | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges 10.4
Security and Authentication Technologies Member | Other | 2025 Restructuring  
Restructuring Cost and Reserve [Line Items]  
Cumulative Restructuring Charges $ 1.7
v3.25.4
Restructuring (Restructuring Liability) (Details) - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Restructuring Reserve [Roll Forward]        
Beginning balance $ 7.4 $ 0.6   $ 0.6
Expense 16.8 10.1 $ 0.5  
Utilization (14.2) (3.3)    
Ending balance 8.0 7.4 0.6 8.0
Severance Costs 14.8      
2022 Restructuring        
Restructuring Reserve [Roll Forward]        
Expense 0.0 0.0 0.5  
2022 Restructuring        
Restructuring Reserve [Roll Forward]        
Beginning balance 0.2 0.6   0.6
Expense 0.0 0.0    
Utilization (0.2) (0.4)    
Ending balance 0.0 0.2 0.6 0.0
2024 Repositioning Actions        
Restructuring Reserve [Roll Forward]        
Beginning balance 7.2 0.0   0.0
Expense 0.0 10.1 0.0 10.1
Utilization (6.4) (2.9)    
Ending balance 0.8 7.2 0.0 0.8
2025 Restructuring        
Restructuring Reserve [Roll Forward]        
Beginning balance 0.0 0.0   0.0
Expense 16.8 0.0 0.0  
Utilization (7.6) 0.0    
Ending balance 7.2 $ 0.0 $ 0.0 $ 7.2
Severance Costs $ 14.8