[X]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
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Pennsylvania
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75-3099507
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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One Crown Way, Philadelphia, PA
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19154-4599
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock $5.00 Par Value
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New York Stock Exchange
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7
3
/8% Debentures Due 2026
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New York Stock Exchange
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7
1
/2% Debentures Due 2096
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New York Stock Exchange
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Large accelerated filer
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[X]
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Accelerated filer
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[ ]
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Non-accelerated filer
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[ ] (Do not check if a smaller reporting company)
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Smaller reporting company
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[ ]
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Document
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Parts Into Which Incorporated
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Proxy Statement for the Annual Meeting of Shareholders to be held April 25, 2013
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Part III to the extent described therein
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PART I
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Item 1
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Business
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1
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Item 1A
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Risk Factors
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6
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Item 1B
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Unresolved Staff Comments
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20
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Item 2
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Properties
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20
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Item 3
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Legal Proceedings
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22
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Item 4
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Reserved
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22
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PART II
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Item 5
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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23
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Item 6
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Selected Financial Data
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25
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Item 7
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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26
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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43
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Item 8
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Financial Statements and Supplementary Data
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44
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Item 9
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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111
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Item 9A
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Controls and Procedures
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111
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Item 9B
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Other Information
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112
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PART III
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Item 10
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Directors, Executive Officers and Corporate Governance
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112
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Item 11
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Executive Compensation
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112
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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112
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Item 13
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Certain Relationships and Related Transactions, and Director Independence
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112
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Item 14
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Principal Accounting Fees and Services
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112
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PART IV
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Item 15
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Exhibits and Financial Statement Schedules
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113
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SIGNATURES
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122
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ITEM 1.
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BUSINESS
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ITEM 1A.
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RISK FACTORS
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•
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foreign governments' restrictive trade policies;
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•
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inconsistent product regulation or policy changes by foreign agencies or governments;
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•
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duties, taxes or government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries;
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•
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customs, import/export and other trade compliance regulations;
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foreign exchange rate risks;
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•
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difficulty in collecting international accounts receivable and potentially longer payment cycles;
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•
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increased costs in maintaining international manufacturing and marketing efforts;
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•
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non-tariff barriers and higher duty rates;
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•
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difficulties associated with expatriating cash generated or held abroad in a tax-efficient manner and changes in tax laws;
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•
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difficulties in enforcement of contractual obligations and intellectual property rights and difficulties in protecting intellectual property or sensitive commercial and operations data or information technology systems generally;
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•
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exchange controls;
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national and regional labor strikes;
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•
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the geographic, language and cultural differences between personnel in different areas of the world;
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high social benefit costs for labor, including costs associated with restructurings;
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civil unrest or political, social, legal and economic instability, such as recent political turmoil in the Middle East;
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product boycotts, including with respect to the products of the Company’s multi-national customers;
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customer, supplier, and investor concerns regarding operations in areas such as the Middle East;
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taking of property by nationalization or expropriation without fair compensation;
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imposition of limitations on conversions of foreign currencies into dollars or payment of dividends and other payments by non-U.S. subsidiaries;
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hyperinflation and currency devaluation in certain foreign countries where such currency devaluation could affect the amount of cash generated by operations in those countries and thereby affect the Company’s ability to satisfy its obligations;
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war, civil disturbance, global or regional catastrophic events, natural disasters, such as flooding in Southeast Asia, widespread outbreaks of infectious diseases, including in emerging markets, and acts of terrorism;
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geographical concentration of the Company’s factories and operations and regional shifts in its customer base;
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•
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periodic health epidemic concerns; and
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•
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the complexity of managing global operations.
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•
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increase the Company's vulnerability to general economic and industry conditions, including rising interest rates;
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•
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restrict the Company from making strategic acquisitions or exploiting business opportunities, including any planned expansion in emerging markets;
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•
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limit the Company’s ability to make capital expenditures both domestically and internationally in order to grow the Company’s business or maintain manufacturing plants in good working order and repair;
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limit, along with the financial and other restrictive covenants under the Company’s indebtedness, the Company’s ability to obtain additional financing, dispose of assets or pay cash dividends;
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require the Company to dedicate a substantial portion of its cash flow from operations to service its indebtedness, thereby reducing the availability of its cash flow to fund future working capital, capital expenditures, research and development expenditures and other general corporate requirements;
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require the Company to sell assets used in its business;
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limit the Company’s ability to refinance its existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to the Company or at all;
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•
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increase the Company’s cost of borrowing;
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limit the Company’s flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; and
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place the Company at a competitive disadvantage compared to its competitors that have less debt.
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•
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incur additional debt;
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pay dividends or make other distributions, repurchase capital stock, repurchase subordinated debt and make certain investments or loans;
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create liens and engage in sale and leaseback transactions;
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create restrictions on the payment of dividends and other amounts to the Company from subsidiaries;
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make loans, investments and capital expenditures;
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change accounting treatment and reporting practices;
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enter into agreements restricting the ability of a subsidiary to pay dividends to, make or repay loans to, transfer property to, or guarantee indebtedness of, the Company or any of its subsidiaries;
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sell or acquire assets, enter into leaseback transactions and merge or consolidate with or into other companies; and
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•
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engage in transactions with affiliates.
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•
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diversion of management time and attention;
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failures to identify material problems and liabilities of acquisition targets or to obtain sufficient indemnification rights to fully offset possible liabilities related to the acquired businesses;
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difficulties integrating the operations, technologies and personnel of the acquired businesses;
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inefficiencies and complexities that may arise due to unfamiliarity with new assets, businesses or markets;
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disruptions to the Company’s ongoing business;
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inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings;
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the inability to obtain required financing for the new acquisition or investment opportunities and the Company’s existing business;
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potential loss of key employees, contractual relationships, suppliers or customers of the acquired businesses or of the Company; and
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inability to obtain required regulatory approvals.
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downturns in the business or financial condition of any of the Company’s key customers or suppliers, potentially resulting in customers’ inability to pay the Company’s invoices as they become due or at all or suppliers’ failure to fulfill their commitments;
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potential losses associated with hedging activity by the Company for the benefit of the Company’s customers including counterparty risk associated with such hedging activity, or cost impacts of changing suppliers;
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a decline in the fair value of the Company’s pension assets or a decline in discount rates used to measure the Company’s pension obligations, potentially requiring the Company to make significant additional contributions to its pension plans to meet prescribed funding levels;
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the deterioration of any of the lending parties under the Company’s senior secured revolving credit facilities or the creditworthiness of the counterparties to the Company’s derivative transactions, which could result in such parties’ failure to satisfy their obligations under their arrangements with the Company;
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•
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noncompliance with the covenants under the Company’s indebtedness as a result of a weakening of the Company’s financial position or results of operations; and
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•
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the lack of currently available funding sources, which could have a negative impact upon the liquidity of the Company as well as that of its customers and suppliers.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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Americas
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Europe
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Asia Pacific
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||||
Beverage
and
Closures
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Lawrence, MA
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La Crosse, WI
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Custines, France
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Agoncillo, Spain
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Phnom Penh, Cambodia
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Kankakee, IL
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Worland, WY
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Korinthos, Greece
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Sevilla, Spain
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Sihanoukville, Cambodia
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Crawfordsville, IN
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Cabreuva, Brazil
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Patras, Greece
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El Agba, Tunisia
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Beijing, China
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Mankato, MN
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Estancia, Brazil
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Amman, Jordan
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Izmit, Turkey
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Foshan, China
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Batesville, MS
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Manaus, Brazil
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Dammam, Saudi Arabia
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Osmaniye, Turkey
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Huizhou, China
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Dayton, OH
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Ponta Grossa, Brazil
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Jeddah, Saudi Arabia
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Dubai, UAE
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Hangzhou, China
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Cheraw, SC
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Calgary, Canada
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Kosice, Slovakia
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Botcherby, UK
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Heshan City, China
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Conroe, TX
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Weston, Canada
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Braunstone, UK
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Putian, China
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Fort Bend, TX
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Santafe de Bogota,
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Shanghai, China
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Winchester, VA
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Colombia
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Ziyang, China
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Olympia, WA
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Guadalajara, Mexico
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Bangi, Malaysia
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Carolina, Puerto Rico
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Singapore
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Nong Khae, Thailand *
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Danang, Vietnam
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Dong Nai, Vietnam
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Hanoi, Vietnam
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Ho Chi Minh City, Vietnam
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|||||
Food
and
Closures
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Winter Garden, FL
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Hanover, PA
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Carpentras, France
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Abidjan, Ivory Coast
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Bangpoo, Thailand
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Pulaski Park, MD
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Suffolk, VA
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Concarneau, France
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Toamasina, Madagascar
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Haadyai, Thailand
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Owatonna, MN
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Seattle, WA
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Laon, France
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Agadir, Morocco
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Samrong, Thailand
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Omaha, NE
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Oshkosh, WI
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Nantes, France
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Casablanca, Morocco
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Songkhla, Thailand
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Lancaster, OH
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Chatham, Canada
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Outreau, France
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Goleniow, Poland
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Massillon, OH
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Kingston, Jamaica
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Perigueux, France
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Pruszcz, Poland
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Mill Park, OH
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La Villa, Mexico
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Lubeck, Germany
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Alcochete, Portugal
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Connellsville, PA
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Barbados, West Indies
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Mühldorf, Germany
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Timashevsk, Russia
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Trinidad, West Indies
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Seesen, Germany (2)
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Dakar, Senegal
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Tema, Ghana
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Bellville, South Africa
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Thessaloniki, Greece
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Agoncillo, Spain
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Nagykoros, Hungary
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Molina de Segura, Spain
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Athy, Ireland
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Sevilla, Spain
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Aprilia, Italy (2)
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Vigo, Spain
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Battipaglia, Italy
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Neath, UK
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Calerno S. Ilario d’Enza,
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Poole, UK
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Italy
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Wisbech, UK
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Nocera Superiore, Italy
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Worchester, UK
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Parma, Italy
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|||||
Aerosol
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Alsip, IL
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Faribault, MN
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Spilamberto, Italy
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Mijdrecht, Netherlands
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Decatur, IL
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Spartanburg, SC
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Sutton, UK
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|||||
Specialty
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Belcamp, MD
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St. Laurent, Canada
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Hoboken, Belgium
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Miravalles, Spain
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Chengdu, China
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Packaging
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Helsinki, Finland
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Montmelo, Spain
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Guangzhou, China
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Chatillon-sur-Seine, France
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Aesch, Switzerland
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Huizhou, China
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Rouen, France
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Aintree, UK
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Kunshau, China
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Vourles, France
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Carlisle, UK
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Langfaug, China
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Chignolo Po, Italy
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Mansfield, UK
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Shanghai, China
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Hoorn, Netherlands
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Newcastle, UK
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Tianjin, China
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Tongxiang, China
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Zhengzhou, China
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Singapore
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Dinh Duong, Vietnam
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Canmaking
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Norwalk, CT
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Shipley, UK
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and Spares
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*
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Plant replaces the Bangkadi, Thailand plant which was shut down in 2011 due to damage caused by severe flooding.
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
2012
|
|
Total Number of
Shares Purchased
|
|
Average Price
Per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced Programs
|
|
Approximate Dollar
Value of Shares
that may yet be
Purchased under the
Programs as of the end
of the Period (millions)
|
||||||
July
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5,416,707
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$
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36.92
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5,416,707
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$
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94
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December
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1,341,412
|
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37.27
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1,341,412
