CROWN HOLDINGS, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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.
Sep 30, 2025 · Filed Oct 30, 2025
CCK$121.30-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001219601-25-000036
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001628280-25-047477
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 116 previous paragraphs and 121 current paragraphs.
68 unchanged; 42 reworded; 8 added; 6 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Segment income increased primarily due to lower costs from continued operational improvements and improved customer mix.
Current report
For the three and nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to higher volumes of 12% and 9% and favorable foreign currency translation of $21 and $32. For the nine months ended September 30, 2025, Net sales was also positively impacted $38 from the pass-through of higher aluminum costs.
Current report
For the three months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $26 from the pass-through of higher tinplate costs.
Current report
For the three months ended September 30, 2025 compared to 2024, segment income increased primarily due to increased profitability in the Company's North America food can, aerosol can and closures businesses due to lower costs from continued operational improvements and higher sales in the Company's beverage can equipment operations.
Current report
For the nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to 7% higher North America food can volumes and $33 from the pass-through of higher tinplate costs.
Current report
For the nine months ended September 30, 2025 compared to 2024, segment income increased primarily due to increased profitability in the Company's North America food can, aerosol can and closures businesses due to $15 from higher volumes and improved customer mix, $9 lower costs from continued operational improvements and higher sales in the Company's beverage can equipment operations. Additionally, the nine months ended September 30, 2024, included a steel repricing loss of $8.
Current report
The Company has cross-currency swaps with an aggregate notional value of $875 that mature in February 2026. These swaps reduced interest expense by $19 for the nine months ended September 30, 2025.
Current report
In 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 and used the proceeds to pay down the €600 principal amount of 2.625% senior unsecured notes due September 2024.
Removed paragraphs (6)
Previous report
Six months ended June 30, 2025 compared to 2024
Previous report
Segment income increased primarily due to improved manufacturing performance and higher volumes.
Previous report
For the three and six months ended June 30, 2025 compared to 2024, Net sales increased primarily due to $28 and $50 from the pass-through of higher aluminum costs, higher volumes of 6% and 8% and favorable foreign currency translation of $19 and $11.
Previous report
In 2024, volume softness continued across each country in the Asia Pacific segment as the region continues to struggle with the effects of higher inflation and interest rates and in the fourth quarter the Company announced the closure of its beverage can facility in Sihanoukville, Cambodia.
Previous report
For the three and six months ended June 30, 2025 compared to 2024, Net sales increased primarily due to higher food can volumes of 7% and 11% partially offset by $13 and $26 related to the closure of the food can plant in La Villa, Mexico.
Previous report
Segment income increased primarily due to higher food can volumes and improved manufacturing performance, including lower start-up costs. Additionally, the six months ended June 30, 2024, included a steel repricing loss of $8.
Reworded paragraphs (42)
Previous wording
The following discussion presents management's analysis of the results of operations for the three and six months ended June 30, 2025 compared to 2024 and changes in financial condition and liquidity from December 31, 2024. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, along with the consolidated financial statements and related notes included in and referred to within this report.
Current wording
The following discussion presents management's analysis of the results of operations for the three and nine months ended September 30, 2025 compared to 2024 and changes in financial condition and liquidity from December 31, 2024. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, along with the consolidated financial statements and related notes included in and referred to within this report.
Previous wording
Global industry demand for beverage cans has been growing in recent years in North America, Brazil and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum and population and GDP growth in many markets. To meet such demand, the Company made long-term investments of approximately $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Based on current market conditions, the Company expects to have the ability to meet expected demand growth with its current installed capital base and expects capital spending to be approximately $450 in 2025.
Current wording
Global industry demand for beverage cans has been growing in recent years in North America, Brazil and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum and population and GDP growth in many markets. To meet such demand, the Company made long-term investments in excess of $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Based on current market conditions, the Company expects to have the ability to meet expected demand growth with its current installed capital base and expects capital spending to be approximately $400 in 2025.
Previous wording
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage ratio target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders in the future. On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027.
Current wording
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage ratio target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders in the future. On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027, with approximately $1,500 remaining on the program.
