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Restructuring
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
Overview
2025 Restructuring - In the second and third quarters of 2025 we initiated restructuring actions as follows:
•We recorded $8.5 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses. We expect to substantially complete the restructuring program in 2025, with total costs expected to be in the range of $10 million to $15 million.
•We recorded $2.3 million of restructuring expense in the CPI segment, predominantly related to severance charges. We will continue to evaluate and align CPI’s cost structure with existing economic conditions which could result in additional actions.
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 through September 30, 2025. We expect to substantially complete the restructuring program in 2025 and do not expect to incur significant additional costs.
2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative restructuring charges through September 30, 2025, of which $5.8 million related to severance and $0.9 million related to other costs. This restructuring program has been completed.
Restructuring charges
We recorded restructuring charges which are reflected in the Condensed Consolidated Statements of Operations, as follows:
Three Months EndedNine Months Ended
(in millions)2025202420252024
Crane Payment Innovations$1.1 $— 2.3 2.7 
Security and Authentication Technologies2.4 — 8.5 — 
Total restructuring charges$3.5 $— $10.8 $2.7 
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, 2024 (a)
$— $7.2 $0.2 $7.4 
Expense (b)
9.0 — — $9.0 
Utilization(6.2)(6.0)(0.2)(12.4)
Balance as of September 30, 2025 (a)
$2.8 $1.2 $— $4.0 
(a)
Included within “Accrued Liabilities” in the Unaudited Condensed Consolidated Balance Sheets.
(b)
Included within “Restructuring charges” in the Unaudited Condensed Consolidated Statements of Operations.