Crown Holdings, Inc. Files 2023 Annual Report on Form 10-K
Ticker: CCK · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1219601
| Field | Detail |
|---|---|
| Company | Crown Holdings, INC. (CCK) |
| Form Type | 10-K |
| Filed Date | Feb 27, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $5.00, $12 billion, $5.1 billion, $876 million, $1.9 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: Crown Holdings, 10-K, Annual Report, Metal Cans, Financials
TL;DR
<b>Crown Holdings, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>
AI Summary
CROWN HOLDINGS, INC. (CCK) filed a Annual Report (10-K) with the SEC on February 27, 2024. Crown Holdings, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is manufacturing metal cans. Crown Holdings, Inc. is incorporated in Pennsylvania. The company's business address is located in Tampa, Florida.
Why It Matters
For investors and stakeholders tracking CROWN HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Crown Holdings' financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's value and future prospects. As a major player in the metal can manufacturing industry, the details within this filing can offer insights into broader market trends, supply chain dynamics, and competitive pressures affecting the packaging sector.
Risk Assessment
Risk Level: medium — CROWN HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the highly competitive metal can manufacturing industry, which is subject to fluctuations in raw material costs and demand, as indicated by its SIC code 3411.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Crown Holdings' performance and outlook in the competitive packaging market.
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period)
- 2024-02-27 — Filing Date (Date of submission)
- 3411 — SIC Code (Industry classification for Metal Cans)
Key Players & Entities
- CROWN HOLDINGS, INC. (company) — Filer name
- CCK (company) — Ticker symbol
- 10-K (document) — Filing type
- 2024-02-27 (date) — Filing date
- 2023-12-31 (date) — Fiscal year end
- PA (location) — State of incorporation
- TAMPA (location) — Business address city
- FL (location) — Business address state
FAQ
When did CROWN HOLDINGS, INC. file this 10-K?
CROWN HOLDINGS, INC. filed this Annual Report (10-K) with the SEC on February 27, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CROWN HOLDINGS, INC. (CCK).
Where can I read the original 10-K filing from CROWN HOLDINGS, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CROWN HOLDINGS, INC..
What are the key takeaways from CROWN HOLDINGS, INC.'s 10-K?
CROWN HOLDINGS, INC. filed this 10-K on February 27, 2024. Key takeaways: Crown Holdings, Inc. filed its 2023 Form 10-K on February 27, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is manufacturing metal cans..
Is CROWN HOLDINGS, INC. a risky investment based on this filing?
Based on this 10-K, CROWN HOLDINGS, INC. presents a moderate-risk profile. The company operates in the highly competitive metal can manufacturing industry, which is subject to fluctuations in raw material costs and demand, as indicated by its SIC code 3411.
What should investors do after reading CROWN HOLDINGS, INC.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Crown Holdings' performance and outlook in the competitive packaging market. The overall sentiment from this filing is neutral.
Risk Factors
- Competition [medium — market]: The company faces intense competition in the global packaging market, which could adversely affect its market share and profitability.
- Raw Material Costs [medium — financial]: Fluctuations in the cost of raw materials, such as aluminum and steel, can significantly impact the company's cost of goods sold and operating margins.
- Supply Chain Disruptions [medium — operational]: The company's operations are dependent on a complex global supply chain, and disruptions could lead to production delays and increased costs.
Key Dates
- 2024-02-27: Filing of 2023 Form 10-K — Provides comprehensive annual financial and operational data for the fiscal year ended December 31, 2023.
