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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, 2024
 
☐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 001-41550
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.)
14025 Riveredge Drive, Suite 300TampaFL33637
(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 pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for 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 Filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 119,632,290 shares of Common Stock outstanding as of October 31, 2024.


TABLE OF CONTENTS



Crown Holdings, Inc.

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions except per share data)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net sales$3,074 $3,069 $8,898 $9,152 
Cost of products sold, excluding depreciation and amortization2,383 2,427 7,009 7,301 
Depreciation and amortization114 124 344 372 
Selling and administrative expense146 129 450 437 
Restructuring and other, net(13)15 27 32 
Income from operations444 374 1,068 1,010 
Other pension and postretirement523 11 547 38 
Interest expense119 111 344 323 
Interest income(24)(13)(60)(34)
Foreign exchange3 13 15 31 
Income (loss) before taxes and equity in net earnings of affiliates(177)252 222 652 
Provision for income taxes(39)62 55 163 
Equity in net earnings of affiliates6 10 1 20 
Net income (loss)(132)200 168 509 
Net income attributable to noncontrolling interests43 41 102 91 
Net income (loss) attributable to Crown Holdings$(175)$159 $66 $418 
Earnings (loss) per common share attributable to Crown Holdings:
Basic$(1.47)$1.33 $0.55 $3.50 
Diluted$(1.47)$1.33 $0.55 $3.49 
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,
2024202320242023
Net income (loss)$(132)$200 $168 $509 
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments(58)(46)(188)120 
Pension and other postretirement benefits397 4 417 23 
Derivatives qualifying as hedges(6)7 3 (1)
Total other comprehensive income (loss)333 (35)232 142 
Total comprehensive income 201 165 400 651 
Net income attributable to noncontrolling interests43 41 102 91 
Translation adjustments attributable to noncontrolling interests5 (1)2 (2)
Comprehensive income attributable to Crown Holdings$153 $125 $296 $562 

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,
2024		December 31,
2023
Assets
Current assets
Cash and cash equivalents$1,738 $1,310 
Receivables, net1,577 1,719 
Inventories1,565 1,613 
Prepaid expenses and other current assets230 191 
Total current assets5,110 4,833 
Goodwill 3,061 3,117 
Intangible assets, net1,108 1,258 
Property, plant and equipment, net5,021 5,062 
Operating lease right-of-use assets, net206 211 
Other non-current assets589 553 
Total assets$15,095 $15,034 
Liabilities and equity
Current liabilities
Short-term debt$89 $16 
Current maturities of long-term debt749 759 
Current portion of operating lease liabilities46 45 
Accounts payable2,479 2,459 
Accrued liabilities873 922 
Total current liabilities4,236 4,201 
Long-term debt, excluding current maturities6,672 6,699 
Pension and postretirement liabilities297 414 
Non-current portion of operating lease liabilities170 175 
Other non-current liabilities675 681 
Commitments and contingent liabilities (Note J)
Noncontrolling interests513 454 
Crown Holdings shareholders’ equity 2,532 2,410 
Total equity3,045 2,864 
Total liabilities and equity$15,095 $15,034 

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,
20242023
Cash flows from operating activities
Net income$168 $509 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization344 372 
Restructuring and other, net27 32 
Pension and postretirement expense564 54 
Pension contributions(122)(10)
Stock-based compensation32 27 
Equity earnings, net of distributions2 9 
Working capital changes and other(118)(161)
Net cash provided by operating activities897 832 
Cash flows from investing activities
Capital expenditures(254)(614)
Net investment hedge25 25 
Proceeds from sale of property, plant and equipment21 5 
Distribution from equity method investment— 56 
Other— 8 
Net cash used for investing activities(208)(520)
Cash flows from financing activities
Net change in revolving credit facility and short-term debt3 (393)
Proceeds from short-term debt156 127 
Payments of short-term debt(81)(96)
Proceeds from long-term debt675 558 
Payments of long-term debt(750)(80)
Debt issuance costs(10)(8)
Dividends paid to noncontrolling interests(45)(44)
Dividends paid to shareholders(90)(86)
Common stock repurchased(117)(12)
Other(1)(1)
Net cash used for financing activities(260)(35)
Effect of exchange rate changes on cash, cash equivalents and restricted cash4 (14)
Net change in cash, cash equivalents and restricted cash433 263 
Cash, cash equivalents and restricted cash at January 11,400 639 
Cash, cash equivalents and restricted cash at September 30$1,833 $902 

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 CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Crown EquityNoncontrolling InterestsTotal Shareholders' Equity
Balance at January 1, 2024$604 $17 $3,476 $(1,687)$2,410 $454 $2,864 
Net income67 67 26 93 
Other comprehensive income16 16 (3)13 
Dividends declared(30)(30)(15)(45)
Restricted stock awarded1(1)— — 
Stock-based compensation12 12 12 
Common stock repurchased(5)(5)(5)
Balance at March 31, 2024$605 $23 $3,513 $(1,671)$2,470 $462 $2,932 
Net income174 174 33 207 
Other comprehensive income(114)(114)— (114)
Dividends declared(30)(30)(25)(55)
Stock-based compensation8 8 8 
Common stock issued1 1 1 
Common stock repurchased(2)(2)(2)
Balance at June 30, 2024$605 $30 $3,657 $(1,785)$2,507 $470 $2,977 
Net income (loss)(175)(175)43 (132)
Other comprehensive income328 328 5 333 
Dividends declared (30)(30)$(5)(35)
Restricted stock awarded1 (1)— — 
Stock-based compensation12 12 12 
Common stock repurchased(7)(41)(62)(110)(110)
Balance at September 30, 2024$599 $— $3,390 $(1,457)$2,532 $513 $3,045 

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






6

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)
Crown Holdings, Inc. Shareholders’ Equity
Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Crown EquityNoncontrolling InterestsTotal Shareholders' Equity
Balance at January 1, 2023$600 $— $3,141 $(1,892)$1,849 $438 $2,287 
Net income102 102 20 122 
Other comprehensive income103 103 1 104 
Dividends declared(29)(29)(7)(36)
Restricted stock awarded1 (1)— — 
Stock-based compensation11 11 11 
Common stock repurchased(6)(6)(6)
Balance at March 31, 2023$601 $4 $3,214 $(1,789)$2,030 $452 $2,482 
Net income157 157 30 187 
Other comprehensive income75 75 (2)73 
Dividends declared(28)(28)(28)
Stock-based compensation6 6 6 
Common stock repurchased(5)(5)(5)
Balance at June 30, 2023$601 $5 $3,343 $(1,714)$2,235 $480 $2,715 
Net income$159 159 41 200 
Other comprehensive income(34)(34)(1)(35)
Dividends declared(29)(29)(33)(62)
Restricted stock awarded3 (3)— — 
Stock-based compensation10 10 10 
Common stock issued1 1 1 
Common stock repurchased(1)(1)(1)
Balance at September 30, 2023$604 $12 $3,473 $(1,748)$2,341 $487 $2,828 

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

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


A.Basis of Presentation

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, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023 and of its cash flows for the nine months ended September 30, 2024 and 2023. 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, 2023.

During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items in the European Beverage segment. Prior periods have been recast to conform to the new presentation.

During the first quarter of 2024, the Company completed a review of the useful lives of its beverage machinery and equipment and buildings based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized. The Company engaged a third-party appraiser to assist in this review and, as a result, effective January 1, 2024, the Company revised the estimated useful lives of buildings up to 50 years and machinery and equipment up to 23 years. The change in useful lives resulted in a net reduction in depreciation expense of approximately $16 or $0.10 and $48 or $0.30 per diluted share for the three and nine months ended September 30, 2024, respectively, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives.

In the first quarter of 2024, the Company corrected its presentation of certain borrowings and repayments of short-term debt that did not qualify for net presentation in our previously issued Consolidated Statements of Cash Flows. The Company now presents these borrowings and repayments of short-term debt on a gross basis within cash flows from financing activities. The Company determined that the corrections, which had no impact to cash flows (used for) provided by financing activities, were not material to any prior annual or interim periods and therefore, amendments of previously filed reports are not required.

The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the nine months ended September 30, 2023 were as follows:

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Crown Holdings, Inc.

Nine Months Ended September 30, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(362)$(31)$(393)
Proceeds from short-term debt— 127 127 
Payments of short-term debt— (96)(96)
Net cash used for financing activities(35)— (35)
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(398)$2 $(396)
Proceeds from short-term debt— 129 129 
Payments of short-term debt— (131)(131)
Net cash provided by financing activities116 — 116 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$268 $— $268 
Proceeds from short-term debt— 45 45 
Payments of short-term debt— (45)(45)
Net cash used for financing activities(25)— (25)
Year Ended December 31, 2021
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$12 $27 $39 
Proceeds from short-term debt— 15 15 
Payments of short-term debt— (42)(42)
Net cash used for financing activities(2,944)— (2,944)

B.Recent Accounting and Reporting Pronouncements

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As the guidance impacts disclosure only, it will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended December 31, 2024.

In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information
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Crown Holdings, Inc.

on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures.

C.    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, 2024December 31, 2023
Cash and cash equivalents$1,738 $1,310 
Restricted cash included in prepaid expenses and other current assets95 90 
Total cash, cash equivalents and restricted cash$1,833 $1,400 

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

D.    Receivables

September 30, 2024December 31, 2023
Accounts receivable$1,008 $1,122 
Less: allowance for credit losses(30)(29)
Net trade receivables978 1,093 
Unbilled receivables337 338 
Miscellaneous receivables262 288 
$1,577 $1,719 

E.    Inventories
September 30, 2024December 31, 2023
Raw materials and supplies$1,018 $1,031 
Work in process130 139 
Finished goods417 443 
$1,565 $1,613 

F.    Intangible Assets

Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
    
 September 30, 2024December 31, 2023
 GrossAccumulated amortizationNetGrossAccumulated amortizationNet
Customer relationships$1,382 $(729)$653 $1,423 $(670)$753 
Trade names541 (147)394 539 (130)409 
Technology159 (151)8 159 (133)26 
Long term supply contracts143 (92)51 167 (99)68 
Patents13 (11)2 12 (10)2 
$2,238 $(1,130)$1,108 $2,300 $(1,042)$1,258 

Net income for the three and nine months ended September 30, 2024 and 2023 included amortization expense of $41 and $122, respectively.

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Crown Holdings, Inc.


G.    Supplier Finance Program Obligations

The Company has various supplier finance programs under which the Company agrees to pay banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Suppliers, at their sole discretion, have the opportunity to sell their receivables due from the Company earlier than contracted payment terms. The Company or the banks may terminate the agreements upon at least 30 days' notice. The Company does not have assets pledged as collateral for supplier finance programs. The supplier invoices that have been confirmed as valid under the programs typically have payment terms of 150 days or less, consistent with the commercial terms and conditions as agreed upon with suppliers. The Company had $877 and $862 confirmed obligations outstanding under these supplier finance programs as of September 30, 2024 and December 31, 2023 included in Accounts Payable.

H.    Restructuring and Other

The Company recorded restructuring and other items as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Asset sales and impairments$(21)$13 $(17)$16 
Restructuring8 1 43 15 
Other costs— 1 1 1 
$(13)$15 $27 $32 

During the nine months ended September 30, 2024, the Company closed its food can plant in La Villa, Mexico and entered into an agreement to sell equipment for $30 to be paid in three annual installments. The first $10 installment was received during the second quarter. The Company recognized a gain of $22 in the third quarter of 2024, when control of the equipment transferred.

For the three and nine months ended September 30, 2024 and September 30, 2023, restructuring primarily included headcount reductions and other exit costs in the Company's European Beverage and Other segments.

During the nine months ended September 30, 2024, the Company made payments of $50 and had a restructuring accrual of $13, primarily related to previously announced restructuring actions and the items referenced above. The Company expects to pay these amounts over the next twelve months. The Company continues to review its costs structure and may record additional restructuring charges in the future.

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.

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.

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 have 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 at the time of enactment, 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 cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork.

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 nine months ended September 30, 2024, the Company paid $7 to settle asbestos claims and pay related legal and defense costs and had approximate claims activity as follows:

Beginning claims58,500 
New claims1,000
Settlements or dismissals(300)
Ending claims59,200 

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, 2023, the Company's outstanding claims were:

Claimants alleging first exposure after 196418,000 
Claimants alleging first exposure before or during 1964 filed in:
Texas13,000 
Pennsylvania1,500 
Other states that have enacted asbestos legislation6,000 
Other states20,000 
Total claims outstanding58,500 

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.

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Crown Holdings, Inc.

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 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, 2023 and 2022, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows:

20232022
Total claims25 %24 %
Pre-1965 claims in states without asbestos legislation44 %43 %

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 September 30, 2024.

As of September 30, 2024, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $196, including $122 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 82% of the claims outstanding at the end of 2023), 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 EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $12 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 $8 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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Crown Holdings, Inc.

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 U.K. The Company cooperated with the Commission and submitted a leniency application with the Commission with respect to the findings of its internal investigation in Germany. In July 2022, the Company reached a settlement with the Commission relating to the Commission’s investigation, pursuant to which the Company agreed to pay a fine in the amount of $8. Fining decisions based on settlements can be appealed under EU law and the Company sought annulment of the Commission’s fining decision on the basis that the referral of the case from the FCO to the Commission was unjustified. In October 2024, the General Court of the EU issued a judgment dismissing the Company’s appeal. The Company is considering an appeal of the General Court’s judgment to the European Court of Justice. If the Company does decide to appeal the judgement, there can be no assurance regarding the outcome of such appeal.

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. The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties, which CBP does not dispute. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment by CBP. CBP has brought suit in the U.S. Court of International Trade seeking enforcement of the initial penalty against the Company. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. However, there can be no assurance that the Company will be successful in contesting the assessed penalty.

On October 7, 2021, the French Autorité de la concurrence (the French Competition Authority or “FCA”) issued a statement of objections to 14 trade associations, one public entity and 101 legal entities from 28 corporate groups, including the Company, certain of its subsidiaries, other leading metal can manufacturers, certain can fillers and certain retailers in France. The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the European Union and L.420-1 of the French Commercial Code. The statement of objections alleges, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France. The removal of bisphenol-A was mandated by French legislation that went into effect in 2015. On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company. The Company has appealed the decision of the FCA, however there can be no assurance regarding the outcome of such appeal.

In June 2024, the Brazilian Federal Tax Authorities issued an assessment against the Company's Brazilian subsidiary in relation to the use of PIS and COFINS indirect tax credits arising from a favorable judicial decision received by the Company in 2019. The assessment disallowed credits of $42 taken by the Company for the years 2004 through 2015 when the PIS and COFINS indirect taxes were calculated by fixed rates and assessed interest and penalties. The Company does not believe that a loss for this assessment is probable and plans to challenge the assessment at the administrative and judicial level, if necessary. There can be no assurances that the Company will be successful in contesting the assessment.

The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to 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 conduct of business. At times, the Company guarantees the obligations of subsidiaries under certain of these contracts and is liable for such arrangements only if the subsidiary fails to perform its obligations under the contract.

The Company’s basic raw materials for its products are aluminum and steel, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, 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 September 30, 2024, 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
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Crown Holdings, Inc.

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 U.S. 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 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 forecasted transaction is reasonably possible, but not probable of occurring, the hedge no longer qualifies for hedge accounting and 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 or when the forecasted transaction becomes probable of not occurring.

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
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Crown Holdings, Inc.

upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at September 30, 2024 mature between one and twenty-seven months.

The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, primarily aluminum as well as natural gas and electricity, 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. Often, foreign currency risk is hedged together with the related commodity price risk.

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

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 OCIAmount of gain/(loss) recognized in OCI
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023
Foreign exchange$(3)$(3)$(2)$— 
Commodities(6)2 (4)(14)
$(9)$(1)$(6)$(14)
Amount of gain/(loss) reclassified from AOCI into incomeAmount of gain/(loss) reclassified from AOCI into income
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023Affected line items in the Statement of Operations
Commodities$(8)$6 $(26)$10 Net sales
Foreign exchange— (1)— 1 Cost of products sold, excluding depreciation and amortization
Commodities2 (16)11 (30)Cost of products sold, excluding depreciation and amortization
(6)(11)(15)(19)Income before taxes and equity in net earnings of affiliates
2 3 5 5 Provision for income taxes
$(4)$(8)$(10)$(14)Net income

For the twelve-month period ending September 30, 2025, a net gain of $3 ($2, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No material amounts were reclassified during the nine months ended September 30, 2024 and 2023 in connection with anticipated transactions that were considered probable of not occurring.

