PHILADELPHIA, Oct. 17, 2012 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) today announced its financial results
for the third quarter ended September 30,
2012.
Third Quarter Highlights
- Income per diluted share $2.20; Before Certain Items $1.00
- Global beverage can volumes up 5%
- Beverage can production begins at new plant in Heshan,
China
Net sales in the third quarter were $2,302 million compared to $2,423 million in the third quarter of 2011 and
reflect a decrease of $106 million
due to unfavorable currency translation.
Third quarter gross profit was $369
million compared to $396
million in the 2011 third quarter, reflecting $16 million of unfavorable foreign currency
translation.
Selling and administrative expense decreased to $92 million in the third quarter compared to
$96 million in the prior year third
quarter including a $4 million
reduction due to foreign currency translation.
Segment income (a non-GAAP measure defined by the Company as
gross profit less selling and administrative expense) was
$277 million in the third quarter
compared to $300 million in the third
quarter of 2011 including $12 million
of unfavorable foreign currency translation. Segment income
was 12.0% of net sales compared to 12.4% in the third quarter of
2011.
Commenting on the quarter, John W.
Conway, Chairman and Chief Executive Officer, stated, "We
are pleased with the Company's overall operating performance and
financial results in light of the continuing sluggish economic
conditions and unfavorable weather in many of our markets.
The Company continued to benefit from the strength of the
developing markets in which we prudently expanded over the last
several years, the diversification of our product offerings and
geographic footprint and our constant focus on cost
containment.
"Globally, beverage can volumes were up 5% in the quarter with
the Americas, Europe and
Asia all contributing to the
growth. From the beginning of 2011, we have commercialized
ten new production lines including six new plant startups across
Asia, Brazil and Europe. This includes our new
plant in Heshan, China which
commenced commercial beverage can production in the third quarter
on plan and on budget. When fully operational, these facilities
have combined annual production capacity of 8.6 billion beverage
cans, all to meet expected demand," Mr. Conway said.
"Over the next twelve months we expect to commercialize another
3.6 billion in annual beverage can production capabilities in still
growing markets in Cambodia,
China, Malaysia, Thailand and Vietnam. Consistent with our prudent approach
to investing capital, we have indefinitely postponed plans to build
new plants in Nanning and Xinxiang, China," Mr. Conway continued.
Interest expense in the third quarter was $57 million compared to $58 million in the third quarter of 2011.
The decrease includes $2 million of
foreign currency translation.
During the third quarter the Company recorded a net tax benefit
of $169 million ($1.14 per diluted share) in connection with the
recognition of U.S. foreign tax credits that will become available
to the Company as it executes cash repatriation and tax planning
strategies. The benefit of $169
million is net of estimated tax that will be owed on the
repatriated earnings and is expected to be used to reduce future
U.S. federal tax payments.
Net income attributable to Crown Holdings in the third quarter
rose to $325 million over the
$129 million in the third quarter
last year. Income per diluted share increased to $2.20 in the third quarter compared to
$0.84 in the third quarter of
2011. Net income per diluted share before certain items was
$1.00 in 2012 compared to
$1.01 in 2011.
A reconciliation from net income and income per diluted share to
net income before certain items and income per diluted share before
certain items is provided below.
On August 14, 2012, the Company
announced that it had entered into a definitive agreement to
purchase shares of its common stock under an accelerated share
repurchase program. As noted at that time, 5,016,190 shares were
initially purchased under the agreement for $200 million. The final number of shares to be
repurchased will be based on Crown's volume-weighted average stock
price during the term of the transaction, which is expected to be
completed in November of 2012.
Nine Month Results
Net sales for the first nine months
of 2012 were $6,433 million compared
to $6,586 million in the first nine
months of 2011, reflecting $243
million of unfavorable foreign currency translation offset
by increased global sales unit volumes.
Gross profit for the nine month period was $996 million compared to $1,059 million in the first nine months of 2011
and includes inventory holdings gains that did not recur in 2012
and $33 million of unfavorable
foreign currency translation.
Selling and administrative expense for the nine month period was
$288 million compared to $298 million for the same 2011 period reflecting
a decrease of $10 million from
foreign currency translation.
Segment income in the first nine months of 2012 was $708 million compared to $761 million in the first nine months of
2011. The decrease in 2012 was primarily due to 2011
inventory holding gains not recurring in 2012 and $23 million of unfavorable foreign currency
translation.
Interest expense for the first nine months of 2012 was
$170 million compared to $174 million in the same period of 2011
reflecting a $4 million decrease from
foreign currency translation.
Net income attributable to Crown Holdings for the first nine
months of 2012 was $528 million
compared to $274 million in the first
nine months of 2011. Income per diluted share for the first
nine months of 2012 was $3.53
compared to $1.77 in the first nine
months of last year. Net income per diluted share before
certain items was $2.30 compared to
$2.32 in 2011.
Non-GAAP Measures
Segment income and free cash flow
are not defined terms under U.S. generally accepted accounting
principles (non-GAAP measures). In addition, the information
presented regarding net income before certain items and income per
diluted share before certain items does not conform to U.S. GAAP
and includes non-GAAP measures. Non-GAAP measures should not
be considered in isolation or as a substitute for net income,
income per diluted share or cash flow data prepared in accordance
with U.S. GAAP and may not be comparable to calculations of
similarly titled measures by other companies.
The Company views segment income and free cash flow as the
principal measures of performance of its operations and for the
allocation of resources. Free cash flow has certain
limitations, however, including that it does not represent the
residual cash flow available for discretionary expenditures since
other non-discretionary expenditures, such as mandatory debt
service requirements, are not deducted from the measure. The
amount of mandatory versus discretionary expenditures can vary
significantly between periods. The Company believes that net income
before certain items and income per diluted share before certain
items can be used to evaluate the Company's operations.
Segment income, free cash flow, net income before certain items and
income per diluted share before certain items are derived from the
Company's Consolidated Statements of Operations and Cash Flows, as
applicable, and reconciliations to segment income, free cash flow,
net income before certain items and income per diluted share before
certain items can be found within this release.
Conference Call
The Company will hold a conference
call tomorrow, October 18, 2012 at
9:00 a.m. (EDT) to discuss this news
release. Forward-looking and other material information may
be discussed on the conference call. The dial-in numbers for
the conference call are (415) 228-5025 or toll-free (800) 475-0233
and the access password is "packaging." A live webcast of the
call will be made available to the public on the internet at the
Company's web site, www.crowncork.com. A replay of the
conference call will be available for a one-week period ending at
midnight on October 25. The telephone numbers for the replay
are (203) 369-1081 or toll free (866) 442-2103.
Cautionary Note Regarding Forward-Looking
Statements
Except for historical information, all other
information in this press release consists of forward-looking
statements. These forward-looking statements involve a number
of risks, uncertainties and other factors, including the level of
future customer demand for the Company's products in developing and
developed markets, the Company's ability to use foreign tax credits
to reduce future U.S. federal tax payments, the Company's ability
to successfully commercialize new production capacity in
Cambodia, China, Malaysia, Thailand and Vietnam, to conservatively and effectively
deploy capital in the Company's developing market expansion program
and to perform in challenging economic conditions that may cause
actual results to be materially different from those expressed or
implied in the forward-looking statements. Important factors
that could cause the statements made in this press release or the
actual results of operations or financial condition of the Company
to differ are discussed under the caption "Forward Looking
Statements" in the Company's Form 10-K Annual Report for the year
ended December 31, 2011 and in
subsequent filings made prior to or after the date hereof.
The Company does not intend to review or revise any particular
forward-looking statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading
supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in
Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice
President – Finance, (215) 698-5341, or
Edward Bisno, Bisno Communications,
(212) 717-7578.
