PHILADELPHIA, Feb. 3, 2016
/PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today
announced its financial results for the fourth quarter ended
December 31, 2015.
2015 Highlights
- Fourth quarter adjusted earnings per share $0.70, including $0.07 of unfavorable currency translation,
compared to $0.48 in 2014, an
increase of 46%
- Full year adjusted earnings per share $3.59, including $0.48 of unfavorable currency
translation, compared to $3.41 in
2014, an increase of 5%
- Constant currency adjusted earnings grew 60% in the fourth
quarter, 19% for the full year
- Constant currency segment income up 28% in the fourth
quarter, 12% for the full year
- Free cash flow over $600
million for the third consecutive year
- Global beverage can volumes grew 11% in the fourth quarter,
9% for the full year
Net sales in the fourth quarter were $2,027 million, including $161 million of unfavorable currency translation,
compared to $2,127 million in the
fourth quarter of 2014.
Segment income (a non-GAAP measure) increased 23% to
$234 million in the fourth quarter of
2015 compared to $191 million in the
prior year, and included $11 million
of unfavorable currency translation in 2015 compared to
2014.
Commenting on the quarter, Timothy J.
Donahue, President and Chief Executive Officer, stated, "A
strong fourth quarter performance contributed to excellent
full-year results for the Company. In 2015, both adjusted
earnings per share and segment income increased despite significant
currency translation headwinds. On a constant currency basis,
2015 segment income increased 12% and adjusted earnings per share
increased 19%. These positive results, combined with free
cash flow in excess of $600 million
for the third consecutive year, reflect the strong underlying
fundamentals of our global businesses as well as the significant
contributions from our recent acquisitions of Mivisa and
Empaque.
"Global beverage can shipments increased 9% in 2015, including
Empaque. Demand increases were notable in Mexico, Europe and Asia. We again benefited from
our global beverage can presence, which includes strong regional
platforms and a long-standing and diverse customer portfolio.
"Looking to 2016, we are excited about the year ahead.
Beverage can growth is expected to continue in many parts of the
world, propelled in part by a prevailing shift by customers and
consumers away from other packaging types toward cans. To
meet our customers' rising demand for specialty beverage cans in
North America, the Company will
construct a new facility in Nichols, New
York, capable of producing multiple sizes, which is expected
to be operational during the first quarter of 2017. We are
also building new beverage can plants in Phnom Penh, Cambodia, our third in the
country, and Monterrey,
Mexico. Both of these facilities, scheduled to commence
operations during the second and fourth quarters of 2016,
respectively, will support increasing consumer demand for beer
packaged in cans in those markets. We are also adding a
second production line to our beverage can plant in Osmaniye,
Turkey with operations commencing
during the fourth quarter of 2016."
Interest expense increased to $68
million in the fourth quarter of 2015 over the $65 million in 2014 primarily due to increased
borrowings to fund the Company's acquisition of Empaque.
The effective tax rate for the quarter was 33.8%, or 28.2% on
adjusted earnings.
Net income attributable to Crown Holdings in the fourth quarter
was $66 million compared to
$13 million in the fourth quarter of
2014. Earnings per diluted share were $0.47 in the fourth quarter of 2015 compared to
$0.09 in the 2014 fourth
quarter. Adjusted earnings per diluted share improved 46% to
$0.70 compared to $0.48 in 2014.
A reconciliation from net income and earnings per diluted share
to adjusted net income and adjusted earnings per diluted share is
provided below.
Twelve Month Results
For the full year, net sales were
$8,762 million, including
$855 million of unfavorable currency
translation, compared to $9,097
million in 2014.
Segment income for 2015 increased to $1,026 million, including $98 million of unfavorable currency translation,
over the $1,004 million in the same
period of 2014.
Interest expense in 2015 was $270
million compared to $253
million in the prior year primarily due to increased
borrowings to fund the Mivisa and Empaque acquisitions.
The effective tax rate for the year was 27.9%, or 24.6% on
adjusted earnings.