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 and nine months ended September 30, 2024, the Company recorded a loss of $7 and a gain of $8, respectively, from foreign exchange contracts designated as fair value hedges. For the three and nine months ended
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Crown Holdings, Inc.

September 30, 2023, the Company recorded a gain of $3 and a loss of $7 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 qualify 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.

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 derivativePre-tax amounts of gain/(loss) recognized in income on derivative
Three Months Ended September 30,Nine Months Ended September 30,
Derivatives not designated as hedges2024202320242023Affected line item in the Statement of Operations
Foreign exchange$— $1 $— $(2)Cost of products sold, excluding depreciation and amortization
Foreign exchange1 (5)5 (1)Foreign exchange
$1 $(4)$5 $(3)

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 and nine months ended September 30, 2024, the Company recorded losses of $64 ($55, net of tax) and $11 ($11, 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. During the three and nine months ended September 30, 2023, the Company recorded gains of $37 ($31, net of tax) and $15 ($12, 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 September 30, 2024 and December 31, 2023, cumulative gains of $38 ($57, net of tax) and $49 ($68, net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedging instrument was approximately €1,232 ($1,371) at September 30, 2024.

The Company also has cross-currency swaps with an aggregate notional values of $875 designated as hedges of the Company's net investment in a euro-based subsidiary. These swaps mature in 2026 and reduced interest expense by $6 and $18 for the three and nine months ended September 30, 2024 and 2023.

The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges.


Amount of gain / (loss) recognized in AOCIAmount of gain / (loss) recognized in AOCI
Three Months ended
September 30,		Nine months ended September 30,
Derivatives designated as net investment hedges2024202320242023
Foreign exchange$(21)$14 $(9)$(5)

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Crown Holdings, Inc.

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 September 30, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.


Balance Sheet classificationSeptember, 30 2024December 31, 2023Balance Sheet classificationSeptember, 30 2024December 31, 2023
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowPrepaid expenses and other current assets$2 $1 Accrued liabilities$6 $2 
Foreign exchange contracts fair valuePrepaid expenses and other current assets— — Accrued liabilities— 2 
Commodities contracts cash flowPrepaid expenses and other current assets16 13 Accrued liabilities9 13 
Other non-current assets1 — Other non-current liabilities— — 
Net investment hedgeOther non-current assets35 47 Other non-current liabilities— — 
$54 $61 $15 $17 
Derivatives not designated as hedging instruments
Foreign exchange contractsPrepaid expenses and other current assets$11 $3 Accrued liabilities$11 $3 
$11 $3 $11 $3 
Total derivatives$65 $64 $26 $20 

Carrying amount of the hedged assets / liabilities
September 30,
2024		December 31,
2023
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents$— $2 
Receivables, net17 12 
Accounts payable— 120 

As of September 30, 2024 and December 31, 2023, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged assets and liabilities were net gains of $2 and $2.

Offsetting of Derivative Assets and Liabilities

Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.

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Crown Holdings, Inc.

Gross amounts recognized in the Balance SheetGross amounts not offset in the Balance SheetNet amount
Balance at September 30, 2024
Derivative assets$65$7$58
Derivative liabilities26719
Balance at December 31, 2023
Derivative assets$64$7$57
Derivative liabilities20713

Notional Values of Outstanding Derivative Instruments

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 were:

September 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Foreign exchange$182 $75 
Commodities130 160 
Derivatives designated as fair value hedges:
Foreign exchange7 202 
Derivatives designated as net investment hedges:
Foreign exchange875 875 
Derivatives not designated as hedges:
Foreign exchange389 302 






























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Crown Holdings, Inc.

L.    Debt

September 30, 2024December 31, 2023
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$89 $89 $16 $16 
Long-term debt
Senior secured borrowings:
Revolving credit facilities——— — 
Term loan facilities
U.S. dollar due 20271,5751,5701,5751,569
Euro due 20271
579579589589
Senior notes and debentures:
€600 at 2.625% due 2024
——663662
€600 at 3.375% due 2025
668668663662
U.S. dollar at 4.25% due 2026
400398400398
U.S. dollar at 4.75% due 2026
875871875871
U.S. dollar at 7.375% due 2026
350350350350
€500 at 2.875% due 2026
557556552550
€500 at 5.00% due 2028
557551552544
€500 at 4.75% due 2029
557550552544
€600 at 4.50% due 2030
668658——
U.S. dollar at 5.25% due 2030
500495500494
U.S. dollar at 7.50% due 2096
40404040
Other indebtedness in various currencies135135185185
Total long-term debt7,461 7,421 7,496 7,458 
Less current maturities(749)(749)(759)(759)
Total long-term debt, less current maturities$6,712 $6,672 $6,737 $6,699 
(1) €520 and €533 at September 30, 2024 and December 31, 2023
The estimated fair value of the Company’s debt, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $7,596 at September 30, 2024 and $7,484 at December 31, 2023.

In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 issued at par by its subsidiary Crown European Holdings S.A. The Company paid $10 in issuance costs that will be amortized over the term of the notes. The Company used the August 2024 note issuance proceeds to repay the €600 principal amount of 2.625% senior unsecured notes due September 2024.

The U.S. dollar term loan interest rate was SOFR plus 1.35% and the Euro term loan interest rate was EURIBOR plus 1.25% at September 30, 2024 and at December 31, 2023.











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Crown Holdings, Inc.

M.    Pension and Other Postretirement Benefits

The components of net periodic pension and other postretirement benefits costs for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – U.S. plans2024202320242023
Service cost$4 $4 $11 $11 
Interest cost10 14 36 40 
Expected return on plan assets(13)(15)(43)(45)
Recognized net loss8 11 30 33 
Settlement and curtailments469 — 469 — 
Net periodic cost$478 $14 $503 $39 
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – Non-U.S. plans2024202320242023
Service cost$2 $1 $6 $5 
Interest cost4 5 13 14 
Expected return on plan assets(4)(5)(15)(16)
Recognized net loss— — 3 2 
Special termination benefits— — 2 6 
Settlement and curtailments48 — 48 — 
Net periodic cost$50 $1 $57 $11 

Three Months EndedNine Months Ended
 September 30,September 30,
Other postretirement benefits2024202320242023
Interest cost$1 $1 $4 $4 
Net periodic cost$1 $1 $4 $4 

The components of net periodic cost other than the service cost component are included in Other pension and postretirement in the Consolidated Statement of Operations.

In the third quarter of 2024, the Company's Canadian and primary U.S. defined benefit pension plans (the "Canadian Plan" and the "U.S. Plans", respectively) entered into transactions to transfer a significant portion of their pension liabilities through the purchase of group annuity insurance contracts for the benefit of nearly all their respective retiree and deferred vested participants. The issuers of the group annuity insurance contracts fully guarantee and are solely responsible for paying each participant's future benefits in full. The Company used plan assets to settle $120 of Canadian Plan obligations and $740 of U.S. Plans obligations and recorded settlement charges of $48 and $469, respectively, for the Canadian and U.S. Plans. As part of the transaction, the Company also made a cash contribution of approximately $100 to the U.S. Plans.

The following table provides information about amounts reclassified from accumulated other comprehensive income.

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Crown Holdings, Inc.

Three Months EndedNine Months Ended
September 30,September 30,
Details about accumulated other comprehensive income components2024202320242023Affected line items in the statement of operations
Actuarial losses$8 $11 $33 $35 Other pension and postretirement
Settlement loss517 — 517 — Other pension and postretirement
525 11 550 35 Income before taxes and equity in net earnings of affiliates
(129)(2)(134)(7)Provision for income taxes
Total reclassified$396 $9 $416 $28 Net income

N.    Capital Stock

On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The new authorization supersedes the previous authorization announced in December 2021, which authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The Company repurchased $117 of its shares during the nine months ended September 30, 2024, including $107 from the Canadian and U.S. pension plans in conjunction with the partial settlements of their pension obligations.

For the three months and nine months ended September 30, 2024 and 2023, the Company declared and paid cash dividends of $0.25 per share and $0.75 per share and $0.24 per share and $0.72 per share, respectively. Additionally, on October 24, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on November 27, 2024 to shareholders of record as of November 14, 2024.

O.    Accumulated Other Comprehensive Loss Attributable to Crown Holdings

The following table provides information about the changes in each component of accumulated other comprehensive income/(loss).

Defined benefit plansForeign currency translationGains and losses on cash flow hedgesTotal
Balance at January 1, 2023$(686)$(1,197)$(9)$(1,892)
Other comprehensive income / (loss) before reclassifications(5)122 (15)102 
Amounts reclassified from accumulated other comprehensive income28 — 14 42 
Other comprehensive income / (loss)23 122 (1)144 
Balance at September 30, 2023$(663)$(1,075)$(10)$(1,748)
Balance at January 1, 2024$(664)$(1,022)$(1)$(1,687)
Other comprehensive income / (loss) before reclassifications1 (190)(7)(196)
Amounts reclassified from accumulated other comprehensive income416 — 10 426 
Other comprehensive income / (loss) 417 (190)3 230 
Balance at September 30, 2024$(247)$(1,212)$2 $(1,457)

See Note K and Note M for further details of amounts related to cash flow hedges and defined benefit plans.




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Crown Holdings, Inc.

P.     Revenue

The Company recognized revenue as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Revenue recognized over time$1,730 $1,646 $5,027 $4,968 
Revenue recognized at a point in time1,344 1,423 3,871 4,184 
Total revenue$3,074 $3,069 $8,898 $9,152 

See Note R for further disaggregation of the Company's revenue.
The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less.
Contract assets are typically recognized for work in process related to the Company's three-piece printed products and equipment business. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. The Company had net contract assets of $16 and $8 as of September 30, 2024 and December 31, 2023, respectively, included in prepaid and other current assets. During the nine months ended September 30, 2024, the Company satisfied performance obligations related to contract assets at December 31, 2023 and also recorded new contract assets primarily related to work in process for the equipment business.
Q.    Earnings Per Share

The following table summarizes the computations of basic and diluted earnings per share attributable to the Company.

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net income (loss) attributable to Crown Holdings$(175)$159 $66 $418 
Weighted average shares outstanding:
Basic119.3 119.5 119.5 119.4 
Dilutive restricted stock— 0.2 0.2 0.3 
Diluted119.3 119.7 119.7 119.7 
Basic earnings (loss) per share$(1.47)$1.33 $0.55 $3.50 
Diluted earnings (loss) per share$(1.47)$1.33 $0.55 $3.49 

For the three and nine months ended September 30, 2024 and 2023, 0.57 million and 0.68 million and 0.08 million and 0.2 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.

R.    Segment Information

The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for restructuring and other and the impact of fair value adjustments related to inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.     





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Crown Holdings, Inc.

The tables below present information about the Company's operating segments.

 External SalesExternal Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$1,368 $1,295 $3,915 $3,848 
European Beverage573 536 1,615 1,547 
Asia Pacific284 307 853 977 
Transit Packaging 526 554 1,596 1,715 
Other323 377 919 1,065 
Total$3,074 $3,069 $8,898 $9,152 

The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K.

 Intersegment SalesIntersegment Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Transit Packaging$3 $9 $11 $36 
Other14 29 48 113 
Total$17 $38 $59 $149 

Intersegment sales primarily include equipment and parts used in the manufacturing process.
 Segment IncomeSegment Income
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$280 $232 $712 $621 
European Beverage86 73 225 181 
Asia Pacific50 33 147 107 
Transit Packaging70 89 211 256 
Total reportable segments$486 $427 $1,295 $1,165 

A reconciliation of segment income of reportable segments to income before income taxes is as follows:

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Crown Holdings, Inc.

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Segment income of reportable segments$486 $427 $1,295 $1,165 
Segment income of other27 37 49 100 
Corporate and unallocated items(41)(34)(127)(101)
Restructuring and other, net13 (15)(27)(32)
Amortization of intangibles(41)(41)(122)(122)
Other pension and postretirement(523)(11)(547)(38)
Interest expense(119)(111)(344)(323)
Interest income24 13 60 34 
Foreign exchange(3)(13)(15)(31)
Income from operations before taxes and equity in net earnings of affiliates$(177)$252 $222 $652 


For the three and nine months ended September 30, 2023, intercompany profits of $1 and $10 were eliminated within segment income of other.

Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.


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Crown Holdings, Inc.

PART I - FINANCIAL INFORMATION


Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
    (dollars in millions)

    Introduction

The following discussion presents management's analysis of the results of operations for the three and nine months ended September 30, 2024 compared to 2023 and changes in financial condition and liquidity from December 31, 2023. This discussion 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, 2023, along with the consolidated financial statements and related notes included in and referred to within this report.

Business Strategy and Trends

The Company's strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases.

Global industry demand for beverage cans has been growing in recent years in North America, Brazil, Europe, and Southeast Asia. Growth has been driven by new product introductions in North America, customer and consumer focus on the sustainability benefits of aluminum, and population and GDP growth in many markets. To meet such demand, the Company made long-term investments of approximately $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2021. In 2023, the impact of higher inflation and interest rates slowed growth in many markets. Based on current market conditions, the Company expects to have the ability to meet current and future demand growth with its current installed capital base and expects capital spending to be no more than $450 in 2024.

The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage ratio target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders in the future. On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The new authorization supersedes the previous authorization announced in December 2021, which authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024.

The Company continues to actively elevate its commitment to sustainability, which is a core value of the Company. In 2020, the Company introduced Twentyby30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. In September 2021, the Company joined The Climate Pledge, a commitment to be net-zero carbon across business operations by 2040.

To date the war between Russia and Ukraine and the conflicts in the Middle East have not had a direct material impact on the Company's business, financial condition, or results of operations.

The Company continues to actively manage the challenges of supply chain disruptions, foreign exchange, interest rate fluctuations, and inflationary pressures, including increasing costs for raw materials, energy and transportation. The Company generally attempts to mitigate aluminum and steel price risk by matching its purchase obligations with its sales agreements. Additionally, the Company attempts to mitigate inflationary pressures on energy and raw material costs with contractual pass-through provisions that include annual selling price adjustments based on price indices. The Company also uses commodity forward contracts to manage its exposure to raw material costs. The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company’s segments is discussed, as applicable, in the heading "Results of Operations" below.

Results of Operations

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

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Crown Holdings, Inc.

The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro and pound sterling in the Company's European Beverage segment, the Thai baht in the Company's Asia Pacific segment. The Company's Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the Indian rupee, the Japanese yen and the Brazilian real.

The Company calculates the impact of foreign currency translation by dividing current year U.S. dollar results by the current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average exchange rates.

Net Sales and Segment Income    
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$3,074 $3,069 $8,898 $9,152 

Three months ended September 30, 2024 compared to 2023

Net sales increased primarily due to higher beverage can shipments in the Americas and European Beverage segments, partially offset by lower shipments in Asia Pacific, Transit Packaging and Other segments and unfavorable foreign currency translation of $9.

Nine months ended September 30, 2024 compared to 2023

Net sales decreased primarily due to $214 from the pass-through of lower aluminum, steel and other commodity costs and lower shipments in Asia Pacific, Transit Packaging and Other segments, partially offset by higher beverage can shipments in the Americas and European Beverage segments.

Americas Beverage

The Americas Beverage segment manufactures aluminum beverage cans and ends, steel crowns, glass bottles and aluminum closures and supplies a variety of customers from its operations in the U.S., Brazil, Canada, Colombia and Mexico.

The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the Company's volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packing.

To meet volume requirements in these markets, the Company added a new greenfield facility in Mesquite, Nevada in 2023.

Net sales and segment income in the Americas Beverage segment were as follows:

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$1,368 $1,295 $3,915 $3,848 
Segment income$280 $232 $712 $621 

Three and nine months ended September 30, 2024 compared to 2023

For the three and nine months ended September 30, 2024 compared to 2023, net sales increased primarily due to 10% and 8% higher shipments, partially offset by unfavorable foreign currency translation of $12 and $6. The nine months of 2024 was also impacted by the pass-through of $67 in lower aluminum costs.

