These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Pennsylvania
|
|
75-3099507
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
One Crown Way, Philadelphia, PA
|
|
19154-4599
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
2,302
|
|
|
$
|
2,423
|
|
|
$
|
6,433
|
|
|
$
|
6,586
|
|
Cost of products sold, excluding depreciation and amortization
|
1,887
|
|
|
1,980
|
|
|
5,304
|
|
|
5,395
|
|
||||
Depreciation and amortization
|
46
|
|
|
47
|
|
|
133
|
|
|
132
|
|
||||
Gross profit
|
369
|
|
|
396
|
|
|
996
|
|
|
1,059
|
|
||||
Selling and administrative expense
|
92
|
|
|
96
|
|
|
288
|
|
|
298
|
|
||||
Provision for restructuring
|
7
|
|
|
2
|
|
|
10
|
|
|
27
|
|
||||
Asset impairments and sales
|
(14
|
)
|
|
(2
|
)
|
|
(24
|
)
|
|
(2
|
)
|
||||
Loss from early extinguishments of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||
Interest expense
|
57
|
|
|
58
|
|
|
170
|
|
|
174
|
|
||||
Interest income
|
(2
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(8
|
)
|
||||
Translation and foreign exchange
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
||||
Income before income taxes and equity earnings
|
231
|
|
|
245
|
|
|
561
|
|
|
538
|
|
||||
Provision for / (benefit from) income taxes
|
(111
|
)
|
|
87
|
|
|
(28
|
)
|
|
182
|
|
||||
Equity earnings in affiliates
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Net income
|
344
|
|
|
159
|
|
|
591
|
|
|
357
|
|
||||
Net income attributable to noncontrolling interests
|
(19
|
)
|
|
(30
|
)
|
|
(63
|
)
|
|
(83
|
)
|
||||
Net income attributable to Crown Holdings
|
$
|
325
|
|
|
$
|
129
|
|
|
$
|
528
|
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share attributable to Crown Holdings:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.23
|
|
|
$
|
0.86
|
|
|
$
|
3.59
|
|
|
$
|
1.80
|
|
Diluted
|
$
|
2.20
|
|
|
$
|
0.84
|
|
|
$
|
3.53
|
|
|
$
|
1.77
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net income
|
$
|
344
|
|
|
$
|
159
|
|
|
$
|
591
|
|
|
$
|
357
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
18
|
|
|
(91
|
)
|
|
18
|
|
|
(24
|
)
|
||||
Pension and other postretirement benefits
|
17
|
|
|
17
|
|
|
50
|
|
|
49
|
|
||||
Derivatives qualifying as hedges
|
43
|
|
|
(50
|
)
|
|
42
|
|
|
(69
|
)
|
||||
Total other comprehensive income / (loss)
|
78
|
|
|
(124
|
)
|
|
110
|
|
|
(44
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income
|
422
|
|
|
35
|
|
|
701
|
|
|
313
|
|
||||
Net income attributable to noncontrolling interests
|
(19
|
)
|
|
(30
|
)
|
|
(63
|
)
|
|
(83
|
)
|
||||
Translation adjustments attributable to noncontrolling interests
|
(1
|
)
|
|
4
|
|
|
—
|
|
|
(2
|
)
|
||||
Derivatives qualifying as hedges attributable to noncontrolling interests
|
(6
|
)
|
|
3
|
|
|
(5
|
)
|
|
4
|
|
||||
Comprehensive income attributable to Crown Holdings
|
$
|
396
|
|
|
$
|
12
|
|
|
$
|
633
|
|
|
$
|
232
|
|
|
September 30, 2012
|
|
December 31,
2011 |
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
240
|
|
|
$
|
342
|
|
Receivables, net
|
1,397
|
|
|
948
|
|
||
Inventories
|
1,207
|
|
|
1,148
|
|
||
Prepaid expenses and other current assets
|
209
|
|
|
165
|
|
||
Total current assets
|
3,053
|
|
|
2,603
|
|
||
|
|
|
|
||||
Goodwill
|
1,976
|
|
|
1,952
|
|
||
Property, plant and equipment, net
|
1,845
|
|
|
1,751
|
|
||
Other non-current assets
|
736
|
|
|
562
|
|
||
Total
|
$
|
7,610
|
|
|
$
|
6,868
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Short-term debt
|
$
|
297
|
|
|
$
|
128
|
|
Current maturities of long-term debt
|
104
|
|
|
67
|
|
||
Accounts payable and accrued liabilities
|
1,975
|
|
|
2,090
|
|
||
Total current liabilities
|
2,376
|
|
|
2,285
|
|
||
|
|
|
|
||||
Long-term debt, excluding current maturities
|
3,596
|
|
|
3,337
|
|
||
Postretirement and pension liabilities
|
917
|
|
|
996
|
|
||
Other non-current liabilities
|
494
|
|
|
489
|
|
||
Commitments and contingent liabilities
(
Note J
)
|
|
|
|
||||
Noncontrolling interests
|
252
|
|
|
234
|
|
||
Crown Holdings shareholders’ deficit
|
(25
|
)
|
|
(473
|
)
|
||
Total equity/(deficit)
|
227
|
|
|
(239
|
)
|
||
Total
|
$
|
7,610
|
|
|
$
|
6,868
|
|
Nine months ended September 30
|
2012
|
|
2011
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
591
|
|
|
$
|
357
|
|
Adjustments to reconcile net income to net cash used for operating activities:
|
|
|
|
||||
Depreciation and amortization
|
133
|
|
|
132
|
|
||
Provision for restructuring
|
10
|
|
|
27
|
|
||
Asset impairments and sales
|
(24
|
)
|
|
(2
|
)
|
||
Pension expense
|
73
|
|
|
74
|
|
||
Pension contributions
|
(84
|
)
|
|
(56
|
)
|
||
Stock-based compensation
|
15
|
|
|
15
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(489
|
)
|
|
(419
|
)
|
||
Inventories
|
(56
|
)
|
|
(299
|
)
|
||
Accounts payable and accrued liabilities
|
(119
|
)
|
|
(51
|
)
|
||
Other, net
|
(167
|
)
|
|
88
|
|
||
Net cash used for operating activities
|
(117
|
)
|
|
(134
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Capital expenditures
|
(214
|
)
|
|
(273
|
)
|
||
Insurance proceeds
|
33
|
|
|
—
|
|
||
Proceeds from sale of property, plant and equipment
|
3
|
|
|
25
|
|
||
Other
|
(27
|
)
|
|
—
|
|
||
Net cash used for investing activities
|
(205
|
)
|
|
(248
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from long-term debt
|
49
|
|
|
1,421
|
|
||
Payments of long-term debt
|
(45
|
)
|
|
(1,047
|
)
|
||
Net change in revolving credit facility and short-term debt
|
470
|
|
|
342
|
|
||
Debt issue costs
|
—
|
|
|
(17
|
)
|
||
Common stock issued
|
7
|
|
|
9
|
|
||
Common stock repurchased
|
(207
|
)
|
|
(212
|
)
|
||
Purchase of noncontrolling interests
|
—
|
|
|
(48
|
)
|
||
Dividends paid to noncontrolling interests
|
(50
|
)
|
|
(60
|
)
|
||
Other
|
(6
|
)
|
|
11
|
|
||
Net cash provided by financing activities
|
218
|
|
|
399
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
2
|
|
|
(1
|
)
|
||
Net change in cash and cash equivalents
|
(102
|
)
|
|
16
|
|
||
Cash and cash equivalents at January 1
|
342
|
|
|
463
|
|
||
Cash and cash equivalents at September 30
|
$
|
240
|
|
|
$
|
479
|
|
|
Crown Holdings, Inc. Shareholders’ Equity
|
|
|
|
|
||||||||||||||||||||||||||
|
Common
Stock
|
|
Paid-in
Capital
|
|
Accumulated
Earnings/
(Deficit)
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Total
Crown
Equity
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||||
Balance at January 1, 2011
|
$
|
929
|
|
|
$
|
1,231
|
|
|
$
|
230
|
|
|
$
|
(2,333
|
)
|
|
$
|
(153
|
)
|
|
$
|
(96
|
)
|
|
$
|
325
|
|
|
$
|
229
|
|
Net income
|
|
|
|
|
274
|
|
|
|
|
|
|
274
|
|
|
83
|
|
|
357
|
|
||||||||||||
Other comprehensive income / (loss)
|
|
|
|
|
|
|
(42
|
)
|
|
|
|
(42
|
)
|
|
(2
|
)
|
|
(44
|
)
|
||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(60
|
)
|
|
(60
|
)
|
||||||||||||||
Contribution from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
||||||||||||||
Restricted stock awarded
|
|
|
(2
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
|
|
15
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
15
|
|
|||||||||||||
Common stock issued
|
|
|
6
|
|
|
|
|
|
|
3
|
|
|
9
|
|
|
|
|
9
|
|
||||||||||||
Common stock repurchased
|
|
|
(186
|
)
|
|
|
|
|
|
(26
|
)
|
|
(212
|
)
|
|
|
|
(212
|
)
|
||||||||||||
Purchase of noncontrolling interests
|
|
|
(48
|
)
|
|
|
|
|
|
|
|
|
(48
|
)
|
|
(68
|
)
|
|
(116
|
)
|
|||||||||||
Balance at September 30, 2011
|
$
|
929
|
|
|
$
|
1,016
|
|
|
$
|
504
|
|
|
$
|
(2,375
|
)
|
|
$
|
(174
|
)
|
|
$
|
(100
|
)
|
|
$
|
280
|
|
|
$
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at January 1, 2012
|
$
|
929
|
|
|
$
|
863
|
|
|
$
|
512
|
|
|
$
|
(2,590
|
)
|
|
$
|
(187
|
)
|
|
$
|
(473
|
)
|
|
$
|
234
|
|
|
$
|
(239
|
)
|
Net income
|
|
|
|
|
528
|
|
|
|
|
|
|
528
|
|
|
63
|
|
|
591
|
|
||||||||||||
Other comprehensive income / (loss)
|
|
|
|
|
|
|
105
|
|
|
|
|
105
|
|
|
5
|
|
|
110
|
|
||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(50
|
)
|
|
(50
|
)
|
||||||||||||||
Restricted stock awarded
|
|
|
(2
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
|
|
15
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
15
|
|
|||||||||||||
Common stock issued
|
|
|
5
|
|
|
|
|
|
|
2
|
|
|
7
|
|
|
|
|
7
|
|
||||||||||||
Common stock repurchased
|
|
|
(181
|
)
|
|
|
|
|
|
(26
|
)
|
|
(207
|
)
|
|
|
|
(207
|
)
|
||||||||||||
Balance at September 30, 2012
|
$
|
929
|
|
|
$
|
700
|
|
|
$
|
1,040
|
|
|
$
|
(2,485
|
)
|
|
$
|
(209
|
)
|
|
$
|
(25
|
)
|
|
$
|
252
|
|
|
$
|
227
|
|
A.
|
Statement of Information Furnished
|
B.
|
Recent Accounting and Reporting Pronouncements
|
C.