Previous wording
Net sales increased primarily due to $214 from the pass-through of higher material costs, higher beverage can volumes in the Americas and European Beverage segments and higher North American food can volumes, partially offset by lower volumes in Asia Pacific and the Transit Packaging segment.
Current wording
Net sales increased primarily due to $104 from the pass-through of higher material costs, higher volumes in European Beverage and favorable foreign currency translation of $34, partially offset by lower volumes in Americas Beverage, Asia Pacific and Transit Packaging.
Previous wording
Net sales increased primarily due to $120 from the pass-through of higher material costs, higher beverage and food can volumes in North America, as well as across the European Beverage segment and favorable foreign currency translation of $23, partially offset by lower volumes in Asia Pacific and the Transit Packaging segment.
Current wording
Net sales increased primarily due to $318 from the pass-through of higher material costs, higher volumes in European Beverage and North America food can and favorable foreign currency translation of $26, partially offset by lower volumes in Asia Pacific and Transit Packaging.
Previous wording
In May 2025, the Company announced it will add a new high-speed production line to its beverage can plant in Ponta Grossa, Brazil. The line is expected to commence commercial production in the third quarter of 2026.
Current wording
In May 2025, the Company announced it will add a new high-speed production line to its beverage can plant in Ponta Grossa, Brazil. The line is expected to commence commercial production in late 2026.
Previous wording
Three months ended June 30, 2025 compared to 2024
Current wording
For the three months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $98 from the pass-through of higher aluminum costs, part ially offset by 5% lower volumes.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, Net sales increased primarily due to $83 and $154 from the pass-through of higher aluminum costs and higher volumes in both periods, part ially offset by unfavorable foreign currency translation of $10 and $23.
Current wording
For the nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $252 from the pass-through of higher aluminum costs, partially offset by unfavorable foreign currency translation of $22.
Previous wording
Segment income improved primarily due to higher volumes.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, segment income improved primarily due to higher volumes.
Previous wording
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging.
Current wording
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In recent years, the Asia Pacific beverage can market has experienced some softness as the region struggles with the effects of higher inflation and interest rates.
Previous wording
In June 2022, the Company's Yangon, Myanmar beverage can plant was temporarily idled due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. The Company began production on a limited basis in 2023 and had net sales of $2 for the six months ended June 30, 2025. Property, plant and equipment in Myanmar as of June 30, 2025 was $48, including $23 of land and buildings and $25 of machinery and equipment. The Company will continue to monitor the economic conditions and the impact to its business in Myanmar, including any alternative uses for its machinery and equipment.
Current wording
The Company's Yangon, Myanmar beverage can plant was temporarily idled in 2022 due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. The Company has operated the plant on a limited basis since 2023 and had net sales of $2 for the nine months ended September 30, 2025. In the third quarter of 2025, the Company recorded an asset impairment charge of $30 due to economic conditions and the impact to the Company's business in Myanmar.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, Net sales decreased primarily due to lower volumes, partially offset by the pass-through of higher aluminum costs of $14 and $25 and favorable foreign currency translation of $7 and $11.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, Net sales decreased primarily due to lower volumes of 9% and 13%. For the nine months ended September 30, 2025, the decrease in Net sales was partially offset by $25 from the pass-through of higher aluminum costs.
Previous wording
Segment income was comparable to 2024 with lower volumes partially offset by $6 and $8 improved manufacturing performance, including savings realized as part of prior year restructuring actions, for the three and six months ended June 30, 2025, respectively.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, segment income decreased primarily due to lower volumes partially offset by $3 and $11 of improved manufacturing performance, including savings realized as part of prior year restructuring actions.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, Net sales decreased primarily due to $22 and $38 of lower equipment volumes and the pass-through of lower material costs of $10 and $22, partially offset by higher steel and plastic strap volumes.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, Net sales decreased primarily due to $4 and $42 of lower equipment volumes and the pass-through of lower material costs of $8 and $30, partially offset by higher steel and plastic strap volumes.
Previous wording
Segment income decreased primarily due to unfavorable product mix, driven by lower equipment volumes which have higher margins, partially offset by improved cost performance.
Current wording
For the nine months ended September 30, 2025 compared to 2024, segment income decreased primarily due to unfavorable product mix, driven by lower equipment volumes, partially offset by improved cost performance of $16.