|
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|
$
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800
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Total
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6,758,119
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$
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36.99
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6,758,119
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|
|
$
|
800
|
|
(a)
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Assumes that the value of the investment in Crown Holdings common stock and each index was $100 on December 31, 2007 and that all dividends were reinvested.
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(b)
|
Industry index is weighted by market capitalization and is comprised of Crown Holdings, AptarGroup, Ball, Bemis, Greif, MeadWestvaco, Owens-Illinois, Packaging Corp. of America, RockTenn, Sealed Air, Silgan and Sonoco.
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ITEM 6.
|
SELECTED FINANCIAL DATA
|
(in millions, except per share, ratios and other statistics)
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Summary of Operations
|
|
|
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|
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|
|
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|
||||||||||
Net sales
|
|
$
|
8,470
|
|
|
$
|
8,644
|
|
|
$
|
7,941
|
|
|
$
|
7,938
|
|
|
$
|
8,305
|
|
Cost of products sold, excluding depreciation and amortization
|
|
7,013
|
|
|
7,120
|
|
|
6,519
|
|
|
6,551
|
|
|
6,885
|
|
|||||
Depreciation and amortization
|
|
180
|
|
|
176
|
|
|
172
|
|
|
194
|
|
|
216
|
|
|||||
Selling and administrative expense
|
|
382
|
|
|
395
|
|
|
360
|
|
|
381
|
|
|
396
|
|
|||||
Provision for asbestos
|
|
35
|
|
|
28
|
|
|
46
|
|
|
55
|
|
|
25
|
|
|||||
Provision for restructuring
|
|
48
|
|
|
77
|
|
|
42
|
|
|
43
|
|
|
21
|
|
|||||
Asset impairments and sales
|
|
(42
|
)
|
|
6
|
|
|
(18
|
)
|
|
(6
|
)
|
|
6
|
|
|||||
Loss from early extinguishments of debt
|
|
—
|
|
|
32
|
|
|
16
|
|
|
26
|
|
|
2
|
|
|||||
Interest expense, net of interest income
|
|
219
|
|
|
221
|
|
|
194
|
|
|
241
|
|
|
291
|
|
|||||
Translation and exchange adjustments
|
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(6
|
)
|
|
21
|
|
|||||
Income before income taxes and equity earnings
|
|
636
|
|
|
587
|
|
|
614
|
|
|
459
|
|
|
442
|
|
|||||
Provision for/(benefit from) income taxes
|
|
(17
|
)
|
|
194
|
|
|
165
|
|
|
7
|
|
|
112
|
|
|||||
Equity earnings/(loss)
|
|
5
|
|
|
3
|
|
|
3
|
|
|
(2
|
)
|
|
|
||||||
Net income
|
|
658
|
|
|
396
|
|
|
452
|
|
|
450
|
|
|
330
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(101
|
)
|
|
(114
|
)
|
|
(128
|
)
|
|
(116
|
)
|
|
(104
|
)
|
|||||
Net income attributable to Crown Holdings
|
|
$
|
557
|
|
|
$
|
282
|
|
|
$
|
324
|
|
|
$
|
334
|
|
|
$
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Position at December 31
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Working capital
|
|
$
|
232
|
|
|
$
|
318
|
|
|
$
|
272
|
|
|
$
|
317
|
|
|
$
|
385
|
|
Total assets
|
|
7,490
|
|
|
6,868
|
|
|
6,899
|
|
|
6,532
|
|
|
6,774
|
|
|||||
Total cash and cash equivalents
|
|
350
|
|
|
342
|
|
|
463
|
|
|
459
|
|
|
596
|
|
|||||
Total debt
|
|
3,665
|
|
|
3,532
|
|
|
3,048
|
|
|
2,798
|
|
|
3,337
|
|
|||||
Total debt, less cash and cash equivalents, to total capitalization (1)
|
|
96.4
|
%
|
|
108.1
|
%
|
|
91.9
|
%
|
|
85.9
|
%
|
|
98.7
|
%
|
|||||
Total equity/(deficit)
|
|
123
|
|
|
(239
|
)
|
|
229
|
|
|
383
|
|
|
36
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Share Data (dollars per share)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
3.81
|
|
|
$
|
1.86
|
|
|
$
|
2.03
|
|
|
$
|
2.10
|
|
|
$
|
1.42
|
|
Diluted
|
|
3.75
|
|
|
1.83
|
|
|
2.00
|
|
|
2.06
|
|
|
1.39
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Market price on December 31
|
|
36.81
|
|
|
33.58
|
|
|
33.38
|
|
|
25.58
|
|
|
19.20
|
|
|||||
Book value attributable to Crown Holdings based on year-end outstanding shares
|
|
(1.13
|
)
|
|
(3.19
|
)
|
|
(0.62
|
)
|
|
(0.04
|
)
|
|
(1.99
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of shares outstanding at year-end
|
|
143.1
|
|
|
148.4
|
|
|
155.3
|
|
|
161.5
|
|
|
159.2
|
|
|||||
Average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
146.1
|
|
|
151.7
|
|
|
159.4
|
|
|
159.1
|
|
|
159.6
|
|
|||||
Diluted
|
|
148.4
|
|
|
154.3
|
|
|
162.4
|
|
|
161.9
|
|
|
162.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
$
|
324
|
|
|
$
|
401
|
|
|
$
|
320
|
|
|
$
|
180
|
|
|
$
|
174
|
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
8,470
|
|
|
$
|
8,644
|
|
|
$
|
7,941
|
|
Beverage cans and ends as a percentage of net sales
|
55
|
%
|
|
52
|
%
|
|
51
|
%
|
|||
Food cans and ends as a percentage of net sales
|
29
|
%
|
|
30
|
%
|
|
31
|
%
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
2,274
|
|
|
$
|
2,273
|
|
|
$
|
2,097
|
|
Segment income
|
311
|
|
|
302
|
|
|
275
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
876
|
|
|
$
|
889
|
|
|
$
|
897
|
|
Segment income
|
146
|
|
|
146
|
|
|
120
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
1,653
|
|
|
$
|
1,669
|
|
|
$
|
1,524
|
|
Segment income
|
217
|
|
|
210
|
|
|
244
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
1,793
|
|
|
$
|
1,999
|
|
|
$
|
1,841
|
|
Segment income
|
180
|
|
|
239
|
|
|
224
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
979
|
|
|
$
|
861
|
|
|
$
|
704
|
|
Segment income
|
137
|
|
|
125
|
|
|
112
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
895
|
|
|
$
|
953
|
|
|
$
|
878
|
|
Segment income
|
98
|
|
|
139
|
|
|
116
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Corporate and unallocated expense
|
$
|
194
|
|
|
$
|
208
|
|
|
$
|
201
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
North America Food
|
3
|
|
|
3
|
|
|
28
|
|
|||
European Food
|
15
|
|
|
9
|
|
|
—
|
|
|||
Asia Pacific
|
4
|
|
|
—
|
|
|
—
|
|
|||
Other European operations
|
18
|
|
|
45
|
|
|
—
|
|
|||
European Division Headquarters
|
3
|
|
|
20
|
|
|
14
|
|
|||
Corporate
|
5
|
|
|
—
|
|
|
—
|
|
|||
|
$
|
48
|
|
|
$
|
77
|
|
|
$
|
42
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Income before income taxes
|
$
|
636
|
|
|
$
|
587
|
|
|
$
|
614
|
|
Provision for / (benefit from) income taxes
|
(17
|
)
|
|
194
|
|
|
165
|
|
|||
Effective income tax rate
|
(2.7
|
)%
|
|
33.0
|
%
|
|
26.9
|
%
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018 &
after
|
|
Total
|
||||||||||||||
Long-term debt
|
|
$
|
115
|
|
|
$
|
183
|
|
|
$
|
195
|
|
|
$
|
720
|
|
|
$
|
416
|
|
|
$
|
1,784
|
|
|
$
|
3,413
|
|
Interest on long-term debt
|
|
189
|
|
|
184
|
|
|
178
|
|
|
172
|
|
|
153
|
|
|
122
|
|
|
998
|
|
|||||||
Operating leases
|
|
53
|
|
|
38
|
|
|
28
|
|
|
20
|
|
|
16
|
|
|
62
|
|
|
217
|
|
|||||||
Projected pension contributions
|
|
85
|
|
|
84
|
|
|
134
|
|
|
120
|
|
|
145
|
|
|
|
|
568
|
|
||||||||
Postretirement obligations
|
|
27
|
|
|
23
|
|
|
23
|
|
|
23
|
|
|
22
|
|
|
105
|
|
|
223
|
|
|||||||
Purchase obligations
|
|
2,747
|
|
|
1,215
|
|
|
650
|
|
|
|
|
|
|
|
|
4,612
|
|
||||||||||
Total contractual cash obligations
|
|
$
|
3,216
|
|
|
$
|
1,727
|
|
|
$
|
1,208
|
|
|
$
|
1,055
|
|
|
$
|
752
|
|
|
$
|
2,073
|
|
|
$
|
10,031
|
|
Buy/Sell
|
|
Contract
amount
|
|
Contract
fair value
gain/(loss)
|
|
Average
contractual
exchange rate
|
|||||
U.S. dollars/Euro
|
|
$
|
52
|
|
|
$
|
(1
|
)
|
|
1.30
|
|
Sterling/Euro
|
|
128
|
|
|
(1
|
)
|
|
0.80
|
|
||
Euro/Sterling
|
|
457
|
|
|
2
|
|
|
0.81
|
|
||
Euro/U.S. dollars
|
|
508
|
|
|
4
|
|
|
1.31
|
|
||
U.S. dollars/Sterling
|
|
11
|
|
|
—
|
|
|
1.60
|
|
||
Sterling/U.S. dollars
|
|
27
|
|
|
—
|
|
|
1.59
|
|
||
U.S. dollars/Thai Baht
|
|
47
|
|
|
(1
|
)
|
|
31.16
|
|
||
Euro/Polish Zloty
|
|
19
|
|
|
—
|
|
|
4.09
|
|
||
Euro/Moroccan Dirham
|
|
17
|
|
|
—
|
|
|
11.21
|
|
||
Singapore dollars/U.S. dollars
|
|
62
|
|
|
—
|
|
|
1.22
|
|
||
Euro/Singapore dollars
|
|
65
|
|
|
2
|
|
|
1.58
|
|
||
Malaysia Ringgit/ U.S. dollars
|
|
13
|
|
|
—
|
|
|
3.05
|
|
||
Polish Zloty/Euro
|
|
13
|
|
|
$
|
—
|
|
|
4.08
|
|
|
|
|
$
|
1,419
|
|
|
$
|
5
|
|
|
|
|
|
Year of Maturity
|
||||||||||||||||||||||
Debt
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
Fixed rate
|
|
$
|
54
|
|
|
$
|
53
|
|
|
$
|
30
|
|
|
$
|
12
|
|
|
$
|
408
|
|
|
$
|
1,784
|
|
Average interest rate
|
|
5.0
|
%
|
|
5.5
|
%
|
|
5.6
|
%
|
|
6.2
|
%
|
|
7.6
|
%
|
|
6.8
|
%
|
||||||
Variable rate
|
|
$
|
322
|
|
|
$
|
130
|
|
|
$
|
165
|
|
|
$
|
708
|
|
|
$
|
8
|
|
|
—
|
|
|
Average interest rate
|
|
2.1
|
%
|
|
2.8
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
2.7
|
%
|
|
3.6
|
%
|
Beginning balance
|
$
|
(239
|
)
|
Net income
|
658
|
|
|
Other comprehensive loss
|
(19
|
)
|
|
Dividends paid to noncontrolling interests
|
(79
|
)
|
|
Contributions from noncontrolling interests
|
17
|
|
|
Acquisition of business
|
7
|
|
|
Stock-based compensation
|
18
|
|
|
Common stock issued
|
17
|
|
|
Common stock repurchased
|
(257
|
)
|
|
Ending balance
|
$
|
123
|
|
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
INDEX TO FINANCIAL STATEMENTS
|
|
|
|
|
|
Financial Statements
|
|
|
|
|
|
Management’s Report on Internal Control Over Financial Reporting
|
45
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
46
|
|
|
|
|
Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010
|
47
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2012, 2011 and 2010
|
48
|
|
|
|
|
Consolidated Balance Sheets as of December 31, 2012 and 2011
|
49
|
|
|
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010
|
50
|
|
|
|
|
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2012, 2011 and 2010
|
51
|
|
|
|
|
Notes to Consolidated Financial Statements
|
52
|
|
|
|
|
Supplementary Information
|
110
|
|
|
|
|
Financial Statement Schedule
|
|
|
|
|
|
Schedule II – Valuation and Qualifying Accounts and Reserves
|
111
|
|
For the Years Ended December 31
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
$
|
8,470
|
|
|
$
|
8,644
|
|
|
$
|
7,941
|
|
Cost of products sold, excluding depreciation and amortization
|
7,013
|
|
|
7,120
|
|
|
6,519
|
|
|||
Depreciation and amortization
|
180
|
|
|
176
|
|
|
172
|
|
|||
Gross profit
|
1,277
|
|
|
1,348
|
|
|
1,250
|
|
|||
Selling and administrative expense
|
382
|
|
|
395
|
|
|
360
|
|
|||
Provision for asbestos
|
35
|
|
|
28
|
|
|
46
|
|
|||
Provision for restructuring
|
48
|
|
|
77
|
|
|
42
|
|
|||
Asset impairments and sales
|
(42
|
)
|
|
6
|
|
|
(18
|
)
|
|||
Loss from early extinguishments of debt
|
—
|
|
|
32
|
|
|
16
|
|
|||
Interest expense
|
226
|
|
|
232
|
|
|
203
|
|
|||
Interest income
|
(7
|
)
|
|
(11
|
)
|
|
(9
|
)
|
|||
Translation and foreign exchange
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|||
Income before income taxes and equity earnings
|
636
|
|
|
587
|
|
|
614
|
|
|||
Provision for / (benefit from) income taxes
|
(17
|
)
|
|
194
|
|
|
165
|
|
|||
Equity earnings in affiliates
|
5
|
|
|
3
|
|
|
3
|
|
|||
Net income
|
658
|
|
|
396
|
|
|
452
|
|
|||
Net income attributable to noncontrolling interests
|
(101
|
)
|
|
(114
|
)
|
|
(128
|
)
|
|||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
282
|
|
|
$
|
324
|
|
|
|
|
|
|
|
||||||
Earnings per common share attributable to Crown Holdings:
|
|
|
|
|
|
||||||
Basic
|
$
|
3.81
|
|
|
$
|
1.86
|
|
|
$
|
2.03
|
|
Diluted
|
$
|
3.75
|
|
|
$
|
1.83
|
|
|
$
|
2.00
|
|
For the Years Ended December 31
|
2012
|
|
2011
|
|
2010
|
||||||
Net income
|
$
|
658
|
|
|
$
|
396
|
|
|
$
|
452
|
|
|
|
|
|
|
|
||||||
Other comprehensive income / (loss), net of tax
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
76
|
|
|
(54
|
)
|
|
(31
|
)
|
|||
Pension and other postretirement benefits
|
(135
|
)
|
|
(120
|
)
|
|
(74
|
)
|
|||
Derivatives qualifying as hedges
|
40
|
|
|
(93
|
)
|
|
11
|
|
|||
Total other comprehensive loss
|
(19
|
)
|
|
(267
|
)
|
|
(94
|
)
|
|||
|
|
|
|
|
|
||||||
Total comprehensive income
|
639
|
|
|
129
|
|
|
358
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interests
|
(101
|
)
|
|
(114
|
)
|
|
(128
|
)
|
|||
Translation adjustments attributable to noncontrolling interests
|
(1
|
)
|
|
(2
|
)
|
|
6
|
|
|||
Derivatives qualifying as hedges attributable to noncontrolling interests
|
(4
|
)
|
|
6
|
|
|
1
|
|
|||
Comprehensive income attributable to Crown Holdings
|
$
|
533
|
|
|
$
|
19
|
|
|
$
|
237
|
|
December 31
|
2012
|
|
2011
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
350
|
|
|
$
|
342
|
|
Receivables, net
|
1,057
|
|
|
948
|
|
||
Inventories
|
1,166
|
|
|
1,148
|
|
||
Prepaid expenses and other current assets
|
177
|
|
|
165
|
|
||
Total current assets
|
2,750
|
|
|
2,603
|
|
||
|
|
|
|
||||
Goodwill
|
1,998
|
|
|
1,952
|
|
||
Property, plant and equipment, net
|
1,995
|
|
|
1,751
|
|
||
Other non-current assets
|
747
|
|
|
562
|
|
||
Total
|
$
|
7,490
|
|
|
$
|
6,868
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Short-term debt
|
$
|
261
|
|
|
$
|
128
|
|
Current maturities of long-term debt
|
115
|
|
|
67
|
|
||
Accounts payable and accrued liabilities
|
2,142
|
|
|
2,090
|
|
||
Total current liabilities
|
2,518
|
|
|
2,285
|
|
||
|
|
|
|
||||
Long-term debt, excluding current maturities
|
3,289
|
|
|
3,337
|
|
||
Postretirement and pension liabilities
|
1,098
|
|
|
996
|
|
||
Other non-current liabilities
|
462
|
|
|
489
|
|
||
Commitments and contingent liabilities
(
Note L
)
|
|
|
|
||||
|
|
|
|
||||
Equity/(deficit)
|
|
|
|
||||
|
|
|
|
||||
Noncontrolling interests
|
285
|
|
|
234
|
|
||
|
|
|
|
||||
Preferred stock, authorized: 30,000,000; none issued (
Note O
)
|
—
|
|
|
—
|
|
||
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued:
|
|
|
|
||||
185,744,072 shares (
Note O
)
|
929
|
|
|
929
|
|
||
Additional paid-in capital
|
668
|
|
|
863
|
|
||
Accumulated earnings
|
1,069
|
|
|
512
|
|
||
Accumulated other comprehensive loss
|
(2,614
|
)
|
|
(2,590
|
)
|
||
Treasury stock at par value (2012 - 42,607,599 shares; 2011 - 37,294,779 shares)
|
(214
|
)
|
|
(187
|
)
|
||
Crown Holdings shareholders’ deficit
|
(162
|
)
|
|
(473
|
)
|
||
Total equity/(deficit)
|
123
|
|
|
(239
|
)
|
||
Total
|
$
|
7,490
|
|
|
$
|
6,868
|
|
For the Years Ended December 31
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
658
|
|
|
$
|
396
|
|
|
$
|
452
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
180
|
|
|
176
|
|
|
172
|
|
|||
Provision for restructuring
|
48
|
|
|
77
|
|
|
42
|
|
|||
Asset impairments and sales
|
(42
|
)
|
|
6
|
|
|
(18
|
)
|
|||
Pension expense
|
97
|
|
|
97
|
|
|
112
|
|
|||
Pension contributions
|
(102
|
)
|
|
(404
|
)
|
|
(79
|
)
|
|||
Stock-based compensation
|
18
|
|
|
18
|
|
|
20
|
|
|||
Deferred income taxes
|
(101
|
)
|
|
83
|
|
|
52
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Receivables
|
(113
|
)
|
|
(36
|
)
|
|
(255
|
)
|
|||
Inventories
|
21
|
|
|
(119
|
)
|
|
(119
|
)
|
|||
Accounts payable and accrued liabilities
|
(6
|
)
|
|
100
|
|
|
159
|
|
|||
Asbestos liabilities
|
7
|
|
|
—
|
|
|
19
|
|
|||
Other, net
|
(44
|
)
|
|
(15
|
)
|
|
33
|
|
|||
Net cash provided by operating activities
|
621
|
|
|
379
|
|
|
590
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Capital expenditures
|
(324
|
)
|
|
(401
|
)
|
|
(320
|
)
|
|||
Insurance proceeds
|
48
|
|
|
—
|
|
|
—
|
|
|||
Acquisition of businesses, net of cash acquired
|
(78
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of businesses, net of cash sold
|
—
|
|
|
4
|
|
|
7
|
|
|||
Proceeds from sale of property, plant and equipment
|
3
|
|
|
26
|
|
|
32
|
|
|||
Other
|
(11
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Net cash used for investing activities
|
(362
|
)
|
|
(372
|
)
|
|
(281
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Proceeds from long-term debt
|
110
|
|
|
1,770
|
|
|
745
|
|
|||
Payments of long-term debt
|
(66
|
)
|
|
(1,069
|
)
|
|
(734
|
)
|
|||
Net change in revolving credit facility and short-term debt
|
28
|
|
|
(192
|
)
|
|
278
|
|
|||
Debt issue costs
|
—
|
|
|
(22
|
)
|
|
(31
|
)
|
|||
Common stock issued
|
15
|
|
|
11
|
|
|
13
|
|
|||
Common stock repurchased
|
(257
|
)
|
|
(312
|
)
|
|
(255
|
)
|
|||
Purchase of noncontrolling interests
|
(4
|
)
|
|
(202
|
)
|
|
(169
|
)
|
|||
Dividends paid to noncontrolling interests
|
(79
|
)
|
|
(104
|
)
|
|
(112
|
)
|
|||
Other
|
(1
|
)
|
|
(9
|
)
|
|
(34
|
)
|
|||
Net cash used for financing activities
|
(254
|
)
|
|
(129
|
)
|
|
(299
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
3
|
|
|
1
|
|
|
(6
|
)
|
|||
Net change in cash and cash equivalents
|
8
|
|
|
(121
|
)
|
|
4
|
|
|||
Cash and cash equivalents at January 1
|
342
|
|
|
463
|
|
|
459
|
|
|||
Cash and cash equivalents at December 31
|
$
|
350
|
|
|
$
|
342
|
|
|
$
|
463
|
|
|
Crown Holdings, Inc. Shareholders’ Equity
|
|
|
|
|
||||||||||||||||||||||||||
|
Common
Stock
|
|
Paid-in
Capital
|
|
Accumulated
Earnings/
(Deficit)
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Total
Crown
Equity
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||||
Balance at January 1, 2010
|
$
|
929
|
|
|
$
|
1,536
|
|
|
$
|
(94
|
)
|
|
$
|
(2,255
|
)
|
|
$
|
(122
|
)
|
|
$
|
(6
|
)
|
|
$
|
389
|
|
|
$
|
383
|
|
Net income
|
|
|
|
|
324
|
|
|
|
|
|
|
324
|
|
|
128
|
|
|
452
|
|
||||||||||||
Other comprehensive income / (loss)
|
|
|
|
|
|
|
(87
|
)
|
|
|
|
(87
|
)
|
|
(7
|
)
|
|
(94
|
)
|
||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(112
|
)
|
|
(112
|
)
|
||||||||||||||
Restricted stock awarded
|
|
|
(3
|
)
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
|
|
20
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
20
|
|
|||||||||||||
Common stock issued
|
|
|
7
|
|
|
|
|
|
|
6
|
|
|
13
|
|
|
|
|
13
|
|
||||||||||||
Common stock repurchased
|
|
|
(215
|
)
|
|
|
|
|
|
(40
|
)
|
|
(255
|
)
|
|
|
|
(255
|
)
|
||||||||||||
Purchase of noncontrolling interests
|
|
|
(114
|
)
|
|
|
|
9
|
|
|
|
|
(105
|
)
|
|
(64
|
)
|
|
(169
|
)
|
|||||||||||
Sale of business
|
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
|
(9
|
)
|
||||||||||||||
Balance at December 31, 2010
|
$
|
929
|
|
|
$
|
1,231
|
|
|
$
|
230
|
|
|
$
|
(2,333
|
)
|
|
$
|
(153
|
)
|
|
$
|
(96
|
)
|
|
$
|
325
|
|
|
$
|
229
|
|
Net income
|
|
|
|
|
282
|
|
|
|
|
|
|
282
|
|
|
114
|
|
|
396
|
|
||||||||||||
Other comprehensive income / (loss)
|
|
|
|
|
|
|
(263
|
)
|
|
|
|
(263
|
)
|
|
(4
|
)
|
|
(267
|
)
|
||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(104
|
)
|
|
(104
|
)
|
||||||||||||||
Contribution from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
||||||||||||||
Restricted stock awarded
|
|
|
(2
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
|
|
18
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
18
|
|
|||||||||||||
Common stock issued
|
|
|
7
|
|
|
|
|
|
|
4
|
|
|
11
|
|
|
|
|
11
|
|
||||||||||||
Common stock repurchased
|
|
|
(272
|
)
|
|
|
|
|
|
(40
|
)
|
|
(312
|
)
|
|
|
|
(312
|
)
|
||||||||||||
Purchase of noncontrolling interests
|
|
|
(119
|
)
|
|
|
|
6
|
|
|
|
|
(113
|
)
|
|
(99
|
)
|
|
(212
|
)
|
|||||||||||
Balance at December 31, 2011
|
$
|
929
|
|
|
$
|
863
|
|
|
$
|
512
|
|
|
$
|
(2,590
|
)
|
|
$
|
(187
|
)
|
|
$
|
(473
|
)
|
|
$
|
234
|
|
|
$
|
(239
|
)
|
Net income
|
|
|
|
|
557
|
|
|
|
|
|
|
557
|
|
|
101
|
|
|
658
|
|
||||||||||||
Other comprehensive income / (loss)
|
|
|
|
|
|
|
(24
|
)
|
|
|
|
(24
|
)
|
|
5
|
|
|
(19
|
)
|
||||||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(79
|
)
|
|
(79
|
)
|
|||||||||||||
Contribution from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|
17
|
|
|||||||||||||
Acquisition of business
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
7
|
|
||||||||||||||
Restricted stock awarded
|
|
|
(2
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
—
|
|
||||||||||||
Stock-based compensation
|
|
|
18
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
18
|
|
|||||||||||||
Common stock issued
|
|
|
11
|
|
|
|
|
|
|
6
|
|
|
17
|
|
|
|
|
17
|
|
||||||||||||
Common stock repurchased
|
|
|
(222
|
)
|
|
|
|
|
|
(35
|
)
|
|
(257
|
)
|
|
|
|
(257
|
)
|
||||||||||||
Balance at December 31, 2012
|
$
|
929
|
|
|
$
|
668
|
|
|
$
|
1,069
|
|
|
$
|
(2,614
|
)
|
|
$
|
(214
|
)
|
|
$
|
(162
|
)
|
|
$
|
285
|
|
|
$
|
123
|
|
A.
|
Summary of Significant Accounting Policies
|
Land improvements
|
25
|
Buildings and Building Improvements
|
25 – 40
|
Machinery and Equipment
|
3 – 14
|
|
2012
|
|
2011
|
||||
Pension and postretirement adjustments
|
$
|
(1,954
|
)
|
|
$
|
(1,819
|
)
|
Cumulative translation adjustments
|
(648
|
)
|
|
(723
|
)
|
||
Derivatives qualifying as hedges
|
(12
|
)
|
|
(48
|
)
|
||
|
$
|
(2,614
|
)
|
|
$
|
(2,590
|
)
|
|
2012
|
|
2011
|
||||
Accounts receivable
|
$
|
922
|
|
|
$
|
834
|
|
Less: allowance for doubtful accounts
|
(37
|
)
|
|
(37
|
)
|
||
Net trade receivables
|
885
|
|
|
797
|
|
||
Miscellaneous receivables
|
172
|
|
|
151
|
|
||
|
$
|
1,057
|
|
|
$
|
948
|
|
|
2012
|
|
2011
|
||||
Accounted for as secured borrowings
|
$
|
216
|
|
|
$
|
113
|
|
Accounted for as sales
|
$
|
312
|
|
|
$
|
297
|
|
|
2012
|
|
2011
|
||||
Raw materials and supplies
|
$
|
602
|
|
|
$
|
602
|
|
Work in process
|
128
|
|
|
136
|
|
||
Finished goods
|
436
|
|
|
410
|
|
||
|
$
|
1,166
|
|
|
$
|
1,148
|
|
|
Americas Beverage
|
North America Food
|
European Beverage
|
European Food
|
Non-reportable Segments
|
Total
|
||||||||||||
Balance at January 1, 2011:
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
$
|
457
|
|
$
|
162
|
|
$
|
743
|
|
$
|
1,300
|
|
$
|
298
|
|
$
|
2,960
|
|
Accumulated impairment losses
|
(29
|
)
|
|
(73
|
)
|
(724
|
)
|
(150
|
)
|
(976
|
)
|
|||||||
Net
|
428
|
|
162
|
|
670
|
|
576
|
|
148
|
|
1,984
|
|
||||||
Foreign currency translation
|
(2
|
)
|
|
(11
|
)
|
(16
|
)
|
(3
|
)
|
(32
|
)
|
|||||||
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2011:
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
455
|
|
162
|
|
732
|
|
1,284
|
|
295
|
|
2,928
|
|
||||||
Accumulated impairment losses
|
(29
|
)
|
|
(73
|
)
|
(724
|
)
|
(150
|
)
|
(976
|
)
|
|||||||
Net
|
426
|
|
162
|
|
659
|
|
560
|
|
145
|
|
1,952
|
|
||||||
Foreign currency translation
|
2
|
|
2
|
|
19
|
|
14
|
|
9
|
|
46
|
|
||||||
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2012:
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
457
|
|
164
|
|
751
|
|
1,298
|
|
304
|
|
2,974
|
|
||||||
Accumulated impairment losses
|
(29
|
)
|
|
(73
|
)
|
(724
|
)
|
(150
|
)
|
(976
|
)
|
|||||||
Net
|
$
|
428
|
|
$
|
164
|
|
$
|
678
|
|
$
|
574
|
|
$
|
154
|
|
$
|
1,998
|
|
|
2012
|
|
2011
|
||||
Buildings and improvements
|
$
|
923
|
|
|
$
|
806
|
|
Machinery and equipment
|
4,576
|
|
|
4,195
|
|
||
Land and improvements
|
140
|
|
|
136
|
|
||
Construction in progress
|
185
|
|
|
211
|
|
||
|
5,824
|
|
|
5,348
|
|
||
Less: accumulated depreciation and amortization
|
(3,829
|
)
|
|
(3,597
|
)
|
||
|
$
|
1,995
|
|
|
$
|
1,751
|
|
|
2012
|
|
2011
|
||||
Deferred taxes
|
$
|
577
|
|
|
$
|
452
|
|
Debt issue costs
|
40
|
|
|
49
|
|
||
Investments
|
30
|
|
|
25
|
|
||
Fair value of derivatives
|
1
|
|
|
—
|
|
||
Other
|
99
|
|
|
36
|
|
||
|
$
|
747
|
|
|
$
|
562
|
|
|
2012
|
|
2011
|
||||
Trade accounts payable
|
$
|
1,469
|
|
|
$
|
1,393
|
|
Salaries, wages and other employee benefits, including pension and postretirement
|
168
|
|
|
164
|
|
||
Accrued taxes, other than on income
|
117
|
|
|
105
|
|
||
Fair value of derivatives
|
27
|
|
|
76
|
|
||
Accrued interest
|
47
|
|
|
45
|
|
||
Asbestos liabilities
|
25
|
|
|
25
|
|
||
Income taxes payable
|
12
|
|
|
13
|
|
||
Deferred taxes
|
12
|
|
|
10
|
|
||
Restructuring
|
70
|
|
|
58
|
|
||
Other
|
195
|
|
|
201
|
|
||
|
$
|
2,142
|
|
|
$
|
2,090
|
|
|
2012
|
|
2011
|
||||
Asbestos liabilities
|
$
|
231
|
|
|
$
|
224
|
|
Deferred taxes
|
23
|
|
|
27
|
|
||
Postemployment benefits
|
37
|
|
|
44
|
|
||
Income taxes payable
|
29
|
|
|
32
|
|
||
Environmental
|
12
|
|
|
12
|
|
||
Fair value of derivatives
|
3
|
|
|
6
|
|
||
Other
|
127
|
|
|
144
|
|
||
|
$
|
462
|
|
|
$
|
489
|
|
K.
|
Asbestos-Related Liabilities
|
|
2012
|
|
2011
|
|
2010
|
||||||
Asbestos-related payments
|
$
|
28
|
|
|
$
|
28
|
|
|
$
|
27
|
|
Settled claims payments (included in asbestos-related payments above)
|
20
|
|
|
20
|
|
|
17
|
|
|
2012
|
|
2011
|
||
Claimants alleging first exposure after 1964
|
15,000
|
|
|
15,000
|
|
Claimants alleging first exposure before or during 1964 filed in:
|
|
|
|
||
Texas
|
13,000
|
|
|
13,000
|
|
Pennsylvania
|
2,000
|
|
|
2,000
|
|
Other states that have enacted asbestos legislation
|
6,000
|
|
|
5,000
|
|
Other states
|
15,000
|
|
|
15,000
|
|
Total claims outstanding
|
51,000
|
|
|
50,000
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Total claims
|
19
|
%
|
|
18
|
%
|
|
18
|
%
|
Pre-1964 claims in states without asbestos legislation
|
36
|
%
|
|
33
|
%
|
|
31
|
%
|
L.
|
Commitments and Contingent Liabilities
|
M.
|
Restructuring
|
|
2012
|
|
2011
|
|
2010
|
||||||
North America Food
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
28
|
|
European Food
|
15
|
|
|
9
|
|
|
—
|
|
|||
Asia Pacific
|
4
|
|
|
—
|
|
|
—
|
|
|||
Other European operations
|
18
|
|
|
45
|
|
|
—
|
|
|||
European Division Headquarters
|
3
|
|
|
20
|
|
|
14
|
|
|||
Corporate
|
5
|
|
|
—
|
|
|
—
|
|
|||
|
$
|
48
|
|
|
$
|
77
|
|
|
$
|
42
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Termination benefits
|
$
|
35
|
|
|
$
|
56
|
|
|
$
|
20
|
|
Other exit costs
|
13
|
|
|
21
|
|
|
12
|
|
|||
Asset write-downs
|
—
|
|
|
—
|
|
|
10
|
|
|||
|
$
|
48
|
|
|
$
|
77
|
|
|
$
|
42
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Asset
writedowns
|
|
Total
|
||||||||
Balance at December 31, 2010
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Provisions
|
1
|
|
|
19
|
|
|
—
|
|
|
20
|
|
||||
Payments made
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Foreign currency translation
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
$
|
(1
|
)
|
|||
Balance at December 31, 2011
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||
Provisions
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Payments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2012
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Asset
writedowns
|
|
Total
|
||||||||
Balance at December 31, 2010
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Provisions
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||
Payments made
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
Foreign currency translation
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Balance at December 31, 2011
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
Provisions
|
14
|
|
|
1
|
|
|
—
|
|
|
15
|
|
||||
Payments
|
(7
|
)
|
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Foreign currency translation
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Balance at December 31, 2012
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
Termination
benefits
|
|
Other exit
costs
|
|
Asset
writedowns
|
|
Total
|
||||||||
Balance at December 31, 2010
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Provisions
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
||||
Payments made
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Foreign currency translation
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Balance at December 31, 2011
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
||||
Provisions
|
15
|
|
|
3
|
|
|
—
|
|
|
18
|
|
||||
Payments made
|
(23
|
)
|
|
(3
|
)
|
|
—
|
|
|
(26
|
)
|
||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2012
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
N.
|
Asset Impairments and Sales
|
O.
|
Capital Stock
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Common shares outstanding at January 1
|
|
148,449,293
|
|
|
155,256,791
|
|
|
161,483,074
|
|
Shares repurchased
|
|
(6,954,968
|
)
|
|
(7,965,176
|
)
|
|
(7,959,707
|
)
|
Shares issued upon exercise of employee stock options
|
|
1,143,755
|
|
|
666,183
|
|
|
1,219,680
|
|
Restricted stock issued to employees
|
|
468,323
|
|
|
463,885
|
|
|
481,326
|
|
Shares issued to non-employee directors
|
|
30,070
|
|
|
27,610
|
|
|
32,418
|
|
Common shares outstanding at December 31
|
|
143,136,473
|
|
|
148,449,293
|
|
|
155,256,791
|
|
•
|
In December 2011, the Company entered into an agreement to repurchase shares of its common stock under an accelerated share repurchase program. Pursuant to the agreement, the Company initially purchased
2,771,004
shares for
$100
. In April 2012, the Company received an additional
4,653
shares based on its volume-weighted average stock price during the term of the transaction.
|
•
|
In July 2012, the Company entered into an agreement to repurchase shares of its common stock under an accelerated repurchase program. Pursuant to the agreement, the Company initially purchased
5,016,190
shares for
$200
. In November 2012, the Company received an additional
400,517
shares based on its volume-weighted average stock price during the term of the transaction.
|
•
|
In December 2012, the Company entered into an agreement to repurchase shares of its common stock. Pursuant to the agreement, the Company purchased
1,341,412
shares for
$50
.
|
•
|
The Company also repurchased
192,196
shares of its common stock in connection with the surrender of shares to cover taxes on the vesting of restricted stock.
