PHILADELPHIA, Oct. 18, 2017 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30,
2017.
Third Quarter Highlights
- Earnings per share $1.32
- Adjusted earnings per share $1.41
- $62 million of Q3 share repurchases; $339 million
YTD
- Beverage can growth projects on schedule
Net sales in the third quarter increased to $2,468 million compared to $2,326 million in the third quarter of 2016, reflecting increased global beverage, food and aerosol can
volumes, the pass through of higher raw material costs, and $38 million of favorable currency
translation.
Income from operations was $347 million in the third quarter of 2017. Segment income
improved to $358 million in the quarter over the $333 million in the
third quarter of 2016, including a benefit of $5 million from currency translation.
Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated,
"Performance during the third quarter was solid across all businesses, fueled in part by increased global volumes in beverage
cans, food cans and aerosol cans. Beverage can shipments were particularly strong in Europe, Latin America and Southeast Asia. With its many inherent
benefits, including being infinitely recyclable, the beverage can continues to become the increasingly preferred package for
marketers and consumers around the world and is widely recognized as the most sustainable beverage container.
"Our various global growth projects remain on schedule. Earlier this month, we began commercial production on the second
beverage can line at our Danang, Vietnam facility. The new beverage can plant in
Jakarta, Indonesia, which commenced operations in June, is progressing through the learning
curve and our new beverage can plants in Nichols, New York and Monterrey, Mexico are both performing well. A new beverage can facility in Yangon, Myanmar and a glass bottle facility in Chihuahua, Mexico are both
scheduled for start-up in the first half of 2018. We also recently announced that we will construct a new beverage can
plant in the Valencia region of Spain, expected to commence
production during the fourth quarter of 2018, to facilitate the conversion from steel to aluminum beverage cans and serve
customers in the growing Spanish market. We are excited about the opportunity to create meaningful shareholder value through
these compelling growth initiatives."
Interest expense was $64 million in the third quarter of 2017 compared to $59 million in 2016 primarily due to an increase in average borrowing rates.
Net income attributable to Crown Holdings in the third quarter was $177 million compared to
$183 million in the third quarter of 2016. Reported diluted earnings per share were
$1.32 in the third quarter of 2017 compared to $1.31 in the 2016
third quarter. Adjusted diluted earnings per share were $1.41 compared to $1.33 in the third quarter of 2016.
Through September 30, the Company repurchased a total of 6.2 million shares of its common stock
for $339 million, including 1.1 million shares for $62 million during
the third quarter.
A reconciliation from net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share
is provided below.
Nine Month Results
Net sales for the first nine months of 2017 were $6,530 million compared to $6,361 million in the first nine months of 2016, primarily due to increased global beverage, food and aerosol
can volumes and the pass through of higher raw material costs, partially offset by $64 million of
unfavorable currency translation.
Income from operations was $855 million in the first nine months of 2017. Segment income
in the first nine months of 2017 increased to $883 million over the $842
million in the first nine months of 2016, despite $6 million of unfavorable currency
translation.
Interest expense was $187 million for the first nine months of 2017 compared to $181 million in the same period of 2016 primarily due to an increase in average borrowing rates.
Net income attributable to Crown Holdings for the first nine months of 2017 was $412 million
compared to $431 million in the first nine months of 2016. Reported diluted earnings per
share for the first nine months of 2017 were $3.02 compared to $3.09
in the same period of last year. Adjusted diluted earnings per share were $3.23 compared to
$3.21 in 2016.
Outlook
The Company currently expects fourth quarter 2017 adjusted diluted earnings per share to be in the range of $0.75 to $0.80 based on current exchange rate levels.
The effective income tax rate for the full year of 2017 is expected to be approximately 26%. Cash provided by operating
activities is currently expected to be approximately $875 million and management currently
forecasts 2017 capital expenditures of approximately $450 million.
Non-GAAP Measures
Segment income, adjusted free cash flow, adjusted net income, the adjusted effective tax rate, adjusted earnings per share,
and the information presented excluding the impact of currency translation are not defined terms under U.S. generally accepted
accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for
net income, income per diluted share, effective tax rates or cash flow data prepared in accordance with U.S. GAAP and may not be
comparable to calculations of similarly titled measures by other companies.
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow as
the principal measure of its liquidity. The Company considers both of these measures in the allocation of resources.
Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available
for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not
deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between
periods. The Company believes that adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per
share, and information excluding the impact of currency translation are useful in evaluating the Company's operations as these
measures are adjusted for items that affect comparability between periods. Reconciliations of estimated adjusted diluted
earnings per share for the fourth quarter and full year of 2017 to estimated diluted earnings per share on a GAAP basis are not
provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company
is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per
share and could have a significant impact on earnings per share on a GAAP basis: gains or losses on the sale of businesses or
other assets, restructuring costs, asset impairment charges, acquisition related costs including fair value adjustments to
inventory, asbestos-related charges, losses from early extinguishment of debt, the tax impact of the items above, and the impact
of tax law changes or other tax matters. The Company believes that adjusted free cash flow provides a meaningful measure of
liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions,
debt repayments, share repurchases or possible future dividends. Segment income, adjusted free cash flow, the adjusted
effective tax rate, adjusted net income, adjusted diluted earnings per share and information excluding the impact of currency
translation are derived from the Company's Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets,
as applicable, and reconciliations to segment income, adjusted free cash flow, the adjusted effective tax rate, adjusted net
income, adjusted diluted earnings per share and information unadjusted for currency translation can be found within this
release.
Conference Call
The Company will hold a conference call tomorrow, October 19, 2017 at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be
discussed on the conference call. The dial-in numbers for the conference call are (630) 395-0227 or toll-free (888)
606-8412 and the access passcode is "packaging". A live webcast of the call will be made available to the public on the
internet at the Company's web site, www.crowncork.com.
A replay of the conference call will be available for a one-week period ending at midnight on October 27. The
telephone numbers for the replay are (203) 369-1991 or toll free (866) 513-9300.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements.
These forward-looking statements involve a number of risks, uncertainties and other factors, including the future impact of
currency translation; the continuation of performance trends in 2017; the Company's ability to successfully complete and begin
production at capacity expansion projects within expected timelines and budgets in Myanmar,
Mexico and Spain; continued performance improvements at new
plants in Indonesia, New York and Mexico; continued global beverage, food and aerosol can growth; and customer and consumer preference for
beverage cans that may cause actual results to be materially different from those expressed or implied in the forward-looking
statements. Important factors that could cause the statements made in this press release or the actual results of
operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the
Company's Form 10-K Annual Report for the year ended December 31, 2016 and in subsequent filings
made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking
statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice President and Chief Financial Officer, (215) 698-5341
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
Ed Bisno, Bisno Communications, (212) 717-7578
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
|
Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net sales
|
$2,468
|
|
$2,326
|
|
$6,530
|
|
$6,361
|
|
Cost of products sold
|
1,956
|
|
1,838
|
|
5,194
|
|
5,050
|
|
Depreciation and amortization
|
63
|
|
63
|
|
183
|
|
188
|
|
Selling and administrative expense
|
90
|
|
90
|
|
272
|
|
275
|
|
Restructuring and other
|
12
|
|
20
|
|
26
|
|
19
|
|
Income from operations (1)
|
347
|
|
315
|
|
855
|
|
829
|
|
Foreign exchange
|
|
|
(5)
|
|
4
|
|
(22)
|
|
Interest expense
|
64
|
|
59
|
|
187
|
|
181
|
|
Interest income
|
(4)
|
|
(3)
|
|
(10)
|
|
(8)
|
|
Loss from early extinguishment of debt
|
|
|
10
|
|
7
|
|
37
|
|
Income before income taxes
|
287
|
|
254
|
|
667
|
|
641
|
|
Provision for income taxes
|
79
|
|
48
|
|
178
|
|
151
|
|
Net income
|
208
|
|
206
|
|
489
|
|
490
|
|
Net income attributable to noncontrolling interests
|
(31)
|
|
(23)
|
|
(77)
|
|
(59)
|
|
Net income attributable to Crown Holdings
|
$177
|
|
$183
|
|
$412
|
|
$431
|
|
Earnings per share attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
|
Basic
|
$1.32
|
|
$1.32
|
|
$3.03
|
|
$3.11
|
|
Diluted
|
$1.32
|
|
$1.31
|
|
$3.02
|
|
$3.09
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
Basic
|
134,020,310
|
138,670,185
|
|
135,906,571
|
138,441,036
|
|
|
Diluted
|
134,415,656
|
139,502,082
|
|
136,394,239
|
139,379,726
|
|
|
Actual common shares outstanding
|
134,274,620
|
139,770,059
|
|
134,274,620
|
139,770,059
|
|
|
|
|
(1) A reconciliation from income from operations to
segment income follows.
