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
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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)
| Pennsylvania | 75-3099507 | ||
|---|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) | ||
| 14025 Riveredge Drive, Suite 300 | Tampa | FL | 33637-2015 |
| (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 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 |
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
| Document | Parts Into Which Incorporated |
|---|---|
| Proxy Statement for the Annual Meeting of Shareholders to be held May 1, 2025 | Part III to the extent described therein |
2024 FORM 10-K ANNUAL REPORT
TABLE OF CONTENTS
| PART I | 1 |
|---|---|
| ITEM 1. Business | 1 |
| ITEM 1A. Risk Factors | 7 |
| ITEM 1B. Unresolved Staff Comments | 21 |
| ITEM 1C. Cybersecurity | 21 |
| ITEM 2. Properties | 21 |
| ITEM 3. Legal Proceedings | 24 |
| ITEM 4. Mine Safety Disclosures | 24 |
| PART II | 24 |
| ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 24 |
| ITEM 6. [Reserved] | 24 |
| ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 26 |
| ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk | 41 |
| ITEM 8. Financial Statements and Supplementary Data | 42 |
| Management’s Report on Internal Control Over Financial Reporting | 42 |
| Report of Independent Registered Public Accounting Firm | 43 |
| Consolidated Statements of Operations | 45 |
| Consolidated Statements of Comprehensive Income | 46 |
| Consolidated Balance Sheets | 47 |
| Consolidated Statements of Cash Flows | 48 |
| Consolidated Statements of Changes in Shareholders' Equity | 49 |
| Notes to Consolidated Financial Statements | 50 |
| A. Summary of Significant Accounting Policies | 50 |
| B. Acquisitions and Divestitures | 54 |
| C. Cash, Cash Equivalents, and Restricted Cash | 55 |
| D. Receivables | 55 |
| E. Inventories | 55 |
| F. Goodwill | 56 |
| G. Intangible Assets | 56 |
| H. Property, Plant and Equipment | 57 |
| I. Leases | 57 |
| J. Other Non-Current Assets | 58 |
| K. Accrued Liabilities | 59 |
| L. Supplier Finance Program Obligations | 59 |
| M. Restructuring and Other | 59 |
| N. Debt | 61 |
| O. Derivative and Other Financial Instruments | 62 |
| P. Asbestos-Related Liabilities | 66 |
| Q. Commitments and Contingent Liabilities | 68 |
| R. Other Non-Current Liabilities | 70 |
| S. Pension and Other Postretirement Benefits | 70 |
| T. Income Taxes | 78 |
| U. Capital Stock | 80 |
| V. Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 81 |
| W. Revenue | 81 |
| X. Stock-Based Compensation | 82 |
| Y. Earnings Per Share | 83 |
| Z. Segment Information | 84 |
| SCHEDULE II – Valuation and Qualifying Accounts and Reserves | 87 |
| ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 87 |
|---|---|
| ITEM 9A. Controls and Procedures | 87 |
| ITEM 9B. Other Information | 87 |
| ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 88 |
| PART III | 88 |
| ITEM 10. Directors, Executive Officers and Corporate Governance | 88 |
| ITEM 11. Executive Compensation | 88 |
| ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 89 |
| ITEM 13. Certain Relationships and Related Transactions, and Director Independence | 89 |
| ITEM 14. Principal Accounting Fees and Services | 89 |
| PART IV | 90 |
| ITEM 15. Exhibits and Financial Statement Schedules | 90 |
| SIGNATURES | 97 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.