0001628280-20-005646.txt : 20200427 0001628280-20-005646.hdr.sgml : 20200427 20200427171404 ACCESSION NUMBER: 0001628280-20-005646 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200427 DATE AS OF CHANGE: 20200427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRANE CO /DE/ CENTRAL INDEX KEY: 0000025445 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 131952290 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01657 FILM NUMBER: 20821141 BUSINESS ADDRESS: STREET 1: CRANE CO. STREET 2: 100 FIRST STAMFORD PLACE CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 203-363-7300 MAIL ADDRESS: STREET 1: CRANE CO. STREET 2: 100 FIRST STAMFORD PLACE CITY: STAMFORD STATE: CT ZIP: 06902 8-K 1 a8-kxq12020.htm 8-K Document
0000025445 2020-04-27 2020-04-27


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 FORM 8-K

 CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 27, 2020
CRANE CO.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
Delaware
1-1657
13-1952290
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
100 First Stamford Place
Stamford
CT
06902
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number, including area code: 203-363-7300
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $1.00
 CR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


1


SECTION 2 – FINANCIAL INFORMATION
Item 2.02
Results of Operations and Financial Condition.
On April 27, 2020, Crane Co. (the “Company”) announced its results of operations for the quarter ended March 31, 2020. The related press release and quarterly financial data supplement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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.

SECTION 8 – OTHER EVENTS
Item 8.01
Other Events
Asbestos Liability
Information Regarding Claims and Costs in the Tort System
As of March 31, 2020, we were a defendant in cases filed in numerous state and federal courts alleging injury or death as a result of exposure to asbestos. Activity related to asbestos claims during the periods indicated was as follows:
 
Three Months Ended
 
Year Ended
 
 March 31,
 
December 31,
 
2020
 
2019
 
2019
Beginning claims
29,056

 
29,089

 
29,089

New claims
681

 
675

 
2,848

Settlements
(165
)
 
(408
)
 
(983
)
Dismissals
(410
)
 
(858
)
 
(1,898
)
Ending claims
29,162

 
28,498

 
29,056

Of the 29,162 pending claims as of March 31, 2020, approximately 18,000 claims were pending in New York, approximately 100 claims were pending in Texas, approximately 300 claims were pending in Mississippi, and approximately 200 claims were pending in Ohio, all jurisdictions in which legislation or judicial orders restrict the types of claims that can proceed to trial on the merits.
We have tried several cases resulting in defense verdicts by the jury or directed verdicts for the defense by the court. We further have pursued appeals of certain adverse jury verdicts that have resulted in reversals in favor of the defense. We have also tried several other cases resulting in plaintiff verdicts which we paid or settled after unsuccessful appeals, the most recent of which are described below.
On March 23, 2010, a Philadelphia, Pennsylvania, state court jury found us responsible for a 1/11th share of a $14.5 million verdict in the James Nelson claim. On February 23, 2011, the court entered judgment on the verdict in the amount of $4.0 million, jointly, against us and two other defendants, with additional interest in the amount of $0.01 million being assessed against us, only. All defendants, including us, and the plaintiffs took timely appeals of certain aspects of those judgments. On September 5, 2013, a panel of the Pennsylvania Superior Court, in a 2-1 decision, vacated the Nelson verdict against all defendants, reversing and remanding for a new trial. Plaintiffs requested a rehearing in the Superior Court and by order dated November 18, 2013, the Superior Court vacated the panel opinion, and granted en banc reargument. On December 23, 2014, the Superior Court issued a second opinion reversing the jury verdict. Plaintiffs sought leave to appeal to the Pennsylvania Supreme Court, which defendants opposed. By order dated June 21, 2017, the Supreme Court of Pennsylvania denied plaintiffs’ petition for leave to appeal. The case was set for a new trial in April 2018. We settled the matter.  The settlement was reflected in the second quarter 2018 indemnity amount.
On September 17, 2013, a Fort Lauderdale, Florida state court jury in the Richard DeLisle claim found us responsible for 16% of an $8 million verdict. The trial court denied all parties’ post-trial motions, and entered judgment against us in the amount of $1.3 million. We appealed and oral argument on the appeal took place on February 16, 2016. On September 14, 2016, a panel of the Florida Court of Appeals reversed and entered judgment in favor of us. Plaintiff filed with the Court of Appeals a motion for rehearing and/or certification of an appeal to the Florida Supreme Court, which the Court denied on November 9, 2016. Plaintiffs subsequently requested review by the Supreme Court of Florida. Plaintiffs' motion was granted on July 11, 2017. Oral argument took place on March 6, 2018. On October 15, 2018, the Supreme Court of Florida reversed and remanded with

2


instructions to reinstate the trial court’s judgment. We paid the judgment on December 28, 2018.  That payment is reflected in the fourth quarter 2018 indemnity amount.
On July 2, 2015, a St. Louis, Missouri state court jury in the James Poage claim entered a $1.5 million verdict for compensatory damages against us. The jury also awarded exemplary damages against us in the amount of $10 million. We filed a motion seeking to reduce the verdict to account for the verdict set-offs. That motion was denied, and judgment was entered against us in the amount of $10.8 million. We initiated an appeal. Oral argument was held on December 13, 2016. In an opinion dated May 2, 2017, a Missouri Court of Appeals panel affirmed the judgment in all respects.  The Court of Appeals denied our motion to transfer the case to the Supreme Court of Missouri. We sought leave to appeal before the Supreme Court of Missouri, which denied that request. The Supreme Court of the United States denied further review on March 26, 2018. We settled the matter.  The settlement was reflected in the second quarter 2018 indemnity amount.
On April 22, 2016, a Phoenix, Arizona federal court jury found us responsible for a 20% share of a $9 million verdict in the George Coulbourn claim, and further awarded exemplary damages against us in the amount of $5 million.  The jury also awarded compensatory and exemplary damages against the other defendant present at trial.  The court entered judgment against us in the amount of $6.8 million. We filed post-trial motions, which were denied on September 20, 2016. We pursued an appeal to the Ninth Circuit Court of Appeals which affirmed the judgment on March 29, 2018. We settled the matter.  The settlement was reflected in the second quarter 2018 indemnity amount.
Such judgment amounts were not included in our incurred costs until all available appeals are exhausted and the final payment amount is determined.
The gross settlement and defense costs incurred (before insurance recoveries and tax effects) by us for the three months ended March 31, 2020 and 2019 totaled $12.6 million and $26.5 million, respectively. In contrast to the recognition of settlement and defense costs, which reflect the current level of activity in the tort system, cash payments and receipts generally lag the tort system activity by several months or more, and may show some fluctuation from period to period. Cash payments of settlement amounts are not made until all releases and other required documentation are received by us, and reimbursements of both settlement amounts and defense costs by insurers may be uneven due to insurer payment practices, transitions from one insurance layer to the next excess layer and the payment terms of certain reimbursement agreements. Our total pre-tax payments for settlement and defense costs, net of funds received from insurers, for the three months ended March 31, 2020 and 2019 totaled $11.7 million and $9.7 million, respectively. Detailed below are the comparable amounts for the periods indicated.
 
