CROWN HOLDINGS, INC.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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, 2026 · Filed Oct 28, 2026
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 2026-06-30; filed 2026-07-30.
0001628280-26-050949
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001628280-26-067841
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 107 previous paragraphs and 106 current paragraphs.
61 unchanged; 37 reworded; 7 added; 6 removed; 3 previous and 1 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 (7)
Current report
For the three and nine months ended September 30, 2026 compared to 2025, Net sales increased primarily due to $240 and $722 from the pass-through of higher aluminum costs and 5% and 2% higher beverage can sales.
Current report
Segment income for the three months ended September 30, 2026 compared to 2025 increased primarily due to 5% higher beverage can sales partially offset by the timing of pass-through of aluminum costs. Segment income for the nine months ended September 30, 2026 compared to 2025 decreased primarily due to higher costs not recovered and 5% lower beverage can volumes in Brazil, partially offset by 4% higher beverage can volumes in North America.
Current report
For the three and nine months ended September 30, 2026 compared to 2025, Net sales increased primarily due to higher volumes of 4% and 5% and the pass-through of higher aluminum costs of $90 and $137. In addition, the nine months ended September 30, 2026 includes favorable foreign currency translation of $50.
Current report
Segment income for the three months ended September 30, 2026 compared to 2025 is unchanged as continued commercial and operational improvements were offset by input cost inflation. Segment income for the nine months ended September 30, 2026 compared to 2025 improved primarily due to higher volumes, favorable foreign currency translation of $8, and continued commercial and operational improvements, partially offset by input cost pressures.
Current report
For the three months ended September 30, 2026 compared to 2025, net income attributable to noncontrolling interests increased from $25 to $36 primarily due to an asset impairment charge in 2025 related to the Company's business in Myanmar and higher earnings in the Company's beverage can operations in Brazil. For the nine months ended September 30, 2026 compared to 2025, net income attributable to noncontrolling interests increased from $94 to $98 primarily due to an asset impairment charge in 2025 partially offset by lower earnings in the Company's beverage can operations in Brazil.
Current report
The Company repaid, at maturity, the $400 principal amount of 4.25% senior unsecured notes due September 2026.
Current report
The Company has no long-term debt instruments that mature within the next twelve months and expects to have sufficient liquidity to fund all scheduled payments of current maturities of long-term debt.
Removed paragraphs (6)
Previous report
For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to $298 and $482 from the pass-through of higher aluminum costs.
Previous report
Segment income decreased primarily due to 14% and 10% lower beverage can volumes in Brazil, partially offset by 5% and 3% higher beverage can volumes in North America and continued commercial and operational improvements. Additionally, the six months ended June 30, 2026 included higher costs not recovered.
Previous report
Segment income improved primarily due to higher volumes and favorable foreign currency translation of $3 and $8 and continued commercial and operational improvements.
Previous report
For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to 29% and 23% higher beverage can volumes and favorable foreign currency translation of $4 and $11.
Previous report
For the three and six months ended June 30, 2026 compared to 2025, net income attributable to noncontrolling interests decreased from $35 to $31 and $69 and $62 primarily due to lower earnings in the Company's beverage can operations in Brazil.
Previous report
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 repay the senior notes at maturity.
Reworded paragraphs (37)
Previous wording
The following discussion presents management's analysis of the results of operations for the three and six months ended June 30, 2026 compared to 2025 and changes in financial condition and liquidity from December 31, 2025. 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, 2025, 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, 2026 compared to 2025 and changes in financial condition and liquidity from December 31, 2025. 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, 2025, 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 has made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Capital spending is estimated at $550 in 2026 which supports the Company's growth objectives.
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 has made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines at existing facilities since 2019. Capital spending is estimated to be $550 in 2026 which supports the Company's growth objectives.
Previous wording
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage 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. 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. As of June 30, 2026, the Company had approximately $800 remaining that may yet be purchased under the program.
Current wording
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage 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. 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. As of September 30, 2026, the Company had approximately $700 remaining that may yet be purchased under the program.