|
|
|
Consolidated Supplemental Financial Data (Unaudited)
(in millions)
|
|
|
|
Reconciliation from Income from Operations to Segment Income and
Constant Currency Segment Income
The Company views segment income, as defined below, as a principal measure
of performance of its operations and for the allocation of resources. Segment income is defined by the Company as
income from operations adjusted to add back provisions for asbestos and restructuring and other, and the timing impact of
hedge ineffectiveness.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Income from
operations
|
$
|
347
|
|
$
|
315
|
|
$
|
855
|
|
$
|
829
|
|
|
Provision for restructuring and other
|
|
12
|
|
|
20
|
|
|
26
|
|
|
19
|
|
|
Impact of hedge ineffectiveness (1)
|
|
(1)
|
|
|
(2)
|
|
|
2
|
|
|
(6)
|
|
|
Segment income
|
|
358
|
|
|
333
|
|
|
883
|
|
|
842
|
|
|
Foreign currency translation (2)
|
|
(5)
|
|
|
|
|
|
6
|
|
|
|
|
|
Constant currency segment income
|
$
|
353
|
|
$
|
333
|
|
$
|
889
|
|
$
|
842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included in cost of products
sold
|
|
|
Segment Information
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
Net Sales
|
|
2017
Actual
|
|
2017 at
2016 rates (2)
|
|
2016
Actual
|
|
2017
Actual
|
|
2017 at
2016 rates (2)
|
|
2016
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
763
|
|
$
|
752
|
|
$
|
719
|
|
$
|
2,166
|
|
$
|
2,179
|
|
$
|
2,068
|
|
|
North America Food
|
|
|
194
|
|
|
193
|
|
|
190
|
|
|
514
|
|
|
515
|
|
|
504
|
|
|
European Beverage
|
|
|
428
|
|
|
421
|
|
|
413
|
|
|
1,133
|
|
|
1,152
|
|
|
1,129
|
|
|
European Food
|
|
|
639
|
|
|
621
|
|
|
599
|
|
|
1,477
|
|
|
1,492
|
|
|
1,459
|
|
|
Asia Pacific
|
|
|
300
|
|
|
299
|
|
|
281
|
|
|
865
|
|
|
871
|
|
|
839
|
|
|
Total reportable segments
|
|
|
2,324
|
|
|
2,286
|
|
|
2,202
|
|
|
6,155
|
|
|
6,209
|
|
|
5,999
|
|
|
Non-reportable segments
|
|
|
144
|
|
|
144
|
|
|
124
|
|
|
375
|
|
|
385
|
|
|
362
|
|
|
Total net sales
|
|
$
|
2,468
|
|
$
|
2,430
|
|
$
|
2,326
|
|
$
|
6,530
|
|
$
|
6,594
|
|
$
|
6,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
131
|
|
$
|
130
|
|
$
|
119
|
|
$
|
345
|
|
$
|
347
|
|
$
|
329
|
|
|
North America Food
|
|
|
23
|
|
|
23
|
|
|
25
|
|
|
61
|
|
|
61
|
|
|
57
|
|
|
European Beverage
|
|
|
78
|
|
|
77
|
|
|
83
|
|
|
201
|
|
|
203
|
|
|
204
|
|
|
European Food
|
|
|
96
|
|
|
94
|
|
|
96
|
|
|
210
|
|
|
212
|
|
|
212
|
|
|
Asia Pacific
|
|
|
40
|
|
|
40
|
|
|
37
|
|
|
124
|
|
|
124
|
|
|
111
|
|
|
Total reportable segments
|
|
|
368
|
|
|
364
|
|
|
360
|
|
|
941
|
|
|
947
|
|
|
913
|
|
|
Non-reportable segments
|
|
|
20
|
|
|
20
|
|
|
19
|
|
|
52
|
|
|
54
|
|
|
52
|
|
|
Corporate and other unallocated items
|
|
|
(30)
|
|
|
(31)
|
|
|
(46)
|
|
|
(110)
|
|
|
(112)
|
|
|
(123)
|
|
|
Total segment income
|
|
$
|
358
|
|
$
|
353
|
|
$
|
333
|
|
$
|
883
|
|
$
|
889
|
|
$
|
842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Information presented for 2017 at 2016 rates represents financial results
assuming constant foreign currency exchange rates used for translation based on the rates in effect for the
comparable prior year period. In order to compute constant currency results, the Company multiplies or divides, as
appropriate, the current year U.S. dollar results by the current year average foreign exchange rates and then multiplies
or divides, as appropriate, those amounts by the applicable prior year average foreign exchange rates.
