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.