Company Quick10K Filing
Crown Holdings
Price62.97 EPS4
Shares135 P/E15
MCap8,501 P/FCF42
Net Debt7,805 EBIT1,042
TEV16,306 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-10-23
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-10-19
8-K 2020-07-20
8-K 2020-04-23
8-K 2020-04-20
8-K 2020-03-18
8-K 2020-02-04
8-K 2019-12-12
8-K 2019-11-05
8-K 2019-10-31
8-K 2019-10-22
8-K 2019-10-22
8-K 2019-10-16
8-K 2019-07-17
8-K 2019-04-17
8-K 2019-02-06
8-K 2018-12-06
8-K 2018-10-17
8-K 2018-09-24
8-K 2018-07-18
8-K 2018-04-18
8-K 2018-04-03
8-K 2018-02-07
8-K 2018-01-26
8-K 2018-01-18
8-K 2018-01-16
8-K 2017-12-28

CCK 10K Annual Report

Part I
Item 1.Business
Item 1A.Risk Factors
Item 1B.Unresolved Staff Comments
Item 2.Properties
Item 3.Legal Proceedings
Item 4.Mine Safety Disclosures
Part II
Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6.Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
Item 8.Financial Statements and Supplementary Data
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.Controls and Procedures
Item 9B.Other Information
Part III
Item 10.Directors, Executive Officers and Corporate Governance
Item 11.Executive Compensation
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13.Certain Relationships and Related Transactions, and Director Independence
Item 14.Principal Accounting Fees and Services
Part IV
Item 15.Exhibits and Financial Statement Schedules
Item 16.Form 10 - K Summary
EX-10.V ex10vamendment2.htm
EX-21 ex21-12312020.htm
EX-22 ex22dec2020.htm
EX-23 ex23-12312020.htm
EX-31.1 ex311-12312020.htm
EX-31.2 ex312-12312020.htm
EX-32 ex32-12312020.htm

Crown Holdings Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
2015117302012201420172020
Assets, Equity
3.22.51.91.20.6-0.12012201420172020
Rev, G Profit, Net Income
2.51.2-0.1-1.3-2.6-3.92012201420172020
Ops, Inv, Fin

