11-K 1 a202011-k.htm 11-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
 
ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from            to            
Commission File Number: 1-1657
 
A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
CRANE CO.
100 First Stamford Place
Stamford, Connecticut 06902



INDEX TO FORM 11-K
 
 Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FINANCIAL STATEMENTS:
Statements of Assets Available for Benefits as of December 31, 2020 and 2019
Statements of Changes in Assets Available for Benefits for the Years Ended December 31, 2020 and 2019
Notes to Financial Statements as of and for the Years Ended December 31, 2020 and 2019
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2020
SIGNATURES
EXHIBIT:
EXHIBIT 23.1 – CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
NOTE:All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and Plan Administrator of the Amended and Restated Crane Co. Savings and Investment Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets available for benefits of the Amended and Restated Crane Co. Savings and Investment Plan (the "Plan") as of December 31, 2020 and 2019, the related statements of changes in assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Deloitte & Touche LLP
Stamford, Connecticut
June 17, 2021

We have served as the auditor of the Plan since at least 1986; however, an earlier year could not be reliably determined.




1

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS
As of December 31, 2020 AND 2019
 
20202019
ASSETS
INVESTMENTS, AT FAIR VALUE:
Participant-directed investments$1,318,022,672 $1,064,732,603 
RECEIVABLES:
Company contributions335,850 747,151 
Participant contributions55,978 1,022,883 
Notes receivable from participants16,622,992 15,673,285 
Total receivables17,014,820 17,443,319 
ASSETS AVAILABLE FOR BENEFITS$1,335,037,492 $1,082,175,922 
See notes to financial statements.
 

2

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
 
20202019
ADDITIONS:
Contributions:
Participant$36,952,876 $35,612,576 
Company24,326,473 23,263,718 
Rollover4,612,143 2,679,547 
Total contributions65,891,492 61,555,841 
Investment income:
Interest income3,166,724 3,021,699 
Dividends16,159,626 15,338,028 
Net appreciation in fair value of investments122,184,343 166,076,899 
Net investment income141,510,693 184,436,626 
Interest income on notes receivable from participants1,020,909 975,679 
Other additions106,978 148,386 
Total additions208,530,072 247,116,532 
DEDUCTIONS:
Benefits paid to participants(109,701,534)(82,678,330)
Administrative and other expenses(923,102)(915,722)
Total deductions(110,624,636)(83,594,052)
INCREASE IN NET ASSETS BEFORE PLAN TRANSFERS97,905,436 163,522,480 
  Transfers due to a plan merger (see Note 1)154,956,134 — 
INCREASE IN NET ASSETS252,861,570 163,522,480 
ASSETS AVAILABLE FOR BENEFITS:
Beginning of year1,082,175,922 918,653,442 
End of year$1,335,037,492 $1,082,175,922 
See notes to financial statements.
 
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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
NOTE 1 - DESCRIPTION OF THE PLAN
The following description of the Amended and Restated Crane Co. Savings and Investment Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s information.
General — The Plan is a defined contribution plan covering certain United States of America (“U.S.”) employees of Crane Co. and its subsidiaries (the “Company”) and includes a qualified cash or deferred arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Vanguard Fiduciary Trust Company (“Vanguard”) serves as the trustee and recordkeeper of the Plan. Since the Plan offers a Crane Co. Stock Fund as an investment option, the Plan also operates as an Employee Stock Ownership Plan.
On December 31, 2019, the Company acquired Cummins-Allison Corp. (“Cummins-Allison”). As a result of the acquisition, the Cummins-Allison employees were no longer eligible to participate in the Cummins-Allison Corp. Tax-Sheltered Savings and Retirement Plan (“Cummins-Allison Plan”) and became eligible to participate in the Plan effective April 1, 2020. During the year ended December 31, 2020, assets available for benefits totaling $139,589,611 were transferred to the Plan from the Cummins-Allison Plan.

On January 31, 2020, the Company acquired CIRCOR International, Inc.’s Instrumentation & Sampling Business (“I&S”). As a result of the acquisition, I&S employees were no longer eligible to participate in the CIRCOR International, Inc. 401(k) Savings Plan (“CIRCOR Plan”) and became eligible to participate in the Plan effective February 1, 2020. During the year ended December 31, 2020, assets available for benefits totaling $15,366,523 attributable to the accounts of the I&S employees were transferred to the Plan from the CIRCOR Plan.

