0001219601-19-000028.txt : 20191016 0001219601-19-000028.hdr.sgml : 20191016 20191016171950 ACCESSION NUMBER: 0001219601-19-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191016 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191016 DATE AS OF CHANGE: 20191016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CROWN HOLDINGS INC CENTRAL INDEX KEY: 0001219601 STANDARD INDUSTRIAL CLASSIFICATION: METAL CANS [3411] IRS NUMBER: 753099507 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50189 FILM NUMBER: 191153411 BUSINESS ADDRESS: STREET 1: 770 TOWNSHIP LINE ROAD CITY: YARDLEY STATE: PA ZIP: 19067 BUSINESS PHONE: 2156985100 MAIL ADDRESS: STREET 1: 770 TOWNSHIP LINE ROAD CITY: YARDLEY STATE: PA ZIP: 19067 8-K 1 cck8k3q2019earnings.htm THIRD QUARTER 2019 EARNINGS NEWS RELEASE Document
false0001219601 0001219601 exch:XNYS cck:SevenAnd38DebenturesDue2026Member 2019-10-16 2019-10-16 0001219601 exch:XNYS cck:SevenAnd12DebenturesDue2096Member 2019-10-16 2019-10-16 0001219601 exch:XNYS 2019-10-16 2019-10-16 0001219601 2019-10-16 2019-10-16



 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________
 
FORM 8-K
____________
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): October 16, 2019
 
CROWN HOLDINGS, INC.
 (Exact name of Registrant as specified in its charter)
Pennsylvania
 
000-50189
 
75-3099507
(State or Other Jurisdiction of
Incorporation or Organization)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
770 Township Line Road
Yardley, Pennsylvania 19067
(215) 698-5100
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.  ☐   





 
Title of each class
Trading Symbols
Name of each exchange on which registered
Common Stock $5.00 Par Value
CCK
New York Stock Exchange
7 3/8% Debentures Due 2026
CCK26
New York Stock Exchange
7 1/2% Debentures Due 2096
CCK96
New York Stock Exchange







TABLE OF CONTENTS


Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

SIGNATURE

INDEX TO EXHIBITS

EX-99 PRESS RELEASE

























2





Item 2.02. Results of Operations and Financial Condition
On October 16, 2019 Crown Holdings, Inc. issued a press release announcing its earnings for the third quarter ended September 30, 2019. A copy of the press release is attached hereto as Exhibit 99 and incorporated herein by reference.

The information in this Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits.

The following is furnished as an exhibit to this report.
99. Crown Holdings, Inc. press release dated October 16, 2019.























3





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 hereunto duly authorized.

 
CROWN HOLDINGS, INC.

 
 
 
 
 
 
 
 
 
 
By:
/s/ David A. Beaver
 
 
David A. Beaver
 
 
Vice President and Corporate Controller



Dated: October 16, 2019



















4






INDEX TO EXHIBITS


Exhibit Number
 
Description
 
 
 
99
 
 
 
 
101
 
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.






























5


EX-99 2 ex99sept2019.htm THIRD QUARTER 2019 EARNINGS NEWS RELEASE Exhibit

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

 
CROWN HOLDINGS, INC. REPORTS THIRD QUARTER 2019 RESULTS
 

Yardley, PA - October 16, 2019. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2019.

Third Quarter Results

•
Earnings per share $1.36 versus $1.23 in 2018
•
Adjusted earnings per share $1.56 versus $1.71 in 2018
•
Beverage can capacity projects on schedule

Net sales in the third quarter were $3,084 million compared to $3,174 million in the third quarter of 2018 reflecting
$64 million of unfavorable currency translation.
 
Income from operations was $352 million in the quarter compared to $365 million in the third quarter of 2018. Segment income was $395 million in the third quarter compared to $415 million in the prior year third quarter.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, “Our overall performance during the third quarter was in line with expectations.  Strong operating results in the Americas Beverage segment offset a disappointing performance in the European Food business due to unfavorable weather conditions and a weaker than expected harvest.  Beverage can volumes were particularly robust in Europe, Mexico and Southeast Asia, as consumers in both emerging and developed markets continue to increasingly prefer cans over other packaging options.  Recently installed beverage can capacity additions, including a third line at the Company’s existing plant in Phnom Penh, Cambodia, a new one line high-speed  plant in Parma, Italy and a new two line high-speed plant in Valencia, Spain, have helped us meet the continuing expansion in demand.  In November 2019, we plan to commence operations at a new beverage can facility in Rio Verde in central Brazil.

