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CROWN HOLDINGS INC

For the period ended Dec 31, 2024. Filed Mar 3, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 3, 2025

CCK$121.30-0.5%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

For the fiscal year ended December 31, 2024

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___ to ___

COMMISSION FILE NUMBER 001-41550

CROWN HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania75-3099507
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
14025 Riveredge Drive, Suite 300TampaFL33637-2015
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:215-698-5100

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each classTrading SymbolsName of each exchange on which registered
Common Stock $5.00 Par ValueCCKNew York Stock Exchange
7 3/8% Debentures Due 2026CCK26New York Stock Exchange
7 1/2% Debentures Due 2096CCK96New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filings requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.☒

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large Accelerated Filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☒ No☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes☐ No☒

As of June 30, 2024 120,867,675 shares of the Registrant’s Common Stock, excluding shares held in Treasury, were issued and outstanding, and the aggregate market value of such shares held by non-affiliates of the Registrant on such date was $8,940,581,920 based on the New York Stock Exchange closing price for such shares on that date.

As of February 28, 2025,117,552,541 shares of the Registrant’s Common Stock were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

DocumentParts Into Which Incorporated
Proxy Statement for the Annual Meeting of Shareholders to be held May 1, 2025Part III to the extent described therein

2024 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

PART I1
ITEM 1. Business1
ITEM 1A. Risk Factors7
ITEM 1B. Unresolved Staff Comments21
ITEM 1C. Cybersecurity21
ITEM 2. Properties21
ITEM 3. Legal Proceedings24
ITEM 4. Mine Safety Disclosures24
PART II24
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities24
ITEM 6. [Reserved]24
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations26
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk41
ITEM 8. Financial Statements and Supplementary Data42
Management’s Report on Internal Control Over Financial Reporting42
Report of Independent Registered Public Accounting Firm43
Consolidated Statements of Operations45
Consolidated Statements of Comprehensive Income46
Consolidated Balance Sheets47
Consolidated Statements of Cash Flows48
Consolidated Statements of Changes in Shareholders' Equity49
Notes to Consolidated Financial Statements50
A. Summary of Significant Accounting Policies50
B. Acquisitions and Divestitures54
C. Cash, Cash Equivalents, and Restricted Cash55
D. Receivables55
E. Inventories55
F. Goodwill56
G. Intangible Assets56
H. Property, Plant and Equipment57
I. Leases57
J. Other Non-Current Assets58
K. Accrued Liabilities59
L. Supplier Finance Program Obligations59
M. Restructuring and Other59
N. Debt61
O. Derivative and Other Financial Instruments62
P. Asbestos-Related Liabilities66
Q. Commitments and Contingent Liabilities68
R. Other Non-Current Liabilities70
S. Pension and Other Postretirement Benefits70
T. Income Taxes78
U. Capital Stock80
V. Accumulated Other Comprehensive Loss Attributable to Crown Holdings81
W. Revenue81
X. Stock-Based Compensation82
Y. Earnings Per Share83
Z. Segment Information84
SCHEDULE II – Valuation and Qualifying Accounts and Reserves87
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure87
ITEM 9A. Controls and Procedures87
ITEM 9B. Other Information87
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections88
PART III88
ITEM 10. Directors, Executive Officers and Corporate Governance88
ITEM 11. Executive Compensation88
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters89
ITEM 13. Certain Relationships and Related Transactions, and Director Independence89
ITEM 14. Principal Accounting Fees and Services89
PART IV90
ITEM 15. Exhibits and Financial Statement Schedules90
SIGNATURES97
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