Unaudited Consolidated Statements of Operations, Balance
Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
Consolidated Statements of Operations
(Unaudited)
(in
millions, except share and per share data)
|
|
|
|
|
|
Three
Months Ended
September 30,
|
|
Nine
Months Ended
September 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Net
sales
|
$2,302
|
|
$2,423
|
|
$6,433
|
|
$6,586
|
|
|
|
|
|
|
|
|
Cost of
products sold
|
1,887
|
|
1,980
|
|
5,304
|
|
5,395
|
Depreciation and amortization
|
46
|
|
47
|
|
133
|
|
132
|
Gross
profit (1)
|
369
|
|
396
|
|
996
|
|
1,059
|
|
|
|
|
|
|
|
|
Selling
and administrative expense
|
92
|
|
96
|
|
288
|
|
298
|
Provision
for restructuring
|
7
|
|
2
|
|
10
|
|
27
|
Asset
impairments and sales
|
(14)
|
|
(2)
|
|
(24)
|
|
(2)
|
Loss from
early extinguishment of debt
|
|
|
|
|
|
|
32
|
Interest
expense
|
57
|
|
58
|
|
170
|
|
174
|
Interest
income
|
(2)
|
|
(2)
|
|
(5)
|
|
(8)
|
Translation and foreign exchange
adjustments
|
(2)
|
|
(1)
|
|
(4)
|
|
|
Income
before income taxes
|
231
|
|
245
|
|
561
|
|
538
|
Provision
for/(benefit from) income taxes
|
(111)
|
|
87
|
|
(28)
|
|
182
|
Equity
earnings
|
2
|
|
1
|
|
2
|
|
1
|
Net
income
|
344
|
|
159
|
|
591
|
|
357
|
Net income
attributable to noncontrolling interests
|
(19)
|
|
(30)
|
|
(63)
|
|
(83)
|
Net
income attributable to Crown Holdings
|
$325
|
|
$129
|
|
$528
|
|
$274
|
Earnings per share attributable to Crown
Holdings
common
shareholders:
|
|
|
|
|
|
|
|
Basic
|
$2.23
|
|
$0.86
|
|
$3.59
|
|
$1.80
|
Diluted
|
$2.20
|
|
$0.84
|
|
$3.53
|
|
$1.77
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding:
|
|
|
Basic
|
145,473,722
|
150,138,644
|
147,084,204
|
152,347,988
|
Diluted
|
147,808,232
|
152,680,719
|
149,439,269
|
155,069,413
|
Actual
common shares outstanding
|
144,056,850
|
151,154,989
|
144,056,050
|
151,154,989
|
|
|
|
|
|
|
(1) A
reconciliation from gross profit to segment income is found on the
following page.
|
Consolidated Supplemental
Financial Data (Unaudited)
(in millions)
Reconciliation from Gross Profit to Segment Income
The
Company views segment income, as defined below, as a principal
measure of performance of its operations and for the allocation of
resources. Segment income is defined by the Company as gross
profit less selling and administrative expense. A
reconciliation from gross profit to segment income for the three
and nine months ended September 30,
2012 and 2011 follows:
|
Three
Months Ended
September 30,
|
|
Nine
Months Ended
September 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Gross
profit
|
$
|
369
|
|
$
|
396
|
|
$
|
996
|
|
$
|
1,059
|
Selling
and administrative expense
|
|
92
|
|
|
96
|
|
|
288
|
|
|
298
|
Segment
income
|
$
|
277
|
|
$
|
300
|
|
$
|
708
|
|
$
|
761
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
Three
Months Ended
September 30,
|
|
Nine
Months Ended
September 30,
|
Net
Sales
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
574
|
|
$
|
594
|
|
$
|
1,701
|
|
$
|
1,697
|
|
North
America Food
|
|
|
259
|
|
|
271
|
|
|
672
|
|
|
676
|
|
European
Beverage
|
|
|
451
|
|
|
451
|
|
|
1,285
|
|
|
1,291
|
|
European
Food
|
|
|
547
|
|
|
623
|
|
|
1,383
|
|
|
1,554
|
|
European
Specialty Packaging
|
|
|
102
|
|
|
122
|
|
|
289
|
|
|
341
|
|
Total reportable
segments
|
|
|
1,933
|
|
|
2,061
|
|
|
5,330
|
|
|
5,559
|
|
Non-reportable segments
|
|
|
369
|
|
|
362
|
|
|
1,103
|
|
|
1,027
|
|
Total net
sales
|
|
$
|
2,302
|
|
$
|
2,423
|
|
$
|
6,433
|
|
$
|
6,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
82
|
|
$
|
77
|
|
$
|
229
|
|
$
|
217
|
|
North
America Food
|
|
|
44
|
|
|
49
|
|
|
117
|
|
|
115
|
|
European
Beverage
|
|
|
68
|
|
|
61
|
|
|
174
|
|
|
176
|
|
European
Food
|
|
|
64
|
|
|
87
|
|
|
151
|
|
|
202
|
|
European
Specialty Packaging
|
|
|
9
|
|
|
11
|
|
|
20
|
|
|
30
|
|
Total reportable
segments
|
|
|
267
|
|
|
285
|
|
|
691
|
|
|
740
|
|
Non-reportable segments
|
|
|
59
|
|
|
62
|
|
|
166
|
|
|
174
|
|
Corporate
and other unallocated items
|
|
|
(49)
|
|
|
(47)
|
|
|
(149)
|
|
|
(153)
|
|
Total segment
income
|
|
$
|
277
|
|
$
|
300
|
|
$
|
708
|
|
$
|
761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Supplemental Data
(Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Income Per Diluted Common
Share to Net Income before Certain Items and Income Per Diluted
Common Share before Certain Items
The following table reconciles reported net income and diluted
earnings per share attributable to the Company to net income before
certain items and income per diluted common share before certain
items, as used elsewhere in this release.