“To meet the surge in volume requirements in our North American beverage can business, we have begun the construction of a third high-speed line at our Nichols, New York facility which will begin production during the second quarter of 2020.  Also to support demand growth and targeted for a first quarter 2020 start-up, we are installing a new aluminum beverage can line at our Weston, Ontario plant.  Both the Nichols and Weston lines will be capable of producing multiple sizes.  In addition, we have begun construction of a new one line beverage can plant in Nong Khae, Thailand which will commence operations during the third quarter of 2020 and supply the increasing requirements of customers in the region.”  

Interest expense was $95 million in the third quarter of 2019 compared to $105 million in 2018 primarily due to lower debt levels in the current year.

Net income attributable to Crown Holdings in the third quarter was $183 million compared to $164 million in the third quarter of 2018. Reported diluted earnings per share were $1.36 in the third quarter of 2019 compared to $1.23 in 2018. Adjusted diluted earnings per share were $1.56 compared to $1.71 in 2018.
  
A reconciliation from net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share is provided below.

Nine Month Results
Net sales for the first nine months of 2019 increased to $8,874 million compared to $8,417 million in the first nine months of 2018 primarily due to the impact of the Signode acquisition, partially offset by $244 million of unfavorable currency translation.

Income from operations was $997 million in the first nine months of 2019 compared to $878 million in 2018. Segment income in the first nine months of 2019 increased to $1,096 million over the $1,049 million in the prior year period reflecting the impact of the Signode acquisition offset by $26 million of unfavorable currency translation.


Page 1 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Interest expense was $290 million for the first nine months of 2019 compared to $282 million in 2018 primarily due to higher average outstanding debt from borrowings incurred to finance the Signode acquisition.                     
                 
Net income attributable to Crown Holdings in the first nine months of 2019 was $423 million compared to $386 million in the first nine months of 2018.  Reported diluted earnings per share were $3.14 compared to $2.88 in 2018.  Adjusted diluted earnings per share were $4.07 compared to $4.20 in 2018. 

Outlook
The Company currently expects fourth quarter and full year 2019 adjusted diluted earnings to be in the ranges of $0.93 to
$0.98 and $5.00 to $5.05 per share, respectively, compared to the previous full year estimate of $5.05 to $5.20 per share, primarily due to a poor harvest in Europe and the impact of slowing economic activity on the Transit Packaging business.

The adjusted effective income tax rate for the full year of 2019 is expected to be between 25% and 26%.

Adjusted free cash flow, as defined below, is currently expected to be approximately $725 million for 2019 with capital spending of approximately $450 million.

Non-GAAP Measures
Segment income, adjusted free cash flow, net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, net income, diluted earnings per share, effective tax rates, cash flow or leverage ratio data prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.

The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and net leverage ratio as the principal measure of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted net income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company’s operations as these measures are adjusted for items that affect comparability between periods. Reconciliations of estimated adjusted diluted earnings per share for the fourth quarter and full year of 2019 to estimated diluted earnings per share on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share and could have a significant impact on earnings per share on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, acquisition related costs including fair value adjustments to inventory, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters. The Company believes that adjusted free cash flow and net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company’s ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or possible future dividends. Segment income, adjusted free cash flow, net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA are derived from the Company’s Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA can be found within this release.

Conference Call
The Company will hold a conference call tomorrow, October 17, 2019 at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are (630) 395-0194 or toll-free (888) 324-8108 and the access password is “packaging.” A live webcast of the call will be made available to the public on the internet at the Company’s website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on October 24. The telephone numbers for the replay are (203) 369-3918 or toll free (888) 568-0403.


Page 2 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the future impact of currency translation; the continuation of performance and market trends in 2019, including consumer preference for beverage cans and increasing global beverage can demand and demand in Europe, Mexico and Southeast Asia; the Company’s ability to successfully complete and begin production at capacity expansion projects within expected timelines and budgets in Brazil, the U.S., Canada and Thailand the Company’s ability to generate expected earnings and cash flow in 2019 that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2018 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania.