Three Months Ended
 
Year Ended
(in millions)
March 31,
 
December 31,
 
2020
 
2019
 
2019
Settlement / indemnity costs incurred (1)
$
8.2

 
$
21.4

 
$
45.5

Defense costs incurred (1)
4.4

 
5.1

 
20.7

Total costs incurred
$
12.6

 
$
26.5

 
$
66.2

 
 
 
 
 
 
Settlement / indemnity payments
$
11.0

 
$
8.8

 
$
38.9

Defense payments
4.3

 
4.0

 
21.4

Insurance receipts
(3.6
)
 
(3.1
)
 
(18.8
)
Pre-tax cash payments
$
11.7

 
$
9.7

 
$
41.5

 
(1) Before insurance recoveries and tax effects.
The amounts shown for settlement and defense costs incurred, and cash payments, are not necessarily indicative of future period amounts, which may be higher or lower than those reported.
Cumulatively through March 31, 2020, we have resolved (by settlement or dismissal) approximately 139,000 claims. The related settlement cost incurred by us and our insurance carriers is approximately $650 million, for an average settlement cost per resolved claim of approximately $4,700. The average settlement cost per claim resolved during the years ended December 31, 2019, 2018 and 2017 was $15,800, $11,300, and $7,800, respectively. Because claims are sometimes dismissed in large groups, the average cost per resolved claim, as well as the number of open claims, can fluctuate significantly from period to period. In addition to large group dismissals, the nature of the disease and corresponding settlement amounts for each claim resolved will also drive changes from period to period in the average settlement cost per claim. Accordingly, the average cost per resolved claim is not considered in our periodic review of our estimated asbestos liability. For a discussion regarding the four most significant factors affecting the liability estimate, see “Effects on the Condensed Consolidated Financial Statements.”

3


Effects on the Condensed Consolidated Financial Statements
We have retained an independent actuarial firm to assist management in estimating our asbestos liability in the tort system. The actuarial consultants review information provided by us concerning claims filed, settled and dismissed, amounts paid in settlements and relevant claim information such as the nature of the asbestos-related disease asserted by the claimant, the jurisdiction where filed and the time lag from filing to disposition of the claim. The methodology used by the actuarial consultants to project future asbestos costs is based on our recent historical experience for claims filed, settled and dismissed during a base reference period. Our experience is then compared to estimates of the number of individuals likely to develop asbestos-related diseases determined based on widely used previously conducted epidemiological studies augmented with current data inputs. Those studies were undertaken in connection with national analyses of the population of workers believed to have been exposed to asbestos. Using that information, the actuarial consultants estimate the number of future claims that would be filed against us and estimates the aggregate settlement or indemnity costs that would be incurred to resolve both pending and future claims based upon the average settlement costs by disease during the reference period. This methodology has been accepted by numerous courts. After discussions with us, the actuarial consultants augment our liability estimate for the costs of defending asbestos claims in the tort system using a forecast from us which is based upon discussions with our defense counsel. Based on this information, the actuarial consultants compile an estimate of our asbestos liability for pending and future claims using a range of reference periods based on claim experience and covering claims expected to be filed through the indicated forecast period. The most significant factors affecting the liability estimate are (1) the number of new mesothelioma claims filed against us, (2) the average settlement costs for mesothelioma claims, (3) the percentage of mesothelioma claims dismissed against us and (4) the aggregate defense costs incurred by us. These factors are interdependent, and no one factor predominates in determining the liability estimate.
In our view, the forecast period used to provide the best estimate for asbestos claims and related liabilities and costs is a judgment based upon a number of trend factors, including the number and type of claims being filed each year; the jurisdictions where such claims are filed, and the effect of any legislation or judicial orders in such jurisdictions restricting the types of claims that can proceed to trial on the merits; and the likelihood of any comprehensive asbestos legislation at the federal level. In addition, the dynamics of asbestos litigation in the tort system have been significantly affected by the substantial number of companies that have filed for bankruptcy protection, thereby staying any asbestos claims against them until the conclusion of such proceedings, and the establishment of a number of post-bankruptcy trusts for asbestos claimants, which have been estimated to provide $36 billion for payments to current and future claimants. These trend factors have both positive and negative effects on the dynamics of asbestos litigation in the tort system and the related best estimate of our asbestos liability, and these effects do not move in a linear fashion but rather change over multi-year periods. Accordingly, management continues to monitor these trend factors over time and periodically assesses whether an alternative forecast period is appropriate.
Each quarter, the actuarial consultants compile an update based upon our experience in claims filed, settled and dismissed as well as average settlement costs by disease category (mesothelioma, lung cancer, other cancer, and non-malignant conditions including asbestosis). In addition to this claims experience, we also consider additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. As part of this process, we also consider trends in the tort system such as those enumerated above. Management considers all these factors in conjunction with the liability estimate of the actuarial consultants and determines whether a change in the estimate is warranted.
Liability Estimate. In June 2016, the New York State Court of Appeals issued its opinion in Dummitt v. Crane Co., affirming a 2012 verdict for $4.9 million against us. In that opinion, the court ruled that in certain circumstances we are legally responsible for asbestos-containing materials made and sold by third parties that others attached post-sale to our equipment. This decision provided clarity regarding the nature of claims that may proceed to trial in New York and greater predictability regarding future claim activity. We also reflected the impact of the Dummitt decision on our expected settlement values. Accordingly, on December 31, 2016 we updated and extended our asbestos liability estimate through 2059, the generally accepted end point.
Following our experience in the tort system post the Dummitt decision, we entered into several, increasingly similar, group settlements with various plaintiff firms, the most recent of which was in the fourth quarter of 2019. We expect this new trend of these types of group settlements to continue, and accordingly, effective as of December 31, 2019, we updated our estimate of the asbestos liability, including revised costs of settlement or indemnity payments and defense costs relating to currently pending claims and future claims projected to be filed against us through the same expected end point of 2059. Our estimate of the asbestos liability for pending and future claims through 2059 is based on the projected future asbestos costs resulting from our experience using a range of reference periods for claims filed, settled and dismissed. Based on this estimate, we recorded an additional liability of $255 million as of December 31, 2019.
An aggregate liability of $712 million is recorded as of December 31, 2019 to cover the estimated cost of asbestos claims now pending or subsequently asserted through 2059, of which approximately 85% is attributable to settlement and defense costs for future claims projected to be filed through 2059. The liability is reduced when cash payments are made in respect of settled