Net income attributable to Crown Holdings for 2015 improved to
$393 million over the $387 million in 2014. Earnings per diluted
share for 2015 increased to $2.82
over the $2.79 last year.
Adjusted earnings per diluted share grew to $3.59 compared to $3.41 in 2014.
Free cash flow (a non-GAAP measure) for the year was
$602 million, including $956 million of net cash provided by operating
activities.
Non-GAAP Measures
Segment income and free cash flow
are not defined terms under U.S. generally accepted accounting
principles (non-GAAP measures). In addition, the information
presented excluding the impact of currency translation, regarding
revenue, segment income, adjusted net income, the adjusted
effective tax rate and adjusted earnings per diluted share does not
conform to GAAP and includes non-GAAP measures. Non-GAAP
measures should not be considered in isolation or as a substitute
for net income, the effective tax rate, income per diluted share 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 and free cash flow as the
principal measures of performance of its operations and for the
allocation of resources. 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 earnings per
diluted share, and information excluding the impact of currency
translation are useful in evaluating the Company's
operations. Segment income, free cash flow, the adjusted
effective tax rate, adjusted net income, adjusted earnings per
diluted 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, free cash flow,
the adjusted effective tax rate, adjusted net income, adjusted
earnings per diluted share and information unadjusted for currency
translation can be found within this release.
Conference Call
The Company will hold a conference
call tomorrow, February 4, 2016 at
9:00 a.m. (EST) 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 (312) 470-7401 or toll-free (888) 957-9826
and the access password 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 February 11, 2016.
The telephone numbers for the replay are (203) 369-0591 or toll
free (866) 403-8737.
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 Company's ability to continue
to generate free cash flow; the continued successful integration
and performance of Mivisa and Empaque; future beverage can growth
in many parts of the world, including future demand for beverage
cans in Mexico, Europe, Turkey and Asia (including Cambodia); a continuation of the shift by
customers and consumers to beverage cans from other forms of
packaging; the continued demand for specialty beverage cans in
North America; and the Company's
ability to successfully complete beverage can capacity addition
projects within expected timelines in New
York, Cambodia,
Mexico and Turkey 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, 2014 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
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
sales
|
$2,027
|
|
$2,127
|
|
$8,762
|
|
$9,097
|
Cost of products
sold
|
1,629
|
|
1,785
|
|
7,116
|
|
7,525
|
Depreciation and
amortization
|
63
|
|
55
|
|
237
|
|
190
|
Selling and
administrative expense
|
99
|
|
96
|
|
390
|
|
398
|
Provision for
asbestos
|
26
|
|
45
|
|
26
|
|
45
|
Restructuring and
other
|
9
|
|
38
|
|
66
|
|
129
|
Income from
operations (1)
|
201
|
|
108
|
|
927
|
|
810
|
Loss from early
extinguishment of debt
|
|
|
|
|
9
|
|
34
|
Foreign
exchange
|
6
|
|
10
|
|
20
|
|
14
|
Interest
expense
|
68
|
|
65
|
|
270
|
|
253
|
Interest
income
|
(3)
|
|
(2)
|
|
(11)
|
|
(7)
|
Income before
income taxes
|
130
|
|
35
|
|
639
|
|
516
|
Provision
for/(benefit from) income taxes
|
44
|
|
(1)
|
|
178
|
|
41
|
Net
income
|
86
|
|
36
|
|
461
|
|
475
|
Net income
attributable to noncontrolling interests
|
(20)
|
|
(23)
|
|
(68)
|
|
(88)
|
Net income
attributable to Crown Holdings
|
$66
|
|
$13
|
|
$393
|
|
$387
|
Earnings per share
attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$0.48
|
|
$0.09
|
|
$2.85
|
|
$2.82
|
Diluted
|
$0.47
|
|
$0.09
|
|
$2.82
|
|
$2.79
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
Basic
|
138,083,619
|
137,451,835
|
137,937,938
|
137,225,058
|
|
Diluted
|
139,269,286
|
138,796,080
|
139,135,104
|
138,537,590
|
|
Actual common shares
outstanding
|
139,441,298
|
139,000,471
|
139,441,298
|
139,000,471
|
|
(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
|
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, the impact of fair value adjustments to
inventory acquired in an acquisition, and the timing impact of
hedge ineffectiveness.