Previous wording
Corporate and unallocated expenses increased for the three and six months ended June 30, 2025 compared to 2024, primarily due to higher employee compensation, including stock compensation. Additionally, the six months ended June 30, 2024, included a charge of $8 for property insurance deductible related to a facility fire.
Current wording
Corporate and unallocated expenses were relatively flat for the three and nine months ended September 30, 2025 compared to 2024, primarily due to lower insurance costs, partially offset by higher employee compensation costs, including stock compensation.
Previous wording
For the three and six months ended June 30, 2025, restructuring and other net charges of $47 and $45, primarily related to an asset impairment charge in China and end line rationalization in the Asia Pacific segment. The Company also recorded severance and other exit costs in the Transit Packaging segment.
Current wording
For the three and nine months ended September 30, 2025, restructuring and other net charges of $30 and $75, primarily related to asset impairment charges in Myanmar and China and end line rationalization in the Asia Pacific segment. For the nine months ended, the Company also recorded severance and other exit costs in the Transit Packaging segment.
Previous wording
The three and six months ended June 30, 2024, restructuring and other net charges of $17 and $40 primarily included business reorganization activities in the Company's European Beverage and Other segments.
Current wording
For the three months ended September 30, 2024, restructuring and other net gains of $13, included a $22 gain for the sale of food can equipment in Mexico. For the nine months ended September 30, 2024, restructuring and other net charges of $27, primarily included business reorganization activities in the Company's European Beverage and Other segments.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, other pension and postretirement decreased from a charge of $13 to a benefit of $1 and a charge of $24 to a charge of $4, primarily due to the transfer of portions of the Company's U.S. and Canadian defined benefit pension liabilities through the purchase of group annuity insurance contracts using pension plan assets in the third quarter of 2024.
Current wording
For the three and nine months ended September 30, 2024, Other pension and postretirement expense included settlement charges of $517 related to the transfer of portions of the Company's Canadian and primary U.S. defined benefit pension liabilities through the purchase of group annuity insurance contracts.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, interest expense decreased from $112 to $103 and $225 to $202. During the same periods interest income decreased from $16 to $14 and $36 to $27. The decrease in both interest expense and interest income was due to lower borrowings, cash balances and interest rates.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, interest expense decreased from $119 to $101 and $344 to $303. During the same periods, interest income decreased from $24 to $13 and $60 to $40. The decrease in both interest expense and interest income was due to lower borrowings, cash balances, and interest rates.
Previous wording
The increase in the effective tax rate for the three months ended June 30, 2025 compared to 2024, was primarily due to a benefit of $16 taken in 2024 related to the release of a valuation allowance resulting from improved profitability in a European subsidiary. In addition, the Company recorded an income tax benefit of $22 in the first quarter of 2025 after an internal reorganization which resulted in the release of deferred tax liabilities related to the foreign currency impact of certain intercompany debt instruments that were designated as hedges of the Company's net investment in a euro-based subsidiary.
Current wording
The decrease in the effective tax rate for the nine months ended September 30, 2025 compared to 2024, was primarily due to an income tax benefit of $22 in the first quarter of 2025 after an internal reorganization which resulted in the release of deferred tax liabilities related to the foreign currency impact of certain intercompany debt instruments that were designated as hedges of the Company's net investment in a euro-based subsidiary. During the nine months ended September 30, 2024 the Company recognized a $16 benefit related to the release of a valuation allowance resulting from improved profitability in a European subsidiary.
Previous wording
On July 4, 2025, the U.S. government enacted tax reform, commonly referred to as the One Big Beautiful Bill Act ("OBBB"). OBBB amends U.S. tax law, including provisions related to bonus depreciation, interest expense limitation, research and development, global intangible low-taxed income, foreign derived intangible income and base erosion and anti-abuse tax. The Company is still evaluating the impact of the OBBB, however, does not currently believe it will have a material impact on its effective tax rate in the current year.