Plan Amendments — The Plan was adopted and established on January 1, 1985 and was most recently restated effective January 1, 2019.  The restated Plan includes the following significant amendments:
Effective January 1, 2019, the Plan permits union employees to participate if the applicable collective bargaining agreement (“CBA”) between the Company and the union expressly provides for such participation. Union employees at the Company’s Barksdale location began participating in the Plan on January 1, 2019, pursuant to the CBA ratified between the Company and the union in 2018.
The Cummins-Allison Plan was legally merged into the Plan effective July 17, 2020. See the General section above for further information.

Certain CIRCOR Plan assets were transferred into the Plan effective July 20, 2020. See the General section above for further information.

In April 2020, the Plan adopted several provisions from the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, specifically, allowing coronavirus-related distributions and the suspension of loan repayments throughout the remainder of 2020. In accordance with the CARES Act, the Plan allowed certain Plan participants impacted by COVID-19 to withdraw up to $100,000 from the Plan. Additionally, in accordance with the CARES Act, Plan participants were entitled to suspend their Plan loan repayments through the remainder of 2020, with loans being re-amortized, and loan repayments restarting in 2021. The Plan will be amended to incorporate these CARES Act provisions no later than December 31, 2022.
Administration of the Plan — The authority to manage, control and interpret the Plan is vested in the Administrative Committee (the “Committee”), which is appointed by the Board of Directors of Crane Co. and is the named fiduciary within the meaning of ERISA.
Participation — Subject to certain conditions, U.S. employees of the Company are eligible to participate in the Plan. New or rehired employees are automatically enrolled in the Plan, unless the employee affirmatively opts out of participation, at a pre-tax deferral rate of 3% of the employee’s eligible compensation. An employee who is automatically enrolled may affirmatively elect a different rate or to make all or a portion of his or her deferrals on a Roth after-tax or after-tax basis. Automatic contributions are invested in the Vanguard Target Retirement Fund option with a target retirement date closest to the year when the participant will reach age 65, unless the participant affirmatively elects to invest his or her deferrals into one or more of the other Plan investment options. Temporary employees may become eligible to participate in the Plan upon completing six months of service, regardless of the number of hours of service completed.
4

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
Contributions and Funding Policy — Participants may elect to contribute to the Plan from one to 75% of their annual compensation on a pre-tax basis, an after-tax basis, a Roth after-tax basis, or a combination of these three, as defined by the Plan. The contribution limit for highly compensated employees, defined as those whose annual earnings equal at least $130,000 and $125,000 in 2020 and 2019, respectively, is 10% of annual compensation. Those participants who meet the eligibility requirements may contribute additional amounts (age 50 catch-up contributions), which are not eligible for a Company matching contribution. Contributions are invested in the Plan investment options selected by the participant and are subject to certain Code limitations.
The Company contributes on a matching basis 50% of the first 6% of each participant’s pre-tax or Roth after-tax contributions.
In accordance with the Code, participant pre-tax and Roth after-tax contributions could not exceed $19,500 and $19,000 in 2020 and 2019, respectively. Discrimination tests are performed annually, and any test discrepancies are resolved in accordance with applicable Internal Revenue Service (“IRS”) guidance.
In addition to participant deferral contributions and Company matching contributions on those deferrals, the Plan provided a 3% non-matching Company contribution to eligible participants in 2019 and 2020.
Rollover Contributions — Rollover contributions from other qualified plans are accepted by the Plan. Rollover contributions represent participant account balances of employees transferred from other non-company qualified plans.
Investments — Participants direct the investment of contributions into various investment options offered by the Plan. The Plan currently offers registered investment companies (including a money market fund), collective trust funds (including a stable value fund) and a Crane Co. Stock Fund as investment options for participants.
Effective January 1, 2016, participants are not permitted to invest more than 20% of their Plan account balance in the Crane Co. Stock Fund investment option. Participants with more than 20% of their Plan account balance in the Crane Co. Stock Fund investment option as of January 1, 2016 are not permitted to contribute to or transfer money from other Plan investments to the Crane Co. Stock Fund while the fund balance exceeds the 20% limit.