For more information, contact:
Thomas A. Kelly, Senior Vice President and Chief Financial Officer, (215) 698-5341
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720



Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.




Page 3 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif


Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
3,084

 
$
3,174

 
$
8,874

 
$
8,417

 
 
 
 
 
 
 
 
Cost of products sold
2,455

 
2,530

 
7,082

 
6,804

Depreciation and amortization
121

 
127

 
366

 
305

Selling and administrative expense
156

 
153

 
470

 
402

Restructuring and other

 
(1
)
 
(41
)
 
28

Income from operations (1) 
352

 
365

 
997

 
878

 
 
 
 
 
 
 
 
Pension settlements and curtailments
6

 


 
23

 


Other pension and postretirement
(5
)
 
(13
)
 
(11
)
 
(47
)
Foreign exchange
4

 
(14
)
 
6

 
14

Earnings before interest and taxes
347

 
392

 
979

 
911

Interest expense
95

 
105

 
290

 
282

Interest income
(5
)
 
(6
)
 
(12
)
 
(17
)
Loss from early extinguishment of debt

 


 
6

 


Income before income taxes
257

 
293

 
695

 
646

Provision for income taxes
54

 
102

 
190

 
196

Equity earnings
1

 
2

 
4

 
3

Net income
204

 
193

 
509

 
453

Net income attributable to noncontrolling interests
(21
)
 
(29
)
 
(86
)
 
(67
)
Net income attributable to Crown Holdings
$
183

 
$
164

 
$
423

 
$
386

 
 
 
 
 
 
 
 
Earnings per share attributable to Crown
  Holdings common shareholders:
 
 
 
 


 


     Basic
$
1.37

 
$
1.23

 
$
3.16

 
$
2.89

     Diluted
$
1.36

 
$
1.23

 
$
3.14

 
$
2.88

 

 
 
 


 


Weighted average common shares outstanding:
 
 
 
 
 
 
 
     Basic
133,906,820

 
133,729,731

 
133,854,275

 
133,608,065

     Diluted
134,981,636

 
133,849,368

 
134,768,003

 
133,816,005

Actual common shares outstanding
135,526,922

 
135,190,167

 
135,526,922

 
135,190,167




(1) A reconciliation from income from operations to segment income follows.

Page 4 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Consolidated Supplemental Financial Data (Unaudited)
(in millions)
Reconciliation from Income from Operations to Segment Income
The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges, provisions for asbestos and restructuring and other, and the impact of fair value adjustments to inventory acquired in an acquisition.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Income from operations
$
352

 
$
365

 
$
997

 
$
878

Intangibles amortization
43

 
51

 
140

 
103

Fair value adjustment to inventory (1)


 

 


 
40

Provision for restructuring and other


 
(1
)
 
(41
)
 
28

Segment income
$
395

 
$
415

 
1,096

 
1,049


(1) Included in cost of products sold
Segment Information
Net Sales
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Americas Beverage
$
835

 
$
872

 
$
2,513

 
$
2,478

European Beverage
416

 
418

 
1,165

 
1,194

European Food
581

 
623

 
1,487

 
1,565

Asia Pacific
319

 
321

 
959

 
990

Transit Packaging
564

 
585

 
1,725

 
1,205

     Total reportable segments
2,715

 
2,819

 
7,849

 
7,432

Non-reportable segments (2)
369

 
355

 
1,025

 
985

     Total net sales
$
3,084

 
$
3,174

 
$
8,874

 
$
8,417

Segment Income
 
 
 
 
 
 
 
Americas Beverage
$
134

 
$
125

 
$
386

 
$
336

European Beverage
64

 
66

 
163

 
180

European Food
79

 
90

 
189

 
231

Asia Pacific
47

 
46

 
143

 
137

Transit Packaging
74

 
81

 
227

 
175

     Total reportable segments
398

 
408

 
1,108

 
1,059

Non-reportable segments (2)
34

 
40

 
103

 
102

Corporate and other unallocated items
(37
)
 
(33
)
 
(115
)
 
(112
)
     Total segment income
$
395

 
$
415

 
$
1,096

 
$
1,049


(2) Includes the Company's food can and closures businesses in North America, aerosol can businesses in North America and Europe, the promotional packaging business in Europe, and tooling and equipment operations in the U.S. and United Kingdom.