4


claims and defense costs. The liability was $696 million as of March 31, 2020. It is not possible to forecast when cash payments related to the asbestos liability will be fully expended; however, it is expected such cash payments will continue for a number of years past 2059, due to the significant proportion of future claims included in the estimated asbestos liability and the lag time between the date a claim is filed and when it is resolved. None of these estimated costs have been discounted to present value due to the inability to reliably forecast the timing of payments. The current portion of the total estimated liability at December 31, 2019 and March 31, 2020 is $65 million and represents our best estimate of total asbestos costs expected to be paid during the twelve-month period. Such amount is based upon the actuarial model together with our prior year payment experience for both settlement and defense costs.
We have made our best estimate of the costs through 2059. Through March 31, 2020, our actual experience during the updated reference period for mesothelioma claims filed and dismissed generally approximated the assumptions in our liability estimate. In addition to this claims experience, we considered additional quantitative and qualitative factors such as the nature of the aging of pending claims, significant appellate rulings and legislative developments, and their respective effects on expected future settlement values. Based on this evaluation, we determined that no change in the estimate was warranted for the period ended March 31, 2020.
Insurance Coverage and Receivables. Prior to 2005, a significant portion of our settlement and defense costs were paid by our primary insurers. With the exhaustion of that primary coverage, we began negotiations with our excess insurers to reimburse us for a portion of our settlement and/or defense costs as incurred. To date, we have entered into agreements providing for such reimbursements, known as “coverage-in-place,” with eleven of our excess insurer groups. Under such coverage-in-place agreements, an insurer’s policies remain in force and the insurer undertakes to provide coverage for our present and future asbestos claims on specified terms and conditions that address, among other things, the share of asbestos claims costs to be paid by the insurer, payment terms, claims handling procedures and the expiration of the insurer’s obligations. Similarly, under a variant of coverage-in-place, we have entered into an agreement with a group of insurers confirming the aggregate amount of available coverage under the subject policies and setting forth a schedule for future reimbursement payments to us based on aggregate indemnity and defense payments made. In addition, with ten of our excess insurer groups, we entered into agreements settling all asbestos and other coverage obligations for an agreed sum, totaling $82.5 million in aggregate. Reimbursements from insurers for past and ongoing settlement and defense costs allocable to their policies have been made in accordance with these coverage-in-place and other agreements. All these agreements include provisions for mutual releases, indemnification of the insurer and, for coverage-in-place, claims handling procedures. With the agreements referenced above, we have concluded settlements with all but two of our solvent excess insurers with policies expected to respond to the aggregate costs included in the liability estimate. The first such insurer, which issued a single applicable policy, has been paying for many years the shares of defense and indemnity costs we have allocated to it, subject to a reservation of rights. The second insurer issued a single applicable policy in a layer of coverage that we do not anticipate reaching until many years from now, and, prior to the policy being reached, we anticipate opening a dialogue with that insurer about the execution of a suitable agreement. There are no pending legal proceedings between us and any insurer contesting our asbestos claims under our insurance policies.
In conjunction with developing the aggregate updated liability estimate referenced above, we also developed an updated estimate of probable insurance recoveries for our asbestos liabilities. In developing this estimate, we considered our coverage-in-place and other settlement agreements described above, as well as several additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits. In addition, the timing and amount of reimbursements will vary because our insurance coverage for asbestos claims involves multiple insurers, with different policy terms and certain gaps in coverage. In addition to consulting with legal counsel on these insurance matters, we retained insurance consultants to assist management in the estimation of probable insurance recoveries based upon the aggregate liability estimate described above and assuming the continued viability of all solvent insurance carriers. Based upon the analysis of policy terms and other factors noted above by our legal counsel, and incorporating risk mitigation judgments by us where policy terms or other factors were not certain, our insurance consultants compiled a model indicating how our historical insurance policies would respond to varying levels of asbestos settlement and defense costs and the allocation of such costs between such insurers and us. Using the estimated liability as of December 31, 2019 (for claims filed or expected to be filed through 2059), the insurance consultant’s model forecasted that approximately 14% of the liability would be reimbursed by our insurers. While there are overall limits on the aggregate amount of insurance available to us with respect to asbestos claims, certain limits were not reached by the total estimated liability currently recorded by us, and such overall limits did not influence our determination of the asset amount to record. We allocate to ourselves the amount of the asbestos liability (for claims filed or expected to be filed through 2059) that is in excess of available insurance coverage allocated to such years. An asset of $98 million was recorded as of December 31, 2019 representing the probable insurance reimbursement for claims expected through 2059. The asset is reduced as reimbursements and other payments from insurers are received. The asset was $94 million as of March 31, 2020.