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Crown Holdings, Inc.

Segment income increased primarily due to higher shipments and improved manufacturing performance, including lower start-up costs compared to 2023.

European Beverage

The Company's European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to a market shift to cans versus other packaging formats. To meet volume requirements, in 2023 the Company added additional line capacity in Agoncillo, Spain, a new greenfield facility in Peterborough, U.K. and acquired Helvetia Packaging AG, a beverage can and end manufacturing facility in Saarlouis, Germany.

During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items in the European Beverage segment. Prior periods were recast to conform to the new presentation.

Net sales and segment income in the European Beverage segment were as follows:

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$573 $536 $1,615 $1,547 
Segment income86 73 225 181 

Three and nine months ended September 30, 2024 compared to 2023

For the three and nine months ended September 30, 2024 compared to 2023, net sales increased primarily due to higher shipments of 6% in both periods.

For the three and nine months ended September 30, 2024 compared to 2023, segment income increased primarily due to higher shipments, improved cost performance, including savings realized as part of prior year restructuring actions and lower start-up costs.

Asia Pacific
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging.

In 2023, volume softness was noted across each country in the Asia Pacific segment as the region continued to struggle with the effects of higher inflation and interest rates. In the fourth quarter of 2023, the Company announced the closure of its beverage can facilities in Ho Chi Minh City, Vietnam and Singapore with capacity relocated to the Company's Vung Tau, Vietnam facility.

In June 2022, the Company's Yangon, Myanmar beverage can plant was temporarily idled due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. The Company began production on a limited basis in 2023 and had net sales of $6 for the nine months ended September 30, 2024. Property, plant and equipment in Myanmar as of September 30, 2024 was $49, including $24 of land and buildings and $25 of machinery and equipment. The Company will continue to monitor the economic conditions and the impact to its business in Myanmar, including any alternative uses for its machinery and equipment.

Net sales and segment income in the Asia Pacific segment were as follows:

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Crown Holdings, Inc.

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$284 $307 $853 $977 
Segment income50 33 147 107 

Three and nine months ended September 30, 2024 compared to 2023

For the three and nine months ended September 30, 2024 compared to 2023, net sales decreased primarily due to 11% and 8% lower shipments, respectively. The nine months ended September 30, 2024 was also impacted by the pass-through of $32 lower aluminum costs and unfavorable foreign currency translation of $10.

For the three and nine months ended September 30, 2034 compared to 2023, segment income increased primarily due to cost savings realized as part of prior year restructuring actions, improved matching of aluminum pass-through provisions as a result of lower inventory in 2024, favorable customer mix and $5 and $13, respectively, lower depreciation expense driven by useful life change effective January 1, 2024.

Transit Packaging

The Company's Transit Packaging segment includes the Company's worldwide automation and equipment technologies, protective packaging solutions and steel and plastic consumables Automation and equipment technologies include manual, semi-automatic and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film. Protective solutions include standard and purpose designed products, such as airbags, edge protectors, and honeycomb products, among others, that help prevent movement of, and/or damage to, a wide range of industrial and consumer goods during transport. Steel and plastic consumables include steel strap, plastic strap, industrial film and other related products that are used across a wide range of industries.
Net sales and segment income in the Transit Packaging segment were as follows:

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$526 $554 $1,596 $1,715 
Segment income70 89 211 256 

Three and nine months ended September 30, 2024 compared to 2023

For the three and nine months ended September 30, 2024 compared to 2023, net sales decreased primarily due $13 and $57 lower material costs and $12 and $51 lower volumes across most product lines.

For the three and nine months ended September 30, 2024 compared to 2023, segment income decreased primarily related to lower volumes across most product lines and margin compression due to lower selling prices, partially offset by improved cost performance.

Other

Other includes the Company's food can, aerosol can and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. The Company added a pet food can line to its Dubuque, Iowa plant in the first half of 2024.

In 2023, the Company right-sized the beverage can equipment operations in the U.K. to reflect the expected significant reduction in orders from global beverage can manufacturers. Additionally, in the fourth quarter of 2023, the Company announced the closure of its Decatur, IL aerosol can plant in response to lower aerosol can demand.

Additionally, during the second quarter of 2024, the Company closed its food can plant in La Villa, Mexico and entered into an agreement to sell equipment for $30 to be paid in three annual installments, with the first $10
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Crown Holdings, Inc.

installment received during 2024. The Company recognized a gain of $22 for the sale of the equipment in the third quarter of 2024.

Net sales and segment income in Other were as follows:

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net sales$323 $377 $919 $1,065 
Segment income27 37 49 100 

Three months ended September, 2024 compared to 2023

Net sales and segment income decreased primarily due to lower volumes in the equipment, aerosol can and Mexico food can businesses. Net sales was also negatively impacted $17 from the pass-through of lower steel costs.

Nine months ended September 30, 2024 compared to 2023

Net sales and segment income decreased primarily due to lower volumes in the food can, aerosol can and equipment businesses. Net sales were also negatively impacted $40 from the pass-through of lower steel costs.

Corporate and unallocated

Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.


Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Corporate and unallocated expense$(41)$(34)$(127)$(101)

Corporate and unallocated expenses increased for the three and nine months ended September 30, 2024 compared to 2023, primarily due to higher incentive compensation, including stock-based compensation.

Depreciation and Amortization

The Company periodically reviews the useful lives of property, plant and equipment. Based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized, the Company engaged a third-party appraiser to assist in this review and, as a result, increased the estimated useful lives of buildings up to 50 years and machinery and equipment up to 23 years effective January 1, 2024. The change in accounting estimate will be applied on a prospective basis. The change in useful lives resulted in a net reduction in depreciation expense of $16 and $48 for the three and nine months ended September 30, 2024, respectively, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives.

Restructuring and other, net

For the three months ended September 30, 2024, restructuring and other net gains of $13, included a $22 gain for the sale of food can equipment in Mexico. For the nine months ended September 30, 2024, restructuring and other net charges of $27, primarily included business reorganization activities in the Company's European Beverage and Other segments. The Company continually evaluates its cost structure and is currently evaluating the potential closure of a plant which has property, plant and equipment of $25 as of September 30, 2024. This action may also result in charges for severance and other exit costs.

Other pension and postretirement

For the three and nine months ended September 30, 2024, Other pension and postretirement expense included settlement charges of $517 related to the transfer of portions of the Company's Canadian and primary U.S. defined
30
Crown Holdings, Inc.

benefit pension liabilities through the purchase of group annuity insurance contracts. See Note M for more information.

Taxes on income

The Company's effective income tax rates were as follows:

Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Income before taxes and equity in net earnings of affiliates$(177)$252 $222 $652 
Provision for income taxes(39)62 55 163 
Effective income tax rate22.0 %24.6 %24.8 %25.0 %

The decrease in the effective tax rate for the three months ended September 30, 2024 compared to 2023, was primarily due to the tax benefit from the pension settlement charges taken during the quarter, offset by an increase in earnings in higher-tax jurisdictions.

The effective tax rate for the nine months ended September 30, 2024 was comparable to 2023, as the tax benefit from the pension settlement charges and the benefit of $16 taken in 2024 related to the release of a valuation allowance resulting from improved profitability in a European subsidiary were offset by an increase in earnings in higher-tax jurisdictions.

Effective January 1, 2024, various jurisdictions in which the Company operates have enacted the Pillar II directive which establishes a global minimum corporate tax rate of 15% initiated by the Organisation for Economic Co-operation and Development. The Company does not expect Pillar II to have a material impact on its financial results, including its annual estimated effective tax rate or liquidity for 2024.

Net income attributable to noncontrolling interest

For the nine months ended September 30, 2024 compared to 2023, net income from noncontrolling interests increased primarily due to higher earnings in the Company's beverage can operations in Brazil.

Liquidity and Capital Resources

Operating Activities

Cash provided by operating activities increased from $832 for the nine months ended September 30, 2023 to $897 for the nine months ended September 30, 2024, primarily due to higher income from operations and working capital improvements, partially offset by higher pension contributions related to the settlement of a portion of the U.S. pension plan.

Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, decreased from 32 days as of September 30, 2023 to 29 days at September 30, 2024.

Inventory turnover decreased from 67 days at September 30, 2023 to 60 days at September 30, 2024, primarily due to efforts to reduce inventory levels across most businesses.

Days outstanding for trade payables increased from 78 days at September 30, 2023 to 93 days at September 30, 2024 primarily due to lower purchases in 2023 as a result of prior year inventory builds.
Investing Activities

Cash used for investing activities decreased from $520 for the nine months ended September 30, 2023 to $208 for the nine months ended September 30, 2024, primarily due to lower capital expenditures. Additionally, the nine months ended September 30, 2023 included a distribution from an equity method investment of $56.

The Company currently expects capital expenditures in 2024 to be no more than $450.
31
Crown Holdings, Inc.

Financing Activities

Cash used for financing activities increased from $35 for the nine months ended September 30, 2023 to $260 for the nine months ended September 30, 2024, primarily due to payments of long-term debt and common stock repurchased in the third quarter of 2024.

In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 and used the proceeds to pay down the €600 principal amount of 2.625% senior unsecured notes due September 2024. In May 2023, the Company issued €500 principal amount of 5.0% senior unsecured notes due 2028. In March 2022, the Company issued $500 principal amount of 5.250% senior unsecured notes due 2030.

During the third quarter of 2024, the Company repurchased $107 of common stock from the Canadian and U.S. pension plans in conjunction with the partial settlements of their pension obligations.

Liquidity

As of September 30, 2024, $1,229 of the Company's $1,738 of cash and cash equivalents was located outside the U.S. The Company is not currently aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S. The Company funds its cash needs in the U.S. through a combination of cash flows from operations, dividends from certain foreign subsidiaries, borrowings under its revolving credit facility and the acceleration of cash receipts under its receivable securitization and factoring facilities. Of the cash and cash equivalents located outside the U.S., $433 was held by subsidiaries for which earnings are considered indefinitely reinvested.

The Company's revolving credit agreements provide capacity of $1,650 and as of September 30, 2024, the Company had available capacity of $1,613. The Company could have borrowed this amount at September 30, 2024 and still have been in compliance with its leverage ratio covenants.

The Company's debt agreements contain covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional debt, pay dividends or repurchase capital stock, make certain other restricted payments, create liens and engage in sale and leaseback transactions. These restrictions are subject to a number of exceptions, however, which allow the Company to incur additional debt, create liens or make otherwise restricted payments provided that the Company is in compliance with applicable financial and other covenants and meets certain liquidity requirements.

The Company’s revolving credit facilities and term loan facilities also contain a total leverage ratio covenant. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company’s total net leverage ratio of 2.9 to 1.0 at September 30, 2024 was in compliance with the covenant requiring a ratio no greater than 4.5 to 1.0. The ratio is calculated at the end of each quarter using debt and cash balances as of the end of the quarter and Consolidated EBITDA for the most recent twelve months. Failure to meet the financial covenant could result in the acceleration of any outstanding amounts due under the revolving credit facilities and term loan facilities.

In order to reduce leverage and future interest payments, the Company may from time to time repurchase outstanding notes and debentures with cash or seek to refinance its existing credit facilities and other indebtedness. The Company will evaluate any such transactions in light of any required premiums and then existing market conditions and may determine not to pursue such transactions.

The Company’s current sources of liquidity also include a securitization facility with a program limit up to a maximum of $800 that expires in July 2025 and securitization facilities with program limits of $230 and $160 that expire in November 2025.

The Company utilizes its cash flows from operations, borrowings under its revolving credit facilities and the acceleration of cash receipts under its receivables securitization and factoring programs to primarily fund its operations, capital expenditures and financing obligations.

32
Crown Holdings, Inc.

Long-term debt payments due in the next twelve months include the Company's €600 ($668) 3.375% senior notes in May 2025. The Company expects to have sufficient liquidity to refinance the senior notes or repay them at maturity.

In June 2024, KPS Capital Partners announced the sale of Eviosys. The Company's approximately 20% stake in Eviosys is included as part of the agreement. The closing of the transaction is anticipated by the end of 2024 and the Company expects proceeds of approximately $300, net of tax. The carrying value of the Company's investment in Eviosys was $60 as of September 30, 2024.

In the third quarter of 2024, the Company's Canadian and primary U.S. defined benefit pension plans (the "Canadian Plan" and the "U.S. Plans", respectively) entered into transactions to transfer a significant portion of their respective pension liabilities through the purchase of group annuity insurance contracts. The Company used plan assets to settle $120 of the Canadian Plan obligations and $740 of the U.S Plans obligations for nearly all of their retiree and deferred vested participants. As part of the transaction, the Company also made a cash contribution of approximately $100 to the U.S. Plans.

Capital Resources

As of September 30, 2024, the Company had approximately $75 of capital commitments primarily related to Americas Beverage and European Beverage. The Company expects to fund these commitments primarily through cash flows from operations.

Contractual Obligations

There were no material changes to the Company's contractual obligations provided within Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which information is incorporated herein by reference.

Supplemental Guarantor Financial Information

The Company and certain of its 100% directly or indirectly owned subsidiaries provide guarantees of senior notes and debentures issued by other 100% directly or indirectly owned subsidiaries. These senior notes and debentures are fully and unconditionally guaranteed by the Company and substantially all of its subsidiaries in the United States, except in the case of the Company’s outstanding senior notes issued by Crown Cork & Seal Company, Inc., which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis.

The following tables present summarized financial information related to the senior notes issued by the Company’s subsidiary debt issuers and guarantors on a combined basis for each issuer and its guarantors (together, an “obligor group”) after elimination of (i) intercompany transactions and balances among the Parent and the guarantors and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor. Crown Cork Obligor group consists of Crown Cork & Seal Company, Inc. and the Parent. Crown Americas Obligor group consists of Crown Americas LLC, Crown Americas Capital Corp. V, Crown Americas Capital Corp. VI, the Parent, and substantially all of the Company’s subsidiaries in the United States.

Crown Cork Obligor Group
Nine Months Ended
 September 30, 2024
Net sales$— 
Gross Profit— 
Loss from operations(2)
Net loss1
(52)
Net loss attributable to Crown Holdings1
(52)
(1) Includes $41 of expense related to intercompany interest with non-guarantor subsidiaries



33
Crown Holdings, Inc.

 September 30, 2024December 31, 2023
Current assets$3 $22 
Non-current assets60 29 
Current liabilities84 48 
Non-current liabilities1
6,432 6,265 
(1) Includes payables of $5,691 and $5,514 due to non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023

Crown Americas Obligor Group

Nine Months Ended
 September 30, 2024
Net sales1
$3,656 
Gross profit2
586 
Income from operations2
216 
Net loss3
(347)
Net income attributable to Crown Holdings3
(347)
(1) Includes $332 of sales to non-guarantor subsidiaries
(2) Includes $33 of gross profit related to sales to non-guarantor subsidiaries
(3) Includes $21 of expense related to intercompany interest and technology royalties with non-guarantor subsidiaries


 September 30, 2024December 31, 2023
Current assets1
$1,252 $1,423 
Non-current assets2
3,845 3,850 
Current liabilities3
1,219 1,166 
Non-current liabilities4
6,470 6,553 
(1) Includes receivables of $41 and $30 due from non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023
(2) Includes receivables of $257 and $189 due from non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023
(3) Includes payables of $18 and $35 due to non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023
(4) Includes payables of $2,160 and $2,134 due to non-guarantor subsidiaries as of September 30, 2024 and December 31, 2023

Commitments and Contingent Liabilities

Information regarding the Company's commitments and contingent liabilities appears in Part I within Item 1 of this report under Note J, entitled “Commitments and Contingent Liabilities,” to the consolidated financial statements, and in Part II within Item 1A of this report which information is incorporated herein by reference.

Critical Accounting Policies

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. which require that management make numerous estimates and assumptions.

Actual results could differ from these estimates and assumptions, impacting the reported results of operations and financial condition of the Company. Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Note A to the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 describe the significant accounting estimates and policies used in the preparation of the consolidated financial statements. Updates to the Company's accounting policies related to new accounting pronouncements, as applicable, are included in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q.