|
Stock-Based Compensation
|
|
Number of shares
|
|
Non-vested shares outstanding at January 1, 2012
|
997,497
|
|
Awarded:
|
|
|
Time-vesting (average grant-date fair value of $33.75)
|
126,582
|
|
Performance-based (average grant-date fair value of $39.52)
|
216,188
|
|
Performance-based – achieved 149% level (grant-date fair value of $33.98)
|
125,552
|
|
Released:
|
|
|
Time-vesting shares awarded in 2009 through 2011
|
(185,848
|
)
|
Performance-based shares awarded in 2009
|
(256,229
|
)
|
Performance-based awards – achieved 149% level
|
(125,552
|
)
|
Non-vested shares outstanding at September 30, 2012
|
898,190
|
|
D.
|
Receivables
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Accounts and notes receivable
|
$
|
1,241
|
|
|
$
|
834
|
|
Less: allowance for doubtful accounts
|
(36
|
)
|
|
(37
|
)
|
||
Net trade receivables
|
1,205
|
|
|
797
|
|
||
Miscellaneous receivables
|
192
|
|
|
151
|
|
||
Receivables, net
|
$
|
1,397
|
|
|
$
|
948
|
|
E.
|
Inventories
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Raw materials and supplies
|
$
|
567
|
|
|
$
|
602
|
|
Work in process
|
153
|
|
|
136
|
|
||
Finished goods
|
487
|
|
|
410
|
|
||
|
$
|
1,207
|
|
|
$
|
1,148
|
|
F.
|
Derivative and Other Financial Instruments
|
|
|
Amount of gain/(loss)
|
|
Amount of gain/(loss)
|
|
||||||||||||
|
|
recognized in AOCI
|
|
reclassified from AOCI
|
|
||||||||||||
|
|
(effective portion)
|
|
into earnings
|
|
||||||||||||
|
|
Quarter
|
|
Nine months
|
|
Quarter
|
|
Nine months
|
|
||||||||
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
||||||||
Derivatives in cash flow hedges
|
|
September 30, 2012
|
|
September 30, 2012
|
|
September 30, 2012
|
|
September 30, 2012
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Commodities
|
|
(58
|
)
|
|
(73
|
)
|
|
(21
|
)
|
|
(39
|
)
|
(2)
|
||||
Total
|
|
$
|
(58
|
)
|
|
$
|
(76
|
)
|
|
$
|
(21
|
)
|
|
$
|
(39
|
)
|
|
|
|
Amount of gain/(loss)
|
|
Amount of gain/(loss)
|
|
||||||||||||
|
|
recognized in AOCI
|
|
reclassified from AOCI
|
|
||||||||||||
|
|
(effective portion)
|
|
into earnings
|
|
||||||||||||
|
|
Quarter
|
|
Nine months
|
|
Quarter
|
|
Nine months
|
|
||||||||
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
||||||||
Derivatives in cash flow hedges
|
|
September 30, 2011
|
|
September 30, 2011
|
|
September 30, 2011
|
|
September 30, 2011
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
|
$
|
(1
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
(3)
|
Commodities
|
|
(41
|
)
|
|
(41
|
)
|
|
6
|
|
|
22
|
|
(4)
|
||||
Total
|
|
$
|
(42
|
)
|
|
$
|
(46
|
)
|
|
$
|
4
|
|
|
$
|
19
|
|
|
Derivative Assets
|
|
Balance Sheet Classification
|
|
Fair Value Hierarchy
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Other current assets
|
|
2
|
|
$
|
12
|
|
|
$
|
9
|
|
Commodities
|
|
Other current assets
|
|
1
|
|
9
|
|
|
4
|
|
||
Commodities
|
|
Other non-current assets
|
|
1
|
|
3
|
|
|
—
|
|
||
Derivatives not designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Other current assets
|
|
2
|
|
6
|
|
|
6
|
|
||
|
|
Total
|
|
|
|
$
|
30
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative Liabilities
|
|
Balance Sheet Classification
|
|
|
|
|
|
|
||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Accounts payable and accrued liabilities
|
|
2
|
|
$
|
11
|
|
|
$
|
10
|
|
Commodities
|
|
Accounts payable and accrued liabilities
|
|
1
|
|
19
|
|
|
56
|
|
||
Commodities
|
|
Other non-current liabilities
|
|
1
|
|
3
|
|
|
6
|
|
||
Derivatives not designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Accounts payable and accrued liabilities
|
|
2
|
|
5
|
|
|
10
|
|
||
|
|
Total
|
|
|
|
$
|
38
|
|
|
$
|
82
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Derivatives in cash flow hedges:
|
|
|
|
||||
Foreign exchange
|
$
|
357
|
|
|
$
|
480
|
|
Commodities
|
428
|
|
|
528
|
|
||
Derivatives in fair value hedges:
|
|
|
|
||||
Foreign exchange
|
127
|
|
|
123
|
|
||
Derivatives in net investment hedges:
|
|
|
|
||||
Foreign exchange
|
38
|
|
|
—
|
|
||
Derivatives not designated as hedges:
|
|
|
|
||||
Foreign exchange
|
359
|
|
|
965
|
|
G.
|
Restructuring
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
European Division Headquarters
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
20
|
|
North America Food
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
||||
European Food
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Other European operations
|
—
|
|
|
—
|
|
|
1
|
|
|
4
|
|
||||
Asia
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
|
7
|
|
|
2
|
|
|
10
|
|
|
27
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Termination benefits
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
6
|
|
Other exit costs
|
3
|
|
|
2
|
|
|
5
|
|
|
21
|
|
||||
Asset write-downs
|
1
|
|
|
|
|
1
|
|
|
|
||||||
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
27
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Total
|
||||||
Balance at January 1, 2012
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
19
|
|
Provisions
|
—
|
|
|
2
|
|
|
2
|
|
|||
Balance at September 30, 2012
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
21
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Total
|
||||||
Balance at January 1, 2012
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Provisions
|
1
|
|
|
1
|
|
|
2
|
|
|||
Payments
|
(6
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|||
Balance at September 30, 2012
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Total
|
||||||
Balance at January 1, 2012
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
45
|
|
Provision
|
1
|
|
|
—
|
|
|
1
|
|
|||
Payments
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at September 30, 2012
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
H.
|
Debt
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
Short-term debt
|
$
|
297
|
|
|
$
|
128
|
|
Long-term debt
|
|
|
|
||||
Senior secured borrowings:
|
|
|
|
||||
Revolving credit facilities
|
$
|
421
|
|
|
$
|
119
|
|
Term loan facilities
|
|
|
|
||||
U.S. dollar at LIBOR plus 1.75% due 2016
|
550
|
|
|
550
|
|
||
Euro (€274 at June 30, 2012) at EURIBOR plus 1.75% due 2016
|
352
|
|
|
355
|
|
||
Senior notes and debentures:
|
|
|
|
||||
U.S. dollar 7.625% due 2017
|
400
|
|
|
400
|
|
||
Euro (€500 at June 30, 2012) 7.125% due 2018
|
642
|
|
|
647
|
|
||
U.S. dollar 6.25% due 2021
|
700
|
|
|
700
|
|
||
U.S. dollar 7.375% due 2026
|
350
|
|
|
350
|
|
||
U.S. dollar 7.50% due 2096
|
64
|
|
|
64
|
|
||
Other indebtedness in various currencies
|
230
|
|
|
230
|
|
||
Unamortized discounts
|
(9
|
)
|
|
(11
|
)
|
||
Total long-term debt
|
3,700
|
|
|
3,404
|
|
||
Less: current maturities
|
(104
|
)
|
|
(67
|
)
|
||
Total long-term debt, less current maturities
|
$
|
3,596
|
|
|
$
|
3,337
|
|
I.
|
Asbestos-Related Liabilities
|
Beginning claims
|
50,000
|
|
New claims
|
2,500
|
|
Settlements or dismissals
|
(1,500
|
)
|
Ending claims
|
51,000
|
|
|
2011
|
|
Claimants alleging first exposure after 1964
|
15,000
|
|
Claimants alleging first exposure before or during 1964 filed in:
|
|
|
Texas
|
12,000
|
|
Pennsylvania
|
2,000
|
|
Other states that have enacted asbestos legislation
|
6,000
|
|
Other states
|
15,000
|
|
Total claims outstanding
|
50,000
|
|
|
2011
|
|
2010
|
|
2009
|
|||
Total claims
|
18
|
%
|
|
18
|
%
|
|
16
|
%
|
Pre-1964 claims in states without asbestos legislation
|
33
|
%
|
|
31
|
%
|
|
29
|
%
|
J.
|
Commitments and Contingent Liabilities
|
K.
|
Earnings Per Share
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net income attributable to Crown Holdings
|
$
|
325
|
|
|
$
|
129
|
|
|
$
|
528
|
|
|
$
|
274
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
145.5
|
|
|
150.1
|
|
|
147.1
|
|
|
152.3
|
|
||||
Add: dilutive stock options and restricted stock
|
2.3
|
|
|
2.6
|
|
|
2.3
|
|
|
2.8
|
|
||||
Diluted
|
147.8
|
|
|
152.7
|
|
|
149.4
|
|
|
155.1
|
|
||||
Basic earnings per share
|
$
|
2.23
|
|
|
$
|
0.86
|
|
|
$
|
3.59
|
|
|
$
|
1.80
|
|
Diluted earnings per share
|
$
|
2.20
|
|
|
$
|
0.84
|
|
|
$
|
3.53
|
|
|
$
|
1.77
|
|
L.
|
Pension and Other Postretirement Benefits
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
Pension Benefits – U.S. Plans
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Service cost
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
9
|
|
Interest cost
|
18
|
|
|
18
|
|
|
52
|
|
|
54
|
|
||||
Expected return on plan assets
|
(24
|
)
|
|
(20
|
)
|
|
(70
|
)
|
|
(60
|
)
|
||||
Recognized prior service cost
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
Recognized net loss
|
14
|
|
|
12
|
|
|
42
|
|
|
36
|
|
||||
Net periodic cost
|
$
|
11
|
|
|
$
|
14
|
|
|
$
|
33
|
|
|
$
|
41
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
Pension Benefits – Non-U.S. Plans
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Service cost
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
21
|
|
|
$
|
19
|
|
Interest cost
|
37
|
|
|
42
|
|
|
113
|
|
|
121
|
|
||||
Expected return on plan assets
|
(45
|
)
|
|
(50
|
)
|
|
(137
|
)
|
|
(147
|
)
|
||||
Recognized prior service cost
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Recognized net loss
|
15
|
|
|
12
|
|
|
43
|
|
|
39
|
|
||||
Net periodic cost
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
40
|
|
|
$
|
33
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
Other Postretirement Benefits
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Service cost
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
6
|
|
Interest cost
|
4
|
|
|
5
|
|
|
12
|
|
|
16
|
|
||||
Recognized prior service credit
|
(11
|
)
|
|
(8
|
)
|
|
(33
|
)
|
|
(25
|
)
|
||||
Recognized net loss
|
3
|
|
|
3
|
|
|
11
|
|
|
10
|
|
||||
Net periodic cost
|
$
|
(2
|
)
|
|
$
|
1
|
|
|
$
|
(6
|
)
|
|
$
|
7
|
|
M.
|
Accelerated Share Repurchase
|
N.
