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-Q 2021-03-31 Filed 2021-04-23
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 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.D(11) ex10damendment1apr2021.htm
EX-22 ex22q12021.htm
EX-31.1 cck-03312021xq1ex311.htm
EX-31.2 cck-03312021xq1ex312.htm
EX-32 cck-03312021xq1ex32.htm

Crown Holdings Earnings 2021-03-31

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-20210331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2021
 
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
(Address of principal executive offices) (Zip Code)
215-698-5100
(registrant’s telephone number, including area code)
____________________
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
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 filing 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 and posted 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 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. (Check one)
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).    Yes      No  

There were 134,898,957 shares of Common Stock outstanding as of April 21, 2021.


Crown Holdings, Inc.




PART I – FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions except per share data)
(Unaudited)
Three Months Ended
March 31,
20212020
Net sales$3,078 $2,757 
Cost of products sold, excluding depreciation and amortization2,401 2,220 
Depreciation and amortization127 122 
Selling and administrative expense164 162 
Restructuring and other2 7 
Income from operations384 246 
Other pension and postretirement(1)31 
Interest expense71 80 
Interest income(2)(4)
Foreign exchange(2)(12)
Income before taxes318 151 
Provision for income taxes75 38 
Equity earnings in affiliates2 1 
Net income245 114 
Net income attributable to noncontrolling interests(34)(26)
Net income attributable to Crown Holdings$211 $88 
Earnings per common share attributable to Crown Holdings:
Basic$1.58 $0.66 
Diluted$1.57 $0.65 

The accompanying notes are an integral part of these consolidated financial statements.

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Crown Holdings, Inc.




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended
March 31,
20212020
Net income$245 $114 
Other comprehensive (loss) / income, net of tax:
Foreign currency translation adjustments(35)(319)
Pension and other postretirement benefits15 257 
Derivatives qualifying as hedges15 (34)
Total other comprehensive loss(5)(96)
Total comprehensive income 240 18 
Net income attributable to noncontrolling interests(34)(26)
Translation adjustments attributable to noncontrolling interests1 3 
Derivatives qualifying as hedges attributable to noncontrolling interests(1)2 
Comprehensive income / (loss) attributable to Crown Holdings$206 $(3)

The accompanying notes are an integral part of these consolidated financial statements.

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Crown Holdings, Inc.




CONSOLIDATED BALANCE SHEETS (Condensed)
(In millions)
(Unaudited)
March 31,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents$588 $1,173 
Receivables, net1,868 1,783 
Inventories1,817 1,673 
Prepaid expenses and other current assets330 254 
Total current assets4,603 4,883 
Goodwill 4,487 4,593 
Intangible assets, net1,793 1,880 
Property, plant and equipment, net4,190 4,198 
Operating lease right-of-use assets, net203 214 
Other non-current assets904 902 
Total$16,180 $16,670 
Liabilities and equity
Current liabilities
Short-term debt$80 $121 
Current maturities of long-term debt82 67 
Current portion of operating lease liabilities54 55 
Accounts payable2,500 2,845 
Accrued liabilities1,040 1,173 
Total current liabilities3,756 4,261 
Long-term debt, excluding current maturities7,875 8,023 
Non-current portion of operating lease liabilities153 164 
Postretirement and pension liabilities743 762 
Other non-current liabilities845 856 
Commitments and contingent liabilities (Note J)
Noncontrolling interests431 406 
Crown Holdings shareholders’ equity 2,377 2,198 
Total equity2,808 2,604 
Total$16,180 $16,670 

The accompanying notes are an integral part of these consolidated financial statements.

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Crown Holdings, Inc.




CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)
(In millions)
(Unaudited)
Three Months Ended
March 31,
20212020
Cash flows from operating activities
Net income$245 $114 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization127 122 
Restructuring and other2 7 
Pension expense12 43 
Pension contributions(5)(5)
Stock-based compensation11 10 
Working capital changes and other(777)(898)
Net cash used for operating activities(385)(607)
Cash flows from investing activities
Capital expenditures(135)(110)
Net investment hedge13 14 
Proceeds from sale of property, plant and equipment2  
Net cash used for investing activities(120)(96)
Cash flows from financing activities
Net change in revolving credit facility and short-term debt(13)872 
Proceeds from long-term debt36 93 
Payments of long-term debt(26)(12)
Foreign exchange derivatives related to debt(4)(5)
Payments of finance leases(1)(1)
Contributions from noncontrolling interests 2 
Dividends paid to noncontrolling interests(9)(11)
Dividends paid to shareholders(27) 
Common stock issued1 1 
Common stock repurchased(12)(57)
Net cash (used for) / provided by financing activities(55)882 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(11)(21)
Net change in cash, cash equivalents and restricted cash(571)158 
Cash, cash equivalents and restricted cash at January 11,238 663 
Cash, cash equivalents and restricted cash at March 31$667 $821 

The accompanying notes are an integral part of these consolidated financial statements.
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Crown Holdings, Inc.




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)

 Crown Holdings, Inc. Shareholders’ Equity  
Common StockPaid-in CapitalAccumulated EarningsAccumulated Other Comprehensive LossTreasury StockTotal Crown EquityNoncontrolling InterestsTotal Shareholders' Equity
Balance at January 1, 2021$929 $179 $4,538 $(3,193)$(255)$2,198 $406 $2,604 
Net income211 211 34 245 
Other comprehensive loss(5)(5)(5)
Dividends paid to shareholders(27)(27)(27)
Dividends paid to noncontrolling interests— (9)(9)
Restricted stock awarded(1)1 —  
Stock-based compensation11 11 11 
Common stock issued1 1 1 
Common stock repurchased(11)(1)(12)(12)
Balance at March 31, 2021$929 $179 $4,722 $(3,198)$(255)$2,377 $431 $2,808 

Balance at January 1, 2020$929 $207 $3,959 $(3,131)$(251)$1,713 $379 $2,092 
Net income88 88 26 114 
Other comprehensive loss(91)(91)(5)(96)
Dividends paid to noncontrolling interests (11)(11)
Restricted stock awarded(1)1   
Stock-based compensation10 10 10 
Common stock issued1 1 1 
Common stock repurchased(52)(5)(57)(57)
Balance at March 31, 2020$929 $165 $4,047 $(3,222)$(255)$1,664 $389 $2,053 

The accompanying notes are an integral part of these consolidated financial statements
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Crown Holdings, Inc.




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share and statistical data)
(Unaudited)

A.Statement of Information Furnished

The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2021 and the results of its operations for the three months ended March 31, 2021 and 2020 and of its cash flows for the three months ended March 31, 2021 and 2020. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized.

Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.


B.Accounting and Reporting Developments

On January 1, 2021, the Company adopted new guidance to simplify the accounting for income taxes by, among other things, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws. The guidance did not have a material impact on the Company's consolidated financial statements.


C.     Subsequent Event

On April 8, 2021, the Company entered into a Share and Asset Purchase Agreement which provides for the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprises the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which is reported in the Company's other segments. In 2020, the Business had net sales of $2,183. The Company expects to receive pre-tax proceeds of approximately €1.9 billion ($2.2 billion at March 31, 2021) from the Transaction and retain a 20% minority interest in the Business.

The completion of the Transaction is subject to the fulfillment of various conditions, including, among others, receipt of approvals from antitrust regulators in certain jurisdictions. Completion of the Transaction is expected to occur during the third quarter of 2021. However, given the number of jurisdictions in which antitrust approval is required, there is no assurance that the Transaction can be completed on that timeframe.

Beginning with the quarterly period ended June 30, 2021, the assets and liabilities of the Business will be presented as held for sale in the Company's Consolidated Balance Sheet and the results of operations will be reported as discontinued operations in the Consolidated Statement of Operations.