Forward Looking Statements

Statements included herein, including, but not limited to, those in “Management's Discussion and Analysis of Financial Condition and Results of Operations” and in the discussions of asbestos in Note I and commitments and contingencies in Note J to the consolidated financial statements included in this Quarterly Report on Form 10-Q, and also in Part I, Item 1, “Business” and Item 3, “Legal Proceedings” and in Part II, Item 7, “Management's Discussion
34
Crown Holdings, Inc.

and Analysis of Financial Condition and Results of Operations,” within the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which are not historical facts (including any statements concerning the direct or indirect impact of the COVID-19 pandemic, conflicts in the Middle East and the Russia-Ukraine war, objectives of management for share repurchases, dividends, future operations or economic performance, or assumptions related thereto, including the potential for higher interest rates and energy prices), are “forward-looking statements” within the meaning of the federal securities laws. In addition, the Company and its representatives may, from time to time, make oral or written statements which are also “forward-looking statements.”

These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the Company and, therefore, involve a number of risks and uncertainties. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.

While the Company periodically reassesses material trends and uncertainties affecting the Company's results of operations and financial condition in connection with the preparation of “Management's Discussion and Analysis of Financial Condition and Results of Operations” and certain other sections contained in the Company's quarterly, annual or other reports filed with the U.S. Securities and Exchange Commission (“SEC”), the Company does not intend to review or revise any particular forward-looking statement in light of future events.

A discussion of important factors that could cause the actual results of operations or financial condition of the Company to differ from expectations has been set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 within Part II, Item 7: “Management's Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Forward Looking Statements” and is incorporated herein by reference. Some of the factors are also discussed elsewhere in this Form 10-Q (including under Item 1A of Part II below) and in prior Company filings with the SEC. In addition, other factors have been or may be discussed from time to time in the Company's SEC filings.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange and 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 the counterparties. These instruments are not used for trading or speculative purposes. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success in using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales arrangements that permit the pass-through of commodity prices and foreign exchange rate risks to customers. The Company's objective in managing its exposure to market risk is to limit the impact on earnings and cash flow. For further discussion of the Company's use of derivative instruments and their fair values at September 30, 2024, see Note K to the consolidated financial statements included in this Quarterly Report on Form 10-Q.

As of September 30, 2024, the Company had $2.3 billion principal floating interest rate debt and $1.4 billion of securitization and factoring. A change of 0.25% in these floating interest rates would change annual interest expense by approximately $9 million before tax.

Item 4.    Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, management, including the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation and as of the end of the quarter for which this report is made, the Company's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective. Disclosure controls and procedures ensure that information to be disclosed in reports that the Company files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and terms of the SEC, and ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

35

There has been no change in internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.


PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

For information regarding the Company's potential asbestos-related liabilities and other litigation, see Note I entitled “Asbestos-Related Liabilities” and Note J entitled “Commitments and Contingent Liabilities” to the consolidated financial statements within Part I, Item 1 of this Quarterly Report on Form 10-Q, which information is incorporated herein by reference.

Item 1A. Risk Factors

The information set forth in this report should be read in conjunction with the risk factors discussed in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Such risks are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial may also materially adversely affect the Company's business, financial condition and/or operating results.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds

The following table provides information about the Company's purchases of equity securities during the three months ended September 30, 2024. The table excludes 35,767 shares surrendered to cover taxes on the vesting of restricted stock during the three months ended September 30, 2024.
Total number of shares purchased Average price per share
Total number of shares purchased as part of publicly announced programs(1)
Approximate dollar value of shares that may yet be purchased under the programs
as of the end of the period
(millions of dollars)
July225,700 $77.35 225,700 $1,983 
August672,000 $89.30 672,000 $1,923 
September328,000 $89.90 328,000 $1,894 
1,225,700 1,225,700 
(1) In July 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The new authorization supersedes the previous authorization announced in December 2021, which authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate.

Item 3. Defaults Upon Senior Securities

There were no events required to be reported under Item 3 for the nine months ended September 30, 2024.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

The Company continually evaluates its cost structure and is currently evaluating the potential closure of a plant which has property, plant and equipment of $25 as of September 30, 2024. This action may also result in charges for severance and other exit costs.


36
Crown Holdings, Inc.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

Item 6.    Exhibits    

3.1(a)
10.1
22
31.1
31.2
32
101The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, (iii) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, (v) Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 and (vi) Notes to Consolidated Financial Statements.
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
Crown Holdings, Inc.
Registrant
By: /s/ Christy L. Kalaus
 Christy L. Kalaus
 Vice President and Corporate Controller
Date: November 1, 2024

37

Amendment No. 1

to the

Crown Holdings, Inc. Stock Purchase Plan


The Crown Holdings, Inc. Stock Purchase Plan (the “Plan”) is hereby amended, effective August 1, 2024, as follows:

1. Section 1.5 is hereby deleted in its entirety.

2. Section 2.3 is hereby amended in its entirety to read as follows:

“2.3 Eligibility Restrictions. An Employee who elects to terminate participation in the Plan in accordance with Section 3.5 or who sells Non-Vested Shares in accordance with Section 6.2 shall be prohibited from participating in the Plan until the Entry Date coinciding with or next following the six-month anniversary of such termination or sale.”

3. Section 3.5 is hereby amended in its entirety to read as follows:

“3.5 Suspension and Resumption of Payroll Deductions. A Participant may terminate contributions under the Plan as of the first day of any payroll period by filing notice thereof, in accordance with procedures established by the Company, at least 10 Business Days before the effective date of the termination. In addition, all contributions by a Participant shall be automatically suspended upon such Participant’s sale of Non-Vested Shares in accordance with Section 6.2. A Participant whose contributions have been terminated or suspended in accordance with the preceding provisions, may resume contributions under the Plan in accordance with Section 2.3.”


* * *

To record the adoption of this Amendment No. 1, Crown Holdings, Inc. has caused its authorized officer to affix its corporate name the 24th day of October, 2024.

CROWN HOLDINGS, INC.



Exhibit 22 - List of Guarantor Subsidiaries

The following subsidiaries of Crown Holdings, Inc. (the "Company") were, as of September 30, 2024, guarantors of the Company's $350 principal 7.375% senior notes due 2026 and $40 principal 7.5% senior notes due 2096:
NAME
STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION
Crown Cork & Seal Company, Inc.Pennsylvania
The following subsidiaries of the Company were, as of September 30, 2024, guarantors of the Company's $400 principal 4.25% senior notes due 2026, $875 principal 4.75% senior notes due 2026 and $500 principal 5.250% senior notes due 2030:
NAME
STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION
Crown Cork & Seal Company, Inc.Pennsylvania
CROWN Americas LLCPennsylvania
Crown Consultants, Inc.Pennsylvania
Crown Financial CorporationPennsylvania
Crown Americas Capital Corp.Delaware
Crown Americas Capital Corp. VDelaware
Crown Americas Capital Corp. VIDelaware
Crown Beverage Holdings, Inc.Delaware
CROWN Beverage Packaging, LLCDelaware
CROWN Beverage Packaging Puerto Rico, Inc.Delaware
Crown Cork & Seal Company (DE), LLCDelaware
CROWN Cork & Seal USA, Inc.Delaware
Crown International Holdings, Inc.Delaware
CROWN Packaging Technology, Inc.Delaware
CR USA, Inc.Delaware
Foreign Manufacturers Finance CorporationDelaware
Signode Industrial Group Holdings US IncDelaware
Signode Industrial Group LLCDelaware
Signode Industrial Group US IncDelaware
Signode International IP Holdings LLCDelaware
Signode Pickling Holding LLCDelaware
Signode US IP Holdings LLCDelaware
Package Design and Manufacturing, Inc.Michigan
Simplimatic Engineering Holdings, LLCOhio
Simplimatic Automation LLCOhio
SE International HoldingsOhio
SE International Holdings IIOhio
SEH Real Estate Holdings LLCVirginia



EXHIBIT 31.1
CERTIFICATION

I, Timothy J. Donahue, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Crown Holdings, Inc. (“the registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
        
Date: November 1, 2024/s/ Timothy J. Donahue
Timothy J. Donahue
Chairman, President and Chief Executive Officer




EXHIBIT 31.2

CERTIFICATION

I, Kevin C. Clothier, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Crown Holdings, Inc. (“the registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

            
Date: November 1, 2024/s/ Kevin C. Clothier
Kevin C. Clothier
Senior Vice President and Chief Financial Officer





EXHIBIT 32



CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002


    In connection with the Quarterly Report of Crown Holdings, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2024 (the “Report”), each of the undersigned officers certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial position and results of operations of the Company.


Date:November 1, 2024/s/ Timothy J. Donahue
Timothy J. Donahue
Chairman, President and Chief Executive Officer
Date:November 1, 2024/s/ Kevin C. Clothier
Kevin C. Clothier
Senior Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to this Quarterly Report on Form 10-Q and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.


v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-41550  
Entity Registrant Name CROWN HOLDINGS, INC.  
Entity Incorporation, State or Country Code PA  
Entity Tax Identification Number 75-3099507  
Entity Address, Address Line One 14025 Riveredge Drive, Suite 300  
Entity Address, City or Town Tampa  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33637  
City Area Code 215  
Local Phone Number 698-5100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   119,632,290
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001219601  
Current Fiscal Year End Date --12-31  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Stock $5.00 Par Value  
Trading Symbol CCK  
Security Exchange Name NYSE  
7 3/8% Debentures Due 2026    
Document Information [Line Items]    
Title of 12(b) Security 7 3/8% Debentures Due 2026  
Trading Symbol CCK26  
Security Exchange Name NYSE  
7 1/2% Debentures Due 2096    
Document Information [Line Items]    
Title of 12(b) Security 7 1/2% Debentures Due 2096  
Trading Symbol CCK96  
Security Exchange Name NYSE  
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 3,074 $ 3,069 $ 8,898 $ 9,152
Cost of products sold, excluding depreciation and amortization 2,383 2,427 7,009 7,301
Depreciation and amortization 114 124 344 372
Selling and administrative expense 146 129 450 437
Restructuring and other, net (13) 15 27 32
Income from operations 444 374 1,068 1,010
Other pension and postretirement 523 11 547 38
Interest expense 119 111 344 323
Interest income (24) (13) (60) (34)
Foreign exchange 3 13 15 31
Income (loss) before taxes and equity in net earnings of affiliates (177) 252 222 652
Provision for income taxes (39) 62 55 163
Equity in net earnings of affiliates 6 10 1 20
Net income (loss) (132) 200 168 509
Net income attributable to noncontrolling interests 43 41 102 91
Net income (loss) attributable to Crown Holdings $ (175) $ 159 $ 66 $ 418
Earnings (loss) per common share attributable to Crown Holdings:        
Basic (in dollars per share) $ (1.47) $ 1.33 $ 0.55 $ 3.50
Diluted (in dollars per share) $ (1.47) $ 1.33 $ 0.55 $ 3.49
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (132) $ 200 $ 168 $ 509
Other comprehensive income / (loss), net of tax:        
Foreign currency translation adjustments (58) (46) (188) 120
Pension and other postretirement benefits 397 4 417 23
Derivatives qualifying as hedges (6) 7 3 (1)
Total other comprehensive income (loss) 333 (35) 232 142
Total comprehensive income 201 165 400 651
Net income attributable to noncontrolling interests 43 41 102 91
Translation adjustments attributable to noncontrolling interests 5 (1) 2 (2)
Comprehensive income attributable to Crown Holdings $ 153 $ 125 $ 296 $ 562
v3.24.3
CONSOLIDATED BALANCE SHEETS (Condensed) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 1,738 $ 1,310
Receivables, net 1,577 1,719
Inventories 1,565 1,613
Prepaid expenses and other current assets 230 191
Total current assets 5,110 4,833
Goodwill 3,061 3,117
Intangible assets, net 1,108 1,258
Property, plant and equipment, net 5,021 5,062
Operating lease right-of-use assets, net 206 211
Other non-current assets 589 553
Total assets 15,095 15,034
Current liabilities    
Short-term debt 89 16
Current maturities of long-term debt 749 759
Current portion of operating lease liabilities 46 45
Accounts payable 2,479 2,459
Accrued liabilities 873 922
Total current liabilities 4,236 4,201
Long-term debt, excluding current maturities 6,672 6,699
Pension and postretirement liabilities 297 414
Non-current portion of operating lease liabilities 170 175
Other non-current liabilities 675 681
Commitments and contingent liabilities (Note J)
Noncontrolling interests 513 454
Crown Holdings shareholders’ equity 2,532 2,410
Total equity 3,045 2,864
Total liabilities and equity $ 15,095 $ 15,034
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 168 $ 509
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 344 372
Restructuring and other, net 27 32
Pension and postretirement expense 564 54
Pension contributions (122) (10)
Stock-based compensation 32 27
Equity earnings, net of distributions 2 9
Working capital changes and other (118) (161)
Net cash provided by operating activities 897 832
Cash flows from investing activities    
Capital expenditures (254) (614)
Net investment hedge 25 25
Proceeds from sale of property, plant and equipment 21 5
Distribution from equity method investment 0 56
Other 0 8
Net cash used for investing activities (208) (520)
Cash flows from financing activities    
Net change in revolving credit facility and short-term debt 3 (393)
Proceeds from short-term debt 156 127
Payments of short-term debt (81) (96)
Proceeds from long-term debt 675 558
Payments of long-term debt (750) (80)
Debt issuance costs (10) (8)
Dividends paid to noncontrolling interests (45) (44)
Dividends paid to shareholders (90) (86)
Common stock repurchased (117) (12)
Other (1) (1)
Net cash used for financing activities (260) (35)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 (14)
Net change in cash, cash equivalents and restricted cash 433 263
Cash, cash equivalents and restricted cash at January 1 1,400 639
Cash, cash equivalents and restricted cash at September 30 $ 1,833 $ 902
v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Total Crown Equity
Common Stock
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2022 $ 2,287 $ 1,849 $ 600 $ 0 $ 3,141 $ (1,892) $ 438
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 122 102     102   20
Other comprehensive income 104 103       103 1
Dividends declared (36) (29)     (29)   (7)
Restricted stock awarded 0 0 1 (1)      
Stock-based compensation 11 11   11      
Common stock repurchased (6) (6)   (6)      
Balance at end of period at Mar. 31, 2023 2,482 2,030 601 4 3,214 (1,789) 452
Balance at beginning of period at Dec. 31, 2022 2,287 1,849 600 0 3,141 (1,892) 438
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 509            
Other comprehensive income 142         144  
Balance at end of period at Sep. 30, 2023 2,828 2,341 604 12 3,473 (1,748) 487
Balance at beginning of period at Mar. 31, 2023 2,482 2,030 601 4 3,214 (1,789) 452
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 187 157     157   30
Other comprehensive income 73 75       75 (2)
Dividends declared (28) (28)     (28)    
Stock-based compensation 6 6   6      
Common stock repurchased (5) (5)   (5)      
Balance at end of period at Jun. 30, 2023 2,715 2,235 601 5 3,343 (1,714) 480
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 200 159     159   41
Other comprehensive income (35) (34)       (34) (1)
Dividends declared (62) (29)     (29)   (33)
Restricted stock awarded 0 0 3 (3)      
Stock-based compensation 10 10   10      
Common stock issued 1 1   1      
Common stock repurchased (1) (1)   (1)      
Balance at end of period at Sep. 30, 2023 2,828 2,341 604 12 3,473 (1,748) 487
Balance at beginning of period at Dec. 31, 2023 2,864 2,410 604 17 3,476 (1,687) 454
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 93 67     67   26
Other comprehensive income 13 16       16 (3)
Dividends declared (45) (30)     (30)   (15)
Restricted stock awarded 0 0 1 (1)      
Stock-based compensation 12 12   12      
Common stock repurchased (5) (5)   (5)      
Balance at end of period at Mar. 31, 2024 2,932 2,470 605 23 3,513 (1,671) 462
Balance at beginning of period at Dec. 31, 2023 2,864 2,410 604 17 3,476 (1,687) 454
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 168            
Other comprehensive income 232         230  
Common stock repurchased (117)            
Balance at end of period at Sep. 30, 2024 3,045 2,532 599 0 3,390 (1,457) 513
Balance at beginning of period at Mar. 31, 2024 2,932 2,470 605 23 3,513 (1,671) 462
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 207 174     174   33
Other comprehensive income (114) (114)       (114)  
Dividends declared (55) (30)     (30)   (25)
Stock-based compensation 8 8   8      
Common stock issued 1 1   1      
Common stock repurchased (2) (2)   (2)      
Balance at end of period at Jun. 30, 2024 2,977 2,507 605 30 3,657 (1,785) 470
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (132) (175)     (175)   43
Other comprehensive income 333 328       328 5
Dividends declared (35) (30)     (30)   (5)
Restricted stock awarded 0 0 1 (1)      
Stock-based compensation 12 12   12      
Common stock repurchased (110) (110) (7) (41) (62)    
Balance at end of period at Sep. 30, 2024 $ 3,045 $ 2,532 $ 599 $ 0 $ 3,390 $ (1,457) $ 513
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
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, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023 and of its cash flows for the nine months ended September 30, 2024 and 2023. 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, 2023.

