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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Mark One:
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from              to             
Commission File Number: 1-41570 
CRANE COMPANY
(Exact name of registrant as specified in its charter)
Delaware
88-2846451
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
100 First Stamford PlaceStamfordCT06902
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 203-363-7300
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $1.00 CRNew York Stock Exchange

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
(check one):
Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒Smaller reporting company ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares outstanding of the issuer’s classes of common stock, as of October 31, 2023
Common stock, $1.00 Par Value – 56,814,830 shares
1

Crane Company
Table of Contents
Form 10-Q
     Page
Part I - Financial Information
   
   
Page 3
   
Page 4
   
Page 5
   
Page 7
Page 9
   
Page 11
   
Page 30
   
Page 44
   
Page 44
Part II - Other Information
   
Page 45
   
Page 45
   
Page 45
Page 45
   
Page 45
   
Page 45
   
Page 46
   
Page 47
2

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CRANE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share data)2023202220232022
Net sales$530.1 $480.0 $1,553.5 $1,549.1 
Operating costs and expenses:
Cost of sales326.9 310.7 942.3 1,010.6 
Selling, general and administrative126.9 124.1 394.3 386.8 
Loss on divestiture of asbestos-related assets and liabilities— 162.4 — 162.4 
Operating profit (loss)76.3 (117.2)216.9 (10.7)
Other income (expense):
Interest income1.5 1.4 3.2 2.3 
Interest expense(4.8)(3.0)(16.7)(4.4)
Gain on sale of business— 3.8 — 232.5 
Miscellaneous income (expense), net1.3 4.5 (0.5)20.6 
Total other (expense) income, net(2.0)6.7 (14.0)251.0 
Income (loss) from continuing operations before income taxes74.3 (110.5)202.9 240.3 
Provision for income taxes19.1 10.4 48.5108.5 
Net income (loss) from continuing operations attributable to common shareholders55.2(120.9)154.4131.8
Income from discontinued operations, net of tax (Note 2)— 61.652.1172.1 
Net income (loss) attributable to common shareholders$55.2 $(59.3)$206.5 $303.9 
Earnings (loss) per basic share:
Earnings (loss) per basic share from continuing operations$0.97 $(2.16)$2.72 $2.33 
Earnings per basic share from discontinued operations— 1.10 0.92 3.05 
Earnings (loss) per basic share$0.97 $(1.06)$3.64 $5.38 
Earnings (loss) per diluted share:
Earnings (loss) per diluted share from continuing operations$0.96 $(2.16)$2.69 $2.30 
Earnings per diluted share from discontinued operations— 1.10 0.91 3.00 
Earnings (loss) per diluted share$0.96 $(1.06)$3.60 $5.30 
Average shares outstanding:
Basic56.8 56.1 56.756.5 
Diluted57.5 56.1 57.457.3 
Dividends per share$0.18 $0.47 $0.36 $1.41 
 
See Notes to Condensed Consolidated Financial Statements.
3

CRANE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Net income (loss) before allocation to noncontrolling interests$55.2 $(59.3)$206.5 $303.9 
Components of other comprehensive income (loss), net of tax
Currency translation adjustment(15.7)(77.7)(2.3)(175.2)
Changes in pension and postretirement plan assets and benefit obligation, net of tax3.6 2.3 8.9 9.1 
Other comprehensive (loss) income, net of tax(12.1)(75.4)6.6 (166.1)
Comprehensive income (loss) before allocation to noncontrolling interests43.1 (134.7)213.1 137.8 
Less: Noncontrolling interests in comprehensive income (loss)— (0.3)(0.2)(0.3)
Comprehensive income (loss) attributable to common shareholders$43.1 $(134.4)$213.3 $138.1 
See Notes to Condensed Consolidated Financial Statements.
4

CRANE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) 
(in millions)September 30,
2023		December 31,
2022
Assets
Current assets:
Cash and cash equivalents$273.8 $427.0 
Accounts receivable, net of allowance for doubtful accounts of $10.0 as of September 30, 2023 and $8.0 as of December 31, 2022
323.5 269.7 
Inventories, net:
Finished goods64.5 57.2 
Finished parts and subassemblies52.6 47.7 
Work in process41.3 27.2 
Raw materials192.5 162.1 
Inventories, net350.9 294.2 
Other current assets110.5 135.1 
Current assets of discontinued operations— 625.9 
Total current assets1,058.7 1,751.9 
Property, plant and equipment:
Cost751.4 729.2 
Less: accumulated depreciation498.0 480.9 
Property, plant and equipment, net253.4 248.3 
Long-term deferred tax assets4.1 3.1 
Other assets118.9 120.8 
Intangible assets, net67.4 71.7 
Goodwill689.4 690.9 
Long-term assets of discontinued operations— 1,504.9 
Total assets$2,191.9 $4,391.6 
See Notes to Condensed Consolidated Financial Statements.
5

