Item 2.02 Results of Operations and Financial Condition.
On May 10, 2023, Crane NXT, Co. announced its results of operations for the
quarter ended March 31, 2023. The related press release and quarterly financial
data supplement is being furnished as Exhibit 99.1 hereto.
The information furnished under Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(a) The Unaudited Condensed Combined Financial Statements of Crane NXT (A
Business of Crane Holdings, Co.), as of March 31, 2023 and for the three
months ended March 31, 2023 and 2022, are attached as Exhibit 99.2 hereto
and are incorporated into this Item 9.01(a) by reference.
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 will be treated as the "accounting spinnor" and
therefore will be the "accounting successor" to Crane Holdings, Co. for
accounting purposes, notwithstanding the legal form of the Crane Holdings, Co.'s
separation into two independent, public companies, which was completed on
April 3, 2023 (the "Spin-Off"). Therefore, following the Spin-Off, the
historical consolidated financial statements of Crane Company will reflect the
historical consolidated financial statements of Crane Holdings, Co., and Crane
NXT, Co.'s historical financial statements are comprised solely of combined
carve-out financial statements representing only those operations, assets,
liabilities and equity of Crane NXT, Co., on a stand-alone basis derived from
the consolidated financial statements and accounting records of Crane Holdings,
Co. Accordingly, the historical financial information incorporated into this
Item 9.01(a) does not necessarily reflect the financial condition, results of
operations or cash flows that Crane NXT, Co. would have achieved as a separate,
publicly traded company during the periods presented, nor does it necessarily
reflect those that Crane NXT, Co. will achieve in the future.
(b) None
(c) None
(d) Exhibits
Exhibit
No. Exhibit
99.1 Earnings Press Release dated May 10, 2023 and Crane NXT, Co.
Quarterly Financial Data Supplement for the quarter ended March 31,
2023.
99.2 Unaudited Condensed Combined Financial Statements of Crane NXT (A
Business of Crane Holdings, Co.) as of March 31, 2023 and for the
three months ended March 31, 2023 and 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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