During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items in the European Beverage segment. Prior periods have been recast to conform to the new presentation.

During the first quarter of 2024, the Company completed a review of the useful lives of its beverage machinery and equipment and buildings based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized. The Company engaged a third-party appraiser to assist in this review and, as a result, effective January 1, 2024, the Company revised the estimated useful lives of buildings up to 50 years and machinery and equipment up to 23 years. The change in useful lives resulted in a net reduction in depreciation expense of approximately $16 or $0.10 and $48 or $0.30 per diluted share for the three and nine months ended September 30, 2024, respectively, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives.

In the first quarter of 2024, the Company corrected its presentation of certain borrowings and repayments of short-term debt that did not qualify for net presentation in our previously issued Consolidated Statements of Cash Flows. The Company now presents these borrowings and repayments of short-term debt on a gross basis within cash flows from financing activities. The Company determined that the corrections, which had no impact to cash flows (used for) provided by financing activities, were not material to any prior annual or interim periods and therefore, amendments of previously filed reports are not required.

The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the nine months ended September 30, 2023 were as follows:
Nine Months Ended September 30, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(362)$(31)$(393)
Proceeds from short-term debt— 127 127 
Payments of short-term debt— (96)(96)
Net cash used for financing activities(35)— (35)
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(398)$2 $(396)
Proceeds from short-term debt— 129 129 
Payments of short-term debt— (131)(131)
Net cash provided by financing activities116 — 116 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$268 $— $268 
Proceeds from short-term debt— 45 45 
Payments of short-term debt— (45)(45)
Net cash used for financing activities(25)— (25)
Year Ended December 31, 2021
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$12 $27 $39 
Proceeds from short-term debt— 15 15 
Payments of short-term debt— (42)(42)
Net cash used for financing activities(2,944)— (2,944)
v3.24.3
Recent Accounting and Reporting Pronouncements
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Recent Accounting and Reporting Pronouncements Recent Accounting and Reporting Pronouncements
Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As the guidance impacts disclosure only, it will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended December 31, 2024.

In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information
on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures.
v3.24.3
Cash, Cash Equivalents, and Restricted Cash
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash 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, 2024December 31, 2023
Cash and cash equivalents$1,738 $1,310 
Restricted cash included in prepaid expenses and other current assets95 90 
Total cash, cash equivalents and restricted cash$1,833 $1,400 

Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements.
v3.24.3
Receivables
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Receivables Receivables
September 30, 2024December 31, 2023
Accounts receivable$1,008 $1,122 
Less: allowance for credit losses(30)(29)
Net trade receivables978 1,093 
Unbilled receivables337 338 
Miscellaneous receivables262 288 
$1,577 $1,719 
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
September 30, 2024December 31, 2023
Raw materials and supplies$1,018 $1,031 
Work in process130 139 
Finished goods417 443 
$1,565 $1,613 
v3.24.3
Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
    
 September 30, 2024December 31, 2023
 GrossAccumulated amortizationNetGrossAccumulated amortizationNet
Customer relationships$1,382 $(729)$653 $1,423 $(670)$753 
Trade names541 (147)394 539 (130)409 
Technology159 (151)8 159 (133)26 
Long term supply contracts143 (92)51 167 (99)68 
Patents13 (11)2 12 (10)2 
$2,238 $(1,130)$1,108 $2,300 $(1,042)$1,258 
Net income for the three and nine months ended September 30, 2024 and 2023 included amortization expense of $41 and $122, respectively.
v3.24.3
Supplier Finance Program Obligations
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program Obligations Supplier Finance Program ObligationsThe Company has various supplier finance programs under which the Company agrees to pay banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Suppliers, at their sole discretion, have the opportunity to sell their receivables due from the Company earlier than contracted payment terms. The Company or the banks may terminate the agreements upon at least 30 days' notice. The Company does not have assets pledged as collateral for supplier finance programs. The supplier invoices that have been confirmed as valid under the programs typically have payment terms of 150 days or less, consistent with the commercial terms and conditions as agreed upon with suppliers. The Company had $877 and $862 confirmed obligations outstanding under these supplier finance programs as of September 30, 2024 and December 31, 2023 included in Accounts Payable.
v3.24.3
Restructuring and Other
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Restructuring and Other
The Company recorded restructuring and other items as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Asset sales and impairments$(21)$13 $(17)$16 
Restructuring8 1 43 15 
Other costs— 1 1 1 
$(13)$15 $27 $32 

During the nine months ended September 30, 2024, the Company closed its food can plant in La Villa, Mexico and entered into an agreement to sell equipment for $30 to be paid in three annual installments. The first $10 installment was received during the second quarter. The Company recognized a gain of $22 in the third quarter of 2024, when control of the equipment transferred.

For the three and nine months ended September 30, 2024 and September 30, 2023, restructuring primarily included headcount reductions and other exit costs in the Company's European Beverage and Other segments.

During the nine months ended September 30, 2024, the Company made payments of $50 and had a restructuring accrual of $13, primarily related to previously announced restructuring actions and the items referenced above. The Company expects to pay these amounts over the next twelve months. The Company continues to review its costs structure and may record additional restructuring charges in the future.
v3.24.3
Asbestos-Related Liabilities
 9 Months Ended
Sep. 30, 2024
Movement in Liability for Asbestos and Environmental Claims [Abstract]  
Asbestos-Related Liabilities 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.

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.
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.

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 have 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 at the time of enactment, 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 cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork.

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 nine months ended September 30, 2024, the Company paid $7 to settle asbestos claims and pay related legal and defense costs and had approximate claims activity as follows:

Beginning claims58,500 
New claims1,000
Settlements or dismissals(300)
Ending claims59,200 

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, 2023, the Company's outstanding claims were:

Claimants alleging first exposure after 196418,000 
Claimants alleging first exposure before or during 1964 filed in:
Texas13,000 
Pennsylvania1,500 
Other states that have enacted asbestos legislation6,000 
Other states20,000 
Total claims outstanding58,500 

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 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, 2023 and 2022, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows:

20232022
Total claims25 %24 %
Pre-1965 claims in states without asbestos legislation44 %43 %

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 September 30, 2024.

As of September 30, 2024, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $196, including $122 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 82% of the claims outstanding at the end of 2023), 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).
v3.24.3
Commitments and Contingent Liabilities
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $12 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 $8 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
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 U.K. The Company cooperated with the Commission and submitted a leniency application with the Commission with respect to the findings of its internal investigation in Germany. In July 2022, the Company reached a settlement with the Commission relating to the Commission’s investigation, pursuant to which the Company agreed to pay a fine in the amount of $8. Fining decisions based on settlements can be appealed under EU law and the Company sought annulment of the Commission’s fining decision on the basis that the referral of the case from the FCO to the Commission was unjustified. In October 2024, the General Court of the EU issued a judgment dismissing the Company’s appeal. The Company is considering an appeal of the General Court’s judgment to the European Court of Justice. If the Company does decide to appeal the judgement, there can be no assurance regarding the outcome of such appeal.

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. The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties, which CBP does not dispute. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment by CBP. CBP has brought suit in the U.S. Court of International Trade seeking enforcement of the initial penalty against the Company. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. However, there can be no assurance that the Company will be successful in contesting the assessed penalty.

On October 7, 2021, the French Autorité de la concurrence (the French Competition Authority or “FCA”) issued a statement of objections to 14 trade associations, one public entity and 101 legal entities from 28 corporate groups, including the Company, certain of its subsidiaries, other leading metal can manufacturers, certain can fillers and certain retailers in France. The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the European Union and L.420-1 of the French Commercial Code. The statement of objections alleges, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France. The removal of bisphenol-A was mandated by French legislation that went into effect in 2015. On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company. The Company has appealed the decision of the FCA, however there can be no assurance regarding the outcome of such appeal.

In June 2024, the Brazilian Federal Tax Authorities issued an assessment against the Company's Brazilian subsidiary in relation to the use of PIS and COFINS indirect tax credits arising from a favorable judicial decision received by the Company in 2019. The assessment disallowed credits of $42 taken by the Company for the years 2004 through 2015 when the PIS and COFINS indirect taxes were calculated by fixed rates and assessed interest and penalties. The Company does not believe that a loss for this assessment is probable and plans to challenge the assessment at the administrative and judicial level, if necessary. There can be no assurances that the Company will be successful in contesting the assessment.

The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to 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 conduct of business. At times, the Company guarantees the obligations of subsidiaries under certain of these contracts and is liable for such arrangements only if the subsidiary fails to perform its obligations under the contract.

The Company’s basic raw materials for its products are aluminum and steel, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, 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 September 30, 2024, 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.
v3.24.3
Derivative and Other Financial Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative and Other Financial Instruments Derivative and Other Financial Instruments
Fair Value Measurements

Under U.S. 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 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 forecasted transaction is reasonably possible, but not probable of occurring, the hedge no longer qualifies for hedge accounting and 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 or when the forecasted transaction becomes probable of not occurring.

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 September 30, 2024 mature between one and twenty-seven months.

The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, primarily aluminum as well as natural gas and electricity, 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. Often, foreign currency risk is hedged together with the related commodity price risk.

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

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 OCIAmount of gain/(loss) recognized in OCI
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023
Foreign exchange$(3)$(3)$(2)$— 
Commodities(6)2 (4)(14)
$(9)$(1)$(6)$(14)
Amount of gain/(loss) reclassified from AOCI into incomeAmount of gain/(loss) reclassified from AOCI into income
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023Affected line items in the Statement of Operations
Commodities$(8)$6 $(26)$10 Net sales
Foreign exchange— (1)— 1 Cost of products sold, excluding depreciation and amortization
Commodities2 (16)11 (30)Cost of products sold, excluding depreciation and amortization
(6)(11)(15)(19)Income before taxes and equity in net earnings of affiliates
2 3 5 5 Provision for income taxes
$(4)$(8)$(10)$(14)Net income

For the twelve-month period ending September 30, 2025, a net gain of $3 ($2, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No material amounts were reclassified during the nine months ended September 30, 2024 and 2023 in connection with anticipated transactions that were considered probable of not occurring.

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 and nine months ended September 30, 2024, the Company recorded a loss of $7 and a gain of $8, respectively, from foreign exchange contracts designated as fair value hedges. For the three and nine months ended
September 30, 2023, the Company recorded a gain of $3 and a loss of $7 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 qualify 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.

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 derivativePre-tax amounts of gain/(loss) recognized in income on derivative
Three Months Ended September 30,Nine Months Ended September 30,
Derivatives not designated as hedges2024202320242023Affected line item in the Statement of Operations
Foreign exchange$— $1 $— $(2)Cost of products sold, excluding depreciation and amortization
Foreign exchange1 (5)5 (1)Foreign exchange
$1 $(4)$5 $(3)

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 and nine months ended September 30, 2024, the Company recorded losses of $64 ($55, net of tax) and $11 ($11, 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. During the three and nine months ended September 30, 2023, the Company recorded gains of $37 ($31, net of tax) and $15 ($12, 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 September 30, 2024 and December 31, 2023, cumulative gains of $38 ($57, net of tax) and $49 ($68, net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedging instrument was approximately €1,232 ($1,371) at September 30, 2024.

The Company also has cross-currency swaps with an aggregate notional values of $875 designated as hedges of the Company's net investment in a euro-based subsidiary. These swaps mature in 2026 and reduced interest expense by $6 and $18 for the three and nine months ended September 30, 2024 and 2023.

The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges.


Amount of gain / (loss) recognized in AOCIAmount of gain / (loss) recognized in AOCI
Three Months ended
September 30,		Nine months ended September 30,
Derivatives designated as net investment hedges2024202320242023
Foreign exchange$(21)$14 $(9)$(5)
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 September 30, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.


Balance Sheet classificationSeptember, 30 2024December 31, 2023Balance Sheet classificationSeptember, 30 2024December 31, 2023
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowPrepaid expenses and other current assets$2 $1 Accrued liabilities$6 $2 
Foreign exchange contracts fair valuePrepaid expenses and other current assets— — Accrued liabilities— 2 
Commodities contracts cash flowPrepaid expenses and other current assets16 13 Accrued liabilities9 13 
Other non-current assets1 — Other non-current liabilities— — 
Net investment hedgeOther non-current assets35 47 Other non-current liabilities— — 
$54 $61 $15 $17 
Derivatives not designated as hedging instruments
Foreign exchange contractsPrepaid expenses and other current assets$11 $3 Accrued liabilities$11 $3 
$11 $3 $11 $3 
Total derivatives$65 $64 $26 $20 

Carrying amount of the hedged assets / liabilities
September 30,
2024		December 31,
2023
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents$— $2 
Receivables, net17 12 
Accounts payable— 120 

As of September 30, 2024 and December 31, 2023, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged assets and liabilities were net gains of $2 and $2.

Offsetting of Derivative Assets and Liabilities

Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
Gross amounts recognized in the Balance SheetGross amounts not offset in the Balance SheetNet amount
Balance at September 30, 2024
Derivative assets$65$7$58
Derivative liabilities26719
Balance at December 31, 2023
Derivative assets$64$7$57
Derivative liabilities20713

Notional Values of Outstanding Derivative Instruments

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 were:

September 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Foreign exchange$182 $75 
Commodities130 160 
Derivatives designated as fair value hedges:
Foreign exchange7 202 
Derivatives designated as net investment hedges:
Foreign exchange875 875 
Derivatives not designated as hedges:
Foreign exchange389 302 
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
September 30, 2024December 31, 2023
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$89 $89 $16 $16 
Long-term debt
Senior secured borrowings:
Revolving credit facilities——— — 
Term loan facilities
U.S. dollar due 20271,5751,5701,5751,569
Euro due 20271
579579589589
Senior notes and debentures:
€600 at 2.625% due 2024
——663662
€600 at 3.375% due 2025
668668663662
U.S. dollar at 4.25% due 2026
400398400398
U.S. dollar at 4.75% due 2026
875871875871
U.S. dollar at 7.375% due 2026
350350350350
€500 at 2.875% due 2026
557556552550
€500 at 5.00% due 2028
557551552544
€500 at 4.75% due 2029
557550552544
€600 at 4.50% due 2030
668658——
U.S. dollar at 5.25% due 2030
500495500494
U.S. dollar at 7.50% due 2096
40404040
Other indebtedness in various currencies135135185185
Total long-term debt7,461 7,421 7,496 7,458 
Less current maturities(749)(749)(759)(759)
Total long-term debt, less current maturities$6,712 $6,672 $6,737 $6,699 
(1) €520 and €533 at September 30, 2024 and December 31, 2023
The estimated fair value of the Company’s debt, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $7,596 at September 30, 2024 and $7,484 at December 31, 2023.

In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 issued at par by its subsidiary Crown European Holdings S.A. The Company paid $10 in issuance costs that will be amortized over the term of the notes. The Company used the August 2024 note issuance proceeds to repay the €600 principal amount of 2.625% senior unsecured notes due September 2024.

The U.S. dollar term loan interest rate was SOFR plus 1.35% and the Euro term loan interest rate was EURIBOR plus 1.25% at September 30, 2024 and at December 31, 2023.
v3.24.3
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The components of net periodic pension and other postretirement benefits costs for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – U.S. plans2024202320242023
Service cost$4 $4 $11 $11 
Interest cost10 14 36 40 
Expected return on plan assets(13)(15)(43)(45)
Recognized net loss8 11 30 33 
Settlement and curtailments469 — 469 — 
Net periodic cost$478 $14 $503 $39 
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – Non-U.S. plans2024202320242023
Service cost$2 $1 $6 $5 
Interest cost4 5 13 14 
Expected return on plan assets(4)(5)(15)(16)
Recognized net loss— — 3 2 
Special termination benefits— — 2 6 
Settlement and curtailments48 — 48 — 
Net periodic cost$50 $1 $57 $11 

Three Months EndedNine Months Ended
 September 30,September 30,
Other postretirement benefits2024202320242023
Interest cost$1 $1 $4 $4 
Net periodic cost$1 $1 $4 $4 

The components of net periodic cost other than the service cost component are included in Other pension and postretirement in the Consolidated Statement of Operations.