5


We review the estimated reimbursement rate with our insurance consultants on a periodic basis in order to confirm overall consistency with our established reserves. The reviews encompass consideration of the performance of the insurers under coverage-in-place agreements and the effect of any additional lump-sum payments under other insurer agreements. Actual insurance reimbursements vary from period to period, and will decline over time, for the reasons cited above.
Uncertainties. Estimation of our ultimate exposure for asbestos-related claims is subject to significant uncertainties, as there are multiple variables that can affect the timing, severity and quantity of claims and the manner of their resolution. We caution that our estimated liability is based on assumptions with respect to future claims, settlement and defense costs based on past experience that may not prove reliable as predictors; the assumptions are interdependent and no single factor predominates in determining the liability estimate. A significant upward or downward trend in the number of claims filed, depending on the nature of the alleged injury, the jurisdiction where filed and the quality of the product identification, or a significant upward or downward trend in the costs of defending claims, could change the estimated liability, as would substantial adverse verdicts at trial that withstand appeal. A legislative solution, structured settlement transaction, or significant change in relevant case law could also change the estimated liability.
The same factors that affect developing estimates of probable settlement and defense costs for asbestos-related liabilities also affect estimates of the probable insurance reimbursements, as do a number of additional factors. These additional factors include the financial viability of the insurance companies, the method by which losses will be allocated to the various insurance policies and the years covered by those policies, how settlement and defense costs will be covered by the insurance policies and interpretation of the effect on coverage of various policy terms and limits and their interrelationships. In addition, due to the uncertainties inherent in litigation matters, no assurances can be given regarding the outcome of any litigation, if necessary, to enforce our rights under our insurance policies or settlement agreements.
Many uncertainties exist surrounding asbestos litigation, and we will continue to evaluate our estimated asbestos-related liability and corresponding estimated insurance reimbursement as well as the underlying assumptions and process used to derive these amounts. These uncertainties may result in our incurring future charges or increases to income to adjust the carrying value of recorded liabilities and assets, particularly if the number of claims and settlement and defense costs change significantly, or if there are significant developments in the trend of case law or court procedures, or if legislation or another alternative solution is implemented. Although the resolution of these claims will likely take many years, the effect on the results of operations, financial position and cash flow in any given period from a revision to these estimates could be material.


6





SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01
Financial Statements and Exhibits.

7


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
CRANE CO.
 
 
 
 
April 27, 2020
 
 
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Richard A. Maue
 
 
 
 
 
Richard A. Maue
 
 
 
 
 
Senior Vice President and
 
 
 
 
 
Chief Financial Officer



8


Document and Entity Information
As of
 
 
 
4/27/2020
 
 
Entity Central Index Key
0000025445
 
 
Amendment Flag
false
 
 


9
 EX-99.1 2 exhibit991-pressreleas.htm EXHIBIT 99.1 Exhibit


 
 
 
Exhibit 99.1
 
 
 
 
 
 
Crane Co.
 
 
News
 
 
 
 
 
 
 
 
 
Contact:
 
 
 
 
Jason D. Feldman
 
 
 
 
Director, Investor Relations
 
 
 
 
203-363-7329
 
 
 
 
www.craneco.com
 


Crane Co. Reports First Quarter 2020 Results and Provides Update on COVID-19 Impact

STAMFORD, CONNECTICUT - April 27, 2020 - Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported first quarter 2020 GAAP earnings per diluted share (EPS) of $1.05, compared to $1.36 in the first quarter of 2019. Excluding Special Items, first quarter 2020 EPS was $1.15, compared to $1.45 in the first quarter of 2019. We estimate that COVID-19 related factors reduced both GAAP and adjusted EPS in the first quarter by approximately $0.15-$0.20. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

First quarter 2020 sales were $798 million, a decline of 4% compared to the first quarter of 2019. The sales decline was comprised of an $80 million, or 10%, decline in core sales and $7 million, or 1%, of unfavorable foreign exchange, partially offset by a $54 million, or 7%, benefit from acquisitions. We believe that the core sales decline was largely attributable to COVID-19 related factors. Including $2.5 million of acquisition-related deferred revenue, sales in the first quarter of 2020 were $800 million, and the acquisition benefit was $56 million. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)





First quarter 2020 operating profit was $89 million, compared to $114 million in the first quarter of 2019. Operating profit margin was 11.1%, compared to 13.7% last year. Excluding Special Items, first quarter 2020 operating profit was $96 million, compared to $120 million last year. Excluding Special Items, operating profit margin was 12.0%, compared to 14.4% last year. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Max Mitchell, Crane Co. President and Chief Executive Officer stated: “Our businesses all executed extremely well in the quarter despite the impacts of COVID-19 on demand, and on our supply chain and operations. In this difficult period, I have been incredibly proud of Crane's 12,000 global associates who have responded quickly and effectively to the challenges posed by this pandemic. Crane Co. is fortunate to have a deep and experienced leadership team that has managed through multiple downturns in the past, as well as a strong balance sheet with ample liquidity, and a diverse portfolio of strong and durable businesses. I am highly confident in the strength and resilience of Crane’s portfolio, and in our long-term outlook.”

Cash Flow, Liquidity, and Other Financial Metrics
Cash used for operating activities in the first quarter of 2020 was $36 million, compared to a use of $100 million in 2019. Capital expenditures in the first quarter of 2020 were $8 million, compared to $20 million last year. First quarter 2020 free cash flow (cash provided by operating activities less capital spending) was negative $43 million reflecting normal seasonality, and compared to negative $120 million last year.