cck-20201231
2020FYFALSE000121960112/31P1MP3YP3YP3Y00012196012020-01-012020-12-310001219601us-gaap:CommonStockMember2020-01-012020-12-310001219601cck:SevenAnd38DebenturesDue2026Member2020-01-012020-12-310001219601cck:SevenAnd12DebenturesDue2096Member2020-01-012020-12-31iso4217:USD00012196012020-06-30xbrli:shares00012196012021-02-2400012196012019-01-012019-12-3100012196012018-01-012018-12-31iso4217:USDxbrli:shares00012196012020-12-3100012196012019-12-3100012196012018-12-3100012196012017-12-310001219601us-gaap:CommonStockMember2017-12-310001219601us-gaap:AdditionalPaidInCapitalMember2017-12-310001219601us-gaap:RetainedEarningsMember2017-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310001219601us-gaap:TreasuryStockMember2017-12-310001219601us-gaap:ParentMember2017-12-310001219601us-gaap:NoncontrollingInterestMember2017-12-310001219601us-gaap:RetainedEarningsMember2018-01-012018-12-310001219601us-gaap:ParentMember2018-01-012018-12-310001219601us-gaap:NoncontrollingInterestMember2018-01-012018-12-310001219601us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310001219601us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310001219601us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310001219601srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310001219601us-gaap:AdditionalPaidInCapitalMember2018-01-012018-12-310001219601us-gaap:TreasuryStockMember2018-01-012018-12-310001219601us-gaap:CommonStockMember2018-12-310001219601us-gaap:AdditionalPaidInCapitalMember2018-12-310001219601us-gaap:RetainedEarningsMember2018-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001219601us-gaap:TreasuryStockMember2018-12-310001219601us-gaap:ParentMember2018-12-310001219601us-gaap:NoncontrollingInterestMember2018-12-310001219601us-gaap:RetainedEarningsMember2019-01-012019-12-310001219601us-gaap:ParentMember2019-01-012019-12-310001219601us-gaap:NoncontrollingInterestMember2019-01-012019-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310001219601us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310001219601us-gaap:TreasuryStockMember2019-01-012019-12-310001219601us-gaap:CommonStockMember2019-12-310001219601us-gaap:AdditionalPaidInCapitalMember2019-12-310001219601us-gaap:RetainedEarningsMember2019-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001219601us-gaap:TreasuryStockMember2019-12-310001219601us-gaap:ParentMember2019-12-310001219601us-gaap:NoncontrollingInterestMember2019-12-310001219601us-gaap:RetainedEarningsMember2020-01-012020-12-310001219601us-gaap:ParentMember2020-01-012020-12-310001219601us-gaap:NoncontrollingInterestMember2020-01-012020-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310001219601us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310001219601us-gaap:TreasuryStockMember2020-01-012020-12-310001219601us-gaap:CommonStockMember2020-12-310001219601us-gaap:AdditionalPaidInCapitalMember2020-12-310001219601us-gaap:RetainedEarningsMember2020-12-310001219601us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001219601us-gaap:TreasuryStockMember2020-12-310001219601us-gaap:ParentMember2020-12-310001219601us-gaap:NoncontrollingInterestMember2020-12-310001219601us-gaap:LandImprovementsMember2020-01-012020-12-310001219601srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2020-01-012020-12-310001219601us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2020-01-012020-12-310001219601srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2020-01-012020-12-310001219601us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2020-01-012020-12-310001219601us-gaap:CustomerRelationshipsMembersrt:MinimumMember2020-01-012020-12-310001219601us-gaap:CustomerRelationshipsMembersrt:MaximumMember2020-01-012020-12-310001219601srt:MinimumMemberus-gaap:TradeNamesMember2020-01-012020-12-310001219601us-gaap:TradeNamesMembersrt:MaximumMember2020-01-012020-12-310001219601srt:MinimumMemberus-gaap:TechnologyBasedIntangibleAssetsMember2020-01-012020-12-310001219601us-gaap:TechnologyBasedIntangibleAssetsMembersrt:MaximumMember2020-01-012020-12-310001219601us-gaap:ContractualRightsMember2020-01-012020-12-310001219601us-gaap:PatentsMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2018-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2018-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2018-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2018-12-310001219601us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2018-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2019-01-012019-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2019-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2019-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2019-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2019-12-310001219601us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2020-01-012020-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2020-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2020-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2020-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2020-12-310001219601us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-12-310001219601us-gaap:CustomerRelationshipsMember2020-12-310001219601us-gaap:CustomerRelationshipsMember2019-12-310001219601us-gaap:TradeNamesMember2020-12-310001219601us-gaap:TradeNamesMember2019-12-310001219601us-gaap:TechnologyBasedIntangibleAssetsMember2020-12-310001219601us-gaap:TechnologyBasedIntangibleAssetsMember2019-12-310001219601us-gaap:ContractualRightsMember2020-12-310001219601us-gaap:ContractualRightsMember2019-12-310001219601us-gaap:PatentsMember2020-12-310001219601us-gaap:PatentsMember2019-12-31xbrli:pure0001219601cck:TransitPackagingMember2020-01-012020-12-310001219601cck:TerminationBenefitsMember2019-01-012019-12-310001219601cck:HeadcountReductionsMember2019-01-012019-12-310001219601cck:IndirectTaxesPaidMember2019-01-012019-12-310001219601cck:PreAcquisitionRelatedLitigationSettlementMember2019-01-012019-12-310001219601cck:AsiaPacificSegmentMembercck:ImpairedAssetsSalesMember2019-01-012019-12-310001219601cck:FireAtProductionFacilityMembercck:AsiaPacificSegmentMember2019-01-012019-12-310001219601cck:AsiaPacificSegmentMembercck:TerminationBenefitsMember2018-01-012018-12-31cck:facility0001219601cck:TerminationBenefitsMember2018-01-012018-12-310001219601cck:RestructuringActionsRelatedtoCurrentAndPriorPeriodMember2018-01-012018-12-310001219601cck:MivisaEnvasesS.A.U.Memberus-gaap:SettledLitigationMember2018-01-012018-12-310001219601cck:WritedownofCarryingValueFixedAssetsMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMembercck:AmericasBeverageMember2018-01-012018-12-310001219601cck:EuropeanBeverageMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMembercck:EuropeFoodMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMembercck:EuropeFoodMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMembercck:EuropeFoodMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2018-01-012018-12-310001219601cck:TransitPackagingMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310001219601us-gaap:AllOtherSegmentsMember2020-01-012020-12-310001219601us-gaap:AllOtherSegmentsMember2019-01-012019-12-310001219601us-gaap:AllOtherSegmentsMember2018-01-012018-12-310001219601us-gaap:CorporateNonSegmentMember2020-01-012020-12-310001219601us-gaap:CorporateNonSegmentMember2019-01-012019-12-310001219601us-gaap:CorporateNonSegmentMember2018-01-012018-12-310001219601cck:TerminationBenefitsMember2020-01-012020-12-310001219601cck:OtherExitCostsMember2020-01-012020-12-310001219601cck:OtherExitCostsMember2019-01-012019-12-310001219601cck:OtherExitCostsMember2018-01-012018-12-310001219601cck:AsiaPacificSegmentMembercountry:CN2020-12-310001219601cck:U.S.DollaratLIBORPlusOnePointFiveDueTwoThousandTwentyFourMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SecuredDebtMember2020-01-012020-12-310001219601cck:U.S.DollaratLIBORPlusOnePointFiveDueTwoThousandTwentyFourMemberus-gaap:SecuredDebtMember2020-12-310001219601cck:U.S.DollaratLIBORPlusOnePointFiveDueTwoThousandTwentyFourMemberus-gaap:SecuredDebtMember2019-12-310001219601cck:EuroInterbankOfferedRateEURIBORMembercck:EuroatEURIBORPlusOnePointFivePercentageDueTwoThousandandTwentyFourMemberus-gaap:SecuredDebtMember2020-01-012020-12-310001219601cck:EuroatEURIBORPlusOnePointFivePercentageDueTwoThousandandTwentyFourMemberus-gaap:SecuredDebtMember2020-12-310001219601cck:EuroatEURIBORPlusOnePointFivePercentageDueTwoThousandandTwentyFourMemberus-gaap:SecuredDebtMember2019-12-31iso4217:EUR0001219601us-gaap:SeniorNotesMembercck:EuroFourPointPercentageDueTwoThousandAndTwentyTwoMember2020-12-310001219601us-gaap:SeniorNotesMembercck:EuroFourPointPercentageDueTwoThousandAndTwentyTwoMember2019-12-310001219601cck:USDollarFourPointFivePercentageDueTwoThousandAndTwentyThreeMemberMemberus-gaap:SeniorNotesMember2020-12-310001219601cck:USDollarFourPointFivePercentageDueTwoThousandAndTwentyThreeMemberMemberus-gaap:SeniorNotesMember2019-12-310001219601us-gaap:SeniorNotesMembercck:Euro2.250due2023Member2020-12-310001219601us-gaap:SeniorNotesMembercck:Euro2.250due2023Member2019-12-310001219601cck:Euro.75due2023Memberus-gaap:SeniorNotesMember2020-12-310001219601cck:Euro.75due2023Memberus-gaap:SeniorNotesMember2019-12-310001219601us-gaap:SeniorNotesMembercck:Euro2.625due2024Member2020-12-310001219601us-gaap:SeniorNotesMembercck:Euro2.625due2024Member2019-12-310001219601cck:Euro3.375due2025Memberus-gaap:SeniorNotesMember2020-12-310001219601cck:Euro3.375due2025Memberus-gaap:SeniorNotesMember2019-12-310001219601us-gaap:SeniorNotesMembercck:USDollarFourPointTwoFivePercentageDueTwoThousandAndTwentySixMember2020-12-310001219601us-gaap:SeniorNotesMembercck:USDollarFourPointTwoFivePercentageDueTwoThousandAndTwentySixMember2019-12-310001219601us-gaap:SeniorNotesMembercck:U.SDollar4.750due2026Member2020-12-310001219601us-gaap:SeniorNotesMembercck:U.SDollar4.750due2026Member2019-12-310001219601us-gaap:SeniorNotesMembercck:USDollarSevenPointThreeSevenFivePercentageDueTwoThousandAndTwentySixMember2020-12-310001219601us-gaap:SeniorNotesMembercck:USDollarSevenPointThreeSevenFivePercentageDueTwoThousandAndTwentySixMember2019-12-310001219601cck:Euro2.875due2026Memberus-gaap:SeniorNotesMember2020-12-310001219601cck:Euro2.875due2026Memberus-gaap:SeniorNotesMember2019-12-310001219601cck:USDollarSevenPointFiveZeroPercentageDueTwoThousandAndNintySixMemberus-gaap:SeniorNotesMember2020-12-310001219601cck:USDollarSevenPointFiveZeroPercentageDueTwoThousandAndNintySixMemberus-gaap:SeniorNotesMember2019-12-310001219601srt:MinimumMembercck:OtherIndebtednessFixedRateMember2020-12-310001219601cck:OtherIndebtednessFixedRateMembersrt:MaximumMember2020-12-310001219601cck:OtherIndebtednessFixedRateMember2020-12-310001219601cck:OtherIndebtednessFixedRateMember2019-12-310001219601cck:OtherIndebtednessVariableRateMember2020-12-310001219601cck:OtherIndebtednessVariableRateMember2020-01-012020-12-310001219601cck:OtherIndebtednessVariableRateMember2019-12-310001219601us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-12-310001219601us-gaap:RevolvingCreditFacilityMember2020-12-310001219601us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-01-012020-12-310001219601us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-01-012020-12-310001219601srt:MinimumMember2020-01-012020-12-310001219601srt:MaximumMember2020-01-012020-12-310001219601us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2019-06-300001219601us-gaap:ForeignExchangeContractMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMember2019-01-012019-12-310001219601us-gaap:InterestRateSwapMember2020-01-012020-12-310001219601us-gaap:InterestRateSwapMember2019-01-012019-12-310001219601us-gaap:CommodityContractMember2020-01-012020-12-310001219601us-gaap:CommodityContractMember2019-01-012019-12-310001219601us-gaap:ForeignExchangeContractMembercck:NetRevenueMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMembercck:NetRevenueMember2019-01-012019-12-310001219601us-gaap:CommodityContractMembercck:NetRevenueMember2020-01-012020-12-310001219601us-gaap:CommodityContractMembercck:NetRevenueMember2019-01-012019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2019-01-012019-12-310001219601us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2020-01-012020-12-310001219601us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2019-01-012019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMembercck:NetRevenueMemberus-gaap:NondesignatedMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMembercck:NetRevenueMemberus-gaap:NondesignatedMember2019-01-012019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2019-01-012019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeMemberus-gaap:NondesignatedMember2020-01-012020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeMemberus-gaap:NondesignatedMember2019-01-012019-12-310001219601us-gaap:NetInvestmentHedgingMemberus-gaap:NondesignatedMember2020-01-012020-12-310001219601us-gaap:NetInvestmentHedgingMemberus-gaap:NondesignatedMember2019-01-012019-12-310001219601us-gaap:CurrencySwapMember2018-11-300001219601cck:CrossCurrencyInterestRateContractOnEuroNotionalAmountMemberus-gaap:NetInvestmentHedgingMember2018-11-300001219601us-gaap:CurrencySwapMember2019-05-310001219601us-gaap:CurrencySwapMember2020-01-012020-12-310001219601us-gaap:CurrencySwapMember2019-01-012019-12-310001219601us-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherCurrentAssetsMembercck:ForeignExchangeContractFairValueMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMember2020-12-310001219601us-gaap:OtherCurrentAssetsMembercck:ForeignExchangeContractFairValueMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMember2019-12-310001219601cck:ForeignExchangeContractFairValueMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMember2020-12-310001219601cck:ForeignExchangeContractFairValueMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMember2019-12-310001219601us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:NetInvestmentHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001219601us-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:FairValueInputsLevel2Member2019-12-310001219601cck:ReceivablesNetMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310001219601cck:ReceivablesNetMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2019-12-310001219601us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310001219601us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2019-12-310001219601us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310001219601us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2019-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001219601us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001219601us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001219601us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001219601us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-12-310001219601us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2019-12-31cck:Claim0001219601cck:FirstExposureAsbestosAfter1964Member2020-12-310001219601cck:FirstExposureAsbestosAfter1964Member2019-12-310001219601stpr:TXcck:FirstExposureAsbestosBeforeOrDuring1964Member2020-12-310001219601stpr:TXcck:FirstExposureAsbestosBeforeOrDuring1964Member2019-12-310001219601cck:FirstExposureAsbestosBeforeOrDuring1964Memberstpr:PA2020-12-310001219601cck:FirstExposureAsbestosBeforeOrDuring1964Memberstpr:PA2019-12-310001219601cck:FirstExposureAsbestosBeforeOrDuring1964Membercck:OtherStatesThatHaveEnactedAsbestosLegislationMember2020-12-310001219601cck:FirstExposureAsbestosBeforeOrDuring1964Membercck:OtherStatesThatHaveEnactedAsbestosLegislationMember2019-12-310001219601cck:OtherStatesMembercck:FirstExposureAsbestosBeforeOrDuring1964Member2020-12-310001219601cck:OtherStatesMembercck:FirstExposureAsbestosBeforeOrDuring1964Member2019-12-310001219601cck:TotalClaimsMember2020-12-310001219601cck:TotalClaimsMember2019-12-310001219601cck:TotalClaimsMember2018-12-310001219601cck:PreOneThousandNineHundredSixtyFourClaimsInStatesWithoutAsbestosLegislationMember2020-12-310001219601cck:PreOneThousandNineHundredSixtyFourClaimsInStatesWithoutAsbestosLegislationMember2019-12-310001219601cck:PreOneThousandNineHundredSixtyFourClaimsInStatesWithoutAsbestosLegislationMember2018-12-310001219601cck:DamageClaimsLessThanFiveMillionDollarsMember2020-12-310001219601cck:DamageClaimsLessThanFiveMillionDollarsMembersrt:MaximumMember2020-01-012020-12-310001219601cck:DamageClaimsFromFiveMillionDollarsToLessThanOneHundredMillionDollarsMember2020-12-310001219601srt:MinimumMembercck:DamageClaimsFromFiveMillionDollarsToLessThanOneHundredMillionDollarsMember2020-01-012020-12-310001219601cck:DamageClaimsFromFiveMillionDollarsToLessThanOneHundredMillionDollarsMembersrt:MaximumMember2020-01-012020-12-310001219601cck:DamageClaimsLessThanTwentyFiveMillionDollarsMember2020-12-310001219601cck:DamageClaimsLessThanTwentyFiveMillionDollarsMembersrt:MaximumMember2020-01-012020-12-31cck:Pending_Claim0001219601cck:DamagesClaimsInExcessOfOneHundredMillionDollarsMember2020-12-310001219601cck:DamagesClaimsInExcessOfOneHundredMillionDollarsMember2020-01-012020-12-310001219601cck:PotentiallyResponsiblePartyMember2020-12-310001219601cck:NonPotentiallyResponsiblePartyMember2020-12-310001219601cck:PenaltyNotificationAllegingMisclassificationofImportationofCertainGoodsintoU.S.During20042009Membercck:U.S.CustomsandBorderProtectionMember2017-03-310001219601cck:PenaltyNotificationAllegingMisclassificationofImportationofCertainGoodsintoU.S.During20042009Membercck:U.S.CustomsandBorderProtectionMember2017-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-01-012020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-01-012019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2018-01-012018-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2018-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2018-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:ForeignPlanMember2020-12-310001219601us-gaap:ForeignPlanMember2019-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:USsrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMembercountry:USsrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMembercountry:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2020-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USsrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2020-12-310001219601cck:BalanceFundsMembercountry:USsrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601cck:BalanceFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2020-12-310001219601country:USus-gaap:RealEstateFundsMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601country:USus-gaap:RealEstateFundsMemberus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2020-12-310001219601srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-01-012020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-01-012020-12-310001219601cck:InvestmentGradeCreditFundsMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601cck:InvestmentGradeCreditFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601us-gaap:HedgeFundsMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601us-gaap:RealEstateFundsMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:RealEstateFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMembercck:AlternativeCreditFundsMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:AlternativeCreditFundsMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601cck:OtherPlanAssetCategoriesMembersrt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601cck:OtherPlanAssetCategoriesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembersrt:MaximumMember2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2020-12-310001219601country:UScck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601cck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601cck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601country:UScck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601cck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601cck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310001219601country:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:HedgeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601country:USus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMembercck:InvestmentFundsGlobalEquityMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:InvestmentFundsGlobalEquityMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMembercck:InvestmentFundsGlobalEquityMember2020-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:HedgeFundsMembercountry:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2020-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2019-12-310001219601country:UScck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601cck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601cck:GlobalLargeCapEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Membercck:UnitedStatesLargeCapEquityMember2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:UnitedStatesMidOrSmallCapEquityMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601country:UScck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601cck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601cck:MutualFundsGlobalEquityMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:MutualFundsUSEquityMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMembercck:GovernmentIssuedDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:StructuredFinanceMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:InsuranceContractRightsAndObligationsFairValueOptionMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Membercck:InvestmentFundsGlobalEquityMember2019-12-310001219601country:UScck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601cck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601cck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2019-12-310001219601country:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:HedgeFundsMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2019-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMembercountry:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601country:USus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:FixedIncomeFundsMembercountry:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMembercck:InvestmentFundsGlobalEquityMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMembercck:InvestmentFundsGlobalEquityMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMembercck:InvestmentFundsGlobalEquityMember2019-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:HedgeFundsMembercountry:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2018-12-310001219601us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2018-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2018-12-310001219601us-gaap:FairValueInputsLevel3Member2018-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001219601us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2019-01-012019-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001219601us-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2019-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:FairValueInputsLevel3Member2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001219601us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-01-012020-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001219601us-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001219601us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:FairValueInputsLevel3Member2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMember2020-01-012020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMember2020-01-012020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsGlobalEquityMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMembercck:InvestmentFundsGlobalEquityMember2020-01-012020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMembercck:InvestmentFundsGlobalEquityMember2020-01-012020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMember2020-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMember2020-01-012020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMember2020-01-012020-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMember2020-01-012020-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMember2019-01-012019-12-310001219601us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMember2019-01-012019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsGlobalEquityMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMembercck:InvestmentFundsGlobalEquityMember2019-01-012019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMembercck:InvestmentFundsGlobalEquityMember2019-01-012019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMember2019-12-310001219601us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercck:InvestmentFundsEmergingMarketsMember2019-01-012019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MinimumMember2019-01-012019-12-310001219601us-gaap:HedgeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembersrt:MaximumMember2019-01-012019-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2018-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2017-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310001219601us-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310001219601us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2017-12-310001219601country:BR2019-01-012019-12-310001219601country:BR2020-01-012020-12-310001219601country:BR2018-01-012018-12-310001219601cck:InternalReorganizationMember2020-01-012020-12-310001219601cck:SignodeIndustrialGroupHoldingsBermudaLtd.Member2019-01-012019-12-310001219601country:IN2019-01-012019-12-310001219601us-gaap:DomesticCountryMember2020-12-310001219601us-gaap:StateAndLocalJurisdictionMember2020-12-310001219601cck:SignodeIndustrialGroupHoldingsBermudaLtd.Member2020-12-310001219601country:FR2020-12-310001219601us-gaap:RestrictedStockMember2020-01-012020-12-310001219601us-gaap:RestrictedStockMember2019-01-012019-12-310001219601us-gaap:RestrictedStockMember2018-01-012018-12-310001219601us-gaap:ShareBasedPaymentArrangementNonemployeeMemberus-gaap:StockCompensationPlanMember2020-01-012020-12-310001219601us-gaap:ShareBasedPaymentArrangementNonemployeeMemberus-gaap:StockCompensationPlanMember2019-01-012019-12-310001219601us-gaap:ShareBasedPaymentArrangementNonemployeeMemberus-gaap:StockCompensationPlanMember2018-01-012018-12-310001219601us-gaap:SubsequentEventMember2021-02-252021-02-250001219601us-gaap:SubsequentEventMember2021-02-250001219601us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310001219601us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001219601us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310001219601us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310001219601us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-12-310001219601us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310001219601us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001219601us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001219601us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001219601us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310001219601us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-12-310001219601us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310001219601us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001219601us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001219601us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001219601us-gaap:TransferredOverTimeMember2020-01-012020-12-310001219601us-gaap:TransferredOverTimeMember2019-01-012019-12-310001219601us-gaap:TransferredAtPointInTimeMember2020-01-012020-12-310001219601us-gaap:TransferredAtPointInTimeMember2019-01-012019-12-310001219601us-gaap:EmployeeStockOptionMember2020-12-310001219601cck:TimeVestedRestrictedStockMember2020-01-012020-12-310001219601cck:PerformanceBasedRestrictedStockMember2020-01-012020-12-310001219601cck:TimeVestedRestrictedStockAndDeferredStockMembersrt:MinimumMember2020-01-012020-12-310001219601cck:TimeVestedRestrictedStockAndDeferredStockMembersrt:MaximumMember2020-01-012020-12-310001219601cck:TimeVestedRestrictedStockMember2019-01-012019-12-310001219601cck:TimeVestedRestrictedStockMember2018-01-012018-12-310001219601cck:PerformanceBasedRestrictedStockMember2019-01-012019-12-310001219601cck:PerformanceBasedRestrictedStockMember2018-01-012018-12-310001219601us-gaap:RestrictedStockMember2020-12-31cck:division0001219601us-gaap:IntersegmentEliminationMembercck:AmericasBeverageMember2020-01-012020-12-310001219601cck:EuropeanBeverageMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310001219601cck:EuropeanFoodMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310001219601cck:AsiaPacificSegmentMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2020-12-310001219601cck:TransitPackagingMemberus-gaap:IntersegmentEliminationMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMember2020-01-012020-12-310001219601us-gaap:IntersegmentEliminationMembercck:ReportableSegmentsMember2020-01-012020-12-310001219601us-gaap:OperatingSegmentsMember2020-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-12-310001219601us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2020-01-012020-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2020-12-310001219601us-gaap:CorporateNonSegmentMember2020-12-310001219601us-gaap:IntersegmentEliminationMember2020-01-012020-12-310001219601us-gaap:IntersegmentEliminationMembercck:AmericasBeverageMember2019-01-012019-12-310001219601cck:EuropeanBeverageMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310001219601cck:EuropeanFoodMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310001219601cck:AsiaPacificSegmentMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2019-12-310001219601cck:TransitPackagingMemberus-gaap:IntersegmentEliminationMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMember2019-01-012019-12-310001219601us-gaap:IntersegmentEliminationMembercck:ReportableSegmentsMember2019-01-012019-12-310001219601us-gaap:OperatingSegmentsMember2019-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2019-01-012019-12-310001219601us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2019-01-012019-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2019-12-310001219601us-gaap:CorporateNonSegmentMember2019-12-310001219601us-gaap:IntersegmentEliminationMember2019-01-012019-12-310001219601us-gaap:IntersegmentEliminationMembercck:AmericasBeverageMember2018-01-012018-12-310001219601cck:EuropeanBeverageMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310001219601cck:EuropeanFoodMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310001219601cck:EuropeanFoodMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310001219601cck:AsiaPacificSegmentMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMembercck:AsiaPacificSegmentMember2018-12-310001219601cck:TransitPackagingMemberus-gaap:IntersegmentEliminationMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMember2018-01-012018-12-310001219601us-gaap:IntersegmentEliminationMembercck:ReportableSegmentsMember2018-01-012018-12-310001219601us-gaap:OperatingSegmentsMember2018-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2018-01-012018-12-310001219601us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2018-01-012018-12-310001219601us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2018-12-310001219601us-gaap:CorporateNonSegmentMember2018-12-310001219601us-gaap:IntersegmentEliminationMember2018-01-012018-12-310001219601cck:MetalBeverageCansAndEndsMember2020-01-012020-12-310001219601cck:MetalBeverageCansAndEndsMember2019-01-012019-12-310001219601cck:MetalBeverageCansAndEndsMember2018-01-012018-12-310001219601cck:MetalFoodCansAndEndsMember2020-01-012020-12-310001219601cck:MetalFoodCansAndEndsMember2019-01-012019-12-310001219601cck:MetalFoodCansAndEndsMember2018-01-012018-12-310001219601cck:TransitPackagingMember2020-01-012020-12-310001219601cck:TransitPackagingMember2019-01-012019-12-310001219601cck:TransitPackagingMember2018-01-012018-12-310001219601cck:OtherMetalPackagingMember2020-01-012020-12-310001219601cck:OtherMetalPackagingMember2019-01-012019-12-310001219601cck:OtherMetalPackagingMember2018-01-012018-12-310001219601cck:OtherProductsMember2020-01-012020-12-310001219601cck:OtherProductsMember2019-01-012019-12-310001219601cck:OtherProductsMember2018-01-012018-12-310001219601country:US2020-01-012020-12-310001219601country:US2019-01-012019-12-310001219601country:US2018-01-012018-12-310001219601country:US2020-12-310001219601country:US2019-12-310001219601country:BR2020-01-012020-12-310001219601country:BR2019-01-012019-12-310001219601country:BR2018-01-012018-12-310001219601country:BR2020-12-310001219601country:BR2019-12-310001219601country:MX2020-01-012020-12-310001219601country:MX2019-01-012019-12-310001219601country:MX2018-01-012018-12-310001219601country:MX2020-12-310001219601country:MX2019-12-310001219601country:CA2020-01-012020-12-310001219601country:CA2019-01-012019-12-310001219601country:CA2018-01-012018-12-310001219601country:CA2020-12-310001219601country:CA2019-12-310001219601country:ES2020-01-012020-12-310001219601country:ES2019-01-012019-12-310001219601country:ES2018-01-012018-12-310001219601country:ES2020-12-310001219601country:ES2019-12-310001219601country:GB2020-01-012020-12-310001219601country:GB2019-01-012019-12-310001219601country:GB2018-01-012018-12-310001219601country:GB2020-12-310001219601country:GB2019-12-310001219601cck:OthersMember2020-01-012020-12-310001219601cck:OthersMember2019-01-012019-12-310001219601cck:OthersMember2018-01-012018-12-310001219601cck:OthersMember2020-12-310001219601cck:OthersMember2019-12-3100012196012020-01-012020-03-3100012196012020-04-012020-06-3000012196012020-07-012020-09-3000012196012020-10-012020-12-3100012196012019-01-012019-03-3100012196012019-04-012019-06-3000012196012019-07-012019-09-3000012196012019-10-012019-12-310001219601us-gaap:AllowanceForCreditLossMember2019-12-310001219601us-gaap:AllowanceForCreditLossMember2020-01-012020-12-310001219601us-gaap:AllowanceForCreditLossMember2020-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-01-012020-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-310001219601us-gaap:AllowanceForCreditLossMember2018-12-310001219601us-gaap:AllowanceForCreditLossMember2019-01-012019-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2018-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-01-012019-12-310001219601us-gaap:AllowanceForCreditLossMember2017-12-310001219601us-gaap:AllowanceForCreditLossMember2018-01-012018-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2017-12-310001219601us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2018-01-012018-12-31



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                    For the fiscal year ended December 31, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
COMMISSION FILE NUMBER 000-50189
CROWN HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 75-3099507
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
770 Township Line RoadYardleyPA19067-4232
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 215-698-5100
____________________
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock $5.00 Par ValueCCKNew York Stock Exchange
7 3/8% Debentures Due 2026CCK26New York Stock Exchange
7 1/2% Debentures Due 2096CCK96New York Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE
(Title of Class)
 ____________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes     No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    Yes     No  

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filings requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large Accelerated Filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes     No 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of June 30, 2020, 134,770,527 shares of the Registrant’s Common Stock, excluding shares held in Treasury, were issued and outstanding, and the aggregate market value of such shares held by non-affiliates of the Registrant on such date was $8,777,604,424 based on the New York Stock Exchange closing price for such shares on that date.
As of February 24, 2021, 134,936,129 shares of the Registrant’s Common Stock were issued and outstanding. 