In the third quarter of 2024, the Company's Canadian and primary U.S. defined benefit pension plans (the "Canadian Plan" and the "U.S. Plans", respectively) entered into transactions to transfer a significant portion of their pension liabilities through the purchase of group annuity insurance contracts for the benefit of nearly all their respective retiree and deferred vested participants. The issuers of the group annuity insurance contracts fully guarantee and are solely responsible for paying each participant's future benefits in full. The Company used plan assets to settle $120 of Canadian Plan obligations and $740 of U.S. Plans obligations and recorded settlement charges of $48 and $469, respectively, for the Canadian and U.S. Plans. As part of the transaction, the Company also made a cash contribution of approximately $100 to the U.S. Plans.

The following table provides information about amounts reclassified from accumulated other comprehensive income.
Three Months EndedNine Months Ended
September 30,September 30,
Details about accumulated other comprehensive income components2024202320242023Affected line items in the statement of operations
Actuarial losses$8 $11 $33 $35 Other pension and postretirement
Settlement loss517 — 517 — Other pension and postretirement
525 11 550 35 Income before taxes and equity in net earnings of affiliates
(129)(2)(134)(7)Provision for income taxes
Total reclassified$396 $9 $416 $28 Net income
v3.24.3
Capital Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Capital Stock Capital Stock
On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The new authorization supersedes the previous authorization announced in December 2021, which authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The Company repurchased $117 of its shares during the nine months ended September 30, 2024, including $107 from the Canadian and U.S. pension plans in conjunction with the partial settlements of their pension obligations.
For the three months and nine months ended September 30, 2024 and 2023, the Company declared and paid cash dividends of $0.25 per share and $0.75 per share and $0.24 per share and $0.72 per share, respectively. Additionally, on October 24, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on November 27, 2024 to shareholders of record as of November 14, 2024Accumulated Other Comprehensive Loss Attributable to Crown Holdings
The following table provides information about the changes in each component of accumulated other comprehensive income/(loss).

Defined benefit plansForeign currency translationGains and losses on cash flow hedgesTotal
Balance at January 1, 2023$(686)$(1,197)$(9)$(1,892)
Other comprehensive income / (loss) before reclassifications(5)122 (15)102 
Amounts reclassified from accumulated other comprehensive income28 — 14 42 
Other comprehensive income / (loss)23 122 (1)144 
Balance at September 30, 2023$(663)$(1,075)$(10)$(1,748)
Balance at January 1, 2024$(664)$(1,022)$(1)$(1,687)
Other comprehensive income / (loss) before reclassifications1 (190)(7)(196)
Amounts reclassified from accumulated other comprehensive income416 — 10 426 
Other comprehensive income / (loss) 417 (190)3 230 
Balance at September 30, 2024$(247)$(1,212)$2 $(1,457)
See Note K and Note M for further details of amounts related to cash flow hedges and defined benefit plans.
v3.24.3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss Attributable to Crown Holdings Capital Stock
On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The new authorization supersedes the previous authorization announced in December 2021, which authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The Company repurchased $117 of its shares during the nine months ended September 30, 2024, including $107 from the Canadian and U.S. pension plans in conjunction with the partial settlements of their pension obligations.
For the three months and nine months ended September 30, 2024 and 2023, the Company declared and paid cash dividends of $0.25 per share and $0.75 per share and $0.24 per share and $0.72 per share, respectively. Additionally, on October 24, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on November 27, 2024 to shareholders of record as of November 14, 2024Accumulated Other Comprehensive Loss Attributable to Crown Holdings
The following table provides information about the changes in each component of accumulated other comprehensive income/(loss).

Defined benefit plansForeign currency translationGains and losses on cash flow hedgesTotal
Balance at January 1, 2023$(686)$(1,197)$(9)$(1,892)
Other comprehensive income / (loss) before reclassifications(5)122 (15)102 
Amounts reclassified from accumulated other comprehensive income28 — 14 42 
Other comprehensive income / (loss)23 122 (1)144 
Balance at September 30, 2023$(663)$(1,075)$(10)$(1,748)
Balance at January 1, 2024$(664)$(1,022)$(1)$(1,687)
Other comprehensive income / (loss) before reclassifications1 (190)(7)(196)
Amounts reclassified from accumulated other comprehensive income416 — 10 426 
Other comprehensive income / (loss) 417 (190)3 230 
Balance at September 30, 2024$(247)$(1,212)$2 $(1,457)
See Note K and Note M for further details of amounts related to cash flow hedges and defined benefit plans.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company recognized revenue as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Revenue recognized over time$1,730 $1,646 $5,027 $4,968 
Revenue recognized at a point in time1,344 1,423 3,871 4,184 
Total revenue$3,074 $3,069 $8,898 $9,152 

See Note R for further disaggregation of the Company's revenue.
The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less.
Contract assets are typically recognized for work in process related to the Company's three-piece printed products and equipment business. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. The Company had net contract assets of $16 and $8 as of September 30, 2024 and December 31, 2023, respectively, included in prepaid and other current assets. During the nine months ended September 30, 2024, the Company satisfied performance obligations related to contract assets at December 31, 2023 and also recorded new contract assets primarily related to work in process for the equipment business.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table summarizes the computations of basic and diluted earnings per share attributable to the Company.

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net income (loss) attributable to Crown Holdings$(175)$159 $66 $418 
Weighted average shares outstanding:
Basic119.3 119.5 119.5 119.4 
Dilutive restricted stock— 0.2 0.2 0.3 
Diluted119.3 119.7 119.7 119.7 
Basic earnings (loss) per share$(1.47)$1.33 $0.55 $3.50 
Diluted earnings (loss) per share$(1.47)$1.33 $0.55 $3.49 

For the three and nine months ended September 30, 2024 and 2023, 0.57 million and 0.68 million and 0.08 million and 0.2 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for restructuring and other and the impact of fair value adjustments related to inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.     
The tables below present information about the Company's operating segments.

 External SalesExternal Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$1,368 $1,295 $3,915 $3,848 
European Beverage573 536 1,615 1,547 
Asia Pacific284 307 853 977 
Transit Packaging 526 554 1,596 1,715 
Other323 377 919 1,065 
Total$3,074 $3,069 $8,898 $9,152 

The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K.

 Intersegment SalesIntersegment Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Transit Packaging$3 $9 $11 $36 
Other14 29 48 113 
Total$17 $38 $59 $149 

Intersegment sales primarily include equipment and parts used in the manufacturing process.
 Segment IncomeSegment Income
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$280 $232 $712 $621 
European Beverage86 73 225 181 
Asia Pacific50 33 147 107 
Transit Packaging70 89 211 256 
Total reportable segments$486 $427 $1,295 $1,165 

A reconciliation of segment income of reportable segments to income before income taxes is as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Segment income of reportable segments$486 $427 $1,295 $1,165 
Segment income of other27 37 49 100 
Corporate and unallocated items(41)(34)(127)(101)
Restructuring and other, net13 (15)(27)(32)
Amortization of intangibles(41)(41)(122)(122)
Other pension and postretirement(523)(11)(547)(38)
Interest expense(119)(111)(344)(323)
Interest income24 13 60 34 
Foreign exchange(3)(13)(15)(31)
Income from operations before taxes and equity in net earnings of affiliates$(177)$252 $222 $652 


For the three and nine months ended September 30, 2023, intercompany profits of $1 and $10 were eliminated within segment income of other.

Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ (175) $ 159 $ 66 $ 418
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Recent Accounting and Reporting Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
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, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023 and of its cash flows for the nine months ended September 30, 2024 and 2023. 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, 2023.

During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items in the European Beverage segment. Prior periods have been recast to conform to the new presentation.
Recent Accounting and Reporting Pronouncements
Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As the guidance impacts disclosure only, it will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended December 31, 2024.

In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information
on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures.
v3.24.3
Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Change in Accounting Estimate
The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the nine months ended September 30, 2023 were as follows:
Nine Months Ended September 30, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(362)$(31)$(393)
Proceeds from short-term debt— 127 127 
Payments of short-term debt— (96)(96)
Net cash used for financing activities(35)— (35)
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$(398)$2 $(396)
Proceeds from short-term debt— 129 129 
Payments of short-term debt— (131)(131)
Net cash provided by financing activities116 — 116 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$268 $— $268 
Proceeds from short-term debt— 45 45 
Payments of short-term debt— (45)(45)
Net cash used for financing activities(25)— (25)
Year Ended December 31, 2021
As Previously ReportedAdjustmentsAs Revised
Net change in revolving credit facility and short-term debt$12 $27 $39 
Proceeds from short-term debt— 15 15 
Payments of short-term debt— (42)(42)
Net cash used for financing activities(2,944)— (2,944)
v3.24.3
Cash, Cash Equivalents, and Restricted Cash (Tables)
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of 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, 2024December 31, 2023
Cash and cash equivalents$1,738 $1,310 
Restricted cash included in prepaid expenses and other current assets95 90 
Total cash, cash equivalents and restricted cash$1,833 $1,400 
Schedule of Cash and Cash Equivalents
Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows:

September 30, 2024December 31, 2023
Cash and cash equivalents$1,738 $1,310 
Restricted cash included in prepaid expenses and other current assets95 90 
Total cash, cash equivalents and restricted cash$1,833 $1,400 
v3.24.3
Receivables (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Receivables
September 30, 2024December 31, 2023
Accounts receivable$1,008 $1,122 
Less: allowance for credit losses(30)(29)
Net trade receivables978 1,093 
Unbilled receivables337 338 
Miscellaneous receivables262 288 
$1,577 $1,719 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
September 30, 2024December 31, 2023
Raw materials and supplies$1,018 $1,031 
Work in process130 139 
Finished goods417 443 
$1,565 $1,613 
v3.24.3
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-lived Intangible Assets by Major Class
Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
    
 September 30, 2024December 31, 2023
 GrossAccumulated amortizationNetGrossAccumulated amortizationNet
Customer relationships$1,382 $(729)$653 $1,423 $(670)$753 
Trade names541 (147)394 539 (130)409 
Technology159 (151)8 159 (133)26 
Long term supply contracts143 (92)51 167 (99)68 
Patents13 (11)2 12 (10)2 
$2,238 $(1,130)$1,108 $2,300 $(1,042)$1,258 
v3.24.3
Restructuring and Other (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Charges
The Company recorded restructuring and other items as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Asset sales and impairments$(21)$13 $(17)$16 
Restructuring8 1 43 15 
Other costs— 1 1 1 
$(13)$15 $27 $32 
v3.24.3
Asbestos-Related Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Movement in Liability for Asbestos and Environmental Claims [Abstract]  
Schedule of Claims Activity
During the nine months ended September 30, 2024, the Company paid $7 to settle asbestos claims and pay related legal and defense costs and had approximate claims activity as follows:

Beginning claims58,500 
New claims1,000
Settlements or dismissals(300)
Ending claims59,200 
Schedule of Outstanding Asbestos Claims by Years of Exposure and State Filed
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, 2023, the Company's outstanding claims were:

Claimants alleging first exposure after 196418,000 
Claimants alleging first exposure before or during 1964 filed in:
Texas13,000 
Pennsylvania1,500 
Other states that have enacted asbestos legislation6,000 
Other states20,000 
Total claims outstanding58,500 
Schedule of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases
As of December 31, 2023 and 2022, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows:

20232022
Total claims25 %24 %
Pre-1965 claims in states without asbestos legislation44 %43 %
v3.24.3
Derivative and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
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 OCIAmount of gain/(loss) recognized in OCI
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023
Foreign exchange$(3)$(3)$(2)$— 
Commodities(6)2 (4)(14)
$(9)$(1)$(6)$(14)
Amount of gain/(loss) reclassified from AOCI into incomeAmount of gain/(loss) reclassified from AOCI into income
Three Months Ended September 30,Nine Months Ended
September 30,
Derivatives in cash flow hedges2024202320242023Affected line items in the Statement of Operations
Commodities$(8)$6 $(26)$10 Net sales
Foreign exchange— (1)— 1 Cost of products sold, excluding depreciation and amortization
Commodities2 (16)11 (30)Cost of products sold, excluding depreciation and amortization
(6)(11)(15)(19)Income before taxes and equity in net earnings of affiliates
2 3 5 5 Provision for income taxes
$(4)$(8)$(10)$(14)Net income
Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments
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 derivativePre-tax amounts of gain/(loss) recognized in income on derivative
Three Months Ended September 30,Nine Months Ended September 30,
Derivatives not designated as hedges2024202320242023Affected line item in the Statement of Operations
Foreign exchange$— $1 $— $(2)Cost of products sold, excluding depreciation and amortization
Foreign exchange1 (5)5 (1)Foreign exchange
$1 $(4)$5 $(3)
Schedule of Derivative Instruments Included in Earnings
The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges.


Amount of gain / (loss) recognized in AOCIAmount of gain / (loss) recognized in AOCI
Three Months ended
September 30,		Nine months ended September 30,
Derivatives designated as net investment hedges2024202320242023
Foreign exchange$(21)$14 $(9)$(5)
Schedule of Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets
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 September 30, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.


Balance Sheet classificationSeptember, 30 2024December 31, 2023Balance Sheet classificationSeptember, 30 2024December 31, 2023
Derivatives designated as hedging instruments
Foreign exchange contracts cash flowPrepaid expenses and other current assets$2 $1 Accrued liabilities$6 $2 
Foreign exchange contracts fair valuePrepaid expenses and other current assets— — Accrued liabilities— 2 
Commodities contracts cash flowPrepaid expenses and other current assets16 13 Accrued liabilities9 13 
Other non-current assets1 — Other non-current liabilities— — 
Net investment hedgeOther non-current assets35 47 Other non-current liabilities— — 
$54 $61 $15 $17 
Derivatives not designated as hedging instruments
Foreign exchange contractsPrepaid expenses and other current assets$11 $3 Accrued liabilities$11 $3 
$11 $3 $11 $3 
Total derivatives$65 $64 $26 $20 
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount
Carrying amount of the hedged assets / liabilities
September 30,
2024		December 31,
2023
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents$— $2 
Receivables, net17 12 
Accounts payable— 120 
Schedule of Offsetting Derivative Assets and Liabilities In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
Gross amounts recognized in the Balance SheetGross amounts not offset in the Balance SheetNet amount
Balance at September 30, 2024
Derivative assets$65$7$58
Derivative liabilities26719
Balance at December 31, 2023
Derivative assets$64$7$57
Derivative liabilities20713
Schedule of Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet
The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 were:

September 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Foreign exchange$182 $75 
Commodities130 160 
Derivatives designated as fair value hedges:
Foreign exchange7 202 
Derivatives designated as net investment hedges:
Foreign exchange875 875 
Derivatives not designated as hedges:
Foreign exchange389 302 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of of Outstanding Debt
September 30, 2024December 31, 2023
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$89 $89 $16 $16 
Long-term debt
Senior secured borrowings:
Revolving credit facilities——— — 
Term loan facilities
U.S. dollar due 20271,5751,5701,5751,569
Euro due 20271
579579589589
Senior notes and debentures:
€600 at 2.625% due 2024
——663662
€600 at 3.375% due 2025
668668663662
U.S. dollar at 4.25% due 2026
400398400398
U.S. dollar at 4.75% due 2026
875871875871
U.S. dollar at 7.375% due 2026
350350350350
€500 at 2.875% due 2026
557556552550
€500 at 5.00% due 2028
557551552544
€500 at 4.75% due 2029
557550552544
€600 at 4.50% due 2030
668658——
U.S. dollar at 5.25% due 2030
500495500494
U.S. dollar at 7.50% due 2096
40404040
Other indebtedness in various currencies135135185185
Total long-term debt7,461 7,421 7,496 7,458 
Less current maturities(749)(749)(759)(759)
Total long-term debt, less current maturities$6,712 $6,672 $6,737 $6,699 
(1) €520 and €533 at September 30, 2024 and December 31, 2023
v3.24.3
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Pension and Other Postretirement Benefits Costs
The components of net periodic pension and other postretirement benefits costs for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – U.S. plans2024202320242023
Service cost$4 $4 $11 $11 
Interest cost10 14 36 40 
Expected return on plan assets(13)(15)(43)(45)
Recognized net loss8 11 30 33 
Settlement and curtailments469 — 469 — 
Net periodic cost$478 $14 $503 $39 
Three Months EndedNine Months Ended
 September 30,September 30,
Pension benefits – Non-U.S. plans2024202320242023
Service cost$2 $1 $6 $5 
Interest cost4 5 13 14 
Expected return on plan assets(4)(5)(15)(16)
Recognized net loss— — 3 2 
Special termination benefits— — 2 6 
Settlement and curtailments48 — 48 — 
Net periodic cost$50 $1 $57 $11 

Three Months EndedNine Months Ended
 September 30,September 30,
Other postretirement benefits2024202320242023
Interest cost$1 $1 $4 $4 
Net periodic cost$1 $1 $4 $4 
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table provides information about amounts reclassified from accumulated other comprehensive income.
Three Months EndedNine Months Ended
September 30,September 30,
Details about accumulated other comprehensive income components2024202320242023Affected line items in the statement of operations
Actuarial losses$8 $11 $33 $35 Other pension and postretirement
Settlement loss517 — 517 — Other pension and postretirement
525 11 550 35 Income before taxes and equity in net earnings of affiliates
(129)(2)(134)(7)Provision for income taxes
Total reclassified$396 $9 $416 $28 Net income
v3.24.3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table provides information about the changes in each component of accumulated other comprehensive income/(loss).

