XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.21.2

Discontinued Operations and Disposal Groups | 9 Months Ended
--- | ---
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations On August 31, 2021, the Company completed the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprised the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which was previously reported in the Company's other segments. The Company received pre-tax proceeds of approximately €1.9 billion ($2.3 billion) from the Transaction and retained a 20% minority interest in the Business. Proceeds from the Transaction are being used to fund capital projects, repurchase Company stock and to redeem certain of the Company's senior notes as further described in Note L. The Company recorded a pre-tax loss of $89 upon disposal, which included the reclassification of a loss of $553 of currency translation adjustments from accumulated other comprehensive income. The Company also recorded income tax charges of $84 related to taxable gains on the sale of the Business. Major components of net (loss) / income from discontinued operations were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 466 |  |  | $ | 678 |  |  | $ | 1,585 |  |  | $ | 1,681 |
Cost of products sold, excluding depreciation and amortization | 393 |  |  | 552 |  |  | 1,301 |  |  | 1,391 |
Depreciation and amortization | — |  |  | 16 |  |  | 16 |  |  | 45 |
Selling and administrative expense | 17 |  |  | 20 |  |  | 60 |  |  | 59 |
Restructuring and other | 2 |  |  | (1) |  |  | 2 |  |  | — |
Other pension and postretirement | — |  |  | — |  |  | 1 |  |  | 1 |
Interest expense | 2 |  |  | 3 |  |  | 6 |  |  | 8 |
Foreign exchange | 1 |  |  | 1 |  |  | — |  |  | 1 |
Loss on sale of discontinued businesses | 19 |  |  | — |  |  | 89 |  |  | — |
Transaction costs | 26 |  |  | — |  |  | 34 |  |  | — |
Income from discontinued operations before tax | 6 |  |  | 87 |  |  | 76 |  |  | 176 |
Provision for income taxes | 91 |  |  | 21 |  |  | 119 |  |  | 39 |
Net (loss) / income from discontinued operations | (85) |  |  | 66 |  |  | (43) |  |  | 137 |
Net income from discontinued operations attributable to noncontrolling interests | — |  |  | — |  |  | 1 |  |  | — |
Net (loss) / income from discontinued operations attributable to Crown Holdings | $ | (85) |  |  | $ | 66 |  |  | $ | (44) |  |  | $ | 137 |
Major classes of assets and liabilities of the Business classified as held for sale at December 31, 2020 were as follows:
|  |  | December 31, 2020
Receivables, net |  |  | $ | 281 |
Inventories |  |  | 410 |
Prepaid expenses and other current assets |  |  | 30 |
Goodwill |  |  | 1,447 |
Intangible assets, net |  |  | 125 |
Property, plant and equipment, net |  |  | 546 |
Operating lease right-of-use assets, net |  |  | 43 |
Other non-current assets |  |  | 17 |
Total assets held for sale |  |  | $ | 2,899 |
Short-term debt |  |  | $ | 17 |
Current portion of operating lease liabilities |  |  | 12 |
Accounts payable |  |  | 725 |
Accrued liabilities |  |  | 227 |
Postretirement and pension liabilities |  |  | 77 |
Non-current portion of operating lease liabilities |  |  | 32 |
Other non-current liabilities |  |  | 90 |
Total liabilities held for sale |  |  | $ | 1,180 |
The table above excludes assets held for sale unrelated to the Business that are not material for disclosure. The capital expenditures of the Business were as follows:
| September 30, 2021 |  | September 30, 2020
Capital expenditures | $ | 29 |  |  | $ | 14 |
The Company will account for the retained minority interest in the Business under the equity method. The Company's share of income of the Business was $3 for the three and nine months ended September 30, 2021 and is reported in Equity earnings in affiliates in the Consolidated Statement of Operations.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration