CROWN HOLDINGS INC
For the period ended Jun 30, 2024. Filed Jul 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 29, 2024
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M. Pension and Other Postretirement Benefits
The components of net periodic pension and other postretirement benefits costs for the three and six months ended June 30, 2024 and 2023 were as follows:
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| Pension benefits – U.S. plans | 2024 | 2023 | 2024 | 2023 |
| Service cost | $3 | $4 | $7 | $7 |
| Interest cost | 13 | 14 | 26 | 26 |
| Expected return on plan assets | (15) | (15) | (30) | (30) |
| Recognized net loss | 12 | 11 | 22 | 22 |
| Net periodic cost | $13 | $14 | $25 | $25 |
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| Pension benefits – Non-U.S. plans | 2024 | 2023 | 2024 | 2023 |
| Service cost | $3 | $1 | $4 | $4 |
| Interest cost | 4 | 4 | 9 | 9 |
| Expected return on plan assets | (5) | (6) | (11) | (11) |
| Recognized net loss | 1 | 1 | 3 | 2 |
| Special termination benefits | 2 | 6 | 2 | 6 |
| Net periodic cost | $5 | $6 | $7 | $10 |
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| Other postretirement benefits | 2024 | 2023 | 2024 | 2023 |
| Interest cost | $1 | $1 | $3 | $3 |
| Net periodic cost | $1 | $1 | $3 | $3 |
The components of net periodic cost other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations.
In July 2024, the Plan Administrator of the Company's Canadian defined benefit pension plan (the "Plan") entered into a transaction to insure a portion of its Canadian pension liabilities through the purchase of a bulk annuity insurance contract for the benefit of the Plan participants. Subsequent to the purchase of the bulk annuity contract, each of the Plan participants will be issued an individual annuity contract. The issuer of the individual annuity insurance contracts will be solely responsible for paying each participant's benefits in full. An irrevocable transfer of approximately $125 of the Plan's obligations occurred in July 2024. The Plan remains in an overfunded position after the transaction and the Company expects to record a settlement charge of approximately $60 in the third quarter of 2024.
The following table provides information about amounts reclassified from accumulated other comprehensive income.
| Three Months Ended · Six Months Ended | |||||
|---|---|---|---|---|---|
| June 30, · June 30, | |||||
| Details about accumulated other comprehensive income components | 2024 | 2023 | 2024 | 2023 | Affected line items in the statement of operations |
| Actuarial losses | $13 | $12 | $25 | $24 | Other pension and postretirement |
| 13 | 12 | 25 | 24 | Income before taxes and equity in net earnings of affiliates | |
| (3) | (3) | (5) | (5) | Provision for income taxes | |
| Total reclassified | $10 | $9 | $20 | $19 | Net income |
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