CRANE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
(in millions, except per share and share data)September 30,
2023		December 31,
2022
Liabilities and equity
Current liabilities:
Short-term borrowings$— $399.6 
Accounts payable150.5 179.2 
Accrued liabilities238.4 260.5 
U.S. and foreign taxes on income26.7 34.2 
Current liabilities of discontinued operations— 614.7 
Total current liabilities415.6 1,488.2 
Long-term debt, net250.3 — 
Accrued pension and postretirement benefits112.0 132.0 
Long-term deferred tax liability29.8 55.3 
Other liabilities97.7 85.2 
Long-term liabilities of discontinued operations— 726.9 
Total liabilities905.4 2,487.6 
Commitments and contingencies (Note 11)
Equity:
Common shares, par value $1.00; 66,475,672 and 200,000,000 shares authorized, respectively
56.8 72.4 
Capital surplus387.7 373.8 
Retained earnings921.6 2,822.8 
Accumulated other comprehensive loss(82.0)(503.3)
Treasury stock— (864.3)
Total shareholders’ equity1,284.1 1,901.4 
Noncontrolling interests2.4 2.6 
Total equity1,286.5 1,904.0 
Total liabilities and equity$2,191.9 $4,391.6 
Share data:
Common shares issued56,798,744 72,426,389 
Less: Common shares held in treasury— 16,101,007 
Common shares outstanding56,798,744 56,325,382 
See Notes to Condensed Consolidated Financial Statements.
6

CRANE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
(in millions)20232022
Operating activities:
Net income from continuing operations attributable to common shareholders$154.4 $131.8 
Non-cash loss on divestiture of asbestos-related assets and liabilities— 148.9 
Gain on sale of business— (232.5)
Depreciation and amortization, including deferred financing costs29.0 30.2 
Stock-based compensation expense21.9 15.6 
Defined benefit plans and postretirement cost (credit) 7.0 (8.8)
Deferred income taxes2.5 1.5 
Cash used for operating working capital(165.4)(113.8)
Defined benefit plans and postretirement contributions(16.1)(16.7)
Environmental payments, net of reimbursements(3.0)(5.4)
Asbestos related payments, net of insurance recoveries— (29.3)
Divestiture of asbestos-related assets and liabilities— (550.0)
Other3.6 20.0 
Total provided by (used for) operating activities from continuing operations33.9 (608.5)
Investing activities:
Capital expenditures(29.7)(24.5)
Proceeds from sale of business— 318.1 
Other investing activities0.6 — 
Total (used for) provided by investing activities from continuing operations(29.1)293.6 
Financing activities:
Dividends paid(47.0)(79.5)
Reacquisition of shares on open market—(203.7)
Stock options exercised, net of shares reacquired15.73.1
Debt issuance costs(7.5)—
Proceeds from term facility300.0—
Proceeds from term facility of discontinued operations350.0 399.4
Repayment of term loans(448.8)—
Distribution of Crane NXT, Co.(578.1)—
Total (used for) provided by financing activities from continuing and discontinued operations(415.7)119.3 
Discontinued Operations:
Total provided by operating activities34.6 230.5 
Total used for investing activities(4.1)(12.2)
Increase in cash and cash equivalents from discontinued operations30.5 218.3 
Effect of exchange rates on cash and cash equivalents(3.4)(62.7)
Decrease in cash and cash equivalents(383.8)(40.0)
Cash and cash equivalents at beginning of period including discontinued operations (Note 2)657.6 478.6 
Cash and cash equivalents at end of period273.8 438.6 
Less: Cash and cash equivalents of discontinued operations— 196.3 
Cash and cash equivalents of continuing operations at end of period$273.8 $242.3 
See Notes to Condensed Consolidated Financial Statements.


