Crown Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Crown Holdings, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational data for the period ending March 31, 2024.</b>

AI Summary

CROWN HOLDINGS, INC. (CCK) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Crown Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is manufacturing metal cans. The filing includes data for fiscal years ending December 31, 2022, 2023, and the first quarter of 2023 and 2024. The company's business address is 14025 Riveredge Drive, Suite 300, Tampa, FL 33637.

Why It Matters

For investors and stakeholders tracking CROWN HOLDINGS, INC., this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial information for Crown Holdings, Inc., enabling informed investment decisions. The detailed financial data allows for analysis of the company's performance trends, debt levels, and equity structure over the reported periods.

Risk Assessment

Risk Level: medium — CROWN HOLDINGS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific financial performance figures in the provided text necessitates a medium risk assessment as a comprehensive analysis cannot be performed.

Analyst Insight

Review the full 10-Q filing to analyze specific financial metrics, revenue segments, and any disclosed risk factors to assess Crown Holdings, Inc.'s current financial health and future prospects.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-05-06 — Filing Date (10-Q filing)
• 3411 — Standard Industrial Classification (Metal Cans)
• 753099507 — IRS Number (Company tax identifier)
• PA — State of Incorporation (Company legal domicile)
• 1231 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• CROWN HOLDINGS, INC. (company) — Filer name
• CCK (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filing date
• 14025 RIVEREDGE DRIVE, SUITE 300 (address) — Business address
• TAMPA (location) — Business address city
• FL (location) — Business address state
• 33637 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

SEC

U.S. Securities and Exchange Commission. (The regulatory body that oversees securities markets and requires public companies to file regular financial reports.)

Key Financial Figures

• $5.00 — hange on which registered Common Stock $5.00 Par Value CCK New York Stock Exchange

Filing Documents

• cck-20240331.htm (10-Q) — 1150KB
• ex22q12024.htm (EX-22) — 21KB
• cck-03312024xq1ex311.htm (EX-31.1) — 11KB
• cck-03312024xq1ex312.htm (EX-31.2) — 10KB
• cck-03312024xq1ex32.htm (EX-32) — 6KB
• 0001219601-24-000015.txt (&nbsp;) — 7629KB
• cck-20240331.xsd (EX-101.SCH) — 52KB
• cck-20240331_cal.xml (EX-101.CAL) — 78KB
• cck-20240331_def.xml (EX-101.DEF) — 261KB
• cck-20240331_lab.xml (EX-101.LAB) — 614KB
• cck-20240331_pre.xml (EX-101.PRE) — 455KB
• cck-20240331_htm.xml (XML) — 1299KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 2

Financial Statements

Item 1. Financial Statements 2 CONSOLIDATED STATEMENTS OF OPERATIONS 2 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 3 CONSOLIDATED BALANCE SHEETS (Condensed) 4 CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) 5 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 A. Basis of Presentation 7 B. Recent Accounting and Reporting Pronouncements 9 C. Cash, Cash Equivalents, and Restricted Cash 9 D. Receivables 9 E. Inventories 9 F. Intangible Assets 10 G. Supplier Finance Program Obligations 10 H. Restructuring and Other 10 I. Asbestos-Related Liabilities 10 J. Commitments and Contingent Liabilities 12 K. Derivative and Other Financial Instruments 14 L. Debt 19 M. Pension and Other Postretirement Benefits 19 N. Capital Stock 20 O. Accumulated Other Comprehensive Loss Attributable to Crown Holdings 20 P. Revenue 21 Q. Earnings Per Share 21 R. Segment Information 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION 32 Crown Holdings, Inc.

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED STATEMENTS OF OPERATIONS (In millions except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 2,784 $ 2,974 Cost of products sold, excluding depreciation and amortization 2,247 2,411 Depreciation and amortization 115 123 Selling and administrative expense 154 160 Restructuring and other, net 23 11 Income from operations 245 269 Other pension and postretirement 11 11 Interest expense 113 102 Interest income ( 20 ) ( 9 ) Foreign exchange 7 4 Income before taxes and equity in net earnings of affiliates 134 161 Provision for income taxes 40 42 Equity in net earnings of affiliates ( 1 ) 3 Net income 93 122 Net income attributable to noncontrolling interests 26 20 Net income attributable to Crown Holdings $ 67 $ 102 Earnings per common share attributable to Crown Holdings: Basic $ 0.56 $ 0.86 Diluted $ 0.56 $ 0.85 The accompanying notes are an integral part of these consolidated financial statements. 2 Crown Holdings, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 Net income $ 93 $ 122 Other comprehensive income / (loss), net of tax: Foreign currency translation adjustments 8 89 Pension and other postretirement benefits 10 10 Derivatives qualifying as hedges ( 5 ) 5 Total other comprehensive income 13 104 Total comprehensive income 106 226 Net income attributable to noncontrolling interests 26 20 Translation adjustments attributable to noncontrolling interests ( 3 ) 1 Comprehensive income attributable to Crown Holdings $ 83 $ 205 The accompanying notes are an integral part of these consolidated financial statements. 3 Crown Holdings, Inc. CONSOLIDATED BALANCE SHEETS (Condensed) (In millions) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 1,123 $ 1,310 Receivables, net 1,637 1,719 Inventories 1,610 1,613 Prep

View Full Filing

View this 10-Q filing on SEC EDGAR