The Company's cash position was $303 million at March 31, 2020, compared to $394 million at December 31, 2019. Total debt was $1,221 million at March 31, 2020, compared to $991 million at December 31, 2019. Neither cash nor debt balances reflect the $343 million 364-day term loan which closed on April 16, 2020.
Rich Maue, Crane Co. Senior Vice President and Chief Financial Officer, added: "Crane Co. is in a solid financial position, with a strong balance sheet and substantial liquidity. We recently further enhanced our liquidity position with a $343 million term loan. As of April 16, 2020, we have liquidity of approximately $811 million, comprised of $549 million in cash, and $262 million available under our revolving credit facility. We expect that we will reduce leverage naturally over the course of 2020."

First Quarter 2020 Segment Results
All comparisons detailed in this section refer to operating results for the first quarter 2020 versus the first quarter 2019.
Fluid Handling

 
 
First Quarter
 
Change
(dollars in millions)
 
2020
 
2019
 
 
 
 
Sales
 
$
257

 
$
274

 
$
(17
)
 
(6
%)
 
 
 
 
 
 
 
 
 
Operating Profit
 
$
28

 
$
34

 
$
(6
)
 
(18
%)
Operating Profit, before Special Items*
 
$
31

 
$
36

 
$
(5
)
 
(14
%)
 
 
 
 
 
 
 
 
 
Profit Margin
 
10.9
%
 
12.5
%
 
 
 
 
Profit Margin, before Special Items*
 
12.2
%
 
13.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
*Please see the attached Non-GAAP Financial Measures tables
Sales of $257 million decreased $17 million, or 6%, driven by a $23 million, or 9%, decline in core sales and a $3 million, or $1%, impact from unfavorable foreign exchange, partially offset by a $9 million, or




3%, benefit from an acquisition. Operating profit margin declined to 10.9%, compared to 12.5% last year, primarily reflecting lower volumes and higher acquisition-related and integration charges related to the January 2020 I&S acquisition, partially offset by productivity and repositioning benefits. Excluding Special Items, operating margin declined to 12.2%, compared to 13.3% last year. Fluid Handling order backlog was $293 million at March 31, 2020, compared to $267 million at December 31, 2019, and compared to $285 million at March 31, 2019.
Payment & Merchandising Technologies

 
 
First Quarter
 
Change
(dollars in millions)
 
2020
 
2019
 
 
 
 
Sales
 
$
297

 
$
304

 
$
(6
)
 
(2
%)
Sales, including acquisition-related deferred revenue*
 
$
300

 
$
304

 
$
(4
)
 
(1
%)
 
 
 
 
 
 
 
 
 
Operating Profit
 
$
26

 
$
43

 
$
(17
)
 
(39
%)
Operating Profit, before Special Items*
 
$
31

 
$
47

 
$
(16
)
 
(34
%)
 
 
 
 
 
 
 
 
 
Profit Margin
 
8.9
%
 
14.2
%
 
 
 
 
Profit Margin, before Special Items*
 
10.3
%
 
15.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
*Please see the attached Non-GAAP Financial Measures tables
 
 
 
 
Sales of $297 million decreased $6 million, or 2%, driven by a $47 million, or 15%, decline in core sales and a $4 million, or 1%, impact from unfavorable foreign exchange, partially offset by a $44 million, or 15%, benefit from an acquisition. Including $2.5 million of acquisition-related deferred revenue, sales in the first quarter of 2020 were $300 million. Operating profit margin declined to 8.9%, from 14.2% last year, primarily reflecting lower core volumes, unfavorable mix, and higher acquisition-related and integration charges related to the Cummins Allison acquisition, partially offset by productivity and repositioning benefits. Excluding Special Items, operating profit margin declined to 10.3%, from 15.4% last year.

Aerospace & Electronics





 
 
First Quarter
 
Change
(dollars in millions)
 
2020
 
2019
 
 
 
 
Sales
 
$
193

 
$
195

 
$
(2
)
 
(1
%)
 
 
 
 
 
 
 
 
 
Operating Profit
 
$
44

 
$
45

 
$
(1
)
 
(2
%)
Operating Profit, before Special Items*
 
$
44

 
$
45

 
$
(2
)
 
(4
%)
 
 
 
 
 
 
 
 
 
Profit Margin
 
22.7
%
 
23.0
%
 
 
 
 
Profit Margin, before Special Items*
 
22.7
%
 
23.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
*Please see the attached Non-GAAP Financial Measures tables
Sales of $193 million decreased $2 million, or 1%, driven by lower core sales. Operating profit margin declined to 22.7%, from 23.0% last year, primarily reflecting lower core volumes, partially offset by strong productivity. Excluding Special Items, operating profit margin declined to 22.7%, from 23.3% last year. Aerospace & Electronics' order backlog was $548 million at March 31, 2020, compared to a record $567 million at December 31, 2019, and compared to $487 million at March 31, 2019.
Engineered Materials

 
 
First Quarter
 
Change
(dollars in millions)
 
2020
 
2019
 
 
 
 
Sales
 
$
51

 
$
60

 
$
(9
)
 
(15
%)
 
 
 
 
 
 
 
 
 
Operating Profit
 
$
7

 
$
9

 
$
(3
)
 
(27
%)
 
 
 
 
 
 
 
 
 
Profit Margin
 
13.6
%
 
15.8
%
 
 
 
 
Sales decreased $9 million, or 15%, driven primarily by lower sales to Recreational Vehicle customers. Operating margin declined to 13.6%, from 15.8% last year, primarily reflecting lower volumes.

Updating Full Year Outlook
In light of uncertainty regarding the potential impact of the COVID-19 pandemic on demand and operations, Crane Co. is withdrawing all elements of its previously issued full-year 2020 earnings guidance that was originally provided on January 27, 2020, and reiterated at its 2020 Investor Conference held on




February 27, 2020. This uncertainty poses unique and substantial challenges for normal forecasting methodologies, making it difficult to accurately project future financial results.