Participant Accounts — Individual accounts are maintained for each participant in the Plan. Each participant’s account is credited with the participant’s contributions and related matching and Company contributions and Plan earnings. Participant accounts are also charged with withdrawals and an allocation of Plan losses and administrative fees that are paid by the Plan. Allocations are based on participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting — Participant contributions plus actual earnings thereon are immediately vested. Vesting for Company contributions generally is as follows: 
Years of Service  Vested Interest
Less than 1 year  None
1 year but fewer than 2  20%
2 years but fewer than 3  40%
3 years but fewer than 4  60%
4 years but fewer than 5  80%
5 years or more  100%
Participants whose employment terminates by reason of death, permanent disability or retirement are fully vested. Participants also are fully vested upon the attainment of age 65. Certain accounts that were merged into the Plan from other plans are subject to different vesting schedules.
Forfeited Accounts — When certain terminations of participation in the Plan occur, the non-vested portion of the participant's account, as defined by the Plan, represents a forfeiture. These forfeited non-vested accounts may be used to reduce future Company contributions.  During the years ended December 31, 2020 and 2019, Company contributions were reduced by $1,522,295 and $1,145,540, respectively, from forfeited non-vested accounts. As of December 31, 2020 and 2019, the remaining balance in forfeited non-vested accounts totaled $297,140 and $291,785, respectively.
5

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
Payment of Benefits — Upon retirement, disability, termination of employment or death, a participant or designated beneficiary will receive a distribution in the form of a lump sum, installment or partial payment equal to all or a portion of the participant’s account balance. If the participant’s account balance is greater than $1,000, the participant may elect to defer the withdrawal until reaching the age of 65. A participant may apply to the Committee for a distribution in cases of hardship. The Committee has the sole discretion to approve or disapprove hardship withdrawal requests, in accordance with the Code.
Notes Receivable from Participants — Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to $50,000 or 50% of their vested account balance, whichever is less. Loans are secured by an assignment of the participant’s vested interest in the Plan, and bear interest at the prevailing prime lending rate as of the date the loan is made, plus 2%. Principal and interest are paid ratably through payroll deductions. Loan terms range from one to five years or up to 15 years for the purchase of a primary residence. Certain participant accounts that were merged into the Plan from other plans are subject to different loan terms. Participants may not have more than two loans outstanding at any time. As of December 31, 2020, participant loans have maturities through 2038 at interest rates ranging from 3.25% to 10.0%, which includes loans that were transferred from the Company's acquisitions that maintained their historical provisions.
NOTE 2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed in preparation of the financial statements of the Plan.
Basis of Accounting — The financial statements of the Plan have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates — The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties — The Plan utilizes various investment instruments, including registered investment companies (including a money market fund), collective trust funds (including a stable value fund) and a Crane Co. Stock Fund. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
During 2020, there was an outbreak of a novel coronavirus ("COVID-19") which impacted the financial markets and the economy globally. The outbreak of COVID-19 is on-going and the extent of the impact on the Plan’s assets available for benefits and changes in assets available for benefits is uncertain. The severity and duration of the financial impact cannot be reasonably estimated at this time.
Concentration of Investments — Included in investments at December 31, 2020 and 2019, are shares of the Crane Co. common stock amounting to $67,808,755 and $79,602,301, respectively. This investment represents 5% and 7% of total investments at December 31, 2020 and 2019, respectively. A significant decline in the market value of the Crane Co. common stock would significantly affect the assets available for benefits.
Investment Valuation — The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Investment Transactions and Income Recognition — Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
  
Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as benefits paid to participants based on the terms of the Plan document.
Administrative Expenses — Plan administrative expenses are paid out of the Plan assets or by the Company in compliance with the terms of the Plan document and ERISA guidance. Participants pay administrative costs for loans, withdrawals, beneficiary determinations, and hardship distributions, as well as qualified domestic relations orders.
6

