CROWN HOLDINGS INC
For the period ended Sep 30, 2024. Filed Nov 1, 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.
Sep 30, 2024 · Filed Nov 1, 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 nine months ended September 30, 2024 and 2023 were as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| Pension benefits – U.S. plans | 2024 | 2023 | 2024 | 2023 |
| Service cost | $4 | $4 | $11 | $11 |
| Interest cost | 10 | 14 | 36 | 40 |
| Expected return on plan assets | (13) | (15) | (43) | (45) |
| Recognized net loss | 8 | 11 | 30 | 33 |
| Settlement and curtailments | 469 | — | 469 | — |
| Net periodic cost | $478 | $14 | $503 | $39 |
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| Pension benefits – Non-U.S. plans | 2024 | 2023 | 2024 | 2023 |
| Service cost | $2 | $1 | $6 | $5 |
| Interest cost | 4 | 5 | 13 | 14 |
| Expected return on plan assets | (4) | (5) | (15) | (16) |
| Recognized net loss | — | — | 3 | 2 |
| Special termination benefits | — | — | 2 | 6 |
| Settlement and curtailments | 48 | — | 48 | — |
| Net periodic cost | $50 | $1 | $57 | $11 |
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| Other postretirement benefits | 2024 | 2023 | 2024 | 2023 |
| Interest cost | $1 | $1 | $4 | $4 |
| Net periodic cost | $1 | $1 | $4 | $4 |
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 the third quarter of 2024, the Company's Canadian and primary U.S. defined benefit pension plans (the "Canadian Plan" and the "U.S. Plans", respectively) entered into transactions to transfer a significant portion of their pension liabilities through the purchase of group annuity insurance contracts for the benefit of nearly all their respective retiree and deferred vested participants. The issuers of the group annuity insurance contracts fully guarantee and are solely responsible for paying each participant's future benefits in full. The Company used plan assets to settle $120 of Canadian Plan obligations and $740 of U.S. Plans obligations and recorded settlement charges of $48 and $469, respectively, for the Canadian and U.S. Plans. As part of the transaction, the Company also made a cash contribution of approximately $100 to the U.S. Plans.
The following table provides information about amounts reclassified from accumulated other comprehensive income.
| Three Months Ended · Nine Months Ended | |||||
|---|---|---|---|---|---|
| September 30, · September 30, | |||||
| Details about accumulated other comprehensive income components | 2024 | 2023 | 2024 | 2023 | Affected line items in the statement of operations |
| Actuarial losses | $8 | $11 | $33 | $35 | Other pension and postretirement |
| Settlement loss | 517 | — | 517 | — | Other pension and postretirement |
| 525 | 11 | 550 | 35 | Income before taxes and equity in net earnings of affiliates | |
| (129) | (2) | (134) | (7) | Provision for income taxes | |
| Total reclassified | $396 | $9 | $416 | $28 | Net income |
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