The company’s current and best estimate of full-year 2020 GAAP EPS is $2.35-$3.60, and excluding Special Items, EPS of $3.00-$4.25. Sales are now expected to be $2.8-$3.0 billion, reflecting a core sales decline of approximately 17% to 22%. Full-year 2020 free cash flow (cash provided by operating activities less capital spending) is expected to be in a range of $200-$250 million. (Please see the attached non-GAAP Financial Measures tables.)


Additional Information
Additional information with respect to the Company’s asbestos liability and related accounting provisions and cash requirements is set forth in the Current Report on Form 8-K filed with a copy of this press release.

Conference Call
Crane Co. has scheduled a conference call to discuss the first quarter financial results on Tuesday, April 28, 2020 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at http://www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid




Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 12,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the management’s current beliefs, expectations, plans, assumptions and objectives regarding Crane Co.’s future financial performance and are subject to significant risks and uncertainties. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in these forward-looking statements. Such factors include, among others: uncertainties regarding the extent and duration of the impact of COVID-19 on many aspects of our business; changes in economic, financial and end-market conditions in the markets in which we operate; fluctuations in raw material prices; the financial condition of our customers and suppliers; economic, social and political instability, currency fluctuation and other risks of doing business outside of the United States; competitive pressures, including the need for technology improvement, successful new product development and introduction and any inability to pass increased costs of raw materials to customers; our ability to value and successfully integrate acquisitions, to realize synergies and opportunities for growth and innovation, and to attract and retain highly qualified personnel and key management; a reduction in congressional appropriations that affect defense spending and our ability to predict the timing and award of substantial contracts in our banknote business; adverse effects on our business and results of operations, as a whole, as a result of increases in asbestos claims or the cost of defending and settling such claims; adverse effects as a result of environmental remediation activities, costs, liabilities and related claims; investment performance of our pension plan assets and fluctuations in interest rates, which may affect the amount and timing of future pension plan contributions; and other risks noted in reports that we file with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and subsequent reports filed with the Securities and Exchange Commission. Such reports are available on the Securities Exchange Commission’s website (www.sec.gov). Crane Co. does not undertake to update any forward-looking statements.




(Financial Tables Follow)



CRANE CO.
Income Statement Data
(in millions, except per share data)
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2020
 
2019
Net sales:
 
 
 
 
 
Fluid Handling
 
 
$
256.7

 
$
273.7

Payment & Merchandising Technologies
 
 
297.4

 
303.8

Aerospace & Electronics
 
 
192.9

 
194.6

Engineered Materials
 
 
50.9

 
59.6

Total net sales
 
 
$
797.9

 
$
831.7

 
 
 
 
 
 
Operating profit (loss):
 
 
 
 
 
Fluid Handling
 
 
$
28.0

 
$
34.1

Payment & Merchandising Technologies
 
 
26.4

 
43.2

Aerospace & Electronics
 
 
43.8

 
44.8

Engineered Materials
 
 
6.9

 
9.4

Corporate
 
 
(16.5
)
 
(17.8
)
Total operating profit
 
 
88.6

 
113.7

 
 
 
 
 
 
Interest income
 
 
0.4

 
0.6

Interest expense
 
 
(12.5
)
 
(11.9
)
Miscellaneous, net
 
 
3.8

 
2.0

Income before income taxes
 
 
80.3

 
104.4

Provision for income taxes
 
 
17.5

 
21.9

Net income before allocation to noncontrolling interests
 
 
62.8

 
82.5

 
 
 
 
 
 
    Less: Noncontrolling interest in subsidiaries' earnings
 
 
—

 
0.1

 
 
 
 
 
 
Net income attributable to common shareholders
 
 
$
62.8

 
$
82.4

 
 
 
 
 
 
Share data:
 
 

 

Earnings per diluted share
 
 
$
1.05

 
$
1.36

 
 
 
 
 
 
Average diluted shares outstanding
 
 
59.6

 
60.7

Average basic shares outstanding
 
 
58.8

 
59.8

 
 
 
 
 
 
Supplemental data:
 
 
 
 
 
Cost of sales
 
 
$
513.3

 
$
528.0

Selling, general & administrative
 
 
           196.0

 
           190.0

Acquisition-related and integration charges 1
 
 
5.2

 
1.1

Repositioning related charges, net of gain on property sale 1
 
 
0.1

 
5.3

Depreciation and amortization 1
 
 
29.9

 
27.7

Stock-based compensation expense 1
 
 
5.8

 
5.5


1 Amounts included within cost of sales and selling, general & administrative costs.

Totals may not sum due to rounding



CRANE CO.
Condensed Balance Sheets
(in millions)
 
 
 
March 31, 2020
 
December 31,
2019
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
302.8

 
$
393.9

Accounts receivable, net
 
543.5

 
555.1

Current insurance receivable - asbestos
 
14.1

 
14.1

Inventories, net
 
489.5

 
457.3

Other current assets
 
96.3

 
79.5

Total current assets
 
1,446.2

 
1,499.9

 
 
 
 
 
Property, plant and equipment, net
 
607.1

 
616.3

Long-term insurance receivable - asbestos
 
80.1

 
83.6

Other assets
 
766.0

 
751.5

Goodwill
 
1,565.2

 
1,472.4

 
 
 
 
 
Total assets
 
$
4,464.6

 
$
4,423.7

 
 
 
 
 
Liabilities and equity
 
 
 
 
Current liabilities
 
 
 
 
Short-term borrowings
 
$
378.7

 
$
149.4

Accounts payable
 
250.2

 
311.1

Current asbestos liability
 
65.0

 
65.0

Accrued liabilities
 
350.2

 
378.2

Income taxes
 
13.5

 
13.0

Total current liabilities
 
1,057.6

 
916.7

 
 