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D.    Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows:

March 31, 2021December 31, 2020
Cash and cash equivalents$588 $1,173 
Restricted cash included in prepaid expenses and other current assets78 64 
Restricted cash included in other non-current assets1 1 
Total restricted cash79 65 
Total cash, cash equivalents and restricted cash$667 $1,238 

Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements.


E.    Receivables

March 31, 2021December 31, 2020
Accounts receivable$1,316 $1,297 
Less: allowance for credit losses(62)(59)
Net trade receivables1,254 1,238 
Unbilled receivables338 294 
Miscellaneous receivables276 251 
Receivables, net$1,868 $1,783 


F.    Inventories

Inventories are stated at the lower of cost or market, with cost principally determined under the first-in first-out ("FIFO") or average cost method.

March 31, 2021December 31, 2020
Raw materials and supplies$1,018 $1,003 
Work in process185 164 
Finished goods614 506 
$1,817 $1,673 













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Crown Holdings, Inc.




G.    Intangible Assets

Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
    
 March 31, 2021December 31, 2020
 GrossAccumulated amortizationNetGrossAccumulated amortizationNet
Customer relationships$1,623 $(488)$1,135 $1,661 $(470)$1,191 
Trade names553 (70)483 565 (65)500 
Technology162 (72)90 165 (67)98 
Long term supply contracts137 (57)80 142 (55)87 
Patents17 (12)5 16 (12)4 
$2,492 $(699)$1,793 $2,549 $(669)$1,880 

Total amortization expense of intangible assets for the three ended March 31, 2021 and 2020 was $47 and $45.


H.    Restructuring and Other

The Company recorded restructuring and other items as follows:
Three Months Ended
March 31,
20212020
Restructuring$8 $3 
Other (income) / costs(8)3 
Transaction costs— 
Asset impairments and sales 1 
$2 $7 

At March 31, 2021, the Company had restructuring accruals of $18, primarily related to headcount reductions in its European and Transit Packaging divisions. The Company expects to pay these amounts over the next twelve months.


I.    Asbestos-Related Liabilities

Crown Cork & Seal Company, Inc. (“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.r

Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs.

In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld.

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Crown Holdings, Inc.




In June 2003, the state of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets.

In October 2010, the Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003.

In recent years, the states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy.

The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company.

During the three months ended March 31, 2021, the Company paid $2 to settle asbestos claims and pay related legal and defense costs and had claims activity as follows:

Beginning claims56,000 
New claims500
Settlements or dismissals(100)
Ending claims56,400 

In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2020, the Company's outstanding claims were:

Claimants alleging first exposure after 196416,500 
Claimants alleging first exposure before or during 1964 filed in:
Texas13,000 
Pennsylvania1,500 
Other states that have enacted asbestos legislation6,000 
Other states19,000 
Total claims outstanding56,000 

The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute.

With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier.

With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of
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Crown Holdings, Inc.




relevant insulation products as the cause of injury. Given the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims.

As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows:

20202019
Total claims23 %22 %
Pre-1964 claims in states without asbestos legislation41 %41 %

Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of March 31, 2021.

As of March 31, 2021, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $249, including $207 for unasserted claims. The Company determines its accrual without limitation to a specific time period.

It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 81% of the claims outstanding at the end of 2020), the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed).


J.    Commitments and Contingent Liabilities

The Company, along with others in most cases, has been identified by the U.S. Environmental Protection Agency or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $8 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites.

The Company has also recorded aggregate accruals of $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated.

In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the German 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
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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.

In March 2017, U.S. Customs and Border Protection (“CBP”) at the Port of Milwaukee issued a penalty notification alleging that certain of the Company’s subsidiaries intentionally misclassified the importation of certain goods into the U.S. during the period 2004-2009. CBP initially assessed a penalty of $18 and subsequently mitigated to $6. The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. There can be no assurance the Company will be successful in contesting the assessed penalty.

The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to governmental, labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow.