Current wording
On July 4, 2025, the U.S. government enacted tax reform, commonly referred to as the One Big Beautiful Bill Act ("OBBB"). OBBB amends U.S. tax law, including provisions related to bonus depreciation, interest expense limitation, research and development, global intangible low-taxed income, foreign derived intangible income and base erosion and anti-abuse tax. The Company does not currently expect OBBB to have a material impact on its financial results, including its annual estimated effective tax rate.
Previous wording
For the three and six months ended June 30, 2025 compared to 2024, net income attributable to noncontrolling interests increased from $33 to $35 and $59 and $69 primarily due to higher earnings in the Company's beverage can operations in Brazil.
Current wording
For the three and nine months ended September 30, 2025 compared to 2024, net income attributable to noncontrolling interests decreased from $43 to $25 and $102 to $94 primarily due to lower earnings in the Company's beverage can operations in Brazil.
Previous wording
Cash from operating activities increased from $343 for the six months ended June 30, 2024 to $463 for the six months ended June 30, 2025, primarily due to higher income from operations.
Current wording
Cash from operating activ ities increased from $897 for the nine months ended September 30, 2024 to $1,043 for the nine months ended September 30, 2025, primarily due to higher income from operations and lower pension contributions.
Previous wording
Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, decreased from 34 days as of June 30, 2024 to 33 as of June 30, 2025.
Current wording
Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, was 29 days as of September 30, 2024 and September 30, 2025.
Previous wording
Days outstanding for trade payables increased from 87 days at June 30, 2024 to 92 days at June 30, 2025 primarily dueto higher raw material costs and efforts to rebuild inventory in certain businesses.
Current wording
Days outstanding for trade payables was 93 days at September 30, 2024 and September 30, 2025.
Previous wording
Cash used for investing activities decreased from $143 for the six months ended June 30, 2024 to $44 for the six months ended June 30, 2025, primarily due to lower capital expenditures.
Current wording
Cash used for investing activities decreased from $208 for the nine months ended September 30, 2024 to $121 for the nine months ended September 30, 2025, primarily due to lower capital expenditures.
Previous wording
The Company currently expects capital expenditures in 2025 to be approximately $450.
Current wording
The Company currently expects capital expenditures in 2025 to be approximately $400.
Previous wording
Cash used for financing activities increased from $70 for the six months ended June 30, 2024 to $427 for the six months ended June 30, 2025 primarily due to the repayment of $875 4.75% senior notes in 2025, partially offset by the issuance of $700 5.875% senior notes in the second quarter of 2025 and $209 of common stock repurchases.
Current wording
Cash used for financing activities increased from $260 for the nine months ended September 30, 2024 to $680 for the nine months ended September 30, 2025 primarily due to the repayment of $875 4.75% senior notes and $314 of common stock repurchases, partially offset by the issuance of $700 5.875% senior notes in 2025.
Previous wording
As of June 30, 2025, $798 of the Company's $936 of cash and cash equivalents was located outside the U.S. The Company is not currently aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S. The Company funds its cash needs in the U.S. through a combination of cash flows from operations, dividends from certain foreign subsidiaries, borrowings under its revolving credit facility and the acceleration of cash receipts under its receivable securitization and factoring facilities. Of the cash and cash equivalents located outside the U.S., $266 was held by subsidiaries for which earnings are considered indefinitely reinvested.
Current wording
As of September 30, 2025, $935 of the Company's $1,172 of cash and cash equivalents was located outside the U.S. The Company is not currently aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S. The Company funds its cash needs in the U.S. through a combination of cash flows from operations, dividends from certain foreign subsidiaries, borrowings under its revolving credit facility and the acceleration of cash receipts under its receivable securitization and factoring facilities. Of the cash and cash equivalents located outside the U.S., $446 was held by subsidiaries for which earnings are considered indefinitely reinvested.
Previous wording
The Company's revolving credit agreements provide capacity of $1,650 and as of June 30, 2025, the Company had available capacity of $1,619. The Company could have borrowed this amount at June 30, 2025 and still have been in compliance with its leverage ratio covenants.
Current wording
The Company's revolving credit agreements provide capacity of $1,650 and as of September 30, 2025, the Company had available capacity of $1,621. The Company could have borrowed this amount at September 30, 2025 and still have been in compliance with its leverage ratio covenants.