7

CRANE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
(in millions)20232022
Detail of cash used for operating working capital from continuing operations:
Accounts receivable$(2.8)$(61.9)
Inventories(58.0)(55.6)
Other current assets(28.7)(9.7)
Accounts payable(27.3)11.2 
Accrued liabilities(14.2)(31.1)
U.S. and foreign taxes on income(34.4)33.3 
Total$(165.4)$(113.8)
Supplemental disclosure of cash flow information:
Interest paid$22.2 $29.9 
Income taxes paid$88.1 $118.1 
See Notes to Condensed Consolidated Financial Statements.
8


CRANE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(in millions, except share data)Common
Shares
Issued at
Par Value		Capital
Surplus		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Share- holders’
Equity		Non-controlling
Interest		Total
Equity
BALANCE DECEMBER 31, 202272.4 $373.8 $2,822.8 $(503.3)$(864.3)$1,901.4 $2.6 $1,904.0 
Net income— — 105.7 — — 105.7 — 105.7 
Cash dividends ($0.47 per share)
— — (26.6)— — (26.6)— (26.6)
Exercise of stock options, net of shares reacquired of 297,539 shares
— — — — 19.8 19.8 — 19.8 
Impact from settlement of share-based awards, net of shares acquired— (3.3)— — (3.6)(6.9)— (6.9)
Stock-based compensation expense— 6.3 — — — 6.3 — 6.3 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 2.7 — 2.7 — 2.7 
Currency translation adjustment— — — 12.8 — 12.8 (0.1)12.7 
BALANCE MARCH 31, 202372.4 $376.8 $2,901.9 $(487.8)$(848.1)$2,015.2 $2.5 $2,017.7 
Net income— — 45.6 — — 45.6 — 45.6 
Cash dividends ($0.18 per share)
— — (10.2)— — (10.2)— (10.2)
Exercise of stock options— 1.0 — — — 1.0 — 1.0 
Stock-based compensation expense— 2.5 — — — 2.5 — 2.5 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 2.6 — 2.6 — 2.6 
Currency translation adjustment— — — 0.8 — 0.8 (0.1)0.7 
Capital effect of spin-off(15.7)— (832.4)— 848.1 — — — 
Distribution of Crane NXT, Co.— — (1,236.8)414.5 — (822.3)— (822.3)
BALANCE JUNE 30, 202356.7 $380.3 $868.1 $(69.9)$— $1,235.2 $2.4 $1,237.6 
Net income— — 55.2 — — 55.2 — 55.2 
Cash dividends ($0.18 per share)
— — (10.2)— — (10.2)— (10.2)
Exercise of stock options0.1 1.8 — — — 1.9 — 1.9 
Impact from settlement of share-based awards— (0.1)— — — (0.1)— (0.1)
Stock-based compensation expense— 5.7 — — — 5.7 — 5.7 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 3.6 — 3.6 — 3.6 
Currency translation adjustment— — — (15.7)— (15.7)— (15.7)
Distribution of Crane NXT, Co. (Note 1)— — 8.5 — — 8.5 — 8.5 
BALANCE SEPTEMBER 30, 202356.8 $387.7 $921.6 $(82.0)$— $1,284.1 $2.4 $1,286.5 