Defined benefit plansForeign currency translationGains and losses on cash flow hedgesTotal
Balance at January 1, 2023$(686)$(1,197)$(9)$(1,892)
Other comprehensive income / (loss) before reclassifications(5)122 (15)102 
Amounts reclassified from accumulated other comprehensive income28 — 14 42 
Other comprehensive income / (loss)23 122 (1)144 
Balance at September 30, 2023$(663)$(1,075)$(10)$(1,748)
Balance at January 1, 2024$(664)$(1,022)$(1)$(1,687)
Other comprehensive income / (loss) before reclassifications1 (190)(7)(196)
Amounts reclassified from accumulated other comprehensive income416 — 10 426 
Other comprehensive income / (loss) 417 (190)3 230 
Balance at September 30, 2024$(247)$(1,212)$2 $(1,457)
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognized
The Company recognized revenue as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Revenue recognized over time$1,730 $1,646 $5,027 $4,968 
Revenue recognized at a point in time1,344 1,423 3,871 4,184 
Total revenue$3,074 $3,069 $8,898 $9,152 
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table summarizes the computations of basic and diluted earnings per share attributable to the Company.

Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Net income (loss) attributable to Crown Holdings$(175)$159 $66 $418 
Weighted average shares outstanding:
Basic119.3 119.5 119.5 119.4 
Dilutive restricted stock— 0.2 0.2 0.3 
Diluted119.3 119.7 119.7 119.7 
Basic earnings (loss) per share$(1.47)$1.33 $0.55 $3.50 
Diluted earnings (loss) per share$(1.47)$1.33 $0.55 $3.49 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Information about Operating Segments
The tables below present information about the Company's operating segments.

 External SalesExternal Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$1,368 $1,295 $3,915 $3,848 
European Beverage573 536 1,615 1,547 
Asia Pacific284 307 853 977 
Transit Packaging 526 554 1,596 1,715 
Other323 377 919 1,065 
Total$3,074 $3,069 $8,898 $9,152 

The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K.

 Intersegment SalesIntersegment Sales
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Transit Packaging$3 $9 $11 $36 
Other14 29 48 113 
Total$17 $38 $59 $149 

