0001445305-13-001120.txt : 20130506 0001445305-13-001120.hdr.sgml : 20130506 20130506074951 ACCESSION NUMBER: 0001445305-13-001120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130506 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130506 DATE AS OF CHANGE: 20130506 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: 13814460 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-kxrecastof2012segmentin.htm 8-K 8-K- Recast of 2012 Segment Info


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): May 6, 2013

CRANE CO.
(Exact name of registrant as specified in its charter)
 

DELAWARE
(State or other jurisdiction of incorporation)
 
 
 
 
1-1657
 
13-1952290
(Commission File Number)
 
(IRS 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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








ITEM 8.01
Other Events
As previously announced, effective January 1, 2013, Crane Co. (the "Company") made certain changes to its reporting structure.  The Company transferred the Controls segment (consisting of the Barksdale and Crane Environmental businesses) to its Fluid Handling segment.  As a result, beginning with the first quarter of 2013, the reporting structure consists of the following four reportable segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems and Fluid Handling.

The Company is filing this Current Report on Form 8-K (“Form 8-K) to recast historical reportable segment information contained in the Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Form 10-K") to correspond with the Company's current reporting structure.  The changes in the reportable segment structure discussed above affect only the manner in which the results of the Company's reportable segments were previously reported.  This Form 8-K does not reclassify nor restate the Company's previously reported consolidated financial statements for any period, and all other information in the 2012 Form 10-K remains unchanged.  Nor does it reflect any subsequent information or events, other than as required to reflect the change in segments as described above.  The Form 8-K, including the Exhibit 99.1, should be read in conjunction with the 2012 Form 10-K and the Company's subsequent filings with the Securities and Exchange Commission.





Item 9.01.
Financial Statements and Exhibits.
 
 
 
(a)

  
None
 
 
(b)

  
None
 
 
(c)

  
None
 
 
(d)

  
Exhibits
 
 
99.1

 
Segment Information - As Recast






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.
 
 
 
Dated: May 6, 2013
 
By:
 
/s/ Richard A. Maue
 
 
 
 
Richard A. Maue
 
 
 
 
Vice President, Finance and Chief Financial Officer







EXHIBIT INDEX
 
 
 
 
Exhibit No.
 
Description
 
 
99.1
 
Segment Information - As Recast



 EX-99.1 2 exhibit991-recastsegmentin.htm EXHIBIT 99.1 Exhibit 99.1 - Recast Segment Info

Segment Information
The table below presents reportable segment results, as recast (unaudited):
(in thousands)
 
2012

 
2011

 
2010

Aerospace & Electronics
 
 
 
 
 
 
Net sales
 
$
701,208

 
$
677,663

 
$
577,164

Operating profit(a)
 
156,015

 
145,624

 
109,228

Assets
 
509,672

 
514,240

 
498,775

Goodwill
 
203,595

 
203,516

 
202,481

Capital expenditures
 
6,851

 
15,049

 
7,756

Depreciation and amortization
 
14,713

 
15,635

 
15,804

Engineered Materials
 
 
 
 
 
 
Net sales
 
$
216,503

 
$
220,071

 
$
212,280

Operating profit(b)
 
24,522

 
29,754

 
30,143

Assets
 
237,478

 
245,350

 
255,340

Goodwill
 
171,533

 
171,489

 
171,491

Capital expenditures
 
2,163

 
1,840

 
1,052

Depreciation and amortization
 
7,191

 
7,959

 
8,090

Merchandising Systems
 
 
 
 
 
 
Net sales
 
$
371,901

 
$
373,907

 
$
298,040

Operating profit(c)
 
33,771

 
30,337

 
16,729

Assets
 
408,702

 
408,857

 
419,704

Goodwill
 
201,866

 
197,719

 
197,453

Capital expenditures
 
4,263

 
4,652

 
3,490

Depreciation and amortization
 
14,226

 
15,283

 
11,811

Fluid Handling
 
 
 
 
 
 
Net sales
 
$
1,289,456

 
$
1,228,728

 
$
1,091,946

Operating profit(d)
 
160,980

 
161,031

 
126,571

Assets
 
993,275

 
973,427

 
896,267

Goodwill
 
236,798

 
248,101

 
238,860

Capital expenditures
 
15,385

 
12,761

 
8,145

Depreciation and amortization
 
19,411

 
22,273

 
22,260


(a)
Includes restructuring charges of $269 in 2010.
(b)
Includes restructuring charges of $2,338 in 2012 and $238 in 2010.
(c)
Includes $1,276 of transaction costs associated with the acquisition of Money Controls in 2010 and restructuring charges of $3,355 in 2012 and $3,224 in 2010.
(d)
Includes restructuring charges of $12,745 in 2012 and $2,964 in 2010.


 



Information by reportable segment (continued):
(in thousands)
 
2012

 
2011

 
2010

TOTAL NET SALES
 
$
2,579,068

 
$
2,500,369

 
$
2,179,319

Operating profit (loss) from Continuing Operations
 
 
 
 
 
 
Reporting segments
 
$
375,288

 
$
366,746

 
$
282,671

Corporate — before asbestos and environmental charges (a) (b)
 
(64,847
)
 
(58,201
)
 
(49,371
)
Corporate expense — asbestos charge
 
—

 
241,647

 
—

Corporate expense — environmental charges
 
—

 
30,327

 
—

TOTAL OPERATING PROFIT FROM CONTINUING OPERATIONS
 
$
310,441

 
$
36,571

 
$
233,300

Interest income
 
1,879

 
1,635

 
1,184

Interest expense
 
(26,831
)
 
(26,255
)
 
(26,841
)
Miscellaneous — net
 
(884
)
 
2,810

 
1,424

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
$
284,605

 
$
14,761

 
$
209,067

Assets
 
 
 
 
 
 
Reporting segments
 
$
2,149,127

 
$
2,141,874

 
$
2,070,086

Corporate
 
740,751

 
701,657

 
636,611

TOTAL ASSETS
 
$
2,889,878

 
$
2,843,531

 
$
2,706,697

Goodwill
 
 
 
 
 
 
Reporting segments
 
$
813,792

 
$
820,824

 
$
810,285

Capital expenditures
 
 
 
 
 
 
Reporting segments
 
$
28,662

 
$
34,302

 
$
20,443

Corporate
 
646

 
435

 
590

TOTAL CAPITAL EXPENDITURES
 
$
29,308

 
$
34,737

 
$
21,033

Depreciation and amortization
 
 
 
 
 
 
Reporting segments
 
$
55,541

 
$
61,151

 
$
57,965

Corporate
 
1,722

 
1,792

 
1,876

TOTAL DEPRECIATION AND AMORTIZATION
 
$
57,263

 
$
62,943

 
$
59,841

(a) Includes $3,874 of non-deductible acquisition costs associated with the pending acquisition of MEI.
(b) Includes restructuring charges of $25 in 2012