Previous wording
The Company continues to actively elevate its commitment to sustainability, which is a core focus of the Company. In 2020, the Company introduced Twentyby 30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. The Company was honored as one of Forbes' Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global organization, driving meaningful and consistent progress toward the Company's sustainability goals.
Current wording
The Company continues to actively elevate its commitment to sustainability, which is a core focus of the Company. In 2020, the Company introduced Twentyby 30 TM, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. The Company was honored as one of Forbes' Net Zero Leaders for 2026, a recognition that reflects the commitment and hard work of the global organization, driving meaningful and consistent progress toward the Company's sustainability goals.
Previous wording
To date, the war between Russia and Ukraine and the conflicts in the Middle East, including the war in Iran, have not had a direct material impact on the Company's business, financial condition, or results of operations.
Current wording
To date, the war between Russia and Ukraine and the conflicts in the Middle East, including the war in Iran, have not had a direct material impact on the Company's manufacturing facilities or operations, including its ability to serve customers or source materials from suppliers.
Previous wording
The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro and the British pound in the Company's European Beverage segment, and the Thai baht in the Company's Asia Pacific segment. The Company's Transit
Current wording
The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro and the British pound in the Company's European Beverage segment, and the Thai baht in the Company's Asia Pacific segment. The Company's Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Mexican peso, the Swedish krona, and the Brazilian real.
Previous wording
Net sales increased primarily due to the pass-through of higher material costs of $395 and $629, 5% higher beverage can volumes in both periods, and favorable foreign currency translation of $32 and $106, respectively .
Current wording
Net sales increased primarily due to the pass-through of higher material costs of $405 and $1,034, 6% higher beverage can volumes in both periods, and favorable foreign currency translation of $102 in the first nine months.
Previous wording
The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the Company's volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. 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.
Current wording
The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the beverage can markets have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. 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 fourth quarter of 2026.
Previous wording
The Company's European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to consumer focus on sustainability benefits of aluminum and a market shift to cans versus other packaging formats. To meet volume requirements, the Company plans to add additional line capacity in Korinthos, Greece in the second half of 2026 and Agoncillo, Spain in early 2027. In April 2026, the
Current wording
The Company's European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to consumer focus on sustainability benefits of aluminum and a market shift to cans versus other packaging formats. To meet volume requirements, the Company plans to add additional line capacity in Korinthos, Greece and Peterborough, United Kingdom in the fourth quarter of 2026 and Agoncillo, Spain in early 2027. In September 2026, groundbreaking commenced on the construction of the previously announced two-line, high-speed beverage can plant in Northern India. This plant is expected to commence operations in early 2028.
Previous wording
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, 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. After several years of softness in the Asia Pacific beverage can market from the effects of higher inflation and interest rates, the market has started to show renewed growth in Vietnam and China while the rest of the market remains soft.
Current wording
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, 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. After several years of softness in the Asia Pacific beverage can market from the effects of higher inflation and interest rates, the market has started to show renewed growth in Vietnam and China.
Previous wording
For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to higher volumes of 6% and 7%, the pass-through of higher aluminum costs of $36 and $47, and favorable foreign currency translation of $16 and $52.
Current wording
For the three and nine months ended September 30, 2026 compared to 2025, Net sales increased primarily due to the pass-through of higher aluminum costs of $36 and $64 and 21% and 22% higher beverage can volumes.
Previous wording
For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to favorable foreign currency translation of $4 and $25. The three months ended June 30, 2026 also included $12 from the pass-through of higher material costs.
Current wording
For the three and nine months ended September 30, 2026 compared to 2025, Net sales increased primarily due to $25 and $29 from the pass-through of higher material costs, partially offset by lower volume. In addition, the nine months ended September 30, 2026 includes favorable foreign currency translation of $19.
Previous wording
Segment income decreased primarily due to lower volume and inflationary cost pressures of $2 and $11.
Current wording
Segment income decreased primarily due to lower volume and input cost inflation, primarily freight, of $4 and $15.