|
|
Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
|
|
|
|
Reconciliation from Net Income and Diluted Earnings Per Share to
Adjusted Net Income and Adjusted Diluted Earnings Per Share
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net income/diluted earnings per share
attributable to Crown Holdings, as reported
|
|
$177
|
|
$1.32
|
|
$183
|
|
$1.31
|
|
$412
|
|
$3.02
|
|
$431
|
|
$3.09
|
|
Impact of hedge ineffectiveness
(1)
|
|
(1)
|
|
(.01)
|
|
(2)
|
|
(.01)
|
|
2
|
|
.01
|
|
(6)
|
|
(.04)
|
|
Restructuring and other
(2)
|
|
12
|
|
.09
|
|
20
|
|
.14
|
|
26
|
|
.19
|
|
19
|
|
.14
|
|
Loss from early extinguishment of debt
(3)
|
|
|
|
|
|
10
|
|
.07
|
|
7
|
|
.05
|
|
37
|
|
.27
|
|
Income taxes (4)
|
|
1
|
|
.01
|
|
(25)
|
|
(.18)
|
|
(6)
|
|
(.04)
|
|
(33)
|
|
(.25)
|
|
Adjusted net income/diluted earnings per share
|
|
$189
|
|
$1.41
|
|
$186
|
|
$1.33
|
|
$441
|
|
$3.23
|
|
$448
|
|
$3.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as reported
|
|
27.5%
|
|
|
|
18.9%
|
|
|
|
26.7%
|
|
|
|
23.6%
|
|
|
|
Adjusted effective tax rate (5)
|
|
26.2%
|
|
|
|
25.9%
|
|
|
|
26.2%
|
|
|
|
26.6%
|
|
|
|
(1)
|
In the third quarter and first nine months of 2017, the Company recorded
benefits of $1 million (less than $1 million net of tax) and charges of $2 million ($2 million net of tax) in cost of
products sold related to the timing impact of hedge ineffectiveness caused primarily by volatility in the metal premium
component of aluminum prices. In the third quarter and first nine months of 2016, the Company recorded benefits of
$2 million ($2 million net of tax), and $6 million ($5 million net of tax).
|
|
|
|
(2)
|
In the third quarter and first nine months of 2017, the Company recorded
restructuring and other charges of $3 million ($3 million net of tax) and $23 million ($18 million net of tax) primarily
due to the settlement of a litigation matter related to Mivisa that arose prior to its acquisition by Crown in 2014. In
the third quarter and first nine months of 2016, the Company recorded restructuring and other charges of $19 million ($15
million net of tax) and $25 million ($20 million net of tax) including pension settlement charges.
|
|
|
|
In the third quarter and first nine months of 2017, the Company recorded
charges of $9 million ($9 million net of tax) and $3 million ($4 million net of tax) for asset sales and impairments
primarily due to the closure of a beverage can plant in China. In the third quarter and first nine months of 2016,
the Company recorded charges of $1 million ($1 million net of tax) and gains of $6 million ($4 million net of
tax).
|
|
|
|
(3)
|
In the second quarter of 2017, the Company recorded a charge of $7 million
($5 million net of tax) for the write off of deferred financing fees in connection with the refinancing of its term loan
and revolving credit facilities. In the first quarter of 2016, the Company recorded a charge of $27 million ($17
million net of tax) for premiums paid and the write off of deferred financing fees in connection with the redemption of
its $700 million notes due 2021. In the third quarter of 2016, the Company recorded a charge of $10 million ($7
million net of tax) for the write off of deferred financing fees in connection with the early repayment of a portion of
its Term Loan A borrowings.
|
|
|
|
(4)
|
In the third quarter and first nine months of 2017, the Company recorded
income tax charges of $1 million and benefits of $6 million related to the items described above. In the third
quarter and first nine months of 2016, the Company recorded income tax benefits of $7 million and $15 million related to
the items described above. Also in the third quarter of 2016, the Company recorded charges of $13 million in
connection with tax contingencies related to the Mivisa acquisition and a corporate restructuring, and benefits of $31
million to reverse tax valuation allowance in Canada.
