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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 September 30, 2022
 
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 119,946,169 shares of Common Stock outstanding as of October 28, 2022.


Crown Holdings, Inc.




PART I – FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions except per share data)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net sales$3,259 $2,920 $9,931 $8,340 
Cost of products sold, excluding depreciation and amortization2,726 2,322 8,134 6,548 
Depreciation and amortization115 113 346 336 
Selling and administrative expense122 148 419 438 
Restructuring and other, net(1)(11)(75)(42)
Income from operations297 348 1,107 1,060 
Loss from early extinguishments of debt11  11  
Other pension and postretirement(5)(1)(13)(4)
Interest expense76 66 194 203 
Interest income(3)(2)(9)(5)
Foreign exchange15  12 (1)
Income from continuing operations before taxes and equity in net earnings of affiliates203 285 912 867 
Provision for income taxes55 74 218 285 
Equity in net earnings of affiliates10 5 39 10 
Net income from continuing operations158 216 733 592 
Net loss from discontinued operations (85) (43)
Net income 158 131 733 549 
Net income from continuing operations attributable to noncontrolling interests31 29 95 107 
Net income from discontinued operations attributable to noncontrolling interests   1 
Net income attributable to Crown Holdings$127 $102 $638 $441 
Net income from continuing operations attributable to Crown Holdings$127 $187 $638 $485 
Net loss from discontinued operations attributable to Crown Holdings (85) (44)
Net income attributable to Crown Holdings$127 $102 $638 $441 
Earnings per common share attributable to Crown Holdings:
Basic earnings per common share from continuing operations1.06 1.45 5.26 3.68 
Basic loss per common share from discontinued operations (0.66) (0.34)
Basic$1.06 $0.79 $5.26 $3.34 
Diluted earnings per common share from continuing operations1.06 1.44 5.23 3.65 
Diluted loss per common share from discontinued operations (0.65) (0.33)
Diluted$1.06 $0.79 $5.23 $3.32 
The accompanying notes are an integral part of these consolidated financial statements.
2

Crown Holdings, Inc.




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net income$158 $131 $733 $549 
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments(55)517 (84)526 
Pension and other postretirement benefits12 19 30 49 
Derivatives qualifying as hedges(18)(6)(62)26 
Total other comprehensive income / (loss)(61)530 (116)601 
Total comprehensive income 97 661 617 1,150 
Net income attributable to noncontrolling interests31 29 95 108 
Translation adjustments attributable to noncontrolling interests(2)(1)(6)(2)
Derivatives qualifying as hedges attributable to noncontrolling interests(1) (4)2 
Comprehensive income attributable to Crown Holdings$69 $633 $532 $1,042 

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

3

Crown Holdings, Inc.




CONSOLIDATED BALANCE SHEETS (Condensed)
(In millions)
(Unaudited)
September 30,
2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents$368 $531 
Receivables, net2,124 1,889 
Inventories2,184 1,735 
Prepaid expenses and other current assets274 243 
Current assets held for sale17 97 
Total current assets4,967 4,495 
Goodwill 2,841 3,007 
Intangible assets, net1,345 1,525 
Property, plant and equipment, net4,265 4,036 
Operating lease right-of-use assets, net207 191 
Other non-current assets599 604 
Total assets$14,224 $13,858 
Liabilities and equity
Current liabilities
Short-term debt$83 $75 
Current maturities of long-term debt94 135 
Current portion of operating lease liabilities41 42 
Accounts payable2,888 2,901 
Accrued liabilities904 966 
Current liabilities held for sale 14 
Total current liabilities4,010 4,133 
Long-term debt, excluding current maturities6,709 6,052 
Postretirement and pension liabilities444 497 
Non-current portion of operating lease liabilities172 150 
Other non-current liabilities754 696 
Commitments and contingent liabilities (Note J)
  
Noncontrolling interests469 418 
Crown Holdings shareholders’ equity 1,666 1,912 
Total equity2,135 2,330 
Total liabilities and equity$14,224 $13,858 

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

4

Crown Holdings, Inc.




CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)
(In millions)
(Unaudited)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities
Net income$733 $549 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization346 352 
Loss on sale of discontinued businesses 89 
Loss on debt extinguishment11  
Restructuring and other, net(75)(40)
Pension expense21 36 
Pension contributions55 (287)
Stock-based compensation23 27 
Working capital changes and other(980)(481)
Net cash provided by operating activities134 245 
Cash flows from investing activities
Capital expenditures(607)(512)
Net investment hedge26 25 
Proceeds from sale of businesses, net of cash received182 2,255 
Proceeds from sale of property, plant and equipment15 24 
Acquisition of businesses, net of cash acquired(31) 
Other3 (1)
Net cash (used for) / provided by investing activities(412)1,791 
Cash flows from financing activities
Net change in revolving credit facility and short-term debt415 (35)
Proceeds from long-term debt2,954 80 
Payments of long-term debt(2,263)(64)
Debt issuance costs(25) 
Premiums paid to retire debt(4) 
Foreign exchange derivatives related to debt(8)(13)
Payments of finance leases(2)(2)
Dividends paid to noncontrolling interests(34)(56)
Dividends paid to shareholders(80)(79)
Common stock issued1 1 
Common stock repurchased(722)(745)
Net cash provided by / (used for) financing activities232 (913)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(95)(34)
Net change in cash, cash equivalents and restricted cash(141)1,089 
Cash, cash equivalents and restricted cash at January 1593 1,238 
Cash, cash equivalents and restricted cash at September 30$452 $2,327 

The accompanying notes are an integral part of these consolidated financial statements.
5

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, 2022$929 $ $3,180 $(1,898)$(299)$1,912 $418 $2,330 
Net income216 216 30 246 
Other comprehensive income59 59 3 62 
Dividends declared(27)(27)(27)
Dividends paid to noncontrolling interests— (11)(11)
Restricted stock awarded(1)1 —  
Stock-based compensation10 10 10 
Common stock repurchased(335)(15)(350)(350)
Balance at March 31, 2022$929 $ $3,043 $(1,839)$(313)$1,820 $440 $2,260 
Net income295 295 34 329 
Other comprehensive loss(107)(107)(10)(117)
Dividends declared(26)(26)(26)
Dividends paid to noncontrolling interests— (13)(13)
Restricted stock awarded(1)1 —  
Stock-based compensation6 6 6 
Common stock issued1 1 1 
Common stock repurchased(239)(11)(250)(250)
Balance at June 30, 2022$929 $ $3,079 $(1,946)$(323)$1,739 $451 $2,190 
Net income127 127 31 158 
Other comprehensive loss(58)(58)(3)(61)
Dividends declared(27)(27)(27)
Dividends paid to noncontrolling interests— (10)(10)
Restricted stock awarded— — 
Stock-based compensation77 7 
Common stock issued— — 
Common stock repurchased(116)(6)(122)(122)
Balance at September 30, 2022$929 $ $3,070 $(2,004)$(329)$1,666 $469 $2,135 

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

6

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 declared(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 
Net income128 128 45 173 
Other comprehensive income75 75 1 76 
Dividends declared(26)(26)(26)
Dividends paid to noncontrolling interests— (15)(15)
Restricted stock awarded(1)1 —  
Stock-based compensation6 6 6 
Common stock repurchased(184)(100)(14)(298)(298)
Balance at June 30, 2021$929 $ $4,724 $(3,123)$(268)$2,262 $462 $2,724 
Net income102 102 29 131 
Other comprehensive income / (loss)$531 531 (1)530 
Dividends declared(26)(26)(26)
Dividends paid to noncontrolling interests— (32)(32)
Stock-based compensation10 10 10 
Common stock repurchased(414)(21)(435)(435)
Disposition of subsidiary with noncontrolling interests (1)
— (15)(15)
Balance at September 30, 2021$929 $ $4,396 $(2,592)$(289)$2,444 $443 $2,887 
(1) The amount disposed in 2021 relates to discontinued operations. See Note C for further details.
The accompanying notes are an integral part of these consolidated financial statements.
7

Crown Holdings, Inc.