DOCUMENTS INCORPORATED BY REFERENCE
Document Parts Into Which Incorporated
Proxy Statement for the Annual Meeting of Shareholders to be held April 22, 2021 Part III to the extent described therein





Crown Holdings, Inc.

2020 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS
 PART I 
22 
22 
24 
24 
PART II
25 
26 
27 
42 
43 
88 
88 
89 
PART III
89 
89 
90 
90 
90 
PART IV
91 
97 
98 



Crown Holdings, Inc.
PART I

ITEM 1.BUSINESS

Crown Holdings, Inc. (the “Company” or the “Registrant”) (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies) is a Pennsylvania corporation.

The Company is a worldwide leader in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The Company’s packaging for consumer goods includes steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products, metal vacuum closures and steel crowns sold through the Company's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The Company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment, which are sold into the metals, food and beverage, construction, agricultural, corrugated and general industries.

At December 31, 2020, the Company operated 236 plants along with sales and service facilities throughout 47 countries and had approximately 33,000 employees. In 2020, consolidated net sales for the Company were $11.6 billion with 69% derived from operations outside the U.S.

DIVISIONS AND OPERATING SEGMENTS

The Company's business is generally organized by product line and geography within four divisions: Americas, Europe, Asia Pacific and Transit Packaging. See below for further information regarding the Company's divisions and reportable segments within each division. The Company's other segments include its North American food can business, its European aerosol and promotional packaging business, its North American aerosol can business and its beverage tooling and equipment operations in the U.S. and U.K.

Additional financial information concerning the Company’s operating segments is set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report and under Note X to the consolidated financial statements.

AMERICAS DIVISION

The Americas Division includes operations in the U.S., Brazil, Canada, the Caribbean, Colombia and Mexico. These operations manufacture beverage, food and aerosol cans and ends, glass bottles, specialty packaging, metal vacuum closures, steel crowns and aluminum caps. In 2020, the Americas Division had net sales of $4.6 billion.

Americas Beverage

The Americas Beverage segment manufactures aluminum beverage cans and ends, glass bottles, steel crowns and aluminum caps. Manufacturing facilities are located in the U.S., Brazil, Canada, Colombia and Mexico. Americas Beverage had net sales in 2020 of $3.6 billion and segment income (as defined under Note X to the consolidated financial statements) of $652 million.


 EUROPEAN DIVISION

The European Division includes operations in Europe, the Middle East and Africa. These operations manufacture beverage, food and aerosol cans and ends, promotional packaging and metal vacuum closures and caps. Net sales in 2020 were $3.7 billion.

European Beverage

The European Beverage segment manufactures steel and aluminum beverage cans and ends in Europe, the Middle East and North Africa. European Beverage had net sales in 2020 of $1.5 billion and segment income (as defined under Note X to the consolidated financial statements) of $215 million.



1

Crown Holdings, Inc.

European Food

The European Food segment manufactures steel and aluminum food cans and ends, and metal vacuum closures, in Europe and Africa. European Food had net sales in 2020 of $2.0 billion and segment income (as defined under Note X to the consolidated financial statements) of $228 million.

ASIA PACIFIC DIVISION

The Asia Pacific Division is a reportable segment primarily consisting of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam and also includes non-beverage can operations, primarily food cans and specialty packaging.

The Asia Pacific segment had net sales in 2020 of $1.2 billion and segment income (as defined under Note X to the consolidated financial statements) of $175 million.

TRANSIT PACKAGING DIVISION

The Company's Transit Packaging Division is a reportable segment which includes the Company’s worldwide industrial and protective solutions and equipment and tools businesses. Industrial solutions include steel strap, plastic strap, industrial film and other related products that are used in a wide range of industries, including steel, lumber, brick/block, corrugated boxes, food and beverage goods, agriculture products, and a large variety of other goods. Protective solutions include transit protection products, such as airbags, edge protectors, and honeycomb products that help prevent movement of, and/or damage to, a wide range of industrial and consumer goods during transport. Equipment and tools includes manual, semi-automatic and automatic equipment and tools, which are primarily used in end-of-line operations to apply consumables such as strap and film.

The Transit Packaging segment had net sales in 2020 of $2.0 billion and segment income (as defined under Note X to the consolidated financial statements) of $254 million.

PRODUCTS

Beverage Cans and Glass Bottles

The Company supplies beverage cans and ends and other packaging products to a variety of beverage and beer companies, including Anheuser-Busch InBev, Coca-Cola, Keurig Dr Pepper, Heineken, Molson Coors, Pepsi-Cola and Refresco, among others. The Company’s beverage can business is built around local, regional and global markets, which has served to develop the Company’s understanding of global customer and consumer expectations. The Company's glass bottle business is based in Mexico and serves customers primarily in the local market.

The beverage market is dynamic and highly competitive, with each packaging manufacturer working together with its customers to satisfy consumers’ ever-changing needs. The Company competes by offering its customers broad market knowledge, resources at all levels of its worldwide organization and extensive research and development capabilities that have enabled the Company to provide its customers with innovative products. The Company meets its customers’ beverage packaging needs with an array of two-piece beverage cans and ends and metal bottle caps. Innovations include the SuperEnd® and 360 End™ beverage can ends, and size variations. Size variations include slim and sleek cans for portion control, low calorie products or other product differentiation, as well as larger sizes for high volume consumption. The Company expects to continue to add capacity in many of its growing markets around the world.

Beverage can and glass bottle manufacturing is capital intensive, requiring significant investment in tools and machinery. The Company seeks to effectively manage its invested capital and is continuing its efforts to reduce the metal content of its cans and reduce non-metal costs, including water and energy usage, while improving production processes.

Food Cans and Closures

The Company manufactures a variety of food cans and ends, including two-piece and three-piece cans in assorted shapes and sizes, and sells food cans to food marketers such as Abbott Laboratories, Bonduelle, Morgan Foods, Nestlé, Princes Group and Simmons Foods, among others. The Company offers a wide variety of metal vacuum closures and sealing equipment solutions to leading marketers such as Abbott Laboratories, Danone, Nestlé and Unilever, among others, from a network of metal vacuum closure plants around the world. The Company supplies total packaging solutions, including metal and composite closures,
2

Crown Holdings, Inc.

capping systems and services while working closely with customers, retailers and glass and plastic container manufacturers to develop innovative closure solutions and meet customer requirements.

Technologies used to produce food cans include three-piece welded, two-piece drawn and wall-ironed and two-piece drawn and redrawn. The Company also offers its LIFTOFF™ series of food ends, including its Easylift™ full aperture steel food can ends, and PeelSeam™ and PeelFit™ flexible aluminum foil laminated ends. The Company offers expertise in closure design and decoration, ranging from quality printing of the closure in up to nine colors, to inside-the-cap printing, which offers customers new promotional possibilities, to better product protection through Ideal Closures™, Orbit™ and Superplus™. The Company’s commitment to innovation has led to developments in packaging materials, surface finishes, can shaping, lithography, filling, retorting, sealing and opening techniques and environmental performance. The Company manufactures easy open, vacuum and conventional ends for a variety of heat-processed and dry food products including fruits and vegetables, meat and seafood, soups, ready-made meals, infant formula, coffee and pet food.

Transit Packaging

The Company's transit packaging products are used to contain, unitize, and protect goods during manufacturing, transport, and warehousing and are sold around the world under a broad array of well-known brand names such as Signode, Strapex, Orgapack, Shippers Airbags, Angleboard, and MIMA. The Company serves diverse end markets, including metals, food and beverage, construction, agricultural, corrugated and general industrial. The Company's long operational history has resulted in a large base of equipment, which drives recurring revenue through the sale of consumables, parts and service offerings and future equipment replacement sales. The Company's customer concentration is low.

Aerosol Cans

The Company’s customers for aerosol cans and ends include manufacturers of personal care, food, household and industrial products, including FrieslandCampina, Procter & Gamble, S.C. Johnson and Unilever, among others. The aerosol can business is highly competitive. The Company competes by offering its customers a broad range of products including multiple sizes, multiple color schemes and shaped packaging.

Promotional and Specialty Packaging

The Company’s promotional and specialty packaging businesses are primarily located in Europe and Asia. The Company produces a wide range of promotional and specialty packaging containers with numerous lid and closure variations. The Company’s customers include Britvic and Nestlé among others.

SALES AND DISTRIBUTION

Global marketers qualify suppliers on the basis of their ability to provide global service, innovative designs and technologies in a cost-effective manner.

With its global reach, the Company primarily markets and sells products to customers through its own sales and marketing staffs. In some instances, contracts with customers are centrally negotiated, but products are ordered through and distributed directly by the Company’s local facilities. The Company’s facilities are generally located in proximity to their respective major customers. The Company works closely with customers in order to develop new business and to extend the duration of existing contracts.

Many customers provide the Company with quarterly or annual estimates of product requirements along with related quantities pursuant to which periodic commitments are given. Such estimates assist the Company in managing production and controlling use of working capital. The Company schedules its production to meet customer requirements. Because the production time for the Company’s products is short, any backlog of customer orders in relation to overall sales is not significant.

SEASONALITY

The food packaging business is somewhat seasonal with the first quarter tending to be the slowest period as the autumn packing period in the Northern Hemisphere has ended and new crops are not yet planted. The industry generally enters its busiest period in the third quarter when the majority of fruits and vegetables are harvested and immediately canned. Due to this seasonality, inventory levels increase in the first half of the year to meet peak demand in the second and third quarters. Weather represents a substantial uncertainty in the yield of food products and is a major factor in determining the demand for food cans in any given
3

Crown Holdings, Inc.

year. Generally, beverage products are consumed in greater amounts during the warmer months of the year and sales have generally been higher in the second and third quarters of the calendar year.

The Company’s other businesses tend not to be as significantly affected by seasonal variations.

COMPETITION

Most of the Company’s packaging products for consumer goods are sold in highly competitive markets, primarily based on price, quality, service and performance. The Company competes with other packaging manufacturers as well as with fillers, food processors and packers, some of whom manufacture containers for their own use and for sale to others. The Company’s competitors include, but are not limited to, Ardagh Group, Ball Corporation, Ball Metalpack, Mauser Packaging Solutions, Can-Pack S.A., Metal Container Corporation, Silgan Holdings Inc., and Trivium Packaging.

The Transit Packaging Division also faces substantial competition from many regional and local competitors of various sizes in the manufacture, distribution and sale of its products. The division differentiates itself from the competition by leveraging its global scale, broad product portfolio and established brand reputation. The division's products compete, to some extent, with various other packaging materials, including other products made of paper, plastics, wood and various types of metal.

CUSTOMERS

The Company’s largest customers consist of many of the leading manufacturers and marketers of packaged consumer products in the world. Consolidation trends among beverage and food marketers have led to a concentrated customer base. The Company’s top ten global customers represented in the aggregate approximately 31% of its 2020 net sales. In each of the years in the period 2018 through 2020, no one customer accounted for more than ten percent of the Company’s net sales. Each operating segment, with the exception of the Transit Packaging Segment, has major customers and the loss of one or more of these major customers could have a material adverse effect on an individual segment or the Company as a whole. Major customers include those listed above under the caption "Products". In addition to sales to Coca-Cola and Pepsi-Cola, the Company also supplies independent licensees of Coca-Cola and Pepsi-Cola.

RESEARCH AND DEVELOPMENT

The Company's principal Research, Development & Engineering ("RD&E") Centers for packaging products for consumer goods are located in Alsip, Illinois and Wantage, United Kingdom. The Company utilizes its centralized corporate RD&E capabilities to advance and deliver technologies for the Company's worldwide packaging activities that (1) promote development of value-added metal packaging systems for its customers, (2) design cost-efficient manufacturing processes, systems and materials and material-efficient container designs that further the sustainability of metal packaging, (3) provide continuous quality and/or production efficiency improvements in its manufacturing facilities, (4) advance customer and supplier relationships, and (5) provide value-added engineering services and technical support. These capabilities facilitate (1) the identification of new and/or expanded market opportunities by working directly with customers to develop new packaging products or enhance existing packaging products through the application of new technologies that better differentiate customers' products in the retail environment (for example, the creation of new packaging shapes, novel decoration methods, or the addition of digital content through unique codes) and/or the incorporation of consumer-valued features (for example, improved openability and/or ease of use) and (2) the reduction of manufacturing costs by reducing the material content of the Company's products (while retaining necessary performance characteristics), reducing spoilage, and increasing operating efficiencies in manufacturing facilities. These corporate R&D Centers are also applying their technical expertise to advance product design and manufacturing capabilities for the Company's Transit Packaging Division, supplementing their existing divisional product developments.

The Company maintains a substantial portfolio of patents and other intellectual property ("IP") in the field of metal packaging systems and seeks strategic partnerships to extend its IP in existing and emerging markets. As a result, the Company has licensed IP in geographic regions where the Company has a limited market presence today. Existing technologies such as SuperEnd® beverage ends, 360 End™ beverage ends, Easy-Flow™ beverage ends, Eole™ easy-open food ends and can shaping have been licensed in Australia, Japan, and Africa to provide customers with global access to Crown's brand building innovations.

The Transit Packaging Division is well known throughout its markets for its ability to drive product innovation and leadership in new technologies. The division focuses on market driven innovation and has a long history of creating product and service solutions that solve problems and create value for its customers. The division's platforms are primarily responsible for designing and executing their own research and development projects and the division's development process is comprised of a
4

Crown Holdings, Inc.

customer-oriented, "outside-in" approach. The division works with customers to determine their most pressing industrial packaging challenges, utilizing a rigorous multi-step product development process to ensure that they shape the ultimate product for both the customer and the broader market. Transit Packaging's track record of new product innovation is largely due to the success of this model.

The Transit Packaging Division has been an industry leader in industrial packaging innovation over the last 100 years as evidenced by their introduction of the first strap packaging product (1913), the first fully-automatic strapping machine (1946), the industry's first battery operated plastic strap hand tools (1995), and most recently the industry's first battery-operated steel strap hand tools (2013). At the core of its intellectual property strategy is a focus on obtaining quality patents that cover key products and technologies, in alignment with its business objectives. The Transit Packaging Division has grown its global patent portfolio to over 330 United States issued patents or pending patent applications and over 1,110 foreign issued patents or pending patent applications. The portfolio broadly covers about 335 customized technologies and spans diverse business platforms, as well as the different countries in which it operates.

The Company spent $53 million in 2020, $55 million in 2019, and $51 million in 2018 in its RD&E activities. Certain of these activities are expected to improve and expand the Company's product lines in the future. These expenditures include projects to improve manufacturing efficiencies, reduce unit costs, and develop new and improved value-added packaging systems.

MATERIALS AND SUPPLIERS

The Company uses various raw materials, primarily aluminum and steel, in its manufacturing operations. The Transit Packaging division also uses materials derived from crude oil and natural gas, such as polyethylene and polypropylene. In general, these raw materials are purchased in highly competitive, price-sensitive markets, which have historically exhibited price and demand cyclicality. These and other materials used in the manufacturing process have historically been available in adequate supply from multiple sources.

The Company has agreements for what it considers adequate supplies of raw materials. However, sufficient quantities may not be available in the future due to, among other things, shortages due to excessive demand, weather or other factors, including disruptions in supply caused by raw material transportation or production delays. From time to time, some of the raw materials have been in short supply but, to date, these shortages have not had a significant impact on the Company’s operations.

