Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of June 30, 2024 and the results of its operations for the three and six months ended June 30, 2024 and 2023 and of its cash flows for the six months ended June 30, 2024 and 2023. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized.

Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items in the European Beverage segment. Prior periods have been recast to conform to the new presentation.

During the first quarter of 2024, the Company completed a review of the useful lives of its beverage machinery and equipment and buildings based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized. The Company engaged a third-party appraiser to assist in this review and, as a result, effective January 1, 2024, the Company revised the estimated useful lives of buildings up to 50 years and machinery and equipment up to 23 years. The change in useful lives resulted in a net reduction in depreciation expense of approximately $16 or $0.10 and $32 or $0.20 per diluted share for the three and six months ended June 30, 2024, respectively, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives.

In the first quarter of 2024, the Company corrected its presentation of certain borrowings and repayments of short-term debt that did not qualify for net presentation in our previously issued Consolidated Statements of Cash Flows. The Company now presents these borrowings and repayments of short-term debt on a gross basis within cash flows from financing activities. The Company determined that the corrections, which had no impact to cash flows (used for) provided by financing activities, were not material to any prior annual or interim periods and therefore, amendments of previously filed reports are not required.

The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the six months ended June 30, 2023 and the nine months ended September 30, 2023 were as follows:









	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Revised
Net change in revolving credit facility and short-term debt	$	(311)	$	(82)	$	(393)
Proceeds from short-term debt	—		120		120
Payments of short-term debt	—		(38)		(38)
Net cash provided by financing activities	101		—		101

	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Revised
Net change in revolving credit facility and short-term debt	$	(362)	$	(31)	$	(393)
Proceeds from short-term debt	—		127		127
Payments of short-term debt	—		(96)		(96)
Net cash provided by financing activities	35		—		35

	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
Net change in revolving credit facility and short-term debt	$	(398)	$	2	$	(396)
Proceeds from short-term debt	—		129		129
Payments of short-term debt	—		(131)		(131)
Net cash provided by financing activities	116		—		116

	Year Ended December 31, 2022
	As Previously Reported		Adjustments		As Revised
Net change in revolving credit facility and short-term debt	$	268	$	—	$	268
Proceeds from short-term debt	—		45		45
Payments of short-term debt	—		(45)		(45)
Net cash used for financing activities	(25)		—		(25)

	Year Ended December 31, 2021
	As Previously Reported		Adjustments		As Revised
Net change in revolving credit facility and short-term debt	$	12	$	27	$	39
Proceeds from short-term debt	—		15		15
Payments of short-term debt	—		(42)		(42)
Net cash used for financing activities	(2,944)		—		(2,944)