|
Income Taxes
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
U.S. statutory rate at 35%
|
$
|
81
|
|
|
$
|
86
|
|
|
$
|
196
|
|
|
$
|
188
|
|
Tax on foreign income
|
(23
|
)
|
|
(9
|
)
|
|
(55
|
)
|
|
(44
|
)
|
||||
Valuation allowance
|
45
|
|
|
(13
|
)
|
|
48
|
|
|
(1
|
)
|
||||
Tax law changes
|
2
|
|
|
28
|
|
|
2
|
|
|
25
|
|
||||
Other items, net
|
(216
|
)
|
|
(5
|
)
|
|
(219
|
)
|
|
14
|
|
||||
Income tax provision
|
$
|
(111
|
)
|
|
$
|
87
|
|
|
$
|
(28
|
)
|
|
$
|
182
|
|
O.
|
Asset Impairments and Sales
|
P.
|
Segment Information
|
|
External Sales
|
|
External Sales
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Americas Beverage
|
$
|
574
|
|
|
$
|
594
|
|
|
$
|
1,701
|
|
|
$
|
1,697
|
|
North America Food
|
259
|
|
|
271
|
|
|
672
|
|
|
676
|
|
||||
European Beverage
|
451
|
|
|
451
|
|
|
1,285
|
|
|
1,291
|
|
||||
European Food
|
547
|
|
|
623
|
|
|
1,383
|
|
|
1,554
|
|
||||
European Specialty Packaging
|
102
|
|
|
122
|
|
|
289
|
|
|
341
|
|
||||
Total reportable segments
|
1,933
|
|
|
2,061
|
|
|
5,330
|
|
|
5,559
|
|
||||
Non-reportable segments
|
369
|
|
|
362
|
|
|
1,103
|
|
|
1,027
|
|
||||
Total
|
$
|
2,302
|
|
|
$
|
2,423
|
|
|
$
|
6,433
|
|
|
$
|
6,586
|
|
|
Intersegment Sales
|
|
Intersegment Sales
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Americas Beverage
|
$
|
18
|
|
|
$
|
19
|
|
|
$
|
65
|
|
|
$
|
61
|
|
North America Food
|
1
|
|
|
6
|
|
|
6
|
|
|
12
|
|
||||
European Beverage
|
—
|
|
|
—
|
|
|
12
|
|
|
1
|
|
||||
European Food
|
24
|
|
|
27
|
|
|
79
|
|
|
89
|
|
||||
European Specialty Packaging
|
10
|
|
|
16
|
|
|
32
|
|
|
53
|
|
||||
Total reportable segments
|
53
|
|
|
68
|
|
|
194
|
|
|
216
|
|
||||
Non-reportable segments
|
9
|
|
|
24
|
|
|
36
|
|
|
62
|
|
||||
Total
|
$
|
62
|
|
|
$
|
92
|
|
|
$
|
230
|
|
|
$
|
278
|
|
|
Segment Income
|
|
Segment Income
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Americas Beverage
|
$
|
82
|
|
|
$
|
77
|
|
|
$
|
229
|
|
|
$
|
217
|
|
North America Food
|
44
|
|
|
49
|
|
|
117
|
|
|
115
|
|
||||
European Beverage
|
68
|
|
|
61
|
|
|
174
|
|
|
176
|
|
||||
European Food
|
64
|
|
|
87
|
|
|
151
|
|
|
202
|
|
||||
European Specialty Packaging
|
9
|
|
|
11
|
|
|
20
|
|
|
30
|
|
||||
Total reportable segments
|
$
|
267
|
|
|
$
|
285
|
|
|
$
|
691
|
|
|
$
|
740
|
|
|
Segment Income
|
|
Segment Income
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Segment income of reportable segments
|
$
|
267
|
|
|
$
|
285
|
|
|
$
|
691
|
|
|
$
|
740
|
|
Segment income of non-reportable segments
|
59
|
|
|
62
|
|
|
166
|
|
|
174
|
|
||||
Corporate and unallocated items
|
(49
|
)
|
|
(47
|
)
|
|
(149
|
)
|
|
(153
|
)
|
||||
Provision for restructuring
|
(7
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(27
|
)
|
||||
Asset impairments and sales
|
14
|
|
|
2
|
|
|
24
|
|
|
2
|
|
||||
Loss from early extinguishments of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
||||
Interest expense
|
(57
|
)
|
|
(58
|
)
|
|
(170
|
)
|
|
(174
|
)
|
||||
Interest income
|
2
|
|
|
2
|
|
|
5
|
|
|
8
|
|
||||
Translation and foreign exchange
|
2
|
|
|
1
|
|
|
4
|
|
|
—
|
|
||||
Income before income taxes and equity earnings
|
$
|
231
|
|
|
$
|
245
|
|
|
$
|
561
|
|
|
$
|
538
|
|
Q.
|
Subsequent Events
|
R.
|
Condensed Combining Financial Information
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
1,223
|
|
|
$
|
1,079
|
|
|
|
|
$
|
2,302
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
987
|
|
|
900
|
|
|
|
|
1,887
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
20
|
|
|
26
|
|
|
|
|
46
|
|
|||||||||
Gross profit
|
|
|
|
|
216
|
|
|
153
|
|
|
|
|
369
|
|
|||||||||
Selling and administrative expense
|
|
|
—
|
|
|
73
|
|
|
19
|
|
|
|
|
92
|
|
||||||||
Provision for restructuring
|
|
|
—
|
|
|
5
|
|
|
2
|
|
|
|
|
7
|
|
||||||||
Asset impairments and sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
|
|
(14
|
)
|
|||||||
Net interest expense
|
|
|
$
|
10
|
|
|
34
|
|
|
11
|
|
|
|
|
55
|
|
|||||||
Technology royalty
|
|
|
—
|
|
|
(11
|
)
|
|
11
|
|
|
|
|
—
|
|
||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
|
(2
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(10
|
)
|
|
116
|
|
|
125
|
|
|
|
|
231
|
|
||||||||
Provision for / (benefit from) income taxes
|
|
|
15
|
|
|
(140
|
)
|
|
14
|
|
|
|
|
(111
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
325
|
|
|
85
|
|
|
69
|
|
|
—
|
|
|
$
|
(477
|
)
|
|
2
|
|
||||
Net income
|
325
|
|
|
60
|
|
|
325
|
|
|
111
|
|
|
(477
|
)
|
|
344
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(19
|
)
|
|
|
|
(19
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
325
|
|
|
$
|
60
|
|
|
$
|
325
|
|
|
$
|
92
|
|
|
$
|
(477
|
)
|
|
$
|
325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
396
|
|
|
$
|
108
|
|
|
$
|
396
|
|
|
$
|
156
|
|
|
$
|
(634
|
)
|
|
$
|
422
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
(26
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
396
|
|
|
$
|
108
|
|
|
$
|
396
|
|
|
$
|
130
|
|
|
$
|
(634
|
)
|
|
$
|
396
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
1,326
|
|
|
$
|
1,097
|
|
|
|
|
$
|
2,423
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
|
1,077
|
|
|
903
|
|
|
|
|
1,980
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
21
|
|
|
26
|
|
|
|
|
47
|
|
|||||||||
Gross profit
|
|
|
—
|
|
|
228
|
|
|
168
|
|
|
|
|
396
|
|
||||||||
Selling and administrative expense
|
|
|
$
|
(1
|
)
|
|
73
|
|
|
24
|
|
|
|
|
96
|
|
|||||||
Provision for restructuring
|
|
|
|
|
2
|
|
|
|
|
|
|
2
|
|
||||||||||
Asset impairments and sales
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
$
|
—
|
|
|
(2
|
)
|
||||||
Net interest expense
|
|
|
20
|
|
|
24
|
|
|
12
|
|
|
|
|
56
|
|
||||||||
Technology royalty
|
|
|
|
|
(10
|
)
|
|
10
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Income/(loss) before income taxes
|
|
|
(19
|
)
|
|
142
|
|
|
122
|
|
|
—
|
|
|
245
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
—
|
|
|
60
|
|
|
27
|
|
|
—
|
|
|
87
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
129
|
|
|
100
|
|
|
47
|
|
|
—
|
|
|
$
|
(275
|
)
|
|
1
|
|
||||
Net income
|
129
|
|
|
81
|
|
|
129
|
|
|
95
|
|
|
(275
|
)
|
|
159
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
||||||
Net income attributable to Crown Holdings
|
$
|
129
|
|
|
$
|
81
|
|
|
$
|
129
|
|
|
$
|
65
|
|
|
$
|
(275
|
)
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
12
|
|
|
$
|
(57
|
)
|
|
$
|
12
|
|
|
$
|
(62
|
)
|
|
$
|
130
|
|
|
$
|
35
|
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
12
|
|
|
$
|
(57
|
)
|
|
$
|
12
|
|
|
$
|
(85
|
)
|
|
$
|
130
|
|
|
$
|
12
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2012
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
3,500
|
|
|
$
|
2,933
|
|
|
|
|
$
|
6,433
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
2,870
|
|
|
2,434
|
|
|
|
|
5,304
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
58
|
|
|
75
|
|
|
|
|
133
|
|
|||||||||
Gross profit
|
|
|
|
|
572
|
|
|
424
|
|
|
|
|
996
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
(1
|
)
|
|
223
|
|
|
66
|
|
|
|
|
288
|
|
|||||||
Provision for restructuring
|
|
|
|
|
7
|
|
|
3
|
|
|
|
|
10
|
|
|||||||||
Asset impairments and sales
|
|
|
|
|
(1
|
)
|
|
(23
|
)
|
|
|
|
(24
|
)
|
|||||||||
Net interest expense
|
|
|
38
|
|
|
97
|
|
|
30
|
|
|
|
|
165
|
|
||||||||
Technology royalty
|
|
|
|
|
(30
|
)
|
|
30
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
|
|
(1
|
)
|
|
(3
|
)
|
|
|
|
(4
|
)
|
|||||||||
Income/(loss) before income taxes
|
|
|
(37
|
)
|
|
277
|
|
|
321
|
|
|
|
|
561
|
|
||||||||
Provision for / (benefit from) income taxes
|
|
|
15
|
|
|
(86
|
)
|
|
43
|
|
|
|
|
(28
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
528
|
|
|
199
|
|
|
165
|
|
|
|
|
$
|
(890
|
)
|
|
2
|
|
|||||
Net income
|
528
|
|
|
147
|
|
|
528
|
|
|
278
|
|
|
(890
|
)
|
|
591
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(63
|
)
|
|
|
|
(63
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
528
|
|
|
$
|
147
|
|
|
$
|
528
|
|
|
$
|
215
|
|
|
$
|
(890
|
)
|
|
$
|
528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
633
|
|
|
$
|
212
|
|
|
$
|
633
|
|
|
$
|
315
|
|
|
$
|
(1,092
|
)
|
|
$
|
701
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
(68
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
633
|
|
|
$
|
212
|
|
|
$
|
633
|
|
|
$
|
247
|
|
|
$
|
(1,092
|
)
|
|
$
|
633
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2011
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
3,675
|
|
|
$
|
2,911
|
|
|
|
|
$
|
6,586
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
(1
|
)
|
|
3,018
|
|
|
2,378
|
|
|
|
|
5,395
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
61
|
|
|
71
|
|
|
|
|
132
|
|
|||||||||
Gross profit
|
|
|
1
|
|
|
596
|
|
|
462
|
|
|
|
|
1,059
|
|
||||||||
Selling and administrative expense
|
|
|
(2
|
)
|
|
230
|
|
|
70
|
|
|
|
|
298
|
|
||||||||
Provision for restructuring
|
|
|
|
|
27
|
|
|
|
|
—
|
|
|
27
|
|
|||||||||
Asset impairments and sales
|
|
|
—
|
|
|
(184
|
)
|
|
|
|
|
$
|
182
|
|
|
(2
|
)
|
||||||
Loss from early extinguishment of debt
|
|
|
2
|
|
|
30
|
|
|
—
|
|
|
|
|
32
|
|
||||||||
Net interest expense
|
|
|
59
|
|
|
79
|
|
|
28
|
|
|
|
|
166
|
|
||||||||
