A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate.

Executing on our strategy to focus our growth investments on our two remaining segments, on December 2, 2024, we entered into an agreement to sell our Engineered Materials. In the fourth quarter of 2024, the assets and liabilities of the segment were classified as held for sale, and the segment’s results are presented as discontinued operations. This change was applied on a retrospective basis.

Effective January 1, 2025, the Company completed the transaction for approximately $208.0 million on a cash-free and debt-free basis. During the second quarter of 2025, the Company received $7.8 million related to a final working capital adjustment.


	For the year ended December 31,
(in millions)		2025		2024		2023
Net sales		$	—	$	200.0	$	224.3
Cost of sales		—		152.7		170.5
Engineering, selling and administrative		—		20.6		20.4
Operating profit		$	—	$	26.7	$	33.4
Gain on sale of business		43.5		—		—
Miscellaneous (expense) income, net		—		(0.8)		0.5
Income from discontinued operations		$	43.5	$	25.9	$	33.9
Provision for (benefit from) income taxes		8.6		(0.6)		6.0
Income from discontinued operations, net of tax		$	34.9	$	26.5	$	27.9

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, 2024
Assets:
Cash and Cash Equivalents	$	1.5
Accounts receivable, net	9.2
Inventories, net	8.1
Other current assets	1.4
Property, plant and equipment, net	25.3
Other assets	0.4
Intangible assets, net	0.7
Goodwill	171.3
Current assets held for sale (a)	$	217.9

Liabilities:
Accounts payable	16.8
Accrued liabilities	7.9
Long-term deferred tax liability	19.2
Other liabilities	0.2
Current liabilities held for sale (a)	$	44.1


(a) We closed on this transaction within one year from the date of our entry into the agreement, and therefore have presented all assets and liabilities as current as of December 31, 2024.

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.

The following represents financial results from Payment & Merchandising Technologies included in discontinued operations: