Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

727e47fcf083b6d8b51fefdca229d8c1ad78969ed9fdd05dcd07d4cfa16ec48c

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

SG&A (USD, millions)

R&D (USD, millions)

Depreciation and Amortization (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

EPS - Basic (USD/share)

EPS - Diluted (USD/share)

14c25b5f7c7a48660859a89337e7d2426f7ca97972736b8a98d463365ff15b11

Current Assets (USD, millions)

Cash and Cash Equivalents (USD, millions)

Accounts Receivable (USD, millions)

Inventory (USD, millions)

Non-Current Assets (USD, millions)

Property, Plant, and Equipment (PP&E) (USD, millions)

Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

Short-term Debt (USD, millions)

Accrued Expenses (USD, millions)

Non-Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

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Percentage change in shipments for the European Beverage segment (percentage)

Percentage change in shipments for the Americas Beverage segment (percentage)

Percentage change in shipments for the Other segment (percentage)

b68a4a8bb10605bc2999e37f140e67cd92d88f966039a494b6825b083b46a9fb

Net Sales (USD, millions)

Cost of Products Sold Excluding Depreciation and Amortization (USD, millions)

Selling and Administrative Expense (USD, millions)

Restructuring and Other, Net (USD, millions)

Income from Operations (USD, millions)

Interest Income (USD, millions)

Foreign Exchange (USD, millions)

Income Before Taxes and Equity in Net Earnings of Affiliates (USD, millions)

Provision for Income Taxes (USD, millions)

Equity in Net Earnings of Affiliates (USD, millions)

Net Income Attributable to Noncontrolling Interests (USD, millions)

Net Income Attributable to Crown Holdings (USD, millions)

Basic Earnings per Common Share Attributable to Crown Holdings (USD)

Diluted Earnings per Common Share Attributable to Crown Holdings (USD)

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079fd1a21188f2d52b69d13b27c61e1445728d05380fe98872032f05e8aa0728

The dramatic turnaround in **Net Income** for FY 2022 was primarily driven by the **elimination of the $1,520 million pension settlement costs** that had weighed on FY 2021, combined with a substantial increase in **net sales by $1,549 million** and improved **restructuring gains** (rising from $28 million in FY 2021 to $52 million in FY 2022). These positive factors more than offset the negative impacts from higher interest expense, an unfavorable foreign exchange adjustment, and a larger tax provision.  **[0001219601-23-000004_ex99dec2022.htm:1]** **[0001219601-23-000008_cck-20221231.htm:82]** 

What drove the dramatic turnaround in Net Income in FY 2022?

The steep drop in Q4 2022 was due to **higher inventory levels** that raised associated carrying costs, **lower cost absorption** resulting from planned inventory reductions, **increased energy prices**—especially in Europe—and the adverse impact of **inflation** and **higher interest rates** in a challenging operating environment.  **[0001219601-23-000004_ex99dec2022.htm:0]** **[CCK_3227196_1]** **[CCK_3227196_0]** 

Why did Income from Operations drop so steeply in Q4 2022?

The significant change in EPS in Q4 2022 was driven by several factors. **First**, there was a dramatic improvement in net income—from a **net loss of $1,001 million in Q4 2021** to a **net income of $89 million in Q4 2022**—which moved EPS from a loss of **$7.95 per share in Q4 2021** to **$0.75 per share in Q4 2022**.  **[0001219601-23-000004_ex99dec2022.htm:0]** **[0001219601-23-000004_ex99dec2022.htm:4]**  **Second**, the previous quarter (Q4 2021) was heavily affected by a **$1,520 million charge related to pension settlements and curtailments**, which had a severe negative impact on earnings then.  **[0001219601-23-000004_ex99dec2022.htm:4]** **[0001219601-23-000004_ex99dec2022.htm:6]**  **Third**, Q4 2022 faced challenges such as **rising energy costs, inflationary pressures, and adverse foreign currency translation**, although these were less impactful relative to the pension-related charges in Q4 2021.  **[0001219601-23-000004_ex99dec2022.htm:0]** **[CCK_3227196_1]**  **Finally**, an **increase in interest expense—from $50 million in Q4 2021 to $90 million in Q4 2022—** also played a role, even as cost reduction initiatives and contractual recovery of raw material costs helped stabilize earnings.  **[0001219601-23-000004_ex99dec2022.htm:0]** **[CCK_3227196_1]** 

What factors led to the significant decline in EPS in Q4 2022?

The sharp increase in **Interest Expense** in Q1 2023 was primarily driven by **higher outstanding debt** and **increased interest rates** during that period.  **[0001219601-23-000011_ex99mar2023.htm:0]** 

What contributed to the sharp increase in Interest Expense in Q1 2023?

The drastic swing in **Other Pension and Postretirement** in Q4 2022 is primarily due to the absence of the large **$1,511 million settlement charge** that was recorded in Q4 2021 related to the company’s U.K. pension plan obligation. Without this significant charge in 2022, the expense was much smaller, leading to the sharp contrast between the two quarters.  **[0001219601-23-000008_cck-20221231.htm:56]** 

Why did Other Pension and Postretirement swing so drastically in Q4 2022?