Technology royalty
|
|
|
|
|
(25
|
)
|
|
25
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||
Income/(loss) before income taxes
|
|
|
(58
|
)
|
|
440
|
|
|
338
|
|
|
(182
|
)
|
|
538
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
1
|
|
|
99
|
|
|
82
|
|
|
—
|
|
|
182
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
274
|
|
|
239
|
|
|
(67
|
)
|
|
—
|
|
|
(445
|
)
|
|
1
|
|
|||||
Net income
|
274
|
|
|
180
|
|
|
274
|
|
|
256
|
|
|
(627
|
)
|
|
357
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
||||||
Net income attributable to Crown Holdings
|
$
|
274
|
|
|
$
|
180
|
|
|
$
|
274
|
|
|
$
|
173
|
|
|
$
|
(627
|
)
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
232
|
|
|
$
|
100
|
|
|
$
|
232
|
|
|
$
|
200
|
|
|
$
|
(451
|
)
|
|
$
|
313
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
(81
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
232
|
|
|
$
|
100
|
|
|
$
|
232
|
|
|
$
|
119
|
|
|
$
|
(451
|
)
|
|
$
|
232
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
54
|
|
|
$
|
186
|
|
|
|
|
$
|
240
|
|
||||||
Receivables, net
|
|
|
|
|
|
409
|
|
|
988
|
|
|
|
|
1,397
|
|
||||||||
Intercompany receivables
|
|
|
$
|
2
|
|
|
68
|
|
|
32
|
|
|
$
|
(102
|
)
|
|
|
||||||
Inventories
|
|
|
|
|
641
|
|
|
566
|
|
|
|
|
1,207
|
|
|||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
6
|
|
|
133
|
|
|
69
|
|
|
|
|
209
|
|
||||||
Total current assets
|
1
|
|
|
8
|
|
|
1,305
|
|
|
1,841
|
|
|
(102
|
)
|
|
3,053
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,818
|
|
|
3,983
|
|
|
482
|
|
|
(6,283
|
)
|
|
|
||||||||
Investments
|
848
|
|
|
3,221
|
|
|
(406
|
)
|
|
|
|
(3,663
|
)
|
|
|
||||||||
Goodwill
|
|
|
|
|
1,420
|
|
|
556
|
|
|
|
|
1,976
|
|
|||||||||
Property, plant and equipment, net
|
|
|
|
|
592
|
|
|
1,253
|
|
|
|
|
1,845
|
|
|||||||||
Other non-current assets
|
|
|
25
|
|
|
627
|
|
|
84
|
|
|
|
|
736
|
|
||||||||
Total
|
$
|
849
|
|
|
$
|
5,072
|
|
|
$
|
7,521
|
|
|
$
|
4,216
|
|
|
$
|
(10,048
|
)
|
|
$
|
7,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
$
|
13
|
|
|
$
|
8
|
|
|
$
|
276
|
|
|
|
|
$
|
297
|
|
||||
Current maturities of long-term debt
|
|
|
18
|
|
|
28
|
|
|
58
|
|
|
|
|
104
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
17
|
|
|
9
|
|
|
1,087
|
|
|
862
|
|
|
|
|
1,975
|
|
||||||
Intercompany payables
|
|
|
—
|
|
|
32
|
|
|
70
|
|
|
$
|
(102
|
)
|
|
|
|||||||
Total current liabilities
|
17
|
|
|
40
|
|
|
1,155
|
|
|
1,266
|
|
|
(102
|
)
|
|
2,376
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
977
|
|
|
2,449
|
|
|
170
|
|
|
|
|
3,596
|
|
||||||||
Long-term intercompany debt
|
857
|
|
|
2,721
|
|
|
1,863
|
|
|
842
|
|
|
(6,283
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
899
|
|
|
18
|
|
|
|
|
917
|
|
|||||||||
Other non-current liabilities
|
|
|
14
|
|
|
307
|
|
|
173
|
|
|
|
|
494
|
|
||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
—
|
|
|
252
|
|
|
|
|
252
|
|
|||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(25
|
)
|
|
1,320
|
|
|
848
|
|
|
1,495
|
|
|
(3,663
|
)
|
|
(25
|
)
|
||||||
Total equity/(deficit)
|
(25
|
)
|
|
1,320
|
|
|
848
|
|
|
1,747
|
|
|
(3,663
|
)
|
|
227
|
|
||||||
Total
|
$
|
849
|
|
|
$
|
5,072
|
|
|
$
|
7,521
|
|
|
$
|
4,216
|
|
|
$
|
(10,048
|
)
|
|
$
|
7,610
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
54
|
|
|
$
|
288
|
|
|
|
|
$
|
342
|
|
||||||
Receivables, net
|
|
|
|
|
|
230
|
|
|
718
|
|
|
|
|
948
|
|
||||||||
Intercompany receivables
|
|
|
$
|
2
|
|
|
60
|
|
|
23
|
|
|
$
|
(85
|
)
|
|
—
|
|
|||||
Inventories
|
|
|
|
|
615
|
|
|
533
|
|
|
|
|
1,148
|
|
|||||||||
Prepaid expenses and other current assets
|
|
|
|
7
|
|
|
129
|
|
|
29
|
|
|
|
|
165
|
|
|||||||
Total current assets
|
—
|
|
|
9
|
|
|
1,088
|
|
|
1,591
|
|
|
(85
|
)
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,590
|
|
|
3,514
|
|
|
327
|
|
|
(5,431
|
)
|
|
—
|
|
|||||||
Investments
|
$
|
215
|
|
|
3,007
|
|
|
(577
|
)
|
|
|
|
(2,645
|
)
|
|
—
|
|
||||||
Goodwill
|
|
|
|
|
1,396
|
|
|
556
|
|
|
|
|
1,952
|
|
|||||||||
Property, plant and equipment, net
|
|
|
|
|
604
|
|
|
1,147
|
|
|
|
|
1,751
|
|
|||||||||
Other non-current assets
|
|
|
13
|
|
|
491
|
|
|
58
|
|
|
|
|
562
|
|
||||||||
Total
|
$
|
215
|
|
|
$
|
4,619
|
|
|
$
|
6,516
|
|
|
$
|
3,679
|
|
|
$
|
(8,161
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
108
|
|
|
|
|
$
|
128
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
|
1
|
|
|
66
|
|
|
|
|
67
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
20
|
|
|
1,124
|
|
|
926
|
|
|
|
|
2,090
|
|
||||||
Intercompany payables
|
|
|
1
|
|
|
22
|
|
|
62
|
|
|
$
|
(85
|
)
|
|
—
|
|
||||||
Total current liabilities
|
20
|
|
|
27
|
|
|
1,161
|
|
|
1,162
|
|
|
(85
|
)
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,002
|
|
|
2,173
|
|
|
162
|
|
|
|
|
3,337
|
|
||||||||
Long-term intercompany debt
|
668
|
|
|
2,481
|
|
|
1,664
|
|
|
618
|
|
|
(5,431
|
)
|
|
—
|
|
||||||
Postretirement and pension liabilities
|
|
|
|
|
986
|
|
|
10
|
|
|
|
|
996
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
321
|
|
|
168
|
|
|
|
|
489
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
(4
|
)
|
|
238
|
|
|
|
|
234
|
|
|||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
1,109
|
|
|
215
|
|
|
1,321
|
|
|
(2,645
|
)
|
|
(473
|
)
|
||||||
Total equity/(deficit)
|
(473
|
)
|
|
1,109
|
|
|
211
|
|
|
1,559
|
|
|
(2,645
|
)
|
|
(239
|
)
|
||||||
Total
|
$
|
215
|
|
|
$
|
4,619
|
|
|
$
|
6,516
|
|
|
$
|
3,679
|
|
|
$
|
(8,161
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net cash provided by/(used for) operating activities
|
$
|
11
|
|
|
$
|
(47
|
)
|
|
$
|
(21
|
)
|
|
$
|
(60
|
)
|
|
|
|
$
|
(117
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(43
|
)
|
|
(171
|
)
|
|
|
|
(214
|
)
|
|||||||||
Intercompany investing activities
|
|
|
35
|
|
|
71
|
|
|
|
|
|
$
|
(106
|
)
|
|
—
|
|
||||||
Insurance proceeds
|
|
|
|
|
|
|
|
33
|
|
|
|
|
33
|
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
3
|
|
|
|
|
|
|
3
|
|
||||||||||
Other, net
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
|
(27
|
)
|
|||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
35
|
|
|
31
|
|
|
(165
|
)
|
|
(106
|
)
|
|
(205
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
49
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
|
—
|
|
|
(45
|
)
|
|
|
|
(45
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
7
|
|
|
294
|
|
|
169
|
|
|
|
|
470
|
|
||||||||
Net change in long-term intercompany balances
|
189
|
|
|
(3
|
)
|
|
(256
|
)
|
|
70
|
|
|
|
|
—
|
|
|||||||
Common stock issued
|
7
|
|
|
|
|
|
|
|
|
|
|
7
|
|
||||||||||
Common stock repurchased
|
(207
|
)
|
|
|
|
|
|
|
|
|
|
(207
|
)
|
||||||||||
Dividends paid
|
|
|
|
|
(34
|
)
|
|
(72
|
)
|
|
106
|
|
|
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(50
|
)
|
|
|
|
(50
|
)
|
||||||||||
Other
|
|
|
8
|
|
|
(14
|
)
|
|
—
|
|
|
|
|
(6
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(11
|
)
|
|
12
|
|
|
(10
|
)
|
|
121
|
|
|
106
|
|
|
218
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(102
|
)
|
|
—
|
|
|
(102
|
)
|
||||||
Cash and cash equivalents at January 1
|
|
|
|
|
54
|
|
|
288
|
|
|
|
|
342
|
|
|||||||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
186
|
|
|
$
|
—
|
|
|
$
|
240
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net cash provided by/(used for) operating activities
|
$
|
5
|
|
|
$
|
(38
|
)
|
|
$
|
(72
|
)
|
|
$
|
(29
|
)
|
|
|
|
$
|
(134
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(62
|
)
|
|
(211
|
)
|
|
|
|
(273
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
25
|
|
|
|
|
|
|
|
25
|
|
|||||||||
Intercompany investing activities
|
|
|
6
|
|
|
247
|
|
|
(180
|
)
|
|
$
|
(73
|
)
|
|
—
|
|
||||||
Other
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Net cash provided by/(used for) investing activities
|
|
|
6
|
|
|
210
|
|
|
(391
|
)
|
|
(73
|
)
|
|
(248
|
)
|
|||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
385
|
|
|
900
|
|
|
136
|
|
|
|
|
1,421
|
|
||||||||
Payments of long-term debt
|
|
|
(277
|
)
|
|
(747
|
)
|
|
(23
|
)
|
|
|
|
(1,047
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
53
|
|
|
246
|
|
|
43
|
|
|
|
|
342
|
|
||||||||
Net change in long-term intercompany balances
|
198
|
|
|
(129
|
)
|
|
(503
|
)
|
|
434
|
|
|
|
|
—
|
|
|||||||
Debt issue costs
|
|
|
|
(3
|
)
|
|
(14
|
)
|
|
|
|
|
|
(17
|
)
|
||||||||
Common stock issued
|
9
|
|
|
|
|
|
|
|
|
|
|
9
|
|
||||||||||
Common stock repurchased
|
(212
|
)
|
|
|
|
|
|
|
|
|
|
(212
|
)
|
||||||||||
Dividends paid
|
|
|
|
|
|
|
|
(73
|
)
|
|
73
|
|
|
—
|
|
||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(37
|
)
|
|
(11
|
)
|
|
|
|
(48
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
(60
|
)
|
||||||||||
Other
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
|
|
11
|
|
||||||||
Net cash provided by/(used for) financing activities
|
(5
|
)
|
|
32
|
|
|
(147
|
)
|
|
446
|
|
|
73
|
|
|
399
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
25
|
|
|
—
|
|
|
16
|
|
||||||
Cash and cash equivalents at January 1
|
|
|
—
|
|
|
65
|
|
|
398
|
|
|
|
|
463
|
|
||||||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56
|
|
|
$
|
423
|
|
|
$
|
—
|
|
|
$
|
479
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net sales