 
 
 
Long-term debt
 
842.2

 
842.0

Long-term deferred tax liability
 
53.3

 
55.8

Long-term asbestos liability
 
631.3

 
646.6

Other liabilities
 
472.7

 
486.3

 
 
 
 
 
Total equity
 
1,407.5

 
1,476.3

 
 
 
 
 
Total liabilities and equity
 
$
4,464.6

 
$
4,423.7


Totals may not sum due to rounding




CRANE CO.
Condensed Statements of Cash Flows
(in millions)
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Operating activities:
 
 
 
 
Net income attributable to common shareholders
 
$
62.8

 
$
82.4

Noncontrolling interest in subsidiaries' earnings
 
—

 
0.1

Net income before allocations to noncontrolling interests
 
62.8

 
82.5

Loss on deconsolidation of joint venture
 
—

 
1.2

Depreciation and amortization
 
29.9

 
27.7

Stock-based compensation expense
 
5.8

 
5.5

Defined benefit plans and postretirement credit
 
(1.8
)
 
(2.0
)
Deferred income taxes
 
6.1

 
5.4

Cash used for operating working capital
 
(123.7
)
 
(203.4
)
Defined benefit plans and postretirement contributions
 
(1.5
)
 
(4.3
)
Environmental payments, net of reimbursements
 
(2.7
)
 
(1.6
)
Other
 
1.3

 
(1.7
)
  Subtotal
 
(23.8
)
 
(90.7
)
Asbestos related payments, net of insurance recoveries
 
(11.7
)
 
(9.7
)
Total used for operating activities
 
(35.5
)
 
(100.4
)
 
 
 
 
 
Investing activities:
 
 
 
 
Payments for acquisitions, net of cash acquired
 
(172.0
)
 
—

Proceeds from disposition of capital assets
 
2.4

 
—

Capital expenditures
 
(7.8
)
 
(19.8
)
Impact of deconsolidation of joint venture
 
—

 
(0.2
)
Total used for investing activities
 
(177.4
)
 
(20.0
)
 
 
 
 
 
Financing activities:
 
 
 
 
Dividends paid
 
(25.5
)
 
(23.4
)
Reacquisition of shares on open market
 
(70.0
)
 
—

Stock options exercised, net of shares reacquired
 
0.1

 
(0.4
)
Repayment of long-term debt
 
—

 
(1.4
)
Proceeds from issuance of long-term debt
 
—

 
3.0

Proceeds from issuance of commercial paper with maturities greater than 90 days
 
170.0

 
55.5

Net proceeds from issuance of commercial paper with maturities of 90 days or less
 
14.5

 
—

Net borrowings under revolving credit facility
 
45.2

 
—

Total provided by financing activities
 
134.3

 
33.3

 
 
 
 
 
Effect of exchange rate on cash and cash equivalents
 
(12.5
)
 
0.5

Decrease in cash and cash equivalents
 
(91.1
)
 
(86.6
)
Cash and cash equivalents at beginning of period
 
393.9

 
343.4

Cash and cash equivalents at end of period
 
$
302.8

 
$
256.8


Totals may not sum due to rounding



CRANE CO.
Order Backlog
(in millions)
 
 
 
March 31,
2020
 
December 31,
2019
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
Fluid Handling
 
$
293.4

1 
$
267.0

 
$
272.1

 
$
274.9

 
$
284.8

Payment & Merchandising Technologies
 
326.3

2 
311.4

2 
291.8

 
286.8

 
322.2

Aerospace & Electronics
 
547.5

 
567.4

 
564.3

 
502.8

 
487.1

Engineered Materials
 
10.8

 
9.4

 
10.1

 
11.5

 
12.3

    Total backlog
 
$
1,178.0

 
$
1,155.2

 
$
1,138.3

 
$
1,076.0

 
$
1,106.4


1 Includes $12 million as of March 31, 2020 of backlog pertaining to the I&S business acquired in January 2020

2 Includes $43 million and $44 million as of March 31, 2020 and December 31, 2019, respectively, of backlog pertaining to the Cummins Allison business acquired in December 2019.


Totals may not sum due to rounding




CRANE CO.
Non-GAAP Financial Measures
(in millions, except per share data)
 
 
Three Months Ended
March 31,
 

 
 
2020
 
2019
 
Percent Change
INCOME ITEMS
 
 
 
 
 
 
Net sales - GAAP
 
$797.9
 
$831.7
 
(4.1
)%
Acquisition-related deferred revenue 1
 
2.5

 
-

 
 
Net sales before special items
 
$800.4
 
$831.7
 
(3.8
)%
 
 
 
 
 
 
 
Operating profit - GAAP
 
88.6

 
113.7

 
(22.1
)%
Percentage of sales
 
11.1
%
 
13.7
%
 
 
 
 
 
 
 
 
 
Special items impacting operating profit:
 
 
 
 
 
 
Acquisition-related deferred revenue 1
 
2.5

 
-

 
 
Acquisition-related and integration charges
 
5.2

 
1.1

 
 
Repositioning related charges, net of gain on property sale
 
0.1

 
5.3

 
 
Operating profit before special items
$96.4
 
$120.1
 
(19.7
)%
Percentage of sales
 
12.0
%
 
14.4
%
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders - GAAP
 
$62.8
 
$82.4
 
(23.8
)%
Per Share
 
$1.05
 
$1.36
 
(22.8
)%
 
 
 
 
 
 
 
Special items impacting net income attributable to common shareholders:
 
 
 
 
 
Acquisition-related deferred revenue - net of tax 1
 
1.9

 
-
 
 
Per share
 
$0.03
 
 
 
 
Acquisition-related and integration charges - net of tax
 
3.9

 
0.9

 
 
Per share
 
$0.07
 
$0.01
 
 
Repositioning related charges, net of gain on property sale - net of tax
 
0.2

 
4.2

 
 
