CROWN HOLDINGS INC
For the period ended Jun 30, 2024. Filed Jul 29, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
H. Restructuring and Other
The Company recorded restructuring and other items as follows:
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Asset sales and impairments | $1 | $1 | $4 | $3 |
| Restructuring | 16 | 5 | 35 | 14 |
| Other costs | — | — | 1 | — |
| $17 | $6 | $40 | $17 | |
For the three and six months ended June 30, 2024 and June 30, 2023, restructuring primarily included headcount reductions and other exit costs in the Company's European Beverage and Other segments.
Additionally, during the second quarter of 2024, the Company closed its food can plant in La Villa, Mexico and entered into an agreement to sell equipment for $30 to be paid inthree annual installments. The first $10 installment was received during the quarter. The Company expects to recognize a gain of approximately $20 in the third quarter of 2024, when control of the equipment transfers.
During the six months ended June 30, 2024, the Company made payments of $28 and had a restructuring accrual of $23, primarily related to previously announced restructuring actions and the items referenced above. The Company expects to pay these amounts over the next twelve months. The Company continues to review its costs structure and may record additional restructuring charges in the future.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.