Intersegment sales primarily include equipment and parts used in the manufacturing process.
 Segment IncomeSegment Income
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Americas Beverage$280 $232 $712 $621 
European Beverage86 73 225 181 
Asia Pacific50 33 147 107 
Transit Packaging70 89 211 256 
Total reportable segments$486 $427 $1,295 $1,165 
Schedule of Reconciliation of Segment Income
A reconciliation of segment income of reportable segments to income before income taxes is as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
Segment income of reportable segments$486 $427 $1,295 $1,165 
Segment income of other27 37 49 100 
Corporate and unallocated items(41)(34)(127)(101)
Restructuring and other, net13 (15)(27)(32)
Amortization of intangibles(41)(41)(122)(122)
Other pension and postretirement(523)(11)(547)(38)
Interest expense(119)(111)(344)(323)
Interest income24 13 60 34 
Foreign exchange(3)(13)(15)(31)
Income from operations before taxes and equity in net earnings of affiliates$(177)$252 $222 $652 
v3.24.3
Basis of Presentation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jan. 01, 2024
Property, Plant and Equipment [Line Items]          
Diluted (in dollars per share) $ (1.47) $ 1.33 $ 0.55 $ 3.49  
Service Life          
Property, Plant and Equipment [Line Items]          
Depreciation expense $ (16)   $ (48)    
Diluted (in dollars per share) $ (0.10)   $ (0.30)    
Building          
Property, Plant and Equipment [Line Items]          
Useful lives         50 years
Machinery and Equipment          
Property, Plant and Equipment [Line Items]          
Useful lives         23 years
v3.24.3
Basis of Presentation - Schedule of Effect of Change in Estimate (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in Accounting Estimate [Line Items]          
Net change in revolving credit facility and short-term debt $ 3 $ (393) $ (396) $ 268 $ 39
Proceeds from short-term debt 156 127 129 45 15
Payments of short-term debt (81) (96) (131) (45) (42)
Net cash provided by (used for) financing activities $ (260) (35) 116 (25) (2,944)
As Previously Reported          
Change in Accounting Estimate [Line Items]          
Net change in revolving credit facility and short-term debt   (362) (398) 268 12
Proceeds from short-term debt   0 0 0 0
Payments of short-term debt   0 0 0 0
Net cash provided by (used for) financing activities   (35) 116 (25) (2,944)
Adjustments          
Change in Accounting Estimate [Line Items]          
Net change in revolving credit facility and short-term debt   (31) 2 0 27
Proceeds from short-term debt   127 129 45 15
Payments of short-term debt   (96) (131) (45) (42)
Net cash provided by (used for) financing activities   $ 0 $ 0 $ 0 $ 0
v3.24.3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 1,738 $ 1,310    
Restricted cash included in prepaid expenses and other current assets 95 90    
Total cash, cash equivalents and restricted cash $ 1,833 $ 1,400 $ 902 $ 639
v3.24.3
Receivables - Schedule of Receivables (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Accounts receivable $ 1,008 $ 1,122
Less: allowance for credit losses (30) (29)
Net trade receivables 978 1,093
Unbilled receivables 337 338
Miscellaneous receivables 262 288
Receivables, net $ 1,577 $ 1,719
v3.24.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 1,018 $ 1,031
Work in process 130 139
Finished goods 417 443
Total inventories $ 1,565 $ 1,613
v3.24.3
Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross $ 2,238 $ 2,300
Accumulated amortization (1,130) (1,042)
Net 1,108 1,258
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross 1,382 1,423
Accumulated amortization (729) (670)
Net 653 753
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross 541 539
Accumulated amortization (147) (130)
Net 394 409
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross 159 159
Accumulated amortization (151) (133)
Net 8 26
Long term supply contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross 143 167
Accumulated amortization (92) (99)
Net 51 68
Patents    
Finite-Lived Intangible Assets [Line Items]    
Gross 13 12
Accumulated amortization (11) (10)
Net $ 2 $ 2
v3.24.3
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangibles $ 41 $ 41 $ 122 $ 122
v3.24.3
Supplier Finance Program Obligations (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Supplier Finance Program [Line Items]    
Supplier finance program, payment timing, period (in days) 150 days  
Supplier finance program, obligation, current $ 877 $ 862
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
Minimum    
Supplier Finance Program [Line Items]    
Supplier finance program, agreement notice, period (in days) 30 days  
v3.24.3
Restructuring and Other - Schedule of Restructuring and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring and Related Activities [Abstract]        
Asset sales and impairments $ (21) $ 13 $ (17) $ 16
Restructuring 8 1 43 15
Other costs 0 1 1 1
Restructuring and other $ (13) $ 15 $ 27 $ 32
v3.24.3
Restructuring and Other - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
installment
Sep. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Proceeds from sale of property, plant and equipment     $ 21 $ 5
Payments for restructuring     50  
Restructuring accrual $ 13   13  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Food Can Plant, La Villa Mexico        
Restructuring Cost and Reserve [Line Items]        
Discontinued operations sale consideration 30   $ 30  
Disposal group on sale consideration, number of annual installments | installment     3  
Proceeds from sale of property, plant and equipment   $ 10    
Gain on disposition of property plant equipment $ 22      
v3.24.3
Asbestos-Related Liabilities - Narrative (Details)
inactiveClaim in Thousands, $ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
inactiveClaim
Dec. 31, 2023
Movement in Liability for Asbestos and Environmental Claims [Abstract]    
Holding period for insulation operations (in days) 90 days  
Liability for asbestos and environmental claims net claims paid $ 7  
Inactive claims (in claims) | inactiveClaim 19  
Accrued asbestos claims and related legal costs $ 196  
Unasserted claims $ 122  
Claims that do not specify damages (as a percent)   82.00%
v3.24.3
Asbestos-Related Liabilities - Schedule of Claims Activity (Details)
 9 Months Ended
Sep. 30, 2024
claim
Loss Contingency Accrual [Roll Forward]  
Beginning claims 58,500
New claims 1,000
Settlements or dismissals (300)
Ending claims 59,200
v3.24.3
Asbestos-Related Liabilities - Schedule of Outstanding Claims by Year of Exposure and State Filed (Details) - claim
Sep. 30, 2024
Dec. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding 59,200 58,500
Asbestos After 1964    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding   18,000
Asbestos Before Or During 1964 | Texas    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding   13,000
Asbestos Before Or During 1964 | Pennsylvania    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding   1,500
Asbestos Before Or During 1964 | Other states that have enacted asbestos legislation    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding   6,000
Asbestos Before Or During 1964 | Other states    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims outstanding   20,000
v3.24.3
Asbestos-Related Liabilities - Schedule of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details)
Dec. 31, 2023
Dec. 31, 2022
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims alleging serious diseases (as a percent) 25.00% 24.00%
Pre-1965 claims in states without asbestos legislation    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Claims alleging serious diseases (as a percent) 44.00% 43.00%
v3.24.3
Commitments and Contingent Liabilities (Details)
€ in Millions, $ in Millions
 1 Months Ended
Jul. 31, 2022
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 29, 2023
EUR (€)
Mar. 31, 2017
USD ($)
Violation of Articles 101 of the Treaty of the French Commercial Code by FCA          
Commitments And Contingent Liabilities [Line Items]          
Assessed penalty | €       € 4  
Disallowance, Input Tax Credit | BRAZIL          
Commitments And Contingent Liabilities [Line Items]          
Assessed penalty | €     € 42    
CCK vs. FCO          
Commitments And Contingent Liabilities [Line Items]          
Fine amount $ 8        
PRP Sites          
Commitments And Contingent Liabilities [Line Items]          
Estimated future remediation costs   $ 12      
Non- PRP Sites          
Commitments And Contingent Liabilities [Line Items]          
Estimated future remediation costs   $ 8      
U.S. Customs and Border Protection (CBP) | Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009          
Commitments And Contingent Liabilities [Line Items]          
Assessed penalty         $ 18
v3.24.3
Derivative and Other Financial Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]            
Objective for using derivative instruments     The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow.      
Gain (loss) expected to be reclassified to earnings     $ 3      
Gain (loss) net of tax, expected to be reclassified to earnings     2      
Reclassification of anticipated transactions that were no longer considered probable     0 $ 0    
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax $ (64) $ 37 (11) 15    
Gain (loss) on net investment hedge settlements, net of tax (55) 31 (11) 12    
Reduction in interest expense 6 6 18 18    
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets 2   2     $ 2
Hedged liability, fair value hedge, cumulative increase (decrease) 2   2     2
Accumulated Other Comprehensive Gain            
Derivative Instruments, Gain (Loss) [Line Items]            
Gain on net investment hedge settlements 38   38     49
Gain on net investment hedge settlements, net of tax 57   57     $ 68
Derivatives Designated as Net Investment Hedges            
Derivative Instruments, Gain (Loss) [Line Items]            
Carrying amount of hedged net investment 1,371   1,371   € 1,232  
Foreign Exchange            
Derivative Instruments, Gain (Loss) [Line Items]            
Gain (loss) from foreign exchange contracts designated as fair value hedges (7) $ 3 8 $ (7)    
Cross Currency Interest Rate Contract            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount $ 875   $ 875      
Minimum            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, remaining maturity range (in months) 1 month   1 month   1 month  
Maximum            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, remaining maturity range (in months) 27 months   27 months   27 months  
v3.24.3
Derivative and Other Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]                
Amount of gain/(loss) recognized in OCI $ (9)     $ (1)     $ (6) $ (14)
Net sales 3,074     3,069     8,898 9,152
Cost of products sold, excluding depreciation and amortization 2,383     2,427     7,009 7,301
Income from operations before taxes and equity in net earnings of affiliates (177)     252     222 652
Provision for income taxes (39)     62     55 163
Net income (loss) (132) $ 207 $ 93 200 $ 187 $ 122 168 509
Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income                
Derivative Instruments, Gain (Loss) [Line Items]                
Income from operations before taxes and equity in net earnings of affiliates (6)     (11)     (15) (19)
Provision for income taxes 2     3     5 5
Net income (loss) (4)     (8)     (10) (14)
Foreign Exchange                
Derivative Instruments, Gain (Loss) [Line Items]                
Amount of gain/(loss) recognized in OCI (3)     (3)     (2) 0
Foreign Exchange | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income                
Derivative Instruments, Gain (Loss) [Line Items]                
Cost of products sold, excluding depreciation and amortization 0     (1)     0 1
Commodities                
Derivative Instruments, Gain (Loss) [Line Items]                
Amount of gain/(loss) recognized in OCI (6)     2     (4) (14)
Commodities | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income                
Derivative Instruments, Gain (Loss) [Line Items]                
Net sales (8)     6     (26) 10
Cost of products sold, excluding depreciation and amortization $ 2     $ (16)     $ 11 $ (30)
v3.24.3
Derivative and Other Financial Instruments - Schedule of Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Foreign Exchange - Derivatives not designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]        
Pre-tax amounts of gain/(loss) recognized in income on derivative $ 1 $ (4) $ 5 $ (3)
Cost of products sold, excluding depreciation and amortization        
Derivative [Line Items]        
Pre-tax amounts of gain/(loss) recognized in income on derivative 0 1 0 (2)
Foreign exchange        
Derivative [Line Items]        
Pre-tax amounts of gain/(loss) recognized in income on derivative $ 1 $ (5) $ 5 $ (1)
v3.24.3
Derivative and Other Financial Instruments - Schedule of Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]        
Amount of gain / (loss) recognized in AOCI $ (64) $ 37 $ (11) $ 15
Foreign Exchange | Designated as Hedging Instrument        
Derivative [Line Items]        
Amount of gain / (loss) recognized in AOCI $ (21) $ 14 $ (9) $ (5)
v3.24.3
Derivative and Other Financial Instruments - Schedule of Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative assets    
Total derivatives $ 65 $ 64
Derivative liabilities    
Total derivatives 26 20
Fair Value, Inputs, Level 2    
Derivative assets    
Total derivatives 65 64
Derivative liabilities    
Total derivatives 26 20
Prepaid expenses and other current assets | Foreign Exchange | Fair Value, Inputs, Level 2 | Derivatives not designated as hedging instruments    
Derivative assets    
Derivatives not designated as hedging instruments 11 3
Prepaid expenses and other current assets | Foreign Exchange | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 2 1
Prepaid expenses and other current assets | Foreign Exchange | Derivatives in Fair Value Hedges | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 0 0
Prepaid expenses and other current assets | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 16 13
Other non-current assets | Net Investment Hedge | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 35 47
Other non-current assets | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 1 0
Other assets | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative assets    
Derivatives designated as hedging instruments 54 61
Other assets | Fair Value, Inputs, Level 2 | Derivatives not designated as hedging instruments    
Derivative assets    
Derivatives not designated as hedging instruments 11 3
Accrued liabilities | Foreign Exchange | Fair Value, Inputs, Level 2 | Derivatives not designated as hedging instruments    
Derivative liabilities    
Derivatives not designated as hedging instruments 11 3
Accrued liabilities | Foreign Exchange | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 6 2
Accrued liabilities | Foreign Exchange | Derivatives in Fair Value Hedges | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 0 2
Accrued liabilities | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 9 13
Other non-current liabilities | Net Investment Hedge | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 0 0
Other non-current liabilities | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 0 0
Other liabilities | Fair Value, Inputs, Level 2 | Derivatives designated as hedging instruments    
Derivative liabilities    
Derivatives designated as hedging instruments 15 17
Other liabilities | Fair Value, Inputs, Level 2 | Derivatives not designated as hedging instruments    
Derivative liabilities    
Derivatives not designated as hedging instruments $ 11 $ 3
v3.24.3
Derivative and Other Financial Instruments - Schedule of Fair Value Hedge Carrying Amounts (Details) - Derivatives in Fair Value Hedges - Designated as Hedging Instrument - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Cash and cash equivalents    
Derivative [Line Items]    
Carrying amount of hedged assets $ 0 $ 2
Receivables, net    
Derivative [Line Items]    
Carrying amount of hedged assets 17 12
Accounts payable    
Derivative [Line Items]    
Accounts payable $ 0 $ 120
v3.24.3
Derivative and Other Financial Instruments - Schedule of Offsetting of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative assets    
Gross amounts recognized in the Balance Sheet $ 65 $ 64
Gross amounts not offset in the Balance Sheet 7 7
Net amount 58 57
Derivative liabilities    
Gross amounts recognized in the Balance Sheet 26 20
Gross amounts not offset in the Balance Sheet 7 7
Net amount $ 19 $ 13
v3.24.3
Derivative and Other Financial Instruments - Schedule of Notional Values of Outstanding Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Foreign Exchange | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 389 $ 302
Foreign Exchange | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 182 75
Foreign Exchange | Derivatives in Fair Value Hedges | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 7 202
Foreign Exchange | Net Investment Hedging | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 875 875
Commodities | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 130 $ 160
v3.24.3
Debt - Schedule of Outstanding Debt (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Aug. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Principal outstanding          
Short-term debt $ 89     $ 16  
Total long-term debt 7,461     7,496  
Less current maturities (749)     (759)  
Total long-term debt, less current maturities 6,712     6,737  
Carrying amount          
Total long-term debt 7,421     7,458  
Less current maturities (749)     (759)  
Total long-term debt, less current maturities 6,672     6,699  
Senior Secured Borrowings | U.S. dollar due 2027          
Principal outstanding          
Total long-term debt 1,575     1,575  
Carrying amount          
Total long-term debt 1,570     1,569  
Senior Secured Borrowings | Euro due 2027          
Principal outstanding          
Total long-term debt 579     589  
Carrying amount          
Total long-term debt 579     589  
Debt, face amount | €   € 520,000,000     € 533,000,000
Senior Notes and Debentures | €600 at 2.625% due 2024          
Principal outstanding          
Total long-term debt 0     663  
Carrying amount          
Total long-term debt $ 0     662  
Debt, face amount | €   € 600,000,000      
Debt instrument, stated percentage 2.625% 2.625%      
Senior Notes and Debentures | €600 at 3.375% due 2025          
Principal outstanding          
Total long-term debt $ 668     663  
Carrying amount          
Total long-term debt $ 668     662  
Debt, face amount | €   € 600,000,000      
Debt instrument, stated percentage 3.375% 3.375%      
Senior Notes and Debentures | U.S. dollar at 4.25% due 2026          
Principal outstanding          
Total long-term debt $ 400     400  
Carrying amount          
Total long-term debt $ 398     398  
Debt instrument, stated percentage 4.25% 4.25%      
Senior Notes and Debentures | U.S. dollar at 4.75% due 2026          
Principal outstanding          
Total long-term debt $ 875     875  
Carrying amount          
Total long-term debt $ 871     871  
Debt instrument, stated percentage 4.75% 4.75%      
Senior Notes and Debentures | U.S. dollar at 7.375% due 2026          
Principal outstanding          
Total long-term debt $ 350     350  
Carrying amount          
Total long-term debt $ 350     350  
Debt instrument, stated percentage 7.375% 7.375%      
Senior Notes and Debentures | €500 at 2.875% due 2026          
Principal outstanding          
Total long-term debt $ 557     552  
Carrying amount          
Total long-term debt $ 556     550  
Debt, face amount | €   € 500,000,000      
Debt instrument, stated percentage 2.875% 2.875%      
Senior Notes and Debentures | €500 at 5.00% due 2028          
Principal outstanding          
Total long-term debt $ 557     552  
Carrying amount          
Total long-term debt $ 551     544  
Debt, face amount | €   € 500,000,000      
Debt instrument, stated percentage 5.00% 5.00%      
Senior Notes and Debentures | €500 at 4.75% due 2029          
Principal outstanding          
Total long-term debt $ 557     552  
Carrying amount          
Total long-term debt $ 550     544  
Debt, face amount | €   € 500,000,000      
Debt instrument, stated percentage 4.75% 4.75%      
Senior Notes and Debentures | €600 at 4.50% due 2030          
Principal outstanding          
Total long-term debt $ 668     0  
Carrying amount          
Total long-term debt $ 658     0  
Debt, face amount | €   € 600,000,000 € 600,000,000    
Debt instrument, stated percentage 4.50% 4.50% 4.50%    
Senior Notes and Debentures | U.S. dollar at 5.25% due 2030          
Principal outstanding          
Total long-term debt $ 500     500  
Carrying amount          
Total long-term debt $ 495     494  
Debt instrument, stated percentage 5.25% 5.25%      
Senior Notes and Debentures | U.S. dollar at 7.50% due 2096          
Principal outstanding          
Total long-term debt $ 40     40  
Carrying amount          
Total long-term debt $ 40     40  
Debt instrument, stated percentage 7.50% 7.50%      
Other Indebtedness, Fixed Rate          
Principal outstanding          
Total long-term debt $ 135     185  
Carrying amount          
Total long-term debt 135     185  
Revolving Credit Facility | Line of Credit          
Principal outstanding          
Total long-term debt 0     0  
Carrying amount          
Total long-term debt $ 0     $ 0  
v3.24.3
Debt - Narrative (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Aug. 31, 2024
EUR (€)
Aug. 31, 2024
USD ($)
€600 at 2.625% due 2024 | Senior Notes and Debentures          
Debt Instrument [Line Items]          
Debt, face amount € 600,000,000        
Debt instrument, stated percentage 2.625%   2.625%    
Senior Secured Borrowings | SOFR          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate (as a percent) 1.35% 1.35%      
Senior Secured Borrowings | EURIBOR          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate (as a percent) 1.25% 1.25%      
Senior Notes and Debentures | €600 at 4.50% due 2030          
Debt Instrument [Line Items]          
Debt, face amount € 600,000,000     € 600,000,000  
Debt instrument, stated percentage 4.50%   4.50% 4.50% 4.50%
Issuance costs | $         $ 10
Senior Notes and Debentures | €600 at 2.625% due 2024          
Debt Instrument [Line Items]          
Debt, face amount € 600,000,000        
Debt instrument, stated percentage 2.625%   2.625%    
Fair Value, Inputs, Level 2          
Debt Instrument [Line Items]          
Long-term debt fair value | $   $ 7,484 $ 7,596    
v3.24.3
Pension and Other Postretirement Benefits - Schedule of Components of Net Periodic Pension and Other Postretirement Benefits Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost $ 1 $ 1 $ 4 $ 4
Net periodic cost 1 1 4 4
U.S. | Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 4 4 11 11
Interest cost 10 14 36 40
Expected return on plan assets (13) (15) (43) (45)
Recognized net loss 8 11 30 33
Settlement and curtailments 469 0 469 0
Net periodic cost 478 14 503 39
Non U.S. | Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 2 1 6 5
Interest cost 4 5 13 14
Expected return on plan assets (4) (5) (15) (16)
Recognized net loss 0 0 3 2
Settlement and curtailments 48 0 48 0
Special termination benefits 0 0 2 6
Net periodic cost $ 50 $ 1 $ 57 $ 11
v3.24.3
Pension and Other Postretirement Benefits - Narrative (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Amount of irrevocable transfer $ 120  
Settlement charge 48  
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Amount of irrevocable transfer $ 740  
Settlement charge   $ 469
Employer contributions   $ 100
v3.24.3
Pension and Other Postretirement Benefits - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]                
Income before taxes and equity in net earnings of affiliates $ (177)     $ 252     $ 222 $ 652
Provision for income taxes 39     (62)     (55) (163)
Net income (loss) (132) $ 207 $ 93 200 $ 187 $ 122 168 509
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans adjustment                
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]                
Income before taxes and equity in net earnings of affiliates 525     11     550 35
Provision for income taxes (129)     (2)     (134) (7)
Net income (loss) 396     9     416 28
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses                
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]                
Other pension and postretirement 8     11     33 35
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss                
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]                
Other pension and postretirement $ 517     $ 0     $ 517 $ 0
v3.24.3
Capital Stock (Details) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 24, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Jul. 25, 2024
Dec. 31, 2021
Dividends Payable [Line Items]                      
Stock repurchase program, authorized amount                   $ 2,000,000,000 $ 3,000,000,000
Common stock repurchased   $ 110,000,000 $ 2,000,000 $ 5,000,000 $ 1,000,000 $ 5,000,000 $ 6,000,000 $ 117,000,000      
Stock repurchased related to settlement of pension obligation               $ 107,000,000      
Common stock, dividends, per share, paid (in dollars per share)   $ 0.25     $ 0.24     $ 0.75 $ 0.72    
Common stock, dividends, per share, declared (in dollars per share)   $ 0.25     $ 0.24     $ 0.75 $ 0.72    
Subsequent Event                      
Dividends Payable [Line Items]                      
Common stock, dividends, per share, declared (in dollars per share) $ 0.25                    
v3.24.3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable To Parent Net Of Tax [Roll Forward]                    
Balance at beginning of period $ 3,045 $ 2,977 $ 2,932 $ 2,828 $ 2,715 $ 2,482 $ 3,045 $ 2,828 $ 2,864 $ 2,287
Total other comprehensive income (loss) 333 (114) 13 (35) 73 104 232 142    
Balance at end of period 3,045 2,977 2,932 2,828 2,715 2,482 3,045 2,828    
Total                    
AOCI Attributable To Parent Net Of Tax [Roll Forward]                    
Balance at beginning of period (1,457) (1,785) (1,671) (1,748) (1,714) (1,789) (1,457) (1,748) (1,687) (1,892)
Other comprehensive income / (loss) before reclassifications             (196) 102    
Amounts reclassified from accumulated other comprehensive income             426 42    
Total other comprehensive income (loss) 328 (114) 16 (34) 75 103 230 144    
Balance at end of period (1,457) $ (1,785) $ (1,671) (1,748) $ (1,714) $ (1,789) (1,457) (1,748)    
Defined benefit plans                    
AOCI Attributable To Parent Net Of Tax [Roll Forward]                    
Balance at beginning of period (247)     (663)     (247) (663) (664) (686)
Other comprehensive income / (loss) before reclassifications             1 (5)    
Amounts reclassified from accumulated other comprehensive income             416 28    
Total other comprehensive income (loss)             417 23    
Balance at end of period (247)     (663)     (247) (663)    
Foreign currency translation                    
AOCI Attributable To Parent Net Of Tax [Roll Forward]                    
Balance at beginning of period (1,212)     (1,075)     (1,212) (1,075) (1,022) (1,197)
Other comprehensive income / (loss) before reclassifications             (190) 122    
Amounts reclassified from accumulated other comprehensive income             0 0    
Total other comprehensive income (loss)             (190) 122    
Balance at end of period (1,212)     (1,075)     (1,212) (1,075)    
Gains and losses on cash flow hedges                    
AOCI Attributable To Parent Net Of Tax [Roll Forward]                    
Balance at beginning of period 2     (10)     2 (10) $ (1) $ (9)
Other comprehensive income / (loss) before reclassifications             (7) (15)    
Amounts reclassified from accumulated other comprehensive income             10 14    
Total other comprehensive income (loss)             3 (1)    
Balance at end of period $ 2     $ (10)     $ 2 $ (10)    
v3.24.3
Revenue - Schedule of Revenue Recognized (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 3,074 $ 3,069 $ 8,898 $ 9,152
Revenue recognized over time        
Disaggregation of Revenue [Line Items]        
Total revenue 1,730 1,646 5,027 4,968
Revenue recognized at a point in time        
Disaggregation of Revenue [Line Items]        
Total revenue $ 1,344 $ 1,423 $ 3,871 $ 4,184
v3.24.3
Revenue- Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Net contract assets $ 16 $ 8
v3.24.3
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) attributable to Crown Holdings $ (175) $ 159 $ 66 $ 418
Weighted average shares outstanding:        
Basic (in shares) 119.3 119.5 119.5 119.4
Dilutive restricted stock (in shares) 0.0 0.2 0.2 0.3
Diluted (in shares) 119.3 119.7 119.7 119.7
Basic earnings (loss) per share (in dollars per share) $ (1.47) $ 1.33 $ 0.55 $ 3.50
Diluted earnings (loss) per share (in dollars per share) $ (1.47) $ 1.33 $ 0.55 $ 3.49
v3.24.3
Earnings Per Share - Narrative (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Shares excluded from the computation of diluted earnings per share (in shares) 570 80 680 200
v3.24.3
Segment Information - Schedule of Information about Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total revenue $ 3,074 $ 3,069 $ 8,898 $ 9,152
Segment income 444 374 1,068 1,010
Operating Segments        
Segment Reporting Information [Line Items]        
Segment income 486 427 1,295 1,165
Operating Segments | Americas Beverage        
Segment Reporting Information [Line Items]        
Total revenue 1,368 1,295 3,915 3,848
Segment income 280 232 712 621
Operating Segments | European Beverage        
Segment Reporting Information [Line Items]        
Total revenue 573 536 1,615 1,547
Segment income 86 73 225 181
Operating Segments | Asia Pacific        
Segment Reporting Information [Line Items]        
Total revenue 284 307 853 977
Segment income 50 33 147 107
Operating Segments | Transit Packaging        
Segment Reporting Information [Line Items]        
Total revenue 526 554 1,596 1,715
Segment income 70 89 211 256
Segment Reconciling Items | Other        
Segment Reporting Information [Line Items]        
Total revenue 323 377 919 1,065
Segment income 27 37 49 100
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenue 17 38 59 149
Intersegment Eliminations | Transit Packaging        
Segment Reporting Information [Line Items]        
Total revenue 3 9 11 36
Intersegment Eliminations | Other        
Segment Reporting Information [Line Items]        
Total revenue $ 14 $ 29 $ 48 $ 113
v3.24.3
Segment Information - Schedule of Reconciliation of Segment Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income from operations $ 444 $ 374 $ 1,068 $ 1,010
Restructuring and other, net 13 (15) (27) (32)
Amortization of intangibles (41) (41) (122) (122)
Interest expense (119) (111) (344) (323)
Interest income 24 13 60 34
Foreign exchange (3) (13) (15) (31)
Income (loss) before taxes and equity in net earnings of affiliates (177) 252 222 652
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income from operations 486 427 1,295 1,165
Segment Reconciling Items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Restructuring and other, net 13 (15) (27) (32)
Amortization of intangibles (41) (41) (122) (122)
Other pension and postretirement (523) (11) (547) (38)
Interest expense (119) (111) (344) (323)
Interest income 24 13 60 34
Foreign exchange (3) (13) (15) (31)
Segment Reconciling Items | Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income from operations 27 37 49 100
Corporate, Non-Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Corporate and unallocated items $ (41) $ (34) $ (127) $ (101)
v3.24.3
Segment Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Segment Reporting [Abstract]    
Intercompany profit eliminated $ 1 $ 10
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