Crane Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Crane Co. has filed its 2023 annual report detailing its financial performance and operations.</b>

AI Summary

Crane Co (CR) filed a Annual Report (10-K) with the SEC on February 26, 2024. Crane Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 100 First Stamford Place, Stamford, CT 06902. Crane Co. operates within the Miscellaneous Fabricated Metal Products industry (SIC 3490). The report was filed with the SEC on February 26, 2024.

Why It Matters

For investors and stakeholders tracking Crane Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Crane Co.'s financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and future outlook. Understanding the details within this report allows stakeholders to evaluate Crane Co.'s position within the Miscellaneous Fabricated Metal Products sector and its compliance with regulatory requirements.

Risk Assessment

Risk Level: low — Crane Co shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Crane Co.'s performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date the report was submitted)
• 001-41570 — SEC File Number (Crane Co.'s SEC file number)

Key Players & Entities

• Crane Co. (company) — Filer of the 10-K report
• 100 First Stamford Place, Stamford, CT 06902 (company) — Business and mailing address
• 2023-12-31 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• 3490 (industry) — Standard Industrial Classification code

FAQ

Industry Context

Crane Co. operates in the Miscellaneous Fabricated Metal Products sector, a segment of the manufacturing industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the business description and risk factors to understand operational and market dynamics.
3. Examine management's discussion and analysis for insights into strategic decisions and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report, providing year-end financial and operational data.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 CR New York Stock Exchange Securities
• $89.12 — No Based on the closing stock price of $89.12 on June 30, 2023, the last business day
• $1 — he registrant's common stock, par value $1.00, was 57,032,401 at January 31, 2024.

Filing Documents

• cr-20231231.htm (10-K) — 2930KB
• cr-ex21_12312023.htm (EX-21) — 51KB
• cr-ex231_123123.htm (EX-23.1) — 3KB
• cr-ex311_12312023.htm (EX-31.1) — 9KB
• cr-ex312_12312023.htm (EX-31.2) — 9KB
• cr-ex321_12312023.htm (EX-32.1) — 5KB
• cr-ex322_12312023.htm (EX-32.2) — 5KB
• cr-ex97_12312023.htm (EX-97) — 42KB
• cr-20231231_g1.jpg (GRAPHIC) — 17KB
• 0001628280-24-006915.txt (&nbsp;) — 16143KB
• cr-20231231.xsd (EX-101.SCH) — 97KB
• cr-20231231_cal.xml (EX-101.CAL) — 171KB
• cr-20231231_def.xml (EX-101.DEF) — 501KB
• cr-20231231_lab.xml (EX-101.LAB) — 1145KB
• cr-20231231_pre.xml (EX-101.PRE) — 801KB
• cr-20231231_htm.xml (XML) — 3199KB

Business

Item 1. Business Page 6

Risk Factors

Item 1A. Risk Factors Page 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments Page 16

Cybersecurity Page 16

Item 1C. Cybersecurity Page 16

Properties

Item 2. Properties Page 18

Legal Proceedings

Item 3. Legal Proceedings Page 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Page 19 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Page 20

Supplementary Financial Information

Item 6. Supplementary Financial Information Page 21

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Page 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk Page 39

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data Page 40

Changes in and Disagreement with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreement with Accountants on Accounting and Financial Disclosure Page 87

Controls and Procedures

Item 9A. Controls and Procedures Page 87

Other Information

Item 9B. Other Information Page 89

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections Page 89 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance Page 89

Executive Compensation

Item 11. Executive Compensation Page 89

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Page 89

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence Page 89

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services Page 89 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules Page 90

10-K Summary

Item 16. 10-K Summary Page 93

Signatures

Signatures Page 94 2 FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K contains information about Crane Company, some of which includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. You can identify forward-looking statements by the use of terms such as: "believes," "contemplates," "expects," "may," "will," "could," "should," "would," or "anticipates," other similar phrases, or the negatives of these terms. We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties. These statements should be considered in conjunction with the discussion in Part I, the information set forth under Item 1A, "Risk Factors" and with the discussion of the business included in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." We have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including the following: The effect of changes in economic conditions in the markets in which we operate, including financial market conditions, end markets for our products, fluctuations in raw material prices, inflationary pressures, supply chain disruptions and access to key raw materials, higher interest rates and the financial condition of our customers and suppliers; Economic, social and political instability, currency fluctuation and other risks of doing business outside of the Unite

Business

Item 1. Business General We are a diversified manufacturer of highly engineered industrial products. Our operations are comprised of three segments: Aerospace & Electronics ("A&E"), Process Flow Technologies ("PFT"), and Engineered Materials ("EM"). Our primary end markets include aerospace, defense and space, process industries, non-residential and municipal construction, along with a wide range of general industrial and certain consumer related end markets. We have been committed to the highest standards of business conduct since inception in 1855 when our founder, R.T. Crane, resolved "to conduct my business in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business." Our strategy is to grow earnings and cash flow by focusing on the manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and selectively divest businesses where appropriate. We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are directly aligned with those of our shareholders, and to maintain a focused, efficient corporate structure. We operate a comprehensive set of business processes, philosophies and operational excellence tools to drive continuous improvement throughout our businesses (collectively, the Crane Business System). Beginning with a core value of integrity, we incorporate "Voice of the Customer" teachings (specific processes designed to capture our customers' requirements) and a broad ran

View Full Filing

View this 10-K filing on SEC EDGAR