|
Three
Months Ended
September 30,
|
|
|
Nine
Months Ended
September 30,
|
|
|
2012
|
|
2011
|
|
|
2012
|
|
2011
|
|
Net income
attributable to Crown Holdings, as reported
|
$
|
325
|
|
$
|
129
|
|
|
$
|
528
|
|
$
|
274
|
|
Items, net
of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for restructuring
(1)
|
|
5
|
|
|
2
|
|
|
|
7
|
|
|
26
|
|
Asset impairments and sales
(2)
|
|
(13)
|
|
|
(2)
|
|
|
|
(23)
|
|
|
(2)
|
|
Loss from early
extinguishment of debt (3)
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
Income taxes
(4)
|
|
(169)
|
|
|
25
|
|
|
|
(169)
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
before the above items
|
$
|
148
|
|
$
|
154
|
|
|
$
|
343
|
|
$
|
360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
diluted common share as reported
|
$
|
2.20
|
|
$
|
0.84
|
|
|
$
|
3.53
|
|
$
|
1.77
|
|
Income per
diluted common share before the above items
|
$
|
1.00
|
|
$
|
1.01
|
|
|
$
|
2.30
|
|
$
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
tax rate as reported
|
|
(48.1%)
|
|
|
35.5%
|
|
|
|
(5.0%)
|
|
|
33.8%
|
|
Effective
tax rate before the above items
|
|
25.4%
|
|
|
25.3%
|
|
|
|
25.8%
|
|
|
25.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before certain items, income per diluted common share
before certain items and the effective tax rate before certain
items are non-GAAP measures and are not meant to be considered in
isolation or as a substitute for net income, income per diluted
common share and effective tax rates determined in accordance with
U.S. generally accepted accounting principles ("U.S. GAAP").
The Company believes these non-GAAP measures provide useful
information to evaluate the performance of the Company's ongoing
business.
(1) In the third quarter and first nine months of 2012,
the Company recorded restructuring charges of $7 million ($5
million, net of tax and noncontrolling interests, or
$0.03 per diluted share) and
$10 million ($7 million, net of tax and noncontrolling
interests, or $0.05 per diluted
share) for actions in the Americas and Europe. In the third
quarter and first nine months of 2011, the Company recorded
restructuring charges of $2 million
($2 million, net of tax, or
$0.01 per diluted share) and
$27 million ($26 million, net of tax, or $0.16 per diluted share) primarily related to the
relocation of its European Division headquarters from France to Switzerland.
(2) In the third quarter and first nine months of 2012,
the Company recorded gains on asset sales of $14 million ($13
million, net of tax, or $0.09
per diluted share) and $24 million
($23 million, net of tax, or
$0.15 per diluted share) primarily
related to insurance proceeds received for property damage incurred
in the 2011 flooding in Thailand. In the third quarter of
2011, the Company recorded net gains of $2
million ($2 million, net of
tax, or $0.01 per diluted share) for
asset sales and impairments.
(3) In the first quarter of 2011, the Company recorded a
loss of $30 million ($19 million, net of tax, or $0.12 per diluted share) in connection with the
early extinguishment of its $600
million senior secured notes due 2015. In the second
quarter of 2011, the Company recorded a loss of $2 million ($1
million, net of tax, or $0.01
per diluted share) primarily in connection with the redemption of
its first priority senior secured notes due September 2011.
(4) In the third quarter of 2012, the Company recorded a
net income tax benefit of $169
million ($1.14 per diluted
share for the quarter, $1.13 for the
nine months ) primarily related to the recognition of U.S. foreign
tax credits. In the first quarter of 2011, the Company
recorded a tax charge of $17 million
($0.11 per diluted share) in
connection with the relocation of its European Division
headquarters. In the third quarter of 2011, the Company
recorded a tax charge of $25 million
($0.17 per diluted share) in
connection with a tax law change in France that limits the amount of tax loss
carryforwards a company can use in any year.