In 2020, consumption of steel and aluminum represented 16% and 35% of consolidated cost of products sold, excluding depreciation and amortization. Due to the significance of these raw materials to the overall cost of products sold, raw material efficiency is a critical cost component of the products manufactured. Supplier consolidations, changes in ownership, government regulations, political unrest and increased demand for raw materials in the packaging and other industries, among other risk factors, could cause uncertainty as to the availability of and the level of prices at which the Company might be able to source such raw materials in the future. Moreover, the prices of aluminum and steel can be subject to significant volatility. The Company’s raw material supply contracts vary as to terms and duration, with steel contracts typically one year in duration with fixed prices or set repricing dates, and aluminum contracts typically multi-year in duration with fluctuating prices based on aluminum ingot costs. The Company generally attempts to mitigate its steel and aluminum price risk by matching its purchase obligations with its sales agreements; however, there can be no assurance that the Company will be able to fully mitigate that risk.

The Company also uses commodity and foreign currency forwards in an attempt to manage its exposure to aluminum price volatility.

There can be no assurance that the Company will be able to fully recover from its customers the impact of aluminum and steel price increases or that the use of derivative instruments will effectively manage the Company’s exposure to price volatility. In addition, if the Company were unable to purchase steel and aluminum for a significant period of time, its operations would be disrupted, and if the Company were unable to fully recover the higher cost of steel and aluminum, its financial results may be adversely affected. As a result of continuing global supply and demand pressures, other commodity-related costs affecting the Company’s business may increase as well, including utility and freight-related costs. The Company will attempt to increase prices on its products accordingly in order to recover these costs. Certain of the Company's sales contracts contain non-metal pass-through provisions that include annual selling price adjustments based on a producer price index. In certain years the referenced index may be negative, requiring the Company to reduce its selling price while its actual costs may have increased.

In response to the volatility of raw material prices, ongoing productivity and cost reduction efforts in recent years have focused on improving raw material cost management. The Company’s manufacturing facilities are dependent, in varying degrees, upon the availability of water and processed energy, such as natural gas and electricity. Certain of these may become difficult or
5

Crown Holdings, Inc.

impossible to obtain on acceptable terms due to external factors, which could increase the Company’s costs or interrupt its business.

Aluminum and steel, by their very nature, can be recycled at high effectiveness and can be repeatedly reused to form new consumer packaging with minimal or no degradation in performance, quality or safety. By recycling these metals, large amounts of energy can be saved and significant water use and carbon dioxide emissions avoided.

SUSTAINABILITY AND ENVIRONMENTAL MATTERS

The Company has a Corporate Sustainability Policy and a Corporate Environmental Protection Policy. In addition, in 2020, the Company debuted its Twentyby30 program, which creates an opportunity for the Company to move beyond the challenges of addressing regulatory and supply chain disruption risks caused by environmental, social and governance ("ESG") concerns. The program identifies five distinct pillars of action - Climate Action, Resource Efficiency, Optimum Circularity, Working Together and Never Compromise - that represent topics of urgent global concern and areas of the business in which the Company can create notable impact and twenty measurable ESG goals to be completed by 2030 or sooner. A key aspect to the Company's success lies with the fact that the Company's primary material, metal, supports a circular economy and protects the customers' products by delivering outstanding shelf life.

Environmental considerations are among the criteria by which the Company evaluates projects, products, processes and purchases. The Company is committed to continuous improvement in product design and manufacturing practices to provide the best outcome for the human and natural environment, both now and in the future. By reducing the per-unit amount of raw materials used in manufacturing its products, the Company can significantly reduce the amount of energy, water and other resources and associated emissions necessary to manufacture metal containers. The Company aims to continue that process of improvement in its manufacturing process to assure that consumers and the environment are best served through the use of its products.

The Company’s operations are subject to numerous laws and regulations governing the protection of the environment, disposal of waste, discharges into water, emissions into the atmosphere and the protection of employee health and safety. Future regulations may impose stricter environmental requirements on the packaging industry and may require additional capital investment. Anticipated future restrictions in some jurisdictions on the use of certain coatings may require the Company to employ additional control equipment or process modifications.

There can be no assurance that current or future environmental laws or liabilities will not have a material effect on the Company’s financial condition, liquidity or results of operations. Discussion of the Company’s environmental matters is contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report under the caption “Environmental Matters,” and under Note O to the consolidated financial statements.
 
HUMAN CAPITAL

At December 31, 2020, the Company had approximately 33,000 employees worldwide, with approximately 7,500 employed by the Americas Division, 12,000 employed by the European Division, 4,500 employed by the Asia Pacific Division and 8,500 employed by the Transit Packaging Division.

A significant portion of the Company’s workforce is unionized. Collective bargaining agreements with varying terms and expiration dates cover approximately 18,000 employees. The Company has experienced no union-initiated work stoppages during the 2020 fiscal year and believes that its employee relations remain good. The Company does not expect that renegotiation of any collective bargaining agreements expiring in 2021 will have a material adverse effect on its consolidated results of operations, financial position or cash flow.

The Company believes that its employees are key to achieving the Company’s business goals and growth strategy. Attracting, developing and retaining the best people globally is crucial to all aspects of the Company’s activities. Towards this end, the Company has cultivated a senior management team with extensive industry experience and highly specialized skills and has consistently re‑invested in necessary resources to effectively staff and efficiently support its businesses. The Company aspires to offer market rate competitive salaries for the regions in which it operates, and to engage employees with rewarding opportunities to contribute to the Company’s success.

The Company is committed to the health and safety of its employees and their families. Since the outbreak of coronavirus (also known as COVID-19), the Company has taken specific actions to ensure the safety of its employees. The Company’s COVID-19 Task Teams have been actively monitoring scientific developments and government actions related to the virus;
6

Crown Holdings, Inc.

instituting policies and procedures to minimize risk for the Company’s global team members and facilities and to enable the Company to continue serving its customers in a safe and timely manner; sharing information with the workforce about the virus and actions to prevent its spread; and assisting staff in their efforts to get vaccinated. Beginning with the implementation of travel and visitor restrictions in February 2020, the Company has updated many of its policies to adapt to the pandemic environment. The Company has taken increased safety measures in its manufacturing facilities to ensure the safety of employees and the products they produce. The Company adheres to the latest updates from the U.S. Centers for Disease Control and Prevention and the World Health Organization, as well as the directives of local authorities, and has implemented a variety of other precautionary measures, including expanding remote working to as many employees as possible.

In addition to the Company’s COVID-19 efforts, the Company supports the well-being of its employees and their families with a variety of physical, mental and social wellness programs. These programs differ by region, but include Company-sponsored or subsidized medical insurance over and above government provisions, annual medical, cancer and audiometry screenings, voluntary health fairs and employee assistance programs to improve health and wellness. The Company has built a Total Safety Culture that provides the framework for all health and safety initiatives across the Company and empowers employees to take a proactive role in their safety and that of their peers. The Company’s focus is on behaviors and attitudes and achieving success in incident, injury and near-miss reductions. The Company’s Twentyby30 program includes a goal to reduce the Total Recordable Incident Rate by 20% by 2025.

The Company recognizes that a diverse and inclusive workforce is critical to its future business success. It has therefore integrated Diversity & Inclusion (D&I) as a dimension of its Twentyby30 sustainability program aiming first to embed D&I awareness in its organizational culture. The Company believes different backgrounds, experiences and perspectives generate powerful new ideas and foster good and sustainable decision making. The Company’s approach includes deployment of D&I training initiatives, such as psychological safety and Unconscious Bias trainings, improvement of its recruitment and onboarding processes including D&I principles and promotion of a positive work environment through policies, guidelines and practices that consider D&I. The Company is establishing Divisional D&I Committees to facilitate this cultural and organizational awareness.

The Company places a high value on skills management and lifelong learning opportunities that benefit both the individual employee and the whole Company. The Company provides a variety of educational opportunities, including a mix of mandatory and voluntary training programs that occur in classrooms, online or on the job. The Company also recognizes the importance of multifunctional teams and as such, management training includes international exposure and cross divisional activity to develop common approaches and values. Talent development programs vary by region, but include leadership programs designed to support operations leadership, lean manufacturing operations and employee performance management.

The Company maintains a written Code of Business Conduct and Ethics documenting its policies with respect to, among other things, anti-corruption, confidential information, and environmental, health and safety, as well as the Company’s commitment to ensuring that all of its employees are treated with respect and dignity and are able to work in an environment free from all forms of unlawful employment discrimination. The Company’s Compliance Teams are responsible for implementing these policies, and provide a mechanism for employees to report suspected violations of Company policies on a confidential basis, including anonymous reporting where permitted by local law.

WORKING CAPITAL

The Company generally uses cash during the first nine months of the year to finance seasonal working capital needs. The Company’s working capital requirements are funded by cash flows from operations, revolving credit facilities and receivables securitization and factoring programs.

Further information relating to the Company’s liquidity and capital resources is set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report under the caption “Liquidity” and under Note L to the consolidated financial statements.

AVAILABLE INFORMATION

The Company’s website address is www.crowncork.com. Information on the Company’s website is not incorporated by reference in this Annual Report on Form 10-K. The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed by the Company with the U.S. Securities and Exchange Commission pursuant to sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are accessible free of charge through the Company’s website as soon as reasonably practicable after the documents are filed with, or otherwise furnished to, the U. S. Securities and Exchange Commission ("SEC"). The SEC maintains a website that contains reports,
7

Crown Holdings, Inc.

proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at http://www.sec.gov.

The Company’s Code of Business Conduct and Ethics, its Corporate Governance Guidelines, and the charters of its Audit, Compensation and Nominating and Corporate Governance committees are available on the Company’s website. These documents are also available in print to any shareholder who requests them. Amendments to and waivers of the Code of Business Conduct and Ethics requiring disclosure under applicable SEC rules will be disclosed on the Company's website.


ITEM 1A.RISK FACTORS

In addition to factors discussed elsewhere in this Annual Report and in "Management's Discussion and Analysis of Financial Condition and Results of Operations," the following are some of the important factors that could materially and adversely affect the Company's business, financial condition and results of operations.

Risks Relating to the Company's Business and Industry

The Company's profits will decline if the price of raw materials or energy rises and it cannot increase the price of its products, and the Company's financial results could be adversely affected if the Company was not able to obtain sufficient quantities of raw materials.

The Company uses various raw materials, such as steel, aluminum, tin, water, natural gas, electricity and other processed energy, as well as materials derived from crude oil and natural gas, such as polyethylene and polypropylene resins, in its manufacturing operations. Sufficient quantities of these raw materials may not be available in the future or may be available only at increased prices. The Company's raw material supply contracts vary as to terms and duration, with steel contracts typically one year in duration with fixed prices and aluminum contracts typically multi-year in duration with fluctuating prices based on aluminum ingot costs. The availability of various raw materials and their prices depends on global and local supply and demand forces, governmental regulations (including tariffs and duties), level of production, resource availability, transportation, and other factors, including natural disasters such as floods and earthquakes. In particular, in recent years the consolidation of steel suppliers, shortage of raw materials affecting the production of steel and the increased global demand for steel, including in China and other developing countries, have contributed to an overall tighter supply for steel, resulting in increased steel prices and, in some cases, special surcharges and allocated cut backs of products by steel suppliers. In addition, new tariffs and potential limits on steel supply in the United States from certain foreign countries could further negatively impact the Company's ability to obtain sufficient quantities of steel at competitive prices. Moreover, future steel supply contracts may provide for prices that fluctuate or adjust rather than provide a fixed price during a one-year period. As a result of continuing global supply and demand pressures, other commodity-related costs affecting the Company's business may increase as well, including natural gas, electricity and freight-related costs.

The prices of certain raw materials used by the Company, such as steel, aluminum, resins and processed energy, have historically been subject to volatility. In 2020, consumption of steel and aluminum represented 16% and 35% of the Company's consolidated cost of products sold, excluding depreciation and amortization. While certain, but not all, of the Company's contracts pass through raw material costs to customers, the Company may be unable to increase its prices to offset increases in raw material costs without suffering reductions in unit volume, revenue and operating income. In addition, any price increases may take effect after related cost increases, reducing operating income in the near term. Significant increases in raw material costs may increase the Company's working capital requirements, which may increase the Company's average outstanding indebtedness and interest expense and may exceed the amounts available under the Company's senior secured credit facilities and other sources of liquidity. In addition, the Company hedges raw material costs on behalf of certain customers and may suffer losses if such customers are unable to satisfy their purchase obligations.

If the Company is unable to purchase steel, aluminum, resins or other raw materials for a significant period of time, the Company's operations would be disrupted and any such disruption may adversely affect the Company's financial results. If customers believe that the Company's competitors have greater access to raw materials, perceived certainty of supply at the Company's competitors may put the Company at a competitive disadvantage regarding pricing and product volumes.

8

Crown Holdings, Inc.

The Company's principal markets may be subject to overcapacity and intense competition, which could reduce the Company's net sales and net income.

Food and beverage cans are standardized products, allowing for relatively little differentiation among competitors. This could lead to overcapacity and price competition among food and beverage can producers if capacity growth outpaced the growth in demand for food and beverage cans and overall manufacturing capacity exceeded demand. These market conditions could reduce product prices and contribute to declining revenue and net income and increasing debt balances. Competitive pricing pressures, overcapacity, the failure to develop new product designs and technologies for products, as well as other factors, such as consolidation among the Company's competitors, could cause the Company to lose existing business or opportunities to generate new business and could result in decreased cash flow and net income.

The Company is subject to competition from substitute products and decreases in demand for its products, which could result in lower profits and reduced cash flows.

The Company is subject to substantial competition from producers of alternative packaging made from glass, paper, flexible materials and plastic. The Company's sales depend heavily on the volumes of sales by the Company's customers in the food and beverage markets. Changes in preferences for products and packaging by consumers of prepackaged food and beverage cans significantly influence the Company's sales. Changes in packaging by the Company's customers may require the Company to re-tool manufacturing operations, which could require material expenditures. In addition, a decrease in the costs of, or a further increase in consumer demand for, alternative packaging could result in lower profits and reduced cash flows for the Company. For example, increases in the price of aluminum and steel and decreases in the price of plastic resin, which is a petrochemical product and may fluctuate with prices in the oil and gas market, may increase substitution of plastic food and beverage containers for metal containers or increases in the price of steel may increase substitution of aluminum packaging for aerosol products. Moreover, due to its high percentage of fixed costs, the Company may be unable to maintain its gross margin at past levels if it is not able to achieve high capacity utilization rates for its production equipment. In periods of low worldwide demand for its products or in situations where industry expansion created excess capacity, the Company experiences relatively low capacity utilization rates in its operations, which can lead to reduced margins during that period and can have an adverse effect on the Company's business.

The Company's business results depend on its ability to understand its customers' specific preferences and requirements, and to develop, manufacture and market products that meet customer demand.

The Company's ability to develop new product offerings for a diverse group of global customers with differing preferences, while maintaining functionality and spurring innovation, is critical to its success. This requires a thorough understanding of the Company's existing and potential customers on a global basis, particularly in potential high developing markets, including South America, Eastern Europe and Asia (including India). Failure to deliver quality products that meet customer needs ahead of competitors could have a significant adverse effect on the Company's business.

Loss of third-party transportation providers upon whom the Company depends or increases in fuel prices could increase the Company's costs or cause a disruption in the Company's operations.

The Company depends generally upon third-party transportation providers for delivery of products to customers. Strikes, slowdowns, transportation disruptions or other conditions in the transportation industry, including, but not limited to, shortages of truck drivers, disruptions in rail service, decreases in the availability of vessels or increases in fuel prices, could increase the Company's costs and disrupt Company’s operations and its ability to service customers on a timely basis.

The Company's business is seasonal and weather conditions could reduce the Company's net sales.

The Company manufactures metal and glass packaging primarily for the food and beverage can market. Its sales can be affected by weather conditions. Due principally to the seasonal nature of the soft drink, brewing, iced tea and other beverage industries, in which demand is stronger during the summer months, sales of the Company's products have varied and are expected to vary by quarter. Shipments in the U.S. and Europe are typically greater in the second and third quarters of the year. Unseasonably cool weather can reduce consumer demand for certain beverages packaged in its containers. In addition, poor weather conditions that reduce crop yields of packaged foods can decrease customer demand for its food containers.

9

Crown Holdings, Inc.

The Company has a significant amount of goodwill that, if impaired in the future, would result in lower reported net income and a reduction of its net worth.