Page 5 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per Share

The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income/diluted earnings per share
   attributable to Crown Holdings, as reported
$
183

 
$
1.36

 
$
164

 
$
1.23

 
$
423

 
$
3.14

 
$
386

 
$
2.88

Intangibles amortization (1)
43

 
0.32

 
51

 
0.38

 
140

 
1.04

 
103

 
0.77

Fair value adjustment to inventory (2)


 


 


 


 


 


 
40

 
0.30

     Restructuring and other (3)


 


 
(1
)
 
(0.01
)
 
(41
)
 
(0.30
)
 
28

 
0.21

Pension settlements and curtailments (4)
6

 
0.04

 


 


 
23

 
0.17

 


 


Acquisition costs (5)


 


 


 


 


 


 
24

 
0.18

     Loss from early extinguishment of debt (6)


 


 


 


 
6

 
0.04

 


 


     Income taxes (7)
(22
)
 
(0.16
)
 
15

 
0.11

 
(20
)
 
(0.15
)
 
(18
)
 
(0.13
)
     Noncontrolling interests (8) 


 


 


 


 
17

 
0.13

 
(1
)
 
(0.01
)
Adjusted net income/diluted earnings per share
$
210

 
$
1.56

 
$
229

 
$
1.71

 
$
548

 
$
4.07

 
$
562

 
$
4.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate as reported
21.0
%
 
 
 
34.8
%
 
 
 
27.3
%
 
 
 
30.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted effective tax rate (9)
24.8
%
 
 
 
25.4
%
 
 
 
25.5
%
 
 
 
25.4
%
 
 

Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company’s ongoing business.

(1)
In the third quarter and first nine months of 2019, the Company recorded charges of $42 million ($31 million net of tax) and $136 million ($101 million net of tax) for intangibles arising from acquisitions. Also in the third quarter and first nine months of 2019, the Company recorded charges of $1 million ($0 million net of tax) and $4 million ($3 million net of tax) for accelerated depreciation related to the planned shutdown of a steel beverage can operation in Spain. In the third quarter and first nine months of 2018, the Company recorded charges of $51 million ($38 million net of tax) and $103 million ($76 million net of tax) for intangibles amortization.

(2)
In the second quarter of 2018, the Company recorded a charge of $40 million ($29 million net of tax) in cost of products sold for fair value adjustment related to the sale of inventory acquired in its acquisition of Signode.

(3)
In the first nine months of 2019, the Company recorded net restructuring and other gains of $41 million ($26 million net of tax). The nine months amount included gains of $50 million arising from favorable court rulings in lawsuits brought by the Company’s Brazilian subsidiaries claiming they were overcharged by local tax authorities for indirect taxes paid in prior years, offset by other net charges of $9 million primarily related to restructuring actions. In the third quarter and first nine months of 2018, the Company recorded net restructuring and other gains of $1 million ($1 million net of tax) and charges of $28 million ($27 million net of tax) including $22 million of transaction costs for the nine months in connection with its acquisition of Signode.

(4)
In the third quarter and first nine months of 2019, the Company recorded charges of $6 million ($5 million net of tax) and $37 million ($31 million net of tax) arising from pension plan settlements. In the first quarter of 2019, the Company recorded a curtailment gain of $14 million ($12 million net of tax) in connection with the closure of a defined benefit pension plan to future accrual for active members.    


Page 6 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

(5)
In the first quarter of 2018, the Company recorded a charge of $15 million ($10 million net of tax) for net losses arising from its hedge of the U.S. dollar purchase price of its acquisition of Signode. Also in the first quarter, the Company incurred net charges of $9 million ($7 million net of tax) for pre-acquisition interest carrying costs on borrowings to finance the acquisition.

(6)
In the first quarter of 2019, the Company recorded a charge of $6 million ($5 million net of tax) for the write off of deferred financing fees in connection with the repayment of a portion of its term loan.