|
|
|
|
|
$
|
2,302
|
|
|
|
|
$
|
2,302
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
1,887
|
|
|
|
|
1,887
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
46
|
|
|
|
|
46
|
|
||||||||
Gross profit
|
|
|
|
|
369
|
|
|
|
|
369
|
|
||||||||
Selling and administrative expense
|
—
|
|
|
$
|
2
|
|
|
90
|
|
|
|
|
92
|
|
|||||
Provision for restructuring
|
—
|
|
|
|
|
7
|
|
|
|
|
7
|
|
|||||||
Asset impairments and sales
|
—
|
|
|
|
|
(14
|
)
|
|
|
|
(14
|
)
|
|||||||
Net interest expense
|
|
|
23
|
|
|
32
|
|
|
|
|
55
|
|
|||||||
Translation and foreign exchange
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(25
|
)
|
|
256
|
|
|
—
|
|
|
231
|
|
||||||
Provision for / (benefit from) income taxes
|
|
|
(96
|
)
|
|
(15
|
)
|
|
|
|
(111
|
)
|
|||||||
Equity earnings / (loss) in affiliates
|
$
|
325
|
|
|
254
|
|
|
2
|
|
|
$
|
(579
|
)
|
|
2
|
|
|||
Net income
|
325
|
|
|
325
|
|
|
273
|
|
|
(579
|
)
|
|
344
|
|
|||||
Net income attributable to noncontrolling interests
|
|
|
|
|
(19
|
)
|
|
|
|
(19
|
)
|
||||||||
Net income attributable to Crown Holdings
|
$
|
325
|
|
|
$
|
325
|
|
|
$
|
254
|
|
|
$
|
(579
|
)
|
|
$
|
325
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
396
|
|
|
$
|
396
|
|
|
$
|
351
|
|
|
$
|
(721
|
)
|
|
$
|
422
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
(26
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
396
|
|
|
$
|
396
|
|
|
$
|
325
|
|
|
$
|
(721
|
)
|
|
$
|
396
|
|
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net sales
|
|
|
|
|
$
|
2,423
|
|
|
|
|
$
|
2,423
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
1,980
|
|
|
|
|
1,980
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
47
|
|
|
|
|
47
|
|
||||||||
Gross profit
|
|
|
|
|
396
|
|
|
|
|
396
|
|
||||||||
Selling and administrative expense
|
|
|
$
|
3
|
|
|
93
|
|
|
|
|
96
|
|
||||||
Provision for restructuring
|
|
|
|
|
2
|
|
|
|
|
2
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||
Net interest expense
|
|
|
21
|
|
|
35
|
|
|
|
|
56
|
|
|||||||
Translation and foreign exchange
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(24
|
)
|
|
269
|
|
|
|
|
245
|
|
|||||||
Provision for / (benefit from) income taxes
|
|
|
11
|
|
|
76
|
|
|
|
|
87
|
|
|||||||
Equity earnings / (loss) in affiliates
|
$
|
129
|
|
|
164
|
|
|
1
|
|
|
$
|
(293
|
)
|
|
1
|
|
|||
Net income
|
129
|
|
|
129
|
|
|
194
|
|
|
(293
|
)
|
|
159
|
|
|||||
Net income attributable to noncontrolling interests
|
|
|
|
|
(30
|
)
|
|
|
|
(30
|
)
|
||||||||
Net income attributable to Crown Holdings
|
$
|
129
|
|
|
$
|
129
|
|
|
$
|
164
|
|
|
$
|
(293
|
)
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
70
|
|
|
$
|
(59
|
)
|
|
$
|
35
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(23
|
)
|
|
|
|
|
(23
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
47
|
|
|
$
|
(59
|
)
|
|
$
|
12
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2012
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net sales
|
|
|
|
|
$
|
6,433
|
|
|
|
|
$
|
6,433
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
5,304
|
|
|
|
|
5,304
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
133
|
|
|
|
|
133
|
|
||||||||
Gross profit
|
—
|
|
|
—
|
|
|
996
|
|
|
—
|
|
|
996
|
|
|||||
Selling and administrative expense
|
|
|
$
|
7
|
|
|
281
|
|
|
|
|
288
|
|
||||||
Provision for restructuring
|
|
|
|
|
10
|
|
|
|
|
10
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
(24
|
)
|
|
|
|
(24
|
)
|
||||||||
Net interest expense
|
|
|
68
|
|
|
97
|
|
|
|
|
165
|
|
|||||||
Translation and foreign exchange
|
|
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(75
|
)
|
|
636
|
|
|
|
|
561
|
|
|||||||
Provision for / (benefit from) income taxes
|
|
|
(103
|
)
|
|
75
|
|
|
|
|
(28
|
)
|
|||||||
Equity earnings / (loss) in affiliates
|
$
|
528
|
|
|
500
|
|
|
2
|
|
|
$
|
(1,028
|
)
|
|
2
|
|
|||
Net income
|
528
|
|
|
528
|
|
|
563
|
|
|
(1,028
|
)
|
|
591
|
|
|||||
Net income attributable to noncontrolling interests
|
|
|
|
|
(63
|
)
|
|
|
|
(63
|
)
|
||||||||
Net income attributable to Crown Holdings
|
$
|
528
|
|
|
$
|
528
|
|
|
$
|
500
|
|
|
$
|
(1,028
|
)
|
|
$
|
528
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
633
|
|
|
$
|
633
|
|
|
$
|
673
|
|
|
$
|
(1,238
|
)
|
|
$
|
701
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
(68
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
633
|
|
|
$
|
633
|
|
|
$
|
605
|
|
|
$
|
(1,238
|
)
|
|
$
|
633
|
|
CONDENSED CO\MBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2011
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net Sales
|
|
|
|
|
$
|
6,586
|
|
|
|
|
$
|
6,586
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
5,395
|
|
|
|
|
5,395
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
132
|
|
|
|
|
132
|
|
||||||||
Gross profit
|
|
|
|
|
1,059
|
|
|
|
|
1,059
|
|
||||||||
Selling and administrative expense
|
|
|
$
|
8
|
|
|
290
|
|
|
|
|
298
|
|
||||||
Provision for restructuring
|
|
|
|
|
27
|
|
|
|
|
27
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||
Loss from early extinguishment of debt
|
|
|
—
|
|
|
32
|
|
|
|
|
32
|
|
|||||||
Net interest expense
|
|
|
63
|
|
|
103
|
|
|
|
|
166
|
|
|||||||
Translation and foreign exchange
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|||||||
Income/(loss) before income taxes
|
|
|
(71
|
)
|
|
609
|
|
|
|
|
538
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
6
|
|
|
176
|
|
|
—
|
|
|
182
|
|
|||||
Equity earnings / (loss) in affiliates
|
$
|
274
|
|
|
351
|
|
|
1
|
|
|
$
|
(625
|
)
|
|
1
|
|
|||
Net income
|
274
|
|
|
274
|
|
|
434
|
|
|
(625
|
)
|
|
357
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
|||||
Net income attributable to Crown Holdings
|
$
|
274
|
|
|
$
|
274
|
|
|
$
|
351
|
|
|
$
|
(625
|
)
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
232
|
|
|
$
|
232
|
|
|
$
|
390
|
|
|
$
|
(541
|
)
|
|
$
|
313
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
(81
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
232
|
|
|
$
|
232
|
|
|
$
|
309
|
|
|
$
|
(541
|
)
|
|
$
|
232
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
240
|
|
|
|
|
$
|
240
|
|
||||||
Receivables, net
|
|
|
|
|
1,397
|
|
|
|
|
1,397
|
|
||||||||
Inventories
|
|
|
|
|
1,207
|
|
|
|
|
1,207
|
|
||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
$
|
76
|
|
|
132
|
|
|
|
|
209
|
|
||||
Total current assets
|
1
|
|
|
76
|
|
|
2,976
|
|
|
|
|
3,053
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany debt receivables
|
|
|
|
|
1,680
|
|
|
$
|
(1,680
|
)
|
|
|
|||||||
Investments
|
848
|
|
|
1,753
|
|
|
|
|
(2,601
|
)
|
|
|
|||||||
Goodwill
|
|
|
|
|
1,976
|
|
|
|
|
1,976
|
|
||||||||
Property, plant and equipment, net
|
|
|
|
|
1,845
|
|
|
|
|
1,845
|
|
||||||||
Other non-current assets
|
|
|
551
|
|
|
185
|
|
|
|
|
736
|
|
|||||||
Total
|
$
|
849
|
|
|
$
|
2,380
|
|
|
$
|
8,662
|
|
|
$
|
(4,281
|
)
|
|
$
|
7,610
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
|
|
|
|
$
|
297
|
|
|
|
|
$
|
297
|
|
||||||
Current maturities of long-term debt
|
|
|
|
|
104
|
|
|
|
|
104
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
17
|
|
|
$
|
36
|
|
|
1,922
|
|
|
|
|
1,975
|
|
||||
Total current liabilities
|
17
|
|
|
36
|
|
|
2,323
|
|
|
|
|
2,376
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt, excluding current maturities
|
|
|
411
|
|
|
3,185
|
|
|
|
|
3,596
|
|
|||||||
Long-term intercompany debt
|
857
|
|
|
823
|
|
|
|
|
$
|
(1,680
|
)
|
|
|
||||||
Postretirement and pension liabilities
|
—
|
|
|
|
|
917
|
|
|
|
|
917
|
|
|||||||
Other non-current liabilities
|
—
|
|
|
262
|
|
|
232
|
|
|
|
|
494
|
|
||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncontrolling interests
|
|
|
|
|
252
|
|
|
|
|
252
|
|
||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(25
|
)
|
|
848
|
|
|
1,753
|
|
|
(2,601
|
)
|
|
(25
|
)
|
|||||
Total equity/(deficit)
|
(25
|
)
|
|
848
|
|
|
2,005
|
|
|
(2,601
|
)
|
|
227
|
|
|||||
Total
|
$
|
849
|
|
|
$
|
2,380
|
|
|
$
|
8,662
|
|
|
$
|
(4,281
|
)
|
|
$
|
7,610
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
342
|
|
|
|
|
$
|
342
|
|
||||||
Receivables, net
|
|
|
|
|
948
|
|
|
|
|
948
|
|
||||||||
Inventories
|
|
|
|
|
1,148
|
|
|
|
|
1,148
|
|
||||||||
Prepaid expenses and other current assets
|
|
|
|
$
|
76
|
|
|
89
|
|
|
|
|
165
|
|
|||||
Total current assets
|
—
|
|
|
76
|
|
|
2,527
|
|
|
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany debt receivables
|
|
|
|
|
1,391
|
|
|
$
|
(1,391
|
)
|
|
|
|||||||
Investments
|
$
|
215
|
|
|
1,208
|
|
|
|
|
(1,423
|
)
|
|
|
||||||
Goodwill
|
|
|
|
|
1,952
|
|
|
|
|
1,952
|
|
||||||||
Property, plant and equipment, net
|
|
|
|
|
1,751
|
|
|
|
|
1,751
|
|
||||||||
Other non-current assets
|
|
|
376
|
|
|
186
|
|
|
|
|
562
|
|
|||||||
Total
|
$
|
215
|
|
|
$
|
1,660
|
|
|
$
|
7,807
|
|
|
$
|
(2,814
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
|
|
|
|
$
|
128
|
|
|
|
|
$
|
128
|
|
||||||
Current maturities of long-term debt
|
|
|
|
|
67
|
|
|
|
|
67
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
$
|
40
|
|
|
2,030
|
|
|
|
|
2,090
|
|
||||
Total current liabilities
|
20
|
|
|
40
|
|
|
2,225
|
|
|
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt, excluding current maturities
