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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, 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 127,867,833 shares of Common Stock outstanding as of November 1, 2021.


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,
2021202020212020
Net sales$2,920 $2,489 $8,340 $6,932 
Cost of products sold, excluding depreciation and amortization2,322 1,926 6,548 5,462 
Depreciation and amortization113 105 336 315 
Selling and administrative expense148 132 438 394 
Restructuring and other(11)11 (42)20 
Income from operations348 315 1,060 741 
Other pension and postretirement(1)(1)(4)42 
Interest expense66 69 203 220 
Interest income(2)(2)(5)(7)
Foreign exchange 1 (1)(16)
Income from continuing operations before taxes285 248 867 502 
Provision for income taxes74 70 285 143 
Equity earnings in affiliates5 1 10 4 
Net income from continuing operations216 179 592 363 
Net (loss) / income from discontinued operations(85)66 (43)137 
Net income 131 245 549 500 
Net income from continuing operations attributable to noncontrolling interests29 31 107 72 
Net income from discontinued operations attributable to noncontrolling interests  1  
Net income attributable to Crown Holdings$102 $214 $441 $428 
Net income from continuing operations attributable to Crown Holdings$187 $148 $485 $291 
Net (loss) / income from discontinued operations attributable to Crown Holdings(85)66 (44)137 
Net income attributable to Crown Holdings$102 $214 $441 $428 
Earnings per common share attributable to Crown Holdings:
Basic earnings per common share from continuing operations1.45 1.11 3.68 2.18 
Basic earnings per common share from discontinued operations(0.66)0.50 (0.34)1.02 
Basic$0.79 $1.61 $3.34 $3.20 
Diluted earnings per common share from continuing operations1.44 1.10 3.65 2.16 
Diluted earnings per common share from discontinued operations(0.65)0.49 (0.33)1.02 
Diluted$0.79 $1.59 $3.32 $3.18 

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,
2021202020212020
Net income$131 $245 $549 $500 
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments517 4 526 (293)
Pension and other postretirement benefits19 (156)49 81 
Derivatives qualifying as hedges(6)27 26 15 
Total other comprehensive income / (loss)530 (125)601 (197)
Total comprehensive income 661 120 1,150 303 
Net income attributable to noncontrolling interests(29)(31)(108)(72)
Translation adjustments attributable to noncontrolling interests1 (1)2  
Derivatives qualifying as hedges attributable to noncontrolling interests (2)(2)(1)
Comprehensive income attributable to Crown Holdings$633 $86 $1,042 $230 

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,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents$2,261 $1,173 
Receivables, net1,840 1,522 
Inventories1,670 1,263 
Prepaid expenses and other current assets304 202 
Current assets held for sale30 743 
Total current assets6,105 4,903 
Goodwill 3,080 3,146 
Intangible assets, net1,591 1,755 
Property, plant and equipment, net3,838 3,652 
Operating lease right-of-use assets, net198 171 
Other non-current assets1,194 885 
Non-current assets held for sale— 2,179 
Total$16,006 $16,691 
Liabilities and equity
Current liabilities
Short-term debt$79 $104 
Current maturities of long-term debt1,862 67 
Current portion of operating lease liabilities42 43 
Accounts payable2,532 2,141 
Accrued liabilities1,020 946 
Current liabilities held for sale 981 
Total current liabilities5,535 4,282 
Long-term debt, excluding current maturities6,034 8,023 
Non-current portion of operating lease liabilities155 132 
Postretirement and pension liabilities650 685 
Other non-current liabilities745 766 
Non-current liabilities held for sale 199 
Commitments and contingent liabilities (Note J)
Noncontrolling interests443 406 
Crown Holdings shareholders’ equity 2,444 2,198 
Total equity2,887 2,604 
Total$16,006 $16,691 

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,
20212020
Cash flows from operating activities
Net income$549 $500 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization352 360 
Loss on sale of discontinued businesses89  
Restructuring and other(40)20 
Pension expense36 80 
Pension contributions(287)(16)
Stock-based compensation27 23 
Working capital changes and other(481)(658)
Net cash provided by operating activities245 309 
Cash flows from investing activities
Capital expenditures(512)(333)
Net investment hedge25 28 
Proceeds from sale of discontinued operations, net of cash disposed2,255  
Proceeds from sale of property, plant and equipment24 8 
Other(1)(12)
Net cash provided by / (used for) investing activities1,791 (309)
Cash flows from financing activities
Net change in revolving credit facility and short-term debt(35)42 
Proceeds from long-term debt80 113 
Payments of long-term debt(64)(63)
Foreign exchange derivatives related to debt(13)34 
Payments of finance leases(2)(2)
Contributions from noncontrolling interests 2 
Dividends paid to noncontrolling interests(56)(43)
Dividends paid to shareholders(79) 
Common stock issued1 1 
Common stock repurchased(745)(58)
Net cash (used for) / provided by financing activities(913)26 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(34)(1)
Net change in cash, cash equivalents and restricted cash1,089 25 
Cash, cash equivalents and restricted cash at January 11,238 663 
Cash, cash equivalents and restricted cash at September 30$2,327 $688 