(7)
In the third quarter and first nine months of 2019, the Company recorded income tax benefits of $13 million and $26 million related to the items described above. Also in the third quarter of 2019, the Company recorded a tax benefit of $9 million arising from tax law changes in India. In the second quarter of 2019, the Company recorded a charge of $15 million to settle a tax contingency arising from a transaction that occurred prior to its acquisition of Signode. In the third quarter and first nine months of 2018, the Company recorded income tax benefits of $13 million and $46 million related to the items described above. Also in the third quarter of 2018, the Company recorded charges of $28 million related to taxes on the distribution of foreign earnings, including an adjustment for the impact of the “Tax Cut and Jobs Act.”

(8)
In the first nine months of 2019, the Company recorded noncontrolling interest expense of $17 million related to the items described above. In the first nine months of 2018, the Company recorded a noncontrolling interest benefit of $1 million related to the items described above.

(9)
Income tax effects on adjusted net income were calculated using the applicable tax rates of the underlying jurisdictions.


Page 7 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif


Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
 
 
 
 
September 30,
2019 (1)
 
2018
Assets
 
 
 
Current assets
 
 
 
   Cash and cash equivalents
$
339

 
$
298

   Receivables, net
1,795

 
1,968

   Inventories
1,740

 
1,639

   Prepaid expenses and other current assets
208

 
193

        Total current assets
4,082

 
4,098

 

 

Goodwill and intangible assets, net
6,367

 
6,753

Property, plant and equipment, net
3,739

 
3,722

Other non-current assets
1,149

 
762

        Total
$
15,337

 
$
15,335

 

 

 

 

Liabilities and equity

 

Current liabilities

 

   Short-term debt
$
134

 
$
53

   Current maturities of long-term debt
87

 
89

   Accounts payable and accrued liabilities
3,411

 
3,459

        Total current liabilities
3,632

 
3,601

 

 

Long-term debt, excluding current maturities
8,042

 
8,928

Other non-current liabilities
1,642

 
1,496

 

 

Noncontrolling interests
402

 
369

Crown Holdings shareholders' equity
1,619

 
941

Total equity
2,021

 
1,310

        Total
$
15,337

 
$
15,335





(1)
On January 1, 2019, the Company adopted new lease accounting guidance resulting in increases in other non-current assets and other non-current liabilities of $220. Prior period amounts have not been recast and continue to be reported in accordance with accounting guidance in effect for those periods.




Page 8 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Consolidated Statements of Cash Flows (Condensed & Unaudited)
(in millions)
Nine months ended September 30,
2019
 
2018
 
 
 
 
Cash flows from operating activities
 
 
 
   Net income
$
509

 
$
453

   Depreciation and amortization
366

 
305

   Restructuring and other
(41
)
 
28

   Pension expense
52

 
8

   Pension contributions
(14
)
 
(14
)
   Stock-based compensation
23

 
17

   Working capital changes and other
(694
)
 
(1,029
)
          Net cash provided by/(used for) operating activities (1)
201

 
(232
)
 
 
 
 
Cash flows from investing activities
 
 
 
   Capital expenditures
(242
)
 
(305
)
   Beneficial interest in transferred receivables

 
490

   Acquisition of business, net of cash acquired
(11
)
 
(3,912
)
   Proceeds from sale of assets
17

 
27

   Other
20

 
(19
)
          Net cash used for investing activities
(216
)
 
(3,719
)
 
 
 
 
Cash flows from financing activities
 
 
 
   Net change in debt
(192
)
 
3,999

   Dividends paid to noncontrolling interests
(36
)
 
(18
)
   Common stock repurchased
(2
)
 
(4
)
   Debt issue costs

 
(70
)
   Other, net
(15
)
 
(5
)
          Net cash provided by/(used for) financing activities
(245
)
 
3,902

 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(1
)
 
(32
)
 

 

Net change in cash and cash equivalents
(261
)
 
(81
)
Cash and cash equivalents at January 1
659

 
435

 

 

Cash and cash equivalents at September 30 (2)
$
398

 
$
354

(1)
Adjusted free cash flow is defined by the Company as net cash used for operating activities plus beneficial interest in transferred receivables less capital expenditures and certain other items. A reconciliation from net cash used for operating activities to adjusted free cash flow for the three and nine months ended September 30, 2019 and 2018 follows.