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|||
Stock options
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Restricted stock
|
12
|
|
|
12
|
|
|
14
|
|
|
|
|
2012
|
|
|||
|
|
Shares
|
|
Weighted average
exercise price
|
|||
Options outstanding at January 1
|
|
3,786,419
|
|
|
$
|
19.12
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(1,140,255
|
)
|
|
13.59
|
|
|
Forfeited
|
|
(82,900
|
)
|
|
25.15
|
|
|
Expired
|
|
(7,150
|
)
|
|
21.89
|
|
|
Options outstanding at December 31
|
|
2,556,114
|
|
|
21.38
|
|
|
Options fully vested or expected to vest at December 31
|
|
2,543,874
|
|
|
$
|
21.31
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||
Range of
exercise
prices
|
|
Number
outstanding
|
|
Weighted
average
remaining
contractual
life in years
|
|
Weighted
average
exercise
price
|
|
Number
exercisable
|
|
Weighted
average
exercise
price
|
||||||
$8.60 to $8.75
|
|
453,568
|
|
|
1.3
|
|
$
|
8.61
|
|
|
453,568
|
|
|
$
|
8.61
|
|
$13.20 to $23.19
|
|
26,500
|
|
|
3.5
|
|
18.18
|
|
|
22,500
|
|
|
17.29
|
|
||
$23.45
|
|
1,936,046
|
|
|
4.0
|
|
23.45
|
|
|
1,441,846
|
|
|
23.45
|
|
||
$23.88 to $40.01
|
|
140,000
|
|
|
7.3
|
|
34.73
|
|
|
34,000
|
|
|
25.17
|
|
||
|
|
2,556,114
|
|
|
3.7
|
|
21.38
|
|
|
1,951,914
|
|
|
19.96
|
|
|
|
2011
|
|
|
2010
|
|
Risk-free interest rate
|
|
2.4
|
%
|
|
2.6
|
%
|
Expected life of option (years)
|
|
6.8
|
|
|
6.0
|
|
Expected stock price volatility
|
|
31.7
|
%
|
|
33.2
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
Number of shares
|
|
Non-vested shares outstanding at January 1, 2012
|
997,497
|
|
Awarded:
|
|
|
Time-vesting
|
126,582
|
|
Performance-based
|
216,188
|
|
Performance-based – achieved 149% level (grant-date fair value of $33.98)
|
125,552
|
|
Released:
|
|
|
Time-vesting shares awarded in 2009 through 2011
|
(185,848
|
)
|
Performance-based shares awarded in 2009
|
(256,229
|
)
|
Performance-based awards – achieved 149% level
|
(125,552
|
)
|
Non-vested shares outstanding at December 31, 2012
|
898,190
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Time-vested restricted stock
|
$
|
33.75
|
|
|
$
|
33.70
|
|
|
$
|
26.80
|
|
Performance-based shares
|
$
|
39.52
|
|
|
$
|
41.69
|
|
|
$
|
36.25
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Risk-free interest rate
|
0.4
|
%
|
|
1.0
|
%
|
|
1.4
|
%
|
Expected term (years)
|
3
|
|
|
3
|
|
|
3
|
|
Expected stock price volatility
|
27.8
|
%
|
|
37.9
|
%
|
|
38.8
|
%
|
Q.
|
Debt
|
|
2012
|
|
2011
|
||||
Short-term debt
|
|
|
|
||||
Securitization
|
$
|
203
|
|
|
$
|
100
|
|
Bank loans/overdrafts/factoring
|
58
|
|
|
28
|
|
||
Total short-term debt
|
$
|
261
|
|
|
$
|
128
|
|
Long-term debt
|
|
|
|
||||
Senior secured borrowings:
|
|
|
|
||||
Revolving credit facilities
|
$
|
45
|
|
|
$
|
119
|
|
Term loan facilities
|
|
|
|
||||
U.S. dollar at LIBOR plus 1.75% due 2016
|
550
|
|
|
550
|
|
||
Euro (€274 at December 31, 2012) at EURIBOR plus 1.75% due 2016
|
362
|
|
|
355
|
|
||
Senior notes and debentures:
|
|
|
|
||||
U.S. dollar 7.625% due 2017
|
400
|
|
|
400
|
|
||
Euro (€500 at December 31, 2012) 7.125% due 2018
|
659
|
|
|
647
|
|
||
U.S. dollar 6.25% due 2021
|
700
|
|
|
700
|
|
||
U.S. dollar 7.375% due 2026
|
350
|
|
|
350
|
|
||
U.S. dollar 7.50% due 2096
|
64
|
|
|
64
|
|
||
Other indebtedness in various currencies
|
|
|
|
||||
Fixed rate with rates in 2012 from 1.0% to 8.5% due through 2019
|
157
|
|
|
178
|
|
||
Variable rate with average rates in 2012 from 2.6% to 6.6% through 2018
|
126
|
|
|
52
|
|
||
Unamortized discounts
|
(9
|
)
|
|
(11
|
)
|
||
Total long-term debt
|
3,404
|
|
|
3,404
|
|
||
Less: current maturities
|
(115
|
)
|
|
(67
|
)
|
||
Total long-term debt, less current maturities
|
$
|
3,289
|
|
|
$
|
3,337
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Short-term debt
|
1.9
|
%
|
|
2.5
|
%
|
|
2.7
|
%
|
Revolving credit facilities
|
3.5
|
%
|
|
3.6
|
%
|
|
2.6
|
%
|
•
|
The Company retired all of its
$600
outstanding
7.75%
senior notes due
2015
and paid a redemption premium of
$25
.
|
•
|
The Company repaid its existing
$147
and
€108
($159)
term loans, which were scheduled to mature in
November 2012
.
|
•
|
The Company redeemed all
€83
($121)
of the outstanding
6.25%
first priority senior secured notes due September
2011
.
|
•
|
The Company retired
€76
($101)
principal amount of Crown European Holdings SA’s
6.25%
first priority senior secured notes due
2011
and paid a redemption premium of
$4
.
|
•
|
The Company redeemed all of the outstanding
$200
principal amount of
7.625%
senior notes due
2013
of Crown Americas LLC and Crown Americas Capital Corp., each a wholly-owned subsidiary of the Company, and paid a redemption premium of
$8
.
|
R.
|
Derivative and Other Financial Instruments
|
|
|
Amount of gain/(loss)
|
|
Amount of gain/(loss)
|
|
||||||||||||
|
|
recognized in AOCI
|
|
reclassified from AOCI
|
|
||||||||||||
|
|
(effective portion)
|
|
into earnings
|
|
||||||||||||
Derivatives in cash flow hedges
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
(1)
|
Commodities
|
|
(82
|
)
|
|
(66
|
)
|
|
(46
|
)
|
|
18
|
|
(2)
|
||||
Total
|
|
$
|
(82
|
)
|
|
$
|
(74
|
)
|
|
$
|
(46
|
)
|
|
$
|
13
|
|
|
Derivative Assets
|
|
Balance Sheet Classification
|
|
Fair Value Hierarchy
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Other current assets
|
|
2
|
|
$
|
5
|
|
|
$
|
9
|
|
Commodities
|
|
Other current assets
|
|
1
|
|
5
|
|
|
4
|
|
||
Commodities
|
|
Other non-current assets
|
|
1
|
|
1
|
|
|
—
|
|
||
Derivatives not designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Other current assets
|
|
2
|
|
11
|
|
|
6
|
|
||
|
|
Total
|
|
|
|
$
|
22
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative Liabilities
|
|
Balance Sheet Classification
|
|
|
|
|
|
|
||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Accounts payable and accrued liabilities
|
|
2
|
|
$
|
6
|
|
|
$
|
10
|
|
Commodities
|
|
Accounts payable and accrued liabilities
|
|
1
|
|
17
|
|
|
56
|
|
||
Commodities
|
|
Other non-current liabilities
|
|
1
|
|
3
|
|
|
6
|
|
||
Derivatives not designated as hedges:
|
|
|
|
|
|
|
||||||
Foreign exchange
|
|
Accounts payable and accrued liabilities
|
|
2
|
|
4
|
|
|
10
|
|
||
|
|
Total
|
|
|
|
$
|
30
|
|
|
$
|
82
|
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Derivatives in cash flow hedges:
|
|
|
|
||||
Foreign exchange
|
$
|
471
|
|
|
$
|
480
|
|
Commodities
|
434
|
|
|
528
|
|
||
Derivatives in fair value hedges:
|
|
|
|
||||
Foreign exchange
|
105
|
|
|
123
|
|
||
Derivatives not designated as hedges:
|
|
|
|
||||
Foreign exchange
|
924
|
|
|
965
|
|
T.
|
Noncontrolling interests
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
282
|
|
|
$
|
324
|
|
Transfers to noncontrolling interests – Decrease in paid-in-capital for purchase of noncontrolling interests
|
—
|
|
|
(119
|
)
|
|
(114
|
)
|
|||
Net income attributable to Crown Holdings after transfers to noncontrolling interests
|
$
|
557
|
|
|
$
|
163
|
|
|
$
|
210
|
|
U.
|
Earnings Per Share
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
282
|
|
|
$
|
324
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
146.1
|
|
|
151.7
|
|
|
159.4
|
|
|||
Add: dilutive stock options and restricted stock
|
2.3
|
|
|
2.6
|
|
|
3.0
|
|
|||
Diluted
|
148.4
|
|
|
154.3
|
|
|
162.4
|
|
|||
Basic EPS
|
$
|
3.81
|
|
|
$
|
1.86
|
|
|
$
|
2.03
|
|
Diluted EPS
|
$
|
3.75
|
|
|
$
|
1.83
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
||||||
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive.
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
V.
|
Pension and Other Postretirement Benefits
|
U.S. Plans
|
2012
|
|
2011
|
|
2010
|
||||||
Service cost
|
$
|
12
|
|
|
$
|
11
|
|
|
$
|
9
|
|
Interest cost
|
69
|
|
|
72
|
|
|
72
|
|
|||
Expected return on plan assets
|
(94
|
)
|
|
(80
|
)
|
|
(80
|
)
|
|||
Amortization of actuarial loss
|
56
|
|
|
47
|
|
|
66
|
|
|||
Amortization of prior service cost
|
—
|
|
|
3
|
|
|
2
|
|
|||
Net periodic cost
|
$
|
43
|
|
|
$
|
53
|
|
|
$
|
69
|
|
Non-U.S. Plans
|
2012
|
|
2011
|
|
2010
|
||||||
Service cost
|
$
|
26
|
|
|
$
|
27
|
|
|
$
|
26
|
|
Interest cost
|
153
|
|
|
161
|
|
|
155
|
|
|||
Expected return on plan assets
|
(186
|
)
|
|
(196
|
)
|
|
(179
|
)
|
|||
Amortization of actuarial loss
|
61
|
|
|
50
|
|
|
47
|
|
|||
Amortization of prior service cost/(credit)
|
—
|
|
|
2
|
|
|
(6
|
)
|
|||
Net periodic cost
|
$
|
54
|
|
|
$
|
44
|
|
|
$
|
43
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Projected Benefit Obligations
|
|
|
|
|
|
|
|
||||||||
Benefit obligations at January 1
|
$
|
1,502
|
|
|
$
|
1,477
|
|
|
$
|
3,256
|
|
|
$
|
2,982
|
|
Service cost
|
12
|
|
|
11
|
|
|
26
|
|
|
27
|
|
||||
Interest cost
|
69
|
|
|
72
|
|
|
153
|
|
|
161
|
|
||||
Plan participants’ contributions
|
1
|
|
|
1
|
|
|
5
|
|
|
5
|
|
||||
Amendments
|
2
|
|
|
(4
|
)
|
|
(108
|
)
|
|
3
|
|
||||
Actuarial loss
|
131
|
|
|
54
|
|
|
279
|
|
|
290
|
|
||||
Benefits paid
|
(108
|
)
|
|
(109
|
)
|
|
(181
|
)
|
|
(177
|
)
|
||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
142
|
|
|
(35
|
)
|
||||
Benefit obligations at December 31
|
$
|
1,609
|
|
|
$
|
1,502
|
|
|
$
|
3,572
|
|
|
$
|
3,256
|
|
Plan Assets
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at January 1
|
$
|
1,172
|
|
|
$
|
978
|
|
|
$
|
2,894
|
|
|
$
|
2,729
|
|
Actual return on plan assets
|
195
|
|
|
(9
|
)
|
|
201
|
|
|
271
|
|
||||
Employer contributions
|
32
|
|
|
311
|
|
|
70
|
|
|
93
|
|
||||
Plan participants’ contributions
|
1
|
|
|
1
|
|
|
5
|
|
|
5
|
|
||||
Benefits paid
|
(108
|
)
|
|
(109
|
)
|
|
(181
|
)
|
|
(177
|
)
|
||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
127
|
|
|
(27
|
)
|
||||
Fair value of plan assets at December 31
|
$
|
1,292
|
|
|
$
|
1,172
|
|
|
$
|
3,116
|
|
|
$
|
2,894
|
|
|
|
|
|
|
|
|
|
||||||||
Funded Status
|
$
|
(317
|
)
|
|
$
|
(330
|
)
|
|
$
|
(456
|
)
|
|
$
|
(362
|
)
|
|
|
|
|
|
|
|
|
||||||||
Accumulated benefit obligations at December 31
|
$
|
1,575
|
|
|
$
|
1,474
|
|
|
$
|
3,427
|
|
|
$
|
3,106
|
|
U.S.
|
2012
|
|
2011
|
||||
Projected benefit obligations
|
$
|
1,609
|
|
|
$
|
1,502
|
|
Accumulated benefit obligations
|
1,575
|
|
|
1,474
|
|
||
Fair value of plan assets
|
1,292
|
|
|
1,172
|
|
Non-U.S.
|
2012
|
|
2011
|
||||
Projected benefit obligations
|
$
|
3,559
|
|
|
$
|
3,247
|
|
Accumulated benefit obligations
|
3,427
|
|
|
3,106
|
|
||
Fair value of plan assets
|
3,104
|
|
|
2,884
|
|
U.S. equities
|
30
|
%
|
to
|
40
|
%
|
International equities
|
10
|
%
|
to
|
15
|
%
|
Fixed income
|
13
|
%
|
to
|
23
|
%
|
Balanced funds
|
15
|
%
|
to
|
25
|
%
|
Real estate
|
3
|
%
|
to
|
7
|
%
|
Private equity
|
3
|
%
|
to
|
7
|
%
|
Hedge funds
|
2
|
%
|
to
|
7
|
%
|
|
|
2012
|
||||||||||
|
|
U.S. plan
assets
|
|
Non-U.S. plan
assets
|
|
Total
|
||||||
Level 1
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
92
|
|
|
$
|
158
|
|
|
$
|
250
|
|
Global large cap equity
|
|
—
|
|
|
62
|
|
|
62
|
|
|||
U.S. large cap equity
|
|
146
|
|
|
37
|
|
|
183
|
|
|||
U.S. mid/small cap equity
|
|
246
|
|
|
14
|
|
|
260
|
|
|||
Mutual funds – global equity
|
|
183
|
|
|
—
|
|
|
183
|
|
|||
Mutual funds – U.S. equity
|
|
88
|
|
|
—
|
|
|
88
|
|
|||
Mutual funds – fixed income
|
|
138
|
|
|
—
|
|
|
138
|
|
|||
|
|
893
|
|
|
271
|
|
|
1,164
|
|
|||
Level 2
|
|
|
|
|
|
|
||||||
Government issued debt securities
|
|
59
|
|
|
542
|
|
|
601
|
|
|||
Corporate debt securities
|
|
95
|
|
|
162
|
|
|
257
|
|
|||
Asset backed securities
|
|
3
|
|
|
4
|
|
|
7
|
|
|||
Structured debt
|
|
7
|
|
|
628
|
|
|
635
|
|
|||
Insurance contracts
|
|
—
|
|
|
13
|
|
|
13
|
|
|||
Derivatives
|
|
—
|
|
|
98
|
|
|
98
|
|
|||
Investment funds – fixed income
|
|
14
|
|
|
404
|
|
|
418
|
|
|||
Investment funds – global equity
|
|
—
|
|
|
257
|
|
|
257
|
|
|||
Investment funds – emerging markets
|
|
43
|
|
|
174
|
|
|
217
|
|
|||
|
|
221
|
|
|
2,282
|
|
|
2,503
|
|
|||
Level 3
|
|
|
|
|
|
|
||||||
Investment funds – real estate
|
|
42
|
|
|
88
|
|
|
130
|
|
|||
Hedge funds
|
|
70
|
|
|
144
|
|
|
214
|
|
|||
Private equity
|
|
48
|
|
|
321
|
|
|
369
|
|
|||
Real estate – direct
|
|
16
|
|
|
5
|
|
|
21
|
|
|||
|
|
176
|
|
|
558
|
|
|
734
|
|
|||
Total
|
|
$
|
1,290
|
|
|
$
|
3,111
|
|
|
$
|
4,401
|
|
|
|
2011
|
||||||||||
|
|
U.S. plan
assets
|
|
Non-U.S. plan
assets
|
|
Total
|
||||||
Level 1
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
152
|
|
|
$
|
86
|
|
|
$
|
238
|
|
Global large cap equity
|
|
—
|
|
|
56
|
|
|
56
|
|
|||
U.S. large cap equity
|
|
163
|
|
|
36
|
|
|
199
|
|
|||
U.S. mid/small cap equity
|
|
174
|
|
|
12
|
|
|
186
|
|
|||
Mutual funds – global equity
|
|
98
|
|
|
—
|
|
|
98
|
|
|||
Mutual funds – U.S. equity
|
|
84
|
|
|
—
|
|
|
84
|
|
|||
Mutual funds – fixed income
|
|
62
|
|
|
—
|
|
|
62
|
|
|||
|
|
733
|
|
|
190
|
|
|
923
|
|
|||
Level 2
|
|
|
|
|
|
|
||||||
Government issued debt securities
|
|
56
|
|
|
374
|
|
|
430
|
|
|||
Corporate debt securities
|
|
87
|
|
|
343
|
|
|
430
|
|
|||
Asset backed securities
|
|
1
|
|
|
14
|
|
|
15
|
|
|||
Structured debt
|
|
11
|
|
|
547
|
|
|
558
|
|
|||
Insurance contracts
|
|
—
|
|
|
11
|
|
|
11
|
|
|||
Derivatives
|
|
—
|
|
|
96
|
|
|
96
|
|
|||
Investment funds – fixed income
|
|
6
|
|
|
335
|
|
|
341
|
|
|||
Investment funds – global equity
|
|
44
|
|
|
231
|
|
|
275
|
|
|||
Investment funds – emerging markets
|
|
39
|
|
|
162
|
|
|
201
|
|
|||
|
|
244
|
|
|
2,113
|
|
|
2,357
|
|
|||
Level 3
|
|
|
|
|
|
|
||||||
Investment funds – real estate
|
|
—
|
|
|
84
|
|
|
84
|
|
|||
Hedge funds
|
|
121
|
|
|
163
|
|
|
284
|
|
|||
Private equity
|
|
53
|
|
|
332
|
|
|
385
|
|
|||
Real estate – direct
|
|
19
|
|
|
5
|
|
|
24
|
|
|||
|
|
193
|
|
|
584
|
|
|
777
|
|
|||
Total
|
|
$
|
1,170
|
|
|
$
|
2,887
|
|
|
$
|
4,057
|
|
|
2012
|
|
2011
|
||
U.S. plan assets
|
2
|
|
|
2
|
|
Non-U.S. plan assets
|
5
|
|
|
7
|
|
|
|
Hedge
funds
|
|
Private
equity
|
|
Real
Estate
|
|
Total
|
||||||||
Balance at January 1, 2011
|
|
$
|
315
|
|
|
$
|
387
|
|
|
$
|
110
|
|
|
$
|
812
|
|
Foreign currency translation
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Asset returns – assets held at reporting date
|
|
(10
|
)
|
|
(6
|
)
|
|
—
|
|
|
(16
|
)
|
||||
Asset returns – assets sold during the period
|
|
9
|
|
|
38
|
|
|
—
|
|
|
47
|
|
||||
Purchases, sales and settlements, net
|
|
(29
|
)
|
|
(32
|
)
|
|
(2
|
)
|
|
(63
|
)
|
||||
Balance at December 31, 2011
|
|
284
|
|
|
385
|
|
|
108
|
|
|
777
|
|
||||
Foreign currency translation
|
|
7
|
|
|
14
|
|
|
4
|
|
|
25
|
|
||||
Asset returns – assets held at reporting date
|
|
6
|
|
|
(39
|
)
|
|
14
|
|
|
(19
|
)
|
||||
Asset returns – assets sold during the period
|
|
18
|
|
|
49
|
|
|
4
|
|
|
71
|
|
||||
Purchases, sales and settlements, net
|
|
(101
|
)
|
|
(40
|
)
|
|
21
|
|
|
(120
|
)
|
||||
Balance at December 31, 2012
|
|
$
|
214
|
|
|
$
|
369
|
|
|
$
|
151
|
|
|
$
|
734
|
|
|
|
2012
|
|
2011
|
||||
Non-current assets
|
|
$
|
—
|
|
|
$
|
1
|
|
Current liabilities
|
|
(9
|
)
|
|
(8
|
)
|
||
Non-current liabilities
|
|
(764
|
)
|
|
(685
|
)
|
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
|
|
Net loss
|
|
Prior
service
|
|
Net
loss
|
|
Prior
service
|
|
Net
loss
|
|
Prior
service
|
||||||||||||
Balance at January 1
|
|
$
|
2,382
|
|
|
$
|
4
|
|
|
$
|
2,135
|
|
|
$
|
9
|
|
|
$
|
1,991
|
|
|
$
|
3
|
|
Reclassification to net periodic benefit cost
|
|
(117
|
)
|
|
—
|
|
|
(97
|
)
|
|
(5
|
)
|
|
(118
|
)
|
|
4
|
|
||||||
Current year loss
|
|
295
|
|
|
—
|
|
|
358
|
|
|
—
|
|
|
281
|
|
|
—
|
|
||||||
Amendments
|
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
3
|
|
||||||
Foreign currency translation
|
|
59
|
|
|
—
|
|
|
(14
|
)
|
|
1
|
|
|
(19
|
)
|
|
(1
|
)
|
||||||
Balance at December 31
|
|
$
|
2,619
|
|
|
$
|
(102
|
)
|
|
$
|
2,382
|
|
|
$
|
4
|
|
|
$
|
2,135
|
|
|
$
|
9
|
|
|
U.S.
plans
|
|
Non-U.S.
plans
|
||||
2013
|
$
|
112
|
|
|
$
|
184
|
|
2014
|
110
|
|
|
189
|
|
||
2015
|
143
|
|
|
194
|
|
||
2016
|
107
|
|
|
199
|
|
||
2017
|
111
|
|
|
203
|
|
||
2018 - 2022
|
515
|
|
|
1,045
|
|
U.S.
|
|
2012
|
|
2011
|
|
2010
|
|||
Discount rate
|
|
4.0
|
%
|
|
4.8
|
%
|
|
5.1
|
%
|
Compensation increase
|
|
3.0
|
%
|
|
3.0
|
%
|
|
3.0
|
%
|
Non-U.S.
|
|
2012
|
|
2011
|
|
2010
|
|||
Discount rate
|
|
4.1
|
%
|
|
4.7
|
%
|
|
5.4
|
%
|
Compensation increase
|
|
2.8
|
%
|
|
3.3
|
%
|
|
3.3
|
%
|
U.S.
|
|
2012
|
|
2011
|
|
2010
|
|||
Discount rate
|
|
4.8
|
%
|
|
5.1
|
%
|
|
5.7
|
%
|
Compensation increase
|
|
3.0
|
%
|
|
3.0
|
%
|
|
3.0
|
%
|
Long-term rate of return
|
|
8.00
|
%
|
|
8.75
|
%
|
|
8.75
|
%
|
Non-U.S.