Consolidated Balance Sheets (Condensed &
Unaudited)
(in
millions)
|
September 30,
|
2012
|
|
2011
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
240
|
|
|
$
|
479
|
|
Receivables, net
|
|
|
1,397
|
|
|
|
1,317
|
|
Inventories
|
|
|
1,207
|
|
|
|
1,339
|
|
Prepaid expenses and other current
assets
|
|
|
209
|
|
|
|
170
|
|
Total
current assets
|
|
|
3,053
|
|
|
|
3,305
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
1,976
|
|
|
|
1,977
|
|
Property,
plant and equipment, net
|
|
|
1,845
|
|
|
|
1,710
|
|
Other
non-current assets
|
|
|
736
|
|
|
|
607
|
|
Total
|
|
$
|
7,610
|
|
|
$
|
7,599
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
297
|
|
|
$
|
295
|
|
Current maturities of long-term
debt
|
|
|
104
|
|
|
|
66
|
|
Accounts payable and
accrued liabilities
|
|
|
1,975
|
|
|
|
2,021
|
|
Total current liabilities
|
|
|
2,376
|
|
|
|
2,382
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt, excluding current maturities
|
|
|
3,596
|
|
|
|
3,396
|
|
Other
non-current liabilities
|
|
|
1,411
|
|
|
|
1,641
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
252
|
|
|
|
280
|
|
Crown
Holdings shareholders' deficit
|
|
|
(25)
|
|
|
|
(100)
|
|
Total
equity
|
|
|
227
|
|
|
|
180
|
|
Total
|
|
$
|
7,610
|
|
|
$
|
7,599
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows (Condensed
& Unaudited)
(in
millions)
|
Nine
months ended September 30,
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
591
|
|
|
$
|
357
|
|
|
Depreciation and
amortization
|
|
|
133
|
|
|
|
132
|
|
|
Provision for
restructuring
|
|
|
10
|
|
|
|
27
|
|
|
Asset impairments and
sales
|
|
|
(24)
|
|
|
|
(2)
|
|
|
Pension
expense
|
|
|
73
|
|
|
|
74
|
|
|
Pension
contributions
|
|
|
(84)
|
|
|
|
(56)
|
|
|
Stock-based
compensation
|
|
|
15
|
|
|
|
15
|
|
|
Working capital
changes
|
|
|
(664)
|
|
|
|
(769)
|
|
|
Deferred taxes and
other
|
|
|
(167)
|
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for operating activities (A)
|
|
|
(117)
|
|
|
|
(134)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(214)
|
|
|
|
(273)
|
|
|
Insurance
proceeds
|
|
|
33
|
|
|
|
|
|
|
Proceeds from sale of
assets
|
|
|
3
|
|
|
|
25
|
|
|
Other
|
|
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities
|
|
|
(205)
|
|
|
|
(248)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
474
|
|
|
|
716
|
|
|
Purchase of noncontrolling
interests
|
|
|
|
|
|
|
(48)
|
|
|
Common stock
repurchased
|
|
|
(207)
|
|
|
|
(212)
|
|
|
Dividends paid to
noncontrolling interests
|
|
|
(50)
|
|
|
|
(60)
|
|
|
Other, net
|
|
|
1
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by financing activities
|
|
|
218
|
|
|
|
399
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents
|
|
|
2
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change
in cash and cash equivalents
|
|
|
(102)
|
|
|
|
16
|
|
|
Cash and
cash equivalents at January 1
|
|
|
342
|
|
|
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at September 30
|
|
$
|
240
|
|
|
$
|
479
|
|
|
_______________________________________________________________________________________________________________
(A) Free cash flow is defined by the Company as net cash
provided by/used for operating activities less capital
expenditures. A reconciliation from net cash provided by/used
for operating activities to free cash flow for the three and nine
months ended September 30, 2012 and
2011 follows:
|
Three
Months Ended
September 30,
|
|
Nine
Months Ended
September 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Net cash
provided by/(used for) operating activities
|
$99
|
|
$113
|
|
($117)
|
|
($134)
|
Premiums
paid to retire debt early
|
|
|
|
|
|
|
27
|
Adjusted
net cash provided by/(used for) operating activities
|
99
|
|
113
|
|
(117)
|
|
(107)
|
Capital
expenditures
|
(75)
|
|
(89)
|
|
(214)
|
|
(273)
|
Insurance
proceeds from Thailand flooding
|
10
|
|
|
|
33
|
|
|
Free cash
flow
|
$
34
|
|
$
24
|
|
($298)
|
|
($380)
|
|
|
|
|
|
|
|
|
SOURCE Crown Holdings, Inc.