10-Q Filing

CRANE CO CIK: 1944013 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-017288`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cr-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 22 Cash Flow Statement 60 Stockholders Equity 16 Comprehensive Income 14

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$292.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$377.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$426.90M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $16.9 as of March 31, 2023 and $14.1 as of December 31, 2022	`AccountsReceivableNetCurrent`	$271.40M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $16.9 as of March 31, 2023 and $14.1 as of December 31, 2022	`AccountsReceivableNetCurrent`	$315.60M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$57.20M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$67.30M	USD	Point-in-time
Finished parts and subassemblies	`OtherInventoryNetOfReserves`	$47.70M	USD	Point-in-time
Finished parts and subassemblies	`OtherInventoryNetOfReserves`	$50.20M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$33.70M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$27.20M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$162.10M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$182.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$334.10M	USD	Point-in-time
Inventories, net	`InventoryNet`	$294.20M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$146.10M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$137.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.09B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.13B	USD	Point-in-time
Cost	`PropertyPlantAndEquipmentGross`	$740.10M	USD	Point-in-time
Cost	`PropertyPlantAndEquipmentGross`	$729.20M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$480.90M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$490.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$248.30M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$250.10M	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$3.20M	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$3.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$120.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$127.00M	USD	Point-in-time
Intangible assets, net (excluding goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$78.50M	USD	Point-in-time
Intangible assets, net (excluding goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$70.60M	USD	Point-in-time
Intangible assets, net (excluding goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$71.70M	USD	Point-in-time
Goodwill	`Goodwill`	$693.10M	USD	Point-in-time
Goodwill	`Goodwill`	$690.90M	USD	Point-in-time
Total assets	`Assets`	$2.27B	USD	Point-in-time
Total assets	`Assets`	$2.23B	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	-	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$399.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$179.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$152.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$259.90M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$215.60M	USD	Point-in-time
U.S. and foreign taxes on income	`AccruedIncomeTaxesCurrent`	$12.60M	USD	Point-in-time
U.S. and foreign taxes on income	`AccruedIncomeTaxesCurrent`	$6.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$845.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$380.90M	USD	Point-in-time
Accrued pension and postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$133.80M	USD	Point-in-time
Accrued pension and postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$132.00M	USD	Point-in-time
Long-term deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$45.50M	USD	Point-in-time
Long-term deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$47.70M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$100.20M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$106.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.12B	USD	Point-in-time
Total liabilities	`Liabilities`	$668.80M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.51B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.92B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-370.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-360.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$1.56B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$1.14B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.50M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.60M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.56B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$949.70M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.27B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.23B	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$513.80M	USD	1 Quarter
Net sales	`Revenues`	$538.90M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$307.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$347.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$120.50M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$121.70M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$70.20M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$86.30M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$900.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$300.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$700.00K	USD	1 Quarter
Miscellaneous (expense) income, net	`OtherNonoperatingIncomeExpense`	$2.80M	USD	1 Quarter
Miscellaneous (expense) income, net	`OtherNonoperatingIncomeExpense`	$-3.80M	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-7.00M	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$6.10M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$79.30M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$76.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.20M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$54.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.80M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$54.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.60M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.80M	USD	1 Quarter
Defined benefit plans and postretirement cost (credit)	`PensionAndOtherPostretirementBenefitExpense`	$5.50M	USD	1 Quarter
Defined benefit plans and postretirement cost (credit)	`PensionAndOtherPostretirementBenefitExpense`	$-2.70M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.40M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.60M	USD	1 Quarter
Cash used for operating working capital	`IncreaseDecreaseInOperatingCapital`	$155.20M	USD	1 Quarter
Cash used for operating working capital	`IncreaseDecreaseInOperatingCapital`	$134.40M	USD	1 Quarter
Defined benefit plans and postretirement contributions	`PensionAndOtherPostretirementBenefitContributions`	$800.00K	USD	1 Quarter
Defined benefit plans and postretirement contributions	`PensionAndOtherPostretirementBenefitContributions`	$300.00K	USD	1 Quarter
Environmental payments, net of reimbursements	`PaymentsForEnvironmentalLiabilities`	$1.30M	USD	1 Quarter
Environmental payments, net of reimbursements	`PaymentsForEnvironmentalLiabilities`	$1.30M	USD	1 Quarter
Asbestos related payments, net of insurance recoveries	`PaymentsOrReceiptsForAsbestosRelatedFeesAndCostsNetOfInsuranceRecoveries`	-	USD	1 Quarter
Asbestos related payments, net of insurance recoveries	`PaymentsOrReceiptsForAsbestosRelatedFeesAndCostsNetOfInsuranceRecoveries`	$7.50M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$200.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$1.90M	USD	1 Quarter
Total used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-74.30M	USD	1 Quarter
Total used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-71.60M	USD	1 Quarter
Proceeds from disposition of capital assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Proceeds from disposition of capital assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$10.50M	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$8.90M	USD	1 Quarter
Total used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.80M	USD	1 Quarter
Total used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.50M	USD	1 Quarter
Net borrowings from issuance of commercial paper with maturities of 90 days or less	`ProceedsfromRepaymentsofIssuanceofCommercialPaperWithMaturityOf90DaysorLess`	-	USD	1 Quarter
Net borrowings from issuance of commercial paper with maturities of 90 days or less	`ProceedsfromRepaymentsofIssuanceofCommercialPaperWithMaturityOf90DaysorLess`	$104.00M	USD	1 Quarter
Repayment of term loan	`RepaymentsOfDebt`	$400.00M	USD	1 Quarter
Repayment of term loan	`RepaymentsOfDebt`	-	USD	1 Quarter
Total used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-85.80M	USD	1 Quarter
Total used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.90M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.40M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.80M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-173.40M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-134.90M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$203.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$203.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.00M	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$43.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$58.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$38.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$33.90M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-900.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$11.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-27.60M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-64.40M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-43.90M	USD	1 Quarter
U.S. and foreign taxes on income	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.70M	USD	1 Quarter
U.S. and foreign taxes on income	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.20M	USD	1 Quarter
Total	`IncreaseDecreaseInOperatingCapital`	$155.20M	USD	1 Quarter
Total	`IncreaseDecreaseInOperatingCapital`	$134.40M	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	$7.00M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$9.20M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$36.20M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.56B	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$949.70M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time
Net income	`ProfitLoss`	$61.80M	USD	1 Quarter
Net income	`ProfitLoss`	$54.10M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.80M	USD	1 Quarter
Changes in pension and postretirement plan assets and benefit obligation, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.60M	USD	1 Quarter
Changes in pension and postretirement plan assets and benefit obligation, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.20M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.50M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.60M	USD	1 Quarter
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.56B	USD	Point-in-time
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.08B	USD	Point-in-time
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$949.70M	USD	Point-in-time
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$61.80M	USD	1 Quarter
Net income	`ProfitLoss`	$54.10M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.50M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.60M	USD	1 Quarter
Changes in pension and postretirement plan assets and benefit obligation, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.60M	USD	1 Quarter
Changes in pension and postretirement plan assets and benefit obligation, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.20M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.90M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$10.80M	USD	1 Quarter
Comprehensive income before allocation to noncontrolling interests	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$52.20M	USD	1 Quarter
Comprehensive income before allocation to noncontrolling interests	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$72.60M	USD	1 Quarter
Less: Noncontrolling interests in comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Less: Noncontrolling interests in comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-100.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$52.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$72.70M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.