|
|
2012
|
|
2011
|
|
2010
|
|||
Discount rate
|
|
4.7
|
%
|
|
5.4
|
%
|
|
5.9
|
%
|
Compensation increase
|
|
3.3
|
%
|
|
3.3
|
%
|
|
3.3
|
%
|
Long-term rate of return
|
|
6.4
|
%
|
|
7.0
|
%
|
|
7.2
|
%
|
Other Postretirement Benefits
|
2012
|
|
2011
|
|
2010
|
||||||
Service cost
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
9
|
|
Interest cost
|
16
|
|
|
20
|
|
|
26
|
|
|||
Amortization of prior service credit
|
(44
|
)
|
|
(36
|
)
|
|
(25
|
)
|
|||
Amortization of actuarial loss
|
14
|
|
|
13
|
|
|
9
|
|
|||
Net periodic (benefit) / cost
|
$
|
(11
|
)
|
|
$
|
5
|
|
|
$
|
19
|
|
|
|
2012
|
|
2011
|
||||
Benefit obligations at January 1
|
|
$
|
337
|
|
|
$
|
445
|
|
Service cost
|
|
3
|
|
|
8
|
|
||
Interest cost
|
|
16
|
|
|
20
|
|
||
Amendments
|
|
—
|
|
|
(107
|
)
|
||
Actuarial loss
|
|
16
|
|
|
(3
|
)
|
||
Benefits paid
|
|
(22
|
)
|
|
(24
|
)
|
||
Foreign currency translation
|
|
2
|
|
|
(2
|
)
|
||
Benefit obligations at December 31
|
|
$
|
352
|
|
|
$
|
337
|
|
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
|
|
Net
loss
|
|
Prior
service
|
|
Net
loss
|
|
Prior
service
|
|
Net
loss
|
|
Prior
service
|
||||||||||||
Balance at January 1
|
|
$
|
157
|
|
|
$
|
(313
|
)
|
|
$
|
174
|
|
|
$
|
(242
|
)
|
|
$
|
147
|
|
|
$
|
(159
|
)
|
Reclassification to net periodic benefit cost
|
|
(14
|
)
|
|
44
|
|
|
(13
|
)
|
|
36
|
|
|
(9
|
)
|
|
25
|
|
||||||
Current year (gain)/loss
|
|
16
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
34
|
|
|
—
|
|
||||||
Amendments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107
|
)
|
|
—
|
|
|
(108
|
)
|
||||||
Foreign currency translation
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Balance at December 31
|
|
$
|
157
|
|
|
$
|
(269
|
)
|
|
$
|
157
|
|
|
$
|
(313
|
)
|
|
$
|
174
|
|
|
$
|
(242
|
)
|
|
Benefit
Payments
|
||
2013
|
$
|
27
|
|
2014
|
23
|
|
|
2015
|
23
|
|
|
2016
|
23
|
|
|
2017
|
22
|
|
|
2018 - 2022
|
105
|
|
Health care cost trend rate assumed for next year
|
5.9
|
%
|
Rate that the cost trend rate gradually declines to
|
4.4
|
%
|
Year that the rate reaches the rate it is assumed to remain
|
2018
|
|
|
|
One percentage point
|
||||||
|
|
Increase
|
|
Decrease
|
||||
Effect on total service and interest cost
|
|
$
|
1
|
|
|
$
|
1
|
|
Effect on postretirement benefit obligation
|
|
$
|
30
|
|
|
$
|
25
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Benefit obligations
|
4.1
|
%
|
|
4.9
|
%
|
|
5.1
|
%
|
Cost
|
4.9
|
%
|
|
5.1
|
%
|
|
5.8
|
%
|
|
2012
|
|
2011
|
|
2010
|
||||||
Amortization of net loss and prior service cost
|
$
|
19
|
|
|
$
|
18
|
|
|
$
|
25
|
|
Net loss and prior service cost adjustments arising in the current year
|
60
|
|
|
52
|
|
|
45
|
|
W.
|
Income Taxes
|
|
2012
|
|
2011
|
|
2010
|
||||||
U.S.
|
$
|
127
|
|
|
$
|
66
|
|
|
$
|
44
|
|
Foreign
|
509
|
|
|
521
|
|
|
570
|
|
|||
|
$
|
636
|
|
|
$
|
587
|
|
|
$
|
614
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Current tax:
|
|
|
|
|
|
||||||
U.S. federal
|
—
|
|
|
—
|
|
|
—
|
|
|||
State and foreign
|
$
|
84
|
|
|
$
|
111
|
|
|
$
|
113
|
|
|
$
|
84
|
|
|
$
|
111
|
|
|
$
|
113
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Deferred tax:
|
|
|
|
|
|
||||||
U.S. federal
|
$
|
(131
|
)
|
|
$
|
69
|
|
|
$
|
50
|
|
State and foreign
|
30
|
|
|
14
|
|
|
2
|
|
|||
|
(101
|
)
|
|
83
|
|
|
52
|
|
|||
Total
|
$
|
(17
|
)
|
|
$
|
194
|
|
|
$
|
165
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
U.S. statutory rate at 35%
|
$
|
223
|
|
|
$
|
205
|
|
|
$
|
215
|
|
Tax on foreign income
|
(70
|
)
|
|
(50
|
)
|
|
(52
|
)
|
|||
Valuation allowance
|
56
|
|
|
(19
|
)
|
|
(6
|
)
|
|||
Nontaxable settlement of legal dispute
|
—
|
|
|
—
|
|
|
(7
|
)
|
|||
Tax law changes
|
2
|
|
|
(4
|
)
|
|
8
|
|
|||
Other items, net
|
(228
|
)
|
|
62
|
|
|
7
|
|
|||
Income tax provision
|
$
|
(17
|
)
|
|
$
|
194
|
|
|
$
|
165
|
|
|
2012
|
|
2011
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
Tax loss and credit carryforwards
|
$
|
744
|
|
|
$
|
—
|
|
|
$
|
599
|
|
|
$
|
—
|
|
Postretirement and postemployment benefits
|
130
|
|
|
—
|
|
|
128
|
|
|
—
|
|
||||
Pensions
|
246
|
|
|
10
|
|
|
233
|
|
|
12
|
|
||||
Property, plant and equipment
|
7
|
|
|
114
|
|
|
9
|
|
|
113
|
|
||||
Asbestos
|
97
|
|
|
—
|
|
|
95
|
|
|
—
|
|
||||
Accruals and other
|
86
|
|
|
140
|
|
|
91
|
|
|
157
|
|
||||
Valuation allowances
|
(400
|
)
|
|
—
|
|
|
(359
|
)
|
|
—
|
|
||||
Total
|
$
|
910
|
|
|
$
|
264
|
|
|
$
|
796
|
|
|
$
|
282
|
|
2013
|
|
$
|
102
|
|
2014
|
|
22
|
|
|
2015
|
|
17
|
|
|
2016
|
|
13
|
|
|
2017
|
|
25
|
|
|
Thereafter
|
|
410
|
|
|
Unlimited
|
|
155
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Balance at January 1
|
$
|
37
|
|
|
$
|
37
|
|
|
$
|
38
|
|
Additions for current year tax positions
|
—
|
|
|
8
|
|
|
4
|
|
|||
Reductions to prior period tax positions
|
—
|
|
|
(5
|
)
|
|
—
|
|
|||
Lapse of statute of limitations
|
(3
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|||
Foreign currency translation
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
Balance at December 31
|
$
|
35
|
|
|
$
|
37
|
|
|
$
|
37
|
|
X.
|
Segment Information
|
2012
|
|
|
Inter-
|
|
|
|
Depreciation
|
|
|
|
|
|||||||||||||
|
External
|
|
segment
|
|
Segment
|
|
and
|
|
Capital
|
|
Segment
|
|||||||||||||
|
sales
|
|
sales
|
|
assets
|
|
amortization
|
|
expenditures
|
|
income
|
|||||||||||||
Americas Beverage
|
$
|
2,274
|
|
|
$
|
68
|
|
|
$
|
1,504
|
|
|
$
|
48
|
|
|
$
|
52
|
|
|
$
|
311
|
|
|
North America Food
|
876
|
|
|
9
|
|
|
500
|
|
|
13
|
|
|
7
|
|
|
146
|
|
|||||||
European Beverage
|
1,653
|
|
|
13
|
|
|
1,593
|
|
|
42
|
|
|
25
|
|
|
217
|
|
|||||||
European Food
|
1,793
|
|
|
96
|
|
|
1,464
|
|
|
29
|
|
|
26
|
|
|
180
|
|
|||||||
Asia Pacific
|
979
|
|
|
—
|
|
|
1,137
|
|
|
27
|
|
|
181
|
|
|
137
|
|
|||||||
Total reportable segments
|
7,575
|
|
|
186
|
|
7,575
|
|
6,198
|
|
|
159
|
|
|
291
|
|
|
$
|
991
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Non-reportable segments
|
895
|
|
|
128
|
|
|
611
|
|
|
15
|
|
|
24
|
|
|
|
||||||||
Corporate and unallocated items
|
—
|
|
|
—
|
|
|
681
|
|
|
6
|
|
|
9
|
|
|
|
||||||||
Total
|
$
|
8,470
|
|
|
$
|
314
|
|
|
$
|
7,490
|
|
|
$
|
180
|
|
|
$
|
324
|
|
|
|
|
2011
|
|
|
Inter-
|
|
|
|
Depreciation
|
|
|
|
|
||||||||||||
|
External
|
|
segment
|
|
Segment
|
|
and
|
|
Capital
|
|
Segment
|
||||||||||||
|
sales
|
|
sales
|
|
assets
|
|
amortization
|
|
expenditures
|
|
income
|
||||||||||||
Americas Beverage
|
$
|
2,273
|
|
|
$
|
71
|
|
|
$
|
1,445
|
|
|
$
|
44
|
|
|
$
|
126
|
|
|
$
|
302
|
|
North America Food
|
889
|
|
|
14
|
|
|
504
|
|
|
14
|
|
|
7
|
|
|
146
|
|
||||||
European Beverage
|
1,669
|
|
|
2
|
|
|
1,578
|
|
|
43
|
|
|
61
|
|
|
210
|
|
||||||
European Food
|
1,999
|
|
|
109
|
|
|
1,531
|
|
|
33
|
|
|
26
|
|
|
239
|
|
||||||
Asia Pacific
|
861
|
|
|
—
|
|
|
757
|
|
|
20
|
|
|
154
|
|
|
125
|
|
||||||
Total reportable segments
|
7,691
|
|
|
196
|
|
|
5,815
|
|
|
154
|
|
|
374
|
|
|
$
|
1,022
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-reportable segments
|
953
|
|
|
196
|
|
|
593
|
|
|
15
|
|
|
17
|
|
|
|
|||||||
Corporate and unallocated items
|
—
|
|
|
—
|
|
|
460
|
|
|
7
|
|
|
10
|
|
|
|
|||||||
Total
|
$
|
8,644
|
|
|
$
|
392
|
|
|
$
|
6,868
|
|
|
$
|
176
|
|
|
$
|
401
|
|
|
|
2010
|
|
|
Inter-
|
|
|
|
Depreciation
|
|
|
|
|
||||||||||||
|
External
|
|
segment
|
|
Segment
|
|
and
|
|
Capital
|
|
Segment
|
||||||||||||
|
sales
|
|
sales
|
|
assets
|
|
amortization
|
|
expenditures
|
|
income
|
||||||||||||
Americas Beverage
|
$
|
2,097
|
|
|
$
|
57
|
|
|
$
|
1,307
|
|
|
$
|
37
|
|
|
$
|
151
|
|
|
$
|
275
|
|
North America Food
|
897
|
|
|
9
|
|
|
514
|
|
|
15
|
|
|
7
|
|
|
120
|
|
||||||
European Beverage
|
1,524
|
|
|
1
|
|
|
1,537
|
|
|
40
|
|
|
60
|
|
|
244
|
|
||||||
European Food
|
1,841
|
|
|
77
|
|
|
1,457
|
|
|
36
|
|
|
21
|
|
|
224
|
|
||||||
Asia Pacific
|
704
|
|
|
—
|
|
|
577
|
|
|
17
|
|
|
60
|
|
|
112
|
|
||||||
Total reportable segments
|
7,063
|
|
|
144
|
|
|
5,392
|
|
|
145
|
|
|
299
|
|
|
$
|
975
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-reportable segments
|
$
|
878
|
|
|
143
|
|
|
551
|
|
|
17
|
|
|
16
|
|
|
|
||||||
Corporate and unallocated items
|
—
|
|
|
—
|
|
|
956
|
|
|
10
|
|
|
5
|
|
|
|
|||||||
Total
|
$
|
7,941
|
|
|
$
|
287
|
|
|
$
|
6,899
|
|
|
$
|
172
|
|
|
$
|
320
|
|
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Segment income of reportable segments
|
$
|
991
|
|
|
$
|
1,022
|
|
|
$
|
975
|
|
Segment income of non-reportable segments
|
98
|
|
|
139
|
|
|
116
|
|
|||
Corporate and unallocated items
|
(194
|
)
|
|
(208
|
)
|
|
(201
|
)
|
|||
Provision for asbestos
|
(35
|
)
|
|
(28
|
)
|
|
(46
|
)
|
|||
Provision for restructuring
|
(48
|
)
|
|
(77
|
)
|
|
(42
|
)
|
|||
Asset impairments and sales
|
42
|
|
|
(6
|
)
|
|
18
|
|
|||
Loss from early extinguishments of debt
|
—
|
|
|
(32
|
)
|
|
(16
|
)
|
|||
Interest expense
|
(226
|
)
|
|
(232
|
)
|
|
(203
|
)
|
|||
Interest income
|
7
|
|
|
11
|
|
|
9
|
|
|||
Translation and foreign exchange
|
1
|
|
|
(2
|
)
|
|
4
|
|
|||
Income before income taxes and equity earnings
|
$
|
636
|
|
|
$
|
587
|
|
|
$
|
614
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Metal beverage cans and ends
|
$
|
4,649
|
|
|
$
|
4,532
|
|
|
$
|
4,065
|
|
Metal food cans and ends
|
2,425
|
|
|
2,614
|
|
|
2,479
|
|
|||
Other metal packaging
|
1,244
|
|
|
1,373
|
|
|
1,299
|
|
|||
Other products
|
152
|
|
|
125
|
|
|
98
|
|
|||
Consolidated net sales
|
$
|
8,470
|
|
|
$
|
8,644
|
|
|
$
|
7,941
|
|
|
Net Sales
|
|
Long-Lived Assets
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
United States
|
$
|
2,275
|
|
|
$
|
2,297
|
|
|
$
|
2,248
|
|
|
$
|
309
|
|
|
$
|
306
|
|
|
$
|
297
|
|
United Kingdom
|
852
|
|
|
826
|
|
|
740
|
|
|
138
|
|
|
126
|
|
|
117
|
|
||||||
France
|
568
|
|
|
675
|
|
|
624
|
|
|
65
|
|
|
67
|
|
|
76
|
|
||||||
Other
|
4,775
|
|
|
4,846
|
|
|
4,329
|
|
|
1,483
|
|
|
1,252
|
|
|
1,120
|
|
||||||
Consolidated total
|
$
|
8,470
|
|
|
$
|
8,644
|
|
|
$
|
7,941
|
|
|
$
|
1,995
|
|
|
$
|
1,751
|
|
|
$
|
1,610
|
|
Y.
|
Subsequent Events
|
Z.
|
Condensed Combining Financial Information
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2012
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
4,573
|
|
|
$
|
3,897
|
|
|
|
|
$
|
8,470
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
(1
|
)
|
|
3,771
|
|
|
3,243
|
|
|
|
|
7,013
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
79
|
|
|
101
|
|
|
|
|
180
|
|
|||||||||
Gross profit
|
|
|
1
|
|
|
723
|
|
|
553
|
|
|
|
|
1,277
|
|
||||||||
Selling and administrative expense
|
|
|
(2
|
)
|
|
290
|
|
|
94
|
|
|
|
|
382
|
|
||||||||
Provision for asbestos
|
|
|
|
|
35
|
|
|
|
|
|
|
|
35
|
|
|||||||||
Provision for restructuring
|
|
|
|
|
45
|
|
|
3
|
|
|
|
|
48
|
|
|||||||||
Asset impairments and sales
|
|
|
(977
|
)
|
|
(1
|
)
|
|
(41
|
)
|
|
977
|
|
|
(42
|
)
|
|||||||
Net interest expense
|
|
|
57
|
|
|
121
|
|
|
41
|
|
|
|
|
219
|
|
||||||||
Technology royalty
|
|
|
|
|
(31
|
)
|
|
31
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
(1
|
)
|
|||||||||
Income/(loss) before income taxes
|
|
|
923
|
|
|
265
|
|
|
425
|
|
|
(977
|
)
|
|
636
|
|
|||||||
Provision for / (benefit from) income taxes
|
|
|
8
|
|
|
(81
|
)
|
|
56
|
|
|
|
|
(17
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
557
|
|
|
240
|
|
|
211
|
|
|
1
|
|
|
$
|
(1,004
|
)
|
|
5
|
|
||||
Net income
|
557
|
|
|
1,155
|
|
|
557
|
|
|
370
|
|
|
(1,981
|
)
|
|
658
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(101
|
)
|
|
|
|
(101
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
1,155
|
|
|
$
|
557
|
|
|
$
|
269
|
|
|
$
|
(1,981
|
)
|
|
$
|
557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
533
|
|
|
$
|
1,200
|
|
|
$
|
533
|
|
|
$
|
421
|
|
|
$
|
(2,048
|
)
|
|
$
|
639
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(106
|
)
|
|
|
|
|
(106
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
533
|
|
|
$
|
1,200
|
|
|
$
|
533
|
|
|
$
|
315
|
|
|
$
|
(2,048
|
)
|
|
$
|
533
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2011
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
4,780
|
|
|
$
|
3,864
|
|
|
|
|
$
|
8,644
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
(1
|
)
|
|
3,934
|
|
|
3,187
|
|
|
|
|
7,120
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
82
|
|
|
94
|
|
|
|
|
176
|
|
|||||||||
Gross profit
|
|
|
1
|
|
|
764
|
|
|
583
|
|
|
|
|
1,348
|
|
||||||||
Selling and administrative expense
|
|
|
(2
|
)
|
|
298
|
|
|
99
|
|
|
|
|
395
|
|
||||||||
Provision for asbestos
|
|
|
|
|
28
|
|
|
—
|
|
|
|
|
28
|
|
|||||||||
Provision for restructuring
|
|
|
|
|
73
|
|
|
4
|
|
|
—
|
|
|
77
|
|
||||||||
Asset impairments and sales
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
$
|
2
|
|
|
6
|
|
||||||
Loss from early extinguishment of debt
|
|
|
2
|
|
|
30
|
|
|
—
|
|
|
|
|
32
|
|
||||||||
Net interest expense
|
|
|
78
|
|
|
104
|
|
|
39
|
|
|
|
|
221
|
|
||||||||
Technology royalty
|
|
|
|
|
(46
|
)
|
|
46
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
(3
|
)
|
|
5
|
|
|
—
|
|
|
2
|
|
|||||||
Income/(loss) before income taxes
|
|
|
(77
|
)
|
|
280
|
|
|
386
|
|
|
(2
|
)
|
|
587
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
—
|
|
|
123
|
|
|
71
|
|
|
—
|
|
|
194
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
282
|
|
|
239
|
|
|
125
|
|
|
—
|
|
|
(643
|
)
|
|
3
|
|
|||||
Net income
|
282
|
|
|
162
|
|
|
282
|
|
|
315
|
|
|
(645
|
)
|
|
396
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
—
|
|
|
(114
|
)
|
||||||
Net income attributable to Crown Holdings
|
$
|
282
|
|
|
$
|
162
|
|
|
$
|
282
|
|
|
$
|
201
|
|
|
$
|
(645
|
)
|
|
$
|
282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
19
|
|
|
$
|
3
|
|
|
$
|
19
|
|
|
$
|
219
|
|
|
$
|
(131
|
)
|
|
$
|
129
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(110
|
)
|
|
|
|
|
(110
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
19
|
|
|
$
|
3
|
|
|
$
|
19
|
|
|
$
|
109
|
|
|
$
|
(131
|
)
|
|
$
|
19
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2010
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
4,734
|
|
|
$
|
3,207
|
|
|
|
|
$
|
7,941
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
$
|
(13
|
)
|
|
3,993
|
|
|
2,539
|
|
|
|
|
6,519
|
|
|||||||
Depreciation and amortization
|
|
|
|
|
88
|
|
|
84
|
|
|
|
|
172
|
|
|||||||||
Gross profit
|
|
|
13
|
|
|
653
|
|
|
584
|
|
|
|
|
1,250
|
|
||||||||
Selling and administrative expense
|
|
|
—
|
|
|
258
|
|
|
102
|
|
|
|
|
360
|
|
||||||||
Provision for asbestos
|
|
|
|
|
46
|
|
|
—
|
|
|
|
|
46
|
|
|||||||||
Provision for restructuring
|
|
|
|
|
42
|
|
|
|
|
—
|
|
|
42
|
|
|||||||||
Asset impairments and sales
|
|
|
—
|
|
|
(14
|
)
|
|
(4
|
)
|
|
—
|
|
|
(18
|
)
|
|||||||
Loss from early extinguishment of debt
|
|
|
5
|
|
|
11
|
|
|
—
|
|
|
|
|
16
|
|
||||||||
Net interest expense
|
|
|
35
|
|
|
144
|
|
|
15
|
|
|
|
|
194
|
|
||||||||
Technology royalty
|
|
|
|
|
(35
|
)
|
|
35
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|||||||
Income/(loss) before income taxes
|
—
|
|
|
(27
|
)
|
|
204
|
|
|
437
|
|
|
—
|
|
|
614
|
|
||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
3
|
|
|
86
|
|
|
76
|
|
|
—
|
|
|
165
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
324
|
|
|
249
|
|
|
206
|
|
|
—
|
|
|
$
|
(776
|
)
|
|
3
|
|
||||
Net income
|
324
|
|
|
219
|
|
|
324
|
|
|
361
|
|
|
(776
|
)
|
|
452
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
—
|
|
|
(128
|
)
|
||||||
Net income attributable to Crown Holdings
|
$
|
324
|
|
|
$
|
219
|
|
|
$
|
324
|
|
|
$
|
233
|
|
|
$
|
(776
|
)
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
237
|
|
|
$
|
198
|
|
|
$
|
237
|
|
|
$
|
322
|
|
|
$
|
(636
|
)
|
|
$
|
358
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(121
|
)
|
|
|
|
|
(121
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
237
|
|
|
$
|
198
|
|
|
$
|
237
|
|
|
$
|
201
|
|
|
$
|
(636
|
)
|
|
$
|
237
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
134
|
|
|
$
|
216
|
|
|
|
|
$
|
350
|
|
||||||
Receivables, net
|
|
|
|
|
|
274
|
|
|
783
|
|
|
|
|
1,057
|
|
||||||||
Intercompany receivables
|
|
|
$
|
2
|
|
|
41
|
|
|
32
|
|
|
$
|
(75
|
)
|
|
|
||||||
Inventories
|
|
|
|
|
582
|
|
|
584
|
|
|
|
|
1,166
|
|
|||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
14
|
|
|
123
|
|
|
39
|
|
|
|
|
177
|
|
||||||
Total current assets
|
1
|
|
|
16
|
|
|
1,154
|
|
|
1,654
|
|
|
(75
|
)
|
|
2,750
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,578
|
|
|
3,141
|
|
|
492
|
|
|
(5,211
|
)
|
|
|
||||||||
Investments
|
749
|
|
|
3,839
|
|
|
(278
|
)
|
|
|
|
(4,310
|
)
|
|
|
||||||||
Goodwill
|
|
|
|
|
1,429
|
|
|
569
|
|
|
|
|
1,998
|
|
|||||||||
Property, plant and equipment, net
|
|
|
|
|
610
|
|
|
1,385
|
|
|
|
|
1,995
|
|
|||||||||
Other non-current assets
|
|
|
24
|
|
|
658
|
|
|
65
|
|
|
|
|
747
|
|
||||||||
Total
|
$
|
750
|
|
|
$
|
5,457
|
|
|
$
|
6,714
|
|
|
$
|
4,165
|
|
|
$
|
(9,596
|
)
|
|
$
|
7,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
$
|
2
|
|
|
—
|
|
|
$
|
259
|
|
|
|
|
$
|
261
|
|
|||||
Current maturities of long-term debt
|
|
|
18
|
|
|
$
|
28
|
|
|
69
|
|
|
|
|
115
|
|
|||||||
Accounts payable and accrued liabilities
|
$
|
18
|
|
|
21
|
|
|
1,097
|
|
|
1,006
|
|
|
|
|
2,142
|
|
||||||
Intercompany payables
|
|
|
—
|
|
|
32
|
|
|
43
|
|
|
$
|
(75
|
)
|
|
|
|||||||
Total current liabilities
|
18
|
|
|
41
|
|
|
1,157
|
|
|
1,377
|
|
|
(75
|
)
|
|
2,518
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,003
|
|
|
2,073
|
|
|
213
|
|
|
|
|
3,289
|
|
||||||||
Long-term intercompany debt
|
894
|
|
|
2,264
|
|
|
1,340
|
|
|
713
|
|
|
(5,211
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
1,079
|
|
|
19
|
|
|
|
|
1,098
|
|
|||||||||
Other non-current liabilities
|
|
|
8
|
|
|
316
|
|
|
138
|
|
|
|
|
462
|
|
||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
—
|
|
|
285
|
|
|
|
|
285
|
|
|||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(162
|
)
|
|
2,141
|
|
|
749
|
|
|
1,420
|
|
|
(4,310
|
)
|
|
(162
|
)
|
||||||
Total equity/(deficit)
|
(162
|
)
|
|
2,141
|
|
|
749
|
|
|
1,705
|
|
|
(4,310
|
)
|
|
123
|
|
||||||
Total
|
$
|
750
|
|
|
$
|
5,457
|
|
|
$
|
6,714
|
|
|
$
|
4,165
|
|
|
$
|
(9,596
|
)
|
|
$
|
7,490
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
54
|
|
|
$
|
288
|
|
|
|
|
$
|
342
|
|
||||||
Receivables, net
|
|
|
|
|
|
230
|
|
|
718
|
|
|
|
|
948
|
|
||||||||
Intercompany receivables
|
|
|
$
|
2
|
|
|
60
|
|
|
23
|
|
|
$
|
(85
|
)
|
|
—
|
|
|||||
Inventories
|
|
|
|
|
615
|
|
|
533
|
|
|
|
|
1,148
|
|
|||||||||
Prepaid expenses and other current assets
|
|
|
|
7
|
|
|
129
|
|
|
29
|
|
|
|
|
165
|
|
|||||||
Total current assets
|
—
|
|
|
9
|
|
|
1,088
|
|
|
1,591
|
|
|
(85
|
)
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,590
|
|
|
3,514
|
|
|
327
|
|
|
(5,431
|
)
|
|
—
|
|
|||||||
Investments
|
$
|
215
|
|
|
3,007
|
|
|
(577
|
)
|
|
|
|
(2,645
|
)
|
|
—
|
|
||||||
Goodwill
|
|
|
|
|
1,396
|
|
|
556
|
|
|
|
|
1,952
|
|
|||||||||
Property, plant and equipment, net
|
|
|
|
|
604
|
|
|
1,147
|
|
|
|
|
1,751
|
|
|||||||||
Other non-current assets
|
|
|
13
|
|
|
491
|
|
|
58
|
|
|
|
|
562
|
|
||||||||
Total
|
$
|
215
|
|
|
$
|
4,619
|
|
|
$
|
6,516
|
|
|
$
|
3,679
|
|
|
$
|
(8,161
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
108
|
|
|
|
|
$
|
128
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
|
1
|
|
|
66
|
|
|
|
|
67
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
20
|
|
|
1,124
|
|
|
926
|
|
|
|
|
2,090
|
|
||||||
Intercompany payables
|
|
|
1
|
|
|
22
|
|
|
62
|
|
|
$
|
(85
|
)
|
|
—
|
|
||||||
Total current liabilities
|
20
|
|
|
27
|
|
|
1,161
|
|
|
1,162
|
|
|
(85
|
)
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,002
|
|
|
2,173
|
|
|
162
|
|
|
|
|
3,337
|
|
||||||||
Long-term intercompany debt
|
668
|
|
|
2,481
|
|
|
1,664
|
|
|
618
|
|
|
(5,431
|
)
|
|
—
|
|
||||||
Postretirement and pension liabilities
|
|
|
|
|
986
|
|
|
10
|
|
|
|
|
996
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