(2)
Cash and cash equivalents includes $59 and $56 of restricted cash at September 30, 2019 and 2018.
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net cash from operating activities
$
428

 
$
260

 
$
201

 
$
(232
)
Beneficial interest in transferred receivables (3)

 
155

 

 
490

Acquisition costs

 

 

 
22

Adjusted cash from operating activities
428

 
415

 
201

 
280

Interest included in investing activities (4)
15

 


 
21

 


Capital expenditures
(88
)
 
(105
)
 
(242
)
 
(305
)
Adjusted free cash flow
$
355

 
$
310

 
$
(20
)
 
$
(25
)

(3)
Subsequent to amendments to the Company’s receivables securitization program during the third quarter of 2018, certain activity that was previously reported as investing activity is now reported as operating activity.

(4)
Interest benefit of cross-currency swap included in investing activities.

Page 9 of 10

News Release

Corporate Headquarters
770 Township Line Road
Yardley, PA 19067-4219
 
crownblacklogoa13.gif

Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
Impact of Foreign Currency Translation by Segment (1) - Favorable/(Unfavorable)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
 
Nine Months
 
 
Ended September 30, 2019
 
Ended September 30, 2019
 
 
Net Sales
 
Segment Income
 
Net Sales
 
Segment Income
Americas Beverage
 
$
(7
)
 
$
(1
)
 
$
(25
)
 
$
(3
)
European Beverage
 
(15
)
 
(1
)
 
(53
)
 
(5
)
European Food
 
(30
)
 
(5
)
 
(93
)
 
(12
)
Asia Pacific
 
2

 
 
 
(5
)
 
(1
)
Transit Packaging
 
(9
)
 
 
 
(52
)
 
(6
)
Corporate and Non-Reportable
 
(5
)
 
 
 
(16
)
 
1

 
 
$
(64
)
 
$
(7
)
 
$
(244
)
 
$
(26
)
 
 
 
 
 
 
 
 
 

(1)
The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods.  In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by multiplying or dividing, as appropriate, the current U.S. dollar results by current year average foreign exchange rates and then multiplying or dividing, as appropriate, those amounts by the applicable prior year average foreign exchange rates.
Comparative Results for Transit Packaging

 
Revenue
 
Segment Income
 
Depreciation (2)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Q1
$
569

 
$
588

 
$
526

 
$
73

 
$
79

 
$
76

 
$
15

 
$
13

 
$
12

Q2
592

 
620

 
575

 
80

 
94

 
80

 
14

 
14

 
13

Q3
564

 
585

 
565

 
74

 
81

 
82

 
13

 
15

 
12

Q4
 
 
595

 
566

 
 
 
80

 
82

 
 
 
14

 
13

 
 
 
$
2,388

 
$
2,232

 
 
 
$
334

 
$
320

 
 
 
$
56

 
$
50


(2)
Amount of depreciation expense included in segment income.

Reconciliation of Adjusted EBITDA
 
September
 
September
 
Full Year
 
Twelve Months

YTD 2019
 
YTD 2018
 
2018
 
Ended September
 
 
 
 
 
 
 
30, 2019
Income from operations
$
997

 
$
878

 
$
1,096

 
$
1,215

Add:
 
 
 
 
 
 
 
Intangibles amortization
140

 
103

 
148

 
185

Fair value adjustment to inventory
 
 
40

 
40

 


Provision for restructuring and other
(41
)
 
28

 
44

 
(25
)
Segment income
1,096

 
1,049

 
1,328

 
1,375

Other pension and postretirement
11

 
47

 
67

 
31

Depreciation
226

 
202

 
277

 
301

Adjusted EBITDA
$
1,333

 
$
1,298

 
$
1,672

 
$
1,707


Page 10 of 10
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Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 16, 2019
Entity Registrant Name CROWN HOLDINGS, INC.
Entity Incorporation, State or Country Code PA
Entity File Number 000-50189
Entity Tax Identification Number 75-3099507
Entity Address, Address Line One 770 Township Line Road
Entity Address, City or Town Yardley
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City Area Code 215
Local Phone Number 698-5100
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Security Exchange Name NYSE
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Trading Symbol CCK26
Security Exchange Name NYSE
7 1/2% Debentures Due 2096 | New York Stock Exchange  
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