Previous wording
For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to $31 and $68 from the pass-through of higher tinplate costs and $12 and $29 higher sales in the Company's beverage can equipment operations.
Current wording
For the three months ended September 30, 2026 compared to 2025, Net sales increased primarily due to 8% higher volume in the tinplate businesses and $14 from the pass-through of higher costs. For the nine months ended September 30, 2026 compared to 2025, Net sales increased primarily due to $82 from the pass-through of higher costs and $33 higher sales in the Company's beverage can equipment operations.
Previous wording
Segment income increased primarily due to increased profitability in the Company's North America tinplate businesses due to commercial and operational improvements and higher sales in the Company's beverage can equipment operations.
Current wording
Segment income for the three months ended September 30, 2026 was unchanged as higher volume was offset by input cost inflation. Segment income for the nine months ended September 30, 2026 increased primarily due to increased profitability in the Company's North America tinplate businesses due to commercial and operational improvements and higher sales in the Company's beverage can equipment operations.
Previous wording
Corporate and unallocated expenses were relatively flat for the three and six months ended June 30, 2026 compared to 2025.
Current wording
Corporate and unallocated expenses were relatively flat for the three and nine months ended September 30, 2026 compared to 2025.
Previous wording
For the three and six months ended June 30, 2025, restructuring and other net charges were $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 were $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 September 30, 2025, the Company also recorded severance and other exit costs in the Transit Packaging segment.
Previous wording
The decrease in the effective tax rate for the three months ended June 30, 2026 compared to 2025, was primarily due to the geographic distribution of the Company's worldwide earnings. The increase in the effective tax rate for the six months ended June 30, 2026 was primarily due to an income tax benefit of $22, recognized 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 three months ended September 30, 2026 compared to 2025, was primarily due to the geographic distribution of the Company's worldwide earnings. The increase in the effective tax rate for the nine months ended September 30, 2026 was primarily due to an income tax benefit of $22, recognized 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.
Previous wording
Cash from operating activities increased from $463 for thesix months ended June 30, 2025 to $659 for thesix months ended June 30, 2026, primarily due to higher income from operations and changes in working capital.
Current wording
Cash from operating activities increased from $1,043 for the nine months ended September 30, 2025 to $1,065 for the nine months ended September 30, 2026, primarily due to higher income from operations and changes in working capital, partially offset by lower restructuring and other, net.
Previous wording
Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, decreased from 33 days as of June 30, 2025 to 28 days as of June 30, 2026.
Current wording
Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, increased from 29 days as of September 30, 2025 to 30 days as of September 30, 2026.
Previous wording
Days outstanding for trade payables increased from 92 days at June 30, 2025 to 96 days at June 30, 2026.
Current wording
Days outstanding for trade payables increased from 93 days at September 30, 2025 to 100 days at September 30, 2026.
Previous wording
Cash used for investing activities increased from $44 for the six months ended June 30, 2025 to $194 for the six months ended June 30, 2026, primarily due to higher capital expenditures and $45 settlement of cross-currency swaps that matured in February 2026.
Current wording
Cash used for investing activities increased from $121 for the nine months ended September 30, 2025 to $301 for the nine months ended September 30, 2026, primarily due to higher capital expenditures and $45 settlement of cross-currency swaps that matured in February 2026.
Previous wording
Cash used for financing activities increased from $427 for thesix months ended June 30, 2025 to $562 for thesix months ended June 30, 2026, primarily due to $517 of common stock repurchased in 2026 and $90 of payments for assets financed in 2025, partially offset by reductions of payments and proceeds on the Company's long and short-term debt.
Current wording
Cash used for financing activities increased from $680 for the nine months ended September 30, 2025 to $888 for the nine months ended September 30, 2026, primarily due to increased common stock repurchases and payments for assets financed in 2025, partially offset by reductions of payments and proceeds on the Company's long and short-term debt.