Impairment of the Company's goodwill would require a write down of goodwill, which would reduce the Company's net income in the period of any such write down. At December 31, 2020, the carrying value of the Company's goodwill was $4.6 billion. The Company is required to evaluate goodwill reflected on its balance sheet at least annually, or when circumstances indicate a potential impairment. If it determines that the goodwill is impaired, the Company would be required to write off a portion or all of the goodwill.

A significant portion of the Company's workforce is unionized and labor disruptions could increase the Company's costs and prevent the Company from supplying its customers.

A significant portion of the Company's workforce is unionized and a prolonged work stoppage or strike at any facility with unionized employees could increase its costs and prevent the Company from supplying its customers. In addition, upon the expiration of existing collective bargaining agreements, the Company may not reach new agreements without union action in certain jurisdictions and any such new agreements may not be on terms satisfactory to the Company. If the Company is unable to negotiate acceptable collective bargaining agreements, it may become subject to union-initiated work stoppages, including strikes. Moreover, additional groups of currently non-unionized employees may seek union representation in the future.

Failure by the Company's joint venture partners to observe their obligations could adversely affect the business and operations of the joint ventures and, in turn, the business and operations of the Company.

A portion of the Company's operations, including certain beverage can operations in Asia, the Middle East and South America, is conducted through joint ventures. The Company participates in these ventures with third parties. In the event that the Company's joint venture partners do not observe their obligations or are unable to commit additional capital to the joint ventures, it is possible that the affected joint venture would not be able to operate in accordance with its business plans or that the Company would have to increase its level of commitment to the joint venture.

The Company may not be able to use all of its foreign tax credit carryforwards in the event it undergoes an ownership change as defined by the U.S. Internal Revenue Code of 1986.

The Company has substantial foreign tax carryforwards that can, subject to complex limitations, reduce U.S. taxes owed on foreign income. In the event the Company undergoes an ownership change as determined, its use of those foreign tax credit carryovers may be severely curtailed under section 383 of the U.S. Internal Revenue Code of 1986. An ownership change may occur if the percentage of the Company's stock owned by one or more 5% shareholders increases by more than 50 percentage points over the lowest percentage of the Company's stock owned by those shareholders, measured over a three year period.

The loss of the Company's intellectual property rights may negatively impact its ability to compete.

If the Company is unable to maintain the proprietary nature of its technologies, its competitors may use its technologies to compete with it. The Company has a number of patents covering various aspects of its products, including its SuperEnd® beverage can end, whose primary patent expired in 2016, Easylift™ full aperture steel food can ends, PeelSeam™ and PeelFit™ flexible lidding and Ideal™ product line. The Company's patents may not withstand challenge in litigation, and patents do not ensure that competitors will not develop competing products or infringe upon the Company's patents. Moreover, the costs of litigation to defend the Company's patents could be substantial and may outweigh the benefits of enforcing its rights under its patents. The Company markets its products internationally and the patent laws of foreign countries may offer less protection than the patent laws of the United States. Not all of the Company's domestic patents have been registered in other countries. The Company also relies on trade secrets, know-how and other unpatented proprietary technology, and others may independently develop the same or similar technology or otherwise obtain access to the Company's unpatented technology. In addition, the Company has from time to time received letters from third parties suggesting that it may be infringing on their intellectual property rights, and third parties may bring infringement suits against the Company, which could result in the Company needing to seek licenses from these third parties or refraining altogether from use of the claimed technology.







10

Crown Holdings, Inc.

Risks Relating to the Company's International Operations

The Company's international operations, which generated approximately 69% of its consolidated net sales in 2020, are subject to various risks that may lead to decreases in its financial results.

The Company is an international company, and the risks associated with operating in foreign countries may have a negative impact on the Company's liquidity and net income. The Company's international operations generated approximately 69%, 70% and 73% of its consolidated net sales in the years ended 2020, 2019 and 2018. In addition, the Company's business strategy includes continued expansion of international activities, including within developing markets and areas, such as South America, Eastern Europe and Asia, that may pose greater risk of political or economic instability. Approximately 37% of the Company's consolidated net sales in the year ended 2020 and approximately 35% of the Company's consolidated net sales in the years ended 2019 and 2018 were generated outside of the developed markets in Western Europe, the United States and Canada. Further, if a downturn in European economic conditions ultimately leads to a significant devaluation of the euro, the value of the Company's financial assets that are denominated in euro would be significantly reduced when translated to U.S. dollars for financial reporting purposes. Any of these conditions could ultimately harm the Company's overall business, prospects, operating results, financial condition and cash flows.

Emerging markets are a focus of the Company's international growth strategy. The developing nature of these markets and the nature of the Company's international operations generally are subject to various risks, including:

foreign governments' restrictive trade policies;
inconsistent product regulation or policy changes by foreign agencies or governments;
duties, taxes or government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries;
customs, import/export and other trade compliance regulations;
foreign exchange rate risks and exchange controls;
difficulty in collecting international accounts receivable and potentially longer payment cycles;
increased costs in maintaining international manufacturing and marketing efforts;
non-tariff barriers and higher duty rates;
difficulties associated with expatriating cash generated or held abroad in a tax-efficient manner and changes in tax laws;
difficulties in enforcement of contractual obligations and intellectual property rights and difficulties in protecting intellectual property or sensitive commercial and operations data or information technology systems generally;
national and regional labor strikes;
geographic, language and cultural differences between personnel in different areas of the world;
high social benefit costs for labor, including costs associated with restructurings;
civil unrest or political, social, legal and economic instability;
product boycotts, including with respect to the products of the Company's multi-national customers;
customer, supplier, and investor concerns regarding operations in areas such as the Middle East;
taking of property by nationalization or expropriation without fair compensation;
imposition of limitations on conversions of foreign currencies into dollars or payment of dividends and other payments by non-U.S. subsidiaries;
hyperinflation and currency devaluation in certain foreign countries where such currency devaluation could affect the amount of cash generated by operations in those countries and thereby affect the Company's ability to satisfy its obligations;
war, civil disturbance, global or regional catastrophic events, natural disasters, and acts of terrorism;
geographical concentration of the Company's factories and operations and regional shifts in its customer base;
periodic health epidemic concerns, such as the ongoing coronavirus pandemic
the complexity of managing global operations; and
compliance with applicable anti-corruption or anti-bribery laws.

11

Crown Holdings, Inc.

As the Company seeks to expand its business globally, growth opportunities may be impacted by greater political, economic and social uncertainty and the continuing and accelerating globalization of businesses could significantly change the dynamics of the Company's competition, customer base and product offerings.

The Company's efforts to grow its businesses depend to a large extent upon access to, and its success in developing market share and operating profitably in, geographic markets including but not limited to the Middle East, South America, Eastern Europe and Asia. In some cases, countries in these regions have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions and differing local customer product preferences and requirements than the Company's other markets. Operating and seeking to expand business in a number of different regions and countries exposes the Company to multiple and potentially conflicting cultural practices, business practices and legal and regulatory requirements that are subject to change, including those related to tariffs and trade barriers, investments, property ownership rights, taxation, repatriation of earnings and regulation of advanced technologies. Such expansion efforts may also use capital and other resources of the Company that could be invested in other areas. Expanding business operations globally also increases exposure to currency fluctuations which can materially affect the Company's financial results. As emerging geographic markets become more important to the Company, its competitors are also seeking to expand their production capacities and sales in these same markets, which may lead to industry overcapacity that could adversely affect pricing, volumes and financial results in such markets. Although the Company is taking measures to adapt to these changing circumstances, the Company's reputation and/or business results could be negatively affected should these efforts prove unsuccessful.

The Company is subject to the effects of fluctuations in foreign exchange rates, which may reduce its net sales and cash flow.

The Company is exposed to fluctuations in foreign currencies as a significant portion of its consolidated net sales, costs, assets and liabilities, are denominated in currencies other than the U.S. dollar. The Company's international operations generated approximately 69%, 70% and 73% of its consolidated net sales in the years ended 2020, 2019 and 2018. Volatility in exchange rates may increase the costs of its products, impair the purchasing power of its customers in different markets, result in significant competitive benefit to certain of its competitors who incur a material part of their costs in other currencies than it does, and increase its hedging costs and limit its ability to hedge exchange rate exposure. In its consolidated financial statements, the Company translates local currency financial results into U.S. dollars based on average exchange rates prevailing during a reporting period. During times of a strengthening U.S. dollar, its reported international revenue and earnings will be reduced because the local currency will translate into fewer U.S. dollars. Conversely, a weakening U.S. dollar will effectively increase the dollar-equivalent of the Company's expenses and liabilities denominated in foreign currencies. See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Market Risk” and "Quantitative and Qualitative Disclosure about Market Risk" in this Annual Report. Although the Company may use financial instruments such as foreign currency forwards from time to time to reduce its exposure to currency exchange rate fluctuations in some cases, it may not elect or have the ability to implement hedges or, if it does implement them, there can be no assurance that such agreements will achieve the desired effect.

For the year-ended December 31, 2020, a 0.10 movement in the average euro rate would have reduced net income by $9 million.

The vote by the United Kingdom to leave the European Union could adversely affect the Company.

The United Kingdom (“U.K.”) has ceased to be a member of the European Union (“E.U.”) on January 31, 2020, and the applicable transition period ended on December 31, 2020 (such departure commonly referred to as “Brexit”). The U.K. is also no longer part of the European Economic Area (the “EEA”).

Due to the ongoing political uncertainty as regards the structure of the future relationship between the U.K. and the E.U. and, as a consequence, the uncertainty as to the wider implications it will have for the U.K., it is not possible to determine the precise impact on general economic conditions in the U.K., including any implications for the U.K. sovereign ratings, ratings of relevant transaction parties or the performance of other entities or exposures with a U.K. nexus. The uncertainty continues to adversely affect economic and market conditions in the U.K., in the E.U. and its member states and elsewhere, and also contribute to some uncertainty and instability in global financial markets. In particular, Brexit significantly impacts volatility, liquidity and/or the market value of securities. Accordingly, Brexit could adversely affect the Company's business, results of operations, financial condition and cash flows.



12

Crown Holdings, Inc.


Risks Relating to the Company's Indebtedness and Liquidity

The substantial indebtedness of the Company could prevent it from fulfilling its obligations under its indebtedness.

The Company has substantial outstanding indebtedness. As a result of the Company's substantial indebtedness, a significant portion of the Company's cash flow will be required to pay interest and principal on its outstanding indebtedness, and the Company may not generate sufficient cash flow from operations, or have future borrowings available under its senior secured credit facilities, to enable it to repay its indebtedness or to fund other liquidity needs. As of December 31, 2020, the Company and its subsidiaries had approximately $8.3 billion of indebtedness, excluding unamortized discounts and debt issuance costs.

The Company’s current sources of liquidity includes a securitization facility with a program limit up to a maximum of $375 that expires in July 2021, a securitization facility with a program limit of $282 that expires in November 2022, and an uncommitted securitization facility with a program limit of $175 that expires in December 2021. Additional sources of the Company's liquidity include borrowings under its $1,650 billion revolving credit facilities that matures in December 2024.

The Company's indebtedness includes its €650 million ($794 million at December 31, 2020) 4.0% senior notes in July 2022; its $1 billion 4.50% senior notes in January 2023; its €335 million ($409 million at December 31, 2020) 2.25% senior notes in February 2023; its €550 million ($671 million at December 31, 2020) 0.75% senior notes in February 2023; its €600 million ($733 million at December 31, 2020) 2.625% senior notes in September 2024; its €600 million ($733 million at December 31, 2020) 3.375% senior notes in May 2025; its $875 million 4.75% senior notes in February 2026; its €500 million ($610 million at December 31, 2020) 2.875% senior notes in February 2026; its $400 million 4.25% senior notes in September 2026; its $350 million 7.375% senior notes in December 2026; its $40 million 7.5% senior notes in December 2096; and its $110 million of other indebtedness in various currencies at various dates through 2027. In addition, the Company’s term loan facilities mature as follows: $41 million in 2021, $82 million in 2022, $83 million in 2023, and $1,210 million in 2024.

The substantial indebtedness of the Company could:
increase the Company's vulnerability to general adverse economic and industry conditions, including rising interest rates;
restrict the Company from making strategic acquisitions or exploiting business opportunities, including any planned expansion in emerging markets;
limit the Company's ability to make capital expenditures both domestically and internationally in order to grow the Company's business or maintain manufacturing plants in good working order and repair;
limit, along with the financial and other restrictive covenants under the Company's indebtedness, the Company's ability to obtain additional financing, dispose of assets or pay cash dividends;
require the Company to dedicate a substantial portion of its cash flow from operations to service its indebtedness, thereby reducing the availability of its cash flow to fund future working capital, capital expenditures, research and development expenditures and other general corporate requirements;
require the Company to sell assets used in its business;  
limit the Company's ability to refinance its existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to the Company or at all;
increase the Company's cost of borrowing;
limit the Company's flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; and
place the Company at a competitive disadvantage compared to its competitors that have less debt.

If its financial condition, operating results and liquidity deteriorate, the Company's creditors may restrict its ability to obtain future financing and its suppliers could require prepayment or cash on delivery rather than extend credit, which could further diminish the Company's ability to generate cash flows from operations sufficient to service its debt obligations. In addition, the Company's ability to make payments on and refinance its debt and to fund its operations will depend on the Company's ability to generate cash in the future.

13

Crown Holdings, Inc.

Some of the Company's indebtedness is subject to floating interest rates, which would result in the Company's interest expense increasing if interest rates rise.

As of December 31, 2020, approximately $1.5 billion of the Company's $8.3 billion of total indebtedness and other outstanding obligations were subject to floating interest rates. Changes in economic conditions could result in higher interest rates, thereby increasing the Company's interest expense and reducing funds available for operations or other purposes. The Company's annual interest expense was $300 million, $378 million and $384 million for 2020, 2019 and 2018, respectively. Based on the amount of variable rate debt outstanding at December 31, 2020, a 0.25% increase in variable interest rates would increase its annual interest expense by approximately $4 million before tax. Accordingly, the Company may experience economic losses and a negative impact on earnings as a result of interest rate fluctuation. The actual effect of a 0.25% increase in these floating interest rates could be more than $4 million as the Company’s average borrowings on its variable rate debt may be higher during the year than the amount at December 31, 2020. In addition, the cost of the Company’s securitization and factoring facilities would also increase with an increase in floating interest rates. Although the Company may use interest rate protection agreements from time to time to reduce its exposure to interest rate fluctuations in some cases, it may not elect or have the ability to implement hedges or, if it does implement them, there can be no assurance that such agreements will achieve the desired effect. See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Market Risk” and “Quantitative and Qualitative Disclosures About Market Risk” in this Annual Report.

Restrictive covenants in the debt agreements governing the Company's current or future indebtedness could restrict the Company's operating flexibility.

The indentures and agreements governing the Company's senior secured credit facilities and outstanding notes contain affirmative and negative covenants that limit the ability of the Company and its subsidiaries to take certain actions. These restrictions may limit the Company's ability to operate its businesses and may prohibit or limit its ability to enhance its operations or take advantage of potential business opportunities as they arise. The Company's senior secured credit facilities require the Company to maintain specified financial ratios and satisfy other financial conditions. The agreements or indentures governing the Company's senior secured credit facilities and certain of its outstanding notes restrict, among other things, the ability of the Company and the ability of all or substantially all of its subsidiaries to:

incur additional debt;
pay dividends or make other distributions, repurchase capital stock, repurchase subordinated debt and make certain investments or loans;
create liens and engage in sale and leaseback transactions;
create restrictions on the payment of dividends and other amounts to the Company from subsidiaries;
make loans, investments and capital expenditures;
change accounting treatment and reporting practices;
enter into agreements restricting the ability of a subsidiary to pay dividends to, make or repay loans to, transfer property to, or guarantee indebtedness of, the Company or any of its subsidiaries;
sell or acquire assets, enter into leaseback transactions and merge or consolidate with or into other companies; and
engage in transactions with affiliates.