321
|
|
|
168
|
|
|
|
|
489
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
(4
|
)
|
|
238
|
|
|
|
|
234
|
|
|||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
1,109
|
|
|
215
|
|
|
1,321
|
|
|
(2,645
|
)
|
|
(473
|
)
|
||||||
Total equity/(deficit)
|
(473
|
)
|
|
1,109
|
|
|
211
|
|
|
1,559
|
|
|
(2,645
|
)
|
|
(239
|
)
|
||||||
Total
|
$
|
215
|
|
|
$
|
4,619
|
|
|
$
|
6,516
|
|
|
$
|
3,679
|
|
|
$
|
(8,161
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net cash provided by/(used for) operating activities
|
$
|
14
|
|
|
$
|
(66
|
)
|
|
$
|
301
|
|
|
$
|
372
|
|
|
|
|
$
|
621
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(77
|
)
|
|
(247
|
)
|
|
|
|
(324
|
)
|
|||||||||
Acquisition of businesses, net of cash acquired
|
|
|
|
|
|
(29
|
)
|
|
(49
|
)
|
|
|
|
|
(78
|
)
|
|||||||
Intercompany investing activities
|
|
|
(741
|
)
|
|
293
|
|
|
|
|
|
$
|
448
|
|
|
—
|
|
||||||
Proceeds from sale of intercompany investment
|
|
|
1,205
|
|
|
(1,205
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Insurance proceeds
|
|
|
|
|
|
|
|
48
|
|
|
|
|
48
|
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
3
|
|
|
|
|
|
|
3
|
|
||||||||||
Other, net
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
(11
|
)
|
|||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
464
|
|
|
(1,015
|
)
|
|
(259
|
)
|
|
448
|
|
|
(362
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
|
|
|
|
|
|
109
|
|
|
|
|
109
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
|
(1
|
)
|
|
(65
|
)
|
|
|
|
(66
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
(4
|
)
|
|
(103
|
)
|
|
136
|
|
|
|
|
29
|
|
||||||||
Net change in long-term intercompany balances
|
226
|
|
|
(232
|
)
|
|
77
|
|
|
(71
|
)
|
|
|
|
—
|
|
|||||||
Capital contribution
|
|
|
|
|
|
1,205
|
|
|
8
|
|
|
(1,213
|
)
|
|
—
|
|
|||||||
Common stock issued
|
17
|
|
|
|
|
|
|
|
|
|
|
17
|
|
||||||||||
Common stock repurchased
|
(257
|
)
|
|
|
|
|
|
|
|
|
|
(257
|
)
|
||||||||||
Dividends paid
|
|
|
(170
|
)
|
|
(370
|
)
|
|
(225
|
)
|
|
765
|
|
|
|
||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(3
|
)
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(79
|
)
|
|
|
|
(79
|
)
|
||||||||||
Other
|
|
|
8
|
|
|
(11
|
)
|
|
—
|
|
|
|
|
(3
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(14
|
)
|
|
(398
|
)
|
|
794
|
|
|
(188
|
)
|
|
(448
|
)
|
|
(254
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
80
|
|
|
(72
|
)
|
|
—
|
|
|
8
|
|
||||||
Cash and cash equivalents at January 1
|
|
|
|
|
54
|
|
|
288
|
|
|
|
|
342
|
|
|||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
134
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net cash provided by/(used for) operating activities
|
$
|
10
|
|
|
$
|
(12
|
)
|
|
$
|
(119
|
)
|
|
$
|
500
|
|
|
|
|
$
|
379
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(107
|
)
|
|
(294
|
)
|
|
|
|
(401
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
26
|
|
|
|
|
|
|
|
26
|
|
|||||||||
Intercompany investing activities
|
|
|
8
|
|
|
290
|
|
|
(180
|
)
|
|
$
|
(118
|
)
|
|
—
|
|
||||||
Other
|
|
|
|
|
3
|
|
|
|
|
|
|
|
3
|
|
|||||||||
Net cash provided by/(used for) investing activities
|
|
|
8
|
|
|
212
|
|
|
(474
|
)
|
|
(118
|
)
|
|
(372
|
)
|
|||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
383
|
|
|
1,250
|
|
|
137
|
|
|
|
|
1,770
|
|
||||||||
Payments of long-term debt
|
|
|
(276
|
)
|
|
(748
|
)
|
|
(45
|
)
|
|
|
|
(1,069
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
(48
|
)
|
|
(54
|
)
|
|
(90
|
)
|
|
|
|
(192
|
)
|
||||||||
Net change in long-term intercompany balances
|
291
|
|
|
(38
|
)
|
|
(438
|
)
|
|
185
|
|
|
|
|
—
|
|
|||||||
Debt issue costs
|
|
|
|
(3
|
)
|
|
(19
|
)
|
|
|
|
|
|
(22
|
)
|
||||||||
Common stock issued
|
11
|
|
|
|
|
|
|
|
|
|
|
11
|
|
||||||||||
Common stock repurchased
|
(312
|
)
|
|
|
|
|
|
|
|
|
|
(312
|
)
|
||||||||||
Dividends paid
|
|
|
|
|
|
|
|
(118
|
)
|
|
118
|
|
|
—
|
|
||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(98
|
)
|
|
(104
|
)
|
|
|
|
(202
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(104
|
)
|
|
|
|
(104
|
)
|
||||||||||
Other
|
|
|
(14
|
)
|
|
3
|
|
|
2
|
|
|
|
|
(9
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(10
|
)
|
|
4
|
|
|
(104
|
)
|
|
(137
|
)
|
|
118
|
|
|
(129
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(110
|
)
|
|
—
|
|
|
(121
|
)
|
||||||
Cash and cash equivalents at January 1
|
|
|
—
|
|
|
65
|
|
|
398
|
|
|
|
|
463
|
|
||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
288
|
|
|
$
|
—
|
|
|
$
|
342
|
|
CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the year ended December 31, 2010
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net cash provided by/(used for) operating activities
|
$
|
26
|
|
|
$
|
2
|
|
|
$
|
357
|
|
|
$
|
205
|
|
|
|
|
$
|
590
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(81
|
)
|
|
(239
|
)
|
|
|
|
(320
|
)
|
|||||||||
Proceeds from sale of businesses, net of cash sold
|
|
|
|
|
3
|
|
|
4
|
|
|
|
|
7
|
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
20
|
|
|
12
|
|
|
|
|
32
|
|
|||||||||
Intercompany investing activities
|
|
|
(190
|
)
|
|
459
|
|
|
38
|
|
|
$
|
(307
|
)
|
|
—
|
|
||||||
Net cash provided by/(used for) investing activities
|
|
|
(190
|
)
|
|
401
|
|
|
(185
|
)
|
|
(307
|
)
|
|
(281
|
)
|
|||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
650
|
|
|
—
|
|
|
95
|
|
|
|
|
745
|
|
||||||||
Payments of long-term debt
|
|
|
(307
|
)
|
|
(405
|
)
|
|
(22
|
)
|
|
|
|
(734
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
42
|
|
|
73
|
|
|
163
|
|
|
|
|
278
|
|
||||||||
Net change in long-term intercompany balances
|
216
|
|
|
56
|
|
|
(392
|
)
|
|
120
|
|
|
|
|
—
|
|
|||||||
Common stock issued
|
13
|
|
|
|
|
|
|
|
|
|
|
13
|
|
||||||||||
Common stock repurchased
|
(255
|
)
|
|
|
|
|
|
|
|
|
|
(255
|
)
|
||||||||||
Dividends paid
|
|
|
(211
|
)
|
|
|
|
(96
|
)
|
|
307
|
|
|
—
|
|
||||||||
Purchase of noncontrolling interests
|
|
|
|
|
—
|
|
|
(169
|
)
|
|
|
|
(169
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(112
|
)
|
|
|
|
(112
|
)
|
||||||||||
Other
|
|
|
(47
|
)
|
|
(18
|
)
|
|
—
|
|
|
|
|
(65
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(26
|
)
|
|
183
|
|
|
(742
|
)
|
|
(21
|
)
|
|
307
|
|
|
(299
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
(6
|
)
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
(5
|
)
|
|
16
|
|
|
(7
|
)
|
|
—
|
|
|
4
|
|
||||||
Cash and cash equivalents at January 1
|
|
|
5
|
|
|
49
|
|
|
405
|
|
|
|
|
459
|
|
||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65
|
|
|
$
|
398
|
|
|
$
|
—
|
|
|
$
|
463
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2012
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net sales
|
|
|
|
|
$
|
8,470
|
|
|
|
|
$
|
8,470
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
7,013
|
|
|
|
|
7,013
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
180
|
|
|
|
|
180
|
|
||||||||
Gross profit
|
—
|
|
|
—
|
|
|
1,277
|
|
|
—
|
|
|
1,277
|
|
|||||
Selling and administrative expense
|
|
|
$
|
9
|
|
|
373
|
|
|
|
|
382
|
|
||||||
Provision for asbestos
|
|
|
35
|
|
|
—
|
|
|
|
|
35
|
|
|||||||
Provision for restructuring
|
|
|
|
|
48
|
|
|
|
|
48
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
(42
|
)
|
|
|
|
(42
|
)
|
||||||||
Net interest expense
|
|
|
90
|
|
|
129
|
|
|
|
|
219
|
|
|||||||
Translation and foreign exchange
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(134
|
)
|
|
770
|
|
|
|
|
636
|
|
|||||||
Provision for / (benefit from) income taxes
|
|
|
(36
|
)
|
|
19
|
|
|
|
|
(17
|
)
|
|||||||
Equity earnings / (loss) in affiliates
|
$
|
557
|
|
|
655
|
|
|
—
|
|
|
$
|
(1,207
|
)
|
|
5
|
|
|||
Net income
|
557
|
|
|
557
|
|
|
751
|
|
|
(1,207
|
)
|
|
658
|
|
|||||
Net income attributable to noncontrolling interests
|
|
|
|
|
(101
|
)
|
|
|
|
(101
|
)
|
||||||||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
557
|
|
|
$
|
650
|
|
|
$
|
(1,207
|
)
|
|
$
|
557
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
533
|
|
|
$
|
533
|
|
|
$
|
732
|
|
|
$
|
(1,159
|
)
|
|
$
|
639
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(106
|
)
|
|
|
|
|
(106
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
533
|
|
|
$
|
533
|
|
|
$
|
626
|
|
|
$
|
(1,159
|
)
|
|
$
|
533
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2011
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net Sales
|
|
|
|
|
$
|
8,644
|
|
|
|
|
$
|
8,644
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
7,120
|
|
|
|
|
7,120
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
176
|
|
|
|
|
176
|
|
||||||||
Gross profit
|
|
|
|
|
1,348
|
|
|
|
|
1,348
|
|
||||||||
Selling and administrative expense
|
|
|
$
|
10
|
|
|
385
|
|
|
|
|
395
|
|
||||||
Provision for asbestos
|
|
|
28
|
|
|
—
|
|
|
|
|
28
|
|
|||||||
Provision for restructuring
|
|
|
|
|
77
|
|
|
|
|
77
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
6
|
|
|
|
|
6
|
|
||||||||
Loss from early extinguishment of debt
|
|
|
—
|
|
|
32
|
|
|
|
|
32
|
|
|||||||
Net interest expense
|
|
|
83
|
|
|
138
|
|
|
|
|
221
|
|
|||||||
Translation and foreign exchange
|
|
|
—
|
|
|
2
|
|
|
|
|
2
|
|
|||||||
Income/(loss) before income taxes
|
|
|
(121
|
)
|
|
708
|
|
|
|
|
587
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(7
|
)
|
|
201
|
|
|
—
|
|
|
194
|
|
|||||
Equity earnings / (loss) in affiliates
|
$
|
282
|
|
|
396
|
|
|
3
|
|
|
$
|
(678
|
)
|
|
3
|
|
|||
Net income
|
282
|
|
|
282
|
|
|
510
|
|
|
(678
|
)
|
|
396
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
—
|
|
|
(114
|
)
|
|||||
Net income attributable to Crown Holdings
|
$
|
282
|
|
|
$
|
282
|
|
|
$
|
396
|
|
|
$
|
(678
|
)
|
|
$
|
282
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
243
|
|
|
$
|
(152
|
)
|
|
$
|
129
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(110
|
)
|
|
|
|
|
(110
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
133
|
|
|
$
|
(152
|
)
|
|
$
|
19
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2010
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net Sales
|
|
|
|
|
$
|
7,941
|
|
|
|
|
$
|
7,941
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
6,519
|
|
|
|
|
6,519
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
172
|
|
|
|
|
172
|
|
||||||||
Gross profit
|
|
|
|
|
1,250
|
|
|
|
|
1,250
|
|
||||||||
Selling and administrative expense
|
|
|
$
|
(12
|
)
|
|
372
|
|
|
|
|
360
|
|
||||||
Provision for asbestos
|
|
|
46
|
|
|
—
|
|
|
|
|
46
|
|
|||||||
Provision for restructuring
|
|
|
|
|
42
|
|
|
|
|
42
|
|
||||||||
Asset impairments and sales
|
|
|
|
|
(18
|
)
|
|
|
|
(18
|
)
|
||||||||
Loss from early extinguishment of debt
|
|
|
—
|
|
|
16
|
|
|
|
|
16
|
|
|||||||
Net interest expense
|
|
|
81
|
|
|
113
|
|
|
|
|
194
|
|
|||||||
Translation and foreign exchange
|
|
|
—
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|||||||
Income/(loss) before income taxes
|
|
|
(115
|
)
|
|
729
|
|
|
|
|
614
|
|
|||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(17
|
)
|
|
182
|
|
|
—
|
|
|
165
|
|
|||||
Equity earnings / (loss) in affiliates
|
$
|
324
|
|
|
422
|
|
|
3
|
|
|
$
|
(746
|
)
|
|
3
|
|
|||
Net income
|
324
|
|
|
324
|
|
|
550
|
|
|
(746
|
)
|
|
452
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
—
|
|
|
(128
|
)
|
|||||
Net income attributable to Crown Holdings
|
$
|
324
|
|
|
$
|
324
|
|
|
$
|
422
|
|
|
$
|
(746
|
)
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
237
|
|
|
$
|
237
|
|
|
$
|
456
|
|
|
$
|
(572
|
)
|
|
$
|
358
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(121
|
)
|
|
|
|
|
(121
|
)
|
|||||
Comprehensive income attributable to Crown Holdings
|
$
|
237
|
|
|
$
|
237
|
|
|
$
|
335
|
|
|
$
|
(572
|
)
|
|
$
|
237
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
350
|
|
|
|
|
$
|
350
|
|
||||||
Receivables, net
|
|
|
|
|
1,057
|
|
|
|
|
1,057
|
|
||||||||
Inventories
|
|
|
|
|
1,166
|
|
|
|
|
1,166
|
|
||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
$
|
83
|
|
|
93
|
|
|
|
|
177
|
|
||||
Total current assets
|
1
|
|
|
83
|
|
|
2,666
|
|
|
|
|
2,750
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany debt receivables
|
|
|
|
|
1,769
|
|
|
$
|
(1,769
|
)
|
|
|
|||||||
Investments
|
749
|
|
|
1,768
|
|
|
|
|
(2,517
|
)
|
|
|
|||||||
Goodwill
|
|
|
|
|
1,998
|
|
|
|
|
1,998
|
|
||||||||
Property, plant and equipment, net
|
|
|
|
|
1,995
|
|
|
|
|
1,995
|
|
||||||||
Other non-current assets
|
|
|
504
|
|
|
243
|
|
|
|
|
747
|
|
|||||||
Total
|
$
|
750
|
|
|
$
|
2,355
|
|
|
$
|
8,671
|
|
|
$
|
(4,286
|
)
|
|
$
|
7,490
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
|
|
|
|
$
|
261
|
|
|
|
|
$
|
261
|
|
||||||
Current maturities of long-term debt
|
|
|
|
|
115
|
|
|
|
|
115
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
18
|
|
|
$
|
34
|
|
|
2,090
|
|
|
|
|
2,142
|
|
||||
Total current liabilities
|
18
|
|
|
34
|
|
|
2,466
|
|
|
|
|
2,518
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt, excluding current maturities
|
|
|
412
|
|
|
2,877
|
|
|
|
|
3,289
|
|
|||||||
Long-term intercompany debt
|
894
|
|
|
875
|
|
|
|
|
$
|
(1,769
|
)
|
|
|
||||||
Postretirement and pension liabilities
|
—
|
|
|
|
|
1,098
|
|
|
|
|
1,098
|
|
|||||||
Other non-current liabilities
|
—
|
|
|
285
|
|
|
177
|
|
|
|
|
462
|
|
||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncontrolling interests
|
|
|
|
|
285
|
|
|
|
|
285
|
|
||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(162
|
)
|
|
749
|
|
|
1,768
|
|
|
(2,517
|
)
|
|
(162
|
)
|
|||||
Total equity/(deficit)
|
(162
|
)
|
|
749
|
|
|
2,053
|
|
|
(2,517
|
)
|
|
123
|
|
|||||
Total
|
$
|
750
|
|
|
$
|
2,355
|
|
|
$
|
8,671
|
|
|
$
|
(4,286
|
)
|
|
$
|
7,490
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
$
|
342
|
|
|
|
|
$
|
342
|
|
||||||
Receivables, net
|
|
|
|
|
948
|
|
|
|
|
948
|
|
||||||||
Inventories
|
|
|
|
|
1,148
|
|
|
|
|
1,148
|
|
||||||||
Prepaid expenses and other current assets
|
|
|
|
$
|
76
|
|
|
89
|
|
|
|
|
165
|
|
|||||
Total current assets
|
—
|
|
|
76
|
|
|
2,527
|
|
|
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany debt receivables
|
|
|
|
|
1,391
|
|
|
$
|
(1,391
|
)
|
|
|
|||||||
Investments
|
$
|
215
|
|
|
1,208
|
|
|
|
|
(1,423
|
)
|
|
|
||||||
Goodwill
|
|
|
|
|
1,952
|
|
|
|
|
1,952
|
|
||||||||
Property, plant and equipment, net
|
|
|
|
|
1,751
|
|
|
|
|
1,751
|
|
||||||||
Other non-current assets
|
|
|
376
|
|
|
186
|
|
|
|
|
562
|
|
|||||||
Total
|
$
|
215
|
|
|
$
|
1,660
|
|
|
$
|
7,807
|
|
|
$
|
(2,814
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
|
|
|
|
$
|
128
|
|
|
|
|
$
|
128
|
|
||||||
Current maturities of long-term debt
|
|
|
|
|
67
|
|
|
|
|
67
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
$
|
40
|
|
|
2,030
|
|
|
|
|
2,090
|
|
||||
Total current liabilities
|
20
|
|
|
40
|
|
|
2,225
|
|
|
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt, excluding current maturities
|
|
|
411
|
|
|
2,926
|
|
|
|
|
3,337
|
|
|||||||
Long-term intercompany debt
|
668
|
|
|
723
|
|
|
|
|
$
|
(1,391
|
)
|
|
|
||||||
Postretirement and pension liabilities
|
|
|
|
|
996
|
|
|
|
|
996
|
|
||||||||
Other non-current liabilities
|
|
|
271
|
|
|
218
|
|
|
|
|
489
|
|
|||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncontrolling interests
|
|
|
|
|
234
|
|
|
|
|
234
|
|
||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
215
|
|
|
1,208
|
|
|
(1,423
|
)
|
|
(473
|
)
|
|||||
Total equity/(deficit)
|
(473
|
)
|
|
215
|
|
|
1,442
|
|
|
(1,423
|
)
|
|
(239
|
)
|
|||||
Total
|
$
|
215
|
|
|
$
|
1,660
|
|
|
$
|
7,807
|
|
|
$
|
(2,814
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net cash provided by/(used for) operating activities
|
$
|
14
|
|
|
$
|
(217
|
)
|
|
$
|
824
|
|
|
|
|
$
|
621
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
|
|
|
(324
|
)
|
|
|
|
(324
|
)
|
||||||||
Acquisition of businesses, net of cash acquired
|
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
||||||||
Intercompany investing activities
|
|
|
67
|
|
|
—
|
|
|
$
|
(67
|
)
|
|
—
|
|
|||||
Insurance proceeds
|
|
|
|
|
48
|
|
|
|
|
48
|
|
||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||
Other
|
|
|
|
|
(11
|
)
|
|
|
|
(11
|
)
|
||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
67
|
|
|
(362
|
)
|
|
(67
|
)
|
|
(362
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term debt
|
|
|
|
|
109
|
|
|
|
|
109
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
(66
|
)
|
|
|
|
(66
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
|
|
29
|
|
|
|
|
29
|
|
||||||||
Net change in long-term intercompany balances
|
226
|
|
|
150
|
|
|
(376
|
)
|
|
|
|
—
|
|
||||||
Common stock issued
|
17
|
|
|
|
|
—
|
|
|
|
|
17
|
|
|||||||
Common stock repurchased
|
(257
|
)
|
|
|
|
—
|
|
|
|
|
(257
|
)
|
|||||||
Dividends paid
|
|
|
|
|
(67
|
)
|
|
67
|
|
|
|
||||||||
Purchase of noncontrollling interests
|
|
|
—
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|||||||
Dividend paid to noncontrolling interests
|
|
|
|
|
(79
|
)
|
|
|
|
(79
|
)
|
||||||||
Other
|
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(14
|
)
|
|
150
|
|
|
(457
|
)
|
|
67
|
|
|
(254
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||
Cash and cash equivalents at January 1
|
—
|
|
|
—
|
|
|
342
|
|
|
—
|
|
|
342
|
|
|||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net cash provided by/(used for) operating activities
|
$
|
10
|
|
|
$
|
(39
|
)
|
|
$
|
408
|
|
|
|
|
$
|
379
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
|
|
|
(401
|
)
|
|
|
|
(401
|
)
|
||||||||
Intercompany investing activities
|
|
|
49
|
|
|
|
|
|
$
|
(49
|
)
|
|
—
|
|
|||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
26
|
|
|
|
|
26
|
|
||||||||
Other
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||
Net cash provided by/(used for) investing activities
|
|
|
49
|
|
|
(372
|
)
|
|
(49
|
)
|
|
(372
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term debt
|
|
|
|
|
1,770
|
|
|
|
|
1,770
|
|
||||||||
Payments of long-term debt
|
|
|
|
|
(1,069
|
)
|
|
|
|
(1,069
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
|
|
(192
|
)
|
|
|
|
(192
|
)
|
||||||||
Net change in long-term intercompany balances
|
291
|
|
|
86
|
|
|
(377
|
)
|
|
|
|
—
|
|
||||||
Debt issue costs
|
|
|
|
|
(22
|
)
|
|
|
|
(22
|
)
|
||||||||
Common stock issued
|
11
|
|
|
—
|
|
|
—
|
|
|
|
|
11
|
|
||||||
Common stock repurchased
|
(312
|
)
|
|
|
|
|
|
|
|
(312
|
)
|
||||||||
Dividends paid
|
|
|
|
|
(49
|
)
|
|
49
|
|
|
—
|
|
|||||||
Purchase of noncontrolling interests
|
—
|
|
|
(96
|
)
|
|
(106
|
)
|
|
|
|
(202
|
)
|
||||||
Dividend paid to noncontrolling interests
|
|
|
|
|
(104
|
)
|
|
|
|
(104
|
)
|
||||||||
Other
|
|
|
|
|
(9
|
)
|
|
|
|
(9
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(10
|
)
|
|
(10
|
)
|
|
(158
|
)
|
|
49
|
|
|
(129
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
1
|
|
|
|
|
1
|
|
||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
—
|
|
|
(121
|
)
|
|||||
Cash and cash equivalents at January 1
|
|
|
|
|
463
|
|
|
|
|
463
|
|
||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
342
|
|
|
$
|
—
|
|
|
$
|
342
|
|
CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the year ended December 31, 2010
(in millions)
|
|||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||
Net cash provided by/(used for) operating activities
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
$
|
590
|
|
|
|
|
$
|
590
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
|
|
|
(320
|
)
|
|
|
|
(320
|
)
|
||||||||
Intercompany investing activities
|
|
|
55
|
|
|
|
|
|
$
|
(55
|
)
|
|
—
|
|
|||||
Proceeds from sale of business, net of cash sold
|
|
|
|
|
7
|
|
|
|
|
7
|
|
||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
32
|
|
|
|
|
32
|
|
||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
55
|
|
|
(281
|
)
|
|
(55
|
)
|
|
(281
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term debt
|
|
|
|
|
745
|
|
|
|
|
745
|
|
||||||||
Payments of long-term debt
|
|
|
(1
|
)
|
|
(733