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
All investment management and transaction fees directly related to the Plan investments are paid by the Plan. Management fees and operating expenses charged to the Plan for investments are deducted from income earned and are not separately reflected. Consequently, investment management fees and operating expenses are reflected as a reduction of investment return for such investments. The Plan also has a revenue-sharing agreement with non-Vanguard investments whereby certain investment managers return a portion of the investment fees to the recordkeeper, which are then credited on a quarterly basis to the participants who are invested in those funds. There were no unallocated amounts related to the revenue sharing agreements at December 31, 2020 or 2019. Personnel and facilities of the Company used by the Plan for its accounting and other activities are provided at no charge to the Plan.
Payment of Benefits — Benefit payments to participants are recorded upon distribution. There were no participants, who have elected to withdraw from the Plan, but have not yet been paid as of December 31, 2020 and 2019.
Transfers — In connection with the mergers of the Cummins-Allison Plan and certain CIRCOR Plan assets into the Plan, participant account balances were transferred into the Plan. For the year ended December 31, 2020, transfers reported in the statement of changes in assets available for benefits in connection with the mergers were $154,956,134. See the General section in Note 1 for further information.
New Accounting Standards Adopted—
In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which amends certain disclosure requirements of ASC 820, Fair Value Measurements and Disclosures. ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy as well as the policy for timing of transfers between levels. ASU 2018-13 also modified the disclosure for investments in certain entities that calculate net asset value ("NAV") to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the Plan or announced the timing publicly. It also clarifies the measurement uncertainty disclosure to communicate information about the uncertainty in measurement as of the reporting date. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Plan adopted this ASU on January 1, 2020 and the adoption of ASU 2018-13 did not have a material impact on the financial statements.
NOTE 3.    FAIR VALUE MEASUREMENTS
ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan’s policy is to recognize significant transfers between levels at the end of the reporting period.
The following is a description of the valuation methodologies used for assets measured at fair value:
Investments in Registered Investment Companies: Valued at the daily closing price as reported by the respective funds based on quoted market prices from active markets and categorized as Level 1.
Money Market Fund: Short-term money market accounts are categorized as Level 1. They are valued at amortized cost, which approximates fair value.
Crane Co. Stock Fund: A separately managed account that is a valued daily and based on the underlying stock's closing price on its primary exchange. The fund owns the underlying securities of the separately managed account and is generally considered separately as individual investments for accounting, auditing and financial statement reporting purposes. Crane Co's common stock is categorized as Level 1.
Collective Trust Funds: Valued at the net asset value ("NAV") of shares of a bank collective trust held by the Plan at year-end. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities. Participant transactions (issuances and redemptions) may occur daily. Were the Plan to
7

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure the securities liquidations will be carried out in an orderly business manner.
Stable Value Funds - The stable value funds are each composed primarily of fully benefit-responsive investment contracts and are valued at the NAV of units of the collective trust. The net asset value is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value. Participant transactions (issuances and redemptions) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to confirm that securities liquidations will be carried out in an orderly business manner.

The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis as of December 31, 2020 and 2019.

 Fair Value Measurements as of December 31, 2020 Using:
 Active Markets
for Identical
Assets (Level 1)		Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Registered Investment Companies:
Domestic stock funds$450,394,370 $— $— $450,394,370 
International stock funds89,544,806 — — 89,544,806 
Bond funds:
U.S. Government and agency obligations55,317,652 — — 55,317,652 
Corporate bonds25,990,516 — — 25,990,516 
Sovereign bonds3,600,038 — — 3,600,038 
Asset-backed/Commercial mortgage-backed securities2,195,145 — — 2,195,145 
Other702,446 — — 702,446 
Money market fund297,140 — — 297,140 
Crane Co. Stock Fund67,808,755 — — 67,808,755 
Total$695,850,868 $— $— $695,850,868 
Investments measured at NAV:
Collective Trust Funds$468,718,658 
Stable Value Funds153,453,146 
Total investments$1,318,022,672 
8

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
 Fair Value Measurements as of December 31, 2019 Using:
 Active Markets
for Identical
Assets (Level 1)		Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Registered Investment Companies:
Domestic stock funds$398,169,024 $— $— $398,169,024 
International stock funds78,445,709 — — 78,445,709 
Bond funds:
U.S. Government and agency obligations43,260,877 — — 43,260,877 
Corporate bonds17,568,540 — — 17,568,540 
Sovereign bonds2,641,886 — — 2,641,886 
Asset-backed/Commercial mortgage-backed securities1,717,226 — — 1,717,226 
Other858,613 — — 858,613 
Money market fund291,785 — — 291,785 
Crane Co. Stock Fund79,602,301 — — 79,602,301 
Total$622,555,961 $— $— $622,555,961 
Investments measured at NAV:
Collective Trust Funds313,840,682 
Stable Value Funds128,335,960 
Total investments$1,064,732,603 
NOTE 4.    STABLE VALUE FUNDS
The Vanguard Retirement Savings Trust III is a collective trust fund sponsored by Vanguard, the Federated Capital Preservation Fund is a collective trust sponsored by Federated Investors Trust Company (terminated in 2021) and the Fidelity Managed Income Portfolio II is a collective trust fund sponsored by Fidelity Management Trust Company (terminated in 2021) (collectively, the “Funds”). The beneficial interest of each participant is represented by units. Units are issued and redeemed daily at the Fund’s constant NAV of $1 per unit. Distribution to the Fund’s unit holders is declared daily from the net investment income and automatically reinvested in the Funds on a monthly basis, when paid. It is the policy of the Funds to use best efforts to maintain a stable NAV of $1 per unit; although there is no guarantee that the Funds will be able to maintain this value.
As part of the Cummins-Allison Plan and CIRCOR Plan transfers into the Plan, in April 2020, the Plan initiated a full redemption for the Federated Capital Preservation Fund and the Fidelity Managed Income Portfolio II in order to confirm that securities liquidations would be carried out in an orderly business manner. The liquidations were completed on April 7, 2021 at which time the assets were transferred to each participant's age appropriate target date retirement collective trust fund.
9