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, 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 
Net income128 128 45 173 
Other comprehensive income 75 75 1 76 
Dividends paid to shareholders(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 paid to shareholders(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.

6

Crown Holdings, Inc.


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)
(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, 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 
Net income126 126 15 141 
Other comprehensive income21 21 3 24 
Dividends paid to noncontrolling interests (1)(1)
Restricted stock awarded(1)1   
Stock-based compensation5 5 5 
Common stock issued  
Common stock repurchased(1)(1)(1)
Balance at June 30, 2020$929 $169 $4,173 $(3,201)$(255)$1,815 $406 $2,221 
Net income214 214 31 245 
Other comprehensive loss(128)(128)3 (125)
Dividends paid to noncontrolling interests (31)(31)
Stock-based compensation8 8 8 
Balance at September 30, 2020$929 $177 $4,387 $(3,329)$(255)$1,909 $409 $2,318 

The accompanying notes are an integral part of these consolidated financial statements
7

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 September 30, 2021 and the results of its operations for the three and nine months ended September 30, 2021 and 2020 and of its cash flows for the nine months ended September 30, 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.     Discontinued Operations

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 the Company's other segments. The Company received pre-tax proceeds of approximately €1.9 billion ($2.3 billion) from the Transaction and retained a 20% minority interest in the Business. Proceeds from the Transaction are being used to fund capital projects, repurchase Company stock and to redeem certain of the Company's senior notes as further described in Note L.

The Company recorded a pre-tax loss of $89 upon disposal, which included the reclassification of a loss of $553 of currency translation adjustments from accumulated other comprehensive income. The Company also recorded income tax charges of $84 related to taxable gains on the sale of the Business.

Major components of net (loss) / income from discontinued operations were as follows:
8

Crown Holdings, Inc.


Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net sales$466 $678 $1,585 $1,681 
Cost of products sold, excluding depreciation and amortization393 552 1,301 1,391 
Depreciation and amortization 16 16 45 
Selling and administrative expense17 20 60 59 
Restructuring and other2 (1)2 — 
Other pension and postretirement  1 1 
Interest expense2 3 6 8 
Foreign exchange1 1  1 
Loss on sale of discontinued businesses19  89  
Transaction costs26 — 34 — 
Income from discontinued operations before tax6 87 76 176 
Provision for income taxes91 21 119 39 
Net (loss) / income from discontinued operations(85)66 (43)137 
Net income from discontinued operations attributable to noncontrolling interests  1  
Net (loss) / income from discontinued operations attributable to Crown Holdings$(85)$66 $(44)$137 

Major classes of assets and liabilities of the Business classified as held for sale at December 31, 2020 were as follows:
December 31, 2020
Receivables, net$281 
Inventories410 
Prepaid expenses and other current assets30 
Goodwill1,447 
Intangible assets, net125 
Property, plant and equipment, net546 
Operating lease right-of-use assets, net43 
Other non-current assets17 
Total assets held for sale$2,899 
Short-term debt$17 
Current portion of operating lease liabilities12 
Accounts payable725 
Accrued liabilities227 
Postretirement and pension liabilities77 
Non-current portion of operating lease liabilities32 
Other non-current liabilities90 
Total liabilities held for sale$1,180 

The table above excludes assets held for sale unrelated to the Business that are not material for disclosure.



9

Crown Holdings, Inc.


The capital expenditures of the Business were as follows:
September 30, 2021September 30, 2020
Capital expenditures$29 $14 

The Company will account for the retained minority interest in the Business under the equity method. The Company's share of income of the Business was $3 for the three and nine months ended September 30, 2021 and is reported in Equity earnings in affiliates in the Consolidated Statement of Operations.


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, 2021December 31, 2020
Cash and cash equivalents$2,261 $1,173 
Restricted cash included in prepaid expenses and other current assets65 64 
Restricted cash included in other non-current assets1 1 
Total restricted cash66 65 
Total cash, cash equivalents and restricted cash$2,327 $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