In addition, the indentures and agreements governing the Company's senior secured credit facilities and certain of its outstanding notes limit, among other things, the ability of the Company to enter into certain transactions, such as mergers, consolidations, joint ventures, asset sales, sale and leaseback transactions and the pledging of assets.

The breach of any of these covenants by the Company or the failure by the Company to meet any of these ratios or conditions could result in a default under any or all of such indebtedness. If a default occurs under any such indebtedness, all of the outstanding obligations thereunder could become immediately due and payable, which could result in a default under the Company's other outstanding debt and could lead to an acceleration of obligations related to the Company's senior secured credit facilities, outstanding notes and other outstanding debt. The ability of the Company to comply with these covenants or indentures governing other indebtedness it may incur in the future and its outstanding notes can be affected by events beyond its control and, therefore, it may be unable to meet these ratios and conditions.



14

Crown Holdings, Inc.

Notwithstanding the Company's current indebtedness levels and restrictive covenants, the Company may still be able to incur substantial additional debt or make certain restricted payments, which could exacerbate the risks described above.

The Company may be able to incur additional debt in the future, including in connection with acquisitions or joint ventures. Although the Company's senior secured credit facilities and indentures governing certain of its outstanding notes contain restrictions on the Company's ability to incur indebtedness, those restrictions are subject to a number of exceptions, and, under certain circumstances, indebtedness incurred in compliance with these restrictions could be substantial. The Company may also consider investments in joint ventures or acquisitions or increased capital expenditures, which may increase the Company's indebtedness. Moreover, although the Company's senior secured credit facilities and indentures governing certain of its outstanding notes contain restrictions on the Company’s ability to make restricted payments, including the declaration and payment of dividends and the repurchase of the Company’s common stock, the Company is able to make such restricted payments under certain circumstances which may increase indebtedness. Adding new debt to current debt levels or making otherwise restricted payments could intensify the related risks that the Company and its subsidiaries now face.

The Company's senior secured credit facilities provide that certain change of control events constitute an event of default. In the event of a change of control, the Company may not be able to satisfy all of its obligations under the senior secured credit facilities or other indebtedness.

The Company may not have sufficient assets or be able to obtain sufficient third-party financing on favorable terms to satisfy all of its obligations under the Company's senior secured credit facilities or other indebtedness in the event of a change of control. The Company's senior secured credit facilities provide that certain change of control events constitute an event of default under the senior secured credit facilities. Such an event of default entitles the lenders thereunder to, among other things, cause all outstanding debt obligations under the senior secured credit facilities to become due and payable and to proceed against the collateral securing the senior secured credit facilities. Any event of default or acceleration of the senior secured credit facilities will likely also cause a default under the terms of other indebtedness of the Company. In addition, the indentures governing certain of the Company's outstanding notes require that the Company offer to repurchase the notes at an offer price of 101% of principal upon certain change of control repurchase events.

The Company is subject to certain restrictions that may limit its ability to make payments on its debt out of the cash reserves shown on the Company's consolidated financial statements.

The ability of the Company's subsidiaries and joint ventures to pay dividends, make distributions, provide loans or make other payments to the Company may be restricted by applicable state and foreign laws, potentially adverse tax consequences and their agreements, including agreements governing their debt. In addition, the equity interests of the Company's joint venture partners or other shareholders in the Company's non-wholly owned subsidiaries in any dividend or other distribution made by these entities would need to be satisfied on a proportionate basis with the Company. As a result, the Company may not be able to access a portion of its cash flow to service the Company's debt.

The Company has significant pension plan obligations worldwide and significant unfunded postretirement obligations, which could reduce its cash flow and negatively impact its results of operations and its financial condition.

The Company sponsors various pension plans worldwide, with the largest funded plans in the U.K., U.S. and Canada. In 2020, 2019 and 2018, the Company contributed $27 million, $23 million and $20 million to its pension plans. Pension expense was $92 million, including settlement charges of $66 million, in 2020 and is expected to be $48 million in 2021, using foreign currency exchange rates in effect at December 31, 2020. A 0.25% change in the 2021 expected rate of return assumptions would change 2021 pension expense by approximately $12 million. A 0.25% change in the discount rates assumptions as of December 31, 2020 would change 2021 pension expense by approximately $2 million. The Company may be required to accelerate the timing of its contributions under its pension plans. The actual impact of any accelerated funding will depend upon the interest rates required for determining the plan liabilities and the investment performance of plan assets. An acceleration in the timing of pension plan contributions could decrease the Company's cash available to pay its outstanding obligations and its net income and increase the Company's outstanding indebtedness.

Based on current assumptions, the Company expects to make pension contributions of $22 million in 2021, $42 million in 2022, $68 million in 2023, $78 million in 2024 and $111 million in 2025. Future changes in the factors used to determine pension contributions, including investment performance of plan assets, could have a significant impact on the Company’s future contributions and its cash flow available for debt reduction, capital expenditures or other purposes.

The difference between pension plan obligations and assets, or the funded status of the plans, significantly affects the net periodic benefit costs of the Company's pension plans and the ongoing funding requirements of those plans. Among other
15

Crown Holdings, Inc.

factors, significant volatility in the equity markets and in the value of illiquid alternative investments, changes in discount rates, investment returns and the market value of plan assets can substantially increase the Company's future pension plan funding requirements and could have a negative impact on the Company's results of operations and profitability. See Note Q to the Company's audited consolidated financial statements in this Annual Report. As long as the Company continues to maintain its various pension plans, the Company will continue to incur additional pension obligations. The Company's pension plan assets consist primarily of common stocks and fixed income securities and also include alternative investments such as interests in private equity and hedge funds. If the performance of plan assets does not meet the Company's assumptions or discount rates decline, the underfunding of the pension plans may increase and the Company may have to contribute additional funds to the pension plans, and the Company's pension expense may increase. In addition, certain of the Company's pension and postretirement plans are unfunded.

The Company's U.S. funded pension plan is subject to the Employee Retirement Income Security Act of 1974, or ERISA. Under ERISA, the Pension Benefit Guaranty Corporation, or PBGC, has the authority to terminate an underfunded plan under certain circumstances. In the event its U.S. pension plan is terminated for any reason while the plan is underfunded, the Company will incur a liability to the PBGC that may be equal to the entire amount of the underfunding, which under certain circumstances may be senior to the notes. In addition, as of December 31, 2020 the unfunded accumulated postretirement benefit obligation, as calculated in accordance with U.S. generally accepted accounting principles, for retiree medical benefits was approximately $166 million, based on assumptions set forth under Note Q to the Company's audited consolidated financial statements in this Annual Report.

Risks Relating to Litigation and Regulatory Matters

The Company is subject to litigation risks which could negatively impact its operations and net income.

The Company is subject to various lawsuits and claims with respect to matters such as governmental, environmental and employee benefits laws and regulations, securities, labor, and actions arising out of the normal course of business, in addition to asbestos-related litigation described under the risk factor titled “Pending and future asbestos litigation and payments to settle asbestos-related claims could reduce the Company's cash flow and negatively impact its financial condition.” The Company is currently unable to determine the total expense or possible loss, if any, that may ultimately be incurred in the resolution of such legal proceedings. Regardless of the ultimate outcome of such legal proceedings, they could result in significant diversion of time by the Company's management. The results of the Company's pending legal proceedings, including any potential settlements, are uncertain and the outcome of these disputes may decrease its cash available for operations and investment, restrict its operations or otherwise negatively impact its business, operating results, financial condition and cash flow.

In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including one of the Company’s German subsidiaries. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the United Kingdom.

The Commission’s investigation is ongoing and, to date, the Commission has not officially charged the Company or any of its subsidiaries with violations of competition law. The Company is cooperating with the Commission and submitted a leniency application with the Commission with respect to the findings of the investigation in Germany referenced above. This application may lead to the reduction of possible future penalties. At this stage of the investigation the Company believes that a loss is probable but is unable to predict the ultimate outcome of the Commission’s investigation and is unable to estimate the loss or possible range of losses that could be incurred, and has therefore not recorded a charge in connection with the actions by the Commission. If the Commission finds that the Company or any of its subsidiaries violated competition law, fines levied by the Commission could be material to the Company’s operating results and cash flows for the periods in which they are resolved or become reasonably estimable.

Pending and future asbestos litigation and payments to settle asbestos-related claims could reduce the Company's cash flow and negatively impact its financial condition.

Crown Cork & Seal Company, Inc. (Crown Cork), a wholly-owned subsidiary of the Company, is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to
16

Crown Holdings, Inc.

asbestos. In 1963, Crown Cork acquired a subsidiary that had two operating businesses, one of which is alleged to have manufactured asbestos-containing insulation products. Crown Cork believes that the business ceased manufacturing such products in 1963.

As of December 31, 2020, Crown Cork's accrual for pending and future asbestos-related claims and related legal costs was $251 million, including $214 million for unasserted claims. The Company determines its accrual without limitation to a specific time period. Assumptions underlying the accrual include that claims for exposure to asbestos that occurred after the sale of the subsidiary's insulation business in 1964 would not be entitled to settlement payouts and that state statutes described under Note N to the Company's audited consolidated financial statements included in this Annual Report, including Texas and Pennsylvania statutes, are expected to have a highly favorable impact on Crown Cork's ability to settle or defend against asbestos-related claims in those states and other states where Pennsylvania law may apply.

During the year ended December 31, 2020, Crown Cork received approximately 1,500 new claims, settled or dismissed approximately 1,500 claims, and had approximately 56,000 claims outstanding at the end of the period. Of these outstanding claims, approximately 16,500 claims relate to claimants alleging first exposure to asbestos after 1964 and approximately 39,500 relate to claimants alleging first exposure to asbestos before or during 1964, of which approximately 13,000 were filed in Texas, 1,500 were filed in Pennsylvania, 6,000 were filed in other states that have enacted asbestos legislation and 19,000 were filed in other states. The outstanding claims at December 31, 2020 also exclude approximately 19,000 inactive claims, as well as claims in Texas filed after June 11, 2003 (as the state of Texas has enacted legislation limiting asbestos-related liabilities, as further discussed in Note N. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action. The exclusion of these inactive claims had no effect on the calculation of the Company's accrual as the claims were filed in states where the Company's liability is limited by statute. The Company devotes significant time and expense to defend against these various claims, complaints and proceedings, and there can be no assurance that the expenses or distractions from operating the Company's businesses arising from these defenses will not increase materially.

Crown Cork made cash payments of $21 million, $22 million and $21 million in 2020, 2019 and 2018 to settle asbestos claims and pay related legal and defense costs. These payments and any such future payments will reduce the cash flow available to Crown Cork for its business operations and debt payments.     

Asbestos-related payments including defense costs may be significantly higher than those estimated by Crown Cork because the outcome of this type of litigation (and, therefore, Crown Cork's reserve) is subject to a number of assumptions and uncertainties, such as the number or size of asbestos-related claims or settlements, the number of financially viable responsible parties, the extent to which state statutes relating to asbestos liability are upheld and/or applied by the courts, Crown Cork's ability to obtain resolution without payment of asbestos-related claims by persons alleging first exposure to asbestos after 1964, and the potential impact of any pending or future asbestos-related legislation. Accordingly, Crown Cork may be required to make payments for claims substantially in excess of its accrual, which could reduce the Company's cash flow and impair its ability to satisfy its obligations. Further information regarding Crown's Cork's asbestos-related liabilities is presented within “Management's Discussion and Analysis of Financial Condition and Results of Operations” under the headings, “Provision for Asbestos” and “Critical Accounting Policies” and under Note N to the Company's audited consolidated financial statements included in this Annual Report.

The Company is subject to costs and liabilities related to stringent environmental and health and safety standards.

Laws and regulations relating to environmental protection and health and safety may increase the Company’s costs of operating and reduce its profitability. The Company's operations are subject to numerous U.S. federal and state and non-U.S. laws and regulations governing the protection of the environment, including those relating to operating permits, treatment, storage and disposal of waste, the use of chemicals in the Company's products and manufacturing process, discharges into water, emissions into the atmosphere, remediation of soil and groundwater contamination and protection of employee health and safety. Future regulations may impose stricter environmental or employee safety requirements affecting the Company's operations or may impose additional requirements regarding consumer health and safety, such as potential restrictions on the use of bisphenol-A, a starting material used to produce internal and external coatings for some food, beverage, and aerosol containers and metal closures. In the U.S., the FDA has banned the use of bisphenol-A in baby bottles, children’s drinking cups and epoxy resins that coat infant formula cans as well as in packaging and utensils for all foods and the EPA has considered adding bisphenol-A to the chemical concern list on the basis of environmental effects and using its Design for the Environment program to encourage reductions in bisphenol-A manufacturing and use. In addition, the State of California has declared bisphenol-A a reproductive system hazard and listed it as a hazardous chemical under the state Safe Water and Toxic Environment Act. Certain other nations, including Denmark, Belgium and France, have implemented or considered implementing legislation restricting the use of bisphenol-A, including imposing product labeling requirements or restrictions on the importation and placement in the market of packaging and utensils containing bisphenol-A, and the European Food Safety Authority has
17

Crown Holdings, Inc.

recommended that the tolerable daily intake of bisphenol-A be lowered. Domestic and international, federal, state, municipal or other regulatory authorities could further restrict or prohibit the use of bisphenol-A in the future. In addition, recent public reports, litigation and other allegations regarding the potential health hazards of bisphenol-A could contribute to a perceived safety risk about the Company's products and adversely impact sales or otherwise disrupt the Company's business. While the Company is exploring various alternatives to the use of bisphenol-A and conversion to alternatives is underway in some applications, there can be no assurance the Company will be completely successful in its efforts or that the alternatives will not be more costly to the Company.

Also, for example, future restrictions in some jurisdictions on air emissions of volatile organic compounds and the use of certain paint and lacquering ingredients may require the Company to employ additional control equipment or process modifications. The Company’s operations and properties, both in the United States and abroad, must comply with these laws and regulations. In addition, a number of governmental authorities in the United States and abroad have introduced or are contemplating enacting legal requirements, including emissions limitations, cap and trade systems or mandated changes in energy consumption, in response to the potential impacts of climate change. Given the wide range of potential future climate change regulations in the jurisdictions in which the Company operates, the potential impact to the Company's operations is uncertain. In addition, the potential impact of climate change on the Company's operations is highly uncertain. The impact of climate change may vary by geographic location and other circumstances, including weather patterns and any impact to natural resources such as water.

A number of governmental authorities both in the U.S. and abroad also have enacted, or are considering, legal requirements relating to product stewardship, including mandating recycling, the use of recycled materials and/or limitations on certain kinds of packaging materials such as plastics. In addition, some companies with packaging needs have responded to such developments, and/or to perceived environmental concerns of consumers, by using containers made in whole or in part of recycled materials. Such developments may reduce the demand for some of the Company's products, and/or increase its costs.

The Company may experience significant negative effects to its business as a result of new federal, state or local taxes, increases to current taxes or other governmental regulations specifically targeted to decrease the consumption of certain types of beverages.

Public health and government officials have become increasingly concerned about the health consequences associated with over-consumption of certain types of beverages, such as sugar-sweetened beverages and including those sold by certain of the Company's significant customers. Possible new federal, state or local taxes, increases to current taxes or other governmental regulations specifically targeted to decrease the consumption of these beverages may significantly reduce demand for the beverages of the Company's customers, which could in turn affect demand of the Company's customers for the Company's products. For example, taxes on certain sugar-sweetened beverages have been enacted in France, the United Kingdom, and Mexico. France has also imposed taxes on energy drinks using certain amounts of taurine and caffeine. Some state and local governments are also considering similar taxes, and several U.S. cities, including in California, Pennsylvania, Illinois, Washington, and Colorado, have enacted taxes on certain sugar-sweetened beverages. The imposition of such taxes may decrease the demand for certain soft drinks and beverages that the Company's customers produce, which may cause the Company's customers to respond by decreasing their purchases from the Company. Consumer tax legislation and future attempts to tax sugar-sweetened or energy drinks by other jurisdictions could reduce the demand for the Company's products and materially adversely affect the Company's business and financial results.