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
5.    NET ASSET VALUE PER SHARE
The following tables set forth a summary of the Plan’s investments whose values were estimated using a reported NAV at December 31, 2020 and 2019.
 Fair Value Estimated Using NAV as of December 31, 2020
Investment
Fair Value1
Unfunded
Commitment		Redemption
Frequency		Other
Redemption
Restrictions		Redemption
Notice
Period
Vanguard Retirement Savings Trust III$144,363,081 NoneImmediatesee Note 4None
Federated Capital Preservation Fund; IP Class2
$8,472,697 NoneImmediatesee Note 412 months
Fidelity Managed Income Portfolio; Institutional Class2
$617,368 NoneImmediatesee Note 412 months
Target date retirement collective trust funds$468,718,658 NoneImmediatesee Note 4None

 Fair Value Estimated Using NAV as of December 31, 2019
Investment
Fair Value1
Unfunded
Commitment		Redemption
Frequency		Other
Redemption
Restrictions		Redemption
Notice
Period
Vanguard Retirement Savings Trust III$128,335,960 NoneImmediatesee Note 4None
Target date retirement collective trust funds$313,840,682 NoneImmediatesee Note 4None
1The fair values of the investments have been estimated using the NAV of the investment
2The Plan initiated a full redemption in April 2020 and the transaction was completed on April 7, 2021.

NOTE 6.    EXEMPT PARTY-IN-INTEREST TRANSACTIONS
Certain Plan investments are shares of Crane Co. common stock and registered investment companies managed by Vanguard. Crane Co. is the Plan sponsor and Vanguard is a trustee as defined by the Plan (see Note 1), and, therefore, these transactions qualify as exempt party-in-interest transactions. Balances of these funds as of December 31, 2020 and 2019 were $1,089,004,204 and $881,392,983, respectively. These funds had net investment income of $95,726,120 and $142,393,939 for the years ended December 31, 2020 and 2019, respectively. Fees incurred for investment management services, if any, were paid by the Plan as a reduction in the return on investment.
As of December 31, 2020 and 2019, the Plan held 873,149 and 921,536 shares, respectively, of common stock of Crane Co., the sponsoring employer, with a cost basis of $40,114,939 and $42,198,413, respectively, and fair value of $67,808,755 and $79,602,301, respectively. During the year ended December 31, 2020 and 2019, the Plan recorded investment (loss) income of ($6,769,801) and $15,538,689, respectively, related to its investment in the common stock of Crane Co.
Certain officers and employees of the Company (who may also be participants in the Plan) perform administrative services related to the operation and financial reporting of the Plan. The Company pays these individuals salaries and also pays other administrative expenses on behalf of the Plan.

NOTE 7.     PLAN TERMINATION
The Company expects to continue the Plan indefinitely, but reserves the right to modify, suspend or terminate the Plan at any time, which includes the right to vary the amount of, or to terminate, the Company’s contributions to the Plan. In the event of the Plan’s termination or discontinuance of contributions thereunder, the interest of each participant in benefits earned to such date, to the extent then funded, is fully vested and non-forfeitable. Subject to the requirements of the Code, the Board of Directors shall thereupon direct either (i) Vanguard to hold the accounts of participants in accordance with the provisions of the Plan without regard to such termination until all funds in such accounts have been distributed in accordance with such provisions, or (ii) Vanguard to immediately distribute to each participant all amounts then credited to the participant’s account as a lump sum.

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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
NOTE 8.    FEDERAL INCOME TAX STATUS
The IRS has determined and informed the Company by letter dated June 23, 2020 that the Plan and related trust are designed in accordance with applicable sections of the Code. The Company and the Plan Administrator believe that the Plan was designed and was being operated in compliance with the applicable requirements of the Code and the Plan and related trust continued to be tax-exempt.  Therefore, no provision for income taxes is included in the Plan’s financial statements.