|
)
|
|
|
|
(734
|
)
|
|||||||
Net change in revolving credit facility and short-term debt
|
|
|
|
|
278
|
|
|
|
|
278
|
|
||||||||
Net change in long-term intercompany balances
|
216
|
|
|
(28
|
)
|
|
(188
|
)
|
|
|
|
—
|
|
||||||
Common stock issued
|
13
|
|
|
—
|
|
|
—
|
|
|
|
|
13
|
|
||||||
Common stock repurchased
|
(255
|
)
|
|
|
|
|
|
|
|
(255
|
)
|
||||||||
Dividends paid
|
|
|
|
|
(55
|
)
|
|
55
|
|
|
—
|
|
|||||||
Purchase of noncontrolling interests
|
|
|
—
|
|
|
(169
|
)
|
|
|
|
(169
|
)
|
|||||||
Dividend paid to noncontrolling interests
|
|
|
|
|
(112
|
)
|
|
|
|
(112
|
)
|
||||||||
Other
|
|
|
|
|
(65
|
)
|
|
|
|
(65
|
)
|
||||||||
Net cash provided by/(used for) financing activities
|
(26
|
)
|
|
(29
|
)
|
|
(299
|
)
|
|
55
|
|
|
(299
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
(6
|
)
|
|
|
|
(6
|
)
|
||||||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Cash and cash equivalents at January 1
|
|
|
|
|
459
|
|
|
|
|
459
|
|
||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
463
|
|
|
$
|
—
|
|
|
$
|
463
|
|
•
|
statements of comprehensive income and cash flows for the years ended December 31, 2012,
2011
, 2010, and
|
•
|
balance sheets as of
December 31, 2012
and
December 31, 2011
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2012
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
2,276
|
|
|
$
|
6,194
|
|
|
|
|
$
|
8,470
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
—
|
|
|
1,821
|
|
|
5,192
|
|
|
|
|
7,013
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
40
|
|
|
140
|
|
|
|
|
180
|
|
|||||||||
Gross profit
|
|
|
|
|
415
|
|
|
862
|
|
|
|
|
1,277
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
7
|
|
|
131
|
|
|
244
|
|
|
|
|
382
|
|
|||||||
Provision for asbestos
|
|
|
|
|
35
|
|
|
|
|
|
|
|
35
|
|
|||||||||
Provision for restructuring
|
|
|
|
|
5
|
|
|
43
|
|
|
|
|
48
|
|
|||||||||
Asset impairments and sales
|
|
|
|
|
(1
|
)
|
|
(41
|
)
|
|
|
|
(42
|
)
|
|||||||||
Net interest expense
|
|
|
50
|
|
|
90
|
|
|
79
|
|
|
|
|
219
|
|
||||||||
Technology royalty
|
|
|
|
|
(41
|
)
|
|
41
|
|
|
|
|
|
||||||||||
Translation and foreign exchange
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||||||||
Income/(loss) before income taxes
|
|
|
(57
|
)
|
|
196
|
|
|
497
|
|
|
|
|
636
|
|
||||||||
Provision for / (benefit from) income taxes
|
|
|
(22
|
)
|
|
(97
|
)
|
|
102
|
|
|
|
|
(17
|
)
|
||||||||
Equity earnings / (loss) in affiliates
|
$
|
557
|
|
|
217
|
|
|
264
|
|
|
1
|
|
|
$
|
(1,034
|
)
|
|
5
|
|
||||
Net income
|
557
|
|
|
182
|
|
|
557
|
|
|
396
|
|
|
(1,034
|
)
|
|
658
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(101
|
)
|
|
|
|
(101
|
)
|
||||||||||
Net income attributable to Crown Holdings
|
$
|
557
|
|
|
$
|
182
|
|
|
$
|
557
|
|
|
$
|
295
|
|
|
$
|
(1,034
|
)
|
|
$
|
557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
533
|
|
|
$
|
162
|
|
|
$
|
533
|
|
|
$
|
385
|
|
|
$
|
(974
|
)
|
|
$
|
639
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(106
|
)
|
|
|
|
|
(106
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
533
|
|
|
$
|
162
|
|
|
$
|
533
|
|
|
$
|
279
|
|
|
$
|
(974
|
)
|
|
$
|
533
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2011
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
2,297
|
|
|
$
|
6,347
|
|
|
|
|
$
|
8,644
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
1,865
|
|
|
5,255
|
|
|
|
|
7,120
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
39
|
|
|
137
|
|
|
|
|
176
|
|
|||||||||
Gross profit
|
|
|
|
|
393
|
|
|
955
|
|
|
|
|
1,348
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
6
|
|
|
134
|
|
|
255
|
|
|
|
|
395
|
|
|||||||
Provision for asbestos
|
|
|
|
|
|
28
|
|
|
—
|
|
|
|
|
28
|
|
||||||||
Provision for restructuring
|
|
|
|
|
2
|
|
|
75
|
|
|
|
|
77
|
|
|||||||||
Asset impairments and sales
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
|
|
6
|
|
||||||||
Loss from early extinguishment of debt
|
|
|
30
|
|
|
1
|
|
|
1
|
|
|
|
|
32
|
|
||||||||
Net interest expense
|
|
|
49
|
|
|
81
|
|
|
91
|
|
|
|
|
221
|
|
||||||||
Technology royalty
|
|
|
|
|
(47
|
)
|
|
47
|
|
|
|
|
—
|
|
|||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
|
|
2
|
|
||||||||
Income/(loss) before income taxes
|
|
|
(85
|
)
|
|
193
|
|
|
479
|
|
|
|
|
587
|
|
||||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(32
|
)
|
|
114
|
|
|
112
|
|
|
—
|
|
|
194
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
282
|
|
|
237
|
|
|
203
|
|
|
—
|
|
|
$
|
(719
|
)
|
|
3
|
|
||||
Net income
|
282
|
|
|
184
|
|
|
282
|
|
|
367
|
|
|
(719
|
)
|
|
396
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
|
|
(114
|
)
|
|||||||
Net income attributable to Crown Holdings
|
$
|
282
|
|
|
$
|
184
|
|
|
$
|
282
|
|
|
$
|
253
|
|
|
$
|
(719
|
)
|
|
$
|
282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
19
|
|
|
$
|
160
|
|
|
$
|
19
|
|
|
$
|
125
|
|
|
$
|
(194
|
)
|
|
$
|
129
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(110
|
)
|
|
|
|
|
(110
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
19
|
|
|
$
|
160
|
|
|
$
|
19
|
|
|
$
|
15
|
|
|
$
|
(194
|
)
|
|
$
|
19
|
|
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2010
(in millions)
|
|||||||||||||||||||||||
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net sales
|
|
|
|
|
$
|
2,323
|
|
|
$
|
5,618
|
|
|
|
|
$
|
7,941
|
|
||||||
Cost of products sold, excluding depreciation and amortization
|
|
|
|
|
1,966
|
|
|
4,553
|
|
|
|
|
6,519
|
|
|||||||||
Depreciation and amortization
|
|
|
|
|
40
|
|
|
132
|
|
|
|
|
172
|
|
|||||||||
Gross profit
|
|
|
|
|
317
|
|
|
933
|
|
|
|
|
1,250
|
|
|||||||||
Selling and administrative expense
|
|
|
$
|
7
|
|
|
137
|
|
|
216
|
|
|
|
|
360
|
|
|||||||
Provision for asbestos
|
|
|
|
|
|
46
|
|
|
—
|
|
|
|
|
46
|
|
||||||||
Provision for restructuring
|
|
|
|
|
(14
|
)
|
|
56
|
|
|
|
|
42
|
|
|||||||||
Asset impairments and sales
|
|
|
(2
|
)
|
|
1
|
|
|
(17
|
)
|
|
|
|
(18
|
)
|
||||||||
Loss from early extinguishment of debt
|
|
|
11
|
|
|
—
|
|
|
5
|
|
|
|
|
16
|
|
||||||||
Net interest expense
|
|
|
40
|
|
|
96
|
|
|
58
|
|
|
|
|
194
|
|
||||||||
Technology royalty
|
|
|
|
|
(41
|
)
|
|
41
|
|
|
|
|
|
||||||||||
Translation and foreign exchange
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
||||||||
Income/(loss) before income taxes
|
|
|
(56
|
)
|
|
92
|
|
|
578
|
|
|
|
|
614
|
|
||||||||
Provision for / (benefit from) income taxes
|
—
|
|
|
(21
|
)
|
|
46
|
|
|
140
|
|
|
—
|
|
|
165
|
|
||||||
Equity earnings / (loss) in affiliates
|
$
|
324
|
|
|
189
|
|
|
279
|
|
|
—
|
|
|
$
|
(789
|
)
|
|
3
|
|
||||
Net income
|
324
|
|
|
154
|
|
|
325
|
|
|
438
|
|
|
(789
|
)
|
|
452
|
|
||||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(127
|
)
|
|
—
|
|
|
(128
|
)
|
||||||
Net income attributable to Crown Holdings
|
$
|
324
|
|
|
$
|
154
|
|
|
$
|
324
|
|
|
$
|
311
|
|
|
$
|
(789
|
)
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
$
|
237
|
|
|
$
|
139
|
|
|
$
|
237
|
|
|
$
|
360
|
|
|
$
|
(615
|
)
|
|
$
|
358
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(121
|
)
|
|
|
|
|
(121
|
)
|
||||||
Comprehensive income attributable to Crown Holdings
|
$
|
237
|
|
|
$
|
139
|
|
|
$
|
237
|
|
|
$
|
239
|
|
|
$
|
(615
|
)
|
|
$
|
237
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
$
|
27
|
|
|
$
|
1
|
|
|
$
|
322
|
|
|
|
|
$
|
350
|
|
||||
Receivables, net
|
|
|
2
|
|
|
14
|
|
|
1,041
|
|
|
|
|
1,057
|
|
||||||||
Intercompany receivables
|
|
|
|
|
7
|
|
|
17
|
|
|
$
|
(24
|
)
|
|
|
||||||||
Inventories
|
|
|
|
|
282
|
|
|
884
|
|
|
|
|
1,166
|
|
|||||||||
Prepaid expenses and other current assets
|
$
|
1
|
|
|
1
|
|
|
92
|
|
|
83
|
|
|
|
|
177
|
|
||||||
Total current assets
|
1
|
|
|
30
|
|
|
396
|
|
|
2,347
|
|
|
(24
|
)
|
|
2,750
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,530
|
|
|
1,483
|
|
|
279
|
|
|
(3,292
|
)
|
|
|
||||||||
Investments
|
749
|
|
|
1,560
|
|
|
606
|
|
|
|
|
(2,915
|
)
|
|
|
||||||||
Goodwill
|
|
|
|
|
453
|
|
|
1,545
|
|
|
|
|
1,998
|
|
|||||||||
Property, plant and equipment, net
|
|
|
1
|
|
|
308
|
|
|
1,686
|
|
|
|
|
1,995
|
|
||||||||
Other non-current assets
|
|
|
26
|
|
|
529
|
|
|
192
|
|
|
|
|
747
|
|
||||||||
Total
|
$
|
750
|
|
|
$
|
3,147
|
|
|
$
|
3,775
|
|
|
$
|
6,049
|
|
|
$
|
(6,231
|
)
|
|
$
|
7,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
|
|
|
|
$
|
261
|
|
|
|
|
$
|
261
|
|
||||||||
Current maturities of long-term debt
|
|
|
$
|
28
|
|
|
—
|
|
|
87
|
|
|
|
|
115
|
|
|||||||
Accounts payable and accrued liabilities
|
$
|
18
|
|
|
33
|
|
|
$
|
317
|
|
|
1,774
|
|
|
|
|
2,142
|
|
|||||
Intercompany payables
|
|
|
|
|
17
|
|
|
7
|
|
|
$
|
(24
|
)
|
|
|
||||||||
Total current liabilities
|
18
|
|
|
61
|
|
|
334
|
|
|
2,129
|
|
|
(24
|
)
|
|
2,518
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,616
|
|
|
412
|
|
|
1,261
|
|
|
|
|
3,289
|
|
||||||||
Long-term intercompany debt
|
894
|
|
|
756
|
|
|
1,447
|
|
|
195
|
|
|
(3,292
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
545
|
|
|
553
|
|
|
|
|
1,098
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
288
|
|
|
174
|
|
|
|
|
462
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
|
|
285
|
|
|
|
|
285
|
|
||||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(162
|
)
|
|
714
|
|
|
749
|
|
|
1,452
|
|
|
(2,915
|
)
|
|
(162
|
)
|
||||||
Total equity/(deficit)
|
(162
|
)
|
|
714
|
|
|
749
|
|
|
1,737
|
|
|
(2,915
|
)
|
|
123
|
|
||||||
Total
|
$
|
750
|
|
|
$
|
3,147
|
|
|
$
|
3,775
|
|
|
$
|
6,049
|
|
|
$
|
(6,231
|
)
|
|
$
|
7,490
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
|
$
|
21
|
|
|
$
|
1
|
|
|
$
|
320
|
|
|
|
|
$
|
342
|
|
||||
Receivables, net
|
|
|
1
|
|
|
37
|
|
|
910
|
|
|
|
|
948
|
|
||||||||
Intercompany receivables
|
|
|
|
|
40
|
|
|
17
|
|
|
$
|
(57
|
)
|
|
|
||||||||
Inventories
|
|
|
|
|
285
|
|
|
863
|
|
|
|
|
1,148
|
|
|||||||||
Prepaid expenses and other current assets
|
|
|
|
2
|
|
|
58
|
|
|
105
|
|
|
|
|
165
|
|
|||||||
Total current assets
|
—
|
|
|
24
|
|
|
421
|
|
|
2,215
|
|
|
(57
|
)
|
|
2,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany debt receivables
|
|
|
1,833
|
|
|
1,354
|
|
|
525
|
|
|
(3,712
|
)
|
|
|
||||||||
Investments
|
$
|
215
|
|
|
1,386
|
|
|
632
|
|
|
|
|
(2,233
|
)
|
|
|
|||||||
Goodwill
|
|
|
|
|
453
|
|
|
1,499
|
|
|
|
|
1,952
|
|
|||||||||
Property, plant and equipment, net
|
|
|
1
|
|
|
298
|
|
|
1,452
|
|
|
|
|
1,751
|
|
||||||||
Other non-current assets
|
|
|
30
|
|
|
382
|
|
|
150
|
|
|
|
|
562
|
|
||||||||
Total
|
$
|
215
|
|
|
$
|
3,274
|
|
|
$
|
3,540
|
|
|
$
|
5,841
|
|
|
$
|
(6,002
|
)
|
|
$
|
6,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term debt
|
|
|
|
|
|
|
$
|
128
|
|
|
|
|
$
|
128
|
|
||||||||
Current maturities of long-term debt
|
|
|
|
|
|
$
|
1
|
|
|
66
|
|
|
|
|
67
|
|
|||||||
Accounts payable and accrued liabilities
|
$
|
20
|
|
|
$
|
34
|
|
|
323
|
|
|
1,713
|
|
|
|
|
2,090
|
|
|||||
Intercompany payables
|
|
|
|
|
17
|
|
|
40
|
|
|
$
|
(57
|
)
|
|
|
||||||||
Total current liabilities
|
20
|
|
|
34
|
|
|
341
|
|
|
1,947
|
|
|
(57
|
)
|
|
2,285
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt, excluding current maturities
|
|
|
1,732
|
|
|
412
|
|
|
1,193
|
|
|
|
|
3,337
|
|
||||||||
Long-term intercompany debt
|
668
|
|
|
956
|
|
|
1,726
|
|
|
362
|
|
|
(3,712
|
)
|
|
|
|||||||
Postretirement and pension liabilities
|
|
|
|
|
550
|
|
|
446
|
|
|
|
|
996
|
|
|||||||||
Other non-current liabilities
|
|
|
|
|
296
|
|
|
193
|
|
|
|
|
489
|
|
|||||||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
|
|
|
|
|
234
|
|
|
|
|
234
|
|
||||||||||
Crown Holdings shareholders’ equity/(deficit)
|
(473
|
)
|
|
552
|
|
|
215
|
|
|
1,466
|
|
|
(2,233
|
)
|
|
(473
|
)
|
||||||
Total equity/(deficit)
|
(473
|
)
|
|
552
|
|
|
215
|
|
|
1,700
|
|
|
(2,233
|
)
|
|
(239
|
)
|
||||||
Total
|
$
|
215
|
|
|
$
|
3,274
|
|
|
$
|
3,540
|
|
|
$
|
5,841
|
|
|
$
|
(6,002
|
)
|
|
$
|
6,868
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net provided by/(used for) operating activities
|
$
|
14
|
|
|
$
|
(28
|
)
|
|
$
|
213
|
|
|
$
|
422
|
|
|
|
|
$
|
621
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(41
|
)
|
|
(283
|
)
|
|
|
|
(324
|
)
|
|||||||||
Acquisition of businesses, net of cash acquired
|
|
|
|
|
(29
|
)
|
|
(49
|
)
|
|
|
|
(78
|
)
|
|||||||||
Intercompany investing activities
|
|
|
29
|
|
|
268
|
|
|
|
|
|
$
|
(297
|
)
|
|
|
|||||||
Insurance proceeds
|
|
|
|
|
|
|
48
|
|
|
|
|
48
|
|
||||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
1
|
|
|
2
|
|
|
|
|
3
|
|
|||||||||
Other
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
(11
|
)
|
|||||||||
Net cash provided by/(used for) investing activities
|
|
|
29
|
|
|
199
|
|
|
(293
|
)
|
|
(297
|
)
|
|
(362
|
)
|
|||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
|
|
|
|
|
109
|
|
|
|
|
109
|
|
|||||||||
Payments of long-term debt
|
|
|
|
|
|
(1
|
)
|
|
(65
|
)
|
|
|
|
(66
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
(104
|
)
|
|
|
|
133
|
|
|
|
|
29
|
|
|||||||||
Net change in long-term intercompany balances
|
226
|
|
|
109
|
|
|
(408
|
)
|
|
73
|
|
|
|
|
|
||||||||
Common stock issued
|
17
|
|
|
|
|
|
|
|
|
|
|
17
|
|
||||||||||
Common stock repurchased
|
(257
|
)
|
|
|
|
|
|
|
|
|
|
(257
|
)
|
||||||||||
Dividends paid
|
|
|
|
|
|
|
(297
|
)
|
|
297
|
|
|
|
||||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(3
|
)
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(79
|
)
|
|
|
|
(79
|
)
|
||||||||||
Other
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
||||||||||
Net cash provided by/(used for) financing activities
|
(14
|
)
|
|
5
|
|
|
(412
|
)
|
|
(130
|
)
|
|
297
|
|
|
(254
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
||||||||||
Net change in cash and cash equivalents
|
—
|
|
|
6
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
8
|
|
||||||
Cash and cash equivalents at January 1
|
|
|
21
|
|
|
1
|
|
|
320
|
|
|
|
|
342
|
|
||||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
1
|
|
|
$
|
322
|
|
|
$
|
—
|
|
|
$
|
350
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net provided by/(used for) operating activities
|
$
|
10
|
|
|
$
|
(29
|
)
|
|
$
|
(127
|
)
|
|
$
|
525
|
|
|
|
|
$
|
379
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(55
|
)
|
|
(346
|
)
|
|
|
|
(401
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
|
|
|
26
|
|
|
|
|
26
|
|
|||||||||
Intercompany investing activities
|
|
|
31
|
|
|
53
|
|
|
—
|
|
|
$
|
(84
|
)
|
|
—
|
|
||||||
Other
|
|
|
|
|
3
|
|
|
—
|
|
|
|
|
3
|
|
|||||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
31
|
|
|
1
|
|
|
(320
|
)
|
|
(84
|
)
|
|
(372
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
1,250
|
|
|
|
|
520
|
|
|
|
|
1,770
|
|
|||||||||
Payments of long-term debt
|
|
|
(746
|
)
|
|
(1
|
)
|
|
(322
|
)
|
|
|
|
(1,069
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
(55
|
)
|
|
|
|
(137
|
)
|
|
|
|
(192
|
)
|
|||||||||
Net change in long-term intercompany balances
|
291
|
|
|
(449
|
)
|
|
223
|
|
|
(65
|
)
|
|
|
|
|
||||||||
Debt issue costs
|
|
|
|
(19
|
)
|
|
|
|
(3
|
)
|
|
|
|
(22
|
)
|
||||||||
Common stock issued
|
11
|
|
|
|
|
|
|
|
|
|
|
11
|
|
||||||||||
Common stock repurchased
|
(312
|
)
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(312
|
)
|
||||||||
Dividends paid
|
|
|
|
|
—
|
|
|
(84
|
)
|
|
84
|
|
|
|
|||||||||
Purchase of noncontrolling interests
|
|
|
|
|
(96
|
)
|
|
(106
|
)
|
|
|
|
(202
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(104
|
)
|
|
|
|
(104
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
||||||
Net cash provided by/(used for) financing activities
|
(10
|
)
|
|
(19
|
)
|
|
126
|
|
|
(310
|
)
|
|
84
|
|
|
(129
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Net change in cash and cash equivalents
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(104
|
)
|
|
—
|
|
|
(121
|
)
|
||||||
Cash and cash equivalents at January 1
|
—
|
|
|
38
|
|
|
1
|
|
|
424
|
|
|
—
|
|
|
463
|
|
||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
1
|
|
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
342
|
|
|
Parent
|
|
Issuer
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Total
Company
|
||||||||||||
Net provided by/(used for) operating activities
|
$
|
26
|
|
|
$
|
(20
|
)
|
|
$
|
190
|
|
|
$
|
394
|
|
|
|
|
$
|
590
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
|
|
|
(41
|
)
|
|
(279
|
)
|
|
|
|
(320
|
)
|
|||||||||
Proceeds from sale of businesses, net of cash sold
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
7
|
|
|||||||
Proceeds from sale of property, plant and equipment
|
|
|
|
|
1
|
|
|
31
|
|
|
|
|
32
|
|
|||||||||
Intercompany investing activities
|
|
|
20
|
|
|
22
|
|
|
38
|
|
|
$
|
(80
|
)
|
|
—
|
|
||||||
Net cash provided by/(used for) investing activities
|
—
|
|
|
23
|
|
|
(18
|
)
|
|
(206
|
)
|
|
(80
|
)
|
|
(281
|
)
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from long-term debt
|
|
|
—
|
|
|
|
|
745
|
|
|
|
|
745
|
|
|||||||||
Payments of long-term debt
|
|
|
(404
|
)
|
|
(1
|
)
|
|
(329
|
)
|
|
|
|
(734
|
)
|
||||||||
Net change in revolving credit facility and short-term debt
|
|
|
65
|
|
|
|
|
213
|
|
|
|
|
278
|
|
|||||||||
Net change in long-term intercompany balances
|
216
|
|
|
359
|
|
|
(171
|
)
|
|
(404
|
)
|
|
|
|
—
|
|
|||||||
Common stock issued
|
13
|
|
|
|
|
|
|
|
|
|
|
13
|
|
||||||||||
Common stock repurchased
|
(255
|
)
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(255
|
)
|
||||||||
Dividends paid
|
|
|
|
|
—
|
|
|
(80
|
)
|
|
80
|
|
|
|
|||||||||
Purchase of noncontrolling interests
|
|
|
|
|
—
|
|
|
(169
|
)
|
|
|
|
(169
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
|
|
|
|
|
|
(112
|
)
|
|
|
|
(112
|
)
|
||||||||||
Other
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
(65
|
)
|
||||||
Net cash provided by/(used for) financing activities
|
(26
|
)
|
|
8
|
|
|
(172
|
)
|
|
(189
|
)
|
|
80
|
|
|
(299
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||||
Net change in cash and cash equivalents
|
—
|
|
|
11
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
4
|
|
||||||
Cash and cash equivalents at January 1
|
—
|
|
|
27
|
|
|
1
|
|
|
431
|
|
|
—
|
|
|
459
|
|
||||||
Cash and cash equivalents at December 31
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
1
|
|
|
$
|
424
|
|
|
$
|
—
|
|
|
$
|
463
|
|
(in millions)
|
|
2012
|
|
2011
|
||||||||||||||||||||||||||||
|
|
First
|
|
Second
(1)
|
|
Third
(2)
|
|
Fourth
(3)
|
|
First
(4)
|
|
Second
(5)
|
|
Third
(6)
|
|
Fourth
(7)
|
||||||||||||||||
Net sales
|
|
$
|
1,947
|
|
|
$
|
2,184
|
|
|
$
|
2,302
|
|
|
$
|
2,037
|
|
|
$
|
1,882
|
|
|
$
|
2,281
|
|
|
$
|
2,423
|
|
|
$
|
2,058
|
|
Gross profit *
|
|
287
|
|
|
340
|
|
|
369
|
|
|
281
|
|
|
292
|
|
|
371
|
|
|
396
|
|
|
289
|
|
||||||||
Net income attributable to Crown Holdings
|
|
69
|
|
|
134
|
|
|
325
|
|
|
29
|
|
|
16
|
|
|
129
|
|
|
129
|
|
|
8
|
|
||||||||
Earnings per average common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
0.47
|
|
|
0.91
|
|
|
2.23
|
|
|
$
|
0.20
|
|
|
0.10
|
|
|
0.85
|
|
|
0.86
|
|
|
0.05
|
|
|||||||
Diluted
|
|
0.46
|
|
|
0.89
|
|
|
2.20
|
|
|
$
|
0.20
|
|
|
0.10
|
|
|
0.83
|
|
|
0.84
|
|
|
0.05
|
|
|||||||
Average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
147.8
|
|
|
148.0
|
|
|
145.5
|
|
|
143.0
|
|
|
154.6
|
|
152.3
|
|
150.1
|
|
|
149.8
|
|||||||||||
Diluted
|
|
150.0
|
|
|
150.5
|
|
|
147.8
|
|
|
145.3
|
|
|
157.9
|
|
155.5
|
|
152.7
|
|
152.1
|
||||||||||||
Common stock price range: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
High
|
|
$
|
38.13
|
|
|
$
|
38.56
|
|
|
$
|
37.66
|
|
|
$
|
39.05
|
|
|
$
|
39.95
|
|
|
$
|
41.58
|
|
|
$
|
39.63
|
|
|
$
|
34.86
|
|
Low
|
|
33.57
|
|
|
32.40
|
|
|
33.13
|
|
|
35.84
|
|
|
32.69
|
|
|
36.46
|
|
|
29.74
|
|
|
28.68
|
|
||||||||
Close
|
|
36.83
|
|
|
34.49
|
|
|
36.75
|
|
|
36.81
|
|
|
38.58
|
|
|
38.82
|
|
|
30.61
|
|
|
33.58
|
|
(1)
|
Includes pre-tax charge of
$3
for restructuring and pre-tax gain of
$10
for asset impairments and sales.