Demand for the Company's products could be affected by changes in laws and regulations applicable to food and beverages and changes in consumer preferences.

The Company manufactures and sells metal and glass packaging primarily for the food and beverage can market. As a result, many of the Company's products come into direct contact with food and beverages. Accordingly, the Company's products must comply with various laws and regulations for food and beverages applicable to its customers. Changes in such laws and regulations, such as the sugary-drink taxes discussed above, could negatively impact customers' demand for the Company's products as they comply with such changes and/or require the Company to make changes to its products. Such changes to the Company's products could include modifications to the coatings and compounds that the Company uses, possibly resulting in the incurrence of additional costs. Additionally, because many of the Company's products are used to package consumer goods, the Company is subject to a variety of risks that could influence consumer behavior and negatively impact demand for the Company's products, including changes in consumer preferences driven by various health-related concerns and perceptions.




18

Crown Holdings, Inc.

Changes in accounting standards, taxation requirements and other law could negatively affect the Company's financial results.

New accounting standards or pronouncements that may become applicable to the Company from time to time, or changes in the interpretation of existing standards and pronouncements, could have a significant effect on the Company's reported results for the affected periods. The Company is also subject to income tax in the numerous jurisdictions in which the Company operates. Increases in income tax rates or other changes to tax laws could reduce the Company's after-tax income from affected jurisdictions or otherwise affect the Company's tax liability.

In addition, the Company's products are subject to import and excise duties and/or sales or value-added taxes in many jurisdictions in which it operates. Increases in indirect taxes could affect the Company's products' affordability and therefore reduce demand for its products.

General Risk Factors

The Company’s business operations and financial position have been and are expected to continue to be adversely affected by the coronavirus outbreak.

The ongoing global outbreak of coronavirus, which was declared a pandemic by the World Health Organization on March 11, 2020 and a national emergency by the President of the United States on March 13, 2020, has caused and is continuing to cause business slowdowns and shutdowns and turmoil in the financial markets both in the U.S. and abroad. The Company is closely monitoring the impact of COVID-19 on all aspects of its business and geographies, including how it has impacted and will impact the Company’s employees, customers, suppliers and distribution channels. The pandemic, as well as the quarantines and other governmental and non‑governmental restrictions which have been imposed throughout the world in an effort to contain or mitigate it, has created significant volatility, uncertainty and economic disruption which is expected to adversely affect the Company’s business operations and may materially and adversely affect the Company’s results of operations, cash flows and financial position or the Company’s ability to execute its short- and long-term business strategies and initiatives. For example, governmental authorities in several regions (including Pennsylvania, where the Company’s world headquarters are located) have ordered the cessation of all business activity which is deemed non-essential and there is a risk that these shutdown orders will be extended or expanded or that similar shutdown orders will be implemented in other regions; while many food and beverage products are deemed essential, several jurisdictions have implemented restrictions or prohibitions on the sale of alcoholic beverages which have reduced the demand for some of the Company’s products. Likewise, the Company’s Transit Packaging Division supplies a wide array of industrial markets which are being negatively affected by a decline in global economic activity.

The magnitude of COVID-19’s ultimate impact on the Company will depend on numerous evolving factors, future developments and cascading effects of the coronavirus pandemic that the Company is not able to predict, including: the severity of the outbreak and the international actions that are being taken to contain and treat it; the duration of the outbreak and the myriad of business restrictions being imposed as a result of it; governmental, business and other responses to the outbreak (including limitations on the Company’s operations and/or mandates that the Company provide products or services); the extent and duration of the effect of the outbreak on consumer confidence and spending, customer demand and buying patterns; the promotion of “social distancing” and the adoption of shelter-in-place orders and restrictions on exports affecting customers’ demand for the Company’s products; the extent to which forced remote working arrangements reduce the Company’s ability to effectively manage its global operations; the impact of the outbreak on the Company’s supply chain (including reductions in supply that may result in an inability to meet customer demand); the impact of the outbreak on internal controls (including those over financial reporting); the speed and success of vaccination efforts; any impairment in value of the Company’s tangible or intangible assets which could be recorded as a result of a weaker economic conditions; and the effect of the ongoing disruption in the capital markets on the Company’s ability to access capital on favorable terms and continue to meet its liquidity needs. Moreover, employee absenteeism due to members of the Company’s workforce being quarantined or exposed to COVID-19 may impact the Company’s ability to meet staffing needs which, compounded with the effects of ongoing office and potential factory closures, disruptions to ports and other shipping infrastructure, border closures, and other travel or health-related restrictions, may in turn impair the Company in the manufacture, distribution and sale of its products.

In addition, while the Company cannot predict the magnitude of the impact that COVID-19 will have on its customers and suppliers or their financial conditions, any material effect on the Company’s customers or suppliers could adversely impact the Company. For example, certain of the Company’s suppliers have informed the Company that the coronavirus outbreak and the resulting business restrictions may constrain supply of necessary materials and the Company may face difficulty collecting accounts receivable from any of its customers that may be negatively impacted by the pandemic. The impact of COVID-19 may also exacerbate other risk factors discussed in Item 1A of the Company’s Annual Report on Form 10‑K for the year ended
19

Crown Holdings, Inc.

December 31, 2020, any of which could have a material effect on the Company. For example, significant volatility in the equity markets could have a negative impact on the market value of the Company's pension plan assets which may substantially increase the Company's future pension plan funding requirements and could have a negative impact on the Company's results of operations, pension plan funded status and future cash flows.

The extent of the impact of COVID-19 on the Company’s business is highly uncertain and difficult to predict, as information is rapidly evolving with respect to the duration and severity of the pandemic. At this point, the Company cannot reasonably estimate the duration and severity of the coronavirus outbreak or its overall impact on the Company’s business.

The loss of a major customer and/or customer consolidation could reduce the Company's net sales and profitability.

Many of the Company's largest customers have acquired companies with similar or complementary product lines. This consolidation has increased the concentration of the Company's business with its largest customers. In many cases, such consolidation has been accompanied by pressure from customers for lower prices, reflecting the increase in the total volume of product purchased or the elimination of a price differential between the acquiring customer and the company acquired. Increased pricing pressures from the Company's customers may reduce the Company's net sales and net income.

The majority of the Company's sales are to companies that have leading market positions in the sale of packaged food, beverages and household products to consumers. Although no one customer accounted for more than 10% of its net sales in the years ended 2020, 2019 or 2018, the loss of any major customers, a reduction in the purchasing levels of these customers or an adverse change in the terms of supply agreements with these customers could reduce the Company's net sales and net income. A continued consolidation of the Company's customers could exacerbate any such loss. In addition, the Company's relationship with several of its customers, particularly in the Transit Packaging division, is noncontractual, and as a result its customers may unilaterally reduce their purchases of its products.

The Company may not be able to manage its anticipated growth, and it may experience constraints or inefficiencies caused by unanticipated acceleration and deceleration of customer demand.

Unanticipated acceleration and deceleration of customer demand for the Company's products may result in constraints or inefficiencies related to the Company's manufacturing, sales force, implementation resources and administrative infrastructure, particularly in emerging markets where the Company is seeking to expand production. Such constraints or inefficiencies may adversely affect the Company as a result of delays, lost potential product sales or loss of current or potential customers due to their dissatisfaction. Similarly, over-expansion, including as a result of overcapacity due to expansion by the Company's competitors, or investments in anticipation of growth that does not materialize, or develops more slowly than the Company expects, could harm the Company's financial results and result in overcapacity.

To manage the Company's anticipated future growth effectively, the Company must continue to enhance its manufacturing capabilities and operations, information technology infrastructure, and financial and accounting systems and controls. Organizational growth and scale-up of operations could strain its existing managerial, operational, financial and other resources. The Company's growth requires significant capital expenditures and may divert financial resources from other projects, such as
the development of new products or enhancements of existing products or reduction of the Company's outstanding indebtedness. If the Company's management is unable to effectively manage the Company's growth, its expenses may increase more than expected, its revenue could grow more slowly than expected and it may not be able to achieve its research and development and production goals, any of which could have a material effect on its business, operating results or financial condition.

Acquisitions, dispositions or investments that the Company is considering or may pursue could be unsuccessful, consume significant resources and require the incurrence of additional indebtedness.

The Company may consider acquisitions and investments that complement its existing business or dispositions of portions of its existing business. These possible acquisitions, dispositions and investments involve or may involve significant cash expenditures, debt incurrence (including the incurrence of additional indebtedness under the Company's senior secured revolving credit facilities or other secured or unsecured debt), operating losses and expenses that could have a material effect on the Company's financial condition and operating results.

In particular, if the Company incurs additional debt, the Company's liquidity and financial stability could be impaired as a result of using a significant portion of available cash or borrowing capacity to finance an acquisition. Moreover, the Company may face an increase in interest expense or financial leverage if additional debt is incurred to finance an acquisition, which may, among other things, adversely affect the Company's various financial ratios and the Company's compliance with the conditions
20

Crown Holdings, Inc.

of its existing indebtedness. In addition, such additional indebtedness may be incurred under the Company's senior secured credit facilities or otherwise secured by liens on the Company's assets.

Acquisitions and dispositions involve numerous other risks, including:

diversion of management time and attention;
failures to identify material problems and liabilities of acquisition targets or to obtain sufficient indemnification rights to fully offset possible liabilities related to the acquired businesses;
difficulties integrating the operations, technologies and personnel of the acquired businesses;
inefficiencies and complexities that may arise due to unfamiliarity with new assets, businesses or markets;
disruptions to the Company's ongoing business;
inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings;
the inability to obtain required financing for the new acquisition or investment opportunities and the Company's existing business;
the need or obligation to divest portions of an acquired business;
challenges associated with operating in new geographic regions;
difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects;
potential loss of key employees, contractual relationships, suppliers or customers of the acquired businesses or of the Company; and
inability to obtain required regulatory approvals.

To the extent the Company pursues an acquisition or disposition that causes it to incur unexpected costs or that fails to generate expected returns, the Company's financial position, results of operations and cash flows may be adversely affected, and the Company's ability to service its indebtedness may be negatively impacted.

If the Company fails to retain key management and personnel, the Company may be unable to implement its business plan.

Members of the Company's senior management have extensive industry experience, and it might be difficult to find new personnel with comparable experience. Because the Company's business is highly specialized, the Company believes that it would also be difficult to replace its key technical personnel. The Company believes that its future success depends, in large part, on its experienced senior management team. Losing the services of key members of its management team could limit the Company's ability to implement its business plan. In addition, under the Company's unfunded Senior Executive Retirement Plan certain members of senior management are entitled to lump sum payments upon retirement or other termination of employment and a lump sum death benefit of five times the annual retirement benefit.

The Company relies on its information technology and the failure or disruption of its information technology could disrupt its operations and adversely affect its results of operations.

The Company's business increasingly relies on the successful and uninterrupted functioning of its information technology systems to process, transmit, and store electronic information. A significant portion of the communication between the Company's personnel around the world, customers, and suppliers depends on information technology. As with all large systems, the Company's information technology systems may be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components thereof, power outages, hardware failures, computer viruses, attacks by computer hackers, telecommunication failures, user errors or catastrophic events. In addition, security breaches could result in unauthorized disclosure of confidential information.

The concentration of processes in shared services centers means that any disruption could impact a large portion of the Company's business within the operating zones served by the affected service center. If the Company does not allocate, and effectively manage, the resources necessary to build, sustain and protect the proper technology infrastructure, the Company could be subject to transaction errors, processing inefficiencies, loss of customers, business disruptions, the loss of or damage to intellectual property through security breach, as well as potential civil liability and fines under various states' laws in which the Company does business. While the Company has security measures in place designed to protect the integrity of customer information and prevent data loss, misappropriation, and other security breaches, the Company's information technology system could nevertheless be penetrated by outside parties intent on extracting information, corrupting information or disrupting business processes. In addition, if the Company's information technology systems suffer severe damage, disruption or shutdown
21

Crown Holdings, Inc.

and the Company's business continuity plans do not effectively resolve the issues in a timely manner, the Company may lose revenue and profits as a result of its inability to timely manufacture, distribute, invoice and collect payments from its customers, and could experience delays in reporting its financial results, including with respect to the Company's operations in emerging markets. Furthermore, if the Company is unable to prevent security breaches, it may suffer financial and reputational damage because of lost or misappropriated confidential information belonging to the Company or to its customers or suppliers. Failure or disruption of these systems, or the back-up systems, for any reason could disrupt the Company's operations and negatively impact the Company's cash flows or financial condition.

If the Company fails to maintain an effective system of internal control, the Company may not be able to accurately report financial results or prevent fraud.

Effective internal controls are necessary to provide reliable financial reports and to assist in the effective prevention of fraud. Any inability to provide reliable financial reports or prevent fraud could harm the Company's business. The Company must annually evaluate its internal procedures to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, which requires management and auditors to assess the effectiveness of internal controls. If the Company fails to remedy or maintain the adequacy of its internal controls, as such standards are modified, supplemented or amended from time to time, the Company could be subject to regulatory scrutiny, civil or criminal penalties or shareholder litigation.

ITEM 1B.UNRESOLVED STAFF COMMENTS
There are no unresolved written comments that were received from the SEC staff 180 days or more before the end of the Company’s fiscal year relating to its periodic or current reports under the Securities Exchange Act of 1934.
ITEM 2.PROPERTIES

As of December 31, 2020, the Company operated 236 manufacturing facilities, of which 65 were leased. The Company has four divisions, primarily defined geographically, within which it manufactures and markets its products. The Americas Division operated 48 facilities in seven countries, of which eight facilities were leased. Within the Americas Division, 28 facilities operated in the U.S., of which six facilities were leased. The European Division operated 61 facilities in 22 countries, of which nine facilities were leased. The Asia Pacific Division operated 29 facilities in eight countries, of which two facilities were leased and the Transit Packaging Division operated 94 facilities in 23 countries, of which 44 facilities were leased. The Company also had four canmaking equipment and spare part operations in the U.S. and the U.K., of which two were leased. Certain leases provide renewal or purchase options. The principal manufacturing facilities at December 31, 2020 are listed below and are grouped by division.

The Company’s Americas and Corporate headquarters is in Yardley, Pennsylvania. Its European headquarters is in Baar, Switzerland, its Asia Pacific headquarters is in Singapore and its Transit Packaging headquarters is in Glenview, Illinois. The Company maintains research facilities in Alsip, Illinois and Wantage, England.

The Company’s manufacturing and support facilities are designed according to the requirements of the products to be manufactured. Therefore, the type of construction may vary from plant to plant. Warehouse space is generally provided at each of the manufacturing locations, although the Company also leases outside warehouses.

Ongoing productivity improvements and cost reduction efforts in recent years have focused on upgrading and modernizing facilities to reduce costs, improve efficiency and productivity and phase out uncompetitive facilities. The Company has also opened new facilities to meet increases in market demand for its products. These actions reflect the Company’s continued commitment to realign manufacturing facilities to maintain its competitive position in its markets.

Utilization of any particular facility varies based upon product demand. While it is not possible to measure with any degree of certainty or uniformity the productive capacity of these facilities, management believes that, if necessary, production can be increased at several existing facilities through the addition of personnel, capital equipment and, in some facilities, square footage available for production. In addition, the Company may from time to time acquire additional facilities or dispose of existing facilities.

Excluded from the list below are operating facilities in unconsolidated subsidiaries as well as service or support facilities. The service or support facilities include machine shop operations, plant operations dedicated to printing for cans and closures, coil shearing, coil coating and RD&E operations. Some operating facilities produce more than one product but have been presented below under the product with the largest contribution to sales.
22

Crown Holdings, Inc.