NOTE 9.    RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of assets available for benefits and changes in assets available for benefits per the financial statements to the Form 5500 as of December 31, 2020 and 2019:
20202019
Statements of Assets Available for Benefits:
Assets available for benefits per the financial statements$1,335,037,492 $1,082,175,922 
Deemed distributions(220,858)(232,498)
Net Assets per the Form 5500, at fair value$1,334,816,634 $1,081,943,424 
 20202019
Statements of Changes in Assets Available for Benefits:
Increase in assets available for benefits before Plan transfers per the financial statements$97,905,436 $163,522,480 
Deemed distributions11,640 26,990 
Net income per Form 5500$97,917,076 $163,549,470 


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AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i—SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
EMPLOYER ID NO: 13-1952290
PLAN ID NO: 038
December 31, 2020
( a )( b )( c )( d )( e )
  Identity of Issue, Borrower, Lessor or Similar PartyDescription of Investment,
Including Maturity Date, Rate of
Interest, Collateral, and Par or
Maturity Value		CostCurrent Value
American Funds EuroPacific Growth Fund; Class R-6Registered Investment Company**$28,573,501 
Carillon Eagle Mid Cap Growth Fund; Class R6Registered Investment Company**33,183,408 
JP Morgan Mid Cap Value Fund; Class LRegistered Investment Company**23,517,488 
PIMCO Total Return Fund; Institutional ClassRegistered Investment Company**18,142,987 
TRP Blue Chip Growth Fund, Retail ClassRegistered Investment Company**116,511,019 
*Vanguard Equity Income Fund Admiral SharesRegistered Investment Company**56,407,455 
*Vanguard Federal Money Market FundRegistered Investment Company**297,140 
*Vanguard Institutional Index Fund Instl Plus SharesRegistered Investment Company**131,518,689 
*Vanguard Mid-Cap Index Fund Institutional SharesRegistered Investment Company**32,115,596 
*Vanguard Small-Cap Index Fund Institutional SharesRegistered Investment Company**38,997,728 
*Vanguard Total Bond Market Index Fund: Inst'l ShrRegistered Investment Company**87,805,797 
*Vanguard Total International Stock Index Fund: Inst'l ShrRegistered Investment Company**60,971,305 
Federated Capital Preservation Fund; IP ClassCommon/Collective Trust**8,472,697 
Fidelity Managed Income Portfolio; Institutional ClassCommon/Collective Trust**617,368 
*Vanguard Retirement Savings Trust IIICommon/Collective Trust**144,363,081 
*Vanguard Target Retirement 2015 Trust IICommon/Collective Trust**22,602,891 
*Vanguard Target Retirement 2020 Trust IICommon/Collective Trust**57,474,081 
*Vanguard Target Retirement 2025 Trust IICommon/Collective Trust**105,278,414 
*Vanguard Target Retirement 2030 Trust IICommon/Collective Trust**86,489,546 
*Vanguard Target Retirement 2035 Trust IICommon/Collective Trust**65,085,098 
*Vanguard Target Retirement 2040 Trust IICommon/Collective Trust**41,871,156 
*Vanguard Target Retirement 2045 Trust IICommon/Collective Trust**31,217,471 
*Vanguard Target Retirement 2050 Trust IICommon/Collective Trust**27,512,196 
*Vanguard Target Retirement 2055 Trust IICommon/Collective Trust**13,967,617 
*Vanguard Target Retirement 2060 Trust IICommon/Collective Trust**6,906,420 
*Vanguard Target Retirement 2065 Trust IICommon/Collective Trust**996,767 
*Vanguard Target Retirement Income Trust IICommon/Collective Trust**9,317,001 
*Crane Co. Stock FundCompany Stock Fund**67,808,755 
Loan Fund
Participant Loans (Loans have interest rates ranging from 3.25% - 10.0% and mature in 2021 through 2038)
***16,622,992 
$1,334,645,664 
*Represents a party-in-interest to the plan.
**Cost information is not required for participant-directed investments and therefore is not included.
***Represents total loans outstanding, net of $220,858 of deemed distributions.
    See accompanying Report of Independent Registered Public Accounting Firm.
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EXHIBIT INDEX

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Amended and Restated Crane Co. Savings and Investment Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ADMINISTRATIVE COMMITTEE OF THE
AMENDED AND RESTATED CRANE CO.
SAVINGS AND INVESTMENT PLAN
 
/s/ Richard A. Maue
Richard A. Maue
On behalf of the Committee
Stamford, CT
June 17, 2021
 

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