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Income from
operations
|
|
$201
|
|
|
$108
|
|
|
$927
|
|
|
$810
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
asbestos
|
|
26
|
|
|
45
|
|
|
26
|
|
|
45
|
|
Provision for
restructuring and other
|
|
9
|
|
|
38
|
|
|
66
|
|
|
129
|
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
|
|
6
|
|
|
19
|
|
Impact of hedge
ineffectiveness (1)
|
|
(2)
|
|
|
|
|
|
1
|
|
|
1
|
|
Segment
income
|
|
$234
|
|
|
$191
|
|
|
$1,026
|
|
|
$1,004
|
|
(1) Included in cost of products
sold
Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
Net
Sales
|
2015
Actual
|
|
2015 at
2014 rates (2)
|
|
2014
Actual
|
|
2015
Actual
|
|
2015 at
2014 rates (2)
|
|
2014
Actual
|
|
Americas
Beverage
|
$691
|
|
$750
|
|
$622
|
|
$2,771
|
|
$2,977
|
|
$2,335
|
|
North America
Food
|
150
|
|
154
|
|
181
|
|
680
|
|
696
|
|
809
|
|
European
Beverage
|
331
|
|
358
|
|
350
|
|
1,504
|
|
1,686
|
|
1,708
|
|
European
Food
|
420
|
|
469
|
|
482
|
|
1,984
|
|
2,346
|
|
2,197
|
|
Asia
Pacific
|
282
|
|
297
|
|
302
|
|
1,202
|
|
1,240
|
|
1,226
|
|
Total reportable
segments
|
1,874
|
|
2,028
|
|
1,937
|
|
8,141
|
|
8,945
|
|
8,275
|
|
Non-reportable
segments
|
153
|
|
160
|
|
190
|
|
621
|
|
672
|
|
822
|
|
Total net
sales
|
$2,027
|
|
$2,188
|
|
$2,127
|
|
$8,762
|
|
$9,617
|
|
$9,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
$127
|
|
$133
|
|
$93
|
|
$427
|
|
$457
|
|
$334
|
|
North America
Food
|
14
|
|
14
|
|
20
|
|
86
|
|
86
|
|
127
|
|
European
Beverage
|
50
|
|
53
|
|
42
|
|
228
|
|
251
|
|
265
|
|
European
Food
|
38
|
|
41
|
|
25
|
|
246
|
|
291
|
|
221
|
|
Asia
Pacific
|
34
|
|
35
|
|
34
|
|
145
|
|
148
|
|
142
|
|
Total reportable
segments
|
263
|
|
276
|
|
214
|
|
1,132
|
|
1,233
|
|
1,089
|
|
Non-reportable
segments
|
21
|
|
21
|
|
20
|
|
83
|
|
86
|
|
92
|
|
Corporate and other
unallocated items
|
(50)
|
|
(52)
|
|
(43)
|
|
(189)
|
|
(195)
|
|
(177)
|
|
Total segment
income
|
$234
|
|
$245
|
|
$191
|
|
$1,026
|
|
$1,124
|
|
$1,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Information presented for 2015 at 2014 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, we multiply or divide, as appropriate,
our current year U.S. dollar results by the current year average
foreign exchange rates and then multiply or divide, 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 Earnings Per Diluted Share to Adjusted Net
Income and Adjusted Earnings Per Diluted Share
|
|
|
|
|
The following table
reconciles reported net income and diluted earnings per share
attributable to the Company to adjusted net income and adjusted
earnings per diluted share, as used elsewhere in this
release.
