Divestitures

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

On 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. For the year ended December 31, 2021, the Company recorded a pre-tax loss of $101 and tax charges of $81 related to taxable gains on the sale of the Business.

Major components of net income from discontinued operations for the three months ended March 31, 2021 were as follows:



	Three Months Ended March 31,
	2021
Net sales	$	514
Cost of products sold, excluding depreciation and amortization	418
Depreciation and amortization	16
Selling and administrative expense	21
Interest expense	2
Transaction costs	2
Income from discontinued operations before tax	55
Provision for income taxes	10
Net income from discontinued operations	45
Net income from discontinued operations attributable to noncontrolling interests	1
Net income from discontinued operations attributable to Crown Holdings	$	44

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 $15 for the three months ended March 31, 2022 and is reported in Equity in net earnings of affiliates in the Consolidated Statement of Operations.In October 2021, the Company signed an agreement to sell Transit Packaging's Kiwiplan business for approximately $182. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2022. In 2021, the business had net sales of $39. The Company expects to record an after tax gain of approximately $100 related to the transaction. The assets and liabilities of this business were 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.