|
|
|
411
|
|
|
2,926
|
|
|
|
|
3,337
|
|
|||||||
Long-term intercompany debt
|
668
|
|
|
723
|
|
|
|
|
$
|
(1,391
|
)
|
|
|
||||||
Postretirement and pension liabilities
|
|
|
|
|
996
|
|
|
|
|
996
|
|
||||||||
Other non-current liabilities
|
|
|
271
|
|
|
218
|
|
|
|
|
489
|
|
|||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncontrolling interests
|
|
|
|
|
234
|
|
|
|
|
234
|
|
||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
215
|
|
|
1,208
|
|
|
(1,423
|
)
|
|
(473
|
)
|
|||||
Total equity/(deficit)
|
(473
|
)
|
|
215
|
|
|
1,442
|
|
|
(1,423
|
)
|
|
(239
|
)
|
|||||
Total
|
$
|
215
|
|
|
$
|
1,660
|
|
|
$
|
7,807
|
|
|
$
|
(2,814
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net cash provide by/(used for) operating activities
|
$
|
11
|
|
|
$
|
(157
|
)
|
|
$
|
29
|
|
|
|
|
$
|
(117
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
|
|
|
(214
|
)
|
|
|
|
(214
|
)
|
||||||||
Intercompany investing activities
|
|
|
57
|
|
|
—
|
|
|
$
|
(57
|
)
|
|
—
|
|
|||||
Insurance proceeds
|
|
|
|
|
33
|
|
|
|
|
33
|
|
||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||
Other
|
|
|
|
|
(27
|
)
|
|
|
|
(27
|
)
|
||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
57
|
|
|
(205
|
)
|
|
(57
|
)
|
|
(205
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term debt
|
|
|
|
|
49
|
|
|
|
|
49
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
(45
|
)
|
|
|
|
(45
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
|
|
470
|
|
|
|
|
470
|
|
||||||||
Net change in long-term intercompany balances
|
189
|
|
|
100
|
|
|
(289
|
)
|
|
|
|
—
|
|
||||||
Common stock issued
|
7
|
|
|
|
|
—
|
|
|
|
|
7
|
|
|||||||
Common stock repurchased
|
(207
|
)
|
|
|
|
—
|
|
|
|
|
(207
|
)
|
|||||||
Dividends paid
|
|
|
|
|
(57
|
)
|
|
57
|
|
|
|
||||||||
Dividend paid to noncontrolling interests
|
|
|
|
|
(50
|
)
|
|
|
|
(50
|
)
|
||||||||
Other
|
|
|
|
|
(6
|
)
|
|
|
|
(6
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(11
|
)
|
|
100
|
|
|
72
|
|
|
57
|
|
|
218
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
2
|
|
|
|
|
2
|
|
||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(102
|
)
|
|
—
|
|
|
(102
|
)
|
|||||
Cash and cash equivalents at January 1
|
—
|
|
|
—
|
|
|
342
|
|
|
—
|
|
|
342
|
|
|||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
240
|
|
|
$
|
—
|
|
|
$
|
240
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net cash provided by/(used for) operating activities
|
$
|
5
|
|
|
$
|
(54
|
)
|
|
$
|
(85
|
)
|
|
|
|
$
|
(134
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
|
|
|
(273
|
)
|
|
|
|
(273
|
)
|
||||||||
Intercompany investing activities
|
|
|
36
|
|
|
|
|
|
$
|
(36
|
)
|
|
—
|
|
|||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
25
|
|
|
|
|
25
|
|
||||||||
Net cash provided by/(used for) investing activities
|
|
|
36
|
|
|
(248
|
)
|
|
(36
|
)
|
|
(248
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term debt
|
|
|
|
|
1,421
|
|
|
|
|
1,421
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
(1,047
|
)
|
|
|
|
(1,047
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
|
|
342
|
|
|
|
|
342
|
|
||||||||
Net change in long-term intercompany balances
|
198
|
|
|
55
|
|
|
(253
|
)
|
|
|
|
—
|
|
||||||
Debt issue costs
|
|
|
|
|
(17
|
)
|
|
|
|
(17
|
)
|
||||||||
Common stock issued
|
9
|
|
|
—
|
|
|
—
|
|
|
|
|
9
|
|
||||||
Common stock repurchased
|
(212
|
)
|
|
|
|
|
|
|
|
(212
|
)
|
||||||||
Dividends paid
|
|
|
|
|
(36
|
)
|
|
36
|
|
|
—
|
|
|||||||
Purchase of noncontrolling interests
|
—
|
|
|
(37
|
)
|
|
(11
|
)
|
|
|
|
(48
|
)
|
||||||
Dividend paid to noncontrolling interests
|
|
|
|
|
(60
|
)
|
|
|
|
(60
|
)
|
||||||||
Other
|
|
|
|
|
11
|
|
|
|
|
11
|
|
||||||||
Net cash provided by/(used for) financing activities
|
(5
|
)
|
|
18
|
|
|
350
|
|
|
36
|
|
|
399
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|||||
Cash and cash equivalents at January 1
|
|
|
|
|
463
|
|
|
|
|
463
|
|
||||||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
479
|
|
|
$
|
—
|
|
|
$
|
479
|
|
•
|
statements of comprehensive income for the
three and nine months ended September 30, 2012
and
2011
,
|
•
|
balance sheets as of
September 30, 2012
and
December 31, 2011
, and
|
•
|
statements of cash flows for the
nine
months ended
September 30, 2012
and
2011
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
606
|
|
|
$
|
1,696
|
|
|
|
|
$
|
2,302
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
1
|
|
|
479
|
|
|
1,407
|
|
|
|
|
1,887
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
10
|
|
|
36
|
|
|
|
|
46
|
|
|||||||||
Gross profit
|
|
|
|
|
117
|
|
|
253
|
|
|
|
|
369
|
|
|||||||||
Selling and administrative expense
|
|
|
2
|
|
|
31
|
|
|
59
|
|
|
|
|
92
|
|
||||||||
Provision for restructuring
|
|
|
|
|
1
|
|
|
6
|
|
|
|
|
7
|
|
|||||||||
Asset impairments and sales
|
|
|
|
|
—
|
|
|
(14
|
)
|
|
|
|
(14
|
)
|
|||||||||
Net interest expense
|
|
|
13
|
|
|
22
|
|
|
20
|
|
|
|
|
55
|
|
||||||||
Technology royalty
|
|
|
|
|
(13
|
)
|
|
13
|
|
|
|
|
|
||||||||||
Translation and foreign exchange
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||||
Income/(loss) before income taxes
|
|
|
(15
|
)
|
|
76
|
|
|
171
|
|
|
|
|
231
|
|
||||||||
Provision for / (benefit from) income taxes
|
|
|
(6
|
)
|
|
(139
|
)
|
|
34
|
|
|
|
|
(111
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
325
|
|
|
196
|
|
|
110
|
|
|
|
|
$
|
(629
|
)
|
|
2
|
|
|||||
Net income
|
325
|
|
|
187
|
|
|
325
|
|
|
137
|
|
|
(629
|
)
|
|
344
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(19
|
)
|
|
|
|
(19
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
325
|
|
|
$
|
187
|
|
|
$
|
325
|
|
|
$
|
118
|
|
|
$
|
(629
|
)
|
|
$
|
325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
396
|
|
|
$
|
187
|
|
|
$
|
396
|
|
|
$
|
203
|
|
|
$
|
(760
|
)
|
|
$
|
422
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
(26
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
396
|
|
|
$
|
187
|
|
|
$
|
396
|
|
|
$
|
177
|
|
|
$
|
(760
|
)
|
|
$
|
396
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
634
|
|
|
$
|
1,789
|
|
|
|
|
$
|
2,423
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
505
|
|
|
1,475
|
|
|
|
|
1,980
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
10
|
|
|
37
|
|
|
|
|
47
|
|
|||||||||
Gross profit
|
|
|
|
|
119
|
|
|
277
|
|
|
|
|
396
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
2
|
|
|
33
|
|
|
61
|
|
|
|
|
96
|
|
|||||||
Provision for asbestos
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||
Provision for restructuring
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
||||||||||
Asset impairments and sales
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||
Loss from early extinguishment of debt
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
||||||||
Net interest expense
|
|
|
10
|
|
|
22
|
|
|
24
|
|
|
|
|
56
|
|
||||||||
Technology royalty
|
|
|
—
|
|
|
(16
|
)
|
|
16
|
|
|
|
|
|
|||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(12
|
)
|
|
80
|
|
|
177
|
|
|
|
|
245
|
|
||||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(5
|
)
|
|
60
|
|
|
32
|
|
|
—
|
|
|
87
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
129
|
|
|
69
|
|
|
109
|
|
|
—
|
|
|
$
|
(306
|
)
|
|
1
|
|
||||
Net income
|
129
|
|
|
62
|
|
|
129
|
|
|
145
|
|
|
(306
|
)
|
|
159
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
—
|
|
|
(30
|
)
|
|
|
|
(30
|
)
|
|||||||||
Net income attributable to Crown Holdings
|
$
|
129
|
|
|
$
|
62
|
|
|
$
|
129
|
|
|
$
|
115
|
|
|
$
|
(306
|
)
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
12
|
|
|
$
|
64
|
|
|
$
|
12
|
|
|
$
|
78
|
|
|
$
|
(131
|
)
|
|
$
|
35
|
|
Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
12
|
|
|
$
|
64
|
|
|
$
|
12
|
|
|
$
|
55
|
|
|
$
|
(131
|
)
|
|
$
|
12
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2012
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
1,746
|
|
|
$
|
4,687
|
|
|
|
|
$
|
6,433
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
1
|
|
|
1,392
|
|
|
3,911
|
|
|
|
|
5,304
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
30
|
|
|
103
|
|
|
|
|
133
|
|
|||||||||
Gross profit
|
|
|
|
|
324
|
|
|
673
|
|
|
|
|
996
|
|
|||||||||
Selling and administrative expense
|
|
|
5
|
|
|
102
|
|
|
181
|
|
|
|
|
288
|
|
||||||||
Provision for restructuring
|
|
|
|
|
2
|
|
|
8
|
|
|
|
|
10
|
|
|||||||||
Asset impairments and sales
|
|
|
|
|
(1
|
)
|
|
(23
|
)
|
|
|
|
(24
|
)
|
|||||||||
Net interest expense
|
|
|
39
|
|
|
67
|
|
|
59
|
|
|
|
|
165
|
|
||||||||
Technology royalty
|
|
|
|
|
(33
|
)
|
|
33
|
|
|
|
|
|
||||||||||
Translation and foreign exchange
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
||||||||||
Income/(loss) before income taxes
|
|
|
(44
|
)
|
|
187
|
|
|
419
|
|
|
|
|
561
|
|
||||||||
Provision for / (benefit from) income taxes
|
|
|
(17
|
)
|
|
(84
|
)
|
|
73
|
|
|
|
|
(28
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
528
|
|
|
312
|
|
|
257
|
|
|
|
|
$
|
(1,095
|
)
|
|
2
|
|
|||||
Net income
|
528
|
|
|
285
|
|
|
528
|
|
|
346
|
|
|
(1,095
|
)
|
|
591
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(63
|
)
|
|
|
|
(63
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
528
|
|
|
$
|
285
