CROWN HOLDINGS INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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I. Leases
The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Operating lease costs: | |||
| Operating lease cost | $56 | $54 | $58 |
| Short-term lease cost | 2 | 2 | 2 |
| Total operating lease costs | $58 | $56 | $60 |
| Finance lease cost: | |||
| Amortization of right-of-use assets | $— | $1 | $1 |
| Total finance lease costs | $— | $1 | $1 |
Variable operating lease cost was $4, $5, and $4 for the years ended December 31, 2024, 2023, and 2022. Interest on finance lease liabilities was less than $1 for each of the years ended December 31, 2024, 2023, and 2022.
Supplemental cash flow information related to leases was as follows:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $55 | $54 | $53 |
| Financing cash flows from finance leases | 2 | 2 | 1 |
| Right-of-use assets obtained in exchange for lease obligations: | |||
| Operating leases | $52 | $36 | $87 |
Supplemental balance sheet information related to finance leases was as follows:
| 2024 | 2023 | |
|---|---|---|
| Finance leases: | ||
| Property, plant and equipment | $19 | $21 |
| Accumulated depreciation | (3) | (3) |
| Property, plant and equipment, net | $16 | $18 |
| Accrued liabilities | $1 | $1 |
| Other non-current liabilities | 3 | 5 |
| Total finance lease liabilities | $4 | $6 |
The weighted average remaining lease term and weighted average discount rates for each year were as follows:
| 2024 | 2023 | |
|---|---|---|
| Weighted average remaining lease term (years): | ||
| Operating leases | 9.4 | 9.5 |
| Finance leases | 3.1 | 4.1 |
| Weighted average discount rate: | ||
| Operating leases | 4.7% | 4.5% |
| Finance leases | 2.7% | 3.5% |
Maturities of lease liabilities as of December 31, 2024 were as follows:
| Operating Leases · Finance Leases | ||
|---|---|---|
| 2025 | $49 | $2 |
| 2026 | 42 | 1 |
| 2027 | 33 | 1 |
| 2028 | 27 | — |
| 2029 | 23 | — |
| Thereafter | 97 | — |
| Total lease payments | 271 | 4 |
| Less imputed interest | (57) | — |
| $214 | $4 | |
At December 31, 2024, the Company did not have material lease commitments that had not commenced.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.