|
(2)
|
Includes pre-tax charge of
$7
for restructuring, pre-tax gain of
$14
for asset impairments and sales and a net income tax benefit of
$169
primarily related to the recognition of U.S. foreign tax credits.
|
(3)
|
Includes pre-tax charges of
$35
for asbestos claims and
$38
for restructuring actions, pre-tax gain of
$18
for asset impairments and sales and an income tax charge of
$4
for tax law changes.
|
(4)
|
Includes pre-tax charges of
$25
for restructuring actions,
$30
for losses on early extinguishments of debt and
$17
for tax charges in connection with relocation of the Company’s European Division headquarters..
|
(5)
|
Includes pre-tax charge of
$2
for loss on early extinguishment of debt.
|
(6)
|
Includes pre-tax charges of
$2
for restructuring actions,
$25
for tax charges in connection with a tax law change in France and pre-tax gains of
$2
for asset impairments and sales.
|
(7)
|
Includes pre-tax charges of
$28
for asbestos claims,
$50
for restructuring actions,
$8
for asset impairments and sales and
$5
for tax charges in connection with the relocation of the Company’s European Division headquarters.
|
COLUMN A
|
COLUMN B
|
COLUMN C
|
COLUMN D
|
COLUMN E
|
|||||||||||
|
|
Additions
|
|
|
|||||||||||
Description
|
Balance at
beginning of
period
|
Charged to costs and expense
|
Charged to
other accounts
|
Deductions
– Write-offs
|
Balance at
end of period
|
||||||||||
|
|
|
|
|
|
||||||||||
For the Year Ended December 31, 2012
|
|||||||||||||||
|
|
|
|
|
|
||||||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Trade accounts receivable
|
$
|
37
|
|
$
|
—
|
|
$
|
2
|
|
$
|
(2
|
)
|
$
|
37
|
|
|
|
|
|
|
|
||||||||||
Deferred tax assets
|
359
|
|
56
|
|
(15
|
)
|
—
|
|
400
|
|
|||||
|
|
|
|
|
|
||||||||||
For the Year Ended December 31, 2011
|
|||||||||||||||
|
|
|
|
|
|
||||||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Trade accounts receivable
|
40
|
|
1
|
|
(1
|
)
|
(3
|
)
|
37
|
|
|||||
|
|
|
|
|
|
||||||||||
Deferred tax assets
|
376
|
|
(19
|
)
|
2
|
|
—
|
|
359
|
|
|||||
|
|
|
|
|
|
||||||||||
For the Year Ended December 31, 2010
|
|||||||||||||||
|
|
|
|
|
|
||||||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Trade accounts receivable
|
40
|
|
4
|
|
(1
|
)
|
(3
|
)
|
40
|
|
|||||
|
|
|
|
|
|
||||||||||
Deferred tax assets
|
391
|
|
(6
|
)
|
(9
|
)
|
—
|
|
376
|
|
|||||
|
|
|
|
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
|
|
|
|
|
|
Year Assumed
|
|
Name
|
|
Age
|
|
Title
|
|
Present Title
|
|
|
|
|
|
|
|
|
|
John W. Conway
|
|
67
|
|
|
Chairman of the Board, President and Chief Executive Officer
|
|
2001
|
Timothy J. Donahue
|
|
50
|
|
|
Executive Vice President and Chief Financial Officer
|
|
2008
|
Raymond L. McGowan, Jr.
|
|
61
|
|
|
President – Americas Division
|
|
2008
|
Gerard H. Gifford
|
|
57
|
|
|
President – European Division
|
|
2012
|
Jozef Salaerts
|
|
58
|
|
|
President – Asia Pacific Division
|
|
2007
|
Thomas A. Kelly
|
|
53
|
|
|
Senior Vice President – Finance
|
|
2009
|
Kevin C. Clothier
|
|
44
|
|
|
Vice President and Corporate Controller
|
|
2009
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
a)
|
The following documents are filed as part of this report:
|
(1)
|
All Financial Statements (see Part II, Item 8)
|
(3)
|
Exhibits
|
3.a
|
Articles of Incorporation of Crown Holdings, Inc., as amended (incorporated by reference to Exhibit 3.a of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004 (File No. 0-50189)).
|
3.b
|
Amended and Restated By-Laws of Crown Holdings, Inc. (incorporated by reference to Exhibit 3.ii of the Registrant's Current Report on Form 8-K dated November 2, 2011 (File No. 0-50189)).
|
4.a
|
Specimen certificate of Registrant’s Common Stock (incorporated by reference to Exhibit 4.a of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995 (File No. 1-2227)).
|
4.b
|
Indenture, dated December 17, 1996, among Crown Cork & Seal Company, Inc., Crown Cork & Seal Finance PLC, Crown Cork & Seal Finance S.A. and the Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.c
|
Form of the Registrant's 7-3/8% Debentures Due 2026 (incorporated by reference to Exhibit 99.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.d
|
Officers' Certificate for 7-3/8% Debentures Due 2026 (incorporated by reference to Exhibit 99.6 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.e
|
Form of the Registrant's 7-1/2% Debentures Due 2096 (incorporated by reference to Exhibit 99.2 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.f
|
Officers' Certificate for 7-1/2% Debentures Due 2096 (incorporated by reference to Exhibit 99.7 of the Registrant's Current Report on From 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.g
|
Terms Agreement, dated December 12, 1996 (incorporated by reference to Exhibit 1.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)).
|
4.h
|
Form of Bearer Security Depositary Agreement (incorporated by reference to Exhibit 4.2 of the Registrant's Registration Statement on Form S-3, dated November 26, 1996, amended December 5 and 10, 1996 (File No. 333-16869)).
|
4.i
|
Amended and Restated Rights Agreement, dated as of December 9, 2004, between Crown Holdings, Inc. and Wells Fargo Bank, N.A., as Rights Agent (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated December 9, 2004 (File No. 0-50189)).
|
4.j
|
Amendment No. 1 to the Amended and Restated Rights Agreement, dated as of December 14, 2012, between Crown Holdings, Inc. and Wells Fargo Bank, N.A., as Rights Agent (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated December 13, 2012 (File No. 0.-50189)).
|
4.k
|
Supplemental Indenture to Indenture dated April 1, 1993, dated as of February 25, 2003, between Crown Cork & Seal Company, Inc., as Issuer, Crown Holdings, Inc., as Guarantor and Bank One Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.3 of the Registrant’s Current Report on Form 8-K dated February 26, 2003 (File No. 0-50189)).
|
4.l
|
Supplemental Indenture to Indenture dated December 17, 1996, dated as of February 25, 2003, between Crown Cork & Seal Company, Inc., as Issuer and Guarantor, Crown Cork & Seal Finance PLC, as Issuer, Crown Cork & Seal Finance S.A., as Issuer, Crown Holdings, Inc., as Additional Guarantor and Bank One Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.5 of the Registrant’s Current Report on Form 8-K dated February 26, 2003 (File No. 0-50189)).
|
4.m
|
U.S. Guarantee Agreement, dated as of September 1, 2004, among the Domestic Subsidiaries referred to therein and Citicorp North America Inc., as Administrative Agent (incorporated by reference to Exhibit 4.g of the Registrant’s Current Report on Form 8-K dated September 1, 2004 (File No. 0-50189)).
|
4.n
|
Credit Agreement, dated as of November 18, 2005, among Crown Americas LLC, as U.S. Borrower, Crown European Holdings, S.A., as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, the Company, Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, Deutsche Bank AG New York Branch, as Administrative Agent and U.K. Administrative Agent, The Bank of Nova Scotia, as Canadian Administrative Agent, and various Lending Institutions (incorporated by reference to Exhibit 4.i of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 (File No. 0-50189)).
|
4.o
|
Euro Bank Pledge Agreement, dated as of November 18, 2005, by Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. Subsidiaries party thereto, as Pledgors and Deutsche Bank AG New York Branch, as Euro Collateral Agent (incorporated by reference to Exhibit 4.b of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.p
|
Second Amended and Restated CEH Pledge Agreement, dated as of November 18, 2005, by Crown European Holdings S.A., as Pledgor and Deutsche Bank AG New York Branch, as Euro Collateral Agent (incorporated by reference to Exhibit 4.c of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.q
|
Second Amended and Restated Shared Pledge Agreement, dated as of November 18, 2005, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. Subsidiaries party thereto, as Pledgors and Deutsche Bank AG New York Branch, as Collateral Agent (incorporated by reference to Exhibit 4.d of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.r
|
Bank Pledge Agreement, dated as of November 18, 2005, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. Subsidiaries party thereto, as Pledgors and Deutsche Bank AG New York Branch, as Collateral Agent (incorporated by reference to Exhibit 4.e of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.s
|
Second Amended and Restated U.S. Security Agreement, dated as of November 18, 2005, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. Subsidiaries party thereto, as Grantors and Deutsche Bank AG New York Branch (incorporated by reference to Exhibit 4.f of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.t
|
U.S. Guarantee Agreement, dated as of November 18, 2005, among each of the subsidiaries listed therein of Crown Americas LLC and Deutsche Bank AG New York Branch, as Administrative Agent (incorporated by reference to Exhibit 4.g of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.u
|
Second Amended and Restated U.S. Intercreditor and Collateral Agency Agreement, dated as of November 18, 2005, among Deutsche Bank AG New York Branch, as Administrative Agent, Deutsche Bank AG New York Branch, as U.K. Agent, The Bank of Nova Scotia, as Canadian Administrative Agent, Wells Fargo Bank, N.A., as First Priority Notes Trustee, Deutsche Bank AG New York Branch, as U.S. Collateral Agent (as defined within), the Company, Crown Americas LLC, Crown Cork & Seal Company, Inc., Crown International Holdings, Inc., each of the U.S. subsidiaries of the Company listed therein, and the other persons who may become parties to the Agreement from time to time pursuant to and in accordance with Section 8 of the Agreement (incorporated by reference to Exhibit 4.o of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.v
|
Second Amended and Restated Euro Intercreditor and Collateral Agency Agreement, dated as of November 18, 2005, among Deutsche Bank AG New York Branch, as U.K. Administrative Agent, The Bank of Nova Scotia, as Canadian Administrative Agent, Wells Fargo Bank, N.A., as First Priority Notes Trustee, Deutsche Bank AG New York Branch, as Euro Collateral Agent, Crown European Holdings SA, the subsidiaries of Crown European Holdings identified thereto and the other persons who may become parties to the Agreement from time to time pursuant to and in accordance with Section 6 of the Agreement, and any other obligor under any Financing Documents (as defined therein) (incorporated by reference to Exhibit 4.p of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
4.w
|
First Amendment to Credit Agreement, dated as of August 4, 2006, by and among Crown Americas LLC, as U.S. Borrower, the other undersigned Credit Parties, the undersigned financial institutions, including Deutsche Bank AG New York Branch, as Lenders, and Deutsche Bank AG New York Branch, as Administrative Agent and as Collateral Agent for Lenders, and with Deutsche Bank Securities, Inc. and Lehman Commercial Paper, Inc., as Joint Lead Arrangers for the Additional Term B Loans and as Joint Book Managers, and Lehman Commercial Paper, Inc., as Syndication Agent (incorporated by reference to Exhibit 4 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 (File No. 0-50189)).
|
4.x
|
Second Amendment to Credit Agreement, dated as of November 12, 2009, by and among Crown Americas LLC, as U.S. Borrower, the other undersigned Credit Parties, the undersigned financial institutions, including Deutsche Bank AG New York Branch, as Lenders, and Deutsche Bank AG new York Branch, as Administrative Agent and as Collateral Agent for Lenders (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated November 12, 2009 (File No. 0-50189)).
|
4.y
|
Third Amendment to Credit Agreement, dated as of May 14, 2010, by and among Crown Americas LLC, as U.S. Borrower, the other undersigned Credit Parties, the undersigned financial institutions, including Deutsche Bank AG New York Branch, as lenders thereunder, and Deutsche Bank AG New York Branch, as Administrative Agent and as Collateral Agent for the Lenders. (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated May 14, 2010 (File No. 0-05189)).
|
4.z
|
Fourth Amendment to Credit Agreement and Waiver, dated as of June 15, 2010, by and among Crown Americas LLC, as U.S. Borrower, Crown European Holdings SA, as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, the Company, Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, the financial institutions party thereto, including Deutsche Bank AG New York Branch, as lenders, The Bank of Nova Scotia, as Canadian Administrative Agent, and Deutsche Bank AG New York Branch, as Administrative Agent and U.K. Administrative Agent, European Swing Line Lender, U.S. Swing Line Lender, Facing Agent and Collateral Agent. (incorporated by reference to Exhibit 4.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 (File No. 0-05189)).
|
4.aa
|
Fifth Amendment to Credit Agreement, dated as of December 3, 2010, by and among Crown Americas LLC, as U.S. Borrower, the other undersigned Credit Parties, the undersigned financial institutions, including Deutsche Bank AG New York Branch, as lenders thereunder, and Deutsche Bank AG New York Branch, as Administrative Agent and as Collateral Agent for the Lenders (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated December 9, 2010 (File No. 0-05189)).
|
4.bb
|
Sixth Amendment to Credit Agreement, dated as of June 9, 2011, by and among Crown Americas LLC, as U.S. Borrower, Crown European Holdings S.A., as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, the Company, Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, the financial institutions party thereto, including
|
4.cc
|
Seventh Amendment to Credit Agreement, dated as of November 30, 2011, by and among Crown Americas LLC, as U.S. Borrower, Crown European Holdings S.A., as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, the Company, Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, the financial institutions party thereto, including Deutsche Bank AG New York Branch, as lenders, The Bank of Nova Scotia, as Canadian Administrative Agent, and Deutsche Bank AG New York Branch, as Administrative Agent and U.K. Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 4.dd of the Registrant's Annual Report on Form 10-K for the year ended December 31, 2011 (File No. 0.-50189)).
|
4.dd
|
First Amendment to Euro Bank Pledge Agreement, dated as of June 15, 2010, by Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. subsidiaries of the Company party thereto, as Pledgors, and Deutsche Bank AG New York Branch, as Euro Collateral Agent. (incorporated by reference to Exhibit 4.2 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.ee
|
First Amendment to Second Amended and Restated CEH Pledge Agreement, dated as of June 15, 2010, by Crown European Holdings S.A., as Pledgor, and Deutsche Bank AG New York Branch, as Euro Collateral Agent. (incorporated by reference to Exhibit 4.3 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.ff
|
First Amendment to Second Amended and Restated Shared Pledge Agreement, dated as of June 15, 2010, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. subsidiaries of the Company party thereto, as Pledgors, and Deutsche Bank AG New York Branch, as Collateral Agent. (incorporated by reference to Exhibit 4.4 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.gg
|
First Amendment to Bank Pledge Agreement, dated as of June 15, 2010, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. subsidiaries of the Company party thereto, as Pledgors, and Deutsche Bank AG New York Branch, as Collateral Agent. (incorporated by reference to Exhibit 4.5 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.hh
|
First Amendment to Second Amended and Restated U.S. Security Agreement, dated as of June 15, 2010, by the Company, Crown Cork & Seal Company, Inc., Crown Americas LLC, Crown International Holdings, Inc., the U.S. subsidiaries of the Company party thereto, as Grantors, and Deutsche Bank AG New York Branch, as Collateral Agent. (incorporated by reference to Exhibit 4.6 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.ii
|
First Amendment to U.S. Guarantee Agreement, dated as of June 15, 2010, among each of the subsidiaries listed therein of Crown Americas LLC, as Guarantors, and Deutsche Bank AG New York Branch, as Administrative Agent. (incorporated by reference to Exhibit 4.7 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.jj
|
First Amendment to Second Amended and Restated U.S. Intercreditor and Collateral Agency Agreement, dated as of June 15, 2010, among Deutsche Bank AG New York Branch, as Administrative Agent, Deutsche Bank AG New York Branch, as U.K. Agent, The Bank of Nova Scotia, as Canadian Administrative Agent, Deutsche Bank AG New York Branch, as U.S. Collateral Agent, the Company, Crown Americas LLC, Crown Cork & Seal Company, Inc., Crown International Holdings, Inc. and each of the U.S. subsidiaries of the Company listed therein. (incorporated by reference to Exhibit 4.8 of the Registrant’s Current Report on Form 8-K dated June 15, 2010 (File No. 0-05189)).
|
4.kk
|
First Amendment to Second Amended and Restated Euro Intercreditor and Collateral Agency Agreement, dated as of June 15, 2010, among Deutsche Bank AG New York Branch, as U.K. Administrative Agent, The Bank of Nova Scotia, as Canadian Administrative Agent, Deutsche Bank AG New York Branch, as Euro Collateral Agent, Crown European Holdings SA, and each of the subsidiaries of Crown European Holdings identified therein.
|
4.ll
|
Indenture, dated as of July 28, 2010, by and among Crown European Holdings SA, as Issuer, the Guarantors named therein and The Bank of New York Mellon, as Trustee, relating to the 7 1/8% Senior Notes due 2018 (incorporated by reference to Exhibit 4.1 of the Registrant’s Current Report on Form 8-K dated July 28, 2010 (File No. 0-05189)).
|
4.mm
|
Form of 7 1/8% Senior Notes due 2018 (included in Exhibit 4.ll).
|
4.nn
|
Indenture, dated as of January 31, 2011, by and among Crown Americas LLC, Crown Americas Capital Corp. III, as Issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to the 6 1/4% Senior Notes due 2021. (incorporated by reference to Exhibit 4.2 of the Registrant’s Current Report on Form 8-K dated January 31, 2011 (File No. 0-05189)).
