Divestitures

9 Months Ended

Sep. 30, 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 loss from discontinued operations for the three and nine months ended September 30, 2021 were as follows:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Net sales	$	466	$	1,585
Cost of products sold, excluding depreciation and amortization	393		1,301
Depreciation and amortization	—		16
Selling and administrative expense	17		60
Restructuring and other	2		2
Other pension and postretirement	—		1
Interest expense	2		6
Foreign exchange	1		—
Loss on sale of discontinued businesses	19		89
Transaction costs	26		34
Income from discontinued operations before tax	6		76
Provision for income taxes	91		119
Net loss from discontinued operations	(85)		(43)
Net income from discontinued operations attributable to noncontrolling interests	—		1
Net loss from discontinued operations attributable to Crown Holdings	$	(85)	$	(44)

The Business had capital expenditures of $29 for the nine months ended September 30, 2021.

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 $9 and $32, respectively, for the three and nine months ended September 30, 2022 and is reported in Equity in net earnings of affiliates in the Consolidated Statement of Operations.

In April 2022, the Company completed the sale of the Transit Packaging segment's Kiwiplan business and received pre-tax proceeds of $180. The Company recorded a pre-tax gain of $113 ($102, net of tax) on the sale, which is reported in Restructuring and other, net in the Consolidated Statement of Operations. The transaction did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore did not qualify for reporting as a discontinued operation.