Per share
 
$0.00
 
$0.07
 
 
Deconsolidation of joint venture - net of tax
 
-

 
0.8

 
 
Per share
 
 
 
$0.01
 
 
Net income attributable to common shareholders before special items
$68.8
 
$88.3
 
(22.1
)%
Per diluted share
 
$1.15
 
$1.45
 
(20.7
)%

 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Special items impacting provision for income taxes:
 
 
 
 
Provision for income taxes - GAAP
 
$17.5
 
$21.9
Tax effect of acquisition-related deferred revenue 1
 
0.6
 
-

Tax effect of acquisition-related and integration charges
 
1.3
 
0.2

Tax effect of repositioning related charges
 
(0.1)
 
1.1

Tax effect of deconsolidation of joint venture
 
-
 
0.4

Provision for income taxes before special items
 
$19.3
 
$23.6

1 Acquisition-related revenue that would otherwise be recognized but for the purchase accounting treatment of acquisitions.

Totals may not sum due to rounding






CRANE CO.
Non-GAAP Financial Measures
(in millions)

For the three months ended March 31, 2020
 
Fluid Handling
 
Payment & Merchandising Technologies
 
Aerospace & Electronics
 
Engineered Materials
 
Corporate
 
Total Company
Net sales - GAAP
 
$256.7
 
$297.4
 
$192.9
 
$50.9
 

$—

 
$797.9
Acquisition-related deferred revenue1
 
-

 
2.5

 
-

 
-

 
-

 
2.5

Net sales before special items
 
$256.7
 
$299.9
 
$192.9
 
$50.9
 

$—

 
$800.4
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit (loss) - GAAP
 
28.0

 
26.4

 
43.8

 
6.9

 
(16.5)

 
88.6

Acquisition-related deferred revenue1
 
-

 
2.5

 
-

 
-

 
-

 
2.5

Acquisition-related and integration charges
 
1.9

 
3.2

 
-

 
-

 
0.1

 
5.2

Repositioning related charges, net of gain on property sale
 
1.3

 
(1.2)

 
-

 
-

 
-

 
0.1

Operating profit (loss) before special items
 
$31.2
 
$30.9
 
$43.8
 
$6.9
 
$(16.4)
 
$96.4
Percentage of sales
 
12.2
%
 
10.3
%
 
22.7
%
 
13.6
%
 
 
 
12.0
%

For the three months ended March 31, 2019
 
Fluid Handling
 
Payment & Merchandising Technologies
 
Aerospace & Electronics
 
Engineered Materials
 
Corporate
 
Total Company
Net sales
 
$273.7
 
$303.8
 
$194.6
 
$59.6
 

$—

 
$831.7
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit (loss) - GAAP
 
34.1

 
43.2

 
44.8

 
9.4

 
(17.8)

 
113.7

Acquisition-related and integration charges
 
-

 
1.1

 
-

 
-

 
-

 
1.1

Repositioning related charges, net of gain on property sale
 
2.2

 
2.6

 
0.6

 
-

 
-

 
5.3

Operating profit (loss) before special items
 
$36.3
 
$46.9
 
$45.4
 
$9.4
 
$(17.8)
 
$120.1
Percentage of sales
 
13.3
%
 
15.4
%
 
23.3
%
 
15.8
%
 
 
 
14.4
%

1 Acquisition-related revenue that would otherwise be recognized but for the purchase accounting treatment of acquisitions.

Totals may not sum due to rounding





CRANE CO.
Guidance
(in millions, except per share data)

 
 
2020 Full Year Guidance
SALES GUIDANCE:
 
Low
 
High
 
 
 
 
 
Sales - GAAP basis
 
$
2,740

 
$
2,940

Acquisition-related deferred revenue1
 
10

 
10

Sales - non-GAAP basis
 
$
2,750

 
$
2,950


 
 
2020 Full Year Guidance
EARNINGS PER SHARE GUIDANCE:
 
Low
 
High
 
 
 
 
 
Earnings per share - GAAP basis
 
$
2.35

 
$
3.60

Repositioning costs
 
0.10

 
0.10

M&A related, net
 
0.35

 
0.35

COVID-19 related repositioning and other
 
0.20

 
0.20

Earnings per Share - non-GAAP basis
 
$
3.00

 
$
4.25



 
 
Three Months Ended March 31,
 
2020 Full Year Guidance
CASH FLOW ITEMS:
 
2020
 
2019
 
Low
 
High
Cash provided by operating activities before asbestos-related payments
 
$
(23.8
)
 
$
(90.7
)
 
$
295.0

 
$
345.0

Asbestos-related payments, net of insurance recoveries
 
(11.7
)
 
(9.7
)
 
(50.0
)
 
(50.0
)
Cash provided by operating activities
 
(35.5
)
 
(100.4
)
 
245.0

 
295.0

Less: Capital expenditures
 
(7.8
)
 
(19.8
)
 
(45.0
)
 
(45.0
)
Free cash flow
 
$
(43.3
)
 
$
(120.2
)
 
$
200.0

 
$
250.0



1 Acquisition-related revenue that would otherwise be recognized but for the purchase accounting treatment of acquisitions.

Totals may not sum due to rounding
Certain non-GAAP measures have been provided to facilitate comparison with the prior year.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance.
In addition, Free Cash Flow provides supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of Free Cash Flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company's long-term debt. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.




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Cover Page Cover Page
Apr. 27, 2020
Cover page.  
Document Type 8-K
Document Period End Date Apr. 27, 2020
Entity Registrant Name CRANE CO.
Entity Incorporation, State or Country Code DE
Entity File Number 1-1657
Entity Tax Identification Number 13-1952290
Entity Address, Address Line One 100 First Stamford Place
Entity Address, City or Town Stamford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06902
City Area Code 203
Local Phone Number 363-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, par value $1.00
Trading Symbol  CR
Security Exchange Name NYSE
Entity Central Index Key 0000025445
Amendment Flag false
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