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
attributable to Crown Holdings, as reported
|
$
|
66
|
|
$
|
13
|
|
$
|
393
|
|
$
|
387
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
|
|
6
|
|
|
19
|
Hedge ineffectiveness
(2)
|
|
(2)
|
|
|
|
|
|
1
|
|
|
1
|
Provision for
asbestos (3)
|
|
26
|
|
|
45
|
|
|
26
|
|
|
45
|
Restructuring and
other (4)
|
|
9
|
|
|
38
|
|
|
71
|
|
|
129
|
Loss from early
extinguishment of debt (5)
|
|
|
|
|
|
|
|
9
|
|
|
34
|
Income taxes
(6)
|
|
(2)
|
|
|
(30)
|
|
|
(7)
|
|
|
(142)
|
Adjusted net
income
|
$
|
97
|
|
$
|
66
|
|
$
|
499
|
|
$
|
473
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
share as reported
|
$
|
0.47
|
|
$
|
0.09
|
|
$
|
2.82
|
|
$
|
2.79
|
Adjusted earnings per
diluted share
|
$
|
0.70
|
|
$
|
0.48
|
|
$
|
3.59
|
|
$
|
3.41
|
Effective tax rate as
reported
|
|
33.8%
|
|
|
(2.9%)
|
|
|
27.9%
|
|
|
7.9%
|
Adjusted effective
tax rate
|
|
28.2%
|
|
|
24.6%
|
|
|
24.6%
|
|
|
24.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income, adjusted earnings per diluted share and the
adjusted effective tax rate are non-GAAP measures and are not meant
to be considered in isolation or as a substitute for net income,
earnings per diluted share and effective tax rates determined in
accordance with U.S. generally accepted accounting
principles. The Company believes these non-GAAP measures
provide useful information to evaluate the performance of the
Company's ongoing business.
(1)
|
In the first quarter
of 2015, the Company recorded a charge of $6 million in cost of
products sold for fair value adjustments related to the sale of
inventory acquired in its acquisition of Empaque. In 2014,
the Company recorded a charge of $19 million related to the sale of
inventory acquired in its acquisition of Mivisa.
|
|
|
(2)
|
In the fourth
quarter and full year of 2015, the Company recorded income of $2
million and a charge of $1 million in cost of products sold related
to the timing impact of hedge ineffectiveness. In 2014, the
Company recorded a charge of $1 million for hedge
ineffectiveness.
|
|
|
(3)
|
In the fourth
quarters of 2015 and 2014, the Company recorded charges of $26
million and $45 million to increase its reserves for asbestos
related liabilities.
|
|
|
(4)
|
In the fourth
quarter and full year of 2015, the Company recorded restructuring
and other charges of $1 million and $49 million. The full
year charge included $5 million reported in cost of products sold
for inventory write downs in plants to be closed. In the
fourth quarter and full year of 2014, the Company recorded
restructuring and other charges of $4 million and $42
million.
|
|
|
|
In the fourth
quarter and full year of 2015, the Company recorded charges of $8
million and $22 million for asset sales and impairments. In
the fourth quarter and full year of 2014, the Company recorded
charges of $34 million and $87 million primarily for asset sales
and impairments related to the divestment of certain operations and
acquisition transaction costs.
|
|
|
(5)
|
In the second
quarter of 2015, the Company recorded a charge of $9 million for
the write off of deferred financing fees in connection with the
repayment of its Term Loan B borrowings. In the third quarter
of 2014, the Company recorded a charge of $34 million in connection
with the redemption of its €500 million notes due 2018.
|
|
|
(6)
|
In the fourth quarter
and full year of 2015, the Company recorded income tax benefits of
$6 million and $18 million related to the items described above, a
charge of $7 million in the first quarter to record a potential
liability arising from a recent unfavorable tax court ruling in
Spain, and a charge of $4 million in the fourth quarter to reduce
deferred tax assets due to a tax rate reduction in the U.K.