|
4.oo
|
Form of 6 1/4% Senior Notes due 2021 (included in Exhibit 4.nn).
|
4.pp
|
Registration Rights Agreement, dated as of January 9, 2013, by and among the Company, Crown Americas LLC and Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc., as Representative of the several Initial Purchasers named therein and the Guarantors (as defined therein), relating to the $800 million 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated January 9, 2013 (File No. 0.-50189)).
|
4.qq
|
Indenture, dated as of January 9, 2013, by and among Crown Americas LLC and Crown Americas Capital Corp. IV, as Issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to the 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.2 of the Registrant's Current Report on Form 8-K dated January 9, 2013 (File No. 0.-50189)).
|
4.rr
|
Form of 4 ½% Senior Notes due 2023 (included in Exhibit 4.qq).
|
4.ss
|
Registration Rights Agreement, dated as of January 15, 2013, by and among the Company, Crown Americas LLC and Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc., as the Initial Purchaser, and the Guarantors (as defined therein), relating to the $200 million 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated January 15, 2013 (File No. 0.-50189)).
|
10.a
|
First Amendment, dated as of September 1, 2004, to Second Amended and Restated Receivables Purchase Agreement among Crown Cork & Seal Receivables (DE) Corporation, as Seller, CROWN Cork & Seal USA, Inc. (formerly known as Crown Cork & Seal Company (USA), Inc.), as Servicer, the banks and other financial institutions party thereto, as Purchasers, and Citibank, N.A., as Agent (incorporated by reference to Exhibit 10.a of the Registrant’s Current Report on Form 8-K dated September 1, 2004 (File No. 0-50189)).
|
10.b
|
Second Amended and Restated Receivables Purchase Agreement, dated as of December 5, 2003, among Crown Cork & Seal Receivables (DE) Corporation, as Seller, CROWN Cork & Seal USA, Inc. (formerly known as Crown Cork & Seal Company (USA), Inc.), as Servicer, the banks and other financial institutions party thereto as Purchasers, and Citibank, N.A., as Agent (incorporated by reference to Exhibit 10.a of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 0-50189)).
|
10.c
|
First Amendment, dated as of September 1, 2004, to Second Amended and Restated Receivables Contribution and Sale Agreement among CROWN Cork & Seal USA, Inc. (formerly known as Crown Cork & Seal Company (USA), Inc.), CROWN Risdon USA, Inc. (formerly known as Risdon-AMS (USA), Inc.), CROWN Zeller USA, Inc. (formerly known as Zeller Plastik, Inc.), CROWN Metal Packaging Canada LP, and Crown Cork & Seal Receivables (DE) Corporation (incorporated by reference to Exhibit 10.b of the Registrant’s Current Report on Form 8-K dated September 1, 2004 (File No. 0-50189)).
|
10.d
|
Second Amended and Restated Receivables Contribution and Sale Agreement, dated as of December 5, 2003, among CROWN Cork & Seal USA, Inc. (formerly known as Crown Cork & Seal Company (USA), Inc.), CROWN
|
10.e
|
Third Amended and Restated Parent Undertaking Agreement, dated as of September 1, 2004, made by Crown Holdings, Inc., Crown Cork & Seal Company, Inc. and Crown International Holdings, Inc, in favor of Citibank, N.A., as Agent and the Purchasers (incorporated by reference to Exhibit 10.c of the Registrant’s Current Report on Form 8-K dated September 1, 2004 (File No. 0-50189)).
|
10.f
|
Second Amended and Restated Intercreditor Agreement dated as of September 1, 2004, among Citibank, N.A., as Agent, Crown Holdings, Inc., Crown International Holdings, Inc., Crown Cork & Seal Company, Inc., Crown Cork & Seal Receivables (DE) Corporation, CROWN Cork & Seal USA, Inc. (formerly known as Crown Cork & Seal Company (USA), Inc.), CROWN Risdon USA, Inc. (formerly known as Risdon-AMS (USA), Inc.), CROWN Zeller USA, Inc. (formerly known as Zeller Plastik, Inc.), and Citicorp North America, Inc., as Administrative Agent and U.S. Collateral Agent (incorporated by reference to Exhibit 10.d of the Registrant’s Current Report on Form 8-K dated September 1, 2004 (File No. 0-50189)).
|
10.g
|
Intercreditor Agreement dated as of November 18, 2005, among Citibank, N.A., as Program Agent, the Company, Crown International Holdings, Inc., Crown Cork& Seal Company, Inc., Crown Cork & Seal Receivables (DE) Corporation, Crown Cork & Seal USA, Inc., Crown Risdon USA, Inc., CROWN Metal Packaging Canada LP and Deutsche Bank AG New York Branch and The Bank of Nova Scotia, as Bank Agent (incorporated by reference to Exhibit 10.a of the Registrant’s Current Report on Form 8-K dated November 18, 2005 (File No. 0-50189)).
|
10.h
|
Purchase Agreement, dated as of January 3, 2013, by and among the Company, Crown Americas LLC, Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc. as Representative, the Initial Purchasers (as defined therein) and the Guarantors (as defined therein) (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K dated January 3, 2013 (File No. 0.-50189)).
|
10.i
|
Purchase Agreement, dated as of January 9, 2013, by and among the Company, Crown Americas LLC, Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc., as the Initial Purchaser, and the Guarantors (as defined therein) (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K dated January 9, 2013 (File No. 0.-50189)).
|
10.j
|
Employment Contracts:
|
(6)
|
Executive Employment Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No 0-50189)).
|
(7)
|
Employment contract between Crown Holdings, Inc. and Jozef Salaerts, dated November 5, 2012 (incorporated by reference to Exhibit 10 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (File No 0-50189)).
|
10.k
|
Crown Holdings, Inc. Economic Profit Incentive Plan, effective as of January 1, 2007 (incorporated by reference to Exhibit 10.i of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-50189)).
|
10.l
|
Crown Holdings, Inc. Senior Executive Retirement Plan, as amended and restated as of January 1, 2008 (incorporated by reference to Exhibit 10.l of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 0-50189)).
|
10.m
|
Senior Executive Retirement Agreements:
|
(5)
|
Senior Executive Retirement Agreement between Crown Holdings, Inc. and Jozef Salaerts, effective January 1, 2008 (incorporated by reference to Exhibit 10.m(8) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 0-50189)).
|
(6)
|
Senior Executive Retirement Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012(File No 0-50189)).
|
(7)
|
Amendment No. 1 to the Senior Executive Retirement Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford dated December 28, 2012.
|
10.n
|
Crown Holdings, Inc. 2001 Stock-Based Incentive Compensation Plan, dated as of February 22, 2001 (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 27, 2001 (File No. 1-2227)).
|
10.o
|
Amendment No. 1 to the Crown Holdings, Inc. 2001 Stock-Based Incentive Compensation Plan, dated as of January 1, 2003 (incorporated by reference to Exhibit 10.s of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002 (File No. 0-50189)).
|
10.p
|
Amendment No. 2, effective December 14, 2006, to the Crown Holdings, Inc. 2001 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.bb of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-50189)).
|
10.q
|
Form of Agreement for Restricted Stock Awards under Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.x of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004 (File No. 0-50189)).
|
10.r
|
Form of Agreement for Restricted Stock Awards under Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.dd of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-50189)).
|
10.s
|
Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan, dated as of April 22, 2004 (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 19, 2004 (File No. 0-50189)).
|
10.t
|
Amendment No. 1, effective December 14, 2006, to the Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.ff of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-50189)).
|
10.u
|
Form of Agreement for Non-Qualified Stock Option Awards under Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.6 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 (File No. 0-51089)).
|
10.v
|
Crown Holdings, Inc. Deferred Compensation Plan for Directors, as Amended and Restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.w of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-50189)).
|
10.w
|
Crown Holdings, Inc. Stock Compensation Plan for Non-Employee Directors, dated as of April 22, 2004 (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 19, 2004 (File No. 0-50189)).
|
10.x
|
Crown Cork & Seal Company, Inc. Pension Plan for Outside Directors, dated as of October 27, 1994 (incorporated by reference to Exhibit 10.c of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1995 (File No. 1-2227)).
|
10.y
|
Amendment No. 1, effective April 1, 2005, to the Crown Holdings, Inc. Stock Compensation Plan for Non-Employee Directors, dated as of April 22, 2004 (incorporated by reference to Exhibit 10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (File No. 0-50189)).
|
10.z
|
Master Definitions Agreement, dated June 21, 2005, between France Titrisation, as Management Company, BNP Paribas, as Custodian Calculation Agent, FCC Account Bank, Liquidity Facility Provider and Swap Counterparty, Eliopée Limited, as Eliopée, GE Factofrance, as Back-up Servicer, Crown European Holdings, as Parent Company, the Entities listed in Schedule, as Sellers or Servicers, CROWN Emballage France SAS, as French Administrative Agent and CROWN Packaging UK PLC, as English Administrative Agent (incorporated by reference to Exhibit 10.a to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 (File No. 0-50189)).
|
10.aa
|
Master Receivables Transfer and Servicing Agreement, dated June 21, 2005, between France Titrisation, as Management Company, BNP Paribas, as Custodian, the Entities listed in Schedule 1 of Appendix 1, as Sellers or Servicers, CROWN Emballage France SAS, as French Administrative Agent and CROWN Packaging UK PLC, as English Administrative Agent (incorporated by reference to Exhibit 10.b to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 (File No. 0-50189)).
|
10.bb
|
Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 24, 2006 (File No. 0-50189)).
|
10.cc
|
Amendment No. 1, effective December 14, 2006, to the Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.pp of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-50189)).
|
10.dd
|
Amendment No. 2, effective July 28, 2010, to the Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 0-50189)).
|
10.ee
|
Form of Agreement for Non-Qualified Stock Option Awards under Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (File No. 0-50189)).
|
10.ff
|
Crown Cork & Seal Company, Inc. Restoration Plan, dated July 28, 2010 (incorporated by reference to Exhibit 10.3 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012(File No 0-50189)).
|
10.gg
|
Amendment No. 1, effective July 1, 2011, to the Crown Cork & Seal Company, Inc. Restoration Plan (incorporated by reference to Exhibit 10.4 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012(File No 0-50189)).
|
10.hh
|
Receivables Purchase Agreement, dated as of March 9, 2010, among Crown Cork & Seal Receivables (DE) Corporation, as the seller, Crown Cork & Seal USA, Inc., as the servicer, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. "Rabobank Nederland", New York Branch, as administrative agent, and the conduit purchasers, alternate purchasers, facility agents party thereto from time to time (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010(File No 0-50189)).
|
10.ii
|
Parent Undertaking Agreement, dated as of March 9, 2010, made by Crown Holdings, Inc., Crown Cork & Seal Company, Inc. and Crown International Holdings, Inc. in favor of the purchasers, the facility agents and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. "Rabobank Nederland", New York Branch, as administrative agent (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010(File No 0-50189)).
|
10.jj
|
Third Amended and Restated Receivables Sale Agreement, dated as of March 9, 2010, among Crown Cork and Seal USA, Inc., as a seller and the servicer, CROWN Metal packaging Canada LP, as a seller, and Crown Cork & Seal Receivables (DE) Corporation, as the buyer (incorporated by reference to Exhibit 10.3 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010(File No 0-50189)).
|
12
|
Computation of ratio of earnings to fixed charges.
|
21
|
Subsidiaries of Registrant.
|
23
|
Consent of Independent Registered Public Accounting Firm.
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by John W. Conway, Chairman of the Board, President and Chief Executive Officer of Crown Holdings, Inc. and Timothy J. Donahue, Executive Vice President and Chief Financial Officer of Crown Holdings, Inc.
|
101
|
The following financial information from the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the twelve months ended December 31, 2012, 2011 and 2010, (ii) Consolidated Statements of Comprehensive Income for the twelve months ended December 31, 2012, 2011 and 2010; (iii) Consolidated Balance Sheets as of December 31, 2012 and December 31, 2011, (iv) Consolidated Statements of Cash Flows for the twelve months ended December 31, 2012, 2011 and 2010, (v) Consolidated Statements of Changes in Shareholders' Equity for the twelve months ended December 31, 2012, 2011 and 2010 and (vi) Notes to Consolidated Financial Statements.
|
|
|
Crown Holdings, Inc.
Registrant
|
|
|
|
By:
|
|
/s/ Kevin C. Clothier
|
|
|
Kevin C. Clothier
|
|
|
Vice President and Corporate Controller
|
SIGNATURE
|
|
TITLE
|
|
|
|
/s/ John W. Conway
|
|
|
John W. Conway
|
|
Chairman of the Board, President and Chief Executive Officer
|
|
|
|
/s/ Timothy J. Donahue
|
|
|
Timothy J. Donahue
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
/s/ Kevin C. Clothier
|
|
|
Kevin C. Clothier
|
|
Vice President and Corporate Controller
|
/s/ Jenne K. Britell
|
|
|
|
/s/ Josef M. Müller
|
Jenne K. Britell
|
|
|
|
Josef M. Müller
|
|
|
|
||
/s/ Arnold W. Donald
|
|
|
|
/s/ Thomas A. Ralph
|
Arnold W. Donald
|
|
|
|
Thomas A. Ralph
|
|
|
|
||
/s/ William G. Little
|
|
|
|
/s/ Hugues du Rouret
|
William G. Little
|
|
|
|
Hugues du Rouret
|
|
|
|
||
/s/ Hans J. Löliger
|
|
|
|
|
Hans J. Löliger
|
|
|
|
Jim L. Turner
|
|
|
|
||
/s/ James H. Miller
|
|
|
|
/s/ William S. Urkiel
|
James H. Miller
|
|
|
|
William S. Urkiel
|
|
CROWN HOLDINGS, INC.
|
|
/s/ John W. Conway
|
|
By:
|
|
/s/ Gerard Gifford
|
|
GERARD GIFFORD
|
|
Twelve months ended
|
|
Twelve months ended
|
|
|
12/31/2012
|
|
12/31/2011
|
|
Computation of Earnings:
|
|
|
|
|
|
|
|
|
|
Income before income taxes, minority interests and equity earnings
|
$636
|
|
$587
|
|
|
|
|
|
|
Adjustments to income
|
|
|
|
|
|
|
|
|
|
Add: Distributed income from less than 50% owned companies
|
1
|
|
4
|
|
|
|
|
|
|
Add: Fixed charges as presented below
|
256
|
|
251
|
|
|
|
|
|
|
Subtract: Interest capitalized
|
9
|
|
1
|
|
|
|
|
|
|
Add: Amortization of interest previously capitalized
|
—
|
|
—
|
|
|
|
|
|
|
Earnings
|
$902
|
|
$843
|
|
|
|
|
|
|
Computation of fixed charges:
|
|
|
|
|
|
|
|
|
|
Interest incurred
|
$214
|
|
$222
|
|
|
|
|
|
|
Interest capitalized
|
9
|
|
1
|
|
|
|
|
|
|
Amortization of debt related costs
|
12
|
|
10
|
|
|
|
|
|
|
Portion of rental expense representative of interest (1)
|
21
|
|
18
|
|
|
|
|
|
|
Total fixed charges
|
$256
|
|
$251
|
|
|
|
|
|
|
Ratio of earnings to fixed charges
|
3.5
|
|
3.4
|
|
(1)
|
One-third of net rent expense is the portion deemed representative of the interest factor.
|
NAME
|
STATE OR COUNTRY OF INCORPORATION OR
ORGANIZATION
|
Crown Cork & Seal Company, Inc.
|
Pennsylvania
|
Crown Consultants, Inc.
|
Pennsylvania
|
CROWN Americas LLC
|
Pennsylvania
|
CROWN Beverage Packaging, LLC
|
Delaware
|
Crown Cork & Seal Company (DE), LLC
|
Delaware
|
Crown Cork & Seal Receivables (DE) Corporation
|
Delaware
|
CROWN Cork & Seal USA, Inc.
|
Delaware
|
Crown International Holdings, Inc.
|
Delaware
|
CROWN Packaging Holdings LLC
|
Delaware
|
CROWN Packaging Technology, Inc.
|
Delaware
|
CROWN Beverage Packaging Puerto Rico, Inc.
|
Delaware
|
Crownway Insurance Company
|
Vermont
|
CROWN Packaging (Barbados) Limited
|
Barbados
|
CROWN Verpakking België NV
|
Belgium
|
CROWN Speciality Packaging België NV
|
Belgium
|
Eurocan Dranken NV
|
Belgium
|
Crown Brasil Holdings Ltda.
|
Brazil
|
CROWN Embalagens Métalicas da Amazonia S.A.
|
Brazil
|
Aruma Productora de Embalagens do Sergipe Ltda.
|
Brazil
|
CROWN Distribuidora de Embalagens Ltda.
|
Brazil
|
Crown Asia Pacific Investments (T) Limited
|
British Virgin Islands
|
CROWN Beverage Cans (Cambodia) Limited
|
Cambodia
|
CROWN Beverage Cans Sihanoukville Limited
|
Cambodia
|
CROWN Metal Packaging Canada Inc.
|
Canada
|
CROWN Metal Packaging Canada LP
|
Canada
|
CROWN Beverage Cans Beijing Limited
|
China
|
CROWN Beverage Cans Changchun Limited
|
China
|
CROWN Beverage Cans Hangzhou Limited
|
China
|
CROWN Beverage Cans Heshan Limited
|
China
|
CROWN Beverage Cans Huizhou Limited
|
China
|
CROWN Beverage Cans Nanning Limited
|
China
|
CROWN Beverage Cans Putian Limited
|
China
|
CROWN Beverage Cans Shanghai Limited
|
China
|
CROWN Beverage Cans Xinxiang Limited
|
China
|
CROWN Beverage Cans Ziyang Limited
|
China
|
Foshan Continental Can Co. Limited
|
China
|
Foshan Crown Easy-Opening End Co. Limited
|
China
|
Crown Colombiana, S.A.
|
Colombia
|
CROWN Pakkaus OY
|
Finland
|
Crown Developpement SAS
|
France
|
Crown European Holdings SA
|
France
|
NAME
|
STATE OR COUNTRY OF INCORPORATION OR
ORGANIZATION
|
CarnaudMetalbox Finance SA
|
France
|
CROWN Emballage France SAS
|
France
|
CROWN Bevcan France SAS
|
France
|
Société de Participations CarnaudMetalbox SAS
|
France
|
CROWN Verpackungen Deutschland GmbH
|
Germany
|
CROWN Nahrungsmitteldosen GmbH
|
Germany
|
Crown Cork & Seal Deutschland Holdings GmbH
|
Germany
|
CROWN Speciality Packaging Deutschland GmbH
|
Germany
|
CROWN Nahrungsmitteldosen Deutschland GmbH
|
Germany
|
CROWN Verschlûsse Deutschland GmbH
|
Germany
|
CROWN Cans Ghana Limited
|
Ghana
|
CROWN Hellas Can SA
|
Greece
|
CROWN Beverage Cans Hong Kong Limited
|
Hong Kong
|
CROWN China Holdings (Hong Kong) Limited
|
Hong Kong
|
Crown Packaging Investment (H.K.) Limited
|
Hong Kong
|
CROWN Closures Europe Equipment Kft
|
Hungary
|
CROWN Magyarorszag Csomagoloipari KFT
|
Hungary
|
CROWN Packaging Ireland Ltd
|
Ireland
|
CROWN Bevcan Italy S.r.l.
|
Italy
|
Crown Imgallaggi Italia Srl
|
Italy
|
CROWN Aerosols Italia Srl.
|
Italy
|
Crown Holdings Italia Srl
|
Italy
|
Crown Speciality Packaging Italia Srl
|
Italy
|
CROWN Closures Italy Srl
|
Italy
|
CROWN Italy Finance S.r.l.
|
Italy
|
CROWN SIEM
|
Ivory Coast
|
CROWN Packaging Jamaica Limited
|
Jamaica
|
CROWN Middle East Can Co. Ltd.
|
Jordan
|
CROWN Luxembourg Holdings SARL
|
Luxembourg
|
CROWN Société Malgache d'Emballages Metalliques (CROWN SMEM)
|
Madagascar
|
CROWN Beverage Cans Malaysia Sdn Bhd
|
Malaysia
|
CROWN Envases Mexico, S.A. de C.V.
|
Mexico
|
Crown Packaging Maroc
|
Morocco
|
CROWN Verpakking Nederland BV
|
Netherlands
|
Crown Overseas Investments B.V.
|
Netherlands
|
CROWN Speciality Packaging BV
|
Netherlands
|
CROWN Aerosols Nederland BV
|
Netherlands
|
CROWN Packaging Polska Sp.z.o.o.
|
Poland
|
Crown Cork & Seal de Portugal Embalagens S.A.
|
Portugal
|
Crown Cork Kuban
|
Russia
|
CROWN Senegal
|
Senegal
|
NAME
|
STATE OR COUNTRY OF INCORPORATION OR
ORGANIZATION
|
CROWN Asia Pacific Holdings Pte. Ltd.
|
Singapore
|
CROWN Beverage Cans Singapore Pte. Ltd.
|
Singapore
|
CROWN Speciality Packaging Investment Pte. Ltd.
|
Singapore
|
Superior Investment Holdings Pte. Ltd.
|
Singapore
|
Superior Multi-Packaging Limited
|
Singapore
|
CROWN Bevcan Slovakia s.r.o.
|
Slovakia
|
CROWN Packaging Slovakia, s.r.o.
|
Slovakia
|
Crown Slovakia s.r.o.
|
Slovakia
|
CarnaudMetalbox Food South Africa (Pty) Limited
|
South Africa
|
CROWN Bevcan Espana S.L.
|
Spain
|
CROWN Embalajes Espana SL
|
Spain
|
Ormis Embalajes de Espana SA
|
Spain
|
Crown Packaging Europe GmbH
|
Switzerland
|
CROWN Vogel AG
|
Switzerland
|
CROWN AP (Thailand) Company Limited
|
Thailand
|
CROWN Foodcan (Hat Yai) Company Limited
|
Thailand
|
CROWN Food Packaging (Thailand) Public Company Limited
|
Thailand
|
CROWN Bevcan and Closures (Thailand) Company Limited
|
Thailand
|
CROWN Packaging Trinidad Limited
|
Trinidad
|
CROWN Maghreb Can Company
|
Tunisia
|
CROWN Bevcan Türkiye Ambalaj Sanayi Ve Ticaret Limited Sirketi
|
Turkey
|
CROWN Emirates Company Limited
|
United Arab Emirates
|
CarnaudMetalbox Engineering Ltd
|
United Kingdom
|
CROWN Aerosols UK Limited
|
United Kingdom
|
Crown Cork & Seal Finance Limited
|
United Kingdom
|
CROWN Specialty Packaging UK Ltd
|
United Kingdom
|
CarnaudMetalbox Overeseas Limited
|
United Kingdom
|
CROWN Packaging UK PLC
|
United Kingdom
|
Crown UK Holdings Limited
|
United Kingdom
|
CarnaudMetalbox Group UK Limited
|
United Kingdom
|
CROWN Beverage Cans (Dong Nai) Limited
|
Vietnam
|
CROWN Beverage Cans Danang Limited
|
Vietnam
|
CROWN Beverage Cans Hanoi Limited
|
Vietnam
|
CROWN Beverage Cans Saigon Limited
|
Vietnam
|
(1)
|
The list includes only consolidated subsidiaries which are directly owned or indirectly owned by the Registrant.
|
(2)
|
In accordance with Regulation S-K, Item 601(b)(ii), the names of certain subsidiaries have been omitted from the foregoing list. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary, as defined in Regulation S-X, Rule 1-02(w).
|
1.
|
I have reviewed this annual report on Form 10-K of Crown Holdings, Inc. (“the registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 1, 2013
|
|
/s/ John W. Conway
|
|
|
|
John W. Conway
|
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Crown Holdings, Inc. (“the registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 1, 2013
|
|
/s/ Timothy J. Donahue
|
|
|
|
Timothy J. Donahue
|
|
|
|
Chief Financial Officer
|
Date:
|
March 1, 2013
|
|
/s/ John W. Conway
|
|
|
|
John W. Conway
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
March 1, 2013
|
|
/s/ Timothy J. Donahue
|
|
|
|
Timothy J. Donahue
|
|
|
|
Chief Financial Officer
|