Discontinued Operations

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

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 Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2023		2022		2023		2022
Net sales	$	—	$	335.1	$	329.1	$	1,001.7
Cost of sales	—		174.9		174.4		536.8
Selling, general and administrative	—		74.2		80.0		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	—		75.5		63.5		221.5
Provision for income taxes	—		13.9		11.4		49.4
Income from discontinued operations, net of tax	$	—	$	61.6	$	52.1	$	172.1

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, net	205.0
Inventories, net	145.6
Other current assets	44.7
Current assets of discontinued operations	625.9

Property, plant and equipment, net	261.6
Long-term deferred tax asset	5.1
Other assets	56.7
Intangible assets, net	344.9
Goodwill	836.6
Long-term assets of discontinued operations	1,504.9
Assets of discontinued operations	$	2,130.8

Liabilities:
Short term borrowings	$	299.7
Accounts payable	107.4
Accrued liabilities	203.7
U.S. and foreign taxes on income	3.9
Current liabilities of discontinued operations	614.7

Long-term debt	545.1
Accrued pension and postretirement benefits	21.1
Long-term deferred tax liability	107.1
Other liabilities	53.6
Long-term liabilities of discontinued operations	726.9
Liabilities of discontinued operations	$	1,341.6