Previous wording
As of June 30, 2026, $564 of the Company's $656 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., $238 was held by subsidiaries for which earnings are considered indefinitely reinvested.
Current wording
As of September 30, 2026, $577 of the Company's $629 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., $262 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, 2026, the Company had available capacity of $1,525. The Company could have borrowed this amount at June 30, 2026 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, 2026, the Company had available capacity of $1,270. The Company could have borrowed this amount at September 30, 2026 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 2.42 to 1.0 at June 30, 2026 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 ratio of 2.34 to 1.0 at September 30, 2026 was in compliance 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
The Company’s current sources of liquidity also include a securitization facility with a program limit up to a maximum of $800 that expires in July 2027 and securitization facilities with program limits of $230 and $180 that expire in November 2027.
Current wording
The Company’s current sources of liquidity also include a securitization facility with $900 of committed capacity and up to an additional $100 of uncommitted capacity that expires in September 2028, and securitization facilities with program limits of $230 and $180 that expire in November 2027.
Previous wording
As of June 30, 2026, the Company had approximately $190 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, 2026, the Company had approximately $150 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
The following tables present summarized financial information related to the senior notes issued by the Company’s subsidiary debt issuers and guarantors on a combined basis for each issuer and its guarantors (together, an "obligor group") after elimination of (i) intercompany transactions and balances among the Parent and the guarantors and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor. Crown Cork Obligor group consists of Crown Cork & Seal Company, Inc. and the Parent. Crown Americas Obligor group consists of Crown Americas LLC, Crown Americas Capital Corp. V, Crown Americas Capital Corp. VI, the Parent, and substantially all of the Company’s subsidiaries in the United States.
Current wording
The following tables present summarized financial information related to the senior notes issued by the Company’s subsidiary debt issuers and guarantors on a combined basis for each issuer and its guarantors (together, an "obligor group") after elimination of (i) intercompany transactions and balances among the Parent and the guarantors and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor. Crown Cork Obligor group consists of Crown Cork & Seal Company, Inc. and the Parent. Crown Americas Obligor group consists of Crown Americas LLC, Crown Americas Capital Corp. VI, the Parent, and substantially all of the Company’s subsidiaries in the United States.
Previous wording
(1) Includes $43 of expense related to intercompany interest with non-guarantor subsidiaries
Current wording
(1) Includes $64 of expense related to intercompany interest with non-guarantor subsidiaries
Previous wording
(1) Includes payables of $7,574 and $6,954 due to non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025
Current wording
(1) Includes payables of $7,621 and $6,954 due to non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025
Previous wording
(1) Includes $255 of sales to non-guarantor subsidiaries
Current wording
(1) Includes $393 of sales to non-guarantor subsidiaries
Previous wording
(2) Includes $25 of gross profit related to sales to non-guarantor subsidiaries
Current wording
(2) Includes $39 of gross profit related to sales to non-guarantor subsidiaries
Previous wording
(1) Includes receivables of $66 and $39 due from non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025
Current wording
(1) Includes receivables of $81 and $39 due from non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025
Previous wording
(2) Includes receivables of $252 and $111 due from non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025
Current wording
(2) Includes receivables of $262 and $111 due from non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025
Previous wording
(3) Includes payables of $25 and $25 due to non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025
Current wording
(3) Includes payables of $24 and $25 due to non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025
Previous wording
(4) Includes payables of $1,084 and $951 due to non-guarantor subsidiaries as of June 30, 2026 and December 31, 2025
Current wording
(4) Includes payables of $1,222 and $951 due to non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the three and nine months ended September 30, 2026, restructuring and other net charges were $8 and $12 primarily related to severance and other exit costs in the Transit Packaging segment.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Mexican peso, the Swedish krona, and the Brazilian real.
Previous report — wording carried elsewhere
Company announced plans to construct a new two-line, high-speed beverage can plant in Northern India. This plant is expected to commence operations in the second half of 2027.
Previous report — wording carried elsewhere
For the three and six months ended June 30, 2026, restructuring and other net charges were $2 and $4.