|
|
|
$
|
528
|
|
|
$
|
283
|
|
|
$
|
(1,095
|
)
|
|
$
|
528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
633
|
|
|
$
|
292
|
|
|
$
|
633
|
|
|
$
|
437
|
|
|
$
|
(1,294
|
)
|
|
$
|
701
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
(68
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
633
|
|
|
$
|
292
|
|
|
$
|
633
|
|
|
$
|
369
|
|
|
$
|
(1,294
|
)
|
|
$
|
633
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2011
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
1,770
|
|
|
$
|
4,816
|
|
|
|
|
$
|
6,586
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
1,431
|
|
|
3,964
|
|
|
|
|
5,395
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
29
|
|
|
103
|
|
|
|
|
132
|
|
|||||||||
Gross profit
|
|
|
|
|
310
|
|
|
749
|
|
|
|
|
1,059
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
5
|
|
|
103
|
|
|
190
|
|
|
|
|
298
|
|
|||||||
Provision for restructuring
|
|
|
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|||||||||
Asset impairments and sales
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
||||||||
Loss from early extinguishment of debt
|
|
|
30
|
|
|
2
|
|
|
—
|
|
|
|
|
32
|
|
||||||||
Net interest expense
|
|
|
36
|
|
|
62
|
|
|
68
|
|
|
|
|
166
|
|
||||||||
Technology royalty
|
|
|
|
|
(39
|
)
|
|
39
|
|
|
|
|
|
||||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
||||||||
Income/(loss) before income taxes
|
|
|
(71
|
)
|
|
182
|
|
|
427
|
|
|
|
|
538
|
|
||||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(27
|
)
|
|
104
|
|
|
105
|
|
|
—
|
|
|
182
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
274
|
|
|
185
|
|
|
196
|
|
|
—
|
|
|
$
|
(654
|
)
|
|
1
|
|
||||
Net income
|
274
|
|
|
141
|
|
|
274
|
|
|
322
|
|
|
(654
|
)
|
|
357
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
|
|
(83
|
)
|
|||||||
Net income attributable to Crown Holdings
|
$
|
274
|
|
|
$
|
141
|
|
|
$
|
274
|
|
|
$
|
239
|
|
|
$
|
(654
|
)
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
232
|
|
|
$
|
153
|
|
|
$
|
232
|
|
|
$
|
274
|
|
|
$
|
(578
|
)
|
|
$
|
313
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
(81
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
232
|
|
|
$
|
153
|
|
|
$
|
232
|
|
|
$
|
193
|
|
|
$
|
(578
|
)
|
|
$
|
232
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
$
|
18
|
|
|
$
|
1
|
|
|
$
|
221
|
|
|
|
|
$
|
240
|
|
||||
Receivables, net
|
|
|
1
|
|
|
11
|
|
|
1,385
|
|
|
|
|
1,397
|
|
||||||||
Intercompany receivables
|
|
|
|
|
23
|
|
|
15
|
|
|
$
|
(38
|
)
|
|
|
||||||||
Inventories
|
|
|
|
|
279
|
|
|
928
|
|
|
|
|
1,207
|
|
|||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
2
|
|
|
86
|
|
|
120
|
|
|
|
|
209
|
|
||||||
Total current assets
|
1
|
|
|
21
|
|
|
400
|
|
|
2,669
|
|
|
(38
|
)
|
|
3,053
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,925
|
|
|
1,734
|
|
|
316
|
|
|
(3,975
|
)
|
|
|
||||||||
Investments
|
848
|
|
|
1,697
|
|
|
911
|
|
|
|
|
(3,456
|
)
|
|
|
||||||||
Goodwill
|
|
|
|
|
453
|
|
|
1,523
|
|
|
|
|
1,976
|
|
|||||||||
Property, plant and equipment, net
|
|
|
1
|
|
|
297
|
|
|
1,547
|
|
|
|
|
1,845
|
|
||||||||
Other non-current assets
|
|
|
27
|
|
|
483
|
|
|
226
|
|
|
|
|
736
|
|
||||||||
Total
|
$
|
849
|
|
|
$
|
3,671
|
|
|
$
|
4,278
|
|
|
$
|
6,281
|
|
|
$
|
(7,469
|
)
|
|
$
|
7,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
|
|
|
|
$
|
297
|
|
|
|
|
$
|
297
|
|
||||||||
Current maturities of long-term debt
|
|
|
$
|
28
|
|
|
—
|
|
|
76
|
|
|
|
|
104
|
|
|||||||
Accounts payable and accrued liabilities
|
$
|
17
|
|
|
30
|
|
|
$
|
323
|
|
|
1,605
|
|
|
|
|
1,975
|
|
|||||
Intercompany payables
|
|
|
|
|
15
|
|
|
23
|
|
|
$
|
(38
|
)
|
|
|
||||||||
Total current liabilities
|
17
|
|
|
58
|
|
|
338
|
|
|
2,001
|
|
|
(38
|
)
|
|
2,376
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,991
|
|
|
412
|
|
|
1,193
|
|
|
|
|
3,596
|
|
||||||||
Long-term intercompany debt
|
857
|
|
|
778
|
|
|
1,905
|
|
|
435
|
|
|
(3,975
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
481
|
|
|
436
|
|
|
|
|
917
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
294
|
|
|
200
|
|
|
|
|
494
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
|
|
252
|
|
|
|
|
252
|
|
||||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(25
|
)
|
|
844
|
|
|
848
|
|
|
1,764
|
|
|
(3,456
|
)
|
|
(25
|
)
|
||||||
Total equity/(deficit)
|
(25
|
)
|
|
844
|
|
|
848
|
|
|
2,016
|
|
|
(3,456
|
)
|
|
227
|
|
||||||
Total
|
$
|
849
|
|
|
$
|
3,671
|
|
|
$
|
4,278
|
|
|
$
|
6,281
|
|
|
$
|
(7,469
|
)
|
|
$
|
7,610
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
$
|
21
|
|
|
$
|
1
|
|
|
$
|
320
|
|
|
|
|
$
|
342
|
|
||||
Receivables, net
|
|
|
1
|
|
|
37
|
|
|
910
|
|
|
|
|
948
|
|
||||||||
Intercompany receivables
|
|
|
|
|
40
|
|
|
17
|
|
|
$
|
(57
|
)
|
|
|
||||||||
Inventories
|
|
|
|
|
285
|
|
|
863
|
|
|
|
|
1,148
|
|
|||||||||
Prepaid expenses and other current assets
|
|
|
|
2
|
|
|
58
|
|
|
105
|
|
|
|
|
165
|
|
|||||||
Total current assets
|
—
|
|
|
24
|
|
|
421
|
|
|
2,215
|
|
|
(57
|
)
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,833
|
|
|
1,354
|
|
|
525
|
|
|
(3,712
|
)
|
|
|
||||||||
Investments
|
$
|
215
|
|
|
1,386
|
|
|
632
|
|
|
|
|
(2,233
|
)
|
|
|
|||||||
Goodwill
|
|
|
|
|
453
|
|
|
1,499
|
|
|
|
|
1,952
|
|
|||||||||
Property, plant and equipment, net
|
|
|
1
|
|
|
298
|
|
|
1,452
|
|
|
|
|
1,751
|
|
||||||||
Other non-current assets
|
|
|
30
|
|
|
382
|
|
|
150
|
|
|
|
|
562
|
|
||||||||
Total
|
$
|
215
|
|
|
$
|
3,274
|
|
|
$
|
3,540
|
|
|
$
|
5,841
|
|
|
$
|
(6,002
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
|
|
|
|
$
|
128
|
|
|
|
|
$
|
128
|
|
||||||||
Current maturities of long-term debt
|
|
|
|
|
|
$
|
1
|
|
|
66
|
|
|
|
|
67
|
|
|||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
$
|
34
|
|
|
323
|
|
|
1,713
|
|
|
|
|
2,090
|
|
|||||
Intercompany payables
|
|
|
|
|
17
|
|
|
40
|
|
|
$
|
(57
|
)
|
|
|
||||||||
Total current liabilities
|
20
|
|
|
34
|
|
|
341
|
|
|
1,947
|
|
|
(57
|
)
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,732
|
|
|
412
|
|
|
1,193
|
|
|
|
|
3,337
|
|
||||||||
Long-term intercompany debt
|
668
|
|
|
956
|
|
|
1,726
|
|
|
362
|
|
|
(3,712
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
550
|
|
|
446
|
|
|
|
|
996
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
296
|
|
|
193
|
|
|
|
|
489
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
|
|
234
|
|
|
|
|
234
|
|
||||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
552
|
|
|
215
|
|
|
1,466
|
|
|
(2,233
|
)
|
|
(473
|
)
|
||||||
Total equity/(deficit)
|
(473
|
)
|
|
552
|
|
|
215
|
|
|
1,700
|
|
|
(2,233
|
)
|
|
(239
|
)
|
||||||
Total
|
$
|
215
|
|
|
$
|
3,274
|
|
|
$
|
3,540
|
|
|
$
|
5,841
|
|
|
$
|
(6,002
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net provided by/(used for) operating activities
|
$
|
11
|
|
|
$
|
(28
|
)
|
|
$
|
164
|
|
|
$
|
(264
|
)
|
|
|
|
$
|
(117
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(21
|
)
|
|
(193
|
)
|
|
|
|
(214
|
)
|
|||||||||
Intercompany investing activities
|
|
|
10
|
|
|
57
|
|
|
|
|
|
$
|
(67
|
)
|
|
|
|||||||
Insurance proceeds
|
|
|
|
|
|
|
33
|
|
|
|
|
33
|
|
||||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
1
|
|
|
2
|
|
|
|
|
3
|
|
|||||||||
Other
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
|
(27
|
)
|
|||||||||
Net cash provided by/(used for) investing activities
|
|
|
10
|
|
|
37
|
|
|
(185
|
)
|
|
(67
|
)
|
|
(205
|
)
|
|||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
|
|
|
|
|
49
|
|
|
|
|
49
|
|
|||||||||
Payments of long-term debt
|
|
|
|
|
|
|
|
|
(45
|
)
|
|
|
|
(45
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
287
|
|
|
|
|
183
|
|
|
|
|
470
|
|
|||||||||
Net change in long-term intercompany balances
|
189
|
|
|
(272
|
)
|
|
(201
|
)
|
|
284
|
|
|
|
|
|
||||||||
Common stock issued
|
7
|
|
|
|
|
|
|
|
|
|
|
7
|
|
||||||||||
Common stock repurchased
|
(207
|
)
|
|
|
|
|
|
|
|
|
|
(207
|
)
|
||||||||||
Dividends paid
|
|
|
|
|
|
|
(67
|
)
|
|
67
|
|
|
|
||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(50
|
)
|
|
|
|
(50
|
)
|
||||||||||
Other
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
(6
|
)
|
||||||||||
Net cash provided by/(used for) financing activities
|
(11
|
)
|
|
15
|
|
|
(201
|
)
|
|
348
|
|
|
67
|
|
|
218
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(99
|
)
|
|
—
|
|
|
(102
|
)
|
||||||
Cash and cash equivalents at January 1
|
|
|
21
|
|
|
1
|
|
|
320
|
|
|
|
|
342
|
|
||||||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
1
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
240
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net provided by/(used for) operating activities
|
$
|
5
|
|
|
$
|
(25
|
)
|
|
$
|
139
|
|
|
$
|
(253
|
)
|
|
|
|
$
|
(134
|
)
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(27
|
)
|
|
(246
|
)
|
|
|
|
(273
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
|
|
|
25
|
|
|
|
|
25
|
|
|||||||||
Intercompany investing activities
|
|
|
11
|
|
|
38
|
|
|
24
|
|
|
$
|
(73
|
)
|
|
—
|
|
||||||
Other
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
11
|
|
|
11
|
|
|
(197
|
)
|
|
(73
|
)
|
|
(248
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
900
|
|
|
|
|
521
|
|
|
|
|
1,421