  AmericasEuropeAsia Pacific
Beverage
and
Closures
Kankakee, ILManaus, BrazilCustines, FranceSevilla, SpainPhnom Penh, Cambodia (2)
Mankato, MNPonta Grossa, BrazilKorinthos, GreeceValencia, SpainSihanoukville, Cambodia
Batesville, MSRio Verde, Brazil Patras, GreeceEl Agba, TunisiaHangzhou, China
Nichols, NYCalgary, CanadaParma, ItalyIzmit, TurkeyHeshan, China
Dayton, OHOntario, CanadaAmman, JordanOsmaniye, TurkeyZiyang, China
Cheraw, SCSantafe de Bogota,Dammam, Saudi ArabiaDubai, UAEKarawang, Indonesia
Conroe, TXColombiaJeddah, Saudi ArabiaBotcherby, U.K.Bangi, Malaysia
Fort Bend, TXChihuahua, MexicoKosice, SlovakiaBraunstone, U.K.Yangon, Myanmar
Winchester, VAEnsenada, MexicoAgoncillo, SpainSingapore
Olympia, WAGuadalajara, Nong Khae, Thailand (2)
La Crosse, WIMexico Danang, Vietnam
Worland, WYMonterrey, Mexico (2)Dong Nai, Vietnam
Cabreuva, BrazilOrizaba, MexicoHanoi, Vietnam
Teresina, BrazilToluca, MexicoHo Chi Minh City, Vietnam
Estancia, Brazil
Food
and
Closures
Dubuque, IAHanover, PACarpentras, FranceAbidjan, Ivory CoastBangpoo, Thailand
Owatonna, MNSuffolk, VAConcarneau, FranceToamasina, MadagascarHat Yai, Thailand
Lancaster, OHOshkosh, WILaon, FranceAgadir, MoroccoNakhon Pathom, Thailand
Massillon, OHKingston, JamaicaNantes, FranceCasablanca, MoroccoSamrong, Thailand
Mill Park, OHLa Villa, MexicoOutreau, FranceGoleniow, PolandSongkhla, Thailand
Connellsville, PABarbados, West IndiesPerigueux, FrancePruszcz, Poland
Mühldorf, GermanyAlcochete, Portugal
Seesen, Germany (2)Novotitarovskaya, Russia
Thessaloniki, GreeceTimashevsk, Russia
Tema, GhanaAldeanueva De Ebro, Spain
Kornye, HungaryLas Torres De Cotillas,
Nagykoros, HungarySpain
Athy, IrelandLlanera, Spain
Aprilia, ItalyMerida, Spain
Battipaglia, ItalyOsuna, Spain
Calerno S. Ilario d’Enza,Pontevedra, Spain
ItalySevilla, Spain
Nocera Superiore, ItalyKaracabey, Turkey
Parma, ItalyWisbech, U.K.
AerosolAlsip, ILFaribault, MNSpilamberto, Italy (2)Sutton, U.K.
Decatur, ILSpartanburg, SC
  
Promotional & Specialty PackagingBelcamp, MDChatillon-sur-Seine, France Carlisle, U.K.Henan, China
Hoorn, NetherlandsMansfield, U.K.Huizhou, China
Qingdao Chengyan, China
Shanghai, China
Tianjin, China
Tongxiang, China
Singapore
   Dong Nai, Vietnam
Canmaking Norwalk, CTChippewa Falls, WIShipley, U.K. (3)
EquipmentTrevose, PAAcayucan, Mexico   
and Other
 
23

Crown Holdings, Inc.

  AmericasEuropeAsia Pacific
Transit Rainbow City, ALIrvington, NJVirton, BelgiumWeischlitz, GermanyDerrimut, Australia
PackagingBenton, AR (2)Cleveland, OHKardjali, BulgariaGorey, IrelandKurri Kurri, Australia
Fordyce, ARLoveland, OHNoerresundby, DenmarkKilkenny, IrelandQingdao, China
Sheridan, ARWest Chester, OHSoenderborg, DenmarkNairobi, KenyaBangalore, India (3)
Phoenix, AZElizabethtown, PALiljendal, FinlandHeerlen, NetherlandsDahej, India
Bay Point, CAHazleton, PAMasku, FinlandNuenen, NetherlandsKarnataka, India
Stockton, CASouth Canaan, PACastelsarrasin, FranceZwijndrecht, NetherlandsRudrapur, India
Denver, COImperial, PAFontaine les Luxeuil,Kosice, SlovakiaRudraram, India (2)
Carrollton, GAEast Providence, RIFranceBurseryd, SwedenSilvassa, India (2)
Douglasville, GADarlington, SCManneville sur Risle, Hjo, SwedenPohang, South Korea
LaGrange, GAGreer, SCFranceSandared, SwedenRayong, Thailand
Macon, GALatta, SCTournus, FranceYstad, SwedenSriracha, Thailand
Bridgeview, ILOrange, TXDinslaken, Germany Dietikon, Switzerland (2)
Dixmoor, ILSan Antonio, TXGoldkronach, GermanyMerenschwand, Switzerland
Glenview, ILDanville, VAHilden, GermanyIzmir, Turkey
Kankakee, IL (2)Woodland, WANurnberg, GermanyKingswinford, U.K.
Elkhart, INCabreuva, Brazil
Gary, INCambridge Ontario,
Florence, KYCanada
Monroe, LAAmatlan de los Reyes,
West Monroe, LAMexico
Brighton, MICienega de Flores,
Eden, NCMexico
Salisbury, NCToluca, Mexico


ITEM 3.LEGAL PROCEEDINGS

Crown Cork is one of many defendants in a substantial number of lawsuits filed throughout the U.S. by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. At December 31, 2020, the accrual for pending and future asbestos claims and related legal costs that are probable and estimable was $251 million.

The Company has been identified by the Environmental Protection Agency as a potentially responsible party (along with others, in most cases) at a number of sites.
Further information on these matters and other legal proceedings is presented within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the captions “Provision for Asbestos” and “Environmental Matters,” within the risk factor titled "The Company is subject to litigation risks which could negatively impact its operations and net income" and under Note N and Note O to the consolidated financial statements.


ITEM 4.MINE SAFETY DISCLOSURES
Not applicable.





24

Crown Holdings, Inc.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Information concerning the principal executive officers of the Company, including their ages and positions, is set forth in “Directors, Executive Officers and Corporate Governance” of this Annual Report.

PART II


ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Registrant’s common stock is listed on the New York Stock Exchange under ticker symbol CCK. On February 25, 2021 there were 3,688 registered shareholders of the Registrant’s common stock, including 1,378 participants in the Company’s Employee Stock Purchase Plan. The market price of the Registrant’s common stock at December 31, 2020 is set forth in Part II of this Annual Report under Quarterly Data (unaudited). The foregoing information regarding the number of registered shareholders of common stock does not include persons holding stock through clearinghouse systems. Details regarding the Company’s policy as to payment of cash dividends and repurchase of shares are set forth under Note S to the consolidated financial statements included in this Annual Report. Information with respect to shares of common stock that may be issued under the Company’s equity compensation plans is set forth in “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” of this Annual Report.

Issuer Purchases of Equity Securities

During the three months ended December 31, 2020, there were 82,030 of the Company's shares surrendered to cover taxes on the vesting of restricted stock.


25

Crown Holdings, Inc.

COMPARATIVE STOCK PERFORMANCE (a)
Comparison of Five-Year Cumulative Total Return (b)
Crown Holdings, S&P 500 Index, Dow Jones U.S. Containers & Packaging Index (c)
cck-20201231_g1.jpg
December 31,201520162017201820192020
Crown Holdings$100 $104 $111 $82 $143 $198 
S&P 500 Index100112 136 130 171 203 
Dow Jones U.S. Containers & Packaging Index100119 142 116 149 180 


(a)The preceding Comparative Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of the Company's filings under the Security Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

(b)Assumes that the value of the investment in Crown Holdings common stock and each index was $100 on December 31, 2015 and that all dividends were reinvested.

(c) Industry index is weighted by market capitalization and, as of December 31, 2020, was composed of Crown Holdings, Amcor, AptarGroup, Avery Dennison, Ball, Berry Global, Graphic Packaging, International Paper, Packaging Corp. of America, Sealed Air, Silgan, Sonoco and WestRock.


ITEM 6.SELECTED FINANCIAL DATA
Removing and reserving Item 6 ("Selected Financial Data") of Part II
26

Crown Holdings, Inc.

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(in millions, except per share, average settlement cost per asbestos claim, employee, shareholder and statistical data)

INTRODUCTION

The following discussion summarizes the significant factors affecting the results of operations and financial condition of Crown Holdings, Inc. (the "Company") as of and during the three-year period ended December 31, 2020. This discussion should be read in conjunction with the consolidated financial statements included in this Annual Report.

BUSINESS STRATEGY AND TRENDS

The Company's strategy is to grow its businesses in targeted growth markets, while improving operations and results in more mature markets through disciplined pricing, cost control and careful capital allocation.

The Company's global beverage can business continues to be a major strategic focus for organic growth. Beverage cans are the world’s most sustainable and recycled beverage packaging and continue to gain market share in new beverage product launches. The Company continues to drive brand differentiation by increasing its ability to offer multiple product sizes.

For several years, global industry demand for beverage cans has been growing. In North America, beverage can growth has accelerated in recent years mainly due to the outsized portion of new beverage products being introduced in cans versus other packaging formats. In addition, markets such as Brazil, Europe, Mexico and Southeast Asia have also experienced higher volumes and market expansion, although volumes in certain of those markets were negatively affected by the impact of COVID-19 in 2020. The Company continues to invest in capacity expansion to meet the accelerating demand.

The Company's primary capital allocation focus has been to reduce leverage, as was successfully accomplished following previous acquisitions, and to begin to return capital to its shareholders. In November 2019, the Company announced a Board-led review of the Company's portfolio and capital allocation strategy, which is ongoing. The Company is currently marketing its European Tinplate business, which is comprised of its food cans, food closures, aerosol cans and promotional containers operations. There can be no assurances as to the timing, price realized or certainty of such a sale and as a result, a potential sale could result in a future impairment charge.

The Company intends to initiate a regularly quarterly dividend beginning in the first quarter of 2021. In addition, the Company anticipates opportunistically repurchasing shares of its common stock in 2021 pursuant to an authorization by the Company's Board of Directors to repurchase up to $1.5 billion of the Company's common stock through the end of 2023.

In direct response to the coronavirus pandemic, the Company has taken specific actions to ensure the safety of its employees.  Following the implementation of travel and visitor restrictions in February, the Company continues to update its policies as new information becomes available. The Company has increased safety measures in its manufacturing facilities to protect the safety of its employees and the products they produce.  In addition, as many employees as possible are working remotely.

The Company’s products are a vital part of the support system to its customers and consumers.  In addition to manufacturing containers that provide protection for food and beverages, the Company also produces closures for baby food, aerosol containers for cleaning and sanitizing products and numerous other products that provide for the safe and secure transportation of goods in transit. 

The Company is working to keep its manufacturing facilities around the world operational and equipped with the resources required to meet continually evolving customer demand by delivering high quality products in a safe and timely manner.  The Company is actively monitoring and managing supply chain challenges, including coordinating with its suppliers to identify and mitigate potential areas of risk and manage inventories.

The Company continues to actively elevate its industry-leading commitment to sustainability, which is a core value of the Company. In July 2020, the Company debuted Twentyby30, a robust program that outlines twenty measurable environmental, social and governance goals to be completed by 2030 or sooner.




27

Crown Holdings, Inc.

RESULTS OF OPERATIONS

The key measure used by the Company in assessing performance is segment income, a non-GAAP measure generally defined by the Company as income from operations adjusted to exclude intangibles amortization charges, provisions for asbestos and restructuring and other, and the impact of fair value adjustments to inventory acquired in an acquisition.

The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the euro and pound sterling in the Company's European segments, the Mexican peso in the Company's Americas segments, the Thai baht in the Company's Asia Pacific segment and the Mexican peso, the Indian rupee and the euro in the Company's Transit Packaging segment. The Company calculates the impact of foreign currency translation by multiplying or dividing, as appropriate, current year U.S. dollar results by the current year average foreign exchange rates and then multiplying or dividing, as appropriate, those amounts by the applicable prior year average exchange rates.

NET SALES AND SEGMENT INCOME    
 202020192018
Net sales$11,575$11,665$11,151

Year ended December 31, 2020 compared to 2019

Net sales decreased primarily due to the pass-through of lower raw material costs and $59 from the impact of foreign currency translation, partially offset by 4% higher global beverage can sales unit volumes and 7% higher global food can sales unit volumes.

Year ended December 31, 2019 compared to 2018

Net sales increased primarily due to $569 from an additional three months of Signode's operations, following its acquisition in April 2018, and 3% higher global beverage sales unit volumes, partially offset by the impact of foreign currency translation.

Americas Beverage

The Americas Beverage segment manufactures aluminum beverage cans and ends, steel crowns, glass bottles and aluminum closures and supplies a variety of customers from its operations in the U.S., Brazil, Canada, Colombia and Mexico. The U.S. and Canadian beverage can markets have experienced recent growth due to the introduction of new beverage products in cans versus other packaging formats. To meet volume requirements in these markets, the Company began commercial production on a new beverage can line at its Toronto, Ontario plant in January 2020 and on the third line at its Nichols, NY facility in June 2020. Additionally, the Company has announced a new beverage can facility in Bowling Green, Kentucky, with the first line expected to begin production in the second quarter of 2021 and a second line scheduled for a late third quarter 2021 start-up. To meet the expanding requirements of specialty cans in the Pacific Northwest, the Company will construct a third line in its Olympia, Washington plant which is scheduled to begin production during the third quarter of 2021. The Company also announced construction of a new facility in Henry County, Virginia which is expected to commence operations during the first quarter of 2022.

In Brazil and Mexico, the Company's sales unit volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In November 2019, the Company commenced operations at a new one-line beverage can facility in Rio Verde, Brazil. The Company will construct a second line at this facility that is expected to commence operations during the third quarter of 2021. The Company has also begun construction of a two-line facility in Minas Gerais, Brazil, with the first line expected to begin production during the second quarter of 2022 and the second line scheduled to start up during the fourth quarter of 2022.

Net sales and segment income in the Americas Beverage segment were as follows:
 202020192018
Net sales$3,565 $3,369 $3,282 
Segment income652 534 454 



28

Crown Holdings, Inc.

Year ended December 31, 2020 compared to 2019

Net sales increased primarily due to 9% higher sales unit volumes, partially offset by $83 from the impact of foreign currency translation.

Segment income increased primarily due to higher sales unit volumes, partially offset by $18 from the impact of foreign currency translation.

Year ended December 31, 2019 compared to 2018

Net sales increased primarily due to 2% higher sales unit volumes partially offset by the pass-through of lower aluminum costs and $20 from the impact of foreign currency translation.

Segment income increased primarily due to higher sales unit volumes, lower freight costs and improved pricing in North America.

European Beverage

The Company's European Beverage segment manufactures steel and aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the Western European beverage can markets have been growing.

In October 2018, the first line of a new beverage can plant in Valencia, Spain began operations and a second line began operations in February 2019. Additionally, in December 2019, the Company commenced operations at a new one-line plant in Parma, Italy. In the second quarter of 2020, both beverage can lines in the Seville, Spain plant began commercial production of aluminum cans.

Net sales and segment income in the European Beverage segment were as follows:
 202020192018
Net sales$1,473 $1,497 $1,489 
Segment income215 190 193 

Year ended December 31, 2020 compared to 2019

Net sales decreased primarily due to the pass-through of lower aluminum costs, partially offset by $16 related to the impact of foreign currency translation.

Segment income increased primarily due to improved operational performance and cost savings.
Year ended December 31, 2019 compared to 2018

Net sales increased primarily due to 6% higher sales unit volumes, partially offset by $56 related to the impact of foreign currency translation and the pass-through of lower aluminum costs.
Segment income decreased primarily due to higher depreciation related to recent capacity expansion and line conversions and $5 from the impact of foreign currency translation, partially offset by higher sales unit volumes.
European Food

The European Food segment manufactures steel and aluminum food cans and ends and metal vacuum closures, and supplies a variety of customers from its operations throughout Europe and Africa. The European food can market is a mature market where consumer preference continues to favor the can due to product protection and food preservation.

Net sales and segment income in the European Food segment were as follows:
 202020192018
Net sales$1,975