Filing Stats: 4,381 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-02-27 13:48:50
Key Financial Figures
- $5.00 — hange on which registered Common Stock $5.00 Par Value CCK New York Stock Exchange
- $12 billion — olidated net sales for the Company were $12 billion with 63% derived from operations outsid
- $5.1 billion — ricas Beverage had net sales in 2023 of $5.1 billion and segment income (as defined under No
- $876 million — e consolidated financial statements) of $876 million. EUROPEAN BEVERAGE The European Bev
- $1.9 billion — opean Beverage had net sales in 2023 of $1.9 billion and segment income (as defined under No
- $199 million — e consolidated financial statements) of $199 million. ASIA PACIFIC The Asia Pacific segm
- $1.3 billion — acific segment had net sales in 2023 of $1.3 billion and segment income (as defined under No
- $154 million — e consolidated financial statements) of $154 million. TRANSIT PACKAGING The Company's Tr
- $2.3 billion — kaging segment had net sales in 2023 of $2.3 billion and segment income (as defined under No
- $331 million — e consolidated financial statements) of $331 million. OTHER The Company's other segments
Filing Documents
- cck-20231231.htm (10-K) — 3012KB
- exdeferredcomp.htm (EX-10.F) — 44KB
- amendmentno1tothecrownhold.htm (EX-10.U) — 5KB
- executiveofficercashsevera.htm (EX-10.V) — 6KB
- ex21-12312023.htm (EX-21) — 112KB
- ex22dec2023.htm (EX-22) — 21KB
- ex23-12312023.htm (EX-23) — 4KB
- ex311-12312023.htm (EX-31.1) — 11KB
- ex312-12312023.htm (EX-31.2) — 11KB
- ex32-12312023.htm (EX-32) — 10KB
- excompensationrecoverypoli.htm (EX-97) — 32KB
- cck-20231231_g1.jpg (GRAPHIC) — 64KB
- 0001219601-24-000009.txt ( ) — 18413KB
- cck-20231231.xsd (EX-101.SCH) — 111KB
- cck-20231231_cal.xml (EX-101.CAL) — 164KB
- cck-20231231_def.xml (EX-101.DEF) — 643KB
- cck-20231231_lab.xml (EX-101.LAB) — 1385KB
- cck-20231231_pre.xml (EX-101.PRE) — 1029KB
- cck-20231231_htm.xml (XML) — 3533KB
Business
Business 1 Item 1A
Risk Factors
Risk Factors 7 Item 1B Unresolved Staff Comment s 21 Item 1C Cybersecurity 21 Item 2
Properties
Properties 22 Item 3
Legal Proceedings
Legal Proceedings 24 Item 4 Mine Safety Disclosures 24 PART II 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
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 42 Item 8
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 43 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89 Item 9A
Controls and Procedures
Controls and Procedures 89 Item 9B Other Information 90 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III Item 10 Directors, Executive Officers and Corporate Governance 90 Item 11
Executive Compensation
Executive Compensation 90 Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13 Certain Relationships and Related Transactions, and Director Independence 91 Item 14 Principal Accounting Fees and Services 91 PART IV Item 15 Exhibits and Financial Statement Schedules 92 Item 16 Form 10-K Summary 98
SIGNATURES
SIGNATURES 99 Crown Holdings, Inc.
BUSINESS
ITEM 1. BUSINESS Crown Holdings, Inc. (the "Company" or the "Registrant") (where the context requires, the "Company" shall include reference to the Company and its consolidated subsidiary companies) is a Pennsylvania corporation. The Company was founded in 1892 and is a leading global diversified packaging business that manufactures metal cans and ends (aluminum and steel) for the beverage, food and aerosol industries and a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The Company's transit packaging products include automation and equipment technologies, protective packaging solutions and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. At December 31, 2023, the Company operated 195 plants along with sales and service facilities throughout 39 countries and had approximately 25,000 employees. In 2023, consolidated net sales for the Company were $12 billion with 63% derived from operations outside the United States ("U.S.") Approximately 63% of the Company's consolidated net sales were derived from the Company's global beverage can business. Over the last several years, the Company has deployed capital to expand production capacity in its global beverage can operations to support growing customer demand in both the alcoholic and non-alcoholic drink categories serving local, regional and global customers. The beverage can is the world's most sustainable and recycled beverage package and continues to disproportionately be the package of choice for new beverage product introductions. The Company continues to drive innovation by increasing its ability to offer multiple specialty can sizes, including slim and sleek cans, to help customers differentiate their products. It also continues to deliver new printing and decorating capabilities, as well as services that aid customers throughout the entire pr