The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary course of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials (including in connection with tariffs recently imposed in the U.S., which may increase costs) and has periodically adjusted its selling prices to reflect these movements. There can be no assurance that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets.

At March 31, 2021, the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated.


K.    Derivative and Other Financial Instruments

Fair Value Measurements

Under GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no recurring items valued using Level 3 inputs other than certain pension plan assets.

The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment
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and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy.

The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy.

Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note L for fair value disclosures related to debt.

Derivative Financial Instruments

In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes.

The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk, using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers and borrowing both fixed and floating debt instruments to manage interest rate risk.

For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure.

Cash Flow Hedges

The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2021 mature between one and twenty-two months.

When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to the fair value accumulated in other comprehensive income are recognized immediately in earnings.

The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas, and these exposures are hedged by a central treasury unit.

The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Foreign currency risk is generally hedged with the related commodity price risk.

    The Company also uses interest rate swaps to convert interest on floating rate debt to a fixed-rate. 

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The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.

Amount of gain/(loss) recognized in OCI
Three Months Ended
March 31,
Derivatives in cash flow hedges20212020
Foreign exchange$(1)$1 
Interest Rate1 (1)
Commodities25 (39)
$25 $(39)
Amount of gain/(loss) reclassified from AOCI into income
Three Months Ended March 31,
Derivatives in cash flow hedges20212020Affected line items in the Statement of Operations
Foreign exchange$ $(1)Net sales
Commodities4 3 Net sales
Foreign exchange (1)Cost of products sold
Commodities(19)(10)Cost of products sold
(15)(9)Income before taxes
4 2 Provision for income taxes
Total reclassified$(11)$(7)Net income

For the twelve-month period ending March 31, 2022, a net gain of $49 ($39, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No amounts were reclassified during the three months ended March 31, 2021 and 2020 in connection with anticipated transactions that were no longer considered probable.

    Fair Value Hedges and Contracts Not Designated as Hedges

The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items.

For the three months ended March 31, 2021 and 2020, the Company recorded a gain of $7 and loss of less than $1 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statements of Operations.

Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not quality for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments.

    


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The following table sets forth the impact on earnings from derivatives not designated as hedges.

Pre-tax amounts of gain/(loss) recognized in income on derivative
Three Months Ended March 31,
Derivatives not designated as hedges20212020Affected line item in the Statement of Operations
Foreign exchange$(1)$(1)Net sales
Foreign exchange1 1 Cost of products sold
Foreign exchange(13)6 Foreign exchange
$(13)$6 

Net Investment Hedges

The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows.

During the three months ended March 31, 2021 and 2020, the Company recorded a gain of $54 ($54, net of tax) and a gain of $26 ($26, net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of March 31, 2021 and December 31, 2020, cumulative gains of $21 ($44, net of tax) and losses of $33 ($10, net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedged net investment was €1,115 ($1,308) at March 31, 2021.

The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.
Amount of gain / (loss) recognized in AOCI
Three months ended March 31,
Derivatives designated as net investment hedges20212020
Foreign exchange$22 $61 

Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income.

Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets.

    Fair Values of Derivative Financial Instruments and Valuation Hierarchy

The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.








15

Crown Holdings, Inc.




Balance Sheet classificationMarch 31,
2021
December 31, 2020Balance Sheet classificationMarch 31,
2021
December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowOther current assets$20 $9 Accrued liabilities$22 $8 
Other non-current assets  Other non-current liabilities 1 
Foreign exchange contracts fair valueOther current assets5 2 Accrued liabilities2 6 
Commodities contracts cash flowOther current assets69 45 Accrued liabilities21 11 
Other non-current assets6 4 Other non-current liabilities1  
Interest rate contracts cash flowOther non-current assets  Other non-current liabilities1 2 
Net investment hedgeOther non-current assets26 7 Other non-current liabilities11 20 
$126 $67 $58 $48 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets$9 $9 Accrued liabilities$14 $4 
$9 $9 $14 $4 
Total derivatives$135 $76 $