CROWN HOLDINGS, INC.CCK
CROWN HOLDINGS, INC. Segments Disclosure
Segment Information
The Company’s business is generally organized by product line and geography. The Company has determined that it has the following reportable segments: Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging. Other includes the Company’s North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and U.K.
The Company’s chief operating decision maker ("CODM") is the Chairman of the Board, President and Chief Executive Officer. Segment income is used by the CODM to allocate resources, including capital expenditures, and to evaluate operating performance against budgets and forecasts. Segment income is used to assess profitability and to support decision‑making related to strategic initiatives and capital investments across reportable segments. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to exclude intangibles amortization charges, restructuring and other and the impact of fair value adjustments related to inventory acquired in an acquisition. Segment income includes cost of products sold, depreciation, and general selling and administrative expenses. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.
The tables below present information about operating segments for the three years ended December 31, 2025, 2024, and 2023:
| 2025 | Inter- | ||||||||||||||||||||||||||||
| External | segment | Capital | Segment | ||||||||||||||||||||||||||
| sales | sales | Depreciation | expenditures | income | |||||||||||||||||||||||||
| Americas Beverage | $ | 5,615 | $ | — | $ | 130 | $ | 138 | $ | 1,030 | |||||||||||||||||||
| European Beverage | 2,325 | — | 60 | 189 | 334 | ||||||||||||||||||||||||
| Asia Pacific | 1,096 | — | 44 | 17 | 183 | ||||||||||||||||||||||||
| Transit Packaging | 2,026 | 17 | 43 | 30 | 258 | ||||||||||||||||||||||||
| Total reportable segments | 11,062 | 17 | 277 | 374 | $ | 1,805 | |||||||||||||||||||||||
| Other | 1,303 | 103 | 27 | 39 | |||||||||||||||||||||||||
| Corporate and unallocated items | — | — | 4 | — | |||||||||||||||||||||||||
| Total | $ | 12,365 | $ | 120 | $ | 308 | $ | 413 | |||||||||||||||||||||
| 2024 | Inter- | ||||||||||||||||||||||||||||
| External | segment | Capital | Segment | ||||||||||||||||||||||||||
| sales | sales | Depreciation | expenditures | income | |||||||||||||||||||||||||
| Americas Beverage | $ | 5,240 | $ | — | $ | 128 | $ | 164 | $ | 987 | |||||||||||||||||||
| European Beverage | 2,071 | — | 55 | 133 | 276 | ||||||||||||||||||||||||
| Asia Pacific | 1,161 | — | 46 | 21 | 195 | ||||||||||||||||||||||||
| Transit Packaging | 2,107 | 15 | 43 | 22 | 270 | ||||||||||||||||||||||||
| Total reportable segments | 10,579 | 15 | 272 | 340 | $ | 1,728 | |||||||||||||||||||||||
| Other | 1,222 | 67 | 23 | 42 | |||||||||||||||||||||||||
| Corporate and unallocated items | — | — | 2 | 21 | |||||||||||||||||||||||||
| Total | $ | 11,801 | $ | 82 | $ | 297 | $ | 403 | |||||||||||||||||||||
| 2023 | Inter- | ||||||||||||||||||||||||||||
| External | segment | Capital | Segment | ||||||||||||||||||||||||||
| sales | sales | Depreciation | expenditures | income | |||||||||||||||||||||||||
| Americas Beverage | $ | 5,147 | $ | — | $ | 149 | $ | 296 | $ | 876 | |||||||||||||||||||
| European Beverage | 1,939 | — | 56 | 291 | 199 | ||||||||||||||||||||||||
| Asia Pacific | 1,297 | — | 63 | 66 | 154 | ||||||||||||||||||||||||
| Transit Packaging | 2,256 | 49 | 44 | 26 | 331 | ||||||||||||||||||||||||
| Total reportable segments | 10,639 | 49 | 312 | 679 | $ | 1,560 | |||||||||||||||||||||||
| Other | 1,371 | 144 | 22 | 76 | |||||||||||||||||||||||||
| Corporate and unallocated items | — | — | 2 | 38 | |||||||||||||||||||||||||
| Total | $ | 12,010 | $ | 193 | $ | 336 | $ | 793 | |||||||||||||||||||||
The company does not disclose total assets by segment as it is not provided to the chief operating decision maker.
Intersegment sales primarily include cans, ends, and parts and equipment used in the manufacturing process.
Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.
A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2025, 2024, and 2023 follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment income of reportable segments | $ | 1,805 | $ | 1,728 | $ | 1,560 | |||||||||||
| Other | 148 | 82 | 117 | ||||||||||||||
| Corporate and unallocated items | (169) | (165) | (131) | ||||||||||||||
| Restructuring and other, net | (83) | (75) | (114) | ||||||||||||||
| Amortization of intangibles | (148) | (151) | (163) | ||||||||||||||
| Loss from early extinguishments of debt | (15) | (1) | (1) | ||||||||||||||
| Other pension and postretirement | (13) | (546) | (49) | ||||||||||||||
| Gain on sale of equity method investment | — | 275 | — | ||||||||||||||
| Interest expense | (398) | (452) | (436) | ||||||||||||||
| Interest income | 55 | 82 | 53 | ||||||||||||||
| Foreign exchange | (22) | (34) | (41) | ||||||||||||||
| Income before income taxes and equity in net earnings of affiliates | $ | 1,160 | $ | 743 | $ | 795 | |||||||||||
For the years ended December 31, 2025 and 2023, intercompany profit of $2 and $13 was eliminated within segment income of other.
For the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 12%, 12%, and 11%, respectively, of the Company’s consolidated net sales, and another customer accounted for approximately 11%, 12%, and 12%, respectively. These customers are global beverage companies served by the Company’s beverage operations in the Americas, Europe, and Asia.
Sales by major product were:
| 2025 | 2024 | 2023 | |||||||||||||||
| Metal beverage cans and ends | $ | 8,535 | $ | 7,899 | $ | 7,514 | |||||||||||
| Transit packaging | 2,026 | 2,107 | 2,256 | ||||||||||||||
| Metal food cans and ends | 943 | 887 | 1,013 | ||||||||||||||
| Other products | 428 | 461 | 701 | ||||||||||||||
| Other metal packaging | 433 | 447 | 526 | ||||||||||||||
| Total | $ | 12,365 | $ | 11,801 | $ | 12,010 | |||||||||||
The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets comprises property, plant, and equipment.
| Net Sales | Long-Lived Assets | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||
| United States | $ | 4,813 | $ | 4,419 | $ | 4,482 | $ | 1,650 | $ | 1,667 | |||||||||||||||||||
| Brazil | 1,073 | 1,061 | 991 | 503 | 478 | ||||||||||||||||||||||||
| Mexico | 989 | 1,053 | 1,129 | 598 | 534 | ||||||||||||||||||||||||
| Canada | 786 | 744 | 823 | 108 | 98 | ||||||||||||||||||||||||
| Spain | 423 | 334 | 334 | 340 | 282 | ||||||||||||||||||||||||
| Vietnam | 387 | 387 | 423 | 265 | 293 | ||||||||||||||||||||||||
| United Kingdom | 372 | 398 | 494 | 520 | 502 | ||||||||||||||||||||||||
| Other | 3,522 | 3,405 | 3,334 | 1,203 | 1,073 | ||||||||||||||||||||||||
| Total | $ | 12,365 | $ | 11,801 | $ | 12,010 | $ | 5,187 | $ | 4,927 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.