9

(in millions, except share data)Common
Shares
Issued at
Par Value		Capital
Surplus		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Share- holders’
Equity		Non-controlling
Interest		Total
Equity
BALANCE DECEMBER 31, 202172.4 $363.9 $2,527.3 $(440.2)$(691.1)$1,832.3 $2.8 $1,835.1 
Net income— — 105.0 — — 105.0 — 105.0 
Cash dividends ($0.47 per share)
— — (26.4)— — (26.4)— (26.4)
Reacquisition on open market of 1,699,949 shares
— — — — (175.8)(175.8)— (175.8)
Exercise of stock options, net of shares reacquired of 79,214 shares
— — — — 6.1 6.1 — 6.1 
Impact from settlement of share-based awards, net of shares acquired— (5.1)— — (0.3)(5.4)— (5.4)
Stock-based compensation expense— 5.9 — — — 5.9 — 5.9 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 3.3 — 3.3 — 3.3 
Currency translation adjustment— — — (21.7)— (21.7)0.1 (21.6)
BALANCE MARCH 31, 202272.4 $364.7 $2,605.9 $(458.6)$(861.1)$1,723.3 $2.9 $1,726.2 
Net income— — 258.2 — — 258.2 — 258.2 
Cash dividends ($0.47 per share)
— — (26.4)— — (26.4)— (26.4)
Reacquisition on open market of 1,959,069 shares
— — — — (27.9)(27.9)— (27.9)
Exercise of stock options, net of shares reacquired of 94,774 shares
— — — — 1.1 1.1 — 1.1 
Impact from settlement of share-based awards, net of shares acquired— (1.3)— — 1.2 (0.1)— (0.1)
Stock-based compensation expense— 5.9 — — — 5.9 — 5.9 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 3.5 — 3.5 — 3.5 
Currency translation adjustment— — — (75.8)— (75.8)(0.1)(75.9)
BALANCE JUNE 30, 202272.4 $369.3 $2,837.7 $(530.9)$(886.7)$1,861.8 $2.8 $1,864.6 
Net loss— — (59.3)— — (59.3)— (59.3)
Cash dividends ($0.47 per share)
— — (26.4)— — (26.4)— (26.4)
Exercise of stock options, net of shares reacquired of 81,642 shares
— — — — 1.5 1.5 — 1.5 
Impact from settlement of share-based awards, net of shares acquired— (7.0)— — 6.9 (0.1)— (0.1)
Stock-based compensation expense— 5.9 — — — 5.9 — 5.9 
Changes in pension and postretirement plan assets and benefit obligation, net of tax— — — 2.3 — 2.3 — 2.3 
Currency translation adjustment— — — (77.4)— (77.4)(0.3)(77.7)
BALANCE SEPTEMBER 30, 202272.4 $368.2 $2,752.0 $(606.0)$(878.3)$1,708.3 $2.5 $1,710.8 
See Notes to Condensed Consolidated Financial Statements.
10
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and, therefore, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These interim condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022.
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. Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation.
Separation
On March 30, 2022, Crane Holdings, Co. announced that its Board of Directors approved a plan to pursue a separation into two independent, publicly-traded companies in a transaction in which Crane Holdings, Co. would retain its Payment & Merchandising Technologies segment and spin-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to its stockholders (the “Separation”).

On April 3, 2023, Crane Holdings, Co. completed the Separation into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company, through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of Crane Company to the stockholders of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” The Distribution was effective at 5:00 p.m., Eastern Time, on April 3, 2023. As a result of the Distribution, Crane Company became an independent public company. Our common stock is listed under the symbol "CR" on the New York Stock Exchange. Due to Crane Company’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to Crane NXT, Co., among other factors, Crane Company was treated as the “accounting spinnor” and therefore was the “accounting successor” to Crane Holdings, Co. for accounting purposes, notwithstanding the legal form of the Separation. Therefore, following the Separation, the historical consolidated financial statements of Crane Company reflect the historical consolidated financial statements of Crane Holdings, Co. with the Payment & Merchandising Technologies segment and other distributed assets and liabilities classified as discontinued operations.

In connection with the Separation on April 3, 2023, Crane Holdings, Co., which was renamed “Crane NXT, Co.,” and Crane Company entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between Crane NXT, Co. and Crane Company of assets, employees, liabilities and obligations (including property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after the consummation of the Separation and govern certain relationships between Crane NXT, Co. and Crane Company after the Separation.

Transactions under the transition services agreement with Crane NXT, Co. did not have a material impact to the condensed consolidated balance sheets as of September 30, 2023, or the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2023.

On April 3, 2023, prior to the consummation of the Separation, the Board of Directors of Crane Company declared and paid a one-time cash dividend in the amount of $275 million to Crane Holdings, Co., its sole stockholder at that time, as part of establishing the capital structure at Crane NXT, Co.

In connection with the Separation, we distributed net assets of $813.8 million through equity, including the cash dividend of $275 million and $303 million in cash balances. The net assets distributed includes an adjustment of $8.5 million recorded in the three months ended September 30, 2023, to correct the amount previously recognized at the time of the Distribution.

As a result of the Separation, the Payment & Merchandising segment qualified as a discontinued operation and accordingly, the assets, liabilities and results of operations of this segment are reported as discontinued operations. See Note 2 for additional information.
Recent Accounting Pronouncements
The Company considered the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows.
11
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 2 - Discontinued Operations
As discussed in Note 1, Crane Company has reflected the historical consolidated financial statements of Crane Holdings, Co. with the Payment & Merchandising Technologies segment and other distributed assets and liabilities classified as discontinued operations.
Financial results from discontinued operations:

Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Net sales$— $335.1 $329.1 $1,001.7 
Cost of sales— 174.9174.4 536.8
Selling, general and administrative— 74.280.0 214.0
Operating profit— 86.0 74.7 250.9 
Other expense, net— (10.5)(11.2)(29.4)
Net income from discontinued operations before income taxes— 75.563.5 221.5
Provision for income taxes— 13.911.4 49.4
Income from discontinued operations, net of tax$— $61.6 $52.1 $172.1 
12
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:
(in millions)December 31, 2022
Assets:
Cash and Cash Equivalents$230.6 
Accounts receivable, net205.0 
Inventories, net145.6
Other current assets44.7
Current assets of discontinued operations625.9
Property, plant and equipment, net261.6
Long-term deferred tax asset5.1
Other assets56.7
Intangible assets, net344.9
Goodwill836.6
Long-term assets of discontinued operations1,504.9 
Assets of discontinued operations$2,130.8 
Liabilities:
Short term borrowings$299.7 
Accounts payable107.4 
Accrued liabilities203.7
U.S. and foreign taxes on income3.9
Current liabilities of discontinued operations614.7 
Long-term debt545.1 
Accrued pension and postretirement benefits21.1 
Long-term deferred tax liability107.1 
Other liabilities53.6 
Long-term liabilities of discontinued operations726.9 
Liabilities of discontinued operations$1,341.6 




13
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 - Segment Results
Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of September 30, 2023, we had three reportable segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. 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 are as follows:
Aerospace & Electronics
The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions.
Process Flow Technologies
The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.
Engineered Materials
The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products).
14
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Financial information by reportable segment is set forth below.

Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Net sales:
Aerospace & Electronics$207.2 $167.2 $576.5 $485.8 
Process Flow Technologies266.7 250.0 801.3 857.4 
Engineered Materials56.2 62.8 175.7 205.9 
Total$530.1 $480.0 $1,553.5 $1,549.1 
Operating profit:
Aerospace & Electronics $40.2 $28.2 $116.1 $84.4 
Process Flow Technologies 51.2 41.3 165.1 130.9 
Engineered Materials7.7 6.7 28.9 26.9 
Corporate (22.8)(193.4)(93.2)(252.9)
Total$76.3 $(117.2)$216.9 $(10.7)
Interest income1.5 1.4 3.2 2.3 
Interest expense(4.8)(3.0)(16.7)(4.4)
Gain on sale of business— 3.8 — 232.5 
Miscellaneous income (expense), net1.3 4.5 (0.5)20.6 
Income (Loss) from continuing operations before income taxes$74.3 $(110.5)$202.9 $240.3 

(in millions)September 30, 2023December 31, 2022
Assets:
Aerospace & Electronics$747.2 $663.3 
Process Flow Technologies1,023.8 1,064.7 
Engineered Materials227.0 218.6 
Corporate193.9 314.2 
Assets Discontinued Operations— 2,130.8 
Total$2,191.9 $4,391.6 
 
(in millions)September 30, 2023December 31, 2022
Goodwill:
Aerospace & Electronics$202.3 $202.3 
Process Flow Technologies315.8 317.3 
Engineered Materials171.3 171.3 
Total$689.4 $690.9 