11b7e8f03e172ee3af258b30c4304f5fb8e94a16376f02799a44b4509cd1d416

The jump in cash and cash equivalents in Q3 2024 was driven by a combination of factors. **Strong operating cash flow** improved, with the company generating **$897 million** in net cash from operations compared to **$832 million** in the comparable period, and **significantly lower capital expenditures** reduced cash outflows (from **$614 million** to **$254 million**).  **[20241017PH33878:7]** **[0001219601-24-000035_ex99sept2024.htm:8]**  In addition, strategic actions—including transferring pension plan obligations, share repurchases, and effective debt management—helped maintain a robust cash balance, while a **$4 million favorable impact from foreign exchange** further boosted the total.  **[20241017PH33878:0]** **[CCK_3403088_0]** **[0001219601-24-000035_ex99sept2024.htm:8]** 

Why did cash and cash equivalents jump in Q3 2024?

The surge in current maturities of long-term debt in Q2 2024 was primarily driven by the **reclassification of long-term debt to current liabilities as debt instruments, including the **€600 million senior notes at 2.625% due in 2024** (approximately **$643 million**), neared their maturity dates. This reclassification follows standard accounting practices by moving any debt expected to mature within the next 12 months into current liabilities.  **[0001219601-24-000024_ex99june2024.htm:6]** **[0001219601-24-000029_cck-20240630.htm:23]** 

What drove the surge in current maturities of long-term debt in Q2 2024?

The notable drop in long-term debt in Q2 2024 was primarily due to the **reclassification of a portion of the long-term debt to current maturities**, which increased significantly in Q2, and **debt repayments made by the company** as part of its deleveraging strategy.  **[0001219601-24-000029_cck-20240630.htm:23]** **[0001219601-24-000029_cck-20240630.htm:28]** 

Why did long-term debt drop notably in Q2 2024?

The sharp decline in **pension and postretirement liabilities** in Q3 2024 was driven by the company's **pension settlement transactions**. Crown Holdings transferred approximately **$860 million** of pension obligations—**$740 million** from its U.S. plan and **$120 million** from its Canadian plan—by purchasing group annuity contracts from highly rated insurance companies. This transaction also involved recording **non-cash settlement charges** totaling **$517 million** (with **$469 million** for the U.S. plan and **$48 million** for the Canadian plan) as well as making a **$100 million cash contribution** to the U.S. plan, actions that collectively reduced future pension liabilities and the associated risks.  **[0001219601-24-000038_cck-20240930.htm:23]** **[0001219601-24-000032_ex991uspensionaug2024.htm:0]** 

What caused the sharp decline in pension and postretirement liabilities in Q3 2024?

The **short-term debt** increased unexpectedly in Q1 2024 because it rose from **$16 million at December 31, 2023** to **$87 million at March 31, 2024**, resulting in a **net change in debt of $60 million**, which contributed to a financing activities' net cash inflow of **$9 million**. The documents do not provide a detailed explanation, but this indicates that the increase was likely due to the company's financing needs during the quarter, possibly to support operations or other activities.  **[0001219601-24-000015_cck-20240331.htm:22]** **[20240429PH00013:4]** **[0001219601-24-000012_ex99mar2024.htm:5]** 

Why did short-term debt increase unexpectedly in Q1 2024?

15ba9cebefc75d27020674d8f0fafdc916acf0f03f433857fb75449e47c07d14

Net income (USD, millions)

Depreciation and amortization (USD, millions)

Loss on debt extinguishment (USD, millions)

Restructuring and other, net (USD, millions)

Pension expense (USD, millions)

Pension contributions (USD, millions)

Stock-based compensation (USD, millions)

Equity earnings, net of distributions (USD, millions)

Working capital changes and other (USD, millions)

Net cash provided by operating activities (USD, millions)

Net cash used for operating activities (USD, millions)

Capital expenditures (USD, millions)

Net investment hedge (USD, millions)

Proceeds from sale of businesses, net of cash (USD, millions)

Acquisition of businesses, net of cash (USD, millions)

Proceeds from sale of property, plant and equipment (USD, millions)

Distribution from equity method investment (USD, millions)

Other investing activities, net (USD, millions)

Net cash used for investing activities (USD, millions)

Net change in revolving credit facility and short-term debt (USD, millions)

Proceeds from long-term debt (USD, millions)

Payments of long-term debt (USD, millions)

Debt issuance costs (USD, millions)

Premiums paid to retire debt (USD, millions)

Foreign exchange derivatives related to debt (USD, millions)

Payments of finance leases (USD, millions)

Dividends paid to noncontrolling interests (USD, millions)

Dividends paid to shareholders (USD, millions)

Common stock issued (USD, millions)

Common stock repurchased (USD, millions)

Net cash (used for) / provided by financing activities (USD, millions)

Effect of exchange rate changes on cash, cash equivalents and restricted cash (USD, millions)

Net change in cash, cash equivalents and restricted cash (USD, millions)

Cash, cash equivalents and restricted cash at January 1 (USD, millions)

Cash, cash equivalents and restricted cash at September 30 (USD, millions)

Cash, cash equivalents and restricted cash at June 30 (USD, millions)

Cash, cash equivalents and restricted cash at March 31 (USD, millions)

Cash, cash equivalents and restricted cash at December 31 (USD, millions)

ee189bd13823c4bf9399bcfb7506be282d6ac56fbbe7e2d8af3d4b91c669af21

Americas Beverage

European Beverage

Asia Pacific

Transit Packaging

- Intersegment Sales

Other

Total Revenue

0eb2dc4c872709b729cecadf08ed72c401d5474af93eeb7558d35e4d5f470d5e

ab1a9baab9c0d7aeca62cad560018658decbdf9d5f477bad30f13caae628311b

Crown Holdings Inc (CCK)

Financials