Previous wording
The Company’s revolving credit facilities and term loan facilities also contain a total leverage ratio covenant. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company’s total net leverage ratio of 2.5 to 1.0 at June 30, 2025 was in compl iance with the covenant requiring a ratio no greater than 4.5 to 1.0. The ratio is calculated at the end of each quarter using debt and cash balances as of the end of the quarter and Consolidated EBITDA for the most recent twelve months. Failure to meet the financial covenant could result in the acceleration of any outstanding amounts due under the revolving credit facilities and term loan facilities.
Current wording
The Company’s revolving credit facilities and term loan facilities also contain a total leverage ratio covenant. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company’s total net leverage ratioof 2.4 to 1.0 at September 30, 2025 was in compl iance with the covenant requiring a ratio no greater than 4.5 to 1.0. The ratio is calculated at the end of each quarter using debt and cash balances as of the end of the quarter and Consolidated EBITDA for the most recent twelve months. Failure to meet the financial covenant could result in the acceleration of any outstanding amounts due under the revolving credit facilities and term loan facilities.
Previous wording
In order to reduce leverage and future interest payments, the Company may from time to time repurchase outstanding notes and debentures with cash or seek to refinance its existing credit facilities and other indebtedness. The Company will evaluate any such transactions in light of any required premiums and then existing market conditions and may determine not to pursue such transactions.
Current wording
In order to reduce leverage and future interest payments, the Company may from time to time repurchase outstanding notes and debentures with cash or seek to refinance its existing credit facilities and other indebtedness. The Company will evaluate any such transactions in light of any required premiums and then existing market conditions and may or may not pursue such transactions.
Previous wording
Long-term debt payments due in the next twelve months include the Company's €500 million ($589 million at June 30, 2025) 2.875% senior notes due in February 2026. The Company expects to have sufficient liquidity to refinance the senior notes or repay them at maturity.
Current wording
In October 2025, the Company issued €500 principal amount of 3.75% senior unsecured notes due 2031 issued at par by its subsidiary Crown European Holdings S.A. and used the proceeds, together with cash on hand, to redeem the €500 principal amount of 2.875% senior unsecured notes due February 2026. Long-term debt payments due in the next twelve months include the Company's $400 4.25% senior notes due in September 2026. The Company expects to have sufficient liquidity to refinance the senior notes or repay them at maturity.
Previous wording
As of June 30, 2025, the Company had approximately $127 of capital commitments primarily related to Americas Beverage and European Beverage. The Company expects to fund these commitments primarily through cash flows from operations.
Current wording
As of September 30, 2025, the Company had approximately $158 of capital commitments primarily related to Americas Beverage and European Beverage. The Company expects to fund these commitments primarily through cash flows from operations.
Previous wording
(1) Includes $31 of expense related to intercompany interest with non-guarantor subsidiaries
Current wording
(1) Includes $47 of expense related to intercompany interest with non-guarantor subsidiaries
Previous wording
(1) Includes payables of $6,232 and $5,905 due to non-guarantor subsidiaries as of June 30, 2025 and December 31, 2024
Current wording
(1) Includes payables of $6,341 and $5,905 due to non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
Previous wording
(1) Includes $222 of sales to non-guarantor subsidiaries
Current wording
(1) Includes $333 of sales to non-guarantor subsidiaries
Previous wording
(2) Includes $22 of gross profit related to sales to non-guarantor subsidiaries
Current wording
(2) Includes $33 of gross profit related to sales to non-guarantor subsidiaries
Previous wording
(1) Includes receivables of $36 and $32 due from non-guarantor subsidiaries as of June 30, 2025 and December 31, 2024
Current wording
(1) Includes receivables of $45 and $32 due from non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Segment income decreased primarily due to lower volumes.
Current report — wording carried from elsewhere
For the three months ended September 30, 2025 compared to 2024, segment income was flat, as unfavorable product mix, driven by lower equipment volumes which have higher margins, was offset by improved cost performance of $7.
Current report — wording carried from elsewhere
The increase in the effective tax rate for the three months ended September 30, 2025 compared to 2024, was primarily due to the tax benefit from the pension settlement charges taken during the third quarter of 2024.