|
|
|||||||||
Payments of long-term debt
|
|
|
(746
|
)
|
|
(1
|
)
|
|
(300
|
)
|
|
|
|
(1,047
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
140
|
|
|
|
|
202
|
|
|
|
|
342
|
|
|||||||||
Net change in long-term intercompany balances
|
198
|
|
|
(273
|
)
|
|
(112
|
)
|
|
187
|
|
|
|
|
|
||||||||
Debt issue costs
|
|
|
|
(14
|
)
|
|
|
|
(3
|
)
|
|
|
|
(17
|
)
|
||||||||
Common stock issued
|
9
|
|
|
|
|
|
|
|
|
|
|
9
|
|
||||||||||
Common stock repurchased
|
(212
|
)
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
||||||||
Dividends paid
|
|
|
|
|
—
|
|
|
(73
|
)
|
|
73
|
|
|
|
|||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(37
|
)
|
|
(11
|
)
|
|
|
|
(48
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
(60
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||||
Net cash provided by/(used for) financing activities
|
(5
|
)
|
|
7
|
|
|
(150
|
)
|
|
474
|
|
|
73
|
|
|
399
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Net change in cash and cash equivalents
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
23
|
|
|
—
|
|
|
16
|
|
||||||
Cash and cash equivalents at January 1
|
—
|
|
|
38
|
|
|
1
|
|
|
424
|
|
|
—
|
|
|
463
|
|
||||||
Cash and cash equivalents at September 30
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
1
|
|
|
$
|
447
|
|
|
$
|
—
|
|
|
$
|
479
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
2,302
|
|
|
$
|
2,423
|
|
|
$
|
6,433
|
|
|
$
|
6,586
|
|
Beverage cans and ends as a percentage of net sales
|
52
|
%
|
|
49
|
%
|
|
55
|
%
|
|
52
|
%
|
||||
Food cans, ends and metal vacuum closures as a percentage of net sales
|
32
|
%
|
|
34
|
%
|
|
29
|
%
|
|
31
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
574
|
|
|
$
|
594
|
|
|
$
|
1,701
|
|
|
$
|
1,697
|
|
Segment income
|
82
|
|
|
77
|
|
|
229
|
|
|
217
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
259
|
|
|
$
|
271
|
|
|
$
|
672
|
|
|
$
|
676
|
|
Segment income
|
44
|
|
|
49
|
|
|
117
|
|
|
115
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
451
|
|
|
$
|
451
|
|
|
$
|
1,285
|
|
|
$
|
1,291
|
|
Segment income
|
68
|
|
|
61
|
|
|
174
|
|
|
176
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
547
|
|
|
$
|
623
|
|
|
$
|
1,383
|
|
|
$
|
1,554
|
|
Segment income
|
64
|
|
|
87
|
|
|
151
|
|
|
202
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
102
|
|
|
$
|
122
|
|
|
$
|
289
|
|
|
$
|
341
|
|
Segment income
|
9
|
|
|
11
|
|
|
20
|
|
|
30
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
369
|
|
|
$
|
362
|
|
|
$
|
1,103
|
|
|
$
|
1,027
|
|
Segment income
|
59
|
|
|
62
|
|
|
166
|
|
|
174
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Corporate and unallocated expense
|
$
|
(49
|
)
|
|
$
|
(47
|
)
|
|
$
|
(149
|
)
|
|
$
|
(153
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30
|
|
September 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Income before income taxes
|
$
|
231
|
|
|
$
|
245
|
|
|
$
|
561
|
|
|
$
|
538
|
|
Provision for / (benefit from) income taxes
|
(111
|
)
|
|
87
|
|
|
(28
|
)
|
|
182
|
|
||||
Effective income tax rate
|
(48.1
|
)%
|
|
35.5
|
%
|
|
(5.0
|
)%
|
|
33.8
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sale of Equity Securities and Use of Proceeds
|
|
Total Number
of Shares
Purchased
|
Average Price Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
|
Approximate Dollar Value of Shares
that May Yet Be Purchased
under the Programs
As of the end of the period
(millions of dollars)
|
|
|
|
|
|
July
|
5,016,190
|
$39.87
|
5,016,190
|
$94
|
Total
|
5,016,190
|
$39.87
|
5,016,190
|
$94
|
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
|
10
|
Employment contract between Crown Holdings, Inc. and Jozef Salaerts, dated November 5, 2012.
|
|
|
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by John W. Conway, Chairman of the Board, President and Chief Executive Officer of Crown Holdings, Inc. and Timothy J. Donahue, Executive Vice President and Chief Financial Officer of Crown Holdings, Inc.
|
|
|
|
|
101
|
The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011, (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2012 and 2011, (iii) Consolidated Balance Sheets as of September 30, 2012 and December 31, 2011, (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011, (v) Consolidated Statements of Changes in Equity for the nine months ended September 30, 2012 and 2011 and (vi) Notes to Consolidated Financial Statements.
|
|
|
|
|
|
Crown Holdings, Inc.
Registrant
|
|
|
|
By:
|
|
/s/ Kevin C. Clothier
|
|
|
Kevin C. Clothier
|
|
|
Vice President and Corporate Controller
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Timothy Donahue . Mr. Donahue was elected Chairman by the Board following the 2022 Annual Meeting and assumed the position of CEO of the Company in 2016. He has served as a member of the Board since 2015 and in other executive positions with the Company for over 34 years. He gives the Board seasoned leadership and an in-depth knowledge of the Company, especially its international business. He also brings to the Board an intimate understanding of the operations and finances of the Company from his prior experience as the Company’s Chief Operating Officer and Chief Financial Officer. | |||
Stephen Hagge . Mr. Hagge, who was named as the Company’s Independent Lead Director and Chair of the Nominating and Corporate Governance Committee in February 2025, brings to the Board substantial leadership and management experience in the packaging industry, public company governance, operations, international business, strategic initiatives and risk management from his roles as former CEO, CFO and COO of an NYSE-listed global packaging manufacturer. Mr. Hagge also serves as Chairman of another NYSE-listed company. | |||
Marsha Williams . Ms. Williams brings to the Board extensive experience in strategic planning, corporate finance, operations, mergers and acquisitions, investor relations, information technology, liquidity management, risk management and corporate governance through her prior roles as Chief Financial Officer and Chief Administrative Officer of companies in diverse industries. Ms. Williams also serves as Chairperson of one publicly-listed company and as a director of another with global operations. In these roles, Ms. Williams has accumulated extensive knowledge of corporate governance, global finance, capital management, internal controls and human resources, including significant experience in the financial markets in which the Company competes for financing. Ms. Williams was named as Chair of the Compensation Committee in February 2025. | |||
Dwayne Wilson . Mr. Wilson brings to the Board over 36 years of senior management experience at a leading NYSE-listed construction and engineering company. Mr. Wilson has gained a broad range of experience and exposure to a number of diverse end markets, and the Company benefits from his knowledge and perspective, particularly in the areas of manufacturing, technology, operational excellence and engineering. Mr. Wilson also serves as a director of three other publicly-listed companies . | |||
Caesar Sweitzer . Mr. Sweitzer spent over 35 years in finance, primarily as an investment banker focusing on industrial companies. Mr. Sweitzer brings to the Board significant knowledge of the global packaging industry as well as finance and investment matters, such as acquisitions, dispositions and corporate finance. Mr. Sweitzer’s experience qualifies him as an “audit committee financial expert” within the meaning of SEC regulations. | |||
Angela Snyder . Ms. Snyder brings to the Board extensive experience in the banking sector, leadership and management, strategic planning, risk management and corporate governance. She serves as President and as a Director of a NASDAQ-listed financial holding company and as President of its banking subsidiary. She possesses more than 30 years of experience in the financial services industry. | |||
Executive Vice President and Chief Financial Officer of EnerSys; former Chief Executive Officer of Cambridge-Lee Industries |
Name and Position | Year | Salary |
Grant Date Projected Value of Unvested Restricted Stock Awards |
Non-Equity Incentive Plan Compensation | Change in Pension Value | All Other Compensation | Total Compensation |
Timothy Donahue President and Chief Executive Officer |
2024 | $1,425,000 | $7,979,960 | $4,132,500 | $0 | $80,690 | $13,618,150 |
2023 | 1,370,000 | 7,671,945 | 2,820,488 | 0 | 65,790 | 11,928,223 | |
2022 | 1,315,000 | 7,364,000 | 599,969 | 0 | 21,167 | 9,300,136 |
Customers
Customer name | Ticker |
---|---|
Constellation Brands, Inc. | STZ |
Flowers Foods, Inc. | FLO |
Graphic Packaging Holding Company | GPK |
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
DONAHUE TIMOTHY J | - | 579,743 | 761 |
DONAHUE TIMOTHY J | - | 571,178 | 769 |
Gifford Gerard H | - | 130,807 | 5,807 |
Gifford Gerard H | - | 123,399 | 5,703 |
CLOTHIER KEVIN CHARLES | - | 61,002 | 360 |
Madeksza Matt | - | 22,494 | 0 |
Baila Carlos | - | 16,611 | 0 |
MILLER JAMES H | - | 12,424 | 0 |
FEARON RICHARD H | - | 10,895 | 16 |
Kalaus Christy L. | - | 7,500 | 0 |
WILLIAMS MARSHA C | - | 5,204 | 0 |
Kalaus Christy L. | - | 4,500 | 0 |