In the fourth quarter of 2014, the Company recorded income tax
benefits of $30 million related to the items described above, and
to reduce its deferred tax liabilities due to a tax rate reduction
in Spain. In the full year of 2014, the Company recorded income tax
benefits of $42 million related to the items described above and
$100 million in connection with the rate reduction in Spain and the
reversal of tax valuation allowances in France.
|
Consolidated
Balance Sheets (Condensed & Unaudited)
(in
millions)
|
December
31,
|
2015
|
|
2014
(1)
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
717
|
|
|
$
|
965
|
|
Receivables, net
|
|
|
912
|
|
|
|
1,031
|
|
Inventories
|
|
|
1,213
|
|
|
|
1,324
|
|
Prepaid expenses and other current assets
|
|
|
207
|
|
|
|
299
|
|
Total current assets
|
|
|
3,049
|
|
|
|
3,619
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets
|
|
|
3,580
|
|
|
|
2,926
|
|
Property, plant and
equipment, net
|
|
|
2,699
|
|
|
|
2,437
|
|
Other non-current
assets
|
|
|
692
|
|
|
|
661
|
|
Total
|
|
$
|
10,020
|
|
|
$
|
9,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
54
|
|
|
$
|
75
|
|
Current maturities of long-term debt
|
|
|
209
|
|
|
|
175
|
|
Accounts payable and
accrued liabilities
|
|
|
2,645
|
|
|
|
2,674
|
|
Total current liabilities
|
|
|
2,908
|
|
|
|
2,924
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
5,255
|
|
|
|
4,944
|
|
Other non-current
liabilities
|
|
|
1,422
|
|
|
|
1,388
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
291
|
|
|
|
268
|
|
Crown Holdings
shareholders' equity
|
|
|
144
|
|
|
|
119
|
|
Total
equity
|
|
|
435
|
|
|
|
387
|
|
Total
|
|
$
|
10,020
|
|
|
$
|
9,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain prior year amounts have been
reclassified in accordance with new accounting guidance regarding
the presentation of debt issuance costs.
Consolidated
Statements of Cash Flows (Condensed & Unaudited)
(in
millions)
|
Twelve months
ended December 31,
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
461
|
|
$
|
475
|
|
Depreciation and
amortization
|
|
|
237
|
|
|
190
|
|
Provision for
restructuring and other
|
|
|
66
|
|
|
129
|
|
Pension
expense
|
|
|
48
|
|
|
56
|
|
Pension
contributions
|
|
|
(79)
|
|
|
(81)
|
|
Stock-based
compensation
|
|
|
27
|
|
|
22
|
|
Working capital
changes
|
|
|
153
|
|
|
202
|
|
Deferred tax and
other
|
|
|
43
|
|
|
(81)
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (A)
|
|
|
956
|
|
|
912
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchase of
business
|
|
|
(1,207)
|
|
|
(733)
|
|
Capital
expenditures
|
|
|
(354)
|
|
|
(328)
|
|
Proceeds from sale of
assets and divestitures
|
|
|
40
|
|
|
38
|
|
Other
|
|
|
(27)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities
|
|
|
(1,548)
|
|
|
(1,021)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
528
|
|
|
671
|
|
Dividends paid to
noncontrolling interests
|
|
|
(48)
|
|
|
(77)
|
|
Purchase of
noncontrolling interests
|
|
|
|
|
|
(93)
|
|
Debt issue
costs
|
|
|
(18)
|
|
|
(41)
|
|
Other, net
|
|
|
(56)
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
406
|
|
|
445
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(62)
|
|
|
(60)
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(248)
|
|
|
276
|
|
Cash and cash
equivalents at January 1
|
|
|
965
|
|
|
689
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at December 31
|
|
$
|
717
|
|
$
|
965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
Free cash flow is defined by the Company as net cash from operating
activities less capital expenditures. A reconciliation of net
cash from operating activities to free cash flow for the three and
twelve months ended December 31, 2015 and 2014 follows:
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net cash from
operating activities
|
$641
|
|
$903
|
|
$956
|
|
$912
|
Premiums paid to
retire debt early
|
|
|
|
|
|
|
28
|
Adjusted net cash from
operating activities
|
641
|
|
903
|
|
956
|
|
940
|
Capital
expenditures
|
(178)
|
|
(116)
|
|
(354)
|
|
(328)
|
Free cash
flow
|
$463
|
|
$787
|
|
$602
|
|
$612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-fourth-quarter-2015-results-300214912.html
SOURCE Crown Holdings, Inc.