Divestitures

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

DivestituresOn August 31, 2021, the Company completed the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprised the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which was previously reported in Other. The Company received pre-tax proceeds of approximately €1.9 billion ($2.3 billion) from the Transaction and received a 20% minority interest in the Business. Proceeds from the Transaction, along with cash provided by operating activities, were used to fund capital projects, repurchase Company stock and to redeem certain of the Company's senior notes as further described in Note M.

The Company recorded a pre-tax loss of $101, including $553 of currency translation adjustments which were reclassified from accumulated other comprehensive income upon completion of the sale. The Company also recorded income tax charges of $81 related to taxable gains on the sale of the Business.

Major components of net (loss) / income from discontinued operations were as follows:


For the Years Ended December 31	2021		2020		2019
Net sales	$	1,585	$	2,183	$	2,106
Cost of products sold, excluding depreciation and amortization	1,301		1,823		1,774
Depreciation and amortization	16		59		59
Selling and administrative expense	60		81		75
Restructuring and other	2		4		4
Goodwill impairment	—		—		25
Other pension and postretirement	1		2		3
Interest expense	6		10		11
Interest income	—		—		(2)
Foreign exchange	—		3		2
Loss on sale of discontinued businesses	101		—		—
Transaction costs	34		—		—
Income from discontinued operations before tax	64		201		155
Provision for income taxes	116		45		30
Net (loss) / income from discontinued operations	(52)		156		125
Net income from discontinued operations attributable to noncontrolling interests	1		1		2
Net (loss) / income from discontinued operations attributable to Crown Holdings	$	(53)	$	155	$	123

Major classes of assets and liabilities of the Business classified as held for sale at December 31, 2020 were as follows:



Receivables, net	$	281
Inventories	410
Prepaid expenses and other current assets	30
Total current assets held for sale	$	721

Goodwill	$	1,447
Intangible assets, net	125
Property, plant and equipment, net	546
Operating lease right-of-use assets, net	43
Other non-current assets	17
Total non-current assets held for sale	$	2,178

Short-term debt	$	17
Current portion of operating lease liabilities	12
Accounts payable	725
Accrued liabilities	227
Total current liabilities held for sale	$	981

Postretirement and pension liabilities	$	77
Non-current portion of operating lease liabilities	32
Other non-current liabilities	90
Total non-current liabilities held for sale	$	199

The table above excludes assets held for sale unrelated to the Business that are not material for disclosure.

The capital expenditures of the Business were as follows:


For the Years Ended December 31	2021		2020		2019

Capital expenditures	$	29	$	33	$	41

The Company accounted for the minority interest received in the Business under the equity method. The Company's share of income of the Business was a loss of $8 for the year ended December 31, 2021.

In October 2021, the Company signed an agreement to sell a Transit Packaging business for approximately $180. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2022. The Company expects to record an after tax gain of approximately $100 related to the transaction. The assets and liabilities of this business are classified as held for sale as of December 31, 2021. The transaction will not represent a strategic shift that will have a major effect on the Company's operations and financial results, and therefore does not qualify for reporting as a discontinued operation.