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


A.Statement of Information Furnished

The condensed consolidated financial statements ("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 September 30, 2022 and the results of its operations for the three and nine months ended September 30, 2022 and 2021 and of its cash flows for the nine months ended September 30, 2022 and 2021. 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, 2021.


B.Accounting and Reporting Developments

In September 2022, the Financial Accounting Standards Board issued new guidance which requires enhanced disclosures of supplier finance programs. The guidance requires buyers in a supplier finance program to disclose sufficient information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. The Company is currently evaluating the impact of adopting this guidance on its disclosures.


C.     Divestitures

On August 31, 2021, the Company completed the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprised the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which was previously reported in Other. The Company received pre-tax proceeds of approximately €1.9 billion ($2.3 billion) from the Transaction and received a 20% minority interest in the Business. For the year ended December 31, 2021, the Company recorded a pre-tax loss of $101 and tax charges of $81 related to taxable gains on the sale of the Business.

Major components of net loss from discontinued operations for the three and nine months ended September 30, 2021 were as follows:
8

Crown Holdings, Inc.




Three Months Ended September 30,Nine Months Ended September 30,
20212021
Net sales$466 $1,585 
Cost of products sold, excluding depreciation and amortization393 1,301 
Depreciation and amortization 16 
Selling and administrative expense17 60 
Restructuring and other2 2 
Other pension and postretirement 1 
Interest expense2 6 
Foreign exchange1  
Loss on sale of discontinued businesses19 89 
Transaction costs26 34 
Income from discontinued operations before tax6 76 
Provision for income taxes91 119 
Net loss from discontinued operations(85)(43)
Net income from discontinued operations attributable to noncontrolling interests 1 
Net loss from discontinued operations attributable to Crown Holdings$(85)$(44)

The Business had capital expenditures of $29 for the nine months ended September 30, 2021.

The Company accounted for the minority interest received in the Business under the equity method. The Company's share of income of the Business was $9 and $32, respectively, for the three and nine months ended September 30, 2022 and is reported in Equity in net earnings of affiliates in the Consolidated Statement of Operations.

In April 2022, the Company completed the sale of the Transit Packaging segment's Kiwiplan business and received pre-tax proceeds of $180. The Company recorded a pre-tax gain of $113 ($102, net of tax) on the sale, which is reported in Restructuring and other, net in the Consolidated Statement of Operations. The transaction did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore did not qualify for reporting as a discontinued operation.


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:

September 30, 2022December 31, 2021
Cash and cash equivalents$368 $531 
Restricted cash included in prepaid expenses and other current assets84 61 
Restricted cash included in other non-current assets 1 
Total restricted cash84 62 
Total cash, cash equivalents and restricted cash$452 $593 

Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements.
9

Crown Holdings, Inc.




E.    Receivables

September 30, 2022December 31, 2021
Accounts receivable$1,332 $1,289 
Less: allowance for credit losses(21)(20)
Net trade receivables1,311 1,269 
Unbilled receivables414 325 
Miscellaneous receivables399 295 
Receivables, net$2,124 $1,889 

In December 2021, the Company's Bowling Green plant sustained tornado damage, resulting in curtailment of operations. The Company resumed operations in March 2022. However, it will continue to incur incremental costs, including freight and warehousing expenses, to meet customer demand as the plant returns to full operational capacity. The Company has property and business interruption insurance policies for weather related events that include these incremental expenses. The Company recognizes insurance recoveries for losses incurred as the recoveries become probable. Insurance recoveries for lost profits are not recognized until they are realizable.

During the nine months ended September 30, 2022, the Company received insurance proceeds of $60 for business interruption, including incremental expenses, and $17 for property damage. As of September 30, 2022, the Company has recorded an insurance receivable, within miscellaneous receivables, of $40 for incremental expenses incurred that the Company expects to be reimbursed under the terms of its insurance policy.


F.    Inventories

September 30, 2022December 31, 2021
Raw materials and supplies$1,388 $1,094 
Work in process172 120 
Finished goods624 521 
$2,184 $1,735 


G.    Intangible Assets

Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
    
 September 30, 2022December 31, 2021
 GrossAccumulated amortizationNetGrossAccumulated amortizationNet