15
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Aerospace & Electronics
Commercial Original Equipment$75.8 $63.7 $214.1 $182.9 
Military and Other Original Equipment64.4 57.1 189.1 171.5 
Commercial Aftermarket Products48.5 34.8 127.2 92.5 
Military Aftermarket Products18.5 11.6 46.1 38.9 
Total Aerospace & Electronics$207.2 $167.2 $576.5 $485.8 
Process Flow Technologies
Process Valves and Related Products$197.3 $186.2 $597.6 $555.8 
Commercial Valves31.2 30.4 90.5 205.8 
Pumps and Systems38.2 33.4 113.2 95.8 
Total Process Flow Technologies$266.7 $250.0 $801.3 $857.4 
Engineered Materials
FRP - Recreational Vehicles$19.6 $24.9 $57.1 $92.8 
FRP - Building Products27.5 29.0 91.1 88.2 
FRP - Transportation9.1 8.9 27.5 24.9 
Total Engineered Materials$56.2 $62.8 $175.7 $205.9 
Net sales$530.1 $480.0 $1,553.5 $1,549.1 
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 September 30, 2023, total backlog was $1,045.4 million. We expect to recognize approximately 39% of our remaining performance obligations as revenue in 2023, an additional 52% in 2024 and the balance thereafter.
Contract Assets and Contract Liabilities
Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed 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)September 30, 2023December 31, 2022
Contract assets$73.6 $56.8 
Contract liabilities$51.8 $49.4 
We recognized revenue of $7.6 million and $26.6 million during the three and nine-months ended September 30, 2023, respectively, related to contract liabilities as of December 31, 2022.
16
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 5 - Earnings Per Share
Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are excluded from the computations of diluted earnings per share if their effect would be anti-dilutive. For the three months ended September 30, 2022, the Company had a net loss attributable to common shareholders which causes all potentially dilutive securities to be anti-dilutive and are therefore not included in the calculation of earnings (loss) per share.
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share data)2023202220232022
Net income (loss) from continuing operations attributable to common shareholders$55.2 $(120.9)$154.4 $131.8 
Income from discontinued operations, net of tax (Note 2)— 61.652.1172.1 
Net income (loss) attributable to common shareholders$55.2 $(59.3)$206.5 $303.9 
Average basic shares outstanding56.8 56.1 56.756.5 
Effect of dilutive share-based awards0.7 — 0.7 0.8
Average diluted shares outstanding57.5 56.1 57.4 57.3 
Earnings (loss) per basic share:
Earnings (loss) per basic share from continuing operations$0.97 $(2.16)$2.72 $2.33 
Earnings per basic share from discontinued operations— 1.10 0.92 3.05 
Earnings (loss) per basic share$0.97 $(1.06)$3.64 $5.38 
Earnings (loss) per diluted share:
Earnings (loss) per diluted share from continuing operations$0.96 $(2.16)$2.69 $2.30 
Earnings per diluted share from discontinued operations— 1.10 0.91 3.00 
Earnings (loss) per diluted share$0.96 $(1.06)$3.60 $5.30 

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive was 0.5 million and 1.2 million for the three months ended September 30, 2023, and 2022, respectively, and 0.4 million for the nine months ended September 30, 2023, and 2022, respectively.



17
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 6 - Changes in Accumulated Other Comprehensive Loss
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets.
(in millions)Defined Benefit Pension and Postretirement Items Currency Translation Adjustment
 Total a
Balance as of December 31, 2022$(271.9)$(231.4)$(503.3)
Other comprehensive income before reclassifications— (2.1)(2.1)
Amounts reclassified from accumulated other comprehensive loss8.9 — 8.9 
Net period other comprehensive income8.9 (2.1)6.8 
Distribution of Crane NXT, Co.(8.9)423.4 414.5 
Balance as of September 30, 2023$(271.9)$189.9 $(82.0)
a
 Net of tax benefit of $109.3 million and $106.6 million as of September 30, 2023 and December 31, 2022, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022. Amortization of pension and postretirement components has been recorded within “Miscellaneous income (expense), net” on our Condensed Consolidated Statements of Operations.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Amortization of pension items:
Prior service costs (benefit)$0.5 $— $0.5 $(0.1)
Net loss$3.9 $3.3 $11.5 $12.9 
Amortization of postretirement items:
Prior service costs (benefit)0.2 (0.3)(0.3)(0.8)
Net loss (benefit)0.2 — (0.2)— 
Total before tax$4.8 $3.0 $11.5 $12.0 
Tax impact1.2 0.8 2.6 2.9 
Total reclassifications for the period$3.6 $2.2 $8.9 $9.1 

18
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 7 - Defined Benefit and Postretirement Benefits
For all plans, the components of net periodic benefit for the three months ended September 30, 2023, and 2022 are as follows:
PensionPostretirement
(in millions)2023202220232022
Service cost$(0.2)$1.7 $— $— 
Interest cost7.8 6.9 (0.2)0.2 
Expected return on plan assets(9.8)(15.7)— — 
Amortization of prior service cost (benefit)0.5 — 0.2 (0.3)
Amortization of net loss 3.9 3.3 0.2 — 
Net periodic loss (benefit) $2.2 $(3.8)$0.2 $(0.1)
For all plans, the components of net periodic benefit for the nine months ended September 30, 2023, and 2022 are as follows:
PensionPostretirement
(in millions)
2023a
2022
2023b
2022
Service cost$2.4 $4.3 $— $0.1 
Interest cost26.7 17.4 0.3 0.5 
Expected return on plan assets(34.2)(43.6)— — 
Amortization of prior service cost (benefit)0.5 (0.1)(0.3)(0.8)
Amortization of net loss (benefit)11.5