|
|
|
|
(5)
|
Income tax effects on adjusted net income were calculated using the
applicable tax rates of the underlying jurisdictions.
|
|
|
Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
|
|
September 30,
|
2017
|
|
2016(1)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
374
|
|
|
$
|
526
|
|
|
Receivables, net
|
|
|
1,098
|
|
|
|
1,047
|
|
|
Inventories
|
|
|
1,430
|
|
|
|
1,300
|
|
|
Prepaid expenses and other current assets
|
|
|
251
|
|
|
|
217
|
|
|
Total
current assets
|
|
|
3,153
|
|
|
|
3,090
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
3,562
|
|
|
|
3,450
|
|
|
Property, plant and equipment, net
|
|
|
3,066
|
|
|
|
2,746
|
|
|
Other non-current assets
|
|
|
715
|
|
|
|
707
|
|
|
Total
|
|
$
|
10,496
|
|
|
$
|
9,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
50
|
|
|
$
|
49
|
|
|
Current maturities of long-term debt
|
|
|
68
|
|
|
|
121
|
|
|
Accounts payable and accrued
liabilities
|
|
|
2,919
|
|
|
|
2,627
|
|
|
Total
current liabilities
|
|
|
3,037
|
|
|
|
2,797
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities
|
|
|
5,114
|
|
|
|
5,097
|
|
|
Other non-current liabilities
|
|
|
1,233
|
|
|
|
1,370
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
314
|
|
|
|
310
|
|
|
Crown Holdings shareholders' equity
|
|
|
798
|
|
|
|
419
|
|
|
Total equity
|
|
|
1,112
|
|
|
|
729
|
|
|
Total
|
|
$
|
10,496
|
|
|
$
|
9,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
At December 31, 2016, prior period balance sheets were revised from
previously reported amounts to correct how the Company calculates its estimated asbestos liability.
|
|
Consolidated Statements of Cash Flows (Condensed &
Unaudited)
(in millions)
|
|
|
Nine months ended September 30,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
489
|
|
|
$
|
490
|
|
|
Depreciation and
amortization
|
|
|
|
183
|
|
|
|
188
|
|
|
Provision for restructuring and
other
|
|
|
|
26
|
|
|
|
19
|
|
|
Pension expense
|
|
|
|
14
|
|
|
|
21
|
|
|
Pension contributions
|
|
|
|
(46)
|
|
|
|
(81)
|
|
|
Stock-based compensation
|
|
|
|
16
|
|
|
|
15
|
|
|
Working capital changes and
other
|
|
|
|
(194)
|
|
|
|
(276)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities (A)
|
|
|
|
488
|
|
|
|
376
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(282)
|
|
|
|
(244)
|
|
|
Other
|
|
|
|
(7)
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used for investing activities
|
|
|
|
(289)
|
|
|
|
(228)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
Net change in debt
|
|
|
|
(24)
|
|
|
|
(323)
|
|
|
Dividends paid to noncontrolling
interests
|
|
|
|
(68)
|
|
|
|
(43)
|
|
|
Common stock repurchased
|
|
|
|
(339)
|
|
|
|
(8)
|
|
|
Debt issue costs
|
|
|
|
(15)
|
|
|
|
(16)
|
|
|
Other, net
|
|
|
|
46
|
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used for financing activities
|
|
|
|
(400)
|
|
|
|
(328)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
16
|
|
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(185)
|
|
|
|
(191)
|
|
|
Cash and cash equivalents at January 1
|
|
|
|
559
|
|
|
|
717
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at September 30
|
|
|
$
|
374
|
|
|
$
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Adjusted free cash flow is defined by the Company as net cash from
operating activities less capital expenditures and certain other items. A reconciliation from net cash from
operating activities to adjusted free cash flow for the three and nine months ended September 30, 2017 and 2016
follows:
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Net cash from operating activities
|
$474
|
|
$313
|
|
$488
|
|
$376
|
|
|
Capital expenditures
|
(82)
|
|
(101)
|
|
(282)
|
|
(244)
|
|
|
Free cash flow
|
392
|
|
212
|
|
206
|
|
132
|
|
|
Premiums paid to retire debt early
|
|
|
|
|
|
|
22
|
|
|
Adjusted free cash flow
|
$392
|
|
$212
|
|
$206
|
|
$154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-third-quarter-2017-results-300539363.html
SOURCE Crown Holdings, Inc.